Techno Electric & Engineering Company Limited (TECHNOE) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Techno Electric & Engineering Company Limited Q1 FY '27 Earnings Conference Call hosted by Asian Market Securities Private Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Vinit Trivedi from Asian Market Securities Private Limited. Thank you, and over to you, sir.

Yes. Thank you. Good afternoon, everyone. On behalf of Asian Market Securities, we welcome you to the Q1 FY '27 Earnings Conference Call of Techno Electric & Engineering Company Limited. We have with us today Shri. P.P. Gupta, Chairman and Managing Director; Mr. Ankit Saraiya, Director and CEO; Mr. Amit Agarwal, President, Data Center; and Shivani Chandok, VP, Strategic Initiative and Investor Relationship. I request Shri. P.P. Guptaji to take us through an overview of the quarterly results, and then we'll begin the Q&A session. Over to you, sir, and thank you.

Thank you, Vinit. Very good afternoon to everyone and grateful for joining Techno Electric & Engineering Company Limited Q1 financial year '27 Earnings Call. Before I begin, I would like to draw your attention to our customary forward-looking statement of the disclaimer. Any statement made during this call regarding the outlook should be considered in the context of risks and uncertainties that may impact our industry, our businesses and the company due to the very geopolitical reasons or the very government programs going forward. Let me also again remind to my colleagues present quarter-on-quarter comparison in our type of business is not sound and practical. We have been always highlighting that Q1 is no more than 15% of the annual outlook and H1 is about plus/minus 40% and balance 60% happens in H2 of the year. So our results may please be reviewed in this very context. Let me now begin with an overview of the quarter, first quarter. I'm pleased to share that we have continued our growth streak and the revenue grew year-on planning and projects despite and till date secured fresh orders less than INR 2,200 crores includes INR 66 crores for the first quarter and balance INR 1,530 crores till date, which may again be appearing as a part of Q2. And we have also placed L1 in another INR 2,100 crores of the bids with the various concession owners. These wins are just about the quantum of orders but also reflects the trust that our customers place in our technical capabilities, execution track record and ability to deliver projects on time. India is entering the largest power and digital infrastructure buildout in its history, and we are among the leading companies delivering the same to make the transformation possible. We are propelled by 2 engines of growth, power where we are legacy leader, legacy of leadership and defined transmission and distribution landscape today after having part of generation where is architecting data centers ecosystems build on the foundation of engineering excellence and financial discipline. Let me start with the engine, the power transmission business. Driven by engineering excellence, our current order book comprises of large and complex high-voltage station solutions and transmission projects with top industry players, including PowerGrid, Adani Energy, the [indiscernible] state leading state utilities, et cetera. These projects are suppressed across multiple states and voltage classes and progressing as per the customer requirements and schedules. The sites are fully mobilized and resourced with a team of 650-plus engineering and commercial professionals behind it, executing these projects of national pride. Let me now spend a few minutes on the strong demand environment we are witnessing. What is encouraging is that opportunity is not only large, but also growing across where we have strong capabilities. I would highlight 4 key developments in particular. First, the transmission sector presents a very strong and visible investment opportunity. India is expecting to invest approximately INR 9 lakh crores in transmission infrastructure between financial year '26 and financial year '32 by country shift towards renewable energy. In yesterday's report in Mint, at airport I saw that the present availability of the feeders to evacuate this renewable power is no more than 80% and government has planned another 50,000 crore of extra expenditure to strengthen the interstate transmission facilities. Coming to the macro planning of the government have set an ambitious target of executing about power projects of over 900 gigawatt of non-fossil fuel capacity in next 10 years including around 548 GW of solar and wind capacity as particular report of July 26. This will require significant expansion of transmission network across the company to facilitate the evacuation of the power. Second, demand is setting new records. India met an all-time peak time requirement of 271 gigawatt in May 2026 and this is projected to reach around 480GW by financial year ‘32. Electricity consumption is growing at over 6% a year with data centers and electrification now adding entirely new load category to the system. Third, the scope of work itself is expanding alongside conventional evacuation packages, the grid now needs synchroners, condensers dynamic comps and HVDC corridors a category of high-value technically demanding work that has grown rapidly as the share of renewable generation has risen. Fresh tenders in exactly these segments came to market through July 26 sophisticated engineering and where our margin and our reputation live. Fourth digital substations most important shift in grid engineering in a generation, moving protection, control and monitoring from copper to fiber with real-time visibility on every asset from a control room. We took a position in this technology early. We have delivered on it and are now among the very few Indian companies with proven financial. As the country modernizes grid, this becomes one of our sharpest differentiators including executing smart grid solutions. Our bidding discipline is anchored around 3 pillars: execution capability, risk-adjusted returns and balance sheet discipline. We bid selectively and pursue the opportunities where we are confident we can execute well and generate attractive returns. With that, I would now invite Ankit to take over and speak on our second engine, the digital infrastructure. Ankit, over to you.

