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JSW Energy Ltd
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Ladies and gentlemen, good day, and welcome to JSW Energy Q1 FY '23 Post Results Conference Call hosted by ICICI Securities Limited.
[Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Rahul Modi from ICICI Securities. Thank you, and over to you, sir.
Thank you. On behalf of ICICI Securities, I welcome you all to the Q1 FY '23 Earnings Call of JSW Energy. From the management, we have Mr. Prashant Jain, Joint Managing Director and CEO; Mr. Pritesh Vinay, Director of Finance; and Mr. Ashwin Bajaj, Group Head of Investor Relations. We will start the call with a brief opening remarks followed by Q&A.
I would now hand over the call to Ashwin. Thank you, and over to you, sir. All the best.
Thank you very much, Rahul. Good evening, everyone. This is Ashwin Bajaj, and welcome to the JSW Energy Q1 call. With that, let me hand it over to Mr. Jain for an overview, and then we'll take your questions. Mr. Jain?
Thank you, Ashwin. Good evening, ladies and gentlemen. This quarter has been a very interesting quarter for the industry as well as JSW Energy. For the quarter 1, the power demand exceeded growth of 18.6% year-on-year, and in July till date, the power demand is growing at 2% in spite of very heavy monsoon and rain shower what we have seen across the country.
During the quarter, there was a 4.3 gigawatt of the capacity addition, taking the total capacity to 403 gigawatt. Now the total renewable capacity in the country is 161 gigawatts, which amount to 40% of the total capacity of the country. This capacity addition was mainly from renewables, which was through solar.
During the quarter, merchant tariffs saw an increase of 143% year-on-year at INR 7.8 per kilowatt hour. The volume though went down by 20%. The average monthly volume was 3,790 million units.
The interesting statistics, what we have observed during the quarter, the average thermal PLF for India as a whole was 69.43% as compared to 58.79% in the last year, and this PLF in the year FY '21 was 46.61%. This is what is telling us that how the -- when the power demand is growing in the country, the thermal PLF, which is the stranded capacity is getting more and more utilized and giving the growth opportunity of existing untied capacities.
The relevant PLF for the country as a whole was at 21.43% as compared to 20.64% last year which was primarily driven by the higher wind PLF, which is, again, a cyclical trend, which we are seeing. The solar PLF for the quarter for the country as a whole was 19.73% as compared to 20.1% of year before. And wind PLF for the quarter was 25.88% as compared to 23.84% last year.
As a company, we saw a very robust performance, our total generation was up by 14%, which was driven by higher thermal generation by 12%, which was primarily on account of higher merchant sales. We sold 6x more volume in the merchant market as compared with the last year at 866 million units, which accounts to approximately 8% of the total power exchange volume in the country for the quarter.
This is what reflects that how this current power demand growth is giving JSW Energy an ample opportunity to use its untied capacity.
The hydro generation was up by 13%. And in addition to that, we also since commissioned our solar power plant, 225-megawatt at Vijayanagar, which is also performing very good. During the June month, we saw the P60 level performance, which is 110% of P90 generation, we generated close to 94 million units during the quarter. The total generation was 5,850 million units.
Also, we have been given to understand that on the request of the Government of Rajasthan, Ministry of Coal has given an approval of rectifying the defect of the mining lease of Jalipa and Kapurdi and we are yet to receive the formal communication from Government of Rajasthan as they are processing it, but that defect has been rectified, and the business has become as usual for the company.
In terms of the financial performance of the company, we saw the strong EBITDA growth of 34% year-on-year, which was primarily on account of 3 things; one is higher merchant sales and volumes, second is solar plant at Vijayanagar; third is the operating of the Karcham plant and operational performance improvement in terms of lower heat rates, lower O&M costs.
We have continued and maintained the track record of maintaining the lowest possible and industry-leading receivables. We saw lowest ever receivable days of 45 days during the quarter. And the quality of receivables are also such that only 4% was the overdue, and as we are speaking, I'm happy to announce that we had zero overdue. And we have been able to maintain the healthy cash flows of the company and on cash return basis. During the quarter, we have seen close to 21% of the return.
As regards to our projects, all the projects are growing and continuing the growth as per the stipulated timelines. Our SECI X project, we are expecting to start commissioning from the current quarter, the scheduled...
