Sterlite Technologies Ltd — Q4 FY26

Sterlite Technologies Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=o7LufM4x9fk Published: 2 weeks ago

0:00 Ladies and gentlemen, good day and welcome to Sterite Technologies Limited Q4 FI26 earnings conference call. Before 0:10 10 seconds we proceed with the call, let me remind you that the discussion may contain forward-looking statements that may involve known and unknown risks, 0:18 18 seconds uncertainties, and other factors. It must be lived in conjunction with our business risk that could cause future results performance or achievement to 0:27 27 seconds differ significantly from what is expressed or implied in such forward-looking statements. Please note that we have uploaded the results and 0:35 35 seconds earnings call presentation on SDL's website and the same is available on the exchange. In case if you not have received the same, you can write to us 0:44 44 seconds and we'll be happy to send the same to you. To take us through the results and answer your questions today, we have the senior management of Sterite 0:52 52 seconds Technologies Limited. We presented by Mr. Ankit Agarwal, the managing director and Mr. Ajay Janjari, Chief Financial 1:00 1 minute Officer. We will start the call with a brief overview of the quarter gone past and then conduct the Q&A session. 1:07 1 minute, 7 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. 1:17 1 minute, 17 seconds Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. 1:29 1 minute, 29 seconds I will now hand over the call to Mr. Ankit. Thank you and over to you sir. 1:35 1 minute, 35 seconds Yeah, good day everyone and thank you for joining STL's quarter 4 and FY26 earnings call. I'll begin by highlighting the key takeaways from my 1:43 1 minute, 43 seconds investor presentation and then AJ will walk you through the financials. 1:48 1 minute, 48 seconds STL is a global leader in digital connectivity infrastructure serving telos, data centers, citizen networks and large enterprises. Our portfolio 1:55 1 minute, 55 seconds spans fiber to fiber optic cables, specialtity cables and connectivity products. We're India's number one end-to-end optical manufacturer with 2:04 2 minutes, 4 seconds over 8% global optical fiber cable markets outside of China and with more than 30 plus years of leadership close 2:11 2 minutes, 11 seconds to almost 800 patents and 10 plus zero waste to manufacturing facilities worldwide. STL is truly leading the next wave of global digital infrastructure. 2:26 2 minutes, 26 seconds At STL, we are amongst very few companies in the world that have mastered the journey from glass to gigabit. It starts with the purest grade of silicon which we transform through 2:34 2 minutes, 34 seconds advanced processes like silicon tetrachloride formation, chemical vapor deposition and high precision centering to create ultra pure glass preforms 2:42 2 minutes, 42 seconds which is truly the backbone of optical fiber around the world. From there we draw the highest grade fiber, design highdensity cables and develop reliable 2:51 2 minutes, 51 seconds connectivity products that power data centers and telecom networks around the world. 2:56 2 minutes, 56 seconds This full stack integration right from raw material to network deployment gives STL a unique edge in quality, cost efficiency and innovation across the 3:04 3 minutes, 4 seconds connectivity value chain. This this deep integration enables us to engineer next generation fiber cable and connectivity solutions that are redefining global 3:13 3 minutes, 13 seconds connectivity. Our end to-end innovation from material science to smart optical systems help global network builders create faster, denser, and more reliable networks for the AI era. 3:26 3 minutes, 26 seconds As we look forward to FI27, our priorities are defined. We're focused on expanding our OFC market share while meaningfully increasing connectivity 3:34 3 minutes, 34 seconds attach rates across deployments. At the same time, we aim to scale the contribution from our enterprise and data center segments underpinned by 3:41 3 minutes, 41 seconds continued technology leadership and a relentless focus on cost optimization. 3:47 3 minutes, 47 seconds Moving on, we will now speak about the industry tailwinds and the growing market opportunity. 3:53 3 minutes, 53 seconds We are at the intersection of three powerful multi-year and investment cycles. FTX, data centers, and 5G are 4:00 4 minutes creating a strong structural tailwind for the optical infrastructure. FTX is accelerating globally with deployments rising to 151 million fiber kilometers 4:09 4 minutes, 9 seconds in 2025, going up to 170 million fiber km by 2030. Just in the US alone, over 4:16 4 minutes, 16 seconds 100 million homes will be served by fiber 2030 supported by large government projects like bead and bhatnet in India. 4:24 4 minutes, 24 seconds Data centers are simply the fastest growing divi driver for fiber demand. 4:28 4 minutes, 28 seconds CRU projects that 40% of global growth in optical cable demand from data centers in 2026 alone driven by hypers 4:36 4 minutes, 36 seconds scale expansion and AI workloads. North America installed DC capacity is expected to more than double from 60 4:43 4 minutes, 43 seconds gawatt in 2025 to almost 115 gawatt by 2030. Hyperscalers DC capex is expected to increase to a whopping $762 billion. 4:58 4 minutes, 58 seconds 5G is scaling rapidly with 6.4 billion subscriptions expected to go to by 2030 and carrying 80% of all mobile traffic. 5:07 5 minutes, 7 seconds This requires massive fiber hall, back hall, front hall and network densification across the board. 5:13 5 minutes, 13 seconds Together, these three cycles are creating a structured multi-year demand tailwind for the fiber and connectivity, positioning STL at the center of next global digital infrastructure buildout. 5:25 5 minutes, 25 seconds Next, we show how global telecom and big tech giants are aligned in backing optical fiber as the base of digital future across 5G broadband data centers 5:34 5 minutes, 34 seconds and DI infrastructure. The takeaway is very simple. Fiber remains at the backbone of all of the digital infrastructure. 5:42 5 minutes, 42 seconds Moving on to slide seven shows how the AI revolution and rapid data center expansion are creating once in a generation opportunity for optical 5:50 5 minutes, 50 seconds connectivity. As per sources, by 2013, nearly 70% of data center demand will be ALED, driving a sharp increase in capex 5:57 5 minutes, 57 seconds infrastructure intensity. GPU architectures are rapidly shifting from 400 gig to 800 gig and all the way to 6:04 6 minutes, 4 seconds 1.6 6 terab speeds which where copper reaches a bandwidth threshold and fiber becomes essential. Simultaneously AI 6:12 6 minutes, 12 seconds workloads are creating dense fiber interconnections exponentially increasing fiber per rack and every new data center adds multiplies this demand. 