Q2 23/24

Nov 10, 2023

Summary

Q2 FY24 revenue rose 18.4% YoY and EBITDA 46%, while PAT edged up to INR 11 crore. A ~INR 19,500 crore order book supports growth, but execution ramps after a 6–7 month lead time.

Ladies and gentlemen, good day and welcome to the Genus Power Infrastructures Limited Q2 FY 2024 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on date of this call. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. 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. 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. Today on the call we have Mr. Kailash Agarwal, Vice Chairman of Genus Power Infrastructures Limited, Mr. Jitendra Agarwal, Joint Managing Director of Genus Power Infrastructures Limited. I now hand the conference over to Mr. Kailash Agarwal, Vice Chairman of Genus Power Infrastructures Limited. Thank you, and over to you, sir. Thank you. Good evening, ladies and gentlemen. A very warm welcome to Q2 FY 2024 earnings call from Genus Power Infrastructures Limited. Along with me on this call is Mr. Jitendra Agarwal, who is the Managing Director of the company, and SGA, our investor relations advisors. The results and investor presentation are uploaded on the stock exchange and company website also. I hope everybody had a chance to look at it. Let me begin by first wishing everyone a very happy Dhanteras, a very happy Diwali, and a very happy, prosperous New Year. Since July 2023, our company has showcased an exemplary track record in terms of order inflow, successfully procuring a series of six notable orders. The aforementioned orders, which carry a significant value of approximately INR 15,160 crore net of taxes, are related to the procurement and installation of about 1.72 crore smart prepaid meters. The present aggregate order book of our company stands in excess of INR 19,000 crore net of taxes, thereby reflecting a highly positive outlook for revenue growth in the forthcoming quarters. However, it is important to note that the execution of these orders will commence only after the timeframe of approximately six to seven months from the date of order receipt. A significant amount of time is required to complete various essential formalities like regulatory approvals, contractual negotiations, and logistical arrangements. Our team is dedicated to meticulously addressing every aspect of the execution process to ensure a seamless and successful execution process. The execution cycle of the current order book is about 27 months. Thus, it provides healthy visibility for our top-line growth for next, at least 3 years. Many state electricity boards have initiated the process of inviting proposals for the deployment of smart meters, demonstrating the positive effects of the Reforms-Based Result-Linked Power Distribution Sector Scheme. We expect a robust order flow to continue through the remaining of this fiscal year. Our strategic partnership with GIC marks a crucial milestone in our journey, bringing together the expertise and resources of both entities to drive innovation, sustainability, and efficiency. The formidable presence and robust financial position of GIC, combined with our proven track record in delivering cutting-edge meter solutions, create a powerful synergy that will propel us to new heights. The company has also signed a commitment letter with United States International Development Finance Corporation to obtain a loan of USD 49.5 million to scale up the deployment of electric smart meters across India. Our working capital cycle is going forward as payment terms are better, and going forward, most of the business will come through either the platform or AMISP. Coming to the quarterly results, the sales for Q2 FY 2024 stood at INR 259 crores, up by 18.4% as against Q2 FY 2023 revenue of INR 219 crores. For Q2 FY 2024, EBITDA stood at INR 25 crores, up by 46% as compared to INR 17 crores in Q2 FY 2023. The company has experienced a notable uptick in employees' expenses and other expenses. This can be attributed to the ongoing expansion of our workforce and the implementation of system enhancements. These strategic initiatives are being undertaken in anticipation of effectively executing the significant order book that has been successfully secured. Profit after tax stood at INR 11 crores for Q2 FY 2024 as compared to INR 10 crores Q2 FY 2023. The company's profitability for the Q2 FY 2024 was affected by a notable surge in finance expenses. These are primarily due to the obligation to furnish first-rate bank guarantees in order to secure substantial influx of orders. Based on our analysis, we anticipate a notable resurgence in revenue commencing in Q4 FY 2024, propelled by the strength of our order book and consistent stream of new orders. We expect to record total revenue of about INR 1,200 crores in FY 2024. The Indian metering industry will see strong under order inflows, healthy top-line growth, higher operating margins, and an improved working capital cycle going forward. We maintain a positive outlook regarding the substantial enhancement of our business operations starting from the fiscal year 2025 and beyond. I will now request for question and answers, please. Thank you very much. