Very good morning, friends. On behalf of Power Grid, I would like to welcome all the analysts, all the investors, my colleagues. Thank you for coming here and showing faith in Power Grid. We are committed for the growth of the company, and the way we have been working for the last 30 years, we will continue to grow like that for the service of the nation. It is my first investors' meet, so I can assure you that the way things were progressing in Power Grid, it will continue with the same momentum. Even we will try to do better. Regarding these results for Quarter 3 FY 2024, I will give a brief on the highlights of our financial performance.
Next. My presentation will cover Power Grid overview, major highlights, performance highlights, growth outlook, and awards and recognition what we have earned in FY 2024 in the last 10 months. As you know, friends, we are a Maharatna company, third largest CPSE gross block-wise. We have Pan-India presence. Our interconnection with our international borders like Bangladesh, Bhutan, and Nepal. We have connected transmission network of about 4,000 MW. We have footprints in 23 countries. We have 45 subsidiaries in terms of SPVs, mainly for TBCB companies, and 12 joint venture companies with various companies like NETC, Sikkim Urja , and other companies for associates. That includes PG InvIT companies. Then, our credit rating has been very good. As per Standard & Poor's, it is triple B minus.
And domestic also, it is one of the best. We have a huge transmission network. Our network is one of the largest in the world. Almost 1,490 transmission lines are there. We have 276 substations, and transformation capacity is over 500,000 MVA. Interregional capacity is 97,000 MW. That means power generated anywhere in the country, be it Arunachal Pradesh, be it Kerala, it can be transmitted to any other part of the country. We have been maintaining our transmission system availability over 99.75%. This year so far, it is 99.86%. Our availability and reliability is one of the best in the world. We have been continuously benchmarked by international agencies in operations and maintenance in the first quadrant, and we are comparable with the best utilities in the world.
We have 18 HVDC substations, 62 AC substations, 765 kV, 165 numbers of 400 kV. STATCOM and SVC, which are mainly for stabilization of the grid, we have 20 numbers. Because a lot of renewables are there, we need some stabilizing elements to take care of voltage, frequency, and other parameters. GIS substations, especially in urban areas, we have 62 numbers. Transmission line towers, it is close to 300,000 towers we have all over the country. Transformers and reactors capacities, sorry, numbers are 3,600. Regarding our recent performance in TBCB projects, we are successful in six ISTS TBCB projects recently in Quarter three, like Vataman in Gujarat, Koppal to Gadag-II in Karnataka, Bikaner-III Neemrana in Rajasthan, then Neemrana to Bareilly between Rajasthan and UP, Sikar Khetri Transmission Limited . NIT cost for this was about INR 20,000 crore, and annual tariff is INR 1,636 crore.
In FY 2024, in the last nine months, we have won projects worth INR 26,000 crore with annual tariff of INR 2,340 crore. The percentage of winnability is almost 67% tariff-wise. In the last one year, we have won many projects, and in days to come, this will continue. Especially in ESG, that is the focus of the Government of India and worldwide. Transition to low-carbon operations, we have successfully commissioned one 132 kV to 20 MVAr bus reactor from the synthetic oil to natural oil, and it was commissioned for the first time in India on 1 December 2023. So it is a great initiative towards net zero or low-carbon operations. We are committed to take more initiatives, especially for replacement of SF6 gas in switchgears, in GIS, so that our ecological footprints are increased.
As far as automation and better control of our grid, our lab at Manesar PARTeC Lab , it has been internationally recognized recently and will be we are the second company to be accredited for this 61850. It will play a key role in identifying and eliminating interoperability issues among various devices. Like, we have a number of devices of different makes, so all devices should communicate from one device to another device so that controls are better.
So this lab will help in a big way to test all the devices, whether they are communicating with different devices or not. So it is a very good step in successful or in reliable operation of the grid. There has been continuous demand or requirement for integration of various communication protocols of different makes, so we have successfully implemented UNMS, which covers almost 100,000 km of fiber network. It is very critical for controlling and monitoring our transmission assets of ISTS and intra-state. We have signed recently an agreement with Ladakh for loss reduction under RDSS for Leh and Kargil, creation of distribution system in border areas of Ladakh. And project cost, which has been signed with Ladakh in the last quarter, is INR 862 crore. On project execution front, we have added 3,100 MVA transformation capacity.
