Schneider Electric Infrastructure Limited (SCHNEIDER) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Earnings Call of Schneider Electric Infrastructure Limited FY '26 Earnings Call hosted by Elara Securities. [Operator Instructions]. Please note that this conference is being recorded. I now hand the conference over to Mr. Harshit Kapadia. Thank you, and over to you, sir.

Yes. Good morning. Thank you, Trisha. Good morning, everyone. On behalf of Elara Securities, we welcome you all for the Q2 FY '26 and H1 FY '26 Conference Call of Schneider Electric Infrastructure Limited. I take this opportunity to welcome the management of Schneider Electric Infrastructure, represented by Mr. Udai Singh, Managing Director and CEO; Mr. Omkar Prasad, Chief Financial Officer; and Mr. Mohit Agarwal, Head of Investor Relations. We will begin the call with a brief overview by management, followed by a Q&A session. I'll now hand over the call to Mr. Singh for his opening remarks. Over to you, sir.

Thank you, Harshit, and very good morning to all of you, and thank you so much for joining this call. And I'm sure each one of you would have got a set of presentation, which we had shared with you a couple of days ago. And I will actually try to take you through this and then followed up by a brief presentation by CFO, Mr. Omkar, and thereafter, we'll take questions and answers as it may be. So taking it to the first slide where I'm so happy to announce and share that your company has won the Golden Peacock Award under ESG sector for year 2025. Just to give you a brief about what these Golden Peacock Awards are. They are instituted by Institute of Directors, started off from 1991. And in fact, this is something which tells you as to -- this really appreciates and distinguishes the company in terms of what the company is. And this is for recognition which we have secured against the outstanding behavior and performance, which we have done under the environment, social and governance performance. And this really serves as a benchmark for the industry leadership and competitiveness. Now by the way, this comes with a certificate which displays the Golden Peacock Award winner SEIL. And this just -- as I said, it reinforces our commitment to sustainability and responsible business practices, which we undertake. I am also happy to share with you that we, Schneider, in India has been recognized as top 15 companies, which are the Best Employers for year 2025. Now this is an award, which is actually given by TIME and Statista, where just to give you a sense, about 16,000 employees are interviewed across 7,000-plus-odd companies, and then this selection do happen. So this is, again, a testimony of what sort of workplace we create and what sort of things we do for our employees. Now turning to the next page, I would like to reinforce vision and mission which your company undertakes. Just reading out the vision. "Schneider Electric Infrastructure Limited “will lead the new digitized energy world, offering our customers and partners innovative connected products and solutions, which ready for the then power distribution's elevated expectations. And our balanced business model, superior quality and efficient supply chain will keep our growth and profitability resilient and sustainable." With this vision in mind, we also have a mission of being a digital partner for all our stakeholders for sustainability and efficiency. I would now like to take you to Slide #4, and my apologies, this will appear like a busy slide. But just to give you as to what we see as the market in front of us in short into medium term. If you look at the left side, we have a couple of bars, which are showing the GDP and GFCF, how they have been moving, which just establishes that the Indian economy is resilient despite the global challenges which we encounter. If you see, the GDP actually has grown and is forecasted to be at about 6.7%, which is about 1.1 points better Y-on-Y same quarter. And the Q1 of this year, in fact, was very robust. We saw about -- the GDP to grow at about 7.8%, which was -- the key drivers were the domestic demand, the expanding investment, the stable external sectors, the policy support and a lot of the structural reforms, which were underway. It was also fueled by the vibrant service sector, which actually kept us going even in Q1, and that same thing will continue. And if you notice, these things have been happening also because of the investment which has been coming from both government and private side and especially in areas of CapEx. Now if you just see that government has announced about INR 11.2 lakh crores of CapEx investment happening in this year, and it has been moving in right pace. And more importantly, the private sector investment actually has -- the announcement has been close to about INR 2.67 lakh crores, which is up by about 20-plus points percentage as compared to what it was last year, which was about INR 2.2 lakh crores. And this also has been moving in the right direction, which sort of gives us a sense that Indian economy is still doing great for company -- for our company. Now same thing I would like to tell you about the GFCF as well. This is nothing but the gross fixed capital formation, which grew by about 7.8% at constant prices in the first quarter, which was April, June 2026, which was up from 6.7% in the same quarter of the previous year. And this growth again was led by the strong public and private investment with significant gains in capital spending. Now this also reflects a robust investment in infrastructure in areas of machinery and buildings. For the full fiscal, GFCF accounted for roughly about 30% of Indian GDPs at current prices, which was slightly down from the previous year, which was FY '25, from 30.4%, but otherwise, it is doing well because absolute numbers are great. Now just to tell you the relevant enablers and the segments which we see in this company, and we have picked up four: the one being power and grid, the second being data centers, the third being the renewable space and fourth being the mobility segment. Now if you -- I'll take one by one. If you take the power and grid, you are aware about the RDSS scheme, where a spending of about INR 3 lakh crores was committed by government. And this scheme was primarily to reduce the AT&C losses to roughly about in the band of about 12% to 15% and also to eliminate the ACS and ARR gap. And this would have happened, number one, by strengthening the current -- the prevailing infrastructure; two, by putting up a newer infrastructure; and three, by bringing in a lot of digitalization, which will happen, and which will be needed to make this distribution run more transparently and more efficiently. Now these are -- this is one such area where perhaps our company has direct engagement with, and we can do work in both these areas as we speak. Now I come to data centers. Data center is -- I have to be very candid, data centers, there was slight lull for the last 2 quarters. But now we have come to a situation level where we see very promising growth in times to come. And this is primarily being fired -- the demand is being fired by lots and lots of digitalization, which has happened in the country. Just to give you some sense of a country which is about 140-plus crores of