6:21 6 minutes, 21 seconds This is not just a matter of scale. It's a step change in fiber intensity. With our neuralis end to end the AIDC portfolio, STL is uniquely positioned to 6:30 6 minutes, 30 seconds capture this multi-year structural growth opportunity. We will cover neuralis in more detail in the upcoming slides. 6:38 6 minutes, 38 seconds I'll now address India's data center movement. India's JSON expansion is emerging as one of the most compelling structural tailwinds of optical fiber 6:45 6 minutes, 45 seconds and were uniquely positioned to capture it. You would have read recently in the news about the tremendous updates in Visag as well. Installed capacity is set 6:54 6 minutes, 54 seconds to grow to 5x from 1.4 GW in 2025 to 8 GW by 2030. What makes this cycle 7:02 7 minutes, 2 seconds particularly powerful is the breadth of commitment that hyperscalers like Google and Microsoft are deploying tens of billions of dollars. Indian 7:10 7 minutes, 10 seconds conglomerates like Adani and Reliance are anchoring gigawatt campuses and even domestic majors like TCS are laying out long-term capacity plans. This is a 7:19 7 minutes, 19 seconds diversified and resilient demand base. A supportive policy environment, state incentives, power availability and 7:26 7 minutes, 26 seconds benefits and tax already extending 20 47 is further derisking and accelerating the buildout. Every dollar of data 7:34 7 minutes, 34 seconds center capex has a direct multiplier of fiber intensity across DCI, metro and longhaul networks with optical cable 7:41 7 minutes, 41 seconds demand projected to grow at 11% CGR through 2030. This is not a cyclical uptick. It's a durable high visibility 7:48 7 minutes, 48 seconds growth opportunity playing out right here in our home market in India. 7:55 7 minutes, 55 seconds According to CRU, global optical cable demand growth of 2026 has been upgraded to about 6.8% year-onear following 8:02 8 minutes, 2 seconds stabilization in 2025, led by mainly the North America's data center buildout and improved execution in China. 8:10 8 minutes, 10 seconds Importantly, demand is now consistently outpacing domestic supply in North America, keeping the light lead times tight. Looking ahead, North America is 8:18 8 minutes, 18 seconds set to be the main growth engine powered by AIEL data centers, DCI builds, and the continued FTS expansion. CRU expects 8:26 8 minutes, 26 seconds it to deliver the strongest regional CAGR of 15% all the way to 2013. Overall this points is a sustained multi-up 8:34 8 minutes, 34 seconds cycle in fiber demand with North America and APAC XChina both core STL focus market drivers growth. We are also seeing positive momentum in India, 8:43 8 minutes, 43 seconds Southeast Asia and parts of Europe which are closely aligned with our stated strategy. 8:50 8 minutes, 50 seconds We're successfully seizing new market opportunities, a trend that is clearly visible in our record order book intake. 8:56 8 minutes, 56 seconds This year in FY26, order inflows more than doubled to 7,687 crores, up 109% yearonear as compared to 3,672 crores in FY25. 9:09 9 minutes, 9 seconds This momentum has been driven by a series of strategic wins including large scale data center projects predominantly North America and long-term orders which 9:17 9 minutes, 17 seconds was secured from tier one telecom operators in India. Importantly, our order book today is well diversified with a healthy mix of order intakes from 9:26 9 minutes, 26 seconds all customer segments and product categories across regions. 9:32 9 minutes, 32 seconds Our innovation, as we've always stated, continues to be a key differentiator for STL and this quarter, we made strong progress across next generation optical 9:41 9 minutes, 41 seconds and data center technologies. The launch of India's first holo core fiber cable marks a defining milestone in STL's 9:48 9 minutes, 48 seconds innovation journey and reinforces our leadership in AI ready digital infrastructure. This breakthrough enables ultra low latency and high 9:55 9 minutes, 55 seconds bandwidth connectivity critical for hyperscalers and next generation data centers. As for current data, the holo core fiber is expected to reduce the 10:04 10 minutes, 4 seconds latency between 35 to 40% in the network which will be a huge breakthrough. As some of you may have seen, STL launched 10:12 10 minutes, 12 seconds Neuralis, a flagship AI era data center connectivity portfolio in the US at data center world 2026. I will cover about 10:20 10 minutes, 20 seconds that in details in the next slide. Our innovation engine is backed by deep IP portfolio of over 780 patents with 21 10:28 10 minutes, 28 seconds new filings this quarter and has been recognized through multiple global awards. Through these advance overall these advancements reinforce our 10:35 10 minutes, 35 seconds position as a technology leader building future ready capabilities that align closely with AI cloud and high performance network demands. 10:44 10 minutes, 44 seconds Slide 17 presents our latest launch of neuralis which is a purpose-built portfolio for the AI era of data centers. It addresses two Michigan 10:53 10 minutes, 53 seconds mission critical needs. AI wideswiss connectivity and highspeed DCI where fiber density speeds and simplicity matter the most. With pre-terminated 11:02 11 minutes, 2 seconds fiber trunks, high density arrays, Celestia IBR cable scaling up to close to 7,000 fibers and intelligent enclosures, Neurales enables faster deployment and massive GPU clustering. 11:14 11 minutes, 14 seconds Leveraging STL's full integration from glass preform to predominate assemblies, Tales reduces deployment complexity and 11:21 11 minutes, 21 seconds accelerates time to service which is critical for data centers supported by local manufacturing in South Carolina. 11:27 11 minutes, 27 seconds This launch strengthens our position within US hyperscalers as well as the upcoming NeoCloud providers. 11:35 11 minutes, 35 seconds Slide 18 highlights leadership in multi-core fiber key enabled for quantum safe as well as multi- terabyt networks. 11:42 11 minutes, 42 seconds Multi-core fiber allows between four to seven times higher capacity within the same physical footprint, improving space 11:49 11 minutes, 49 seconds efficiency while lowering deployment infrastructure costs, making it ideal for AI data center, longhaul, 5G and high performance interconnects. 11:59 11 minutes, 59 seconds We have shown strong capability enabling India's first quantum key distribution over multi-core completing live 100 12:06 12 minutes, 6 seconds kilometer testing and becoming the first globally to deploy MCF in both aerial underground networks further validated 12:13 12 minutes, 13 seconds by our latest successful trials with cold a leading operator in the UK. 12:18 12 minutes, 18 seconds Overall, this positions STL as a forefront of quantum safe next generation optical networks with strong relevance for global hyperscalers and 12:25 12 minutes, 25 seconds carriers. And as the continuation from our previous call, we have made successful progress 12:33 12 minutes, 33 seconds on a two next generation fiber platform 654E as well as holo core fiber. Both designed to address the rapidly evolving requirements of modern connectivity network. 