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Genus Power Infrastructures Ltd
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Ladies and gentlemen, good day, and welcome to Genus Power Infrastructures Limited Q1 FY '23 Earnings Conference Call.
This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict.
[Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Kailash Agarwal, Vice Chairman of Genus Power Infrastructures Limited. Thank you, and over to you, sir.
Good evening, ladies and gentlemen. I sincerely apologize for the delay today happened because of some technical issues and all. A very warm welcome to the Q1 FY '23 earnings call of Genus Power. With me, I have Mr. Jitendra Agarwal, Joint Managing Director of the company; and SGA, investors relation advisers.
We have recorded a sales of INR 187 crores for Q1 FY '23, up by 43% as compared to INR 130 crores in last financial year. Revenue growth for Q1 FY '23 was [ affected ] on account of reduced capacity utilization due to disruptions and supply of semiconductors and other essential electronic items. However, we expect that the normalcy in supply chain to be restored within the next 3 months and anticipate a sharp revenue rebound in the second quarter of the financial year.
For Q1 FY '23 EBITDA stood at INR 14 crores as compared to INR 5 crores in last financial year, a jump of 183%. Sequentially, higher prices for raw material and a lack of operating leverage as a result of lower capacity utilization continued to hamper operating margins.
In April 2022, we received a letter of award for appointment of Advanced Metering Infrastructure Service Provider, including design of AMI system with supply, installation and commissioning of about 10 lakh smart grid prepaid meters, DT Meter level, energy accounting and FMS of these smart meters from a state utility. The total order worth INR 828.57 crores net of taxes is the single largest order finalized by any state utility in India for AMISP.
As on 30th June 2022, our order book stood at INR 1,855 crores net of taxes. Just few days back on 30 July 2022 Prime Minister, Narendra Modi, launched the power [indiscernible] flagship revamped distribution sector scheme, which aims to improve the operational efficiencies and financial sustainability of stress power distribution companies, DISCOM and state power department.
DISCOM suffered massive losses due to power theft, AT&C losses, meter tampering and inaccurate [Technical Difficulty]
Excuse me, Mr. Agarwal, this is the operator, not able to hear you clearly, sir...
So better we take question and answer. Let me open the floor for the question and answer. And then I think because [indiscernible] somewhere else, and we will be answering more of that question. So let us try to do that with...
[Operator Instructions] The first question is from the line of Mohit Kumar from DAM Capital.
Sir, my first question is on the order inflow outlook for the balance of the year. Of course, the government, it looks like the RDSS system is in place, and a host of other [indiscernible] bids were in pipeline. Can you please update us with the status of the debt? That's the first question.
Mr. Agarwal, can you hear us, sir?
Participants, kindly be online while we reconnect the line for Mr. Agarwal. Yes, can we proceed?
[Technical Difficulty]
So I will distribute the order inflow in the model. So the [indiscernible], which got [indiscernible]. So in [indiscernible] from the OpEx model and one on the CapEx model.
On the CapEx model, [indiscernible] around INR 280 crores that [indiscernible]. And on OpEx model, [indiscernible] INR 774 crores, [indiscernible]. There's a lot of conventional leader [indiscernible] also which are already -- that is to a INR 1,089 crores, almost INR 1,100 crores.
[indiscernible] In total, [indiscernible] already for this [indiscernible], which we call them lifetime. [indiscernible]. In that CapEx model, there is a number of 10 million meters on our [indiscernible], a bit of almost INR 2,000 crores is to be [indiscernible] The OpEx model [ 75 lakh ] in the market.
Is it -- the value is around INR 7,000 crores is the estimated value. Again, we want to be quoted. These are on the OpEx model. And then there are [indiscernible] CapEx margin tenders is primarily [indiscernible]. They are already [indiscernible] are to be participated [indiscernible].
And there are some conventional to meters [indiscernible] to be with about INR 300 crores. So in total, the mix of almost INR 20,000 crores in the [ market ], [indiscernible]. Almost, I would say, INR 18 to INR 20 crores to be participated [indiscernible]. So participated is around INR 2,000 crores [indiscernible]. Tenders will be participated in the next 3 to 5 months [indiscernible].
So this is the current line. And just to add on today, almost every state electricity board [indiscernible]. Officially [indiscernible] of adhesive steels different DTRs across all these [indiscernible] has been approved by Government of India. This is the [indiscernible].