Thank you, and good afternoon, everyone. Our digital infrastructure business was founded on a single conviction that a data center is fundamentally a power asset and that the company which understands power best will therefore build India's digital infrastructure best. This quarter, the market validated our conviction in the cleanest possible way. The customer demands have exceeded our planned capacity. In response, we have acted decisively and organically increased the designed IT load of our Chennai campus to support the stronger-than-expected demand. Let me explain how we organically expanded the design capacity of our Chennai campus. The first is a decisive shift in Chennai demand. The conversations we are having today are with larger counterparties for larger blocks on longer tenures with faster delivery expectations. And over the past 2 months, this market has seen a sudden surge in inquiries and influx of opportunities. Our read is that several forces have converged. The conflict in West Asia has moved deployments towards APAC, available capacity across APAC outside India has been absorbed rapidly, leaving India as a market with supply and Mumbai as a city is largely committed where large demand cannot be catered for 18 to 24 months. So demand is flowing to other Indian cities with Chennai leading it. Apart from that, the tax holiday provisioned in the last budget has also added and fuelled the sudden surge in demand and opportunities. Chennai sits on the East Coast as a natural hedge to Mumbai, offers the shortest, lowest latency to Singapore, anchors 5 active submarine cable systems and has capacity available in short duration across multiple operators. In the past 2 months alone, we have witnessed at least 2 large-scale transactions in the city of a kind not visible for the previous year or two. [Audio Gap] [Technical difficulty] Our digital infrastructure business was founded on a single conviction that a data center is fundamentally a power asset and the company which understands power best will therefore build India's digital infrastructure best. This quarter, the market validated our conviction in the clearest possible way. The customer demand has exceeded our planned capacity. In response, we have acted decisively and increased the designed IT load of our Chennai campus to support the stronger-than-expected demand. Let me explain how we organically expanded the design capacity of our Chennai campus. The first is a decisive shift in Chennai demand. The conversations we are having today are with large counterparties for larger blocks on longer tenures with faster delivery expectations. And over the past 2 months, this market has seen a sudden surge in inquiries and an influx of opportunities. Our read is that several forces have converged. The conflict in West Asia has moved deployments towards APAC. Available capacity across APAC outside India has been absorbed rapidly, leaving India as a market with supply and Mumbai is largely committed where large demand cannot be catered for 18 to 24 months. So demand is flowing to other Indian cities with Chennai leading it. Apart from that, the tax holiday provided in the last budget to cloud operators serving global customers through Indian data centres has further made the country sweeter for capital investments into data centres. The city sits on the East Coast as a natural hedge to Mumbai, offers the shortest, lowest latency path to Singapore, anchors 5 active submarine cable systems and has capacity available in short duration across multiple operators. In the past 2 months alone, we have witnessed at least 2 large-scale transactions in Chennai of a kind not visible for the previous year or 2. The weather in the city of Chennai is changing. Second, within that demand, we are increasingly gaining position as a preferred operator. As a new entrant, we are more flexible. We carry no conflict of interest with large cloud and AI customers. We are the infrastructure partner, not the competitor. And because we are an EPC company ourselves, our time from commitment to delivered capacity is the shortest in the market. The third is our own engineering. The uplift did not come from buying more land or adding another building. It came from our engineers going back into the design, the electrical topology, the cooling architecture, the way we sequence construction and establishing that our process discipline and design capability allow us to carry significantly more IT load within the same footprint. We created that capacity ourselves. It converts directly into more revenue-earning capability for the capital we deploy, and it is a form of value creation that very few operators in the market can execute because very few of them are power engineers first. Let me put numbers to that demand. Approximately 150 megawatt of aggregate IT load demand is under active discussion with global hyperscale, AI infrastructure and enterprise counterparties, including 6 opportunities of more than 3 megawatts, some of which is at mature stage. We have over 30 open opportunities in our funnel. These discussions are at varying stages of maturity. There is a demand picture that led us to reengineer Chennai rather than simply market it, and traction is already in the books. We signed 10 new customer logos during the quarter across colocation, cloud and interconnection, including 2 of India's leading telecom carriers together subscribing approximately 130 kilowatt of IT load with a wholesale arrangement and a first cloud services engagement additional to that. Individually modest, collectively, these build the carrier and ecosystem density that anchor enterprise demand into a young platform. The Chennai campus is PIA-942B certified across both design and constructed facility and holds IGBC Gold Green building certification. These standards and green certifications are procurement requirements for hyperscalers and large BFSI buyers, and we intend to carry them across entire estate. The facility has operated on approximately 97% renewable energy in recent months. We designed at a PUE of 1.35 with 75% lower water consumption than conventional bill. But our ambition has never been a single campus. We are building a national platform, and let me take you through this. Andhra Pradesh, wherein 2 engines converged. We have signed an MOU with a global hyperscaler for a 2-megawatt data centre facility. Our EPC business has delivered multiple substations across Andhra Pradesh and that presence teams on the ground. A working understanding of the state's power infrastructure and its local challenges gave us the edge in conclusion. This significance is not the megawattage a hyperscaler completed a hyperscaler completing its diligence on us and concluded we can deliver to its standards. It's an entry ticket that we have earned. We see 2 megawatts as the starting point with a pathway to multiple megawatts as this engagement scales, and we expect our EPC footprint and depth in the power sector to help us convert more such opportunities across the country. Coming to Kolkata and Noida, -- both campuses are advancing on the ground. Noida received its building plan approval in July with all major long lead equipment under manufacturing towards commissioning in the final quarter of FY '27 and Kolkata is in foundation works. The edge network. Our Gurgaon facility is fully occupied and the cloud services operations have also commenced. Mumbai is commissioned and customers are being onboarded. Beyond these, we are building towards over 100 edge locations across 23 states with rail engagement. No other operator in India is assembling a national edge layer of this reach and as computing moves closer to the user, that footprint becomes strategically more valuable. We hold a license from DoT and cloud and managed services are live from Gurgaon EDC across private, hybrid and sovereign models. We are also preparing towards GPU as a service at our Noida Edge facility on an anchor public sector commitment, but our approach is disciplined. We procure capacity against committed demand. Our architecture is deliberately hybrid, large campuses for heavy compute, edge layer for everything that must happen close to the source. We are bringing both together on one national platform. Stepping back, the national market has moved just as quickly. According to industry reports, the country added 258 megawatts of data centre capacity in the first half of this calendar year, up 59% on the same period last year, taking operational capacity to approximately 1.8 gigawatts with projection of more than 7 gigawatts by 2030. Cumulative investment commitments into Indian data centres have crossed $126 billion and are expected to rise a further 45% this year. Across every study of this market, the same enabler is identified as decisive, reliable, well-priced power close to the grid. We build the substations that feed the grid these campuses draw from, and we bring that engineering directly into how we design, power and operate our facilities. On revenue, data centre revenue tracks customer commissioning, validation and migration cycles. It builds gradually for a new operator and then compounds as an ecosystem fills in. During this ramp phase, we will report contracted capacity and actual segment revenue rather than guide the segment. We expect the revenue trajectory to be weighted towards the second half of the year as committed stage deals close, government workload migrates and validation to billing happens and GPU as a Service commence under its anchor commitment. We should keep in mind that the higher cost of servers, GPUs and switches, along with supply constraints will extend lead times for workload migration and deployment after definitive agreements are signed. Billing currently runs at Gurgaon and Chennai, Mumbai is onboarding customers as we speak and Noida follows on commissioning. Our medium-term ambition is unchanged, 250 megawatt of capacity by 2030, anchored on contracted enterprise-led demand with 150 megawatt of pipeline under discussion today strengthening our conviction in the trajectory. CapEx deployed in Chennai stood at INR 524 crores as at 31st March 2026, with cumulative data centre CapEx of INR 628 crores across the portfolio. For FY '27, investment is primarily concentrated on our Noida and Kolkata build. In short, our approach is simple, build ahead of demand where we have visibility, scale with customers and deploy capital with discipline. The market is increasingly validating the thesis we started with that data centre is fundamentally a power asset. Given that, I would like Shivani to speak on our Q1 financial performance.