[Audio Gap]
The SECI IX project is also moving as per the schedule, and then we are also expecting they are also commissioning much earlier than the planned time lines.
The Kutehr power plant is also running ahead of the schedule, and we are going to commission the project also ahead of its time line.
During the quarter, we also added a portfolio of 2.5 gigawatts this government of Telangana and Government of Chhattisgarh for setting up the hydro pumped storage. With this, we have a portfolio of 40,000 megawatt-hour of the storage capacity. We are in process of making the DPR.
A couple of projects, we have already completed the DPR and applied for the approval with CEA and also, we have already started applying for the environment clearance and land acquisition clauses. We believe that we will be starting these projects in a couple of quarters. And we see this as a great opportunity in time to come.
We also got SECI XII wind projects, 300 megawatts for which we have already received letter of intent. In addition to that, our commitment for decarbonization and growth in terms of the renewable energy. What we have is stipulated total capacity of 10 gigawatts by FY '25 and 20 gigawatts by FY '30 is moving ahead of schedule, and I'm quite confident that we will be achieving all these targets ahead of its deadlines.
Also, with respect to our plans for green hydrogen and green ammonia and chemical derivatives are moving as per the plans. And there is a substantial progress taking place in terms of tying up various building blocks and I'm quite confident that we will be the company who will be starting the large-scale construction in the industry, and maybe we will be the first company to start the construction as compared to the peer group. As and when we take that project with the Board, we will be coming back to you.
With this, I end my opening remarks, and I'm happy to take the question and answer. Thank you.
Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] First question is from the line of Mohit Kumar from DAM Capital.
Congratulations on a very, very good set of numbers. My first question is how much equity and debt have been deployed in renewable assets at end of June '22?
How much of equity and debt has been deployed for renewable projects?
Yes, yes.
Is that your question?
Yes, that's the question.
So more, we will not be able to give that breakup. So you will have to wait till the September quarter when the balance sheet and the cash flows are out, but I'll just give you a broad sense so that you have a handle on that.
For the Kutehr project, we have just started the loan drawdowns only in the April to June quarter. So whatever money has been spent so far was largely equity funded. So I think we would have drawn about INR 150 crores of debt for the Kutehr project.
For the other renewable projects, the only drawdown that we have done is to the extent of the CapEx LCs that have been opened for the -- when the equipment were being ordered. There'll be no fund-based facility that has been drawn at.
So just to give you, again, I mean, this is an incomplete picture because you would also want to know the full picture. So let me anticipate a question you have not asked yet.
The total amount that has been spent so far is INR 3,830 crores cumulatively. And the total commitment that has been done is INR 10,600 crores. So that is where we are as far as the total project spend is concerned.
Understood. My second question is that a lot of -- you have signed a lot of MOU for the pumped hydro storage and you are doing [indiscernible] work. Is it a fair understanding that the development will start post we have some kind of PPAs for these projects?
So Mohit, these are not the MOUs. These are actually the allocation letters which we are getting because these are the self-identified projects wherein we are entering into an agreement to build a particular project at a specific location wherein we do the complete development of the project and we get the water allocation done and take the necessary approvals as you are building any other plant.
Now we believe that there are a number of opportunities in front of us to develop, to build the renewable power and make it round the clock. Now that opportunity could be to supply our own group requirement for captive purpose. That is also for production of the hydrogen and ammonia and other chemical derivatives, that opportunity could also be in terms of any competitive bid, which is announced by any discom or [ SECI ] that per se. So it is development of those kind of projects which we are taking up.
And as and when we start working on spending the money for a real commitment, we will be announcing it to the -- going to the board and then taking a necessary approval and then those necessary tie-up will be done before the financial closure or the financial commitment is done. So it is not necessary it is a -- it is for the -- it is a particular discom, It can be for any of the opportunities, which I had spelt out, which are available on the table.
Sir, lastly on the P&L, you have reversed the INR 1.2 billion of the losses on the loan. May I know for which particular account this has been reversed?
[indiscernible]
The next question is from the line of Rahul Modi from ICICI Securities.
Thank you, sir, for the opportunity and congratulations for super numbers. Sir, just wanted your view and outlook on the same, how do you see the bidding to take place overall in the next 6 to 12 months in the renewable space? That is one part.
