Suzlon Energy Limited (SUZLON) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Suzlon Energy Limited Business Update Conference Call hosted by ICICI Securities. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities. Thank you, and over to you, sir.

Thanks, Zico. Good afternoon. On behalf of ICICI Securities, I would like to welcome you all for the conference call of Suzlon Energy Limited. From the management, we have with us Mr. J.P. Chalasani, Group CEO; Mr. Himanshu Mody, Group CFO. We'll begin with the opening remarks followed by a Q&A session. Over to you, sir.

Thank you, Mohit, and good afternoon to each one of you. Thank you for joining this call at a short notice and that too on a Sunday. This call is being scheduled to apprise the investor community with respect to the resignation of Marc, our Independent Director of the company. Marc has been associated with Suzlon for more than a decade, starting April 2012. This is his second time as an Independent Director, and it was about to get over in September 2024. That is in the next few months. However, Marc decided to step down now. During this time, his contribution to the Board has been commendable, including during the toughest of the time faced by the company. Our Founder-Chairman, Shri Tusli bhai, always had the highest respect for him. The company sincerely appreciates the support extended by Marc during his association with the company and wishes him -- and wish him best for his future endeavors. As mentioned in his resignation letter, Marc has not highlighted any lapse on matters of financial and legal noncompliance but has asked for inclusion of best-in-class standards of corporate governance and improving transparency. We would like to mention that there are no lapses. I repeat there are no lapses on account of financial or legal implications, and the company conforms to the standards as stipulated by the law-governing bodies of India. The company has the confidence and support of other 4 Independent Directors who are of repute, who are standing strong with the company. We thank Marc for clearly putting across his pleasure on the outstanding performance of the company financially and operationally. Having said that, we take comments highlighted by Marc constructively, and the same shall be implemented in a phased manner. Excellence in corporate governance is a continuous journey. And we will continue to improve and elevate on all those parameters. Thank you, and we are now open for any Q&A.

[Operator Instructions] The first question is from the line of [ Satpal Singh Khanuja ] from [ Ishaan Ventures ].

Marc has specifically mentioned and he shared with the Board, where he had highlighted the concerns. Will it be possible for the Board to share some of the points, which he has included in the letter?

It's -- as I said that -- first of all, I reiterate that he has not said anything about operational or financial irregularities, and he has been part of all the Board meetings, including the Annual Board Meeting, which was held on 24th of May. In fact, he was part of budget finalization for the next year, and he was appreciative of what they are trying to do. In fact, that's what is written in his letter that he is really appreciative of the turnaround of operational and financial performance. Having said that, he obviously given some suggestions in terms of improving the governance and transparency and which is what, as I said in my opening comments, the Chairman is completely serious of that, and we would work and take them to implement in a phased manner to improve.

Some -- one of the Independent Directors is writing like this, putting this into a letter and then mentioning some other letter which he has issued to the Board, it does create a bit of panic among the small investors like me. Will it be possible for the Board or worthy from the management to share some of the concerns that he has with the -- in the investor meeting?

[ Satpal ], I'm repeating that, I said I'm reconfirming to you with no uncertainty, the points what he had put down to the Chairman are related to the process improvement and the transparency. So there is -- I'm reiterating once again that there is absolutely and absolutely nothing about financial regularities or noncompliance of any law or any requirements of this. So therefore, it is completely about the process we work in terms of, really, to what extent more transparency is required with the Board and some of the governance process. Completely procedural improvements. In fact, he has clearly mentioned that these things, to my satisfaction, his personal satisfaction, we have certain standards, and we take note of all those. So therefore, we will work on that. I don't think there is -- I'm again repeating, I don't think there is any reason to get concerned because fundamentally, there is no issue with respect to any irregularities. It's all procedural part of it. Himanshu, unless you want to add something?

No, no. That's fine, sir. I think -- and I'd also like to say that you are all aware that the company has been through its fair share of financial instability over the past few years. And now we are, over the last few quarters, striving hard to drive the company in the right direction by bringing about financial discipline as also legal compliance, secretarial discipline. And I think all of this is evident by the actions that the company has implemented. We have started our journey in simplifying the holding of the operating structure of the company through simplifying the overseas holding structure and the subsidiary structure. We have been absolutely transparent with our investors and lenders in sharing every communication. Our Investor Relations program has seen a significant uptick over the last 1 year or so through dedicated initiatives. Some of you also saw that we had a large Investor Day in Mumbai just 1 week ago, which was after almost a period of 7 years. So from a company perspective, we have done a lot over the last few quarters. And as JPC said, we will continue to improve on governance standards and transparency. It is a continuous process. It doesn't stop. So we will keep exceeding our own benchmarks in terms of meeting expectations of either an existing Independent Director or our shareholders. But I again reiterate that there's absolutely been no financial irregularity or legal noncompliance in the company whatsoever.

