Indigrid Infrastructure Trust (540565) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the India Grid Trust Q1 FY '22 Earnings Conference Call hosted by Edelweiss Securities Limited. [Operator Instructions] Please note that this conference has been recorded. I now hand the conference over to Mr. Swarnim Maheshwari from Edelweiss Securities Limited. Thank you, and over to you, sir.

Thank you, Malika, and good evening to everyone. I welcome you all on behalf of Edelweiss. From the India Grid management, we have with us today Mr. Harsh Shah, CEO; Mr. Jyoti Agarwal, CFO; Miss. Meghana Pandit, Chief Investment Officer; and Mr. Satish Talmale, who is the COO. I will hand over the call to Mr. Harsh for the opening remarks, post which we can open the Q&A session. Over to you, sir. Thank you.

Thank you, Swarnim, and welcome, everyone, on the quarter 1 financial year '22 call of India Grid Trust. We will go through and report on the presentation that we have uploaded in the exchanges. Start quickly on Slide #3, this is our vision to become the most admired yield vehicle in Asia, and focused on business new value-accretive growth, predictable distribution and an optimal cap structure. On Slide #5 is just a snapshot of what IndiGrid is today. So IndiGrid today is India's first power transmission yield platform with approximately INR 21,000 crores of assets under management across 18 states and 1 UT in India. We own 40 lines, 11 substations and 2 solar power plants approximately 100 megawatts. In terms of another measure, we are about 11,550 towers and overall metal, if one was to count, it comes to about 4,35,000 metric tons of steel and aluminum. On the right-hand side is the depiction of our portfolio. As you can see, we are part of major represent in Central, Northern and Eastern India. Coming to quarter 1 for performance highlights for us. I think first is to start with financials. We had a robust financial growth with our revenue and EBITDA growing by about 53%, largely on account of acquisitions that we have done during the financial year, or rather during the last 12 months since last year quarter 1. DPU has increased materially between quarter 1 of FY '21 and quarter 1 of FY '22. In 2 steps of increases, one that we did during the mid of the year last year, and one in quarter 4. That has resulted into the first quarter distribution for '22 at INR 3.19 rupees a unit, which is about 6% higher on a year-on-year basis. It puts us about at about INR 12.75 of our annual DPU forecast. We remain well capitalized on our balance sheet. Our net debt to AUM is just about 58% and AAA rating affirmed by 3 important rating agencies in the country. We raised in quarter 1 two important part of our cap structure. One is a rights issue, which we spoke about in the earlier call, which was a successful issue, and I would like to thank all our investors who participate in that. The second one was a public bond that we did, which also resulted into a tremendous success, and that really opened up long-term source of capital for IndiGrid on that side. We acquired our first solar project, called FRV, in the quarter at about INR 6.60 of PV, about 100 megawatts of plant. We continue to focus on asset management to ensure that we are mitigating any risk that are in out of our operations and continue to maintain a reliable portfolio. Our availability was at 99.7% for the quarter 1. And the important point for the quarter is that IndiGrid has now transitioned into in-house project management and asset management, and this is an important point because historically Sterlite Power operated as a project manager for IndiGrid and provided support in terms of operations. However, as we have discussed in several calls over the last 2 years, IndiGrid has built our capabilities enough to continue the project manager or operations and maintenance on its own. And with that in mind, we have transitioned into internalizing these operations. On the policy front, there are many important outcomes that we achieved in quarter 1 of