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Earnings Call Analysis
Q3-2024 Analysis
Adani Green Energy Ltd
The company is strategically expanding its merchant portfolio, expecting to reach low teens in capacity share by the end of the decade. While the current capacity stands between 3% to 5%, optimism about market evolution is fueling investment in this area. The group's capital potential is set to grow to over 2 gigawatts in the coming years, with execution capacity aimed to double from nearly 2.5 gigawatts to north of 5 gigawatts starting the next year.
The recent conversion of instruments within the Total JV deal into compulsory convertible debentures will be treated as equity-like from an accounting perspective. This conversion is aligned with the company's strategy and will not cause any tax implications, thereby maintaining a stable consolidation and control within Adani Green.
Module price reductions have a direct positive impact on the company's capital expenditures (CapEx), resulting in improved returns. Specifically, every one-cent reduction in module price can increase equity internal rate of return (IRR) by 1.2% to 1.3%. This benefit is captured for projects deployed in the current price environment, ensuring higher returns than initially projected.
A significant portion of the company's locked-in portfolio, about 97% to 98%, is not subject to the Applicable Local Manufacturer's Module (ALMM) requirements, allowing procurement from cost-effective sources like China. Future project bids will account for regulatory changes including ALMM, ensuring competitive returns despite fluctuations in the domestic market pricing, which is currently close to the imported module costs plus Basic Customs Duty (BCD) and a marginal profit.
With a surge of new pump storage project announcements, it's uncertain how many will transition to execution. For those that do, large orders and their support from the Indian equipment supply base are uncertain. However, players with strong execution capabilities are anticipated to leverage these opportunities effectively.
Ladies and gentlemen, good day, and welcome to Adani Green Q3 FY '24 Earnings 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.
Thank you, Tia. Good afternoon. On behalf of ICICI Securities, we welcome you all to the Q3 FY '24 Earnings Call for Adani Green Energy.Today, we have with us from the management, Mr. Amit Singh, CEO; Phuntsok Wangyal, CFO; Raj Kumar Jain, Head of Business Development; and Viral Raval, Head of IR.Over to Viral. Thank you.
Thank you, Mohit. Good afternoon, and thank you all for joining the earnings call today once again.We have uploaded our earnings presentation on our website, and we hope that you would have had the chance to go through the same. In terms of the flow of this call, we will first have brief opening remarks by our CEO, Mr. Amit Singh, on the key operational updates, followed by a brief update by our CFO, Mr. Phuntsok Wangyal, on the financial performance and other key financial milestones. This will be followed by Q&A.So over to you, Amit. Thank you.
Thank you, Viral, and thank you, friends, for joining this call in the new year.In 2023, the global annual renewable capacity addition has increased by almost 50%, the fastest growth in the past 2 decades, and we expect this momentum to continue through the end of the decade, which is very closely aligned with the pledge taken by several countries at COP28 of tripling renewable energy supply by 2030. India, which is a rapidly growing economy, renewables will play a very crucial role in its growing energy demands. Our country has taken several policy steps to advance towards the 500 gigawatt non-fossil fuel capacity target by 2030.The key ones include; strengthening the supply chain, building the transmission network, the storage solutions and mobilizing the capital resources to meet the significant capital outlay needed to convert this vision into a reality. At Adani Green, we remain focused on our 2030 target of 45 gigawatt and continue to focus on tightly controlling key resources, including capital, supply chain and people capacity planning, which we believe are the key pillars for a successful execution.During the last quarter, with equity and debt capital raise, we have put in place the capital management framework for a very well secured growth path to the targeted 45 gigawatt capacity by 2030. We continue to ramp up our execution capability and capacity by focusing on a very resilient supply chain, which is diversified and a very strong emphasis on localization, digitalization at scale, workforce expansion and competency building as well.As we work on the world's largest renewable power plant at Khavda in Gujarat, we will create a blueprint for mega-scale RE projects across the world. As an important milestone on the overall renewable portfolio front, we have recently completed PPA tie-up for the entire 8 gigawatt manufacturing-linked solar tender issued by SECI, with the remaining 1.7 gigawatts recently tied up. With this, AGEL now has a total portfolio of 19.8 gigawatt capacity backed by signed PPAs. The total locked-in growth portfolio stands at 20.8 gigawatt, further including a merchant portfolio of 1.01 gigawatts.Along with the robust business growth, we have continued to progress on our sustainability commitments as well. As a testament of our continued focus on strengthening our ESG commitments across the organization, we have been ranked #1 in Asia and among the top 3 globally in RE sector as per the latest ISS ESG ranking. Further, AGEL has been ranked first in power sector in the latest CRISIL ESG assessment with improved score for a second consecutive year.Coming to operational performance. For 9 months ending December 2023, we have continued to have robust performance on a year-on-year basis. Our operation capacity has grown at 16% to 8.4 gigawatts, with greenfield addition of 700 megawatt solar-wind hybrid, 300 megawatt wind and 150 megawatt solar projects. Our solar portfolio CUF has remained stable at 24%, and wind portfolio CUF has seen an increase of 510 basis points to 32.2%, and solar-wind hybrid portfolio has increased by 750 basis points to 41.5%. Backed by the robust capacity addition and improved CUF, the sale of energy has increased by 59% to 16,293 million units.Let me now hand over to Phuntsok to provide you updates on our financial performance and some of the key financial milestones.