And secondly, do you see more capacities that you will add? Obviously, you'll -- there is one side where you bid for SECI kind of tender and the other is the captive tender. So what is the opportunity that you're looking at in terms of adding capacities renewable in your kitty over the next 12 months?
We have already spelt out Rahul that we are -- we will be making our capacity to 10 gigawatt by FY '25 and then with kind of visibility which we are having, we are quite confident we will be achieving it much earlier than that. So with our existing capacity and the projects under construction, we are in excess of 7 gigawatt, which we are confident that we will be achieving that in the next 18 months' time frame, this will be up and running.
There are many more projects, which are on the -- in the development stage, which we feel that in current financial year, we will be announcing and will be completing ahead of schedule as planned by FY '25.
In terms of competitive bidding, I cannot comment that what kind of a competitive bidding, which will be taking place but we are very much confident that at JSW Energy, we are participating only on those tenders and bids where we are confident to have a remunerative good quality returns for all of our projects, and we are going to maintain that part.
In terms of the scope of the power and demand scenario, I have been very clearly advocating that there is more demand growth than actually the capacity addition, which is taking place. And that is what is reflecting now, which I explained in my opening remarks that the thermal PLFs are already shooting up. They are, as a country as a whole, you are seeing close to 70% capacity utilization at some point of time. Once that is also complete, headroom is already absorbed, you are going to see the power shortage situation.
And then most of the competitive bids which have been taking place were unsustainable and because of which people are not able to do the project because of other headwinds in terms of the solar panel prices as well as the commodity prices.
So I'm seeing the power shortage in time to come because of the demand and supply mismatch but I am quite confident that will be also overcome by the agility of the Indian entrepreneurship and the industry, which will ramp up to build more and more capacity in 3, 4 years' time frame.
So all in all, it is going to offer a huge opportunity for all the IPPs to have a meaningful growth opportunity. And therefore, we are also preparing ourselves by locking in most of the resources and building execution capabilities. And this is what we have also demonstrated, like our solar project was done fastest in the industry in flat 9 months' time frame. Our SECI IX, SECI X project, people have not even executed the [ PPA ] and I'm talking about starting the commissioning in the current quarter as against the scheduled commercial operational time line of July 2023; that demonstrates our execution capability and which is we are ramping up, and we feel that we will be having a meaningful share in time to come.
Sir, my next question is, sir, your comments in view on the fact that recently the reverse auction and the wind auctions have been done away with -- so how do you see the overall intensity in this space changing? And do you see something of this be introduced or removed, if I may say, in the solar also?
Very tough to say and very tough to call for the behavioral signs of which you are actually asking. But what I am very clear that the story of building a book and then banking upon certain trajectory of the availability of the equipment, which produce either wind power or solar power is -- that time is over. And the ground reality has hit to the people with the reversal in the interest cycle as well as the increase in the commodity prices as well as the solar panel prices, which had hit the industry hard and that is where a disciplined approach comes into the play.
So industry should do that part. And then that is a self-restrain part. So very tough to say that people will do it or not. Policy makers, what they have come up with the new proposal wherein the reverse bidding has been eliminated, but even then, it is a competitive bidding. But you will be only doing away with the emotions, what happens in the reverse bidding, but otherwise that does not refrain people to even bid at lower prices when they are going to bid that in the field and whether -- and it is an only onetime bid.
Sure, sir. And sir, this is very helpful. The last question from my side. Any development on the Bharath Utkal issue with the NCLT?
So that judgment is reserved. And -- but I want to say that, that is also one of the projects which we had made the bid at 2019 and whatever way the judgment will come, we will evaluate at the right point of time and then take it step by step.
The next question is from the line of Swati Jhunjhunwala from VT Capital.
Congratulations on a good set of numbers, sir. So I had a little doubt on the job work part. So can you quantify the amount of job work that you have done in this quarter out of the INR 3,000 crores topline?
Pritesh?
No. So the -- are you asking for what is the total quantum of job work that we have done in the INR 3,000 crores topline?
Yes. On the INR 3000 crore revenue that we have, how much is associated with the job work that we've done?
Okay. And do you have any other questions?
Yes. So I wanted to ask after deducting the job work, so the INR 1,770 crores of -- with approx. raw material cost -- so that will be our cost of goods sold for the remaining revenue. Is that correct? Not the INR 3,000 crores?
Can you just repeat your question, please?
