Ladies and gentlemen, good day, and welcome to GE T&D India Limited Q1 ended 30th June 2022 for FY 2022-23. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please reach our operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Suneel Mishra, Head of Investor Relations, GE T&D India Limited. Thank you, and over to you.
Thank you, Irene. Good day to all of you. Welcome to today's conference call with the GE T&D India Limited management team here. This conference call has been organized to present and discuss audited financial results for the Q1 ended 30th June 2022. Now let me first introduce my management team available on this call. We have with us Mr. Pitamber Shivnani, who is the Managing Director and Chief Executive Officer. We have with us Mr. Sushil Kumar, who is the CFO and full-time director. We have with us Mr. Sandeep Zanzaria, who is our Commercial Leader. We also have with us Mr. Mariasundaram Antony, who is our Project Business Leader. We have with us Mr. Anshul Madaan, who is the Communications Leader. Please note that this conference call is scheduled up to 6:00 P.M.
I hope you would have received the investor presentation, and the same has been uploaded on our website. I hope you have also read out the disclaimer as per slide number two. I would now request Mr. Pitamber Shivnani to begin this conference call highlighting key events of the quarter. Thereafter, Mr. Mariasundaram Antony updating us on operations. Then Mr. Sandeep Zanzaria will take over and take us through order book as well as the T&D grid market. Lastly, Mr. Sushil Kumar will be presenting the financials. I now invite Mr. Shivnani to begin the conference with his opening words. Over to Mr. Shivnani.
Thank you, Suneel. Ladies and gentlemen, good evening. Thanks for joining the call. We hope you and your families are healthy and safe. I would like to start this call by giving you a brief overview about the last quarter and then would request our other colleagues to speak on the call. In the Q1 of financial year 2022-2023, globally, commodity inflation and volatility coupled with supply chain disruption continued to pressurize our operations. However, despite the headwinds, our teams were able to deliver a net profit. We are doing our best to gain a better competitive advantage in all relevant T&D market segments by building a strong lean foundation and taking various initiatives to control the cost and improve margins.
During my latest visit to one of our factories located in Pallavaram, Chennai, that manufactures grid automation equipment, I witnessed several of the Kaizen processes being implemented. Across the company, there is a huge thrust on using lean to improve safety, quality, delivery, and cost, SQDC. We continue to believe the improvements underway are built on stronger fundamentals and thus are sustainable. I am pleased to share that we recently released our annual report for financial year 2021-22, which reflects how we are tackling India's biggest power transmission challenges through innovative solutions, advancing grid modernization while leading the energy transition for the country. The copy of the report is available on our website. We also concluded our annual general meeting with our shareholders on 10th August. The recording of which will be made available on our website soon.
The growth of power sector has been continuous focus area for the Government of India. While a lot needs to be done, it's good to see that power sector is finally getting due attention from policymakers. This is evident by the renewed push being given by the Government of India on reforming the distribution sector through the Electricity Amendment Bill. Additionally, in the national investment plan of INR 102 lakh crore to help make India $5 trillion economy by 2025. The power sector has received 25% of the total budget. Moreover, there is lot of focus on green energy corridor, and that is how our Prime Minister has announced 500 gigawatt of green energy, renewable energy, by 2030. Initiatives like this will ensure that T&D market will gradually start picking up, and so will opportunities for us.
How we will continue to pick orders strategically. Our priority will be to pick orders that will help us grow and grow profitable.
We strongly believe in profitable and sustainable growth. Before I hand over to Maria to talk on operations, I would like to quickly update you on GE's global plan to launch three independent investment-grade industry-leading companies, which you would have heard our recent announcements. A few weeks back, GE unveiled the new branding of three companies, GE Aerospace, GE HealthCare, and GE Vernova, which will comprise the portfolio of energy business, including renewable energy, power and digital. GE T&D India will be aligned with GE Vernova business. The name GE Vernova leverages GE multi-billion dollar global brand and deep customer trust, giving us continued competitive advantage in the region. With that, I will request Maria to provide further insights on the operation during the quarter. Over to you, Maria.