Thank you, Ankit, and good afternoon, everyone. Let me take you through the stand-alone numbers for the quarter. Revenue from operations for Q1 FY '27 stands at INR 641 crores against INR 514 crores in Q1 FY '26, which reflects a growth of approximately 25%, primarily driven by the project execution. EBITDA for the quarter is at INR 89 crores versus INR 79 crores in the last year, growth of approximately 13%. Our EBITDA margin for the quarter stands at 13.8% and profit after tax is INR 96 crores. On the consolidated level, our revenue from operations in FY '27 at INR 630 crores against INR 525 crores in Q1 of FY '26, growth of 20%. EBITDA for the quarter is INR 99 crores against INR 92 crores last year, which is growth of 8%. EBITDA margin at consolidated level is 15.9% and profit after tax was INR 93 crores. Our earnings per share for the quarter at consolidated level is at INR 8.02. Let me share a few points which will help you understand the numbers better. The margins are in line with our guidance despite the period of external pressure. While the input cost for transformer, CRO and other long lead equipment have been elevated as the order book for manufacturers have more than doubled since FY '22, advanced planning for order placement, our relationship and the vendors and control over other costs have led to sustained profitability. Our other income has shown a decline, which is primarily due to deployment of QIP funds for the underlying projects since June of last year. Our EPS for Q1 FY '27 was lower versus FY '26, primarily because last year, there was an income from discontinued business, which translated to roughly INR 2 per share of EPS. Further, QIP proceeds that were earning investment income have now been deployed towards our data centre, AMI and transmission projects, resulting in lower other income. This reflects the transition of funds into our growth businesses. So while fundament on the business side, we remain on track. With respect to the outlook for the year, as you are already aware, is a project business. And this industry earns 40% of its revenue in the first half of the year and 60% in the second half. The first quarter by far in the construction industry is the lightest of our area, which is roughly at 15%, as mentioned by Gupta at the beginning of this call. And during this quarter, we have shown a growth of 25% on our PPC earnings. We are very comfortable with what we had said earlier, and we are comfortable and delivering the same. On the order book, our unexecuted order book as on date stands at INR 11,000 crores, while at 30th June 2026, it was at INR 9,600 crores. But given the orders that we have won post 30th June, it is currently at INR 11,000 crores. Overall, our order inflow momentum has been strong, and we are ahead of our projections for FY '27, giving us good visibility for the year ahead. On the balance sheet, we remain debt-free with a net cash position and AA rating. Now I'm handing over to Mr. P.P. Gupta to continue and speak on our smart metering business.