Right, right. No, actually, I'm very thankful for this answer. I really admire both JPC as well as you for what has been done in the company in the past, maybe a year or so. I've been a long-term investor in the company for about 15 years now, and I'm really pleased to see what is happening right now. But a Director like Marc, which has been associated with the company for 12 years, he must have seen procedural improvement happening in place over the past decade. What caused a sudden resign from him and that to being so vocal about the things in the public?

No. See, obviously, we can't answer on his behalf. As I said that he has been with us since April 2012. And he himself is seeing that I've said -- I've seen a significant turnaround in operational and financial performance in the last 18 months, and he is very appreciative of that. And as I also said that it was -- he was coming towards the end of his tenure, so September 2024, but right now [ in June ]. But more importantly is that I think even to the end, he has been constructive with the company. In fact, I've talked with him for 8 years. I've always seen him in every Board meeting separately that always had ideas to improve the business. He was extremely sharp. He has given us so many suggestions. He made us to improve operations. And even in the May 24 Board meeting when we had the annual budget for the next year, he had his constructive questions. Yes, but I think even at the end of it, he gave those suggestions, and in fact, he wrote in his letter that this will be taken for a -- constructively to improve the process, which we will definitely do it. But I just said, [ Satpalji ], that I'm again reassuring all retail investors that me and Himanshu here as the professional managers of this company, no financial irregularity has happened. And I can say with full confidence, it will not happen.

The next question is from the line of [ Ishwar Yadav ], who's an investor.

Sir, I would like to ask why not company increases its shareholding? I'm sir -- I'm, just this one.

Sorry, come again?

I can answer that. So [ Ishwarji ], I guess you're meaning that why can't promoter increase its shareholding? I mean a company obviously cannot increase its own shareholding. So I think the promoters have said that in the past. Obviously, nobody would not like to increase their shareholding. Everyone would love to increase their shareholding. But I think from a family perspective, if you see even the promoters since 2020 or even earlier, whether it was a preferential allotment in 2020 or a rights issuance in 2022, the promoters have subscribed to their fair share of this liquidity to, if not increase their holding in the company but at least maintain the same. So I think the promoter, the family remain committed to increasing value in the company and for themselves and for other public shareholders. But I think whether they'll be able to increase their own shareholding or not is something outside the purview of JPC sir and myself.

In future, it will happen, you are going to increase your company shareholding pattern.

No, no, what -- [ Ishwarji ], as Himanshu was saying, shareholding of Tanti family to be increased, that is neither me nor Himanshu can actually answer that question whether they will increase their shareholding or not. Company has nothing to do with that.

[Operator Instructions] The next question is from the line of [ Santosh Kumar Ganiga ], who's an investor.

Just wanted to understand like when it comes to Vice Chairman, he's also leading a company named Augur Group, which is into EPC construction in India into wind and solar. So is there an intent from the promoters that they would like to diversify from Suzlon into similar business?

I will not be able to comment about the family business, what their intentions are. But as far as the Suzlon is concerned, we are absolutely -- there's no competition, and then we have our own field to play. So I won't be able to comment on there -- this thing, but there is no conflict with us or it is impacting the Suzlon core business.

So are we getting any wind turbine orders from that particular company whenever they do some kind of investment?

No, no, no. And there are no orders from them. And to our knowledge, they are not -- like earlier, they invested and which was divested. When they invested in wind turbines, all the orders were placed in Suzlon, but that was way back in 2016 and '17. And subsequently, all those assets have been divested by them. We have a few wind turbines for captive, which we do the operational maintenance services at Suzlon. Sorry, Himanshu, you were saying something?

Yes. I'm saying not only to [ Santoshji ] but to the investors at large. I'd like to reassure that whatever related party transactions are adequately getting disclosed in our annual report and are all at arm's length basis and with due approval of the Audit Committee and the Board. So there is absolutely no related party transaction that exists out there without following these checks and balances. So rest assured, that's a commitment from our side.