One number, Fatehgarh 3 pooling station has been commissioned, and 834 circuit kilometers of transmission line have been added in the network. Transformers at Fatehgarh 2 and six ICTs at Fatehgarh 2, Fatehgarh 3, Palghar, Tutti Korin, and Kurukshetra have been added. We have added a very important transmission link in the Northeastern region that is Lower Subansiri to Bishwanath Chariali. So once the Lower Subansiri project is commissioned, so it can be successfully evacuated from Arunachal Pradesh to the rest of the country, because it will come to Bishwanath Chariali. From Bishwanath Chariali, power can be transmitted through HVDC BNC Agra to Agra, then from Agra, it can come to Delhi, NCR, and other areas. Our CAPEX in Q3 is on consolidated basis, it is INR 3,444. For nine months, it is INR 7,690. And capitalization is INR 5,780. For Q3, it is INR 1,784.
We are hopeful that this CAPEX will be almost INR 10,000 crore+ in the next two months, and capitalization will be of the order of INR 8,000-INR 8,500 crores. As I was telling, that operational performance is one of the best in the world. We have been maintaining 99.86% in this financial year. Last year, in nine months, it was 99.81%. Our tripping is continuously decreasing. Last time, we had 0.27 trippings per line in this FY 2023. So far, we are 0.22 trippings per line. That means almost out of four lines, only one line trips in a year, which is a very good indication of the reliability and availability of our transmission network. Without digital technologies, without digitization of our system, we will not be able to maintain such a huge transmission network in various parts of the country.
So we have taken steps for digitization of data, digitization of the process, and digital transformation. The three areas we have covered, like digitization, if I talk about digitization, so we are using SAP for enterprise asset management. Then, remote acquisition of the data for NTMC. We have PMU and WAMS. Then, PG Darpan is the data capturing app for transmission line monitoring. Then, we are now starting a QR-based data management system of our assets. In digitization, the PAMS, asset health indexing, drone-based patrolling. Then, AMRIT for transmission asset management. Augmented reality for substation maintenance, we are having augmented reality-based headgears. Then, development of business dashboards for various applications. Then, predictive outage management. We have an artificial-based defect identification application for transmission line. Like, through a drone, we capture the data of the transmission line tower, the transmission line hardwares, and automatically, the data is fed in the software.
Through artificial intelligence, we are able to detect the defects in the transmission line towers and various parts of the network. We have created digital substations at Malerkotla, Chandigarh. We are in the process of digitization of Navsari station from day one. Brownfield project of Kanpur, we are going to convert that station to a digital substation. Digital worker has been implemented for maintenance of various equipments, deployment of asset health management. Digital twins for transmission line and transformers are being developed so that data and process of various applications can be maximized, and the requirement of human being or human efforts can be minimized. As I was telling, that we have almost 290,000 towers, 3,600 transformers, almost 10,000 circuit breakers, 20,000 CTs, almost 14,000 CVTs, 12,000 surge arresters. Put together, we have almost 400,000 equipments.
For monitoring of each equipment, we require almost 30-40 data points. If we had to monitor each and every equipment, so the data points will be in millions, so manually, it is not possible. So we had to go for digitization, for which your company is taking proactive actions so that the efficiency and reliability of the system can be further improved. As I was telling, that we are using drones. Remote operations of all the stations are being done. Digital substations, UDAN, asset management dashboards. The management can see where the critical assets are there, which assets are out of service. So those details are available on the dashboard. The Center of Excellence, the relays or IDs are being controlled and monitored from a centralized control center at Manesar. We have recently developed a Center of Excellence for Cybersecurity at IISc Bangalor e.
So we are taking various actions using various technologies. The financial performance, income in Quarter 3 is INR 11,468 crores as compared to INR 11,281 last year. PAT is INR 3,970 as compared to INR 3,702. On consolidated basis, income is INR 11,820, and PAT is INR 4,028 crores. For nine months, FY 2024, it is INR 33,000 on a standalone basis, and PAT is INR 11,347. On consolidated basis, INR 34,000 crores, and PAT is INR 11,407 crores. These are the details of various heads, like transmission charges, consultancy charges. This is a break-up of our income and profit details. Next. This is on consolidated basis, that revenue for nine months, INR 34,000, and profit is INR 4,000 crores.