Thank you, Pitamber Shivnani. Good evening, ladies and gentlemen. It is my pleasure to share with you the operational activities which we did during the quarter. During this quarter, we were successful in commissioning new substations across the country as well as extending some of the existing substations. To give a brief update on some of the key commissioning which we did during the quarter. On the southern side of the country in KSEB, actually, we commissioned two substations, one in Virajam, which was a 220/110 kV substation, GIS substation, as well as in Edamon, which is also in KSEB, Kerala State Electricity Board. We commissioned a 220 and 110 kV GIS substation there as well.
As well as in Thiruvalam, in Tamil Nadu, we actually commissioned a PGCIL 400 KV bus reactor in the substation, Thiruvalam substation. Also in Andhra Pradesh, in HPCL Vizag, we actually commissioned five bays of 220 KV GIS substation in their refinery, along with line, 220 KV lines, as well as associated AIS equipment. On the eastern part of the country, including Bhutan, actually, we actually commissioned the Dagapela substation, which was at the elevation of more than 2,000 meters. We commissioned a 40 MVA reactor as well as 220-33 KV substation, GIS substations, in Dagapela, Bhutan. In JUSNL, in Jharkhand, we commissioned 250 MVA reactors as well as 130-33 KV bay, 33 KV bays in Nawadih in JUSNL.
In Bhubaneswar, we made extension of an existing substation in OPTCL, which is Odisha Power Transmission Corporation Limited. On the western side of the country, we actually extended the bay in MSETCL at Nashik, the 220 kV AIS bay. With this, I think we continue to make strides in terms of enabling the energy transition as well as grid modernization in the country. With that, I will hand over to Mr. Sandeep Zanzaria to take you through the commercial update.
Thanks, Maria. The order booking for the quarter showed that INR 599.5 crore, which was a 27% growth as compared to last year in Q1. If you look at as compared to the last quarter, which is the Q4, there was a growth of about 9%. The major orders which have been secured are the 400 KV transformer package from Adani Group. They are going in for an expansion in the Lathanga site in Odisha. We have also taken few GIS orders where the 400 KV GIS bay with reactor for MSPTL. From EPC, we have taken the 245 KV and 145 KV GIS orders from Kalpataru, from KPTCL and from BHEL. This is mixed between end users of state utility and hydro projects.
Apart from that, our services group has taken few orders from the MPPTCL for certain bay extensions and of course, the service contract for 400 kV upgradation at MPPTCL Rehgaon. With this, I will hand it over to Sushil.
Thanks, Sandeep. Good evening, everyone. Moving to the financials. This quarter was a better quarter for the company after four quarters of loss in the past year, mainly because of volatile commodity prices and significant supply chain disruption. In this quarter, we have been able to generate profit. If you move to the page on financials. This quarter we had about INR 593 crore of revenue compared to INR 638 crore of revenue in the last year, which was 7% lower, mainly because of the lower orders in hand.
However, on the profitability front, we did better. Our EBITDA was at INR 22 crore compared to INR 1.55 crore in the last year, and the EBITDA stood at about 3.8% of revenue. Similarly, on the profit before tax, we generated about INR 10 crore of profit before tax compared to a loss of INR 25 crore in the last year. Overall, in terms of our cash flows too, this quarter we have, our debt increased by about, one hundred and ten crore, and the net debt stood at around INR 1.9 billion compared to INR 0.8 billion end of March. This increase is mainly on account of increase in working capital, which is necessary for execution of, the backlog in the subsequent quarters.
Generally, as a trend also in the Q1 of the financial year, there is this in terms of an increase in working capital as a business practical process. Moving to the next page, which shares the split of orders, revenue and order in hand. Out of about INR 600 crore of orders, around INR 421 crore of orders were from the domestic market, and this represented 70% share. The rest 30% of the orders are approximately INR 1.9 crores were from the export market. Similarly, on the revenue side, out of the total revenue of INR 593 crores, a major share of 66% for about INR 393 crores was from the domestic market and 34% of revenue, which is INR 199 crores, was from the export market.
End of 30th of June, we had INR 3,600 crore of backlog approximately, of which about 61% was from the private sector, about 21% from state utilities and 14% from central utility and rest from private. With that, we now open for the questions.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and then one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and then two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Once again, if you would like to ask a question, you are welcome to press star and then one. One moment, please, while we call for questions. Ladies and gentlemen, once again, if you would like to ask a question, you are welcome to press star and then one. Our first question is from Jigar Shroff of Financial Research. Please go ahead.
