PTC India Ltd

NSE:PTC

Earnings Call Analysis

PTC India Q2 FY24 Earnings Soar

In the face of a record electricity demand, PTC India Limited reported a significant performance in the second quarter of FY24, with the core trading margin jumping by 16% to INR 3.96 per unit, reflecting a robust growth in long- and medium-term contracts. Operational income surged by 36% to INR 166 crores, largely due to higher margins and additional surcharge and rebate income. Notably, year-on-year profit after tax skyrocketed by 113% to INR 133 crores. Earnings per share for the half-year almost doubled to INR 7.54 from INR 4.61 in the last quarter.

Solid Performance with a Hefty Increase in Trading Margins

PTC India Limited has showcased a remarkable performance in Q2 FY '24 with a striking year-on-year increase in their core margin, soaring by 16% to reach INR 83.7 crores. This significant growth is rooted in the long- and medium-term contracts, with a sturdy elevation in margins per unit, jumping from INR 3.41 in Q2 FY '23 to INR 3.96 in Q2 FY '24, a notable rise of 16%. Including surcharge and rebate, this figure has rocketed by 41%, from INR 5.10 to INR 7.18 per unit.

Record-Breaking Electricity Demand and Steady Market Share

An unprecedented surge in electricity demand hit a new record at 240 gigawatts on September 1, with exchange prices remaining at the ceiling level of INR 10 per kilowatt-hour for several days. Despite these market volatilities, PTC India effectively increased its trading volumes and held a steady market share of approximately 42.95%.

Strong Subsidiary Performances and Profitable Divestiture Prospects

Alongside the main business, PTC India's subsidiaries have also performed excellently, with notable profits including from the associate company, HPX. The brightest spot in these developments is the anticipated 100% stake sale of PTC Energy Limited, which has garnered the highest bid of INR 925 crores, valuating the enterprise at over INR 2,100 crores. This sale is in an advanced stage and is expected to be finalized within this financial year.

Robust Financial Growth and Improved Earnings Per Share

Financially, PTC India experienced a modest growth in trading volume by 1% to 21.3 billion units; however, the operational income surged by 36% to INR 166 crores. This bolstered profit before tax by 97% to INR 166 crores and increased profit after tax by an astounding 113% to INR 133 crores. The earnings per share for the quarter doubled, growing from INR 2.11 to INR 4.5. The comprehensive income for the half-year also saw a 63% raise to INR 223 crores, with earnings per share climbing from INR 4.61 to INR 7.54, reflecting strong shareholder value creation.

Consolidated Financial Results Demonstrate Substantial Gains

On a consolidated basis, the progression remains positive with profit before tax and after tax both escalating by 46%, signaling an enhanced earnings per share of INR 6.13 compared to INR 4.05 in the past half year. This illustrates not just PTC India's prosperous standalone performance but also the robust health of its associated entities.

Earnings Call Transcript 2024-Q2

[Operator]

Ladies and gentlemen, good day, and welcome to the investor call of PTC India Limited Q2 FY '24 Earnings Conference Call. The management team at PTC India is led by Dr. Rajib Kumar Mishra, Chairman and Managing Director, PTC. Dr. Mishra is accompanied by Mr. Harish Saran Executive Director, PTC; and Mr. Pankaj Goel, CFO, PTC. [Operator Instructions].

Please note that this conference is being recorded. I now hand the conference over to Dr. Rajib Kumar Mishra for opening remarks. Thank you, and over to you, sir.

[Rajib Mishra, executive]

Thank you, madam, and welcome to the Q2 FY '24 Earnings Conference Call of PTC India Limited. It's really my pleasure to present this result and the synopsis of things what has happened in the second quarter and the first 6 months of the financial year '24.

To begin with the most important thing, which I would like to share with all the investors and analyst friends is the core margin of PTC India Limited has seen a significant surge, making an impressive 16% year-on-year increase to INR 83.7 crores.

The long- and medium-term contract, which I always believe and including this cross-border transactions has demonstrated significant growth, which is increased by almost 5.65% and to the 11.88%. The highlight which I would like to share and what I have consistently harping upon is the substantial increase in per unit margin for the transaction, which rose from INR 3.41 per unit in Q2 FY '23 to INR 3.96 per unit in Q2 FY '24, which is significantly a 16% increase in the core trading margin.

With the surcharge and rebate added to it has increased by almost 41% in this period and that is -- that has increased from INR 5.10 to INR 7.18 per unit.

I would also like to share with you all that during this period, that is in the second quarter of financial year '24, the electricity demand in the country has reached to a 240 gigawatt, which is unprecedented and highest ever on September 1. With this continuously for 4 or 5 days in the exchanges, the prices were -- for all 96 time block was INR 10 per kilowatt hour, which is the cap for the exchange.

So you can understand the prices during this period has gone up and which has caused some kind of issues related to trading of this. In spite of that, we have seen an increase in our trading volume as well. The market share is consistently at the same level without the -- some of the nominated agencies, we are maintaining the market share and it's around 42.95% without the renewal...

The other important thing, which I would like to bring to the knowledge of you all is, this quarter and the first 6 months has seen all the holding company and the 2 subsidiaries companies performing very well, and they have shown commendable profit, including the associate company, HPX, which has shown good results and profitable results in the second quarter of the FY '24.

