Indian Energy Exchange Limited (IEX) Earnings Call Transcript & Summary

Very good afternoon to everyone. Myself, Vineet Harlalka, CFO, Company Secretary and Compliance Officer of Indian Energy Exchange. It gives me immense pleasure to welcome you all to the 16th Annual General Meeting of Indian Energy Exchange Limited, which is being conducted virtually in accordance with the circulars issued by the Ministry of Corporate Affairs and SEBI. We regret being unable to meet in person this year also in view of the continuing social distancing norms due to COVID-19. The health and safety of our shareholders, employees and our stakeholders remains our top priority during this unprecedented time, and therefore, today's AGM is being webcast to enable shareholders to actively participate in the meeting while arising to the public health advisers. I'm pleased to welcome our Board of Directors to the 16th Annual General Meeting and introduce them to you. We are joined on the webcast today by Mr. Satyanarayan Goel, our Chairman and Managing Director. He is also a member of CSR Committee, Enterprise Risk Management Committee and other Board Committees. He has over 40 years of rich experience in different areas of power sector. I also welcome Mrs. Sudha Pillai, our Non-Executive Independent Director, a retired IAS Officer of Kerala Cadre, one of the foremost woman to serve in the Indian Civil services. She is also Chairperson of the Audit Committee and Member of the Nomination and Remuneration Committee and CSR Committee and other committees. I also welcome Officer, Professor KT Chacko, our Non-Executive Independent Director, a retired IAS Officer, had 34 years of experience in public administration. He is also Chairman of the Nomination and Remuneration Committee, Stakeholder Relationship Committee, CSR Committee and Enterprise Risk Management Committee and also a member of the Audit Committee. I also welcome Mr. Amit Garg, our Non-Executive Director and member of the Shareholder Relationship Committee and other Board Committees. He's a seasoned business professional with almost 20 years of diverse functional experience across multiple industries. I would also like to inform everyone that Mr. TP Chopra, Non-Executive Independent Director and Shri Gautam Dalmia, our Nonexecutive Directors are not able to attend the AGM due to some last minute exigencies. Apart from our directors, company Statutory Auditors and Secretarial Auditors, they also joined the meeting from their respective locations. Mr. Mohammed Nazim Khan is appointed as a scrutinizer for this meeting to ensure voting process is conducted in fair and transparent manner. We welcome you all at the 16th Annual General Meeting of Indian Energy Exchange Limited. Now before we proceed further, I would like to highlight certain points regarding the participation in the meeting. Facility to join the meeting was opened 30 minutes before the scheduled time of the AGM at 11:30 A.M. and shall kept open throughout the proceedings of the AGM. As mentioned in the notice, the facility of participation at the AGM through video conferencing or other audio visual means has been made available for 1,000 members on the first-come, first-serve basis as per the MCA circular. The Q&A session will take place once the Chairman opens the floor for questions and answers. For a smooth conduct of the meeting, all the lines for the shareholders will be on mute. The proceedings of the AGM are being recorded and will be posted on the website of the company after the AGM. The certificate from the [ Secretarial] Auditors towards compliance with SEBI, Share Based Employee Benefits and Sweat Equity regulation 2021, the Register of Directors, Key Managerial Persons, and the Register of Contracts or Agreements along with statutory documents are made electronically for inspection by the members during the AGM. Members are requested to refer to the instructions provided in the notice and in case any member face any difficulty, they may reach out on the helpline numbers. Now furthering any further delay, I request Sri Satyanarayan Goel, our Honorable Chairman and Managing Director, to occupy the chair and preside over this meeting. Welcome, sir.