Sir, of course, is the order -- the large order, which is expected over the next as the opportunity is very huge. But how much you are willing to take, how much your appetite? And the rare question is that given the order book right now, what kind of top line possible in FY '23?
So FY '23, as the first quarter, and we don't see [indiscernible] not always, we have given a going to do the numbers and tougher size because of the [indiscernible] for company in the major reason. So FY '23, we expect the top line of -- we have given guidance of around [indiscernible]. I see that going down for FY '23. So currently, I can give you the guidance of INR 1,000 [indiscernible]. H2 will be the rebound [indiscernible].
Order booking-wise in FY '23, most of these tenders will be defended. In order book position will be very, very healthy by the end of [indiscernible].
The next question is from the line of [ Nikhil Jain ] from [ Galaxy International ].
Just a couple of questions, actually. So first is related to the current order execution in this particular quarter. So is the muted top line, basically only because of the semiconductor issues and the electronic chip parts? Or is there any other reason related to the government or related to capacity or any other issue? So that is the point one.
I would say not only the major of -- the only reason is the semiconductor issues.
Still, it has not become absolutely a moment that we would [indiscernible].
So what we hear from the automobile companies and other, let's say, electronic manufacturing companies is that the shortage is easing and they are now able to ramp up their production. So...
[indiscernible] interest of everyone, all these electronic components, there are primarily [indiscernible] . First is the consumer electronics in the motor industry in the industrial [indiscernible] -- the industrial sector. Definitely, the consumer electronics offtake has slowed down significantly due to recession and so I mean our requirement has also down. That is the reason it has moved out to automotive to very large extent in automotive industry will get back to normal days, [indiscernible] year, 2 to 3 months [indiscernible]
[Technical Difficulty]
This is your operator. Mr. Agarwal?
The line for Mr. Agarwal is disconnected, we'll just connect him back and kindly be online.
Yes, Mr. Agarwal, you may proceed.
Yes. I hope that the electronic components in industry [indiscernible] electronic components supply. So we also [indiscernible] consumer electronics [indiscernible] has gone down significantly. Automobile, it almost normalized, [indiscernible] will be normalized in the next 2 to 3 months. And there will be significant improvement in the same type for the availability of components for industrial electronic forms. That is the reason I confidently say that H2 will be much better for companies like us [indiscernible].
So a related question. So if there would not have been any semiconductor issue and with an order book of less around INR 1,800-odd crores that we had in the last quarter. So how much would have been potentially be able to be done in this quarter, hypothetically, right? So assuming that there is no...
So we would have done at least identify the top line if there would not have been any issues [indiscernible].
Okay. And sir, one -- the second question is related to the guidance. So I just heard that you are revising the guidance for the year to around INR 1,050-odd crores from, let's say, INR 1,300 crores that we had at the start of the last quarter, right? So what has actually changed? Because at that time also, we were saying that quarter 1 is not expected to be good, that things will only improve from quarter 3. So why are we actually changing the guidance from INR 1,400-odd crores to INR 1,000-odd crores. So can you just please share your thoughts?
We gave a guidance [indiscernible] I was not expecting quarter 1 and 2 to be bad -- in quarter 1 to be bad, difficult. We were quite confident that you have things will ease out and we'll be much better than what we have done in the quarter. That is the reason I want to change the guidance on the whole [indiscernible]. Our target will always be to do better than what [indiscernible]. That goes without saying. Yes, that's the only reason you want to [indiscernible].
Okay. Because it is becoming, like say, every quarter, it kind of moves forward, actually, right? So we expect that quarter 2 is better than quarter 3 better and now we are saying for the full year, the requirements will be not so good, actually, right? [indiscernible] to FY '24 there.
Things will definitely get better but on [indiscernible] much more expectation. That is the reason we want to [indiscernible]. .
Okay. Okay. And sir, just one last question. So with this, let's say, a new guidance on the -- for the year, would we be able to achieve our optimal margins, let's say, when we exit FY '23, let's say, in quarter 4 of FY '23? The optimal margin of less around 16%, 17% that we have said earlier?
We should be -- yes. We also expect our margins will improve to the normal level by end of this [indiscernible]. We also expect it.
[Operator Instructions] The next question is from the line of [ Priyanka Singh ] from [ Aidan Securities ].