12:45 12 minutes, 45 seconds Since then 654E has been successfully launched and also secured our first commercial order validating strong customer interest with it 30% lower 12:53 12 minutes, 53 seconds signal loss larger core which will enable higher power ultra long DWDM and DCI applications. In parallel, we have 13:00 13 minutes launched India's first holo core fiber as I mentioned cable with a true stepchain technology with light travel through an airfield core delivering 30 13:09 13 minutes, 9 seconds to 47% lower latency with supporting bandwidth from 800 gig to 106 terab and beyond. Together, these platforms 13:18 13 minutes, 18 seconds significantly strengthen SJ's leadership in high performance optical networks and position us to be a select group of global players shaping the future of fast low latency AI infrastructure. 13:30 13 minutes, 30 seconds On market position and attach rate trends, our global exchina of OFC market share remains stable at around 8% in FI26, demonstrating resilient execution 13:39 13 minutes, 39 seconds in a challenging environment marked by US tariff impacts and germananium constraints that we spoke about earlier. 13:45 13 minutes, 45 seconds We remained focused on steadily building our share over time in optical connectivity. Attaches moderated 15% 13:51 13 minutes, 51 seconds from FI26 from 22% in FI25. This was primarily driven by product mix and project timing along with sharp 13:59 13 minutes, 59 seconds acceleration of OFC revenues leading to a higher base. The moderation is temporary and the long-term opportunity of connectivity remains very strong. Our 14:08 14 minutes, 8 seconds connectivity is expanding and increasingly focusing on selling integrated solutions rather than standalone products. Taken together, 14:17 14 minutes, 17 seconds this shows that our core OFC business stable while there's a clear runway to drive higher value through attaching long growth over the medium term. 14:25 14 minutes, 25 seconds I will now hand over to AJ to take you through the financials. 14:29 14 minutes, 29 seconds Uh thank you Ankit and thanks to everyone for joining us today. I'll take you through the key financial highlights for Q4 and FI26. 14:37 14 minutes, 37 seconds STL delivered a strong Q4 finish and solid fullear performance. Q4 FI26 14:43 14 minutes, 43 seconds revenue stood at 1441 cr reflecting strong 37% yearonyear growth momentum. A 14:52 14 minutes, 52 seconds beta margins expanded to 151.1% supported by scale benefits and better product mix. For the four year revenue 15:00 15 minutes increased to 4745 cr with iita rising to 628 cr or 39% 15:07 15 minutes, 7 seconds yearonear growth with margin improving to 13.2%. 15:11 15 minutes, 11 seconds Pat also turned positive in Q4 and for the full year reflecting improved profitability and execution. 15:18 15 minutes, 18 seconds Overall, the performance reflects our focus on disciplined growth, margin expansion, and stronger bottom line outcomes. 15:27 15 minutes, 27 seconds As you can see in slide 25, uh despite a challenging external environment, we have delivered consistent operational 15:34 15 minutes, 34 seconds margin expansion over the last six quarters. Operational liida improved to 15.1% in Q4 FI26 driven by higher 15:43 15 minutes, 43 seconds utilization, a stronger product mix, and operating leverage. While US tariff headwinds have meaningfully moderated 15:50 15 minutes, 50 seconds from peak levels, adding margins, we are seeing new near-term cost pressures from geopolitical disruption driven by war in 15:58 15 minutes, 58 seconds West Asia, particularly impacting helium and polymer inputs. Despite these headwinds, our structural margin profile 16:06 16 minutes, 6 seconds continues to expand in line with our guidance of 20% at reported level by end of the current fiscal. 16:14 16 minutes, 14 seconds On segment side, uh telecom and citizen network remains the core contributors while enterprise 16:21 16 minutes, 21 seconds and data centers moderated to 19% in FI26 primarily due to decline in our copper business because of higher LME 16:29 16 minutes, 29 seconds prices. Looking ahead with accelerating AI data center investments and pipeline visibility, we expect the enterprise and 16:37 16 minutes, 37 seconds data center segment to scale up to 30% of revenues in the current fiscal. From a geographic standpoint, our revenue mix continues to diversify. 16:48 16 minutes, 48 seconds North America share increased from 25% in FI25 to 39% in FI26 while Europe remains a significant contributor at 40%. 16:59 16 minutes, 59 seconds This balanced regional footprint reduces concentration risk and positions us well to capture growth across key global markets. 17:09 17 minutes, 9 seconds Moving to the order book, we have seen strong momentum this fiscal. Our open order book stood at 7,39 cr in FI26 up 17:18 17 minutes, 18 seconds 67% from 4378 cr in FI25 reflecting healthy order inflows and strong market 17:25 17 minutes, 25 seconds confidence. Of this 1468 cr is selected for execution in Q1, FI27 while the 17:32 17 minutes, 32 seconds remaining order is scheduled for execution over Q2, FI27 and beyond. This robust order pipeline provides strong 17:40 17 minutes, 40 seconds revenue visibility and reinforces our growth outlook for the year. 17:46 17 minutes, 46 seconds On slide 28, we have shared a bridge snapshot of our reported numbers for your reference. Net debt stands at 1,128 17:54 17 minutes, 54 seconds cr with debt to equity of.5 and net debt to IITA at 1.3x comparatively below our earlier target 18:02 18 minutes, 2 seconds of 2x with a revised ambition of moving below 1.2x. 18:08 18 minutes, 8 seconds Turning to our IT services business digital for FI26, digital revenue closed at 284 cr compared to 290 cr last year 18:17 18 minutes, 17 seconds while LIITA improved meaningfully to 3 cr reversing a loss position in FI25. 18:23 18 minutes, 23 seconds This demonstrates our clear focus on sustained profitable growth rather than scale at any cost. In Q4, we added a new 18:31 18 minutes, 31 seconds UK- based healthcare client, expanding our footprint in data engineering, analytics, and product services. With 18:38 18 minutes, 38 seconds nine new customer logos added in FI26, our total customer base now stands at 35. With this, now I hand it over back 18:46 18 minutes, 46 seconds to Ankit for updates on our social responsibility initiatives and closing remarks. 18:52 18 minutes, 52 seconds Thank you, AJ. HSCSR initiatives continue to create a strong measured impact across healthcare and education. 