Thank you, Vineet. Good afternoon, ladies and gentlemen, and thank you for joining us today. I, Satyanarayan Goel, Chairman and Managing Director of the company, on behalf of the Board of Directors of Indian Energy Exchange Limited extend a very warm welcome to each one of you present at the 16th Annual General Meeting of the company. Our goal is to approximate the experience of a meeting as in-person, including the opportunity to participate at the meeting through the video conferencing facility and vote electronically. And I'm pleased to inform you that your company has made all efforts feasible under the current circumstances to enable these facilities. At the time of -- as the time is already past 12 noon and request quorum is present at the AGM, I thereby declare that the meeting is in order and commence the proceedings of the meeting. I will now commence the address to the shareholders. Dear shareholders, the Indian economy is back on the track post the COVID-19 pandemic and the country is expected to grow to become one of the top 3 global economies in the next decade. This has largely been due to conducive environment that has been created by the government through the push on infrastructure and electrification backed by favorable regulatory initiatives, along with a focus on sustainability. The boost in the economy is reflected in the country's Index of Industrial Production, which grew by 11.4% in the fiscal '21/'22 against an 8.4% contraction in 2021. For the fiscal year '23, India is expected to achieve a robust GDP growth of 7.4% as per IMF projections. Electricity, the main enabler for economic and industrial growth will play a crucial role in meeting the nation's ambitious target of becoming a [ $5 ] trillion economy by the year '26/'27. Rebound in economic activities has led to increase in demand of electricity to 1,374 billion units in FY '22, an increase of 8.1% on a year-on-year basis after 2 years of slowdown. The quarter gone by April-June '22 saw an all-time big demand of 212 gigawatt and a consumption value of about 18% on a year-on-year basis, which is again a record high. An expanding economy, rising [ Ind AS ] valuation and the increasing focus of the government of India on electrification from electric cooking to railway tracks and to electric vehicles will lead to a significant increase in power consumption of the country. Currently, India's per capita energy commission is only about 1/3 of the global average. This presents enormous opportunity for the electricity sector, which is expected to grow at a rate of more than 7% to 8% per annum for the next few years. Large part of this incremental demand will be met through the market, providing significant growth opportunity for us. India is undergoing an energy transition driven by renewables. India has place to achieve 50% of the installed power generation capacity from the renewable energy by 2030. Globally, we have seen that countries with higher renewable share in the energy mix have effectively leveraged energy markets. Power exchange are key in managing the intermittencies by integration with conventional power and enabling the most efficient matching of demand and supply. Your company is extremely proud of its contribution towards the nation's sustainability goals. Since the inception of our Green Term-Ahead Market in August 2020, the green market has grown significantly. In FY '22, we achieved a volume of 4,945 MUs, which is an increase of 5x of what we did in FY '21. The real-time market, which supports the integration of renewal energy traded almost about 20 billion units last year, which constituted 20% of our total volume credit. Policy and facility initiatives will play a crucial role in enabling fast-evolving energy consumption. The government and regulators are taking several regulatory and policy initiatives towards facilitating energy transition through the deepening of electricity market. Recently, to address the challenge of unutilized capacity, Ministry of Power has issued new rules under which a distribution company will have to give its power schedule on day ahead basis and whatever power is unrequisitioned that can be sold by the generating company through the Power Exchange. This will increase supply side liquidity in the market. Additionally, open access for small consumers even with contracted load of 100 kilowatt against the current provision of 1,000 kilowatts for the green power with cap on cross-subsidy as well as removal of additional surcharge will not only incentivize the consumers to go green, but also address the issues that have hindered the growth of open access in India. Amendments to DSM regulations, linking deviations to the block-level prices discovered at the Exchange to maintain grid stability and safety is another significant initiative undertaken during the fiscal year 2022, which will increase market liquidity. Similarly, on the regulatory front, several pro market measures were initiated in the fiscal year 2022, prominently at the central level, the CERC Ancillary Service Regulations 2022 would help create market-based ancillary service and improving the grid safety and security. Implementation of National Open Access Registry will enable