Genus Power Infrastructures Limited (530343) Q3 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Q3 and 9 Months FY '26 Earnings Conference Call of Genus Power Infrastructure Limited hosted by Kaviraj Securities Private Limited. Please note that this conference is being recorded. [Operator Instructions] This conference 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 the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Abhijeet Purohit from Kaviraj Securities. Thank you, and over to you, sir.

Thank you. Good afternoon, ladies and gentlemen. Kaviraj Securities welcomes you all for Q3 and 9 months FY '26 Earnings Conference Call for Genus Power Infrastructures Limited. The management team is represented by Mr. Kailash Agarwal, Vice Chairman; and Mr. Jitendra Agarwal, Managing Director. Now without any further delay, I hand over the call to Kailash, sir, for his opening remarks, post which we can open the floor for Q&A session. Thank you, and over to you, sir.

Thank you, Abhijeet. Good evening, ladies and gentlemen. A very warm welcome to Q3 FY '26 earnings call of Genus Power. The results and press release are uploaded on the stock exchange and the company website. I hope everybody had a chance to look at it. Q3 FY '26 marks another solid quarter for Genus Power and [indiscernible] a strong 9-month performance in FY '26, driven by sustained execution momentum across our AMISP portfolio under the RDSS framework. For Q3 FY '26, our standard revenue -- stand-alone revenue stood at INR 1,122 crores, representing an 86% year-on-year growth, supported by a scale-up across multiple live projects and steady progress in system integration and commissioning milestone. While revenue in Q3 FY '26 saw a marginal sequential moderation, this was largely attributed to festive season-related factors such as Dussehra and Diwali, which temporarily slowed down on ground installation activity across the certain states. EBITDA nearly doubled year-on-year to [indiscernible] crores with EBITDA margin [indiscernible] reflecting strong operating [indiscernible] improved absorption of fixed costs and [indiscernible] cost management. Profit after tax stood at INR 148 crores, up 117% year-on-year, supported by margin expansion and scale benefits, notwithstanding higher finance cost. For the 9 months ended FY '26, the company delivered large growth across all key financial metrics. Revenue stood at INR 3,214 crores, up 114% year-on-year, while EBITDA grew 159% to INR 676 crores with EBITDA margin at 21.3%. Profit after tax at INR 424 crores, up157% year-on-year. The consistent performance over the 9-month period [indiscernible] execution momentum, operating leverage and disciplined financial management [indiscernible] RDSS. After commissioning around 58 lakh smart meters in 9 months, the pace of installation will accelerate from Q4 onwards as several large [indiscernible] moved into active rollout. Building on this trajectory, we expect to commission approximately 80 to 90 lakh meter -- smart meters during FY '26, supported by our strong manufacturing throughput with current manufacturing capacity now standing at over [indiscernible] lakh meters per year. Just recently, the company achieved an important milestone with the receipt of operational go-live for 2 of the Rajasthan smart [indiscernible]. As on date, [indiscernible] 2.5 crore smart meters [indiscernible] acceptance test conducted on a batch-wise basis. This expanding OGL footprint significantly enhanced our long-term cash flow visibility and reinforce the sustainability of earnings profit through recently O&M revenues. Our order book as on 31st December 2025 stands at about INR 27,000 crores, net of taxes attributable primarily to Genus's own AMISP projects covering about 2.75 crore smart meters, providing multiyear execution and annual revenue visibility over 8, 10 years concession period. Around 80% of AMISP revenue attributable directly to Genus, underscoring the quarterly and profitability of the -- quality and profitability of the order book. We continue to actively monitor upcoming tender opportunities under RDSS, including in Tamil Nadu and Delhi. Our bidding strategy remains selective and return focused, prioritizing projects where our integrated AMISP model provides strong execution certainty and long-term cash flow visibility. Looking ahead, we remain highly confident on execution visibility and expect Q4 FY '26 to be a strong execution quarter driven by seasonally favorable installation conditions, a larger base of OGL-enabled projects and accelerated rollout across [indiscernible].

[Operator Instructions] The first question is from the line of Aditya from Axis Securities.

My question is with respect to our tendering pipeline. So in the last call, we said that 10 crore meters to be awarded and out of which 3.8 crore meters were to go live by the end of FY '26 and balance 6 to 6.5 crore meters in the next 12 to 18 months. So, any update on that? Any changes in that? So that is the first question.