population, we already have about 110 crores plus people using mobiles. And I think you will not be surprised to note that out of this, 95 crores are on broadband. And last month, in fact, the consumption per month, which is a defined metrics rose to the highest -- one of the highest in the globe, which is about 27 gigabytes per month, something which is there, which means that we are really seeing a huge potential for data centers in the country. And be mindful that we have not started using as extensively as GenAI will perhaps bring us, which means more and more of GenAI, more and more of data and more and more of data centers. So we see good growth for us in this segment as well. And the big names have already announced their plans of actually doing it in India, which includes Amazon, Microsoft and the likes of Google. The third one is renewable. I'm again happy that India has actually reached the total installed capacity of 500 gigawatts, in which about 1/4 or roughly about 125 of solar has been commissioned and which is perhaps we are moving at least -- if not less, at least about 9 months ahead of the program, which India has rolled out of actually becoming energy efficient and energy independent. Now one important thing which has happened here is, in this recent budget, there has been a cut on the tax, which means that the GST 2.0 actually also makes the equipment attract only 5%, then erstwhile 12%. Now this will be a booster for developers which are going to develop and this -- I think we see the solar installation will pick up now because just to give you a sense, we are talking about a saving of about INR 100 crores for a 500-megawatt solar park just because of this reduction. So net-net, we are moving right in terms of renewables in the country, ahead of the program. And last, I would like to speak about mobility, and I speak about a program, which was UDAN, which was nothing but Ude Desh ka Aam Nagrik, where we actually want to establish regional connectivity to about 120 new destinations, and we should -- we are planning to make -- the country is planning to make about 4 crore passengers over next decade. Now this actually sets for a lot of avenues and potential for us, right from equipment, associated software and other stuff which we, the company, brings in here in this area as well. Metros, I'm sure we all enjoy and use metros. We already have about 800 kilometers of metro lines, and we expect another 800 to 1,000 kilometers of metro line across close to 30 cities come up in the next, say, maybe 4 to 5 years' time. Now this, again, gives a lot of bullishness for us because we do -- we work, and we operate in these segments quite well. And not besides that, the Indian Railway is also talking about a blueprint. They already wish they have come out under the National Rail Plan 2030, where they really want to make the Indian rail future-ready. Now this would also translate to roughly about 40,000 coaches getting renovated, modified and things like this. So overall, the mass transport railways, airports and metros are all seeing a bullish future as we speak. I would like to also take you through some wins, which we have done, and I want you to go to Page 5, where -- happy to share some strategic wins across segments. And we are talking about the three basic key segments, which we work on. Power and grid, where we have actually taken one of the large orders for a substation modernization, which is where a lot of many things around the substation is being done. Multiple grids are being done by us. So this is one of the large orders which we have already secured. I come to cloud and service provider, which you see the block at the middle, where we are supplying to one of the largest data center orders in the country. And the equipment which is being supplied is for power distribution and power receiving, which is the transformers as well as the 11 and 33 kV equipment. And last but not the least, we are talking about the loco breakers. Now as I have been telling you since the past and you may recall, we have an elephant share in the loco business in the country. The Vande Bharat trains are run by the VCBs, which are made by your company. And we have secured this order as well for the locomotives. I would like to take you to turn the page and go to the next one. where we are saying that what is that which we are trying to do for -- with the futuristic solutions which we have. And now here, again, three blocks, you may read. One is the renewable space where we have actually secured one of the premium orders for cybersecurity because cybersecurity in India is extremely critical and important and which everyone realizes. And we do have a solution, which is actually being -- by securing this order, where we have done not only cybersecurity solution and platforms, but also we have done a series of digitalization in the substation, which has happened in one of the renewable companies where we did this. Coming to the middle block is something which is for defense and also for aerospace. I'm so happy to say that we are bringing the Indian nation's infrastructure up and running and future-ready with our state-of-the-art solutions and offers, which we have, where we have done a couple of jobs for both for defense as well as for aerospace down south. And last is the semicon. And you are aware, this is the future-India, semicon. And if you recall, last year, we did a company by the name Micron, where we were the only guys who did end-to-end for them. And this is another one, I'm sure you are aware about, which in Gujarat is where we are trying to secure orders. And this is one order which we have picked up, which is -- the entire play, which we have, which is the power distribution again and power [ receiving ] equipment again. Now I would like to turn to my last slide where -- after which I'll ask and request my CFO, Mr. Omkar, to take through your financials, which is something where we are super proud to say as to what we have done in terms of showing our agility and making something -- those programs, which are India for India programs and India for India offers. Now this is something which, again, I have got three blocks. The power and grid, where we have done GIS panels, which were all made end-to-end in India, which we are supplying to state utilities here. Then we have another one, which is another family, which is the AIS family, where we have been doing consistently now for various DISCOMs. Last year, we did for North DISCOM. Now this year, we are -- this is the one which we are talking about Eastern DISCOM being done by -- and being supplied by the offers and solutions which are made fully here using Schneider [ Global Bricks ]. And the last, again, is under renewables, where we are doing it for some modified and operated and more efficient offer, which we have developed in India itself. So this just showcases and reinforces that your company can really work fast, can develop on programs which are very India-specific to serve Indian customer needs and requirement, and the speed and the time of project execution can be very well taken care by the company. So this brings it to one of the last slides, which I had to talk about. And now I request my colleague, Omkar, to take you through H1 and Q2 performance. Over to you.