this year. First one being that SEBI has now approved the reduction of trading lot, which integrate trades right now at [ 1701 ] to single unit for all publicly listed InvITs. So we believe once this circular is notified, we will be seeking to exchanges and making our trading lot to ONE. We are confident that this is going to result in substantial amount of liquidity and access both for IndiGrid as well as for investors to convert their unit to InvIT. [indiscernible] during the quarter has enabled insurance company to invest in that security of InvIT, and that's something which we have seen very well in our public NCD issue. PFRDA has done 2 important announcements where they've enabled NPS backed pension funds to invest in net securities of InvIT, just like insurance companies. In addition to that, they also relaxed the sponsor rating requirement, which was there for investment by NPS backed pension funds into InvIT units. And this restriction is only kept for the InvIT itself. So IndiGrid is well within the restrictions as IndiGrid is [ circle A ]. We believe that a lot of NPAs back pension funds would look in to IndiGrid as a favorable investment. Going to the next slide, 7, quickly to capture the impact of COVID. We all saw wave 2 in quarter 1 of this year, just like the wave 1 in quarter 1 of last year. However, I think this quarter was a far better in terms of collection. So this quarter about 69% collection versus 56% that happened in the last round on year-on-year basis. However, this is largely to the fact that quarter 4 FY '22 was 126% collection, and that's something which is -- in fact has rolled over into quarter 1. And on an average basis, we are doing fairly okay with DSO days just at about 60 days. Impact on demand is an important criteria while power transmission tariffs are not linked to demand and only linked to availability. However, we are clearly seeing power demand sharply at the moment. The lockdowns are opened again. And on a quarter 2 itself, we are seeing a substantial growth between 61 -- 16.6% versus last year. And as you would have seen a lot of [ posts ] coming from the government themselves, the India's peak demand has crossed 200 gigawatts in July and consistently making new highs. So we are confident that the power consumption demand, which is the underlying factor in the sector, also remains pretty robust. Going to the next slide on operating performance. As you can see on the left-hand side our assets are performing as they are expected, all of them resulting into maximizing our incentives. And the assets which are not at the maximization of incentives, like NER, which is the asset that we acquired recently, is just going through the teething issue after the acquisition for the first few months. However, all these incentive losses are being indemnified by the sellers and being paid as well. So for commercial and practical purposes, integrated portfolio remains at 99.7%. In terms of some of the parameters, we have reduced number of trips per line, improved on unsafe conditions, improved in solar generation. So all those factors which are important for the portfolio reliability, we are focusing on them to increase reliability and sustainability. On the digital asset management that we have been consistently speaking about, which is our partnership with IBM-Maximo to launch and transform the way asset management operated for transmission sector in the country. We have gone live on 2 of our large assets, we expect about 20% of our portfolio is already live working on digital asset management, and we are hoping that by the year-end, we would be converting the entire portfolio into DigiGrid, which would be one of its kind. On HSE, we have focused on 100% safe man-hours achieved in quarter 1. And in terms of COVID, we continue to be careful in terms of COVID-related behaviors and focusing on health and safety of our key [ state payments ]. I would now invite Jyoti, Chief Financial Officer, to take from Slide 10 in terms of financial results and other details.