So the cost of raw material for us was INR 1,770 crores for the quarter and the revenue was INR 3,000 crores. If we remove the job work revenue, is that the correct raw material cost?
No. So there's a separate raw material costs also that will be available with you. You don't have to try and make all those adjustments, right? If you look at the SEBI results format, you will see the fuel cost as well. See, the job work, as such given the job work nature of things that our cost of fuel is being borne by the customer. All that you were then actually billing is the charges for the job work, right? So that is not a very large number, because the main number, especially in an inflationary environment that we have seen there on a Y-o-Y basis, so the coal price indices have almost tripled, right, and not to mention the currency depreciation impact.
So therefore, that will be a very small number. That is not -- if you are talking about a INR 3,000-plus crores top line, that number will be well below INR 200 crores ballpark. So that's not a large number, the job work amount.
Okay. And secondly, on the INR 10,600 crores CapEx that you have committed for the renewable projects in pipeline, INR 3,800 crore is already spent? Is that correct? Is the INR 3,800 part of the -- and secondly, for the remaining INR 6,800 crore, how much debt are we planning to take?
No, you have to understand. Any project will be funded in a ballpark 75:25 debt equity ratio. So you can do that math.
The next question is from the line of [ Nikhil Abhyankar from DAM Capital.]
Yes. Can you hear me now?
Yes.
I just had one small question. Last year, we had booked a revenue of INR 25 crores through carbon credit. So I just wanted to know how much will it be this year? And -- going forward, as our renewable capacity increases, what can be trend in it?
So it's very difficult to predict how much will be the carbon credit revenue in any period in terms of looking ahead basis. I mean, just to give you a flare as you rightly said last year we had a certain amount of revenues.
But if you look at this quarter, for example, the first quarter, there is no common credit sale, right? And if you understand what has been happening to that market, especially post the Russia-Ukraine conflict and the general economic environment, that market has been pretty subdued. So as well as there's volatility in that pricing as well.
So I don't think it will be possible to give you a forward-looking number on that side because it is not possible to predict that market and the behavior of that market.
However, as the renewable energy capacity accretion happens, there will be avenues that we will try and tap into to see that how to get carbon credits. I'm sure you are aware that, that market has also evolved a lot from years ago from a CDM to now a voluntary market and et cetera.
So our teams are closely working on that. And as and when there is something significant to report, we will be happy to share that. But given too many moving parts on that side, it will be very difficult to forecast something like that.
Just a couple of follow-ups on that, sir. I just wanted to know, where do you sell our carbon credit and what is our inventory that we're holding right now unsold?
Unsold inventory will be ballpark 20 million units, somewhere in that 15 million to 20 million units. You should take that safely. And because there is a process as you generate and then that verification happens and then the registry has to issue that, right? And once they issue it only, then you get access to it and then it is liquid and available to you for sale as and when you want to do that.
And sir, where do we sell it?
Whoever is willing to buy and give certainty of remunerative price with certainty of payment flow. So we don't have any preferred -- that we will only sell to XYZ. The idea is value maximization at the same time.
Primarily the European market and European buyers.
[Operator Instructions] The next question is from the line of Apoorva Bahadur from Investec.
Congratulations on strong result. Sir, I wanted to understand on our coal strategy, basically, we are seeing that still the international prices are quite elevated. And we are active in the merchant market. So how are we ensuring that or how are we offsetting the risk that we take when we book cargoes?
So we -- whatever our PPAs are there, they are 100% pass-through, whether it is coal index or the foreign exchange. So in our normal PPA tied-up business, it is absolutely pass-through. For merchant, we always sell in a 15-minute block after covering our fuel price. So any time we are out of the money, we are not selling that.
But in today's market when the -- which is full of monsoon. And we are seeing that the peak prices are at INR 12. So we are able to do that. As a group, we have been following the strategy to rationalize our coal procurement cost.
And as of now, we are buying a lot of Russian coal, which is indexed on Indonesian index, Therefore, on a like-to-like basis, I can give you a little bit of color that as compared to API 4, which is ruling at $340 to $380 FOB, our coal cost or the similar GCV will be in the range of $160 to $170. So that's more than 50% discount, and that's how we are [indiscernible] most of our coal.
That's great. Very, very interesting. Sir, also, I think you have been highlighting this for quite some time that there is an expectation of power shortage in the country and we have investigation now. Any chance of expanding the Rajasthan project at Barmer since we have an opportunity there or entering into new thermal plants maybe after the green business is separated?