So we are able to maintain EBITDA 80%+. And profit after tax, 11,097 and sorry, 11,407, and for Q3, INR 4,028. We have total gross fixed assets, almost INR 274,000 crores. Capital work in progress, almost INR 16,600 crores. We have a loan debt of INR 119,000 crore, which has reduced from INR 128,000 crore to INR 119,000 crore. Earnings per share net worth is INR 87,194 crore as against INR 82,226 crore last year. Earnings per share for nine months, it is 12.26 as compared to 11.93 as on 31/12/2022 last year and 31/12/2023 to 12.26. Debt to equity ratio has improved, 58-42 as compared to 61:39 last year.
Return on net worth is maintained at 13.08% as compared to 13.50% last year. These are some key financial information, like we have income for previous periods in Q3 FY 2024 to INR 37 crore, interest on differential tariff. These details are there, which because of that, there is a change in our revenue and profit. Next. In consultancy, we have earned this domestic and international clients, almost INR 116 crore projects we have won. One international assignment in Uganda. Yeah, Uganda, additional scope for consultancy of project management. We have 17 ongoing international assignments. 4 new domestic assignments have been won.
There are 78 ongoing domestic assignments, especially in transmission, subtransmission, rural electrification, load dispatch and communication, smart grid, energy efficiency, and sustainable development. These are the areas where we are working. The PowerTel services, our telecom business has been hived off. We have now a separate subsidiary called PowerTel. And from 1 October 2023, it is working separately. Now, the first quarter income is INR 201 crore. We have added 17 new customers. INR 362 crore multiple orders received. Then, 3,000 locations Pan-India network we have in telecom. The fiber network is more than 100,000 km. Our backbone availability of our fiber is almost 100%. These are the commercial performance. We have more than 45 days, is INR 3,191 crore in Q3 FY 2023 for like, these are details of our receivables. Main state is basically TNEB and TANGEDCO.
We have almost INR 2,200 crore and then J&K, MP, and UP. The BHAVINI, this issue is resolved, and now they are ready to pay all arrears in installments. So that issue, we will get these revenues very shortly. As far as our outlook for the next few years, we have work in hand as on today, INR 77,770 crore, out of which we have ongoing INR 11,450 crore RTM, and a new RTM, INR 24,800 crore, which includes Ladakh HVDC link of 20,000+. And other projects won through TBCB, INR 41,450 crore. So put together, we have INR 77,770 crore work in hand. The projects other than HVDC are to be executed in the next two and two and a half years. That means almost INR 55,000 crore projects CAPEX has to be added in the next two years or two and a half years.
So our outlook is bright. We are considering that we had a target of INR 8,800 crore CAPEX. So by January 2024, we have already achieved almost INR 8,700 crore. So in FY 2024, we are hopeful that we will achieve 10,000 crore+ CAPEX. And in next financial FY 2025, we are hopeful that we will achieve 15,000 crore+. We will be close to $2 billion next year. So the outlook is good. Maybe in FY 2026, still CAPEX will be 20,000+. It will be close to $3 billion. Next. Yeah. If we look at this outlook up to 2032, we have interstate, intrastate, cross-border. If we add all the sectors and possible CAPEX, so we are touching somewhere INR 200,000 crore+ in the next 7-8 years. So every year, there will be at least INR 20,000-25,000 crore CAPEX will be there on an average.
So sometimes it may be INR 15,000 crore, sometimes it may be INR 30,000 crore, depending on the project timeline. Regarding this greener tomorrow, we have already committed last time also, we told that 50% electricity we will be consuming from renewable sources by 2025, net water positive by 2030, then zero waste to landfill status by 2030. Net zero, we are targeting by 2047. And for this 50% electricity, we have already started constructing an 85 MW Nagda solar plant, which is expected to come in the third quarter of the year, maybe somewhere in August or September. And after that, it will start generating renewable power, which can be consumed as a captive use for Power Grid.
Awards and accolades: we got this Corporate Impact Targeted Program Award for improving rural livelihoods and protecting the environment through farmer-centered integrated watershed management in Odisha, Kalahandi. Next. In CSR, again, this was on Vishram Sada n at AIIMS. We got these awards in 2023. Then for digital initiatives, especially in Pugalur-Thrissur, we got this award, the Scotch Gold Award 2023. Thank you very much. Thank you for your kind attention.
We express our sincere thanks to CMD for sharing the promise and the performance of the company in preceding quarter and the nine months. His commitment to take the company to the newer heights by way of presenting the outlook and the future path. And not only that, he has also expressed his commitment towards the inclusive growth and taking the society along with the mission to achieve the commercial growth as well. So thank you so much, sir. And now I request my guests. The session is open for an interactive session with our management. Please.