Thank you, Shivani. Let me turn to smart metering, which I believe is also one of the most valuable business vertical in the company. As you all know that we had contracted about 2.5 million meters to be installed at 4 locations, smart meters. And this portfolio is capital intensive in the build phase and also is rewarding in annuity mode. That is a segment that funds its own growth and throws of predictable contracted cash flow for years. Here is the structure that drives it we build, own and operate Capex is front loaded with a 27-month install period window. What happens follows 3 months, close to 8 years of contracted O&M revenue against a completely derisked asset. Once a meter installed, there is no further capital at risk. It simply generates cash. As you all know that we have 2.4 million meters under RDSS scheme in 5 states with a revenue commitment of INR 2,600 crores in the project value. By now, we have already installed about 18.5 lakh meters, leaving only 4 lakh meters to be installed. Out of these concessions, Madhya Pradesh is fully saturated and have achieved goal line. Now it's in annuity phase and in a cash generative mode. The concessions in Ranchi, Tripura and JK nearly more than 70% complete and will be completed before end of this calendar year. For investors, the relevant read through capital efficiency installation completes capital intensity in this segment fall sharply. We do not expect any more capital expenditure in this segment this year that will be self-funded out of the revenue stream available on the commission meters and the lump sum available on any meter going live every month. Zooming out, the addressable opportunity is still large. The RDSS carries a sanction outlay of over INR 3 lakh crores, more than 20 crore meters nationally and a runway to March 28, which I'm sure will be further extended to '32. Sector fundamentals are also moving the right way. AT&C losses have fallen from 22% to 15%. Discoms have moved into aggregate profitability after so many years of losses and overdue payables are down sharply thanks to crafty portal in place and also the growing profitability. No more leakages in the discoms that translates directly into counterparty equality and collection certainty for anyone holding these contracts. Our new bids we are very selective as always. The priority is first execution, completing what we have on our platter and position us as a natural fit for the next round of awards. With respect to I will only further add as EPS to shrinkage in other income on discontinued business may have come down. But in our balance sheet, you may have observed hidden asset and having hidden profit that is the contracted assets which are worth about INR 1,500 crores as of June'26. And as and when these assets get capitalized or monetized, they will unlock the bottom line to the company. So that will be further another mode of describing the other income which will become the business income going forward. With respect to the guidance, we remain on track to achieve a revenue of 4000 crores or more with around 13 to 14% EBIDTA margins and current year order book target of 4000 crores but is likely to be exceeded. Happy to take questions now.