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 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. Thank you. We take our first question from the line of Mohit Kumar from ICICI Securities. Please go ahead, sir. Yes. Good evening, sir, and thanks for the opportunity. My first question is on your L1 position. Is it possible to tell us how the L1 position also within the pipeline? Hi. Good evening, Mohit. The L1 position is now mostly all the tenders where we were decided. Very few are remaining, which are not yet decided and which we feel should be decided in the next. Regarding the pipeline, primarily there are two large tenders which are to be quoted in next couple of months, and few where the evaluation are going on. The pipeline is also robust in terms of numbers. Almost 25 million meters are either quoted or to be quoted in next couple of months. Understood, sir. My second question is, what is the status of platform with GIC, and have you entered into any pricing arrangement, in the transfer pricing arrangement with the platform? Yes, that was definitely part of our JVA with them, and that has already been done. Okay. It is already done. My last question is on the order book. When you say the order book, this order book is the total summation of the 90 or 120 months of revenues. Is that right? This is not the order book which is available to Genus, right? Because this is the order book which is available to the platform, not to the Genus. Is it possible to segregate the amount which is available to Genus? Is it possible? Basically, we can say like that this is the total order book. You are absolutely right. Out of this, almost 70% will be available to the Genus. Understood, sir. In a way, we can say that out of INR 18,000 crore, 70%, INR 12,000 crore is available to Genus. Is that right? Basically, total order book is around INR 19,500 crore. Of that, 70% Understood will be available to Genus. Understood. Thank you, sir. Thank you for answering the question. Best of luck, sir. Best of luck. It will be more than 70% because this INR 19,500 crore includes some orders which are only for Genus only, around 50. Basically, we are talking about the platform decade, that out of platform, what will be available to us. Understood, sir. Happy Diwali. INR 19,500 includes the orders which are only for Genus. These include, like, 4 orders also. Understood, sir. Happy Diwali to you, sir. Thank you. Thank you. Happy Diwali. Thank you, sir. Before we take the next question, a reminder to all the participants, if you wish to join the question queue, you may press star and one. The next question is from the line of Milind Karmakar from Dalal & Broacha. Please go ahead, sir. Hi. Thank you for the opportunity. One of my questions was answered previously. My second question is basically I just wanted to understand if I looked at, say, INR 3,000 per meter, that means roughly out of the total order, about INR 3,500 crore will be for the production of meters, and the balance will be for the installation and maintenance. Out of this maintenance, would it be the maintenance part which will go to the joint venture and the realization of that will be over a period of time, or how does it work? Could you please explain? Karmakar, you are doing it or can you repeat the question, please? Okay. If I divide the order into three parts, one is the production or supply of meters, second is the installation, and third is the maintenance. The production, of course, will entirely come to Genus, which probably at INR 3,000 per meter of the current order book will be about INR 3,000, INR 3,500 crore. Then we have the installation which probably also will be done by Genus, which will be maybe another INR 4,000, INR 5,000 crore. Then the balance which will be maintenance, which will be spread over a period, that will go to the joint venture. Am I correct in assuming this? No, no. Even the maintenance will also come to Genus. But that will be on the annuity basis. Correct. What is the portion which goes to or which is funded by the joint venture? The total will be funded by joint venture only. Even the meters installation. But the whole work will be done by Genus. The meter supply, the installation, and the maintenance also. Correct. What I am trying to sort of gather is that the maintenance turnover out of the current order book will be spread over a period of seven, eight years. Am I right? Correct. Production revenues will come immediately, installation revenues will come post that, and the maintenance revenues will be spread over a period of six, seven, or whatever the period is. Absolutely. Okay. All right. Thank you. Thank