I'm on Slide 10, where we have put up the financial performance for the quarter. As Harsh has already explained, our revenues in EBITDA grew handsomely at 53%, backed by a couple of -- of acquisitions that we did over this time of the last 12 months. Our NDCF was lower, about INR 50 crores, INR 52 crores to be exact. But this was largely because we did a lower factoring of only about INR 50 crores this particular quarter compared to a factored amount of INR 140 crores in the corresponding quarter of the last year. So against the INR 90 crore lower factoring, the NDCF was lower by only about INR 50 crores. This is largely because we had a better collection this quarter, 69% versus 56% collection in the corresponding quarter of the last year. DPU, as Harsh mentioned, the Board has declared a DPU of INR 3.1875, or INR 3.19, which is in line with the improved guidance of INR 12.75 per year, which is up on last quarter. And this DPU comprises of primarily of interest, almost INR 3.04 out of the INR 3.19 comprise of interest, and about INR 0.15 of the DPU comprises of tax-free dividend, which is largely the dividend that we have got from the [ IPCI ]. Now this DPU of INR 3.19 on an expanded unit base of nearly INR 70 crore units post the rights issue, translates into a gross distribution amount of INR 223 crores this quarter, which combined with the distributions that we have done since listing will add up to nearly INR 2,300 crores of distribution of nearly INR 49 rupees of distribution per unit that we have done since we got listed. The NAV for Q1 FY '22 -- or at the end of Q1 FY '22, I should say, was INR 129 per unit. And this was sequentially lower as we had guided in the Q4 of last year because of 2 primary reasons: One was an expanded capital base. We increased the number of units post rights from INR 58 crores to almost INR 70 crores, and that led to a dilution of the NAV. And also we acquired the balance 26% equity of NER, and we have to pay close to INR 500 crores because of that. and that impacted the NAV for the rest. So we are well on our way to deliver on the increased DPU guidance of INR 12.75 for FY '22. I'll go to the next slide, which essentially provides a bridge from the EBITDA to the distribution amount. We did an EBITDA this particular quarter of a little higher than INR 500 crores. Now nearly 50%, or about INR 240 crores, of this was taken away by finance costs, both at the SPV level as well as at the [ IVT ] level, primarily at the [ IVT ] level, of about INR 214 crores, and about INR 27 crores at the SPV level. There was also a negative working capital movement. This was largely seasonal in nature. As we've seen in first quarter is generally the weakest when it comes to collections against a 126% collection in Q4, this quarter was less than 70%. So that led to a reduction in the working capital related NDCF by almost INR 117 crores. There were some other minor items like CapEx and tax as well as debt repayment. We were also helped in this quarter by a release of about INR 49 crores of DSRA, which is the debt service reserve account, and this is largely on account of some NCDs which got repaid for which we've not added in the DSRA and so that got added to the NDCF. And at the end of Q4, we had a total NDCF reserve of almost INR 170 crores. So we dipped into that reserve to the extent of about INR 55 crores in this quarter to reach to the distribution amount of INR 223 crores. Even after this dipping into the reserve, we still have a balance reserve of INR 115 crores for the future, which is higher than the reserve that was there prior to Q4. I'll go to the next slide, Slide 12, which talks about the debt structure of IndiGrid. We raised a debt -- incremental debt of about INR 5,400 crores in this quarter, largely for refinancing and funding of acquisition. This debt was nearly 10 years in tenure, and came at an average incremental borrowing cost of 7.57%. With an average cost of debt of about INR 7.9 crore, our marginal cost is significantly inside of the average cost, which should help reduce the overall average cost of debt as we go into the remainder of the year. We continue to remain AAA rated. We're carrying a good cash balance comprising of the SRAs, DPU, as well as NDCF reserve. Our net debt to AUM is much inside of the 70% regulatory cap for InvITs. We have a substantial part of our debt which is fixed rate. More than 70% of our debt is fixed rate. We've also been able to diversify our pool of investors. The roughly 50-50 between NCDs and bank loan. A little bit higher on the NCD side. But what is more important is that we've been able to diversify the nature of investors in both the NCD space as well as the bank loan space. We now have both public sector as well as private sector banks as well as some NBFCs who have given us loans. On the NCD side, other than mutual funds and corporates and HNIs, who are already a part of our debt book, this particular quarter, we saw 2 new investor classes getting added up. One was the Retail Investor Day, and post our public issue of NCDs. And second was insurance. We now have almost INR 400 crores of our total debt book held by insurance companies, both life and non-life. We've seen an increasing trend month-on-month of this Investor Day. And now with pension funds also being allowed by PFRDA, we feel that we have enough headroom to be able to further expand our investor base across this new class of investors. If you look at the bottom of the slide, we've also been able to smoothen our repayment profile over the year, something that we had guided to investors over the last few quarters. Other than FY '23, now we have the amount of debt repayable in any year within our comfort zone of less than INR 1,500 crores. And for FY '22 also, we are taking proactive steps to ensure that we get an advance tied up significantly ahead of the repayment time. At the same time, we are also exploring whether there is any merit in prepaying some of the debt which is coming in FY '22, '23 provided the cost benefit trade-off is optimal for us. For the next slide, I would like to invite Meghana to take us through the next slide, please.