Thank you for taking my question. Can you give some update on the HVDC Adani order, that we've taken updates which we had last quarter mentioned it was under evaluation? And if you could shed some light on the Leh-Ladakh HVDC opportunity, sir. Thank you.
May I ask who's asking the question?
I'm Jigar Shro ff, sir.
Yeah. Hi, Jigar. The Adani HVDC project is what we had; we were talking in the last quarter that we have lost to the competitor. That is no more on the radar now. As far as the Leh-Ladakh project is concerned, the power grid is still looking into the feasibility, the technical feasibility part of the project because, you know, there is a lot of adverse conditions, the weather condition and the altitude, et cetera.
Those studies and other aspects are being taken up. Once those are formalized, then the Leh-Ladakh project will move forward. As of now it's slightly, I would say different. Should we look at it as an FY 2024 opportunity, sir? I think so that it might go to FY 2024, but parallelly, there is one more HVDC project which is like the Champa-Kurukshetra which we have executed. A similar HVDC project might come up in next two to three months, which would be from Rajasthan to UP for evacuation of renewable power. That project, we are expecting the approval of the Transmission Planning Committee to happen sometime in next two to three months.
The order will be expected to happen maybe next financial year for that project as well. What would be the opportunity size, sir, in terms of our scope of work for the Rajasthan, UP clean energy corridor, sir? Opportunity. I would say would be close to about a billion. $1 billion would be the total, slightly more than $1 billion dollars will be the total value. We'll have to just see, once the opportunity comes in, we have to see the scope split between our principals and us. Safely think about 60%-70% will come from Make in India initiatives and other local factories and other project groups.
Any other opportunities are you looking, sir?
For the HVDC presently, no, but there are lot of CDC opportunities which are there on the horizon. There are Khavda packages which are there in Gujarat. There is a pipeline of projects in Rajasthan as well. Bhadla, Fatehabad. Multiple projects are there which are under, for example, under bidding now. Thank you, sir. Thank you so much. Thank you.
Our next question is from Aniket Mittal of SBI Mutual Fund.
Yes, sir, just a few questions. Firstly, we've seen a fair amount of improvement in the gross margins for the current quarter. If you could just highlight on that, what is leading to that improvement and how do you see this number going ahead?
Good evening, Aniket. This quarter the gross margin was quite better. It was around 34%. Generally, as when we book order and we have been communicating in earlier calls, a quarter may be a shorter period to look at the gross margin. This quarter margins are better because of the better mix of projects created during the quarter. Overall, if we have to take a long-term view, let's go back to the financial year 2021, where we had generated about 27% of the gross margin. Last year was lower because of commodity prices, as I explained earlier. Generally when we book the order, 27%-28% gross margin is the range. During the execution we try to improve it by further couple of percentage points.
I'll say that book around 27-29 and maybe going up to 30, that's the way where we aim to execute on a long term, like a year calendar perspective.
Okay. For the past couple of quarters we've been seeing a decent amount of impact of commodity prices on our margins. Has that come to an end? Given the way your current order book is lined up and where commodity prices are you fairly confident of remaining within that gross margin band?
Yes. Last couple of quarters or last three quarters rather, have been quite challenging in terms of volatility or increase in the commodity prices. I'd say that every quarter we evaluate the overall impact of commodity prices and take necessary cost accrual in our financials as a part of the accounting policy. This has been done end of March, end of June also. As of now, on the entire backlog, necessary commodity prices impact has been taken. The environment actually remains quite volatile. We have seen the certain commodities, the prices have come down in last couple of months. There are specific process commodities and specifically the oil where the price is going up. Recently, some of the commodities have also started to pick up in terms of the trend.
A lot of this is happening because of changes in the geopolitical environment, the global economic progression and so on. I believe it's still a time where volatility exists. We'll have to wait for a few more months to see what is the final trend in terms of the commodity prices. In terms of our financials, we have made provision for the commodity prices existing today, as of end of thirtieth of June.
Okay. The other question was just on the order book that we have on our books. If I look at the close to INR 46.6 billion number that we have, how do I look at the execution period for this? And on the execution specifically, are there any challenges that you see currently ongoing in terms of any of this order backlog being stuck or not as flowing as you'd want it to be?