automation, increase efficiency and transparency in transmission allocation, thereby enabling greater efficiency in the power market. Similarly, the CERC Connectivity and General Network Access Regulations will simplify as well as rationalize transmission allocation, transmission pricing and support, strengthening of transmission network. Further, we have also taken up for approval -- regulatory approval of our new market products in the fiscal year 2023, such as Gross Bidding Contracts. Your company sees the evolving policy and regulatory landscape as conducive to the future growth and remain committed towards expanding the power markets. The Indian Gas Exchange, which was started by IGX in the year 2020 for contributing towards building of India's gas economy and a competitive gas market. Since then, IGX has grown from strength to strength with increasing number of participants growing traded volume and the discovery of competitive price. In financial year '22, IGX traded INR 1.2 crore MMBTU and achieved financial breakeven. Many leading organizations such as petrochemical industries, such as BPCL, IGL, IOCL, Indian Oil, Adani Gas Private Limited, ONGC and the like, came on board with IGX as members this fiscal year. IGX is aligned with government's vision of increasing the share of natural gas in the country's energy basket from 6% to 15% by 2030. Various initiatives of the government including the proposed setting up of Transmission System Operator to manage the entire gas infrastructure, intent to bring natural gas under GST will further help your company develop a vibrant and deep gas market in the country. At IEX, customer centricity is either at the heart of our operations, and we have continuously working on -- working towards enriching the experience for our customers. Towards this purpose, we enhance the experience for our customer across all touch points, including registration, bidding, physical delivery and financial settlement. We have launched a web-based platform that provides digital onboarding experience for all our customers, intelligent data insights to enable effective bidding, easy financial reconciliations for Exchange transaction, web-based access to trade reports and anytime, anywhere, easy and secure bidding experience. These initiatives have helped us to meet the rising expectations of our stakeholders, resulting in true customer delight. We are now also providing value-added services for renewable power producers to garner forecasting services and solutions from top enables empaneled service providers from IEX platform. These technological innovations and initiatives have strengthened our customer centricity proposition and provided us unique competitive advantage. Our efforts to constantly evolve our production services to better match the ever-changing requirements of our participants and our pursuit to enhance their experience while trading on our platform has won us recognition across the industry, recognizing the outstanding leadership demonstrated by IEX during the challenging COVID times as well as the positive and transformational effect we have been able to driving in the power sector. CNBC TV18 accorded as the most promising company of the year award at the 17th Edition of India Business Leaders award earlier this year from the Honorable Finance Minister, Smt. Nirmala Sitharaman. Your company has had a momentous fiscal 2022. We achieved a record all-time volume of 102 billion units with a 37% year-on-year growth across market segments. This boost of volumes was due to increasing demand of electricity coupled with few of innovative trading products. The 20% CAGR growth of the -- on the exchange platform over the last 5 years, it's a validation of the efficacy of our electricity trading platform. In FY '22, exchange market comprised of 7.4% of the country's total electricity generation as compared to 3.6% 5 years ago, and this is expected to increase further in future. While our market share has doubled, there is immense potential to further deepen India's power market. Considering that, markets contribute about 40% to 50% of electricity consumption in many developed countries. The government of India also envisages an increased dollar power exchanges in India and has proposed amendment in the National Electricity Policy to expand spot market share to 25% by the year 2025, which is a step in the right direction. The recent commencement of Long Duration Contracts on the power exchanges is also expected to further reinforce our positioning in power market. Your company has been expanding the country's power markets beyond India borders and with the launch of Cross-border Electricity Trade. Nepal and Bhutan have already started trading on our platform, and Bangladesh is expected to join our market shortly. This has resulted in emergence of South Asia power market, which is allowing availability of power at competitive price in the region. In fiscal 2022, the consolidated revenue of your company grew by 36% on a year-on-year basis, which was an increase from INR 356.2 crores in FY '21 to INR 484.4 crores in FY '22. Profit after tax increased from INR 205.4 crores to INR 308.6 crores, which is a year-on-year growth of more than 