Yes. Thank you. Thank you, Amit, and thank you, all the friends for joining the call.Amit has talked about excellent operational performance. Now let me briefly update all of our friends on financial performance for 9 months period actually, ending December '23. Backed by strong operational performance, the revenue from power supply has increased by 57% to INR 5,794 crores. Just as a point of reference, INR 5794 crores excludes the treasury income, which we have received during this 9-month period, which translates to INR 961 crores.EBITDA from power supply increased by 52% to INR 5412 crores, and we continue to maintain our industry-leading EBITDA margin in excess of 92%. Cash profit during the same corresponding 9-month period increased by 61% to INR2,994 crores. Now what it translates is on a run rate EBITDA for the operational capacity, which we have right now, which is 8,478 megawatt which Amit talked about, stands at strong INR 7,806 crores. And this is leading to significant improvement in my net debt to run rate EBITDA at 4.98x compared to 5.6x last year. The run rate EBITDA of INR 7,806 crores, which I talked about, excludes the EBITDA contribution from capacity, which are charged but not yet commissioned. We expect that those capacities will have EBITDA translating to nearly INR 254 crores.Now let me take you through some of the other important recent financial milestones, which actually is in line with our capital management philosophy as well as the growth aspiration, which Amit talked about. Post the recent shareholder approval, we have issued equity share warrants to the promoter for a total investment of INR 9,350 crores, out of which we have already received INR 2,338 crores and remaining amount we expect to receive in 18 months. As you all know, as a part of our disclosure, we have clearly stated that the equity warrant issuance, the utilization will be through a combination of payout to my Holdco bond, as well as funding my capital growth in line with my expectation to reach 45 gigawatts by 2030.During the same quarter, we completed our newly formed JV with Total for 1,550 (sic) [1,050] megawatts portfolio. And in the process, we have raised INR 2,497 crores, which we have already received. During the quarter, we upscaled our debt funding under construction plus financing framework from USD 1.6 billion to USD 3 billion. So as a part of my upscaling, we have raised USD 1.36 billion, and we have already started growing under the facility. This is apart from other financing, which we have raised under our ongoing capital raise program.We have recently made announcements that in line with our guidance, we have now completely placed in place cash-debt funding for $750 million Holdco, redemption of which is due in September 2024. During the same quarter, in line with our capital management philosophy, we have also refinanced some of our operational assets at very competitive rates, nearly to 8.5%. And this corresponds to some [ of our ] portfolio, which have achieved operational performance and broadly, the refinance amount is nearly USD 400 million.Now, this continuously emphasizes our focus on bringing our cost of capital down. With the above milestones, we would like to advise our investors that we remain focus on playing a crucial role in energy transition in India with a growth trajectory fully supported by disciplined capital management and highest governance standards, and we are fully committed and in line to achieve our 45 gigawatt by 2030.Thank you for all of you. And I would request the operator to open the line for Q&A.
Thank you very much. [Operator Instructions] First question is from the line of Nirav Shah from Geecee Holdings.
Congratulations on a very good set of numbers, as well as completing the Total JV during the quarter. So congrats on that, sir. Sir, a few questions. The first question is, our locked-in portfolio has increased by 410 megawatts from what declared in last quarter to this quarter, and it has been entirely on merchant, which is now on approximately 5% of our total portfolio. So on a target of 45 gigawatts, where do you see the merchant portfolio contributing? How much do you see that? And the related question is, what is the group capital potential over the next 5 years where we can capitalize?