We do not have any significant stuck project in the backlog. Most of the projects are under execution. Depending on the timeline of execution of these projects, generally it gives us a visibility of 15 months of execution in terms of revenue. At the same time, the new orders that will be booked during the next few quarters will also come under execution. We have a backlog of 15 months and our further endeavor is to continue to focus on increasing the order book and the backlog.
Okay. The other question was just to understand a bit more on the ordering front, especially on the utility T&D side. I think the ordering on the TBCB has been fairly lackluster for quite some time, at least for the past one year or so. I just want your understanding in terms of going forward for the next one year, how do you see you know, the ordering shaping up? And what are the impediments because of which a lot of these orders have not yet been realized? That would be my last question. Thank you.
Aniket, there are basically two areas where most of the TBCB projects are today concentrated. One is Rajasthan and one is Gujarat. The Rajasthan has now started moving. Rajasthan was primarily stuck because of the GIB issues. Now with the decision coming, from the Supreme Court, we are seeing a traction happening in the TBCB projects of Rajasthan. The bidding dates are now coming in and probably in next one to two months, whatever Rajasthan projects are there, the development action for the developers are going to happen. Then subsequently all those projects will come for decision making in the EPC space as well, or the OEM space as well. Regarding Gujarat, yes the projects have been announced and the specific tenders have been floated, but still there is some delay in the Khavda area.
Of course, we are also waiting for the requisite clearances to come. I think that the matching between the generation and transmission needs to happen. Probably that is slightly delayed, but I think in next one quarter, even Gujarat should also start moving.
Okay, sir. What would largely be the opportunity size for you within Gujarat, the Khavda specifically?
Khavda specifically it would be. You know, there are multiple packages for Khavda which is coming from the generation side and transmission side as well. I would say that there will be multiple packages which will be coming. Depending upon who wins the opportunity size changes because there are some developers who are EPC players also. If they win, then for us the opportunity size is only limited to a product. If a company like Power Grid wins, then the opportunity size becomes equivalent to the project value. Depending upon that, I think the opportunity value also keeps on changing.
Okay. Thank you. Those are my questions.
Ladies and gentlemen, just another reminder. If you would like to ask a question, you're welcome to press star and then one. Our next question is from Ashna Mankad Shah of ICICI Securities. Please go ahead.
Hi, sir. Sir, in your brief you mentioned that you booked the GIS package for NHPC Teesta. How would be the opportunity going forward for the hydroelectric power plant? Are you looking for any other projects similar to this?
Yeah, there are actually multiple opportunities which are coming for hydro sector, including the renewable part, where hydro is also used as basically to supply the 24 by 7 power requirement. Yes, we are engaged with various customers for the hydro opportunities.
Any three projects you would like to highlight?
No, nothing specifically that we would like to highlight because there are multiple projects which we are currently working on.
Okay, sir. Sir, our net debt has increased by INR 1.1 billion, but revenue has remained at a similar level over the previous quarter. Is it the entire amount attributable to the working capital or-
Yes. Yes, the amount is attributable to the working capital. Most of the increase is in the inventory which is necessary as per the project life cycle for execution of revenues in quarter two to quarter four.
Okay. Would we be net debt for the full year then?
No, our endeavor is always to improve. If you go back couple of years, at end of March 2022, we had a debt position of about INR 480 crore. Sorry, March 2020. Last two years we have been able to improve our debt position by about INR 300 crore. That continues to be the endeavor for the management to improve it further. During the execution cycles of the project quarter-on-quarter, there are increase in this quarter and then reduction in the subsequent quarter. We'll continue the focus on improvement from this level.
Okay, sir. Thank you, sir.
Ladies and gentlemen, just another reminder. If anyone would like to ask a question, you're welcome to press star and then one. Our next question is from Parikshit Kandpal of HDFC Securities. Please go ahead.
Hi, sir. Congratulations on a good quarter. My first question is on the Adani order which you lost. If you can just highlight, it was just on account of pricing or anything else like specification and also was the reason. If you can just touch upon that. I think it was an international competitive bidding. Finally we have been communicated that we are not the lowest bidder there. I don't think that after the technology everybody is at par today in the market. Presuming it's mostly in the price part of it. Okay. Was the difference quite stark or it was very close bid? Any idea you have on that? We do not know what is the difference because it was not a public opening. Okay.