And also as far as RPT is concerned, on every quarter, the external auditor refused the entire RPT and presents to the audit committee independently.

Sir, I understand. My only concern was like management bandwidth. So when you are working on another company, the similar business, EPC or projects, obviously, the bandwidth with Suzlon will go down. So that is where my concern was.

Look at my bandwidth and Himanshu bandwidth, I think that they will take care of Suzlon because predominantly -- not predominantly. We are running day-to-day operations. We're running entire -- the company. So obviously, as long as our bandwidth is not getting disturbed anywhere else. In fact, that's why I've been on -- constantly on record in each of the calls saying that right today, there's so much for us to do. That's the reason we are not even looking here and there. We're putting blinkers on to see that how Suzlon grows in the domestic market. And 100% of our bandwidth is available, and we'll ensure you and every investor that the company will not suffer because of the bandwidth not being available. We will put 24/7 efforts if required, but ensure company grows, which you've been seeing in the last 10, 12 months.

Sure, sir. Understood. Sir, just recently, there was a news that Siemens Gamesa shares are available for sale. So would we be considering maybe for O&M contracts of these assets going forward?

I think we'll take that separately. Right now, it's more concerned about the ID resignation. So therefore, I think anything with respect to the business, you can even call up our IR cell. They'll be able to tell you -- brief you completely. And there are other people waiting for asking some questions on this subject.

Sure. I understood, sir. Sir, what is the next action plan? You'll be looking for another Independent Director now?

We will see that. Actually, as it come, we will now see what the next step of actions because all this happened yesterday and today. So we're on a weekend. So we will review everything internally tomorrow onwards and then take every step what is required to strengthen.

Okay. So any you or other Independent Directors...

Sorry to interrupt, sir. I request that you move to the question queue for follow-up questions, sir. There are several participants waiting for their turn. The next question is from the line of Taher Badshah from Invesco Mutual Funds.

This is Taher. Just one thing, I believe you mentioned that he was more toward the end of his term. So I'm just wondering if that is true, then why did he not choose to kind of complete his term?

Obviously, I can't answer on his behalf. But only thing I appreciate from Marc is that he has been constructive all through these 12 years, more than 12 years he was on the Board. As I said, that I myself worked with him for over 8 years. He's been -- always been constructive. He's always kept us on toes, He used to take a lot of interest in various business-related issues. And even in the end years when he is ending his term also, he has put suggestions very constructively, saying that these are the things company should look at and which we'll definitely look at. And we have a greatest respect. I personally have a greatest respect for Marc for the contribution what he made.

Just to follow through. So should we think of some of the issues that he has raised to be more of the softer nature? I mean, are they -- as you have indicated earlier, they are not operational in nature. So are they about softer aspects, about things like information through, et cetera? Is that how we have to think about it?

Yes, yes. There is nothing to do with the operations of the company or nothing to do with the financial process of the company. It is more about governance standards to further improve in terms of the -- in fact, we did improve the transparency of the governance, not just with the external stakeholders as Himanshu said, even with the Board. Now in fact, we send our Board presentations 4 days before the Board meeting, including the financial one, which was sent 2 days before, so that all our Board have adequate time to read and come back prepared. We've done quite a few things based on his suggestions. And there are more to be done and which is all, as I said, that to improve the governance process, to improve the transparency. It's a processes improvement so that we go to the next level, keep improving further on the governance. As Himanshu said, it is a continuous journey. I don't think anybody can say that we reached the pinnacle of governance. It's a constant thing. And whenever there is a feedback -- a constructive feedback, we take it seriously, and we'll work on that. And we have been working on that. And with -- as Himanshu said, you've seen, even if you look at our IR deck, what we present today, the data we have been improving from quarter-to-quarter what we provide. And externally and internally, we're trying to do more, but there is more to the journey, and we'll continue to do that. We will not take a step back on that process.

The next question is from the line of Aadesh Mehta from Motilal Oswal AMC.

Sir, just wanted to...

Sorry to interrupt. May I request you to use your handset, please? Your audio is not very clear, sir.

So is it clearer now?

No, sir. It's muffled, sir.

Is it clear now?

Yes, sir.

Yes, yes. It's clear now. Go ahead.

Sir, just wanted to understand, going forward, what more improvements can we expect in terms of your Board composition or more softer aspects which this relevant Independent Director was highlighting? What more changes can we expect going forward, sir?