Yeah. Hello. Hi. One small announcement over here. Please introduce yourself and your company so that we could register that.
Sir, I'm Mohit Kumar from ICICI Securities. My question is on, sir, total industry CAPEX. According to NEP, the number is INR 4.8 trillion for FY22 to FY 2027, which comprises INR 3.1 trillion of interstate CAPEX and INR 1.7 trillion of intrastate CAPEX. And our numbers are INR 10,000 crore, which we are talking about in FY 2024. So my question is, are we underinvesting in the interstate and intrastate in the past? And do you think, especially the intrastate, the numbers will grow substantially? And the other question is, how do we reconcile this expenditure?
Okay. Okay. Thank you. As I have shown, we have almost INR 77,000 crore worth projects in hand. Almost INR 16,000 crore work in progress is there. So as per the earlier plan of CEA, INR 244,000 crore ISTS network is to be built, out of which almost INR 96,000 crore worth projects have been already awarded. Almost INR 84,000 crores worth projects are in pipeline. They are under bidding. And the balance INR 64,000 crore projects are yet to be built. They are yet to be plotted. So in ISTS, definitely, the roadmap is there. Now, they are talking now three, as you rightly mentioned, that draft NEP is mentioning about INR 310,000 crores projects. So that means ISTS portion will further improve, and accordingly, our share will also increase. So now we are showing, say, INR 200,000+ crores up to 2032. So it will further improve.
As regards to intrastate, your concern is yes, we also agree with you that more focus is required unless until intrastate transmission network is not there. So power to the consumer, there will be challenges. But I am sure that the Government of India and the Government of various states are taking necessary action to ensure that once the ISTS is ready, so in the same timeline, intrastate transmission network will also be ready.
As far as you are mentioning about how we are going to achieve that, if we talk about INR 15,000 or INR 20,000 CAPEX, our profit is, say, INR 14,000-INR 15,000 crore. And after dividend, we have INR 5,000-INR 6,000 crore in hand for CAPEX and considering 80%-20% ratio of loan and equity. So we can very well execute projects worth INR 25,000-INR 30,000 crore projects each year. So there will not be any problem in CAPEX for Power Grid.
My second question is, sir, is there any risk to upside on the CAPEX number, which you have said INR 15,000 crore, INR 20,000 crore, given that the transmission bidding pipeline is INR 84,000 crore and is likely to close in the next 12-18 months? Yeah. And the other question is that, what is the status of Leh-Ladakh?
Yeah. Leh-Ladakh is a very strategic project, very important projects. And we have been given on nomination basis by the Government of India, considering various challenges in this project because it is for the first time this project is being executed at the height of, say, 4,500 meters or almost 5,000 meters. So we are going for this front-end engineering and design studies. We have already placed the order. It is almost getting over or getting completed by March 2024.
Based on this, we have to finalize detailed parameters of each and every equipment. So based on that, we are going to place orders for FEED two. And FEED two is likely to take maybe seven to eight months. Maximum by December 2024, we will get the outcome of 2024. And by that time, we will have all the documents ready for tendering. So NIT should come in January 2025. By the end of March, we should be able to place the order. And from placing the order, maybe five years is the timeline. So by 2025, maybe I am hopeful that by FY 2030, the project should be a reality.
As an upside risk to the CAPEX numbers?
CAPEX is almost INR 22,000 crore.
So my question is, give n that the transmission bidding pipeline, which is very high, and we need to complete most of the projects within two years. So do you think there is an upside risk to the numbers which you have given to us, INR 20,000 crore in FY 2026?
Yeah. Yeah. So this is the visibility as of now because we have to complete these projects, whatever we have in hand, other than Leh-Ladakh, which is a five-year timeline. The balance projects, we have to complete in the next up to maybe maximum 30 months. So next year, we are considering, say, INR 15,000 crores as of now, visibility depending on the progress. But definitely, we are committed to complete these projects within 30 months. So accordingly, CAPEX will be increased in a fast manner.
Thank you, sir. Thank you for answering.
Good morning, sir. This is Shubadip from Nuvama.
Yeah. I'm here. Yeah. Please.
So, sir, firstly, with regard to the NEP number that you just mentioned, the INR 310,000 crore of the interstate target, now that would also include money that has been spent over FY2022 and 2023. So am I to understand that the overall number still remains at that INR 240,000 crore, the earlier CA guidance for the renewable CAPEX, which we had got last year? So the numbers are roughly the same.