Firstly, can you explain in detail that out of our total order book of INR 1,855 crores, how much has been received by a system integrator for the supply of smart meter? How much capital expenditure do the companies be doing for the next? And what is the repayment renewal for state electricity board? What is the service [indiscernible]?
So [indiscernible] your question, do you want to know how much retail will be supplied to the system in the region?
Correct.
So just [indiscernible]...
So basically, how much out of the total order book, we have received as a system integrator for supply of smart meter.
So as the system integrator, we are doing only one project is on the TOTEX, [indiscernible] where we have to supply 1 million meters.
It is INR 828 crore order what we have. Otherwise, what we have to supply -- there are orders worth INR 500 crores, is that clearly supply orders of [indiscernible] .
Okay. Okay. Secondly...
We have around INR 200 crores plus orders of facility management [indiscernible].
[Technical Difficulty]
Okay. So I also want to understand what is the repayment schedule for state electricity boards? And what is the service fee component?
What is fee component?
Service fee component.
So as I said, [ out of this ], I'll just give you the break up, order book is INR 1,800 crores order. INR 500 crores purely supply orders of electronic energies meter [indiscernible] different electrical boards [indiscernible]. And there are orders where we have taken 10 key projects where we have to supply the meter, related to projects like we are doing in type of our part we are doing [indiscernible].
So those are the projects that -- which is not INR 150 crores order book, whether we have to supply meter installation also maintain some of the meters for some time.
And then there are in this order book, we have almost INR 200-plus crores of [indiscernible] orders where we have already installed the meters, where we will be doing the services of the meters the way we are doing [indiscernible]. So all these projects, we have some orders. where it has been supplied, installed and now we will have to maintain them about 3 years, 5 years. So that order book is around INR 200 crores. And so this is the breakup of our order book.
And how do you account [indiscernible] in your books from a P&L standpoint? Will such contracts have a negative impact on your working capital cycle?
So projects like the project we are taking for [indiscernible] on behalf, there will be done, let's say, INR 1,000 crores for [indiscernible] -- INR 32.5 crores [indiscernible] by the board importing is advanced [indiscernible] but the remaining in the [ April ] monthly installment for 7.5 years. So [indiscernible], we will receive the payment. [indiscernible].
Okay. With state discounts always facing crash crunch, as a system integrator, how do we secure our monthly payments for the next 6 to 8 years?
So all these AMISP, if you see the standard bidding document from Ministry of Government of India, they clearly given a security mechanism where the money whichever is generated from the prepaid meters in -- first, it is debited to the account of the AMISP provider. So we are 100% secure [indiscernible] definitely more secure than the [indiscernible] was currently. So there, we don't see any challenge.
Okay. And lastly, how does the company plan to secure itself from this arising from state government policy intervention if it plans to play a long-term play -- long-term role of being a system integrator?
So how -- can you repeat the second comment?
I'm trying to understand that how does -- how do we plan to secure ourselves from the risks arising out of the state government policy interventions if we plan to play a long-term role of being the system integrator?
So once we have become a system integrator and you have installed, let's say [indiscernible] so we have installed 1 million meters to the complete billing is being taken care by us. So state government is equally liable to work with us very closely because they are 1 million consumers are being handled by us directly. And they cannot put anyone else to take care of those consumers because all the meters in complete communication is done by us.
So they're equally, even at any kind of policy changes, nothing can be changed on the smart meters when it is installed. These meters [indiscernible] a created mechanism where all these meters are being charged or recharged under our -- under our software system, where the first money of AMISP spread to the AMISP, we are getting INR 70 per meter per month or 10 flat meters.
So the INR 7 crores, which has to come from [indiscernible] every month. So all the recharges, still the INR 7 crore is done, it will come to give us. After then only whatever the amount comes, whether it is 70 or 700 ended and it goes to the electrical [indiscernible] very, very safe mechanism of securing money. Much more secured than the current supply business, what we do with [indiscernible].
[Operator Instructions] The next question is from the line of Anshuman Ashit from ICICI Securities.
A few questions. Sir, firstly, sir, there was a negative other income book during the quarter. Could you please explain what was it exactly?
So basically, that's a notional valuation. The company has a treasury of almost INR 200 crores invested in [indiscernible] bonds and all. So it's the valuation of the bond that is showing the other income [indiscernible] .
Okay. So at the end of the period, the bonds were revalued and the difference...