50%. The Board of Directors of your company announced a total dividend payout of INR 2 per share. This amounts to 200% of the face value of equity shares for the financial year '22. IEX is an extremely conscious organization that actively works towards giving back to society. Our CSR initiatives are calibrated to create a deep and lasting impact in the community that we thrive in. Our association with IIT Kanpur continues into the fifth year of its facilitated numerous interventions in research and education in the power sector. To preserve and promote the culture, art and heritage of India, we have also partnered with Sabhyata Foundation, which has resulted in substantial work done at the Red Fort in Delhi. Dear shareholders, electricity play an important role in ambitious -- in meeting ambitious goal of India becoming a developed country by 2047, as envisaged by Honorable Prime Minister. Rising economic and social aspirations, combined with Indian government's increased focus on electrification of the economy, keeping sustainability at the core will accelerate power consumption in the country. The energy markets are driving this transformation and enabling India in achieving its sustainability aspirations. An enormous opportunity lies ahead of the exchange market as the nation moves towards greater adoption of renewables and the energy sector undergoes rapid transition. We regularly interact with the government and the regulators to create an enabling policy landscape to further develop the energy markets, which we believe have immense potential growth. Concerned with the development of new and efficient trading mechanism of electricity and gas, we are also evaluating the viability of venturing into carbon market and coal exchange and other opportunities that exist in the energy domain. In our core business, we are here to launch new products such as Ancillary Market, Gross Bidding and Capacity Markets. With time committed to facilitating the sustainable and efficient energy performance in India, while remaining optimistic about opportunities and promises the future holds. With this, I shall conclude by thanking all of you, our dear shareholders for your continued faith and unwavering support towards IEX. On behalf of the Board of Directors of the company, I would like to thank all of you for being a part of this AGM. I would also like to express my sincere gratitude to the Ministry of Power, the Chairman, Member and Staff of CERC, CEA, POSOCO, NLDC, RLDC, SLDC, SERC members and clients of exchange, financial institutions, shareholders, bankers, registrar and transfer agent and business associates for their constant faith and encouragement. And last but not the least, the Board would like to convey its immense gratitude to employees, clients, vendors, partners and investors for continued support to grow your company to where it is today. Thank you and stay safe. Moving further, the notice for 16th AGM together with the annual report was already sent by electronic mode to all the shareholders and was also made available on the company's website. With the permission of the members present, I take the AGM notice as read. The Statutory Auditors and Secretarial Auditors have expressed unqualified opinion in their respective audit reports for the fiscal year '21/'22. There was no qualification, observations or adverse comments on financial statements. The Statutory Auditors report on standalone financial statements and consolidated financial statements and Secretarial Auditors report are available in the annual report. With the permission of the members present, I take these reports as read. Before we take up the items as per the notice, I would like to inform that company has provided a facility of remote e-voting to all the shareholders to cast their vote electronically on all the resolutions set forth the notice. The members who have not already cast their vote by means of remote e-voting may vote through Instapoll facility provided on the AGM portal provided by KFin Technologies Limited. I now order the Instapoll to be conducted on all the ordinary resolutions as set out at Item #1 of the notice of the 16th AGM, post which we can commence the question-and-answer-session. The reservations in respect of ordinary businesses proposed to be taken up at this meeting, have been already circulated to all the members. With your permission, I take them as read. The Instapoll facility is now activated for members who are participating in this meeting and have not already voted through the remote e-voting. The Instapoll facility will remain active throughout the meeting. The combined results of remote e-voting and e-voting done at the meeting today will be announced and displayed on the website of the company and the RTA within 2 working days of the conclusion of meeting. I have apprised Mr. Vineet Harlalka, CFO and Company Secretary, to receive the scrutinizers report and communicate the results of the voting to the Stock Exchanges and also place them on the website of the company immediately after the declaration of the results. Now we can commence the question answer session. Vineet, I think, we can now ask the moderator to open the floor for the question answers.