18:59 18 minutes, 59 seconds This is all aligned with our philosophy that we must give back to society in which we operate. Our flagship 19:06 19 minutes, 6 seconds healthcare program Swatya Sraa won the best rural healthcare initiative for the year 2025 and the Indian uh at the 19:14 19 minutes, 14 seconds Indian social impact award recognizing his sustained contribution to rural and tribal healthcare and education. The robo edge program received the best 19:22 19 minutes, 22 seconds educational support initiative of the year 2025 at the Indian CSR awards for advancing STEM learning and innovation. 19:29 19 minutes, 29 seconds Robo Ed students also excite excelled globally at the international robo text championship 2025 winning multiple podium positions. Nine students 19:37 19 minutes, 37 seconds representing India showcasing talent teamwork and innovation reflecting India's commitment STL's commitment to build a stronger future ready society 19:47 19 minutes, 47 seconds at STL. Sustainability is simply central to our purpose. We're proud to hold a synergy A rating and are uh committed to 19:56 19 minutes, 56 seconds achieving net zero commission emissions by 2013. Our strategy is built on three pillars. Environmental sustainability 20:02 20 minutes, 2 seconds since FY20 FY19. We diverted 282,000 metric tons of waste, recycled almost 11 million metric cub water and reduced 20:11 20 minutes, 11 seconds over 440 tons of carbon emissions through energy efficiency. Over 36% of our procurement is local and we partner 20:18 20 minutes, 18 seconds with hygien to advance green hydrogen successfully. 20:22 20 minutes, 22 seconds Social responsibility aligned with 16 United Nations SDGs. We positively impacted 9 20,000 plus lives through 20:30 20 minutes, 30 seconds education, women's empowerment and healthcare. Alongside installing 4,500 kilowatt power of solar capacity with 20:39 20 minutes, 39 seconds two big four auditors and robust governance committees, we earned 100 plus EGS in FY19. Notably, is it the 20:46 20 minutes, 46 seconds world's first optic fire manufacturer certified for zero liquid discharge and zero watial lands, setting a truly industry benchmark. 20:56 20 minutes, 56 seconds Let me close with our focus areas. 20:59 20 minutes, 59 seconds Our goal is driving technology and cost leadership, growing its market in focus markets, increasing connectivity attach 21:07 21 minutes, 7 seconds rates, and rapidly scaling the revenue contribution from our data center business. 21:11 21 minutes, 11 seconds This trend in STS ro is a clear enabler of the global digital infrastructure. 21:16 21 minutes, 16 seconds With this, I'll close my opening remarks and hand it over the operator to open the floor for questions. Thank you. 21:24 21 minutes, 24 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 21:32 21 minutes, 32 seconds star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you 21:38 21 minutes, 38 seconds may press star and two. Participants are requested to use handsets while asking a question. Please note in order to ensure 21:47 21 minutes, 47 seconds that the management will be able to address questions from all the participants in the conference. Kindly limit your questions to two per 21:54 21 minutes, 54 seconds participant. Should you have a follow-up question, please rejoin the queue. 21:59 21 minutes, 59 seconds Ladies and gentlemen, we will wait for a moment while the question queue assembles. 22:23 22 minutes, 23 seconds The first question is from the line of Anerut Pandhare from Pam Capital. Please go ahead. 22:33 22 minutes, 33 seconds Yes, you're audible. 22:35 22 minutes, 35 seconds Yeah, I thank you. Congrats on the great results. 22:38 22 minutes, 38 seconds uh can you give us some indication on the current utilization levels and any sort of guidance going forward? 22:45 22 minutes, 45 seconds Uh we I won't comment on specific utilization but uh you know broadly it's it's improved slightly. Uh as I said 22:53 22 minutes, 53 seconds we've we've folded out uh it's uh you know we continue to have constraints with some of our raw materials um and uh 23:00 23 minutes we do expect those uh you know the constraints to reduce quarter on quarter as I've been stating. So uh more of the same. 23:09 23 minutes, 9 seconds Okay. Okay. And and I mean an extension of that question probably since you mentioned raw materials uh any update on 23:16 23 minutes, 16 seconds the geranium or helium we had seen significant I believe cost inflation there as well. 23:22 23 minutes, 22 seconds So the the costs continue to be quite high or very high. Uh but as I said more importantly for us is is getting the 23:30 23 minutes, 30 seconds availability itself. uh and that is something that continues to be a challenge but we do expect it to improve quarter on quarter. 23:37 23 minutes, 37 seconds Okay. So how I mean is there a number sort of how far ahead do we have the you know uh sort of the stocks like is it 23:45 23 minutes, 45 seconds two quarters three quarters four quarters? 23:48 23 minutes, 48 seconds Yeah I mean we as I said we have some amount of volume uh you know for the rest of the year. It's about you know optimizing and getting more so that we 23:56 23 minutes, 56 seconds can you know further utilize our factories. So there is some good amount of base we have and we're continuing to try to get more. 24:03 24 minutes, 3 seconds Sure. Sure. Great. Thanks. Thank you. 24:10 24 minutes, 10 seconds Thank you. The next question is from the line of Amani from Stallion Assad. Please go ahead. 24:18 24 minutes, 18 seconds Hi sir. Thank you so much for the opportunity. I hope I'm audible. 24:23 24 minutes, 23 seconds Oh gosh. It's a little hazy to hear but go ahead. 24:27 24 minutes, 27 seconds Yeah, I just wanted to understand on the recent QIP approval. Uh is it just a enabling resolution to maintain capital 24:35 24 minutes, 35 seconds raising flexibility or is there any I'm sorry to interrupt. 24:42 24 minutes, 42 seconds Uh would you please use your handset mode? Yeah. Is it better now? Yeah, please proceed. 