So we'll talk about when the green business is separated. At this point of time, we are concentrating more on a renewable growth and we are pretty much excited about that, and we are seeing a very strong trajectory. And there are a couple of interesting developments, which are taking place and then we -- that makes us more and more optimistic and which we will be happy to talk about in the current quarter or next quarter.
Sir, last question from my end. That's on the capital cost from hydro projects. So now that we have prepared the BPRs for quite a few projects -- what -- how do you see this spend emerging? How much would we be spending, say, on a per megawatt basis?
So it's project-to-project basis and it depends what kind of a storage capacity, what kind of evacuation, and what kind of a turbine you are going to deploy. But I can tell you, on a ballpark number, we should understand that hydro pump storage equivalent capital cost is around $70 of the lithium-ion battery, $70 to $80.
So it is so competitive that you are getting a storage capacity, what you are getting from a lithium-ion battery at $70 to $80 which is having a shelf life of 7 to 8 years because of the number of cycles it can do, whereas pumped hydro project will have a shelf life for 100 years.
So that's what you can see at that this point of time, that's what make us so optimistic about this particular technology, and we are working. And we will be -- we are quite confident that it will offer us a better return than a normal utility sector what it is typically in a renewable project.
And sir, when can we expect first of our project to be commissioned?
So you will hear very soon. That's why I said there's a couple of developments are very interesting developments happening in the company, and we are working on a multiple side. And that's why we want to tell you as and when we put all the blocks together and then you will see happening. Very soon, you will be probably in the current financial year, we will come back with something.
The next question is from the line of Rahul Modi from ICICI Securities.
Sir, at the group level, sir, we are large procurers of coal overall. So sir, what is the view that you are getting in the near term pricing, do you see it going up, down, sideways, if you can throw some light to understand? Because why I'm asking is that in India also, we've got this INR 12 cap on the exchange. Do you see this going away anytime soon as well on both fronts?
Tough question you are asking. Both the questions are very tough for me. One thing which I can say is that at the current gas prices, European power producers find it even remunerative to produce power from buying the coal at $350 FOB.
So as soon as you see the prices of the gas going down in Europe, you will see the API 4 index and Newcastle index going down. Until that happens, I am not finding any strong reason for moderation of the thermal coal prices in Europe.
In terms of the power prices at INR 12, I think it should be reviewed because given the fuel prices where it is, capping the power prices is not a fair play because given the track record when the power prices were at INR 2, there was no bottom cap, which was fixed. But -- you know that power is a very social and public interest subject and then this is always seen very differently than the economic logic and rationale in the country.
So we need to really see that how does it happened. But I find it very difficult to comment whether it will be removed or not, but it should be removed.
Sure, sir. Sir, now sir, again, our receivable days have come off quite significantly, which is commendable. So do you see a structural or some kind of a change in the attitude of the discoms towards gencos or it is just that -- it's just like JSW'S, whether it's a company-specific thing, throw some light on that?
So it is changing in a sense that the law is being settled at various forums. In the last 12 years, we have seen as the sector got into the difficulty, the discom helped it when it had deteriorated, there was a larger amount of the disputes, which have happened and then which has been settled by different adjudicating authorities in time to time, and because of which the more and more avenues of blocking and delaying the payments have been -- are getting blocked. And so I feel that this thing will get streamlined for the industry as a whole. And like for the late payment surcharge, the issue in our case was settled by Supreme Court.
So most of the discoms will have now realized that they have no way they can avoid the late payment surcharge. So they are also paying late payment surcharge. And Andhra Pradesh dispute is also settled at the high court level. And now I believe in next 12 months' time, it will be settled at Supreme Court level also. Once it is settled, then I think all the contracts will find its sanctity. And so the discoms will start paying on time or otherwise, they will have to pay the late payment surcharge.
Rahul, if I may add to what Prashant has mentioned. While Prashant has been talking about the general trend and what it looks like and how things have been evolving, in the more here and now for the quarter, April to June, while our receivables have gone down, and as Prashant was saying that the quality of that receivables going down is also much better because the overdues have gone down drastically.
But if you look at the proxy portal data for the same period at the end of June, the total outstanding from the discoms to the gencos was up by 3% at INR 130,000 crores. I don't think there has been a structural change already, but probably, we are getting there from a systemwide point of view.