May I now request our first speaker Mr. Amit Garg -- sorry, may I now request our first speaker, Mr. Bimal Krishna Sarkar [Operator Instructions]. Mr. Bimal Krishna Sarkar?

Am I audible?

Yes, you are audible.

Sir video is not opened.

Please click on share webcam option.

Okay. Hello. Very good afternoon Chairman sir. Bimal Krishna Sarkar, equity shareholder of the company. [Foreign Language] Respected Chairman [Foreign Language] , Company Secretary, Vineet Harlalka, our Secretary Department [Foreign Language]. Sir, Company Secretary, Vineet Harlalka Ji [Foreign Language].

May I now request our next speaker, Mr. Sripal Singh [indiscernible] [Operator Instructions].

Sripal Singh [indiscernible] Gurugram, Haryana [Foreign Language].

May I now request our next speaker, Ms. C. E. Mascarenhas to [Operator Instructions].

Hello. Am I audible ? I am audible?

Yes. Ma'am you are.

Respected Chairman and MD, Satyanarayan Goel, other Board members, my fellow shareholders in this VC, I am Ms. C. E. Mascarenhas speaking from Bombay. First of all, I must thank the Company Secretary and his team for giving me this -- for sending me e-annual report and also registering me as a speaker. And thanks to the KFin tech platform for making -- for allowing me to speak and take part and ask my queries. Balance sheet is very excellent. Of course, I read online, the revenue is up PBT, PAT up, EPS is also up and a dividend of INR 2 per share of one, it is very good that comes to 200. But according to my calculation, you gave sometime back, you gave on 1 share 2 bonus. And if you take that ratio, we are getting INR 6 per share of one. It is really an excellent company, keep on rewarding. I am very happy with it. Next is, I congratulate for whatever awards, which are in the annual report. Also, I appreciate the CSR work and also the ESG initiatives taken, and you, I can say this company is like an ESG company only. So I would like to know whether you have done any rating of the ESG. If so, what is our score and who is the rating agencies? How much carbon footprints you have reduced? I would like to know and by which year you will make zero carbon dioxide. Now my queries, the renewable at the center of energy transition, how are we going to achieve and contribute in the economic growth? Number two, how much of solar energy we are receiving to the other companies? Can you speak which state or states are rich in renewable energy projects? And how much of that excess power we are receiving? Sir, please express your view on green hydrogen and how will India take to green hydrogen in 5 years' time? And last one is, I understand that IOC is with some solar company is going to launch solar stove whereby the gas, what we are paying very high, because being a housewife, I feel the pinch because that gas has gone now INR 1,100. So if the solar, I talked to the IOC also, I would like to take that solar stove with the fitting of solar outside in the gallery or whatever, they told me it will be price of INR 15,000. So like this projects, if you can take, it will be very good for India. I have supported all the resolutions. I wish my company all the best. May it grow in strength on strength and keep on rewarding us day by day, year by year. And lastly is, I wish you all very good health to you and the entire team because I really believe that health is wealth after looking at this COVID, all the problems which it created. Thank you so much and wish you all the best. Thank you once again.

May I now request our next speaker, Mr. Dilip Kumar Jain to [Operator Instructions]

Is it audible?

Yes sir, you are audible.

Yes.

Dilip Kumar Jain from Jaipur. Mr. Goel and all Board Members [indiscernible]. [Technical Difficulty]

Sir, Mr. Dilip Kumar Jain we're not able to hear you clearly request you to please check your network settings once.

[Foreign Language]

I'm audible?

[Foreign Language]

I'm Dilip Jain from Jaipur. Mr. Goel and all Board members I congratulate you to the excellent results of the company and rewarded to the shareholders also. And especially thanks to [ Mr. Anuj Jain ] who is very efficiently coordinate with all the investors and shareholders personally. Your contribution to the power generation is very excellent in the current country's benefit. And I congratulate for INR 1.2 crores MMBTU achieved financial VP and joined by our pioneers of oil and gas field during the year. IGX has 530 clients and 26 members are prominent players in the industry. Growth is also very good, 37% year-to-year in 2022. IEX also launched hydropower contracts that is very -- at least do good things for this field. Profit growth is also 41.7% as compared to 13.25%. Yes, revenue growth also, also thanks to you for bonus given to everyone and to the shareholders. Net profit margin is also 63.3%, very good, sir. I want to know briefly about the disputed amount of INR 341.76 lakhs out of which INR 17.09 lakhs were already deposited in funding matter which is in tribunals, showing on Page #155. Thanks to you once again. This is all again, thank you for inviting me, as a speaker.

May I now request our next speaker, Mr. Dipankar Purkayastha to [Operator Instructions]