Thank you, Udai. Thank you very much, and good morning, everyone. I'm your company's CFO. This is my first earnings call with all of you, and I'm really privileged and excited to give you the insights on the financials for Q2 and H1. So I'm starting with the Page #9, where we are just giving you very highlights on H1 and Q2 performance. If you look at in the right side, we have, in H1, our order. And why I'm talking about the order is very important in terms of your company has a certain -- the projects which get executed in one quarter to another quarter, it's long lead projects. So in H1, order grew at 28%. And if you look at in Q2, we grew at 15.6%. On coming to the sales in H1, we have grown at 6.6%, but quarter 2, we started accelerating on the revenue on the quarter 2, which is now we are 8.4%. And earning is, in H1, we have 11.6%, and the Q2 is 12.5%. If you look at this mix H1 versus H2 in the historically, you will find that the company is well in terms of delivering the orders and EBITDA is in the same the pattern. So nothing unusual, I will say, in H1 in this year compared to the previous year. If I go into the Slide #10, which will give you the growth on order and sales H1 versus last year to this year, the order grew 28% and sales, 6.6%. And Q2, and why Q2 is important, in Slide #11, is give you that momentum has picked up on the sales comparing to the Q2. Q2 grew 8.4% compared to the Q1. So it means the sales has started gearing it up from Q2 onwards. If I move to the Slide #12, the P&L statement, I give a little bit of insight in terms of the number. If you look at sales, we talk about the 6.6% growth. And your material margin, which is -- if you remove the other income, your gross margin is almost flat. What it indicates that, that our synergy on the raw material supply there in terms of bringing productivity on the customer -- the price what we offer, we are improving. And this is also give a little bit better insight that as per the company -- your company strategy, we are focusing more on transactional and services. This is giving also the leverage in that direction that we have grew in transactional and services mix in the H1. Coming to the employee cost and other expense, while you see the growth at 11.5% and 10% in other expense, this is as expected because generally, the inflation increase and the other increase, we see always the range of 10% to 10.5%. Just because H1 was only the sales point of view, we were at just 6.6%. But if you look at that, that's what the percentage is reduced by, 1.3 points. But in future, what we expect that this is not something that is going to be completely out of the previous year's in trend. The depreciation as per regular trend, what we have at close to 1%. Finance cost. Happy to tell you that this company -- you must have seen historical finance cost trend. And now we can see the negative trend because of two reasons. One also, we have a positive cash, which is giving you interest income on the whatever cash we hold and also with the borrowing interest rate reduction because of the MCLR and RBI treasury bills reductions in the current H1. No exceptional item, good to tell you. And then coming to the tax expense. Tax expense is as per the -- in current H1, we have a normal TTR, including deferred tax. In previous year, we had a little bit change because of the change in the last year's fiscal budget. But current year tax rate is same. We have no permanent disallowances except the one, the CSR as per the law, which gets permanent disallowance. Then we have an overall profitability percentage 7.4% as against the H1, we had 8.6%. But what I see -- is look at here, is largely coming from your expense on H1 lower sales, but we see that if you look at historical trade, we are well on track. Moving to the Slide #13. This gives you the results for spot quarter. It's July to September. And here, you can see the sales started gearing it up, 8.4% the sales growth. If you look at the gross margin, it's an improvement of 0.9%. And this is the indication what I'm referring to, the mix of that per strategy. We are offering more transactional services. And also this is something we are able to get some benefits. And then rest, employee expense and other expense in the range of the same, the percentage as we expected for the quarter. Finance cost here also, you can see reductions. Your tax expense, in the range of ETR, which is except the CSR, we have all the deductible expense. And then we are landing at for the quarter of July to September, 8.3% for the current quarter, compared to last quarter of 9.2%. Now I'll let Harshit to take the questions, if we have anything.