Yes, yes. So basically [indiscernible].
Okay. Okay. And sir, the employee cost was also a bit higher during the quarter. So is it because we started mobilizing our resources for Bihar project? Or is there some other...
Yes. We've already started building our infrastructure of the smart meter things and all. So that [indiscernible].
[indiscernible] is happening on the development of value-added products. [indiscernible] the top line has not been like we can see the impact of employee cost. So you will see on all these investments what we are doing currently [indiscernible].
Okay. And sir, on the Bihar project itself, so what is the current status? At which stage are we currently? Have you received any advance from...
[indiscernible] of advance of INR 15 crores.
Okay. And the project is on schedule. So we'll start the implementation from September onwards?
Yes, the project is very much on schedule. The government is also doing aggressive on me. [indiscernible] we had reviewed [indiscernible]. Everything is on the lines?
Okay. Okay. And sir, just wanted to confirm once the order book composition that you had just mentioned. So you had said that INR 500 crores is for electronic energy meters, the hardware which we are providing. INR 150 crores is for turnkey projects. FMS is INR 200 crores and around INR 800 crores for the Bihar projects. Is there something that I missed beyond this?
So there is an order book of [indiscernible] also. We do gas meters, which is around INR 20 crores, [indiscernible]. And then we do also [indiscernible] are also a lot of projects in supply, [indiscernible].
Okay. And do we have any export orders also currently on the book?
So currently, when I say there is no supply order [indiscernible] there are some export orders also [indiscernible].
Okay. Okay. So there are some export orders in the order book?
Yes, yes. There's some very good export order, and we expect to get our export back to normal the way what we were doing 3 years back, we were almost 3 figures in exports. Confirming that by the end of this year, we should be back to -- at least those levels we had in our [indiscernible].
So it can be around 10% of the revenue of the -- for the full year.
This financial year, we expect it to be.
Okay. And sir, finally on -- Okay. Sir, finally, on the margin guidance for the whole year, if you could inform us what it will be because there is a revision in the revenue guidance. So is there any revision in the margin guide?
There will be because first, as I said, H1 is at we also had been expected to be so -- the margin guidance also will -- we expect it to be [indiscernible].
So we will be in the normal set from a quarter and fourth quarter. But the total full year's margin will be [indiscernible].
[Operator Instructions] The next question is from the line of Anurag Patil from Roha Asset Managers.
Sir, are we planning to bid for further system integrated orders of the scale of Bihar, which we have already got?
So we are very clear, the guidelines in generally at an extent only, we will go as the AMISP on our own balance sheet. We will also [indiscernible] -- Investors and create some moving [indiscernible].
So basically, we can say like that, that we will be not taking too much of AMISP always on our balance sheet. So basically, we have taken this order. Now we will be participating more in supply to supply of the meters. And then if our balance sheet -- whatever we do, we do on the basis of our balance sheet, and we are planning to make some SPVs on these projects is bringing project-specific investors also. So whatever we are doing in the AMISP.
In the start of the [indiscernible] bidding process after bidding process. [indiscernible]
[Operator Instructions] The next question is from the line of [ Nikhil Jain ] from [ Galaxy International ].
So I just wanted to check whether let's say, the ordering and the tendering process, I think that's currently happening -- is it as per the earlier plans that we had? Or is it going slow? Because in quarter 1, at the start of quarter 1 also, our order book was around INR 1,800 crores. And after doing the INR 200 crores, our order book is still INR 1,800 crores. So in this last 3 months-odd, we have got only INR 200-odd crores new orders, right? So is it like because the camping is going slow or there is some change in the market share or something?
Tendering is going slow because the projects that are supposed to be [indiscernible], the government has given the guidance [indiscernible] be chosen by 30th October last calendar year and [ 21 December ], all the tender should be out.
But because there was some gaps between the state government and the central government, and there was a supply shortage also. So the government has come out with guidelines that all the new tenders also come [indiscernible] be done by [indiscernible].
So because of this [indiscernible] made process, all the tenders got delayed by 6 months. So now there will be a lot of tenders in the pipeline, and you will see a lot of [indiscernible] happening in the next 6 months.
So there's a lot of pressure from the central government and now even the prime minister also spoken about it very openly. And unless there is a very strong [indiscernible] being done by the ministry in PM will not [indiscernible]
Right. Right. And just one more question. So our current market share or you say, over the last couple of years, our market share has been roughly around 25%, 27% on the smart meter side. We expect to maintain that number even with the increased tendering requirements in the capacity that we have built, right?