you. A reminder to all the participants, if you wish to join the question queue, you may press star and one on your touchtone telephone. The next question is from the line of Nikhil Abhyankar from ICICI Securities. Please go ahead, sir. Thank you. Thanks for the opportunity. Sir, are we having any problems in sourcing of certain key components like relays for the smart meter production? We currently are not finding any difficulty. We are not having any. Also, other players are also winning smart meter orders, and we were expected to order from them as well. So have you already started receiving queries and have you already started booking orders from them? Yeah, we are receiving inquiries from all the AMISP players. We are also booking the orders through them. Sorry, I did not get that. We are already getting inquiries from all the AMISP providers, people who have won the order, and we are working closely with them. A few orders have been closed, and few will get closed over a period of time. Okay, few are already closed. Are they also included in this nineteen thousand crore order book? Some of them, yes, they are included in this. Okay. Sir, again, back to the production of the smart meter, what do we exactly produce in-house and what all things do we outsource? No, all the key components are outsourced. Like any typical manufacturing, we don't manufacture semiconductors. Most of the things we do in-house are assembly lining, assembly of the product, molding, tools, are all done in-house. Okay. And sir, just a final question. We have already gotten an order of 19,000 crore, and during the SPV launch, you mentioned that the target would be somewhere around 30,000 crore of orders. Are we capable of taking in orders beyond that? Just want to understand about that. We are well above our target, what we invited in the SPV. We are very well within the target and within the. Sir- Absolutely, we are open to take more orders. It depends how it works and how the thing moves. We had a target of 30,000 crore in three years time. Already we have reached that two-third level- Right within six months or seven months time. Once it happens, we will see in future how it works and how it goes. Sir, just a follow-up on that. If we get orders beyond 30,000, will our equity requirement investment in the SPV will also go up? It may go up. It may go up. Okay. But then it accrues also, it will not go up by a very big number. Okay, sir. Thank you, and wish you a very happy new year. Thanks. Thank you. Thank you. A reminder to all the participants, to ask a question, you may press star and 1 on your touchtone telephone. The next question is from the line of Mr. Manan Puladia from MKP Securities. Please go ahead, sir. Hello. Hi sir. Am I audible? Yeah. First of all, sir, congratulations on posting the good set of numbers. Sir, what I wanted to understand was, first on the margin front, historically, from what I can see, in the recent past, we may not have done it, but say March 2021, et cetera, we used to do about 15%-17% type operating margin as well. In the recent past, we've only done about 10%-11%. Is there some specific sort of margin pressure with respect to component prices or something or the other that is restraining us from doing higher margins, or do we see that coming into force with operating leverage going forward? Here you will see that if you even compare from June quarter to September quarter, you will see that margins are almost same, but the expenses, other expenses, the finance expenses, the employment expenses, everything has increased, and it has increased by almost 4%-5% from June to September quarter. Once the revenue will grow, these expenses have grown because of the preparation that is happening to execute all the orders. Basically, employment, you will see there is a gap of almost 2% there. Other expenses, you will see there is a gap of almost 1.5%. Half to 1%, there is a gap in finance cost also. That will be all covered once the revenue will grow. This additional thing will directly come to the margins only. You can calculate that the margin immediately will reach to 15%-16% level once even these costs are taken care of. Correct. Right, sir. Thank you. My second question is on the order book. Like the previous participant also pointed out, you spoke about how the order book is divided into production and maintenance and installation. If you could give a sense of how the INR 19,000 crore is broken up in these three segments, and what would be the implementation timelines for each of the segments? Can you repeat your question? The line is a bit broken. I'll come again. No worries. What I'm trying to ask is, sir, out of this INR 19,000 crore order book, what portion of it would be manufacturing, what portion of it would be installation, and what portion of it would be maintenance, and what would be the timeline that the order books would play out over in terms of