I got confused with your statement of go-live. What does that mean?

So not go-live [indiscernible]

Jiten, he's talking about live tenders.

Live tenders, right.

So currently, the live tender is from -- the total of live tenders right now is around, I would say, 4.5 crore meters, which is 3 crores from Tamil Nadu because of the -- which has already been quoted and we see this to be finalized only after election. I think it will take 3 to 6 months. And this is a large tender, which is already quoted. 5 million meters of BSES is already quoted. The new tenders of 5 million has come from [indiscernible] which will be quoted on 25th Feb and 23rd and 25th Feb are the two dates when these will be quoted. So as on date, tenders which are already [indiscernible] quoted or to be quoted is to the tune of 50 million meters.

Understood. And what I.

I would like to add here, as you asked the question that earlier it was 3.8 -- almost 38 million meters. And so that is already going on. And still we feel that even these 50 million meters or 45 million meters, they may take some time, next 3 to 6 months because things are -- the biggest tender is from Tamil Nadu, which is 3 crore meters, 30 million meters, and we expect that to be finalized [indiscernible] Tamil Nadu is having an election very soon. So, it may take some more time.

Yes, yes, very clear. On the similar lines, Karnataka and Telangana were also expecting to go for tendering. So, any update on that front?

Karnataka and Telangana still have not opted for the RDSS. Still, they are not under the RDSS scheme. So, we hope they will come under the scheme soon, but not as of now.

Mark one thing, one thing we have to be very clear and we should very well understand that it is -- if we talk about Genus itself, it is always good that the tendering happens slowly or there is a delay in new orders because already we are sitting on an order book of INR 27,000 crores, and we have to execute this. And there are timelines for execution of these orders also. So, for the company, it is also good when the tenders are delaying and we will be expecting these tenders in the next 6 months, 9 months, 12 months and all. So that is more beneficial for the company rather we getting any orders immediately. So that just -- I want to clarify to the investors.

Yes. Understood that, sir. The next is on -- I mean we have a good order book, but parallelly means we have been developing our gas, water meter exports market. So, any color from that area? Are we expecting something materializing over there to quantify it in our order books? And also similar to that line, what will be the replacement demand look like in future once we execute our orders? So slightly in the longer term, so that just wanted to understand how this order book sustain in a much longer period of time with these new activities like gas meters, water meters and exports and replacement demand.

To give you a larger picture, around 30 crore, 31 crore meters to be installed in total in India. Out of that, only 5.5 crores has been converted to smart meters. There is a good total addressable market of 25 crore electricity meter remains for the industry. So, I see a good visibility of 4 to 5 years. Apart from it, every year, there's a replacement -- there's a new service connection, which is the industry standard of 3% to 4%. It will continuously keep adding. And when you say about the replacement market, definitely the meters which were sold 3 years, 4 years back, they start getting into replacement by '31, '32. So there will always be a replacement market of, I would say, by the end of this 30 crore meters installed, there will be meters that are coming -- which has already seen the life of 7 years, 8 years, 9 years. So, there will be a lot of replacement market. Apart from this, Genus is investing heavily not only in the hardware like gas meter market or the water meter market. We're also investing heavily in our software division where a lot of these meters' data will be utilized for the benefit of the DISCOMs. A lot of projects will come out within the DISCOMs using these data points. So, Genus is focusing not only as an AMISP supplier, it is also focusing as a technology provider. That is the reason Genus has moved as an end-to-end solution provider, not only just a meter manufacturer, which is stocking the meters and maintaining the meters. We have good 4 to 5 years in our hand to make sure that the future is continuously taken care. When it comes to water meter and gas meter, it is just picking up. In India, the total addressable market for the gas meters is 12 crore meters as per the current data. So, these 12 crore meters, we see them happening in the next 6 to 7 years. So, it will give a reasonable market size. Water meter is in the very nascent stage. It is -- right now, the order book is just INR 15 crores, INR 20 crores for gas meters and around INR 15 crores for water meters, which is very small, but it is picking up and water meter business, we see after 3 to 4 years, we'll see a very reasonable number, and it will become meaningful. Same with the export business, a lot of investment is going on in multiple markets, and you will see a very reasonable market of around INR 500 crores happening after 2 to 3 financial years. So, this is how we can -- broadly, we can talk about the future of Genus.

Understood sir.