Yes. So, I think let me maybe try and give you a bit of a color on that. Listen, I think the merchant portfolio for us kind of goes up and down based on how we see the mismatch in price and future projections. Today, I think it's between 3% to 5%. And I think we feel that we will have a bigger capacity in lower teens by end of this decade. Now, I think it's very hard to give an exact number. We will make a call on those as we go, depending on how the market evolves. But we are quite bullish on how the market is evolving, the price sentiment, and we are making some investments to grow our merchant portfolio going forward.
So it's low teens as of now as we speak. I mean, it can change, but that is what our visage is.
Yes. I think we will keep the balanced portfolio as well, and we want to make sure that, because there's a significant C&I customer base, which we are also tapping in. We want to make sure that we have a balanced portfolio. We have a lot of projects which we have already signed up, so we need to execute that over the next 2 years. Having said that, I think we are carefully watching the space, and you will see us in the following quarters making some positive updates on that side.
Got it. And on the group capital potential, sir?
Group capital potential also is evolving. I think it's north of 2 gigawatts over the next few years. And I think it's a number, which we are also implementing in parallel. And this is outside the 45 gigawatt number which we have stated, so just to be clear on that.
It's 2 gigawatt you've said.
North of that number. I think that, again, is evolving as the capacity demand for the group companies evolve. And so that number will also change. But yes, that's a fair assumption you can make over the next few years.
Got it, sir. And sir, if I can ask on the Total JV deal, what is the tax implication on that [ soliciting ]?
I'm going to pass on to Phuntsok maybe to -- maybe give a feedback on that.
No, I think there will not be any tax implication actually on that.
Okay. And what's the accounting treatment like, sir? I mean, now that it is -- even the previous INR 4,000 crores has been converted to CCD.
I think there are 2 elements on it. As you know, with our previous arrangement was we had the stapled instrument from Total actually. Those stapled instruments have been completely converted into compulsory convertible debenture. Those, from an accounting treatment perspective, those will be treated as equity-like instruments. So, that's the first question. And from -- I think you may be also referring from a consolidation perspective, actually, the treatment remains the same. It will be fully consolidated with Adani Green because operational control and other elements continues to remain with AGEL.
[Operator Instructions] The next question is from the line of Nikhil Abhyankar from ICICI Securities.
Sir, we haven't seen you participating in new bids while they're also getting undersubscribed a lot of bids. So, can you just throw some light, when can we see you start participating? And in terms of preference, what will be your preference, solar-wind hybrid or even a PRE?
Yes. I think it is very clear that we have to match our existing locked-in portfolio with our execution pace and capacity. So today, as we had earlier guided, our execution capacity is in the near about sort of 2.5 gigawatts. We are working hard to grow that capacity to north of 5 gigawatts from next year. And we need to make sure that we time these in such a way that we maximize our returns.And as you heard me say earlier, we're also looking to optimize our balance between solar wind but also from a C&I merchant capacity as well, which, as you know, we are -- we have a very small exposure there. So, we're looking to balance or rebalance the portfolio and high grade our overall mix. So, that's the reason why -- but we will selectively participate where we feel we can get the best returns. I think in terms of solar mix and maybe to add more color, I'm going to invite Raj as well to add a few points.
Sure. Thanks, Amit. I think high grading the portfolio is what we are going to do for the future. So that's where the focus is. And as Amit mentioned, we are looking for mix, which can give the shareholders best returns, in this case. Within the space, whether it is solar-wind hybrid, or a PRE or RTC or whatnot, for us, all those opportunities are there. And I think we definitely doesn't have any singular preference in that. I think it's subject of what opportunity gives us more return. By its own nature, as you know, the renewables will always be solar heavy, so obviously that ratio will be higher. But for us, all those opportunities are available on the table and we choose based on return profile and our expertise within that profile.
Understood, sir. Sir, you mentioned that you're facing some problems in improving your execution capacity. So, what kind of problems are we facing? Is it like supply chain? Is it land acquisition or what?