manufacturing, installation, and maintenance? This whole 19,000 does not come from the. Major is AMISP orders. In this 19,000, you can break them in four portions. One is the manufacturing installation, which will be around 50%. Then around 25%-30% will be your maintenance and FMS for certain years, and the remaining 20% is the cost of financing, which will go to the platform. This is how you will see the revenue of this INR 19,000 crores. Correct, sir. Thank you so much. Thank you, sir. Ladies and gentlemen, if you wish to ask a question, you may press star and one on your touchtone phone. We take the next question from the line of Srijan Sinha from Future Generali. Please go ahead. Hello. First of all, let me wish you a very happy Diwali, and I wish a very prosperous year for you ahead. Sir, I had a couple of questions. One, if you could help me with your current capacity. Is it one crore meter, if I remember correctly? Yeah, we have always maintained that with the current situation, we can manufacture around 10 million meters annually. Okay. Sir, in that case, we have already booked orders for, let's say, about 1.75 crore meters executable over the next 30-odd months, right? Two and a half years. Then our requirement basis our current order book itself is closer to 70, 75 lakh meters a year. Right? In that case, are we open to taking orders from other AMISPs as well? Because then we are crunched for capacity. How quickly can we increase our capacity to manufacture these meters? We are definitely open, and we are taking orders from the other AMISPs. We don't want to be looked in the market as if we are not supporting as a meter manufacturer, because we are playing our role as a meter manufacturer absolutely properly. We have been saying this in the past also, for us to ramp up the capacity from 10 million to 15 million and from 15 to 20 million will take six months. As and when we are seeing the requirement, we are going to increase our capacity. We are definitely capable of supplying to the market and catering the market whenever they require. Is there any specific CapEx requirement to increase your capacity? Not major, but definitely some CapEx will be required. We are continuously building our capability, and some CapEx will be required, but it won't be big. Okay. My second question is with respect to this quarter's revenue. What would be the ballpark contribution from the AMISP, in specific, Bihar AMISP that we have been executing? Most of the revenue coming from the AMISP project and from the other old orders which we are executing. In terms of percentage, it is very difficult for me to right now specifically comment, okay, this much of percentage comes from the AMISP. Okay. The reason why I wanted to understand this was, A, what is the legacy order book that is left, which is a drag on our margin, and B, what gives us the confidence that we will be able to achieve INR 1,200 crore top line this year? Because bulk of the order flow has happened post-July, and even assuming six to nine months of pre-execution phase, bulk of the revenue should start accruing from next fiscal year itself. Then, because we have only done about INR 500-odd crore in H1 of FY 2024, about INR 700 crore is required in H2. That is a INR 350 crore quarterly run rate, which at the moment seems quite far-fetched because of the lack of contribution from these new projects. Right? Then what is giving you that confidence that INR 1,200 crore is an achievable number? The two reasons we have seen. Here you have to understand that we have orders before six months also, like Bihar, Chhattisgarh, and all. Yeah, Bihar and Assam. Correct. Assam, sorry. Assam. Yes, sir. That is what I wanted to understand. What has been the Bihar's contribution? There will be a lot of contribution. Yeah. There will be a lot of contribution coming from Bihar and Assam projects in the next two quarters. That is why we are 100% confident that we will achieve this INR 1,200 crore mark. Okay. Sir, what is the legacy order book still pending with us? What would be the size of it? Around INR 400 crore-INR 500 crore and a lot of even conventional meter orders are also coming. It's not that they're completely stopped. We are doing some export business also. All these are getting added to the mix. Okay. And sir, secondly, my question is on margin. How soon do you think we can revert back to that 15%-16% kind of margin trajectory? Is it second half this year itself, or does that spill over into next fiscal year? Here, basically, as I told to the earlier answer also, that you can see the numbers. The numbers itself reflects that The margin is going to increase because whatever the expenses that has been increased, that is increased for the execution of this order book only. To get the order, we have given a higher finance cost because of bank guarantees and all. A lot of employees have been recruited, so their salaries also have