I would like to add one thing that there is a clear visibility for next 5 years to the company even in the existing business. So right now, having an order book of INR 27,000 crores, #1, then expecting 15 crore meters new tenders in next 2 years whatever out of 15 crores, whatever share we could maintain or whatever the business we could get with the existing business itself, there is a clear, clear visibility of next 5 years with a decent growth every year. Like last year, we did INR 2,500 crores. This year, we will be doing INR 4,500 crores. Next year, there will be a good visibility in growth. So next 5 years, we see a continuous growth of the company with the existing business itself. And then in addition, there will be the water meters, there will be the gas meters, there will be the exports or many other things, which company has a good time of next 3 to 5 years to develop those areas of revenues. So once that happens, then after 5 years, there will be a replacement market, gas meters, water meters, many other things will be coming. So, the company clearly have a clear visibility of continuous growth for coming many years.

The next question is from the line of [ Vaibhav Mishra ] from [ Finvest ].

Congratulations for the excellent set of numbers. My question is somewhat related to the previous participant. Actually, just wanted to know from the order book and the commentary in the previous quarters as well, [indiscernible] for [indiscernible] FY '28, I think we are pretty much cleared with the kind of growth that we are giving. So I think [indiscernible] FY '28, we are -- will comfortably clock around INR 7,000 crores to INR 8,000 crores. But after that, I was a little -- I was not sure that how confident are we that in the medium to long term, FY '29 and beyond, we could cross these numbers continuously like beat INR 7,500 crores or whatever the number is in FY '28, can we continue the growth momentum going ahead? And what are those growth I mean, triggers -- I think you mentioned 2 of them in the previous participant's question. But we are confident on beating these numbers year-on-year going ahead, sir?

The reason we are confident is we are maintaining this market share for plus 20 years. I don't see any reason in us losing that market share. That is the reason from the current business line, we are very confident that for next 5 years, we can see a clear visibility in the business and continuously maintaining our market share and the growth.

So here, we have to understand that still a business of almost INR 120,000 crores has to come in next 2 years. Almost 15 crore meters business is still to come. Tendering has still to happen or the tenders is live. So -- and Genus is confident of keeping its market share. If we keep that market share, there -- out of INR 120,000 crores, you can understand that how much business we can get. So absolutely, the company is totally, totally confident that for next 5 years, there is a clear visibility of growth. And then company is already working on many other sectors, as I previously answered also. So, we -- the company has no doubt of the growth -- continuous growth in coming many years.

All right. And sir, some color on the tenders that you'll did add, if you could, and the future tenders that you are expecting. So are margins [indiscernible] since there are many companies who have announced going into the smart meters and all. So the margin profile, what do you see? I mean, at par with your current order book margins or you see margins going a bit down from here on in the future tenders?

That's very different [indiscernible] we don't have any comment on that. It's a tendering business. How the things move will work on that [indiscernible] we can confidently say that whatever the projections we will give, we will be achieving that.

The next question is from the line of Bhavin Chheda from Enam Holdings.

Congratulations on excellent numbers, sir. I think [indiscernible] crossing the FY '26 guidance you gave earlier. Just on a bookkeeping question, sir, if I missed out on the number, for the quarter, what was the smart meter [indiscernible] installation and how much operationally we went live in the quarter?

Jiten you have the data so that you can please.

We do around 1 million meters a month but I want to give him the exact numbers because.

Yes. That is not installation. That is together all meters. Yes. So we can take it later. You can just.

In quarter 3 we installed 23.3 lakh meters, exact numbers.

Installation is 23 lakh meters.

23.3 lakh meters in the quarter 3, yes.

Okay. And what was the production, sir?

Production, in 9 months, we have done 1.3 crore meters because this includes non-AMISP meters also, meters which we supply to private utilities, export meters and also to Genus projects. So, in total, in 9 months, we have produced 1.3 crore meters.

It is 1.3 crore meters. Okay.

That includes all kind of meters.

[indiscernible] in 1.3 crores.

You want to know -- in this 1.3 crore meters, the smart meters are 98 lakh meters -- smart meters.

98 lakh meters. And till date how much have gone operational live?

Operational live as on date our.

31 March, December, till 31 March -- 31 December.

Till 31 December. Till 31 December, operational was 16 projects are live -- few projects have gone live by 31 Jan. Till 31 December exact number, I need to come back to you.