No, I would not call problems. I think we had an existing run rate of how we execute and we are growing that run rate. I think if I give you 3 things which I talked about in my opening remarks, the first is really having a very clear transmission network available to evacuate power. And for that, we have to rely on an execution of different transmission companies in the country, and they have to be able to deliver and make sure that the evacuation is available.The good news is, for example, in Khavda, the first evacuation lines are ready and we have a new capacity added of 3 gigawatt. Second is really about managing supply chain. And supply chain -- when you grow a supply chain and ramp up at this scale and speed, there are long lead items and manufacturing capacity limitations, which are in place both from wind and solar perspective, inverter, tracking systems. So, those have to be developed and those have to be -- there is a time it takes to invest and grow that capacity. We've started on that journey a year ago, 9 months ago. And a lot of our partners are scaling up to deliver the north of 5 gigawatt scale for next year.And the third is people. Renewable sector is still in an early growing phase in India. We have to hire the best people, train them, mobilize them to some of those project sites like our flagship site in Khavda. This is a place where there was no human being living there, and now we have north of 5,000 people working hard and delivering projects. So it's an ongoing journey and we are very happy with where we are. And we know that we have still a long way to go to get to the scale we're talking about for the following quarters.
Understood. Then going to pump storage. So what are plans and when should we start the execution on this project? When should we expect the execution to start?
I'm going to invite Raj to maybe give a bit color on the pump storage and then maybe I can comment on the execution.
Yes. Sure. I think just on the background side, as you all know, that generally the pump storage piece takes close to 5 years from the day zero until the actual commissioning of the project. So, we have signed up a lot of MOUs. You would have seen in the media that a lot of MoU has been signed AP, Maharashtra, Telangana, Tamil Nadu and all. So, we are making our progress on multiple sites. Full detailed feasibilities are there, feasibility studies are on, which will lead into execution decisions.We are very close to doing one project, and I think that's something, which we will be able to come out very soon and give you the details. However, it is part of our overall long-term strategy when we talk about FY '30, that how are we mixing all sources of renewables in the ever emerging space of RE? How do we ensure that we benefit out of the opportunities, which are being thrown or the complexities, which are being thrown as a leader in the pack? How the pump storage or other forms of storage are used, so that my returns are much better than what the traditionally I've been able to earn?So, clear focus on pump storage and you will see some of those happening. At the same time, we're very, very vigilant about -- very diligent about that whatever we do is definite, is complete and all approvals are taken because a lot of these projects have seen in past lot of delays, lot of stalling, lot of questions with respect to R&R, environmental permissions and all of that. So when we say that we are doing something, we want to be 100% clear on everything. And that's what I think one of those projects we will be able to come to you very soon and balance in the very advanced stages as well, in various forms in various states. But again, rehashing the point, it is completely part of our plan for FY '30 to explore this, the problem which the industry has, how do we create opportunity out of it and actually give better shareholder returns to our shareholders.
And just to add to what Raj was saying in terms of the timelines and all, it is pretty clear that the first set of project, which Raj was talking about will be a part of our implementation process as far as next financial year is concerned. So, we will be definitely starting our [ PFP ] implementation from next financial year. And the project, which Raj is going to be talking about anyway is in a very advanced stage with environmental clearance already received, land already going to be acquired, and financial closure is in very advanced stage of being completed upon. So once financial closure is achieved, along with our formal storage business philosophy per se, we will be coming out with a specific guidance on that.
Okay, sir. Understood. Just a final question, sir. What will be the capacity addition in the final three months?
I think in the next quarter, I think we feel that we will be north of 2 to 2.5 is what we are targeting. As I pointed out earlier, our evacuation capacity is now ready. A lot of solar and wind capacity is getting commissioned, and we have a very high run rate of commissioning going on trials and we will make those announcements as we go.
Yeah. And just to be very specific, at least going to be 2 gigawatt in this quarter, actually, just to be precise, more precise, actually.
[Operator Instructions] The next question is from the line of Uma Menon from AllianceBernstein.
Am I audible?
Yes.
Yes. The question is mainly on your capacity addition for the next 3 months. Essentially, just wanted to understand, since you spoke about transmission, is transmission one of the major problems that is affecting the capacity addition capability? Just wanted to get to know your thoughts on this.