Sure. Thanks, Jyoti. I'm on Slide 13, where we are compared ourselves on 1 hand with the pure-play debt product, which is the 10-year GSec bond, and on the other hand, we have also looked at how pure-play equity and certain indices have performed. And in the graph, it's a combination of total return, which is the distribution per unit plus the change in the market price. And as you can see, both on an absolute basis and on an annualized basis, IndiGrid has outperformed not just on the debt side but also on pure-play equity indices like NSE 500, BSE Power, BSE Utilities. More importantly, along with this total return, what is important is, on the volatility side, how has IndiGrid performed, which is reflected by the data. So on Beta also IndiGrid is amongst the lowest, 0.07, and thus we have tracked since the time of listing till end of Q1, that is June 13. So on a risk-adjusted basis, IndiGrid continues to outperform the equity indices as well as on the debt side, combined on the back of the acquisitions that we have done and the sustainable DPU that we have delivered. Moving on, I will request Harsh to give a perspective about FY '22, the outlook that we are looking at.

Thanks, Meghana. So starting on the next slide, which talks about the outlook for the '22. So we remain very positive about the power sector in general. There are a lot of new initiatives that are taken by government and regulatory agencies to come up with new technologies, and several storage and several other path-breaking initiatives on the overall grid side. What that eventually will result into, for us, we are expecting a sizable pipeline of interstate projects about INR 50,000-odd crores and INR 45,000 crores in the interstate bids over the next 3 to 4 years, which would result into a healthy acquisition pipeline for IndiGrid debenture. This year itself, we are expecting about INR 15,000-odd crores of bids to come to fruition. In addition to interstate projects, we are also seeing a traction in the renewable energy side, and we would look to target our select set of energy, solar energy assets that we are targeting in the sector, which will be with strong counterparties like GUVNL, [indiscernible], NTPC. On something which is already announced in concrete, the KTL, which is one of the last framework assets with Sterlite Power, we believe that, that is at the last stage of completion, and it is going to be completed in this financial year, and we would look to acquire that in line with [indiscernible]. And based on our current assets itself, we would continue to deliver the INR 12.75 guidance that we forecasted. On the balance sheet side, partly, as Lyoti mentioned, our intention would be to reduce cost of debt, diversify our source of borrowing, and maintaining adequate liquidity to any uncertainties that may come up if COVID continues to remain in the country. On the asset management side, our focus will remain to maintain high availability, focus on self-reliant O&M and many other initiatives like digital asset management, predictive analysis, we will focus on that. We will continue to focus on world-class EHS and ESG practices on our portfolio. On the industry stewardship, I think we will look to implement as soon as we said we notify the reduction of lot size, which we believe results in to increase liquidity in InvITs and IndiGrid as well, and there are some other initiatives that we are recommending the government with respect to tax anomalies or further diversifying lending from FPI sources, et cetera, that you continue to push within the government. But overall, we are extremely happy with the portfolio that we have. We are in the -- I believe we are in the right sector, at the right time with stable assets and a critical mass of assets and our focus will be to continue to perform as we did in the past with respect to our assets, financing and acquisitions. So with that, we believe we'll be able to deliver superior returns with sustainable and increasing DPU for investors in the coming future. And with that, I would conclude management part of the call, and we would like to open up for question and answer.

Thank you. We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Mohit Kumar from DAM Capital.

Congratulations on a good set of numbers. So 2 questions. First one on the business side, on the acquisition side, especially given the fact that we have only KTL left and that most of transmission, new transmission assets are being built either by the large players who may not be willing to part with. So does it mean that going forward, more and more the renewables in focus? Or do you think -- still think that there is the chance that we'll have some invest, some transmission projects coming up for sale? That's the first question.

Okay. Thank you, Mohit. I think, right, we see the growth in 3 buckets. First, as you mentioned, on renewable energy side, we do see acquisition pipeline over there. However, as we have said, renewable energy would -- where we remain in the size of 20%, 25% of our portfolio, and we would not cross that. But at this point in time, we are just about a few percentage points out, so about 3% of renewable assets in the portfolio. So there is no sizable pipeline as well as sizable headroom for us to acquire this. Second, with respect to, I would say, predictable acquisitions, which are already built assets, one of them, as we reported, it is KTL. Second, there is already -- there are already other assets available in the market, which are completed and revenue-generating. We would look to acquire it. However, it depends on when particular investors look at monetizing that, which includes Sterlite Power asset as well beyond KTL, which are sizeable assets in itself. But also beyond Sterlite Power as well there are assets which we are looking at within the transmission space. Third is with respect to the new bids, and new bids as we have done in the past is to partner with the developer, like we had partnered with Sterlite Power and provided framework agreements, which gives visibility to exit to investors. We are looking too in several such partnerships, which would result into further pipeline even from the new build assets. So we are pretty confident about that between these 3, we have sizable visibility of growth.

And are you hoping to acquiring interested transmission assets?

Yes, we are open to acquire intrastate transmission assets. We already acquired 1 intrastate assets, which is in Haryana. But however, that is case specific, because intrastate TSAs are different, and we need to dig into which kind of agreements are in place, what kind of counterparties are there. So we are open, but it eventually depends on size of the risk as well as type of the counterpart.

Okay. Secondly, on the working capital side, there has been a large [ crowd ] in this particular quarter, which we haven't seen in the earlier quarters. I think earlier quarters, more or less it's [ small travel ] or let's say the positive number from working capital. So do you think it's a cause of worry or do you think this will get addressed? And is the July collection far better than June in terms of your bidding?