Till Jan how much -- Jan has gone live?

Till 31 Jan 16 projects out of 24 have gone live, which covers around -- in total order book, it covers around 2.5 crore meters. In terms of number of meters which are already installed and operation go live, it covers around 70 lakh meters.

70 lakh meters till January, what I'm trying -- so till September, your 40 lakh meters were live. So now it is close to 70 lakh meters.

Yes.

Okay. Which means your monthly rent has started around 70 lakh meters from Feb onwards, right?

Monthly rent starts only after 3 months of the OGL.

After 3 months of OGL.

After 3 months of OGL.

Okay. Okay. So roughly by April the run rate -- April run rate will have a revenue -- entire monthly rental revenue of 70 lakh meters.

Yes.

And currently in the quarter, the same number would have been around 40 lakh meters, which was installed till September 30.

Yes, yes.

Okay. Second question is on what -- how much we have invested till date in our platform company as equity or loans and advances, whatever?

That number, actually, I'm not having right now. We'll get you back -- you can get this number from SGA. Last earnings call, I gave the number. Kunal, do you have that number? Kunal. Kunal is not there. I will give you that number. I will tell you that number.

Okay. And last one, sir, since -- I think the installation momentum is increasing, next year will be much more number than this because of a strong order book. What do you expect will be the peak debt number in the balance sheet by next year?

Peak number we will reach is around INR 2,200 crores, INR 2,100 crores.

That is the maximum we expect. Yes.

And in '27, you will reach, right, next year?

Yes. And if you have that number as on 31st December, how much was it? Till September, it was 974, September 30 number, if you can give me December.

It was -- it will be around the same numbers what we have given on 30 September. It is almost around the same.

And till 31 December, we have invested INR 2 crores to INR 3 crores in the platform. I've got the data now.

I think we've got that. INR 2 crores to INR crores till 31 December.

In the platform till 31 December. Yes.

Okay. Okay. And next year, sir, your capacity is already 18 million meters now, what is the optimum utilization, which we can do on this number, which obviously, I believe we will achieve it next year in '27?

So generally, in our business, there is a lot of [indiscernible]. It is not a consistent capacity utilization. That is why generally we keep the capacity on the higher side. So, I expect this 18 million capacity will be sufficient. And I would say 80% of that capacities should be utilized in next financial year.

The next question is from the line of [ Mahesh ] from ICICI Securities. As there is no response from the current participant, the next question is from the line of [ Keval ].

My first question is on revenue and margin guidance. So does the revenue and EBITDA margin guidance which you said in the last con call remains intact for FY '27 and for the midterm -- medium term? If revised, what are the key drivers behind the change?

No, we are not providing any guidance.

We are not.

For FY '26 also and FY '27.

Okay, sir. My second question is on the working capital and gross debt. So, what is the current debtor payable and inventory days and its target trajectory for FY '27 to FY '28 and same goes for gross debt.

Gross debt, I recently answered in the last question that it is almost at the same level it was on 30 of September. And the maximum gross debt we will reach will be around INR 2,100 crores, INR 2,200 crores, and that will be in financial year '27. Regarding the inventory days and the debtors' days, the debtors' days has improved from almost 15 days from the last 30 September, the numbers we have given, but the inventory days are a little higher. The inventory days are a little higher by almost 10 days. So, it is approximately -- percentage it is a little down, but in absolute numbers, it is.

Okay. As you actually answered this GIC -- regarding the question about GIC platform, but I just wanted to know from your side that the earlier guidance which you indicated for total investment commitment on GIC platform was around INR 1,000 crores to INR 1,100 crores for the time period of FY '26 and FY '28. So what is the current deployment status or any change in scale structure or time line from your side?

I told that there is a -- that as on 31 December, the total [indiscernible] in the platform is INR 2 to INR 3 crores [indiscernible] crores and we can confirm that it won't go to more than INR 1,100 crores till '28.

And you asked about the total gross debt.

Yes.

It is INR 1,975 crores as on 31 December, 2025.

The next question is from the line of Soniya from Dalal & Broacha [indiscernible].

I just want to understand what is the working capital days as of this quarter versus September quarter, the number of days, if you can give.

So, I recently confirmed that it is almost at the same level because there is a reduction in debtors' day, but there is an increase in inventory days.

In the inventory days.