24:48 24 minutes, 48 seconds Yeah. I just wanted to understand on the recent QIP approval is it purely a enabling resolution to maintain capital 24:56 24 minutes, 56 seconds raising flexibility or is there any funding requirement already identified and also on the context on the recent 25:04 25 minutes, 4 seconds capital infusion from the parent level how should we think about the incremental capital needs for sterite tech 25:14 25 minutes, 14 seconds uh so I'll I'll answer in two parts the first one on the fundraising So this has always been a enabling resolution which 25:22 25 minutes, 22 seconds we take year-on-year basis. Uh so this year also this uh this needs to be considered as a enabling. Uh right now 25:30 25 minutes, 30 seconds there are certain capex plans which we are having. Uh we do expect that in in near term to we will focus on our 25:37 25 minutes, 37 seconds technology leadership and upgrading our asset base to support high value data center portfolio offerings which can have a approximate investment of 500 cr. 25:50 25 minutes, 50 seconds Got it. Got it. Understood. And then my second question would be the kind of failment we have been uh you know hearing on the data center. How should 25:59 25 minutes, 59 seconds we look at our growth numbers since our order book itself has you know gone up significantly this quarters. So growth 26:06 26 minutes, 6 seconds rates and probably the margin guidance if you can provide for next year. 26:12 26 minutes, 12 seconds Uh actually we don't provide this kind of guidance. uh as as we've been sharing we uh we are we're very focused on both 26:20 26 minutes, 20 seconds the data center segment and the telecom segment as AJ said we are looking at a capex about 500 crores so as you can 26:27 26 minutes, 27 seconds appreciate that that's happening on the back of our you know understanding and visibility of the market and the opportunities so you know broadly I 26:37 26 minutes, 37 seconds would share that we continue to remain uh excited about the opportunities and we are focused on uh capturing uh you know more and more share of of this market. 26:47 26 minutes, 47 seconds S and sir, what would be a data center share? 26:50 26 minutes, 50 seconds Sorry to interrupt Ammon. Please rejoin the queue for more questions. Yeah, sure. Thank you. 26:58 26 minutes, 58 seconds Thank you. The next question is from the line of Nikil from Noama. Please go ahead. 27:05 27 minutes, 5 seconds Yeah, thanks for the opportunity and uh congratulation on very strong number especially Ankit. I have one question for you and one for other. So basically 27:14 27 minutes, 14 seconds I need some kind of if you can provide uh the strong order book this quarter was it uh volume driven purely or you have seen improvement in realization as 27:24 27 minutes, 24 seconds well as uh if you can quantify contribution from data center within this if possible. 27:30 27 minutes, 30 seconds Uh NL I can't give you color I'll have to be black and white. [laughter] uh but uh in in seriousness um uh 27:40 27 minutes, 40 seconds so the data center contribution so we don't break that out I think we've called out broadly the data center and enterprise as you can see the the 27:49 27 minutes, 49 seconds absolute number is you know is is growing and and we did have slightly lower you know copper sales so uh 27:57 27 minutes, 57 seconds overall it's in in the right direction um and I think uh you know as as we've discussed uh and we've shared on these 28:04 28 minutes, 4 seconds calls we continue to uh work on on you know securing long-term contracts and relationships both with telecom 28:13 28 minutes, 13 seconds operators as well as data centers so that's moving in the right direction got it done great helpful uh second uh I 28:21 28 minutes, 21 seconds think I think you commented uh two incremental point what is uh I think you up fronted the guidance of reaching 30% 28:29 28 minutes, 29 seconds from enterprise data center compared to earlier guidance of 12 to 18 month and second you also So I guess if I heard it correctly uh correctly you mentioned 28:37 28 minutes, 37 seconds that by end of this year Q4 you will achieve uh 20% in uh AITA margin. So just wanted to understand the lever for 28:45 28 minutes, 45 seconds the margin and what gains in one quarter which you know uh gives you confidence of upfronting this. Thank you. So these 28:52 28 minutes, 52 seconds are interlin actually nicl if you see in proportion to our increase in the data center revenue uh we are going to 29:00 29 minutes witness a good jump in the margins as well in all our assumptions we have kept the tariff at the current rate uh that is something which we will have to adopt 29:08 29 minutes, 8 seconds for going forward. Uh but right now if we achieve that 30% rate which looks like if we do the right execution we can 29:18 29 minutes, 18 seconds reach there. So we do target to have it by the end of the Q4 the margins which I have mentioned. 29:24 29 minutes, 24 seconds Got it. Again very helpful uh and congratulation on very strong quarter and coming. Thank you. 29:31 29 minutes, 31 seconds Thank you. Thank you very much. Thank you. 29:35 29 minutes, 35 seconds Thank you. The next question is from the line of Rahul Dasani from MAPL. Please go ahead. Yeah. Hi audible. 29:44 29 minutes, 44 seconds Yes. Yeah. Good afternoon and first of all thank you for this opportunity and congrats on a good set of numbers. A few basic questions to begin with. What's 29:52 29 minutes, 52 seconds our IBR capacity at as of date and what are our plans to increase it if any sorry uh Raj we don't disclose capacity. 30:03 30 minutes, 3 seconds Got it. Okay. Uh would you be able to share how much of our total preform requirement do we buy from outside as of date and how much will this increase to 30:11 30 minutes, 11 seconds as and when we start utilizing optimum capacity of 80 85%. 30:15 30 minutes, 15 seconds Sorry Ry, we don't disclose any of these things. 30:18 30 minutes, 18 seconds Got it. Got it. Okay. Uh so maybe what we can try is uh on the hyperscaler side uh why is the hyperscaler and DC sales 30:26 30 minutes, 26 seconds volumes uh not picking up as much for us uh while our global as well as local player peers are scaling up very well 30:34 30 minutes, 34 seconds and shifting majority capacities to DC demand. Are we seeing any product quality issues especially with the 17 28 30:40 30 minutes, 40 seconds and 3456 fiber count and hence we are not getting approved by the fiber skills right I'm I I don't I don't know what to 30:50 30 minutes, 50 seconds say I there's none of all these none of these things exist what you mentioned we're very well placed with the with the 30:58 30 minutes, 58 seconds data center and telco business and I think we're growing quite got it uh one last question would be when are we actually I'm Sorry to 31:06 31 minutes, 6 seconds interrupt Rahil. Please rejoin the key for more questions. 31:13 31 minutes, 13 seconds Thank you. The next question is from the line of Sak Jane from Sunidi Securities. Please go ahead. 31:21 31 minutes, 21 seconds Hello. Uh congratulations to the entire team for the wonderful performance. Uh 31:28 31 minutes, 28 seconds and thanks for the opportunity. Well, my first question is um during uh you know Q4 OSP prices have witnessed a very 31:36 31 minutes, 36 seconds sharp increase uh particularly from late December or early January. So how has been the uh trend in the realizations 31:46 31 minutes, 46 seconds of across standard OSA and high frequency uh data center cables? uh how 31:53 31 minutes, 53 seconds is the uh you know difference in prices and what's the delta in margin margins 31:59 31 minutes, 59 seconds playing out rightly and how are we going to you know evolve the mix in our favor. 