Okay. So one, the way to evaluate the quality of receivables and balance sheet is to look at days receivable outstanding. And today, that number got 60. So on a balance sheet level, since [ DSO ], we are at 60 is outstanding, which is not certainly a cause of one, right? That's the number to evaluate in terms of what is the outstanding. The rest is quarter-on-quarter. Last quarter, as Jyoti mentioned, we did 126% collection, which means that a lot of our, I would say, customers ended up paying in advance because they receive liquidity from somewhere, right? So the movement when you have a quarter like that where you have collected 125%, next quarter where people are going to take a breather. So it is just the quarter-on-quarter adjustment is what we think at the moment that is playing out. In addition to that, we believe that this quarter is also unique from the point of view that this is the first quarter under which CTU is operating independently of Power Grid, because as you would know, about 2 quarters back, CTU separation from Power Grid has taken place, and it's been operationalized in this quarter, which has resulted into operational, I would say, delays in raising invoices and coordinating because it's a completely new setup. And we are seeing the clear change in July, and we have received in July over 90% of collections as the month. So I think it is a temporary phenomena -- or not even a phenomenon, it is a quarter-on-quarter change. Quarter 4 was extremely high collections, which means quarter 1 is slightly lower, but we have seen the receivable trend increasing in quarter 2 already.

So 1 more question, if I may, squeeze in. On the lot sizes, just on clarification, had the SEBI Board approved the lot sizes reduced for all InvITs? And whilst this [ InvIT ] get published or notification gets published, we can apply for it, right? How much time we expected to this thing to materialize if it is not notified?

So I think we should wait for the notification, but what we believe is that once the notification is made public, it is only a matter of us writing to exchanges and some operational changes at the back end that will take place with exchanges. So it's just the exchange approval that would be remaining after that.

Okay. Understood. So maximum 10, 15 days, Max, right?

That's it.

The next question is from the line of Abhilasha Satale from Dalal & Broacha.

Sir, I just had like we have done the -- I mean we have raised equity and debt. So on correct base, how much AUM growth we can see over a period of time, what is the maximum AUM which we can reach on current packages?

Meghana, would you like to take that question?

Sorry, Abhilasha, can you please repeat the question? I lost the last 10 seconds, sorry.

So we have raised through NCDs and rights issue, the capital base. So I want to know that at current capital rate at current debt level, how much maximum AUM we can reach?

Okay. So see, today, our net debt to AUM, we are close to about 58% of net debt to a year. As you know, our statutory regulatory cap for leverage is up to 70%. So with that cap, our AUM can easily have headroom to grow to the extent of at least INR 5,000 crores, INR 6,000 crores without the requirement of any further round of equity dilution.

Yes. And the second question is our interest costs, like whatever the new debt we have raised that being at a lower cost, the cost of debt has gone down to 7.94%, and we have a large repayment next year. So like this year, over the medium term, what kind of interest cost of debt will be the average cost of debt we are seeing?

Sure. On that one, Jyoti, you want to give perspective?

Yes. Thanks. So we've already indicated that the marginal cost of debt this particular quarter has been in the range of about 7.5%, 7.6%. And this is, by the way, our 10-year debt that we have raised in this quarter. The average maturity of the debt raised in this quarter is almost 10 years. At the margin, we do believe that the incremental debt cost for us will only get better as more and more investors are allowed to invest in our paper, pension funds being the latest addition. And as the market sort of appreciates our strategy and the outperformance a bit better. So we think we should be on our path to be able to continue to extend the average maturity and reduce the average debt cost by having more and more incremental debt in the 7.5 -- between 7.5% and [ 7.5% ] second quarter. So look, I mean for the rest of the year, whatever refinancing that we will be doing would be in the 7- to 10-year bucket. And I would hazard, notwithstanding any monetary policy surprises, us to be able to do it inside of 7.5%.

The next question is from the line of [ Prabal Dalmia from Lansing Investments ]. Please go ahead.

Harsh, Meghana, Jyoti, excellent performance once again this quarter. My question, Lyoti, was regarding the factoring, which was that INR 50 crores was very low this quarter compared to the last. So just want to understand what determines the amount of factoring that we do every quarter. And what is the sustainable level of factoring one should expect every quarter?