Sure, sir. Trisha, please open the line for Q&A.

[Operator Instructions] The first question is from the line of Mahesh Bendre from LIC Mutual Funds.

Sir, order inflow has been robust for us for the first half and the last quarter also. But execution for last 2 quarters has been slow. I mean, we have grown in single digit now. So before that 2 quarters, we were growing 20% plus for many, many quarters. But there is a sudden slackness in the execution for the last 2 quarters. So how -- I mean, possibly going forward, how do you see the execution improving from here on?

Thank you, Mr. Mahesh. I think very apt observation. The business where we are in is essentially a project business, and therefore, it is cyclical in nature. And roughly, if you ask me, these percentages, while number-wise, they look single digit, but we are hopeful that in times to come, this will pick up, and it will become -- it will pick up and move into double digit. Because it is -- we are -- like, for example, the last quarter is always in India is a heavy quarter because a lot of CapEx and depreciation has to happen. And then there is a slackness at times because either it has got multiple variables which actually come into play like the readiness of site, the project cycles, the cash availability by the intermediaries and the end user. So all put together, it is like this. But otherwise, your observation is right if we are about single digit, but hopefully, this will pick up because we have good backlog, which will churn out as you see because the orders are high.

Sir, execution is slow because of the problem from client side? Or is it that the original schedule itself is slow in terms of...

No, we do multiple projects. These are not large value -- few elephant orders which are making it happen like this. So it's a combination of various factors, Mahesh.

Okay. Sure. And sir, last question from my end. Various expansion plans, would you like to update us in terms of the Kolkata facility that was expected to come up and the new CapEx that we have announced for transformer expansion?

Thank you for asking this. Happy to share that all those various programs of expansion actually have been moving on track. So we'll keep on letting you updated as we move on, and something tangible is on the ground. Because these are large destination projects, which takes, but the work has initiated on each one of them, which you approved and is working on -- I mean, on the right direction.

The next question is from the line of Sanjaya Satapathy from Ampersand Capital.

Sir, can you give us a comment about your -- this other expenses, which has gone up quite a lot again in this quarter, has it got anything to do with your CapEx program and -- so some of the expenses which should be capitalized, are not getting capitalized?

Mr. Sanjaya, this is Omkar. If I take your question, nothing is like that. Nothing -- no CapEx item is getting expensed off. These are -- the expenses are regular in nature, and there's nothing unusual item you will find in other expense. It's only -- what you look at is only quarter 2 versus holistic picture, you will see completely in the sync with the previous year trend.