Yeah. No. The earlier INR 244,000 crore, if I am correct, it included the projects. These 2022, 2023 projects also were there. So maybe these are the additional what was happening. Earlier, we were considering storage as one of the options so that transmission evacuation network can be delayed. Now, you know that battery storage has not come up the way we expected. So for evacuation of 500 GW, we have to plan an additional transmission network. So it is because of those reasons, the transmission network or ISTS network needs to increase. So it is considering those additional transmission networks required for evacuation of 500 GW. Otherwise, we were thinking that battery storage will be there, and we may not require this much of transmission network.
Understood. And sir, secondly, with regard to the current ongoing TBCBs, which are under bidding, I understand there are two projects under bidding. Now, in your opinion, these would enter the CAPEX phase by FY 2026, assuming that these get ordered out by FY 2025? You are talking about, if I am correct, this Fatehgarh-Bhadla and Khavda to Nagpur?
Correct. Yeah. If especially Fatehgarh to Bhadla should be awarded within this financial year, FY 2024, so maybe you will consider six months for engineering and other activities. Maybe in the last quarter of FY 2025, we should start real CAPEX when equipment starts coming and work at ground starts execution.
Understood. But these HVDC projects would, again, take more than three or four years to execute?
It will not be similar to the Leh and Kaithal project. But considering constraints and limitations worldwide in supply chain, especially for HVDC projects, the timeline which has been considered for these projects is 48 months for bipole 1 and 54 months for bipole two. So maybe 4.5 years total completion.
Understood. So that would imply that we will see probably faster commissioning of projects that we are doing CAPEX on over the next couple of years, which are non-HVDC. And once we start executing the HVDC, let's say starting FY 2025 or 2026, those would be slightly longer gestation in terms of the capitalization.
Yeah
Perfect, sir. That's it from my side. Thank you.
T So, sir, thank you. Sumit Kishore from Axis Capital. If you take your works in hand of INR 777 billion, and you mentioned INR 550 billion would be executed in 24-30 months, and if I take your guidance for FY 2025, FY 2026, CAPEX put together is INR 350 billion versus INR 550 billion. So once again, I think it's a bit of a follow-up, but it seems that your numbers, there are 26 months to go for FY 2026 to end, and you will still be at 350 versus 550 that you need to do.
Okay. You are right that as of now, the visibility which we are seeing that for next FY 2025 or FY 2026, definitely, we have to complete maybe maximum by FY 2027, mid-FY 2027. So maybe after 6 months, once projects are better visible, we can accordingly true up this estimation, CAPEX.
So, sir, when you say visibility, you mean the pre-engineering works and the design, which could take more time as per your estimate?
Yeah. Supply and progress at site. So if I am talking about $2 billion next year, it may be increased to $2.5 billion, depending on the progress and ground reality.
And on a related note, what would be your capitalization guidance for FY 2025 and 2026, given the bunching up that will happen in CWIP?
As I told, FY 2024, it is somewhere about INR 8,500 crore. And FY 2025, it should be about INR 16,000-INR 17,000 crore.
Okay. The third question would be that, again, with the INR 310,000 crore ISTS CAPEX over 2022 to 2027, just the math, FY 2024 is ending. Three-year period in this block is already ending. I think we will have to award projects first and then execute them. So for the country as a whole, the ISTS target appears a bit aggressive. And then including the INSTS, it is INR 475,000 crore. So it appears like a very aggressive target because you will have to award probably in the next few months to complete that over the next three years, right?
Yeah. As you know, we have already experience of executing projects worth INR 25,000-INR 30,000 crore projects maybe five years back or six years back. So execution should not be a challenge. There can be challenge maybe for supply of transformer, supply of GIS, for which the Government of India is taking necessary actions. We are in the process of developing more vendors at 220 kV level transformers, at 400 kV level transformers. So supply chain issues should not be a problem if we take these actions in the future and we go for vendor development. More vendors are there in the market, so vendors will be able to meet these requirements. But as of now, yes, you are right that there can be some challenges unless until we don't take any action for ensuring the problem, whether it is resolved or not.
Thank you so much for answering my question.
Sir, this is Atul here from Citi Research. Sir, my question is on CERC draft regulations which have been proposed. So what is your comment on the impact on Power Grid, specifically with respect to the O&M norms which have been proposed? What could be the impact if these go through in the current form?