32:07 32 minutes, 7 seconds Yeah, thank you. Uh I I would kind of reiterate what we've been saying through previous calls. We uh do not play in the 32:14 32 minutes, 14 seconds spot market and uh you know we we do not uh we do not sell in the spot market. We are very very focused on long-term 32:22 32 minutes, 22 seconds contracts uh with with our select customers uh globally particularly in Europe and US and and in India. So uh 32:32 32 minutes, 32 seconds you know that's how we we look at it. Of course at any point if if for example raw materials or freight or anything is 32:39 32 minutes, 39 seconds going up and down or tariff then those are conversations we have with our our customers uh and and we uh we look to 32:46 32 minutes, 46 seconds see how we can uh you know adjust those things. Um I'm I am aware that the fiber optic prices have increased uh in in uh 32:55 32 minutes, 55 seconds you know particularly in in China and in some other places. Uh but we we are not selling for many of these applications 33:02 33 minutes, 2 seconds or or to these spot opportunities. Uh at a macro level I would say that yes the margin profile of selling to the data 33:10 33 minutes, 10 seconds centers is is better. uh and uh these are uh very very advanced and patented products that we create and more and 33:19 33 minutes, 19 seconds more of what we sell to this market will be an end to-end solution uh thereby improving uh uh you know our our profitability going forward. 33:30 33 minutes, 30 seconds Uh okay. Uh also if you can you know talk about the pipeline and conversion pipeline of large hyperscaler deals. Um 33:39 33 minutes, 39 seconds are we moving towards any multi-year capacity reservation agreements like our uh global peers what we are listening 33:47 33 minutes, 47 seconds yesterday on uh the conference calling mentioned that uh after ma they have signed two more such similar size and 33:57 33 minutes, 57 seconds similar tenure deals. So uh can we expect something like that? Are we in talks with any of these hyperscalers? 34:08 34 minutes, 8 seconds Yeah, I mean I won't comment on any specific uh names or or what our competition has done. Uh we continue to 34:15 34 minutes, 15 seconds remain uh very focused and and quite excited about uh you know securing long-term contracts both with telecom 34:22 34 minutes, 22 seconds operators as well as data center companies. We are making good progress both in terms of our conversations as well as in terms of our product 34:30 34 minutes, 30 seconds portfolio and and readiness. Um so yeah, I would broadly say we are we are quite well placed. um and uh you know 34:39 34 minutes, 39 seconds accordingly as as we make progress we we're happy to share that with you. 34:44 34 minutes, 44 seconds Okay, that's all. Thank you and wish you all the best. Thank you very much. 34:52 34 minutes, 52 seconds Thank you. The next question is from the line of Akat Ma from Seven Divers Holding. Please go ahead. 35:00 35 minutes Hello sir, thank you for the opportunity. Uh my first question is on the margin s. So given that this quarter has seen part impact of you know the US 35:09 35 minutes, 9 seconds US tariffs coming down know how should we look at uh you know margins going forward uh when the full impact of the 35:16 35 minutes, 16 seconds US tariffs coming from 50 to 15% will come should it be similar or should be probably higher somewhat 35:25 35 minutes, 25 seconds so see last quarter at least in there was a slight impact only of because of 35:32 35 minutes, 32 seconds the reduction in tariffs because uh we need to sell goods uh in advance to our subsidiaries and all. Uh going forward 35:39 35 minutes, 39 seconds in Q1 there will be a positive impact uh on account of tariff while our uh revenue is expected to increase further 35:46 35 minutes, 46 seconds from uh US operations. But uh there is one more counterpart to it which is the cost which is increasing significantly 35:55 35 minutes, 55 seconds due to this uh war issue. Uh so broadly there will be an improvement in the overall margin profile. Uh but that 36:03 36 minutes, 3 seconds won't be similar to what we are reflecting here like it's it will have some impact of the cost increase as well. 36:11 36 minutes, 11 seconds Okay. Should it be at similar levels to what is in Q4 or the I think uh it it should be uh well I can't give 36:20 36 minutes, 20 seconds any guidance on that but it should be on a improving stage from Q4. 36:24 36 minutes, 24 seconds Okay. My second question is on the Sorry to interrupt. I'm sorry. This is my second question ma'am. 36:34 36 minutes, 34 seconds Hello. Yeah. So uh I just wanted to uh you know double check on the the thing that you said that you don't really sell 36:41 36 minutes, 41 seconds in the spot market side. Now what is kind of stopping us from you know diverting a few million kilometers of uh 36:48 36 minutes, 48 seconds the capacity to sell in the spot market except for you know on a principal basis or on a value basis uh to take advantage of this opportunity. 36:59 36 minutes, 59 seconds I mean look I I think it's you know we've been in this business for 30 years. I've been in this business 16 years. Um, and you know, I I I think our 37:09 37 minutes, 9 seconds our learnings from that is that, you know, you what you want to really make sure and go out of your way is that you 37:17 37 minutes, 17 seconds are you're having, you know, a large portion of your of your company catering to the right kinds of customers who are 37:25 37 minutes, 25 seconds building and co-developing with you in terms of products. Um, and it it's truly a long-term partnership. So, that's the 37:32 37 minutes, 32 seconds philosophy we've chosen. Um and it and we it requires a certain amount of discipline because it's easy to get excited about some of these spot prices. 37:41 37 minutes, 41 seconds But we've chosen that path of discipline, focus on R&D um and creating long-term value. That's the reason. 37:49 37 minutes, 49 seconds Okay. Thank you. Thank you. 37:55 37 minutes, 55 seconds Thank you. The next the next question is from the line of Pushkar Jane from Millie Capital. Please go ahead. 38:04 38 minutes, 4 seconds Hi sir, am I audible? Yes. 38:07 38 minutes, 7 seconds Yeah, we were actually uh looking at a PPT of Omni Cure. Uh so they had some exclusive tire with you for Germanium. 38:15 38 minutes, 15 seconds So is that is their entire capacity enough for us or we need more and is the supply charted for the same? 38:23 38 minutes, 23 seconds Uh sorry I mean for confidentialist reasons we can't share uh where we stand on this or our suppliers. uh we are uh 38:32 38 minutes, 32 seconds it is it is an important raw material and like helium and some others and we continue to take strategic actions. 