Okay. And while the company is booking new orders and aspiring for new factories, et cetera, what is the long-term plan in terms of improving profitability? Is there some kind of program which is going on in terms of cost reduction and also being much more consistent in terms of execution of orders?

Yes. You see, this is a constant exercise which we undertake within the company where we try to manage the mix. We constantly try to optimize the product cost and also the other costs, which are part of distribution as well as serving the market. So that's a constant thing which we try to keep on evolving ourselves. And we keep on working in multiple levers, which keeps us profitable to go on north side.

Okay. But is that kind of a benchmarking where you benchmark yourself against your peers and see some significant scope of cost reduction? Or do you think that you are kind of operating at optimal level?

We are at right level, and I think you are more knowledgeable than us to see the margin which we make in terms of percentages for the businesses like this. We are trying to work on that number as well. You see, about close to 40% is what we do.

The next question is from the line of Sagar Gandhi from Invesco Mutual Funds.

My question is on the data center opportunity that you alluded to. So while you see a great opportunity for yourself, how do you see -- I mean, we understand that at the global level, Schneider, the parent company is well placed to capitalize on this opportunity. But from an India perspective and from India listed and unlisted subsidiaries perspective, how is this opportunity divided between the two? And what value capture will come to the listed entity? And how large it can become from you from here on? So you can also highlight what percentage of your top line can come from this mega opportunity in times to come? Sir, that is my first question.

Okay. So answer to your first question, Mr. Sagar, we -- Schneider has got a vast basket of solutions, which are integrated with each other. And as you have rightly pointed out, a few of them is done and delivered from this company, and there are a few of them which are done -- which are not part of this company. But when we present to a data center developer, whether it's a colo or a hyperscaler, we present the entire basket and really establish the overall merit of the chain, which actually is coming for his benefit. And therefore, we see the potential, which is both, for this company as well for the company, which is part of Schneider, not here, coming up together. The solutions can be either power distribution, the solution can be very broadly on the HVAC side or the cooling side or the power resiliency side. So everything all put together is something which we do. So as and when people start investing -- and you are also right that we have good global connects, and a lot of global players are going to come and start working here. So we see a good size for us as times to come, provided these guys come as planned.

Sir, how large this opportunity can be for us? In our top line, can it be materially 15%, 20% of our top line over the next, say, 2 to 3 years?

Hard to say, sir, because we have been listening, and you know after something what happened in some of the neighboring country, there was a lull in the data center space for last 7, 8 months, I would say. And I think people are revisiting their plans, and they are coming back. Now depending on the pace at which they come, we will really decide as to what percentage of top line will be contributed by data center people for us in 3 years down the line. But yes, it will be something which is promising, as I would say.

Okay. Sir, my subsequent question is on the DISCOM reforms that you've been seeing from quite some time. And we've been hearing that the newer package is likely to be even bigger than the RDSS scheme. So sir, can you highlight the equipment opportunity that will come to industry as a general? And how can that open up a new phase of growth for you?

See, there are two, three things I would like to say to a level to which I can say. There are certain offers which are quite futuristic, which Indian DISCOMs need, which are different sort of equipment and different sort of software and different sort of site work, which we are trying to work upon, and being prepared not only ourselves, but also trying to drive that preparedness and the thoughts around the DISCOM and the other end users. Now I would -- I am not aware about anything, which is RDSS 2. It's still getting done. But my sense is this INR 3 lakh crore as we speak, we have already done, and this has been a little bit here for the scheme. We have -- government has already shared out about INR 2.7 lakh crores out of INR 3.03 lakh crores. So that's been moving in the right direction. And it did offer us good opportunities for doing business. Our business was well in these DISCOMs. Now if you ask me, the statement which I can make for future would be, besides these equipment, there will be a lot of software, which actually will make the grid more stable. I think as India is standing at a level where grid modernization, grid upgrade would be critical and important and more so because you have more and more inclusion of solar coming in the overall play, which will entail a bidirectional or multidirectional flow of power and energy, wherein grid modernization and strengthening will be important. And that is one area which your company can do. So this has not been done in the last 4, 5 years, so much so as what it should have been. But now India sees a very clear need for this going forward, which I'm talking about, next 2 to 4 years' time.

Yes. Actually, sir, my question is that INR 2.7 lakh crores have been spent. And if you look at the top line of our company, it is only INR 2,600 crores. So will the incremental spends on DISCOMs? And as you highlighted, most spends will be value-added spend, software, equipment spends, your capture of opportunity or the market that you can address in the upcoming spend will be larger than what it was in the previous few years?