Yes. Draft regulation is out, and we are discussing with CERC. There are changes, especially if I talk of operation and maintenance charges, O&M charges. Earlier, what was the distribution? That 75% was towards substation, and 25% O&M cost was towards transmission line. So based on the actual data, now it has changed: 65% for transmission line and 35% for substation.
Sorry. 65% for substation and 35% for?
Transmission line. So accordingly, transmission line charges have increased, and substation bay charges have reduced. But overall impact is not there. Total, we have calculated our O&M charges, what we were getting before this regulation, INR 2,429. In 1,924, how much we were getting. They have added one more element, reactor. Earlier, we were not getting any O&M charge for reactors. So reactor charges have been added per MVAr, similar to transformer per MVA capacity, like, say, INR 20 lakh or so per MVA. So those have been added. So net impact is not there.
Net impact is almost zero, or we are going to get the same O&M charges which we were getting earlier. As regards to ROE, they have grandfathered 15.5% for the old assets. And new assets, the 15% is indicated for the new projects commissioned after 1st April 2024. But still, we are discussing with CERC, and discussions are going on. And we are hopeful that whatever regulations and the norms were there, they will continue. So there will not be any impact on Power Grid revenue or profitability.
And sir, my second question is on the TBCB project. So your market share has gone up to almost 60%-65%+ recently versus your long-term average of 40%. So what is driving this very sharp increase in your market share in the recent bids? Have you changed your bidding strategy, or the competition has just vacated this space? So could you comment on that?
Yes. You are right that in between 2 years or 3 years, our percentage was less. But still, on total CAPEX basis, we have a share of almost 67% in last FY 2023. So now, we are more aggressive because we have to compete if we have to survive, if we have to take care of the interest of our investors. So definitely, we have to growth has to be maintained. So we want that growth should be 7%-8% or 9%. So for achieving that, but still, we are maintaining that our IRR should not be we are targeting about 14%, but we are ensuring that it is 11% or 12%.
Okay. Thank you, sir. Thanks a lot.
Yeah. Hi, sir. This is here. Yeah. This is Vinod from BOB Capital. Given the strong CAPEX pipeline that you have, do you also have a parallel asset monetization program in place because the kind of equity requirement you would need for these projects, or would we see a reduction in dividend payout so that you can bolster your own cash flows?
Yeah. Asset monetization, as you know, that we had targets in last two, three years. But after these new NMP guidelines that we are not able to ownership transfer, only rights transfer is possible. So depending on our CAPEX requirement, we are doing securitization of our assets. In last year, we have done INR 5,700 crores. This loan we have taken through securitization. Last year, we have taken INR 3,400 crores. So in future also, depending on our CAPEX requirement, through securitization, we will be able to match our requirements, and balance will be from the profit.
So your dividend payout, you plan to maintain where it is today?
Dividend payout, yes. We plan to maintain at the same level.
The second thing I observed was your CWIP in consolidated is almost twice your standalone, but your entire debt is on the standalone books. So are you not taking any debt on the books of the SPV?
I will request Director of Finance to please.
Yeah. Normally, we take the loan in the books of Power Grid, and then we give the debts to the SPVs, and then we have separate terms with them. So normally, we don't raise in the books of SPVs because the rate will be very good if we raise from the name of Power Grid. So that is why if you see always in the consolidated and standalone, that will be the same loans will be there. Almost all the loans will be in the name of Power Grid, and from here, we will on-lend to SPVs.
Sir, thanks. That answers my question.
Last couple of questions, if any. All right. I think we've had a very interactive session. Thank you, everybody, for coming over here. Please do contact the Power Grid Corporation if you have any further questions. The email ID is investors with a plural S, investors@powergrid.in. You could also reach out to my colleagues from Adfactors PR for any further queries. We will try our level best to address them within the next 48 hours. The management of Power Grid is also available over here for interaction. I take this opportunity to once again thank you for taking out time, for being here, and coming up in such large numbers.
I also thank the entire management of Power Grid Corporation for organizing this investor meet for you and the analyst meet, and also the fact that they've shared all the details about the projects, about the outlay, about the CAPEX, about the vision and the mission. If you've got any further queries, you could connect with them one-on-one, and thank you for that. There's lunch being served. It might take another 5-10 minutes to lay it out. Until then, thank you once again. Thank you, sirs.