38:40 38 minutes, 40 seconds Okay. And and post this capex can we at least tell what will be our capacity for an OFC. 38:46 38 minutes, 46 seconds Sorry we we not we we're not going to be disclosing capacities going forward. Okay. Thanks a lot. 38:53 38 minutes, 53 seconds Thank you. Thank you. 38:59 38 minutes, 59 seconds The next question is from the line of Bala Sudraman from Arhan Capital. Please go ahead. 39:06 39 minutes, 6 seconds Good evening sir. Uh thank you so much for the opportunity. Congratulations for a good set of numbers. So my first question on the data center side I think 39:14 39 minutes, 14 seconds we are uh launching advanced products like neuralysis 39:19 39 minutes, 19 seconds uh uh hollow hollow core hyper g654 and uh I think many products are under 39:27 39 minutes, 27 seconds pipeline. But if you look at on the international market uh uh big players are taking billion dollars or especially 39:33 39 minutes, 33 seconds for data center and generative AI and enterprise uh side. So I'm trying to understand whether is there any active 39:41 39 minutes, 41 seconds uh pipeline or RFQ we have even these uh data center hyperscaler uh customers they are willing to fund and they're 39:49 39 minutes, 49 seconds willing to uh for a risk sharing agreements they are more aggressive on building data centers uh especially for 39:57 39 minutes, 57 seconds AI side. So I'm trying to understand whether our products uh uh like uh how we are how we are getting orders whether 40:06 40 minutes, 6 seconds we have a pipeline of any billion dollar orders especially uh long-term maybe three to five years time frame side if you could share your thought process on 40:14 40 minutes, 14 seconds the industry levels and how we how our products are fit into the market. 40:20 40 minutes, 20 seconds Uh thank you. I I think broadly um you know I I would say that we're uh we've we've done some good work. I'm very 40:29 40 minutes, 29 seconds proud of our team in terms of um the product portfolio we've we've we've created. Uh Neurales is is is truly 40:37 40 minutes, 37 seconds cutting edge what we've launched u and and it's truly a great solution that we believe will serve uh the data center uh 40:45 40 minutes, 45 seconds world. Um I I think we're well placed I think in terms of our portfolio in terms of the work that we've done and uh we 40:53 40 minutes, 53 seconds are uh you know in we we do have some good customers. We are uh you know we're working well with them in terms of looking at their long-term requirements. 41:03 41 minutes, 3 seconds Um and as we continue to make progress and as we continue to grow with them uh we'll continue to update you. 41:14 41 minutes, 14 seconds Thank you. The next question is from the line of Sani Gus from MK Benes. Please go ahead. 41:22 41 minutes, 22 seconds Yeah. Hi, thanks for taking my question and uh congratulations on a good set of numbers. Uh my question is on the 41:29 41 minutes, 29 seconds optical interconnect segment. Uh so we have seen some uh in my understanding some stagnation in the revenue in FI26. 41:39 41 minutes, 39 seconds uh uh but if we have to say look at the next two to three years uh how should we look at this segment uh in terms of the 41:49 41 minutes, 49 seconds growth trajectory and uh earlier we used to uh look at 50% uh attach rates uh so 41:58 41 minutes, 58 seconds uh how are how are we thinking about that now uh going forward yeah thank you Sunonny and look I think 42:05 42 minutes, 5 seconds at structurally yes the attach rate percentage wise has come on but I think it's largely a timing and and mix related factors. There's no change in 42:14 42 minutes, 14 seconds structural demand. Um I think we've been working hard on this for for a few years now building our product portfolio. 42:20 42 minutes, 20 seconds We've also been working closely with customers to co-develop it for them. Um so I I do see this that uh you know at 42:27 42 minutes, 27 seconds least on absolute basis uh the revenue should continue to increase over time. 42:33 42 minutes, 33 seconds um there are also certain connectivity products that are required for the data center segment which we are we are evaluating and looking at. So I think 42:40 42 minutes, 40 seconds combine both of these what are the attach rates required for the home portfolio home connectivity as well as data center connectivity. I do see this growing uh year on year going forward. 42:52 42 minutes, 52 seconds Got and the uh and the rate of uh change will uh be visible in the near term or this will take some time in terms of 43:00 43 minutes starting to reflect on uh the revenue growth. 43:04 43 minutes, 4 seconds I'll say broadly over the year you'll see the growth. like it's tough to kind of predict the timing because of the approval process and cycle um but but we 43:12 43 minutes, 12 seconds we are making progress uh quarter on quarter for sure. Sure. And uh my second question is more on the medium-term 43:21 43 minutes, 21 seconds outlook. So uh historically we have seen uh cyclicality play a role uh in the 43:28 43 minutes, 28 seconds optic fiber demand. Uh so based on our past learnings uh across cycles like how 43:36 43 minutes, 36 seconds are we uh looking uh to like reduce or rationalize that risk of uh uh 43:43 43 minutes, 43 seconds cyclicality and how successful have we been uh in terms of getting some longer 43:50 43 minutes, 50 seconds tenure contracts better visibility over say 2 to 3 years. uh while we see that 43:58 43 minutes, 58 seconds the near-term demand remains robust but uh uh assuming that there is some uh slowdown or some cyclicality in the 44:06 44 minutes, 6 seconds demand how are we looking to kind of uh reduce that risk per se yeah I think both uh you know I would 44:15 44 minutes, 15 seconds cover it in three ways like one I think at a principal level we do strongly believe that you know these are kind of 44:22 44 minutes, 22 seconds multiple tailwinds in parallel you've got you know 5G 6G coming up in a couple of years. Then you've got fiber to the home. You've got rural massive 44:31 44 minutes, 31 seconds connectivity that will happen with bead batnet and everything else. Uh then you've got optic fiber for drone applications which I think are currently 44:38 44 minutes, 38 seconds in couple of places but could spread you know further and then you've got this kind of you know multiffold growth because of the data center side. So uh 44:47 44 minutes, 47 seconds you know you at some level we do believe that these are tailwinds over a longer period of time number one and it's not just the telco up and down cycle that 44:56 44 minutes, 56 seconds we're dealing with. So that gives us some level of confidence. Um but I think to your point I think it's it's back to what I've been sharing so far is that we 45:04 45 minutes, 4 seconds are very very focused on on a longerterm contracts rather than playing in in the spot market or trying to make a quick 45:10 45 minutes, 10 seconds buck. Um and uh you know we do expect that we will make uh you know good progress on this quarter on quarter. 