So I have a couple of questions. My first question is how much of the software which is driving the exchange trading platform and the related APIs is proprietary to the Exchange? That is how much does the Exchange have IP rights over it? And how much has been sourced from other vendors, which is available off the shelf to competing Exchange? The reason why I'm asking this question is I just want to know how durable the competitive advantage you have in the field of technology vis-a-vis the new Exchanges which have come up in the last few months. Second question is in Page 70 of the annual report, you have stated that the employee benefit cost has declined mainly on account of higher employee attrition during the year. I mean, this is a unique statement, as one of the earlier shareholders had also commented, no company have I seen a statement that employee benefit expenses have gone down because of attrition. So that leads me to ask, what is the percentage of attrition during the year? And do you have any idea how much of these people who have left have joined the new competing Power Exchange? My third question is on the balance sheet. Your receivables have gone up from 26 days to 75 days. And in the annual report, in the explanation you have given, you have stated that this is due to debtor balances related to the RTM segment. So can you explain this a little more to the shareholders? And does it mean that 75 days receivables is going to be the new normal from now onwards? Or is this a one-off event? Next question is we have launched Long Duration Contracts because the CERC has given you approval for this. My question is in the absence of derivatives for which SEBI is still undergoing discussion with the participants, do you think that it is viable to launch Long Duration Contracts? We are talking about contracts which run 9 months, 12 months. So without derivatives to hedge these risks, is this a viable business for you? And if you can tell us how much business you have actually booked under this head since we have launched this business? Now I come to another favorite question is that MEBD (sic) [ MBED ], you have said that the government has issued some direction 2 years back. Thereafter, you have submitted counter proposals for Gross Bidding. So where are we exactly standing? Has your proposals on Gross Bidding been approved? If so, when is it going to be implemented? And how will this affect the business? How will Gross Bidding have business implications for IEX, if you could explain to us. Then on this INR 2 paisa transaction fees, which was under discussion with CERC, have the final orders been issued by the CERC? If yes, can you give us the details? In April, we had a problem when the CERC issued orders capping prices. So I won't go into the circumstances of why that was done. I just want to know what was the business loss that was incurred by the CERC? Having been able to quantify the revenues that were lost because the liquidity dried up on the Exchange. So what has been the revenue loss to the Exchange on account of this order? And final issue of mine is that recently, discounts -- some select discounts were barred from the Exchange because they didn't pay the power generators. So again, what was the business implication of this? Was there a revenue loss? If so, how much was the revenue loss?

May I now request our next speaker, Mr. Ashok Kumar Jain to [Operator Instructions].

I'm audible?

Yes, you're audible sir.

Congratulations to the management and all the staff employees for providing the excellent result during this year. There is no doubt in the financial statement of annual report as I have full faith in the management. First of all, I would to know that any buyback or right issue in near future and what is the future strategy of the company? And I thanks to very much to the Company secretary and all the staff of the secretarial department for allowing me to put all my points in the meeting.

May I now request our next speaker, Ms. Bharti Shroff to [Operator Instructions].

[Foreign Language] Santosh Kumar [Foreign Language].

Thank you, sir. So with this, we have completed our speaker session, and we have given all -- opportunity to all the speakers who have registered themselves. Over to you, Chairman sir.