In the current scenario, we surely expect to maintain the market share.
The next question is from the line of [ Harshit Goli ] from [ Flair Capital ].
Am I audible, sir?
Yes, sir, you are audible.
My first question, how much is our -- how much of the revenue is the ratio between the project base and the product base, sir?
So prime revenue is product based only...
[indiscernible]
In the last quarter, you want to know?
No, no, no. In the times to come, where do we want this ratio to be?
So what do you mean by products like, like we are doing on the project of [indiscernible].
No, no, no. I mean the order book versus our day-to-day revenue business like that.
I don't understand your question.
No, what I'm trying to ask is are we showing only our order book in our revenue -- the revenue is not only of order book, right? It is include also the day-to-day business activities like selling of other products. Or is it we only meet the order book in our revenue?
Order book and revenue. I'm sorry, I cannot get your question.
Okay. Okay. I'll just turn to my next question. What is the hedging policy? Do we hedge as soon as we get the order because the majority of our orders are fixed price.
The majority of our orders are fixed priced. We have a very standard hedging policy for a very -- some percentage of our components we do that [indiscernible]
Okay, sir. We have order book of approximately INR 1,900 crores. What is the execution duration of this order book, sir?
Given the breakup of the order book, should we see that execution will be in the order like order make some product has to be 5 to 6 years. And then there are supply orders also [indiscernible].
Yes. Yes. And my last question, sir. As the system integration, we get better payments. And that is only INR 800 crores out of total INR 1,900 crore order book, sir. So going down, where do we want this to be, the share of our system integration revenue?
[indiscernible], we are doing end to end and when we do end to end project, system integrator and do it on the OpEx basis and CapEx basis, both. So as we did on the OpEx basis, I have explained earlier also, we will get something of -- something on [indiscernible]. It is on the CapEx basis than it is on the milestone. When you supply the meter, you get some money, strong [indiscernible] money to establish the communication center you had some money.
So it depends on the premium terms of a particular project. So if you'll see, we mean we have a very clear internal guideline to how much we want to work as [indiscernible] And it is on the OpEx basis. How much we want to work as a system industry [indiscernible] where it is on the CapEx basis? And how much you will be only as a supplier to system integrators or to the extent electric [indiscernible].
So Genus will be playing a role in all the 3 businesses.
[Operator Instructions] The next question is from the line of [ Anjana Shah] from [ Shah Investment ].
So a couple of questions from my end. First being, sir, if you could tell us when can we expect the availability of these semiconductors to normalize?
It will normalize in the next 3 to 6 months to a very large extent.
Okay. Okay. So sir, second question is based that -- we have the capacity to produce around, say, 10 million conventional meters. Can we replicate the same capacity for manufacturing smart meters? Or will we have to decrease our capacity?
No, no, almost similar capacity guidance you have given earlier also dealers can comfortably produce 9 million to 10 million meters. [indiscernible].
Sure, sir. And sir, how much capital will be required to double our capacity from current levels? Is it possible to double...
Very minimal and during next 3 to 6 months, we can enhance our capacity to a close double. So the way we have turned our manufacturing in the way we have [indiscernible] integrated our plants. Doubling our capacity will not require much of CapEx in either [indiscernible].
The next question is from the line of [ Nikhil Jain ] from [ Galaxy International ].
Sir, I just wanted to know where all the legacy order, which was low margin orders, because of the commodity price increase. Have they kind of finished or they are still pending? If pending on how much are the...
Some are still pending.
Okay. So by when do we expect them to be finished, sir?
Slowly and gradually in the next 2 to 3 months.
In this quarter or so, would that [indiscernible] quarter 2?
More or less.
Okay. So they may stretch a little more than quarter 2 also, right?
Very minimal. [indiscernible].
Okay. Okay. And all the new tenders that we are kind of quoting in, so we are taking into account all the commodity price increase and they will come with the right margins that the company aspires to, right?
Of course.
Okay. And sir, the last question, actually, is there anything that can actually happen in the environment, which can delay this entire process of, let's say, the orders and the entire implementation and all for the -- this -- for the projects that the states are doing. Is there anything that -- what's the risk basically that we have besides the semiconductor one, so -- and the time line shifting? So what is the risk here that we might have in this year that the projects move to the next year or something like that.