[Operator Instructions] Question is from the line of Vaibhav Shah from JM Financial.

On ordering flow, you mentioned that in Q1 we received 660 crores and YTD it is 2200 crores, correct?

Yes, absolutely.

L1 is INR 2,100 crores.

Right.

Including L1 and YTD info, we already surpassed the guidance of 4000.

Yes, you are right. In a way, you are right.

And can you throw some light? what would be the segmental mix of this includes broadly.

These are largely transmission and high end station business part of the constructions to be deployed by power grid, Adani, the Sonia or Ingrid at different locations. I will say every month now at least 8 to 10 concessions are getting finalized by the bid coordinators like PFC, RDC. So we are partners in these concessions with developers or concession winners you can say. So they largely revolve around transmission business and distribution business.

Okay. Sir, secondly, our noncurrent investments stood at roughly INR 1,300 crores as of March. You had mentioned last time we will be investing another INR 1,000 crores in data centre and roughly INR 250 crores in smart meters. So what would be our invest in this year.

Yeah, it is more or less the same. We have kept about 1000 crores for data centre, but smart meters. Won't need any more investment as it has become self-cash accretive now. We plan to collect about 450 crores during the year out of the smart meter PMPM and lump sum prematch. And our outgo in deploying the balance meters during the year will be only about 400 crores out of this. So this year is more or less than funded. The CapEx requirement is limited only to data centres. Number two, as you have seen, our efficiency of the discipline of the balance sheet with no need any additional working capital for EPC business. They are self-funding or activity.

Sir of course investment of this 1000 crores, anything more would be required in next year for data centre business.

You see, although Ankit have already described wherever this data centre has become a very magical picture today. Whether it will be thousand or more, we are still not able to predict because of the AI penetration, but we are keeping our balance sheet healthy to meet any rewarding opportunity in this space. I would like Ankit to elaborate more on it.

So, addressing the CapEx requirement for data centres, see, today, when we started this quarter at that time, we were not even expecting such kind of opportunities on a table where we are talking about such large capacity and deployments. And at that time, the capital investment program was quite different. But today, with the kind of opportunities that are in front of us in discussion and at the maturity stages that they are, it is increasingly becoming very difficult to pinpoint the capital requirement and deployment, really depending on what opportunity we are able to close, how things will mature specifically for us. But keeping fingers crossed, I think amount of capital will be required so that we are able to cater to these demands.

Yes, Ankit. Ankit, let me add this all is happening because of AI and deployment of BCU or TPUs are highly energy intensive and very capital. So these infrastructure requirements are also very different to accommodate them. So that makes the difference. Whenever anybody will occupy the capacity occupation will be anywhere from 25 to 100 megawatts. So we have to bid for it in 9 to 12 months without say. So it is no more a kind of a historic growth business. It is very transformative business as of today because of the AI penetration. So at the moment, we are at a position in this sector, very placed and expect very good results out of Chennai and Noida in next quarter in Q2 itself, but definitely not later than Q3. We'll be able to share good news with all of you.

[Technical Difficulty] the next question is from the line of Parth Thakkar from JM Financial.

What would be our cash and current investment of June 26?

June '26, you can take it in total about INR 1250 crores.

And what would be our investment in data centre as of March 3 weeks?

Ankit just said about 650 CR.

Okay. Can you provide update on smart meter project...

I just now gave you that out of total of 25 million meters, we have already deployed by now 1.5 lakh meters, leaving only 4 lakh to be deployed as of today. As of March, we have done 15 lakh and 7.5 lakh were spending. So that is the present status. This will be completely deployed by December. So with 100% saturation has happened in the project. And the rest of the projects are ranging from 60 to 80% at Ranchi, Tripura or Kashmir.