Sure. So this is very helpful. Just a couple of last questions from my side is one on the late payment surcharge, I believe the rules had been changed by the Ministry of Power and there have been some of the gencos who have gone against that and appealed? So anything on that are we hearing?
You know, for the late payment surcharge, it is already settled by the Supreme Court. We had a case along with the Maharashtra discom, where they were disputing the late payment surcharge and effective rate also, but it has been settled at Supreme Court.
Now I think that is not at all the case. Of course, it depends company to company, they want to cite that kind of settled now, I think every discom is going to honor that part.
Sure. And sir, last question from my side is on the availability of modules. Sir, we've seen a bit of a tightness in the market, not from the EPC side, but now there is a BCD, which is being imposed. Sir, how do you see the supply chain within India evolving over the next 12 to 18 months for players like us?
So 12 to 18 months, I'm not quite optimistic in terms of the improvement of the supply chain. But yes, 36 months' time, I see that there will be a good amount of supply chain, which will get created. And as the JSW Energy also we are now contemplating and looking at this. This is a great opportunity to dwell into. And at some point of time, we will be also coming out to play a meaningful role to do certain vertical integration to meet this kind of requirement.
Perfect. Thank you and all the best.
We will take one last question from the line of Lavina from Jefferies.
Congrats on a great set of numbers. Just wanted to understand your renewable energy capacity ramp-up plan. Are you seeing delays by any chance on the ground? And is it on -- and are you on track for your longer term as well as your nearer target?
So we are not seeing delays. We are seeing accelerations, Lavina. So I said, that in SECI X, my scheduled COD is July 2023, whereas I will start commissioning this current quarter itself. And we will complete the project much ahead of the schedule.
And I want to give you another color is that once I start commissioning much earlier, actually I reduce my IDC and other costs, project cost. And this is what we are doing in these kind of projects.
And also, we are -- because we have locked in lot of resources, and also because of our good cash flows, we are able to accelerate the growth going forward. So that's why I mentioned that while our target is 10 gigawatt by FY '25, I'm quite optimistic to achieve it much earlier than FY '25. So we -- as a company, we are seeing acceleration, no delays.
The next question is from the line of Atul Tiwari from Citi Group.
Just one little question on this module manufacturing [Technical Difficulty] as you mentioned that we are also considering...
Sorry to interrupt you Mr. Tiwari. The audio is not clear from your line. Please use the handset mode.
Is it better now?
Yes.
So sir, I was talking about this module manufacturing thing that we are also contemplating. But if you look at some industry-wide data, it looks like the 30 gigawatt of manufacturing capacity has already been announced at earliest year. And while the market size today appears to be more like 10 to 15 gigawatt, so do you see if there is a risk of something similar to what happened with BTG capacity, as we know, in 2009 to 2011 time frame. We had a lot of manufacturers started setting up the coal-based BTG capacity. And then ultimately, people had to take [indiscernible] on that. So do you think that something similar could happen with the solar manufacturing as well?
So anything is possible, Atul, but the point what I'm saying is that module manufacturing has nothing, it's a simple assembly line, and that's where we are not that keen. Rather the important thing which is there is the polysilicon which is the heart of the model. And that is where, and which nobody is having a capacity in the country, and nobody is taking to produce it in the most economical way. And that's where we are contemplating so that we can get our modules assembled and manufacture on a contract manufacturing basis by a lot of players who have already set up the capacity and also meet their requirement to supply to the other people.
Okay. And sir, just -- I mean, obviously we are not well versed with how capital-intensive polysilicon manufacturing is, I mean, would you be able to give some idea about like how capital-intensive it could be and where is the technology, so wherever it is going to come from? Or is it like a simple enough job that one can do one's own.
So that's why I said that we are contemplating and then we are putting all the building blocks together. We are in a process of putting the technology piece, the costing piece, economic viability piece together and then we will... but we see that this is one space to fill in and which will make it a very very viable option. So as soon as we are able to put that thing in final shape, we will be letting you know.
Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for closing comments.
Great. Thank you very much, operator, and Rahul for hosting. Please feel free to get in touch with us, ladies and gentleman if you have any further questions. Good evening.
Thank you -- thank you very much.
Ladies and gentlemen, on behalf of ICICI Securities Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.