increased. So you will see that there is a clear cut reflection from the June number to the September number, that if the revenues increases, like we are talking about INR 700 crore revenue instead of INR 500 crore in the next half. So that should purely make the margins to go to a level of 13%, 13.5%, and then another jump in the revenue will go up to a level of 15%, 16%. So once the revenue will be growing, the margins will automatically will be growing. Okay. Fair enough, sir. You just compare the June numbers quarter and the September numbers quarter, you will see that the margin have increased. But the expenses have also increased. The revenue has not got to a level where they can justify the expenses. Once the revenue will go to that level, with the justification to the expenses, the margin will automatically increase. Fair enough, sir. Looking slightly further ahead, for FY 2025, what is the kind of top-line number that we can potentially look at? Because all these orders should ideally start contributing in FY 2025, right? Then FY 2025 should be a really big year for us. Even basically when we are sitting on an order book of INR 19,000 crore and we say that almost 70% will come to business Yeah including maintenance and all, and even if we remove maintenance business out of it, which is an annuity business, almost 60% we have to execute in next 3 years. There will be a big substantial big numbers coming in FY 2025, 2026, 2027. Right now the projects are under consideration and we are just evaluating that how much time we will take to start these projects and all. So give us 1 more quarter so that we can give you the proper numbers or exact numbers for 2025 and 2026. Okay. But there should be a multifold increase, that we can say. There will be a multifold increase that we can tell you. Okay. Sir, my final question is, given your current capabilities, given your current capacity, what is the kind of peak order book that you are looking at? Earlier I also discussed that we made a target of INR 30,000 crore and already we are sitting on a INR 20,000 crore. Let us first reach to that level and then we will revise our numbers and all. We will see that how we can revise that. Okay, sir. Thanks a lot for this. I will rejoin the queue. Thank you. Thank you. A reminder to all the participants, if you wish to join the question queue, you may press star and one on your touchtone telephone. The next question is from the line of Sonia Varnekar from Dalal & Broacha PMS. Please go ahead. Hello, sir. Thank you for the opportunity. Sir, previously you mentioned that if we look at the total order book break-up, manufacturing and installation should be around 50% and maintenance should be around 30% and rest 20% goes to the financing. When you said that execution cycle of the current order book is around 27 months, does that mean that this manufacturing and installation, which is 50% is likely to come in your revenues in next 27 months and the remaining next 30% of the maintenance that comes in nine, ten years and the remaining 20% goes on the books of the AMISP, that SPV which we have made recently. Is my understanding correct? Yes, your understanding is correct. Okay. My second question- Little bit here and there, but yes, mostly it is correct. Maintenance is not nine, ten years. Total project is 93 years. This is how we will have to see it. Okay, sir. My second question is on the orders which we are receiving or we might receive from the other AMISPs. For example, Tata Power also got some orders. When they give their orders to players like us, do they give the whole package for manufacturing, installation and maintenance and everything? Or they just give the manufacturing portion and the installation and maintenance part is done by them. How is the structure generally? Different clients have different requirements. A lot of them want us to do end-to-end, but we as Genus, we are going to be only a technology provider. This can be meter, this can be software, this can be communication, but yet we are not going to take their installation services. We have enough in our own company. For the other AMISP players, we will be a sole technology provider. Sir, when you say a technology provider, from the overall piece, what percentage roughly of that pie would come under that? Like 20%, 30%, roughly? Maybe around 35%, 40%. It will be meter. We can also provide the software with communication, without communication, depends on the requirement of the client. But mostly meters. Okay. Thank you, sir. That is it from my side. Thank you. Thank you. We take the next question from the line of Mr. Rahul Kothari from Grit Equities. Please go ahead, sir. Yes, sir. Just to further understand on the selling of meters to other AMISPs, I just wanted to understand on a broader note, how is the company's approach towards it, whether it is more of considering that there are limited large players in India to