Yes. Uma, this is Raj. That's where what the advanced planning does. So when we say that these are the challenges, so challenges are there for the industry. When I'm looking to do 5 gigawatt, I'm looking to do more than that. I have already solved it. So if I'm saying that I'm going to do, say, 5 gigawatt plus next year, I solved the land point, I have solved the transmission planning for the next year or year next. I have also solved the manpower planning for the next year.However, it is very important to remain modest about it. And that's where we are saying that these are the challenges which the industry faces. For us as leaders in the pack, we need to ensure that when we say that we are doing it, we are taking them head on. So when I say I have land for 2 lakh acre, my complete plan for 45 gigawatt on land side is solved. When I say that I will be doing 45 gigawatts by 2030, I have clear visibility of when the transmission elements are coming in, in which sector, and I have zero risk on the transmission planning, as well as the grid comes in for the national network.Yes, there are embedded plus, minus 3 months to 6 months, which happens which for various reasons, that's fine. Apart from that, there is no such risk. Now, in terms of making the thing business as usual, we have already worked where we are this year executing close to 3 plus gigawatts. When we move to 5 plus gigawatt next year, the ecosystem required to be built in Khavda is already done. We are fully ready for it. So, I think from a risk perspective, we have already covered ourselves. But these are the three things, which we have solved to be able to deliver it next year. So, I think that's the way you should look at it.
[Operator Instructions] The next question is from the line of Nikhil Abhyankar from ICICI Securities. Nikhil Abhyankar, we are not able to hear you.
Yes. Sorry. So, we are transferring around 1 gigawatt to the JV. So, what is the expected EBITDA from this JV and what is the debt level on these assets?
I think from our business perspective, actually, as I was saying, even if we transferred it, it will be fully consolidated, actually. So from that perspective, so it will be reflected in our numbers itself. Now, if you are talking in terms of debt level, actually, as we have guided, 1,050 megawatt includes 300 megawatt of operation. Balance capacities are under execution. So, those under execution projects anyway doesn't have any monetary debt per se actually. Those will be implemented as a part of my coming year execution plan. So debt which will be transferred as a part of that platform should be nearly INR 1,500 crores.
INR 1,500 crores. Okay. Understood. And what will be the expected EBITDA from this portfolio?
Yes. So from EBITDA perspective, if you really see, my portfolio doesn't vary much, actually, except that some of these new capacities, as you know, are generating CUF at a level, which is higher than my average portfolio in CUF. So that is getting reflected as far as the 300 megawatt operating portfolio is concerned. So accordingly, if you really want to -- see, this should have an EBITDA between INR 190 crores to INR 200 crores. EBITDA margin will definitely be higher than my portfolio level EBITDA margin.
The next question is from the line of Vijayakumar from Avendus Spark.
Yes. Am I audible?
Yes, sir.
Yes. So, my first question is on the existing module prices, which has come down significantly and how is it going to have a positive impact on our returns on projects, since we would have already locked in on tariffs, while now probably the cost would be lower, would that be beneficial to us now?
Yes. Sure. So as any module price will obviously have a saving on the CapEx and that obviously improves the returns, so the number is broadly 1.2% to 1.3% additional equity IRR for every cent of reduction. Now for projects...
Sorry. You said 1% to 1.3% improvement in IRR for every cent of reduction. Is it?
Yes. So now for projects which are, say, commissioned this year, they will be on a different price trajectory for the projects, which gets commissioned next year will have a different price trajectory. And we have to also see that some of these are bottom prices in the module environment. So do we see that this price sustain in future at these levels is also something, which we build in our CapEx estimates. So, I think from that perspective, you will see higher returns from the CapEx, which we are doing than what we had estimated at the start of this financial year, and the same will continue for next year and we continue to monitor this thing. However, we do not necessarily see now a meaningful reduction from the current levels, because some of this is going to the marginal cost of production right now in China.
Okay. So how would the implementation of ALMM from April 2024 change all this? Because then we will have to procure for new projects only from Indian manufacturers. So the lower cost of any modules will anyway not be beneficial to us, right?