Yes. Good question, [ Praduman ]. So look, I mean, factoring or any sort of short term there can be driven by 2 or 3 factors. One is, of course, we need to be able to sustain the cash outflows for the operations, whether it's O&M cost, debt or whatever. Second is also we are very particular about our DPU guidance to the market. And this particular quarter, the amount of factoring that we did in mind was primarily to ensure that there are no [ guesses ] to the prices on the distribution front, as we realized end April that there is likely to be lesser collection, which is seasonal in nature. At the same time, there were 2 factors that Harsh talked about. One was a CTU migration. The second was this terrible second wave of COVID that hit us around the middle of April and right up to the end of nearly June, right? So based on these 2, we realize that the collections would not be as we had envisaged. We had envisaged around 85%, 90% coming into the year. But we modeled at about 65%, 70% collections. And accordingly, we determine the amount of factoring that we need to do to ensure that we are good in terms of distribution. Eventually, the collections came at 69%, which was very much in the ballpark and the amount of factoring was good enough for us to be able to meet the distribution guidance. As such, we did not have any shortfall of cash to sustain our operations as the reason to do the factoring, but will allow me to meet what we're guiding. As we speak, almost half of the factoring amount has already been prepaid because we saw collections normalizing, as Harsh was mentioning, in the month of July, we had 96% collection efficiency. So we've seen collections normalize very, very quickly, and to avoid unnecessary drag on the interest cost front, we actually prepaid 50% of the factoring amount. We expect to balance -- pay the balance very soon. Based on current outlook of the second quarter as well as for the year, we do not envisage any challenges of cash flow to be able to get into [ factoring ] again. But look, I mean, this is the strength of the model now that we do have various tools in our kit to be able to tide over any short-term imbalances that might be there. So we have factoring. We also have an ability to raise short-term money from the commercial paper market. We are also trying to tie up a sort of a permanent working capital lines with the bank. So hopefully, all of these tools will not be needed that much. But should there be a need, then we can use this to our advantage. Factoring being 1 of them, which we have used successfully twice. Once was in the corresponding quarter of the last year, this COVID first wave, and second much lesser factoring amount in this particular quarter.

Okay. Great. So if I understand correctly, so factoring is going to be used as a tool if and when we see any liquidity crunch or shortfall and the amount of factoring is likely to change every quarter, and there might be quarters where there is no factoring required at all? Is that true?

Yes. I think factoring is an exception rather than the norm. I do not envisage factoring for the remaining part of the year, if things pan out the way we are in. So I think this particular quarter, we had to do it for the reasons that we have just outlined. So factoring is not really a normal on a quarter-by-quarter basis, but more as an exception.

The next question is from the line of Rushabh Sharedalal from Pravin Ratilal Share and Stock Brokers. Please go ahead.

Just one question on the fact that do we as IndiGrid stand to benefit from the fact that -- now there are power exchanges like India energy exchange in the listed power grids. So do we at IndiGrid stand to benefit in any manner?

Yes. Let me take that. So I think, as such, directly, we don't get benefit. In the longer run, we do get benefit, and what do I mean by that is that most of the transmission planning in the country happens on long-term open access agreements. What that means is that most amount of transmission lines are built when they know the buyer, they know the seller, they know the corridor and therefore, then there is additional line. That's been the historical way of planning. So in that regard, it does not contribute directly whether there is an exchange or not. However the rationale behind building a national grid is also to facilitate, I would say, G&A or other open access without long wait years. And therefore, if you want to buy power in Gujarat from Northeast or you buy power powering J&K from Rajasthan, we don't need to wait for 2, 3 years to make a plan in PPA and build a line, and you should have access to be able to buy cheaper power from where you get it. And that -- in that scenario, exchange with key catalysts. So for example, while it is not concluded, but you would have heard about allowing distribution companies to get out of the old PPAs with PSU or thermal and getting to the new PPAs, which could be cheaper for them. In that regard, we would need to be able to buy power from exchanges or by new PPA. So new energy exchanges will play a vital role in that process, which would eventually result into healthy response and healthy sector. So it is a contribution of the energy exchanges into overall healthy sector, which would help transmission line ones like IndiGrid, but no direct benefit for us.

The next question is from the line of [ Ravi Chandran ], Individual Investor.