45:20 45 minutes, 20 seconds Thank you. The next question is from the line of Sakit Kapoor from Kapoor and Company. Please go ahead. 45:31 45 minutes, 31 seconds Uh Mr. Kapoor, your line is unmuted. Please proceed. Yeah. Hello. Yes, please proceed. 45:40 45 minutes, 40 seconds Sir hope I'm audible. Yes. Yes. 45:44 45 minutes, 44 seconds Uh sir, firstly uh pertaining to this uh Parisian cables uh litigation, what what is the last we we have heard on the same 45:52 45 minutes, 52 seconds and any any date that we have uh for the litigation or at what stage are we? And 45:59 45 minutes, 59 seconds so secondly uh in in continuation to the tariff part we have also seen that uh the US government has been uh asked to 46:08 46 minutes, 8 seconds uh to to reverse the uh the amount which they have collected as tariff and I think so we have uh paid tariff on uh on 46:16 46 minutes, 16 seconds the on the on the sales that we have done to the US the geography of US. So where are we in terms of these two uh aspects right? 46:24 46 minutes, 24 seconds Yeah thank you. Um so I think on the on the on the legal matter we had filed our appeal in September 2025. Uh so that's 46:33 46 minutes, 33 seconds uh that's where it is that that's progressing. Uh as I said we continue to believe we have a very strong case. Um 46:40 46 minutes, 40 seconds and uh we we do we do and hope for a favorable outcome uh in in that matter. 46:48 46 minutes, 48 seconds Um and I think in terms of the the tariff uh rebate, you're right, there is a process that's got uh kickstarted in 46:55 46 minutes, 55 seconds the US for uh you know repayment of of tariff to the importer on uh on record. 47:01 47 minutes, 1 second Um and to that extent uh we will uh we will follow that process. Uh but we can't give a clear timeline right now of 47:09 47 minutes, 9 seconds when uh and how much of those refunds will come. uh we can probably update you you know in in in the next uh earnings call 47:17 47 minutes, 17 seconds but uh what amount we have paid paid as tariff is there with you so that you can share whatever is the refund that will happen in due course but you can share 47:26 47 minutes, 26 seconds the amount at least how much we have paid as tariff I think the six to 7% of aa was uh uh was uh negated because of 47:35 47 minutes, 35 seconds this if I remember correctly uh in the in the last quarter or the before quarter when the tariffs were at at 50% 47:42 47 minutes, 42 seconds I I think broadly it will be north of 100 crores uh not of 100 s hypothetically uh with 47:50 47 minutes, 50 seconds this judgment madam I will only conclude question won't be getting opportunity again ma'am 47:57 47 minutes, 57 seconds just a small point sir in in case uh uh the judgment comes do we have any other uh option to appeal higher or what would 48:07 48 minutes, 7 seconds be the uh the uh the process going ahead with the permasian part I think. So that's a a huge liability of 100 48:14 48 minutes, 14 seconds million. So next step yeah there's there's in fact two more steps. One currently this is in a bench 48:20 48 minutes, 20 seconds of three judges. You can then appeal to ask for all the judges to be present and to to again evaluate the matter. Uh if 48:30 48 minutes, 30 seconds again after that then again we have uh we can appeal to the Supreme Court. So there are uh two more stages so-called after this. 48:41 48 minutes, 41 seconds Thank you. 48:43 48 minutes, 43 seconds The next question is from the line of Paige Patil from N Shiva. Please go ahead. 48:50 48 minutes, 50 seconds Hello. Uh thank you for the opportunity and congratulations on a good set of number. Um again sir now bringing back 48:56 48 minutes, 56 seconds to the earlier participants question I know you know I know you know we have been in discussion with the hyperscalers you know since so long and you are you 49:05 49 minutes, 5 seconds are making good progress right but you know given our capabilities uh and you know I'm just trying to understand there should be uh some progress made right 49:13 49 minutes, 13 seconds and I'm just wanted to understand what could be the timelines you know where we could uh look to close this uh let's say orders or deals or you know any alloys 49:22 49 minutes, 22 seconds with the hyperscalers because it's almost like a 3 to four months we are into discussion and then you know we we have uh I mean let's say domestic peers 49:29 49 minutes, 29 seconds global players you know uh getting those orders just wanted to understand you know what what are the timelines on this orders or know are we facing any 49:37 49 minutes, 37 seconds problems on that side uh no as I said I I I at least I don't think we are facing any orders uh we are 49:44 49 minutes, 44 seconds continuing to expand our product portfolio that can serve this market um and uh we've got you know good feedback 49:52 49 minutes, 52 seconds from our our customers we continue to get orders from them. Um, and we are, as I said, we're making good progress with 49:59 49 minutes, 59 seconds uh with uh with the hyperscalers in terms of, you know, what could a longerterm partnership be? So, that's the conversations that are going on. 50:07 50 minutes, 7 seconds Okay. Are we at least in the testing mode of our products with the hyperscalers? 50:13 50 minutes, 13 seconds So, I think we already shared last uh last quarter uh we we are actively now supplying into this market. 50:21 50 minutes, 21 seconds Got it. Got it. And sir uh I think we were upgrading our line to the IBR for higher fiber counts. Uh is the capeex on 50:28 50 minutes, 28 seconds on track? I think it was supposed to get live by 20 June 2026, right? 50:35 50 minutes, 35 seconds Uh we don't comment about uh specific product lines etc. So um I won't be able to comment on that. 50:42 50 minutes, 42 seconds Okay sir. Correct. Thank you. Thank you. 50:49 50 minutes, 49 seconds Thank you. With this we conclude our call. I would now like to hand the conference over to the management for closing comments. 50:57 50 minutes, 57 seconds Uh thank you everyone for taking your time to hear us out. We remain excited and motivated to drive this business forward and to unlock its full 51:04 51 minutes, 4 seconds potential. Through our efforts, we see a tremendous opportunity to connect the unconnected across the world and especially here in India. We truly 51:12 51 minutes, 12 seconds believe STL is well positioned to play a pivotal role in building the digital infrastructure of the future and of our country. We're happy to take any 51:19 51 minutes, 19 seconds questions of yours. For any queries or qualifications, you can reach out to our investor relations team which and AJ and I will both be available. Once again, 51:28 51 minutes, 28 seconds thank you for your time and your continued support. JS. 51:33 51 minutes, 33 seconds Thank you very much on behalf of Sterite Technologies Limited. That concludes the conference. Thank you all for joining us today.