So 2 parts. One, most of my or virtually 97 or 98% of my balanced locked-in portfolio, all my PPAs does not have ALMM applicability. So whatever I buy for them, I can buy from China. And again, for that 97%, I will have a pass through of BCD on that from the SECI or the relevant discounts. So, I don't need to necessarily worry about the ALMM or the BCD per se in my business model. Second -- so that's where my returns are protected and those are good in terms of me being able to take the current low module prices environment benefit in my CapEx.Now, going forward, obviously, when we tender for projects, we take care of what will be the regulatory framework going forward, which also includes the ALMM, what is the pricing scenario in the domestic market? Just to further take the point forward, currently the domestic prices for ALMM certified modules, which are not necessarily DCR modules, the prices are broadly nothing but what you import from China, plus the BCD on it and a small margin over it. So that's where the domestic prices are hovering.So per se for any new future bids, or even for any merchant or a C&I project which I implement, it does not change the needle too much, especially in cases where obviously the revenue profile is going to be better than the PPA thing. In case of PPA, obviously, we have also ensured that this ALMM applies to everyone in the industry in my competition. And second, my returns are in which is superior to what the market is able to earn for those numbers, revenue numbers. So, I think fairly hedged on this ALMM bit.
Okay. Sure. So that is good for us. One question on what you had mentioned. You're telling domestic prices are Chinese prices plus BCD, plus margin. So that means $0.10 plus 40% plus hub margin. Would it be still be under $0.20 per watt for domestic manufacturers?
$0.10 is not necessarily the best price. Yes, you hear some of those things, but then you are going down on the quality chain, then you are going down on whether it is Tier 1 or not and some of those things, whether it is top one or not. So let's not necessarily take that number. But yes, over that, you apply 44% duty, transportation and then some more margin for the domestic things because they essentially procure cells or vapors from that market. And the way the pricing is there from Chinese market is that they are pricing, obviously, vapors higher than the inherent cost, so that the modules manufactured in other places in the world are costing higher than their own ecosystem. But it's around the number which you have put of $0.20.
And that $0.20, sorry, may not be your domain, meaning not Adani Green's domain, but at $0.20, will the domestic manufacturers make returns?
It depends on domestic manufacturers' own efficiency. And since I'm not speaking on behalf of Adani Solar, I may not be able to comment too much on that. But I think the way I understand the business has been made very efficient and the ecosystem there has been made in a way that a lot of things are channeled into the ecosystem there itself, so that the costs are controlled and efficiency have been optimized. So I think, I'm sure efficient people are making money.
Sure. One final question on pump storage. We are hearing several developers coming up with a lot of new projects on the pump storage. But how is the equipment ecosystem to support this large ordering activity that will happen over the next, say, 5 year to 10 year period to set up these projects? So do we have the equipment supply base in India to supply these equipments?
So 2 or 3 parts of it. One, I think it's a lot of announcements. Let's see how much goes actually on the ground, because, yes, it is the need of the hour for the country. It is accepted and it is where the opportunity lies. And big players who have that execution capability will be able to tap this. So, only few of them is what I believe will be actually translated into real projects. So that's one. When it goes into the projects, then only the need for equipment arises.At the same time, given the time period available for some of these projects, it is possible for the developers to lock in the equipment ecosystem for them. And that's what helps. And when we say that we are developing a pump storage part of our business as a next frontier for higher return portfolio, then obviously that is one area, which we have looked at very seriously and worked with our suppliers to ensure that we are derisked in that area. Yes, it's a huge opportunity for the equipment manufacturers to see how do they augment. But I think it's also a chicken and egg in the sense how many people actually give them orders and how many people talk about orders.
The next question is from the line of Uma Menon from AllianceBernstein.
Just one question. Just wanted to understand what would be the main reason that you would attribute not being able to achieve the 2.5 gigawatt in the next 3 months versus, like you said, at least 2 gigawatts in the coming quarter?
No, I think I didn't say -- listen, I think there's a lot of moving parts, Uma, in renewable project, right. And I think it's about deploying, doing the trials, having all the elements ready, commissioning them, connecting them to the grid and making sure that we provide a very sustained, efficient supply of green electrons. And we have to do it in a manner that it is properly compliant with the rules and regulations. So obviously, we will maximize our output and maximize our performance. But I think we have to be cognizant of the fact that there are things sometimes outside our control. Won't be able to give too much color on that, but we're very confident that we will be towards the higher end of that number as a total number for our performance by end of the year.
[Operator Instructions] As there are no further questions from participants, I now hand the conference over to management for closing comments.
Thanks a lot, everyone, for participating in the call. And please feel free to connect with us if you have any further questions. Thank you, Mohit, and ICICI Securities for organizing this call. Thanks a lot. Bye-bye.
On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.