It's difficult to define what more. But as I said, it's a process of the -- it's a journey and which you are seeing the changes which we explained to you, right, with respect to Board or with respect to the external things. Obviously, the Board composition could be one, or it could be the other processes in terms of various transparency aspects, but that will continue to strengthen. There is no second opinion about that. Marc has given some suggestions. But even otherwise, we have been going in that direction, which you all see clearly, but they're more on the table from him. Obviously, that maybe the speed at which we were doing is not with expectation. In fact, he clearly mentioned, to my personal expectation, okay? So therefore, maybe we're not making speed in some of the areas. But then this is -- then we will continue to do it. You will keep hearing from us or seeing basically the other improvements what happens and which we are seeing for the last 10, 12 months, and you'll continue to see further.

The next question is from the line of Deepesh Agarwal from UTI AMC.

Sir, can you highlight some of the suggestions which Marc has suggested you for improving the governance standards and transparency?

No, I really can't at this stage because he has written to the Chairman. Chairman is [indiscernible]. But I can only say there are -- again, I'm repeating, I can only say they are not pertaining anything to do with the operations of the company or anything, I again underline this because of major concern of any financial irregularities or noncompliance of any legal requirements, okay? These do not fall -- I underline that these do not fall under the category. There are suggestions by him in terms of the more transparency and more procedural issues, which we can improve further, which is beyond the normal requirement, like what the law requires. But then it's fine. These are the things which we'll take into system and do it. So therefore, at this stage, I don't think -- Chairman obviously is making those improvements. And as I'm saying that these are all procedural and governance standards and transparency. I won't be able to say much on that. Himanshu,, you want to add anything?

No, absolutely fine. And I think one example I can give even to earlier question of others, so if you see our Q4 results, there was inadvertent error where something that should have been negative INR 12 crores got reported as INR 12 crores. I'm just using a very small example, and I'm not saying that this is necessarily there in Marc's letter. But things like these for which we had to pass a corrigendum, we don't ourselves like it, but it's the systems and processes augmentation that we are currently doing, and we will get there such that such small inadvertent human errors are not repeated. So it's a very small example that I'm giving, but we will keep improving on these standards. So it's really softer factors like these that we will continue to work on.

And again, for everyone, I just want to say is that the -- after 4 to 5 years of a struggle, we have now -- last year, we consolidated, this year included. Obviously, there is so much is happening in terms of operations, in terms of order intake, deliveries, projects, and things like that. So I'm not giving that as an excuse. While we catch up with the increased demand of operations, we also need to simultaneously work on the process, which what happens when the business was low. There was no need for you to -- these things, but when business is improving, obviously, your process had to improve. As Himanshu said, that in fact we've been working for the last almost about 9 to 10 months actually to improve all our IT processes and everything so that we don't -- internally also we don't make any mistakes in the data, the accuracy and everything. We are on. We are on it. So I can assure you that we are on that process.

The next question is from the line of Satyadeep Jain from AMBIT Capital.

Sir, a couple of questions. One was in the letter, the Independent Director, Marc, has mentioned he shared the concerns with other Board members as well. What is the stand of the other Board members in your discussion with them so far? Are they on board with you?

Obviously, we said that there have been -- all the 4 Independent Directors are fully on board with us, and the Independent Directors always have their own set of meetings, and sometimes, they come back and tell us, we would like this business to improve, and we've been improving at different points of time. But at this stage, all core Independent Directors, who are of their own repute, are completely on board.

When was the -- you mentioned the first time these concerns once raised was about 10 to 12 months. Is that correct?

It is not a concern. I used that word obviously. It is a question of coming up saying that this area we need to further improve; this area, we need to further improve in terms of -- which we have been doing. As I said, that for the Board to contribute significantly that information flow should be much in advance so that we prepare and come for the Board meeting, which we changed. And we now consistently for the last 4 quarters, we've been sending them the information 4 days before the Board meeting and nonfinancial also 2 days before so that they have the data, they simulate the data and come back with the questions. It's more of a debate rather than understanding what we are presenting there. So these are the things which we have been saying, and it's not that there's no concerns have been addressed. There have been points where we have been improving constantly. There are more to do. And then as I said, it's a journey. It's completely a journey. And some place -- he clearly mentioned that some of the areas to his personal satisfaction, like each individual has certain level of expectation. Obviously, the expectations are at a level which is high, which is good. And that's why he has been driving us for the last 10, 12 years to that standard. So therefore, that is where I leave it, saying that he clearly said that some of these things to his standards of expectation.