My second question is on the market size. I think in the AGM you had highlighted that pre-COVID the market size was about INR 14,000 crore, which is now expected to go up to INR 22,000 crore. So, just wanted to understand how much would be our share, market share typically which we looked at in this, overall opportunity. Just a small, correction or update on this one. I think what Pitamber communicated as yesterday was that market dipped to INR 14,000 crore during COVID from a level of INR 21,000 crore. Gotcha. That was about 13%-30% growth. Now we expect the market to be back to INR 21,000-22,000 crore, which will be at the pre-COVID level. Got you. I think a little update and Pitamber will update on the specification that you asked, with the clarification. Yeah.
Basically the market is obviously going to grow, and this INR 22,000 crore or INR 21,000 crore is the entire market of transmission segment, including transmission lines and all actually. That is how it is actually. But, the kind of inflows, which has been lagging for us, it's almost INR 600 crore this quarter, which also reflects in the reduced pace of execution this quarter. Similar kind of a number, which is near like if we go back to 27%-28% gross margin, it will just be maybe some minor loss at that PBT level. How do we expect these two things to ramp up for rest of the year or maybe from it to near to midterm? How do you see this, operating leverage kicking in on account of better order inflows and better revenue visibility and profitability?
I would say that the thing is that, you know, as the TBCB projects are going to pick up, I think we expect even the order flow numbers also to be slightly better quarter on quarter. Because the TBCB projects which are there on the horizon are of much larger value because many of the projects are like 755 KV GIS, et cetera. I think the striking of such orders will improve the visibility of even, say, the revenue as well in the coming quarters. In terms of improvement in the profitability, besides the good quality of order being the focus of the company, we have also been focusing on the improvement in the cost at various level.
If you see all the main components of cost, like employee cost, other expenses, finances, in all areas we have been able to improve compared to last year, and that will continue to be an endeavor of the management to further improve the profitability. Okay. Just one last thing for you. Earlier in the call you spoke about GE Vernova. You had harped a bit on that change in the global company. Three segments. How does it change GE India, GE T&D India? What are the big changes which may happen here? You can touch upon whether we can get access to more export markets, whether we get more products. Whether we can introduce more products.
If you can just touch upon how it will change the life of GE T&D India? You see, GE Vernova is largely GE Energy, which includes renewable power, digital and grid solution. We are a part of grid solution, so automatically we become the part of GE Vernova. With the passage of time, we will come to know how it shapes. This GE Energy segment is going to spin off in the beginning of 2024. After that, once it is formed officially and it is a spin off, we will see how it shapes actually. It is too early to comment anything on this. Okay. Spin off means what will happen after that? It'll be just a different legal entity or like.
It will be a different legal entity, basically traded separately on a US stock exchange and with different board of directors. There are only three entities: GE Aerospace, GE Healthcare, and GE Vernova. Okay. Sir, any new products you plan to introduce in India besides the current portfolio products which you have? We are basically looking into the market. One of the product is APM, which we are connecting with various customers. That's basically the digitization product on the maintenance side, and supporting the customers in terms of digitally enhancing the availabilities and the reliability of the system. That is one. Globally, of course, we have introduced a number of projects on green gas, which is called g3.
We are discussing with various customers in India, but you know, we are not seeing a large market as of now. With, I think now the carbon trading, et cetera, opening up in India, this also will create new opportunities. We expect this also to create new opportunities. Because once you have the SF6-free products, I think in the CapEx cycle itself because of carbon trading, et cetera, the companies would get advantage in buying higher CapEx product like g3 because they will be able to trade the certificates. So these are the two areas where we are looking for expansion. Okay. Just lastly on the exports, if you can just touch upon how do you see the export market panning out?
Can we further increase our share in export market and get more orders, to supplement the kind of underperformance till now in the domestic markets? Definitely the focus is there on export market as well. Of course, what we are also targeting a few countries as well as also the geographies, which are there, for example, whether it is Africa, Asia, even Latin America. We are expecting the markets to grow everywhere because of the addition of renewable energies coming globally as one of the new mantras which is there in all the geographies. As the transmission market globally is going to pick up, definitely we will be benefited from this trend. Okay. Okay, sir. Thank you, and I wish you all the best. Are those your questions? Thank you. Thank you.
Our next question is from Mohit of ICICI Securities. Please go ahead.