[Foreign Language] I mean, they are also likely to join in the month of November -- in the month of October. And there is good opportunity in the cross-border trade with Nepal, Bhutan and Bangladesh. And with Sri Lanka also, there are discussions to create transmission link. So this is a big opportunity for the company. Transmission congestion, Yes, there used to be transmission congestion earlier. But today, we have a robust transmission network across the country. And we are seeing for almost about 99.9% of the time, no congestion in the country. It is "One Nation, One Grid and One Price" across the country. We are seeing one single price discovery. [Foreign Language] Our policy is to pay at least 50% of the profit in the form of dividend, and that we have been doing consistently for all the years, more than 50% of dividend. And there was a suggestion that company should consider a special dividend payout, yes, we will definitely consider this suggestion also. ESG, yes, we are working in the ESG area. And as of now, we've done any rating of the company. But in the future, as and when there is a requirement, we will get the rating done also. But we are very conscious about this. And in all of our activities, we are ensuring that -- we should ensure that there are no wastages and we should use maximum renewable to the extent possible. There was one question about Solar Energy, who are selling the solar energy and how to increase that. Solar energy is normally coming from the states like Gujarat, Rajasthan, Andhra Pradesh, Karnataka, which are rich in renewables. And we started this product only 2 years back. We are seeing good participation of the participants in this, and I'm sure in the future solar energy will be a significant -- trading in solar energy will be a significant component of our trading -- total trading volume. Green hydrogen. Green hydrogen is picking up. Government has also declared this as an important mission. And we are also continuously interacting with the sector participants to understand about the logistics detail so that we can create a product on the Exchange platform for trading of hydrogen also. Now the question about software proprietary, I mean we have Exchange Technology team consisting of almost about 45%. So we are doing all in-house development as far as the software is concerned. And we have only one component of the total software system, which is the [ matching engine ] which has been purchased from an international technology provider, which is [indiscernible]. And except for that, the total software is being done in-house. There was a question about receivables. I mean, in fact, company is doing business based on the advanced payment. So all our participants, they make payment in advance and thereafter the trading happens, so we have no major issue of receivables. It's only on a case-to-case basis, if there are emergencies, we allow trade without payments, but the payment is revised on the next day itself. In the RTM market is the transactions take place on a 24-hour basis. So transactions today done in the evening hours for them the payment is received on the next day. So -- but there are no outstandings and there is no trend in receivables increase. There was a question on Long Duration Contract. Yes, Long Duration Contracts were approved in the month of May and we have launched them from the month of June. And as of now, since electricity clearing prices are slightly higher, and there are constraints in the supply side. So volume in the Long Duration Contracts are not happening. Volumes are mostly happening in the short-term contracts only in our Day Ahead Market and RTM market. Some transactions have happened for the next 2, 3 months in the Long Duration Contracts also, but I'm sure from the month of -- from -- in the next 2, 3 months, this market will also pick up. Then there was a question about [ MBED ] and our suggestions on the gross bidding. Yes, government of India was talking about implementing [ MBED ]. And about a year back, they had sent that paper to Regulatory Commission for implementing it. But as of now, nothing has happened. In the meantime, we made a suggestion about Gross Bidding. And we feel that with the Gross Bidding concept also it is possible to achieve efficiency what they intend to do by [ MBED ]. And this suggestion is also very well received by the sector participants. We are working with the regulators and the sector participants to implement this. On transaction fees, we have already made petition as per the Power market Regulations with CERC. The petition has been admitted. But as of now, no order has been issued by CERC, we are awaiting their order. Price cap and business loss, in the month of April, there was a price cap introduced in the market. Earlier, our price cap was INR 20. Now the price cap is INR 12. But with this price cap, there is no business loss because whatever generation is available in the country, the variable cost of that generation is, in fact, only in the range of INR 8 to INR 9. So with price cap of INR 12, there is no loss as far as the sales volumes are concerned, and we are continuously analyzing this. We have not come across any volume loss in this. And in fact, as per the regulatory order, this price cap is only up to September 2022. There was a question on women empowerment and flexible working conditions. As a matter of policy, we are ensuring that the ratio of women employees in the company that should increase. And in fact, when we do the recruitment and if -- there are 2 candidates, one is women. We definitely give preference to the women. And, yes, flexible working condition suggestions which has come. We will look at this. IGX -- IGX is doing good business. As I told you that IGX has done that turnaround breakeven within 1 year of its operation. And I'm sure in the next 5 years, there is a good business opportunity for IGX because gas being a clean fuel, Government of India has target to increase gas consumption from 6% in the energy basket with 15%, and that should provide us a good opportunity to increase gas trading on the sales platform. About carbon market and coal exchange. Carbon market, we are evaluating this option. And in fact, the company has appointed a consultant also to suggest the opportunities which are there in the carbon area -- carbon space, and we are exploring this option, and I'm sure we will do something in this area. And in fact, Ministry of Coal is also considering to introduced Coal Exchange in the country, and they have appointed a consultant to develop a framework for setting up Coal Exchange. And we are in active discussion with Ministry of Coal and we would like to have the first Exchange -- Coal Exchange in the country. I think these are -- most of the questions I have answered them. And if there are any additional questions, please send it to us, we will respond it back to you. Dear shareholders, we have taken note of your valuable comments and suggestions, and we'll consider them in future. With that, we finish the question-and-answer session now. I would like to thank our Board members for their continued guidance and support and for taking the appropriate decisions for the growth of the company to maximize the shareholders' value. I would like to thank all the shareholders for their suggestions and comments and for attending our Virtual Annual General Meeting today. On behalf of the company and our Board of Directors, we wish you all a very healthy and safe life. I now declare the proceedings of the Annual General Meeting has completed. Thank you very much. As the things are now getting back to normal, we look forward to seeing you in person in 2023. Thank you again.

So with the permission of all the Board members and shareholders, it's my honor to propose a formal vote of thanks on behalf of Indian Energy Exchange, the Board of Directors and all the shareholders. I take this opportunity to thank Mr. Satyanarayan Goel, Honorable Chairman of the meeting for this event, sharing his precious thoughts with us and holding the proceedings of the 16th Annual General Meeting. Thank you, sir.