The next question is from the line of Amit Nigam from Invesco Mutual Fund.

Two questions. Would the combined position of Chairman and Managing Director held by Mr. Vinod Tanti be one of the points of his suggestion to split it up?

No.

Okay. And therefore, with respect to the Board construct, are there any other suggestions which he had? Because I see a fair representation of Independent Directors on your Board. Then can you give a little more insight into what kind of suggestions is what Marc had with respect to the Board?

It's really difficult to give one because he talked about Board, obviously, there is a suggestion that we should improve the diversity in the Board, okay? So maybe to get a legal member on the Board. So these things would constantly happen, but then there is still appropriate time for us to increase because, as I said, we already have a significant amount of Independent Directors. At the right time, these steps would be taken. And to answer to your previous question, the Chairman-MD was not the issue. The issue was that who does what. And there was a clear role clarity, and this was given to the entire Board of what I do and where is -- where I need the inputs from the Chairman and Vice Chairman only on the strategic level, which is also -- is with the Board. We have absolute clarity, and Board clearly knows that who is doing what. It has been circulated with them as well. That was one of the requirements, which we did as well.

Okay. So now after his resignation, how does the Board construct look like in the number of Independent and Non-Independent, how that number looks like?

We still have 4 Independent Directors. And then -- Himanshu, am I right? Four Independent Directors and 3...

yes, that's correct. Four Independent Directors and 3 Promoter-Directors, and of the 3 Promoter-Directors, 2 are Executive Directors and 1 is a Non-Executive Director.

The next question is from the line of [ Nidhi Ritesh Shah ] from ICICI Securities.

I basically just wanted to ask that was this resignation something that was -- that the company was able to foresee. Or was this completely sudden? That is number one. And number two is [ opinions ] shared by the resigned Independent Director shared by the rest of the Board? And if so, do we have any further concerns on the Board side?

The first question, obviously, we can't say whether he has been [indiscernible]. Obviously, it is his decision when he wants to quit. As I said, that he had time to continue until September 2024. He decided to leave the post now. As far as the second point is concerned, as we have been saying at different points. He also written that to the Board and which some of them has explained to you that we addressed as well. Some are work in progress, as I said, in terms of role clarity or in terms of Board getting information in advance so that they can come prepared for the Board meetings and actually contribute in the Board. Many of those things have been implemented, unless Himanshu wants to add a few more.

No, absolutely. I think one more thing. I don't want to repeat what we said earlier, but also all the callers or the investors need to be cognizant that September last year is when we concluded our QIP. Company became debt-free. So we saw that in the Q2 Board meeting. In the Q3 Board meeting is when our working capital with REC really got sorted out. So the softer aspects in terms of improving transparency, corporate governance, they were not even there in the radar for anybody, including the Board members for that matter because primary focus was to get the health of the balance sheet and future of the business going. So whilst it was on the radar, but it did not take precedence. Now today, of course, turning the clock forward to Q4, which is the May Board meeting, whilst financially, everything has been sorted, there's a good order book. It's only about execution now. I think focus does come in the forefront for some of the softer aspects on corporate governance which, as we've been repeatedly saying for the last half an hour now, will be our top priority focus without any compromise on any sort of transparency or transactions.

And also just to add, Himanshu, if I'm not wrong, that until we did the QIP and paid off entire debt, before that with the banks and subsequently with REC, we always had the lenders, the auditors sitting with us and then looking at every single transaction.

Yes, we had the lender debtors on our Board until September last year in -- that's right, sir.

And I just wanted to know if there were any more concerns among the rest of the Board. Is anything -- is any more flux anticipated in the Board?

No.

The next question is from the line of [ Ravi ] from [ KMD ]. As there is no response, I would request the management that we move to the next question. The next question is from the line of [ Harisaran Panda ] who is an investor.

So just wanted to know, Suzlon been there under additional surveillance measure since almost a year now. Usually, the standard companies move out from 3-4 months of time. So was it a concern Suzlon thought of like highlighting these through the exchanges? Why they didn't? Because with significant pressure and then price movement due to this, anything Suzlon think of this?

Himanshu, do you understand the question?

I couldn't hear you at all, [ Harisaran ]. We request if you can speak a little more clearly, please. Your voice is very muffled.