So debtor days is reduced by 10 to 15 days, but inventory is up by 10 days. So, the number of days is same as it was on 30 of September.

The next question is from the line of [ Aditya Singh ] from [ Multibaggers Stock ].

Congratulations on a great set of numbers. I just wanted to know like what is the target of the number of.

Your voice is not clear.

Okay. So just wanted to ask that how is the target of meters that we are planning to install for Q4?

So, for this financial year, we have [indiscernible] 90 lakh meters to be installed in this financial year.

Okay. And how many of the meters have gone OGL, like till 31 Jan?

Till today, Genus has installed in the RDSS around 1 crore meters. Out of 1 crore meters, around 70 lakhs have come under the OGL certification [indiscernible].

The next question is from the line of Mohit from ICICI Securities.

One question I have, is it fair to say that almost all the SPVs [indiscernible].

Only a few of Rajasthan are pending, almost [indiscernible] think we are on the verge of closing in next [indiscernible].

So there are very few left, right?

Yes.

The next question is from the line of [ Diwakar Rana ] from [ Prudent Equity ].

Sir, you just said the gross debt is INR 1,975 crores. Am I right, sir?

Yes.

And in earlier con call, you have guided for INR 2,000 crores to INR 2,100 crores of peak debt. So, we are not going to take any debt for FY '27, '28, right?

No, it all depends. We are talking about gross debt. I'm not talking about net debt. So basically, when -- the last guidance was about the net debt that the company will go to a level of that debt and that too in '27, we will achieve.

Okay. Okay. What will be the gross debt for FY '27 end?

That -- cash reserves of the company is not very much. Already the company has put most of the cash in the working capital itself. So, it won't be anything more than INR 2,100 crores, INR 2,200 crores, the same numbers we are seeing.

The next question is from the line of [ Neeraj ] from [ Branch Group ].

Great set of numbers. Congratulations on that. Two questions. One is with regards to the new meters coming still bidding, what kind of volume that you are seeing in the market? And second is with regards to the ED raid that happened in December 2024. Any update on that? Any notice further notice received on that? If you can provide some information that would be really helpful.

Can you repeat your first question? I just missed it.

So my first question is with regards to the new projects, the meters that are coming for the bidding by various DISCOMs or.

During the con call, I updated that the new tenders which are right now is primarily 5 million -- 50 million meters, Tamil Nadu, BSES Delhi, some quantities from Punjab, some quantities from Haryana. So total 5 crore meter tender either to be quoted or already quoted are live in the market.

And we are planning to bid for them through the Genus platform?

We are bidding every tender that comes out for AMISP provided it is within our reach. So we are bidding -- all the tenders we are bidding. That's all I can say.

Okay.

So regarding your second question, basically, company was searched in December '24. And after that, there is no further development to the company. There is no -- company has cleared in the press release also that company has not received any notice or show cause notice or any summons from the department yet. And if anything happens, we will inform to the investors surely. And company is well compliant, and it is not affecting any of the operations of the company, that you can see with the results also. It's almost 13 months that has happened and is absolutely growing path and there is no hindrance to the operation or anything.

[Operator Instructions] The next question is from the line of Rajesh Vora from Jainmay Ventures.

Congrats on pretty strong Q3. As clear from the commentary, the company is entering strong growth phase with many more projects going live and new order being expected. How is the interplay of working capital and operating leverage will kick in as company being one of the largest player in smart meter market. Could you explain that?

Can you come again with your question?

Yes, so over the next few years, company is going to significantly scale up its operations and it will need -- and many more projects are going live, more and more projects going live, so more revenue generation and it would also mean more working capital. But at the same time, there will be more profits and more cash flow. So how should we think about your company over the next 2, 3 years in terms of growth in revenue, volume of smart meters, as well as working capital and margin?

So basically, as we cleared it earlier also, that company is looking for a regular growth for next 5 years. For sure, it won't be like that from last year to this year we will be doing from INR 2,500 crores to INR 4,500 crores and next year, INR 6,000 crores. There will be -- after that, there will be a steady growth of, you can say, 10% for next couple of years. And company is making a reasonably good margins -- EBITDA margins on the recent projects and all. And cash flow is also improving, in terms of percentage, it is regularly improving. And further, as company told earlier also, every quarter, you will see a decent growth in the cash flows also or a working capital cycle reduction in the working capital cycle also. That's why with the current order book, we are projecting that the company's gross debt will not -- or net debt will not go more than INR 2,100 crores, INR 2,200 crores, which almost we are at 90% of that. With regular cash flow inflows coming and reduction in the working capital cycle, the company is hopeful of achieving all these numbers at the same working capital level.