Difficult to comment, but we are progressively bullish on that area. But I would not be in a position to tell you any numbers in terms of what -- other than this qualitative statement, sir.

Sure. And sir, my last question on the CapEx. So while we are -- or the listed entity is doing a INR 200 crore CapEx, we see unlisted companies doing even bigger CapEx. What I read recently is Schneider Electric IT business is doing a INR 1,500 crores CapEx. And in total, the group is doing INR 3,200 crores of CapEx. So why this conservatism on CapEx when it comes to the listed company?

I think there is no conservatism. It is only we are expanding as to what we can in the areas where we operate. Now the other companies like the one which you stated has got different offerings and different position in terms of what capacity to be added in India. So the programs is entirely different and not interrelated at all. What this company is doing is what this company needs for becoming future-ready and insulated from anything which might go wrong.

So it does not interrelate -- clearly demarcated between enterprises, and there is no overlap. Is that understanding correct?

Almost yes.

Okay. And as a group, the parent is very bullish on the India portfolio as a whole, which is why the CapEx in all the entities?

Yes. Your assumption is right, sir.

The next question is from the line of Naysar Parikh from Native Investment Managers.

Some of them were answered. I just want to understand from an order intake perspective, this quarter was somewhere around 15% growth. So just if you could give some flavor going forward for the rest of the year, how do you see it? What segments are you seeing more inquiries in? And will we be closer to like this quarter's 15% mark or H1's 28% mark? Where do you see H2 going towards?

So as I had said, and if you can recall the discussions which I did early on and while I was sharing the presentation, Indian landscape is steady and is moving up. Now how much of that will get translated really depends on the financial closures of projects, the award and then be subsequently taking those contracts with us. Now it is difficult to tell you whether, sir, it's 15% or 28%, but the point which we perhaps we are trying to drive down is that we are not really seeing India going down. So either it's stable, and a bit moving up. So this is what I can say at this point in time because there are -- there are lot many projects which we undertake, and which comes from various segments, which comes from a variety of end uses, government and private, which comes through various channels. So hard to give you a ballpark number. But what I'm saying is it will be in line with the expectations which we have.

Mr. Naysar, do you have any further questions?

Yes, sorry. Just one more point. Our disclosures have always been less. And quarter after quarter, like, earlier, we used to give mix by product service or something revenue mix. Now we don't even give that. So just one request, if you could look at some of the other listed players, and the disclosures they are giving, and we can also just improve disclosures a bit, give some more flavor on revenue mix and margins and CapEx and all that, is just very helpful. We don't really give any disclosure except for orders, that's it. So please do look into it. Thank you.

Sure, sir. We have made a note of this.

The next question is from the line of Aditya Deorah from Divisha Investments.

Sir, my query continues with the queries of the previous participants, which is related to the very tepid revenue growth, which we had for the first half of this financial year. Sir, again, we had -- in the last few quarters, we had put in the press announcements that we were undergoing -- we were supposed to undergo capacity expansions where we had mentioned that our capacity is around 90%, 95%. So is it more because of the capacity side of things that we are unable to supply the kind of order that is there in the market that we have already received? Or is there something else related to the tepid revenue growth?

Sir, I would say it is nothing to do with the installed capacity. We are good there. And two, as I had responded to one of the earlier questions, our 6% or 7% growth is cyclical, is quarter growth. And this growth actually keeps on changing and is dependent on multiple factors. But what I would like to tell you is, it's not because of a situation where we are not able to serve the market because of capacity crunch.

Okay. Okay. Sir, one slide which is missing, which has been very frequent in all your investor presentations and which we really look forward to was new product launches. So there is absolutely nothing related to new product launches in this particular presentation. Anything related to that you would like to speak about?

Yes. Because I did mention about -- because I'm sure, as you said, we used to really talk about the solution and used to speak about it at times in the previous investor calls. So this time, we thought that perhaps you have seen it enough, and we wanted to see the success which we have secured because of those. So there is a slide just talking about what we could do is not only we developed and launched it, but we also secured orders. So we thought we'll share that because otherwise, we'll only keep on talking about what great we are doing in terms of evolution...

But we really look forward to your new product launches. It speaks about the innovativeness and also the youngness of the company.

Okay. Point noted, sir, we'll take care of that.