manufacturing smart meters, so it is more of an inbound inquiry that we are entertaining or being large houses participating in AMISP for long term, we are also marketing smart meters to them to secure ties with them. Secondly, also please help me understand the competitive landscape when it is about selling only product to other AMISPs. We have to understand one simple thing. Genus has always been an electronic energy meter, and we continue to do the same. We are approaching all the AMISP project owners and doing our marketing to sell meters to them. With that full commitment, it is not that we are becoming AMISP and now we are not serious about selling our meters or technology to our customers. That is not what we have been doing in the past, and which is going to continue in the future also. Now it is a world of competition also in collaboration also. During tender, sometimes we compete with it, but when it comes to once the tender is decided, once orders have been placed, we work with them as they are our customers, and we work very closely with them. When it comes to competitive landscape, it is like every business has a good competition, and meter business has equal competition what it used to have earlier also. Some three, four good companies in the country are the major players of these smart meters. Yes, sir. Thank you for sharing that. Just to understand more on that, considering the flow of orders across the AMSPs, do we foresee that over the period next one or two year, there would be a demand and supply gap or more towards meter manufacturers, like almost capacity utilization for us, full capacity for either for our own or I feel it will be a full capacity utilization. Demand and supply gap, I do not want to comment right now. Maybe after 12 months, there will be some picture in front of us, but currently I do not see any demand and supply gap. Okay. And sir, just last one. What is the current order book that we are having as on now, considering 27-month timeline, it is safe to assume that for this FY 2023, 2024, 2025 and 2026, almost all these orders has to be installed. The product has to be supplied and installed in the market, right? Yeah. From the date of agreement, we have to complete these in 27 months. You are mostly correct that by the end of 2026 we will have to complete this project. Okay, sir. That's it from my end. Thank you. Thanks a lot and best of luck. Thank you, sir. A reminder to all the participants, if you wish to ask a question, you may press star and one. The next question is from the line of Mr. Narayan Singh from Nawamunt Securities. Please go ahead. Hello, sir. Thanks for giving me opportunity. I just have two questions, actually. In the smart meter as OEM, how many OEMs do we have in India? Because I am tracking another company, HPL, so they also say that they have a market share of 20%-30% or 25%. From Genus also, I read that 27% of market share. So where is this other approximately 50% of supply coming from? Do we have some other manufacturers in India or are they imported? I guess if you can provide these details. There is no imported meters in the country. They are all Indian manufacturers, and they are companies like Schneider, Secure Meters, HPL. I would say even meters, they are few good manufacturers who are in the market. Okay. Thank you, sir. Thank you for the details. I have next question, actually. This is more of your organization long-term vision. We see that now you are in front of this massive order book, which probably brings a lot of cash flows in the next 2, 3 years. So what is your vision for the company? What do you want to do with this cash, sir? It is too early probably to speak about these things, but I just want to understand, are we just about this only one wave, or you plan to use this cash to maybe build an organization for bigger things in future? It would be really helpful to know from your view, sir. Definitely, I want to build an organization for the very long term, but beyond that, I do not want to make any statements right now. Okay, sir. Thank you very much for that. Thank you. Good luck. Bye. Thank you. Thank you, sir. The next question is from the line of Milind Karmakar from Dalal & Broacha. Please go ahead, sir. Yeah. A couple of things. One was about the debt or the money which you planted is, I think, $40 million or $50 million. What will be the end use for that? It will be for the Bihar project we will be doing in the company. That will not be transferred to the platform. Okay. The second question would be something similar to what the previous participant asked, which was, I know that next four or five years, the company has got its hands full. Beyond that, just wanted to understand what kind of opportunities do you see in this field of metering? Today, electricity has become the most important thing for humankind. With the way the use of electricity is increasing, the future of metering