[indiscernible], we are able to envisage any major risk. [indiscernible] something happens grossly going to the world and everything will be impacted. So I don't think there will be [indiscernible].
Okay. Fair enough. And sir, just one last question. So when we do this CapEx plus the TOTEX model basically, so for a INR 800-odd crore project, the equipment supply and the system integration work was something like 60%. Is that my understanding correct? Or is that a number [indiscernible]
[indiscernible]
45% to 50% is the equipment supply and the rest is system integration and other book, right, and the facility management services and all?
Yes.
[Operator Instructions] The next question is from the line of [ Aditi Jhavar ] from [ ADM Advisors ].
I have a couple of questions. First is, sir, what is the capacity utilization in FY -- in Q1 FY '23? Second is how much revenue growth...
[indiscernible] utilization is almost [indiscernible].
Okay. Okay. And sir, how much revenue growth do we anticipate over the next 3 to 4 years from current levels?
Next 3 to 4 years, whatever the Government of India is planning in you see happening on the [indiscernible], which we are pretty confident that are happening on the ground. And I am expecting from the current of whatever the peak levels dealers have seen is 2x to 3x growth comfortably. Only supply revenues.
Okay. Okay. And sir, the smart meter replacing conventional meters. So what is your guidance on operating margin trend like in upcoming years?
Operating margins is a little better than the smart meter because of the high [ value add ].
Okay. Okay. And sir, just last 2 questions. How much would service fees contribute to our total revenue in the future? And what would the margins be?
So, this will depend on the kind of projects you will do. It's very difficult to give a guidance currently that what percentage of service revenue will be there every consumer. So it will depend on the kind of projects we do. So it will be a good number, but I don't want to give any guidance right now. A lot will unfold in the next 12 to 18 months, what kind of projects we take and how much service revenue we're trying to build.
Currently, our service orders [indiscernible] at we have to execute excluding that the higher order, our order book is more than INR 200 crores only for the service. That will be executed in the next 4 [indiscernible]
Okay. Understood. And sir, can you explain the competitive scenario, like when it comes to smart metering industry in India, so like with multifold increase in industry size, are we likely to see entry of other Indian or international companies in this space?
Currently, I'm not seeing no manufacturers getting into the [indiscernible]. I'm not seeing any -- only the old manufacturers are already there, I'm not seeing any new comers on currently.
The next question is from the line of [ Anusha ] from [ Srinath Securities ].
Ms. [ Anusha ], can you hear us?
As there's no response, we'll go to the next question.
This will be the last question, please.
All right, sir. The next question...
Take this as the last question, please.
Yes, we'll be taking the next one as the last question. It's from the line of Milan Shah from [ Urmil Research Consultancy ].
Can you hear me, sir?
Yes, yes, please.
Sir, I want to understand our smart meter, is it temporary [indiscernible] by anyone can?
So the [indiscernible] the electronic meters go in India or [indiscernible].
Because in our days, some [indiscernible] doing remote control [indiscernible] smart meters. So I asked the question.
I understand that what you're saying. It is a continuous [ split ], I would say. And like we are fighting with these kind of people, but that is very [indiscernible]. Electronic meter are very strong [indiscernible] need to be done.
How could [indiscernible].
So I asked regarding -- so because we are going to get more and more order. And if this kind of payment can refresh and what is the benefit of government? [indiscernible]
And to understand one thing if I talk to now somebody is [indiscernible] the government, and it has been tempered. Could we make people [indiscernible]? Can even somebody could compute device on a meter and try to temper, immediately whenever the meter going the [indiscernible].
Automatically, if anybody is [indiscernible] will come automatically, it will be bound to the electricity book. So as smart meters [indiscernible]
And sir, what is the [ debt ] currently is the company on?
[indiscernible].
Okay. And considering our company 25% tax level, we are already in old tax regime?
No, [indiscernible] We are in 25% tax rate.
Ladies and gentlemen, that was the last question. I now hand the conference over to the management for closing comments.
Thanks. Ladies and gentlemen, [indiscernible] in company will be a great thing, a lot of business we are seeing in the coming times, and we won't be [indiscernible] for sure. Thank you very much. Take care.
Thank you, everyone. Take care. Thank you.
Ladies and gentlemen, on behalf of Genus Power Infrastructures Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.