Yes, sir. Suzlon being there under ASM since I think last October. Usually, the company if you can move out of ASM framework, the standard recommended by the exchanges in 3 to 4 months of time. Why is Suzlon there? Any compliance issue, anything that you think the exchanges to make it still in ASM? Anything or...

Yes. So I understand, [ Hari ]. So essentially, I mean it's a very widely held stock. As you know, we have almost about 45 lakh shareholders with large volume, and whether ASM 4 or ASM 3 or whatever permutation, combinations or algorithm the exchanges have, it is something that we really can't comment upon. It is -- I'm sure there is some scientific method that the exchanges follow to change the status of the company from an ASM framework to the other. So why that has not happened or what is influencing that is actually beyond any one of us to comment upon.

The next question is from the line of [ Ankit Jaiswal ], who's an investor.

So actually, my question was when we appoint Independent Directors, there is a kind of information activity which happens because normally, they're not involved in day-to-day business operations. And my second question was that, can we go for a reverse split?

Can we go for what?

Reverse split.

[indiscernible].

Yes, yes. No, I'll take the second question. So of course, [ Ankit ], on the reverse split, it's -- as we know that theoretically, it is possible, and it's not that it has been lost on us, but I think we haven't evaluated. And if and as and when we think appropriate, we will, as management, recommend the same to the Board and then to the shareholders. But right now, there is nothing in the offering with regards to reverse split.

And Independent Directors, obviously, they're not just the Board, but they also constitute as members of subcommittees of the Board who advise in specific areas, and we take them based on their expertise. Like, for example, we have an ESG Committee where we have someone who has got a strong background of ESG. Then we have Audit Committee where Mr. Gautam Doshi himself is the Chairman of Audit Committee. Then there are different subcommittees where Independent Directors are members. And then those specific areas, they guide us from time to time in addition to guiding the Board level.

The next question is from the line of [ Abhishek ] from AMBIT.

Am I audible?

Yes, yes, you are.

So I just wanted to understand on the Board in case of the Independent Director, are we looking to onboard any other Independent Director? And what would be the time line for that?

See, we answered this sometime back, it just happened. So therefore, we need to review it more. It's a weekend. And then discuss and then see that what next to be done. So that would be too early for me to comment upon what needs to be done. So just the weekend it happened. So the -- tomorrow, we'll sit down and then discuss, decide as the Chairman and Vice Chairman everybody would be involved, including the advice from Independent Directors as well.

The next question is from the line of [ Ravi ] from [ KMD ].

Am I audible?

Yes, you are, [ Ravi ].

Actually, my question is -- actually, we completely believe about Suzlon and their committee, and I don't have any deviation from that one. Actually, I completely believe and trust on you. But the thing is as the product as well, I have one question. So is there any possibility to announce dividend or anything to investors so that they will also completely trust on you?

Himanshu?

Yes. So [ Ravi ], of course, everybody loves dividends. I know all shareholders love dividend. So I mean, I cannot answer that question right now. I think let us -- you've seen we have taken certain initiatives of merging our 100% subsidiary with the parent SGSL with SEL. So therefore, there is -- as we said earlier, there is a business plan that we have set out ourselves to achieve in FY '25. So I think this is probably a best discussion held around May of 2025.

The last question for today is from the line of [ Santhosh Kumar Ganiga ], who is an investor.

Sir, as we know you as a part of Stakeholder Relationship Committee and Risk Management Committee, so whatever issues or transparency concerns he has raised, is it with respect to these 2 committees mainly?

No. We had the last meeting of Stakeholders Committee as late as May 24 and he was absolutely fine with that meeting and even the Risk Committee meeting what we had in there. He had some suggestions of to add a few more risks and all that, but it was completely normal. Nothing to do with both those 2 committees. Absolutely nothing to do with those committees..

Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for closing comments.

Thank you for each one of you and especially to come on the -- a short notice as well as on Sunday afternoon when everybody is excited about the match tonight. I forgot to think about this is something, but we thought that the -- our investors deserve this clarification from us. That's the reason we did not want to wait for even a day more. So we said that we will go and address and share -- try to address the concerns whatever they had. That's the reason we have to have it on Sunday. Sorry for that. But it was with that intention we did that. And once again, thank you very much for each one of you to participate on this. But having said that, our IR team is available 24/7 for any follow-up questions, follow-up clarifications you need. We're always available, and including me and Himanshu are available at any point of time. On this issue, always available. Thank you so much.

Thank you.

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