Thank you for the opportunity. Just one question, as most of the others have been answered. On the cost front, we've seen some reduction in cost this quarter. Can you elaborate a little more on the measures taken there and what kind of numbers we can see on the cost fronts going forward? Thank you.
We have been continuously working to improve the cost. One of the improvement areas which has also been communicated in the last quarter financials was the sale of manufacturing. Finally got concluded in the month of June. So that at the end of the day, that has helped us in a bit of reduction of the cost. We have optimized the office space at a couple of locations to reduce our other expenses. We have been continuously working to improve the working capital and reducing the borrowings. At the same time, reducing the non-fund-based limit, which helps to improve the funding cost and so on. Multiple measures have been taken.
We will continue to further improve, or work in this direction to make sure that, the cost levels continue to be in line with the revenue that we create during the quarter.
Sure. Thank you.
Ladies and gentlemen, just a final reminder. If you would like to ask a question, you are welcome to press star and then one. If you would like to ask a question, you may press star and then one. Our next question is from Amit Mahawar of Edelweiss. Please go ahead.
Thank you. Pitamber Shivnani, hi. I just have one question. Now since it was on a public tender we declared, but one thing is sure that we are not L1. I don't know if we are, you know, L2 or L3, but if there are three, four or five bidders, how do we ensure that in the next HVDC project, whether power because otherwise our cost sheet you know makes us you know convincing L1 in the next upcoming few projects making healthy gross margins. My question is more on time-bound you know initiative both on the gross margin, product margin side and on the overhead side. Maybe do we have yearly target to understand how are we gonna cut that?
Because, if this contract has to be won by, if you go by this, maybe in the next contracts also we might also, you know, fall in L2 or L3 bracket. Some color on that side. Thanks.
I think you know, the HVDC is a technology where the projects are quite different, one to the other. For example, if Adani is like a VSC-based project, the Rajasthan one is going to be LCC-based project and Leh-Ladakh is again going to be a VSC-based project. The technology is different. The project size is different. The competitive strength in terms of, for example, the localization is also sometimes different. You know that, for example, HVDC projects are more dependent upon, to some extent dependent upon even global learnings also because of the competence centers of the three players. There are multiple factors which are there which determine the price and the gap of an HVDC project.
It is not like a very matured kind of a transformer or a AC substation type of a package where, you know, the predictability will be very high that, okay, the final price is going to land between this value and this value only. But definitely based on our global experience and all, we do a target costing and then try to come as near as the target costing, as possible.
Okay. Second question is on approach and target that the parent has, you know, for maybe GT in India or the mandate. Specifically, what is the, you know, near- to medium-term target corridor we have for what kind of export and specific product, you know, the GIS range we have, you know, that you're targeting at least for not more than maybe 1-2 years. Thank you.
Basically, yeah, whatever is manufactured in India by us, so whether it is relays, whether it is, for example, GIS, whether it is circuit breakers, instrument transformers, some part of our transformer capacity. Every even the project business also, everything is used for export. It's not that we have a kind of a limitation in that, so that we will be using only this much of our capacity for export.
Okay.
It also depends upon that in the global market, wherever the customers to which whom we are selling, where India should, for example, as a country should be an acceptable geography also because of many reasons. India, they don't accept product from India and would like products to only come from either Europe or US, or many countries have their own, for example, restrictions of buying the product locally. In those circumstances, yes, but the company keeps on trying to get approvals in more and more utilities globally so that the area can be expanded.
Okay. Thank you and good luck, sir.
Thank you.
Next question is a follow-up question from Chirag Shah of Financial Research. Please go ahead.
Thank you for taking the question. Just a question, sir. I mean, are the margins better in the export business or domestic business? If you could shed some light. Thank you. It's better in the export segment. You think 30% there is the potential, I mean, which may go up. I think we are consistently hitting 30% of order booking and execution. I mean, you think this can be pushed up further, sir? The portion of exports. Yes, sir. Endeavor is to push up the exports. You are right. To take it as a higher percentage of the overall volume. Okay. Thank you, sir, and all the best. Thank you, Chirag.
As we are now through the questions from participants, I now hand the conference back to Mr. Suneel Mishra for closing comments.
Thank you, Irene. Thank you everyone for your participation. With this, we conclude today's conference call. In case if you have any other question, then please feel free to contact me or Mr. Anshul Madaan from the email ID given at our website. Thank you once again.
On behalf of GE T&D India Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.