Jitendra, what is the guidance for next financial year in terms of number of meter installation and revenue and margin?

Next financial year, we will be installing at least 1 crore meters, which is the guidance we have been giving -- we have given in the last con call also. We maintain the same. And in revenue guidance, we gave a guidance of INR 6,000 crores. So we maintain the same.

Okay. But when you indicated in reply to one of the participants, 1.8 crore is the capacity of smart meter.

That is manufacturing capacity.

Right.

Genus doesn't manufacture meters only for its own usage. We are the largest supplier to the different utilities for -- so when I say 1.8 crore meters, it includes all kind of meters. Even in first 9 months of this financial year, we have manufactured 1.3 crore meters.

Okay. So when you say 1 crore plus meter for FY '27, you mean all the types of meters or only smart meters, INR 1 crore?

Installation of a smart meters.

Let me clear you. Let me clear you. You have to understand that Genus works for 2 types of things. One, the installation of meters, that means the own AMISP we are doing. So, we mean that 1 crore meters will be for our own AMISPs and remaining meters will be the supply to other AMISPs. Like right now, in first 9 months, we have manufactured 1.3 crore meters. Out of that, 70 lakh meters -- correct me, [ Jiten ], if I'm wrong, 70 lakh meters for our own AMISPs.

Own AMISPs and remaining for the utilities and different.

Yes, AMISPs and utilities.

Got it. Okay. So then it ties in because 80% utilization of 1.8 would be 1.4 crore total meters. So balance, whatever 30 lakhs, 40 lakhs will be for non-AMISP, right? Roughly.

This is a very ballpark numbers I have given. So we are confident that we will do comfortably.

Okay. And lastly, Adani Energy Solutions announced that they crossed 1 crore milestone in the smart meters. So we have also crossed that. Is that correct?

Yes, Genus is releasing the press note today only. We have also crossed the 1 crore meter mark. So we are neck to neck with Adani in terms of number of installations.

Wonderful. Of course. Right. Now from an order book viewpoint, the INR 27,000 crore order book, we get because of GIC tie-up, we get roughly half or 55% of that upfront. So for us, will it take 3 years roughly from now on '27, '28 and '29 to complete that in a bulk of 70%, 80%, 90% of that? Is that a fair way to look at this? How should we think about it?

I missed you in between. Your voice got.

Sorry, I got you. Yes, yes, absolutely. You can -- next 3 years, we are confident of completing this order book. And we will be getting some more orders that will be continued to further years. And this next year, this will be completed, and then we will be supplying meters to other AMISPs also. That will be additional to this order book.

Right. So going forward.

Just to give you a sense of -- as on date in India, around 5.6 crore smart meters have been installed. Out of this 5.6 crore smart meters, 2.5 crore meters has been supplied by Genus. So that will give you an idea that Genus is not only AMISP, it is the largest meter manufacturer in the country.

Okay. So INR 1 crore is only for our own AMISP. Rest1.5 crores is given to other AMISPs correct? Other AMISPs and utilities.

AMISPs and other utilities, yes.

[Operator Instructions] The next question is from the line of [ Rishikesh ] from [ RV Investments ].

Congrats on the good set of numbers, sir. So you already highlighted that percentage-wise and absolute numbers-wise, your working capital is pretty much the same as compared to the previous quarter. So I wanted to understand when it comes to becoming cash flow positive, you had highlighted in the previous con call that you aim to become cash flow positive by the end of FY '27. So, I wanted to understand how are we placed when it comes to becoming cash flow positive by the end of FY '27?

So, we are very well placed on that. Every quarter, we are seeing the improvement and all we have still 5 quarters in our hand to all these improvements. And we are very sure that [indiscernible] by the end of [indiscernible].

Ladies and gentlemen, that was the last question for the day. I would now like to hand the conference over to Mr. Kailash Agarwal for the closing comments. Over to you, sir.

Thank you, dear friends and we assure you that the company is doing and good for many years coming in future. Thank you very much. Have a great day. Have a good year.

Thank you, everybody. Thank you.

Thank you, sir. On behalf of Kaviraj Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.