What would be our O&M part in this out of the backlog of 1560 crores as of March 23rd?

Yes. We continue to carry the meters and which is very little involve they are all software remotely and controlled. But more important is to meet the SLA obligations, system level availability based on which our revenues are ensured as a part of the contractive agreement which we are generally able to meet. And it also has an upside on services in AI by -- so it's an interesting place to be.

[Technical Difficulty] the next question is from the line of Nihar Shah from Ikigai Asset Manager.

Heartening to see the comments that we made on data centre side, especially on demand coming back to Chennai in a meaningful way. I think my first question is for Ankit. You mentioned about increasing capacity within the Chennai data centre without investing much CapEx. Can you just talk about how much is the capacity now? And if the same thing can be done for modification of designs across your Marda and Kolkata data centre as and when they come up?

Yes. So let me break this down. So basically, when we designed the data centre in Chennai, it was designed at a certain kilowatt per rack capacity, which was around 10 kilowatts. The moment we start talking about GPUs, which serve AI requirements, the capacity required for that increases from, let's say, 10 kilowatt to anything above 30, 70 or even 100, 150 kilowatts. So when the rack density increases, you are able to cater to more capacity within a smaller footprint. And that helps you increase the total serviceable load. And today, conservatively, I would believe we should be able to accommodate instead of 24 megawatts, which was initially planned for Chennai, we should be able to accommodate almost around 35 to 40 megawatts over there. And that's what has become interesting in our conversation with possible end users. Coming to and Calcutta, it's the same case. We never designed data centres for such high rack density. But tomorrow, if demand comes in for such requirements, which is possibly going to come in because that is where the next entire deployment I don't think we have a single opportunity, which is non-AI. So even for Noida and Calcutta, I'm expecting that similar increase in capacity will be visible without undertaking much CapEx.

Got it. And Ankit, you mentioned the comment about offering GPU as a service in the Noida facility. Just wanted to get your thoughts when we are thinking of moving to about 250 megawatt over the next 3 to 4 years, GPUs significantly higher CapEx level on top of that, right? So how are we thinking of capital allocation here over the next 3 to 4 years to manage both 250-megawatt scale and then also offer GPU as a service.

Yes. So we are not going ahead and building GPU as a service in the format which we are seeing other operators do. We are only building that capacity of GPUs where we have a committed demand from a specific customer and where the counterparties are very, very strong. And it is at a very, very nascent stage. So we are not going ahead and deploying billions of GPU or multibillion dollars of GPU. That is not the plan. We are doing it at a very measured level at a very measured scale where the counterparty requirements are very well known. They are small to medium size and the counterparty risk is negligible. So it's just a start. I wouldn't put my eggs in that basket. No, we are not buying BCUs. Let me make it clear to my colleagues. We are only providing infrastructure to house BCU owned by some third party. So our role will always be limited to infrastructure to house GPU to BCU.

Great. And best of luck for the data center business scale and hope to see or hyperscale announcements so...

The next question is from the line of Ravi Naredi from Naredi Investments.

Respected Gupta, sir, I knew and company very well since last 8 years as I am a shareholder of this company. Why you do not give investor presentation and clear all details about order booking and data centre. So everyone is asking in the con call, if you give investor presentation, so many questions answer automatically comes. And what is INR 1,500 crores hidden assets you are talking, please clarify this.

There is -- firstly, your suggestion is well taken. And Shivani, please note from next call onwards, we must come out with an investor presentation, which is of course done close call and parked on our website. But in future we try to do in advance. Now coming to part 2, you see, the ungilled asset in our present day industry as accounting is called contract asset. In our case, those contract assets are the thing which are unbuilt but largely in the nature of capital work in progress like smart meters, like or our own PVCB or PVCB projects, the well-grained partnership or jointly within GRIT. So those are the CapEx carried out in those opportunities, which is lying unbilled, unmonetized. That's what I was talking about. So during this year we will be monetizing two transmission assets to in-grid at Isha Nagar and Dhule. In Q2, Isha Nagar will happen and Q3, Dhule will happen. Whereas smart meter one, we are now eligible to monetize, that is in DOR and the rest of the three may be available next year. So progressively those completed facilities are available to you to monetize as we did earlier in our power generating assets or in our transmission assets built jointly with Kalpatru.