companies or the companies involved in this kind of work is very bright. There will be a lot of opportunities beyond metering also, which will get opened up for people, I guess, in the times to come. One last question from my side was about these meters. I am told that, especially in Maharashtra, what is happening is that the smart meters are being installed, and the money is being recovered from the consumer by increasing his or her electricity bill. There is a charge which comes in addition to the normal charge. How is it happening across India? Or each state is different? That is, how much does the consumer have to pay, and how much is contributed by the government and the state electricity board? How does it work? Nothing is to be paid by the consumer. Even in Maharashtra, I am pretty sure there is nothing to be paid by the consumer. You have some confusion there. You can further get your data corrected. But as per my understanding, no electricity board and no utility is charging for the meters. These are always supplied free. Sorry, sir, your voice is inaudible. Could you please repeat? Hello, Jitendra sir. Hello. I can hear Basically, there must be some confusion to you. There is nothing like that, even in Maharashtra also. Nothing is being charged by the consumer in any of the states. What we know. Okay. Because I was reading the newspaper account which said that, maybe they have got it wrong. So there might be some confusion in understanding or something like that. Okay. All right. Thank you. Thank you, sir. We'll take the next question from the line of Nikhil Abhyankar from ICICI Securities. Please go ahead. Thank you, sir. Thanks for the follow-up. Just one question. Sir, the prices that you get for the AMISP are fixed once we win the order. So who takes the pricing risk for the smart meters? Do we take it or does the platform take it? We will take that. We will take it. Okay. If in case we are not able to supply or any case there are delays or whatever the cost calculations, we won't get any price hikes for it, right? No. Okay. But if it will be through the utility, only if there will be any mistake of utility, then it will be passed to us. I'm sorry, sir. Can you repeat that? If anything, platform will get from utility because of their delays, it will be passed to us. Okay. Understood. Okay, sir. That's it. Thank you. Thank you, sir. The next question is from the line of Mr. Rahul Kothari from Grit Equities. Please go ahead. Sir, now that a good amount of tenders are in the market- Yeah Do we see there is any change in the pricing at the AMISP level or on the smart meter level, since it is more of large volume orders are being discussed, compared to six months before that was explained? Nothing much. It is almost in the same range. Okay. Secondly, now that it is almost a quarter and we have secured the orders, how is the ground execution front with regards to the team bandwidth and execution level on the ground front? At the organization level, how are we gearing for it? We knew this 12 months back, what we are entering into. This was not something absolutely alien to us because in the past also we have done turnkey projects in large numbers. We have been building our capability significantly to make sure that all these projects are executed well within time. I am very confident that, yes, we will be able to execute these projects well within time. And sir, one more thing. With regards to the technology front, one is meter and another is the communication technology. Is it our own built technology, or we have some kind of joint venture with some technology service provider? We don't have any kind of joint venture. Most of the technologies are in-house, and then there are telecom is, of course, Reliance and Jio. Reliance Jio and Airtel are the two largest telecom players in the country, and they are some very good software vendors in the country. We work with TCS also very closely. So we have our vendor there, and then lot we do in-house. Okay, sir. Thank you. Thank you. Thank you. Ladies and gentlemen, that was the last question for the day. I would now like to hand the conference over to Kailash, sir, for closing comments. Thank you everyone for joining this call. As we continue to strengthen our position in the smart metering industry, we are grateful for the hard work and dedication of our team members who have made this achievement possible. We remain committed to our core values of innovation, sustainability, and customer satisfaction, and we are excited about the opportunities and challenges that lie ahead. In case of any further queries, please contact SGA, our relationship advisors. I wish you all a very happy Diwali, and a happy, prosperous new year. Thank you. Wishing everyone a very happy Diwali. Thank you, everyone. Thank you. Thanks. Thank you, sir. On behalf of Genus Power Infrastructures Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.