All in all, this is an encouraging quarter for all, and we have already shared this information through our notices to the stock exchanges that is the highest bid what we have received for our stake sale -- 100% stake sale of PTC Energy Limited. There we have got the highest bid of INR 925 crores on the -- for the equity and the enterprise value is more than INR 2,100 crores. So we are at the advanced stage of finalization of this, and this will be done shortly. I'm really happy that we -- what we committed earlier to our investors and analysts that we will be competing this during this financial year, and we are on the track in that regard.

The Important thing, which I would like to share at this point of time is that PTC is in the right course as far as maintaining our portfolio mix for this financial year. And we are trying to focus more on the per unit margin rather than on the volumes, what we have said earlier, and we are trying to prune those volumes, which are not profitable to the company.

With this opening remark, I hand it over to CFO, Shri Pankaj Goel, to give you the highlights of the results, which through our presentation, we have already shared, but he would like to share some of the important numbers, which you would like to know.

[Pankaj Goel, executive]

Thank you, CMD sir. Good afternoon, everybody. Now I'll go through the results for the quarter and half year ended September '23, first on a stand-alone basis and after that, on a consolidated basis. So as far as the stand-alone results are concerned, the volume has increased by 1% to 21.3 billion unit from 21 billion units versus the last quarter. Total operational income has increased by 36% to INR 166 crores from INR 122 crores.

As CMD has already explained, the operational income has mainly increased because of the higher margin in our long-term trade and due to higher surcharge income and rebate income in this quarter. The -- likewise, the profit before tax has also increased by 97% to INR 166 crores from INR 84 crores. The main reason for PBT is the operational -- the increase in the operational margin, as I already explained, plus the effective working capital management because of which the treasury income has gone up and interest expenses on borrowings has gone down.

And it also includes a dividend of INR 41.75 crores received from our one of the subsidiary that is PTC Financial Services Limited. The profit after tax has increased by 113% to INR 133 crore against INR 63 crores. The PAT has increased because of the reasons I already explained further in this quarter because we have received the dividend income, which is tax-free under Section 80M, so PAT has also increased by 113%.

The total other comprehensive income has also increased by 113% to INR 133 crores from INR 62 crores. Earnings per share for the quarter stood at INR 4.5 in comparison to INR 2.11. [Foreign Language].

So thank you, CMD, sir, and good afternoon, everybody. So now I'll go through the results for the quarter and half year ended September 23. First, I'll go for stand-alone results. Volume has increased by 1% to 21.3 billion unit from 21 billion unit. Total official income has increased by 36% to INR 166 crores from INR 122 crores. The operational income has increased by -- due to higher margin in our long-term trade, the higher surcharge income and the rebate income in this quarter.

Likewise, the profit before tax has also increased by 97% to INR 166 crores from INR 84 crores. The profit before tax has increased due to the reason, as already explained, plus the effective management of working capital. And in this quarter, we have received a dividend income of INR 41 crores received from our one of the subsidiary, that is PTC Financial Services.

Likewise, the profit after tax has also increased by 113% to INR 133 crores from INR 63 crores. The profit after tax has increased due to the reason, as I have already explained. Further in this quarter because we have received the dividend income, so that is tax-free under Section 80M. So that is the main reason of increase in profit after tax. The total other comprehensive income has increased by 113% to INR 133 crores from INR 62 crores. Earnings per share for the quarter stood at INR 4.5 as compared to INR 2.11 during the last quarter.

Now I'll go through the half year results for September '23. Volume has increased by 8% to 41.9 million units from 38.7 BU. Total operational income has increased by 21% to INR 313 crores from INR 258 crores. Profit before tax has increased by 55% to INR 286 crores from INR 184 crores. Profit after tax has increased by 64% to INR 223 crore from INR 136 crores. Total other comprehensive income has increased by 63% to INR 223 crores from INR 137 crores. Earnings per share for the half year stood at INR 7.54 in comparison to INR 4.61 during the last quarter.

Now I'll go through the consolidated results first for the quarter. The volume has increased by 2% to 21.6 billion units from 21.2 billion unit. Profit before tax has increased by 46% to INR 272 crores from INR 186 crores. Profit after tax has increased by 46% to INR 202 crores from INR 138 crores. Total other comprehensive income has increased by 46% to INR 202 crores from INR 138 crores. Earnings per share on a consolidated basis stood at INR 6.13 in comparison to INR 4.05 during the last half year.

Now I'll go through the half year results. On a consolidated basis, volume has increased by 8% to 42.3 billion units from 39 BU. Profit before tax has increased by 26% to INR 463 crores from INR 368 crores. Profit after tax has increased by 26% to INR 345 crores from INR 273 crores. The total other comprehensive income has increased by 26% to INR 344 crores from INR 274 crores. Earnings per share on a consolidated basis for the half year stood at INR 10.51 in comparison to INR 8.01. Thank you, sir.

[Rajib Mishra, executive]

So we can start with the question and answer session. I mean if somebody has to ask any questions, I think moderator can take in charge of the thing and she can allow one by one. Can you hear us?

[Unknown Executive]

There are already people in the queue -- already people in the queue are waiting to ask the question.

[Rajib Mishra, executive]

Can you call moderator and ask if she can...

[Unknown Executive]

Sir, already done that. Yes, Mr. Sandeep, can you hear us? Mr. Sandeep Patel, please start with your query.

[Rajib Mishra, executive]

Moderator, can you hear us so that you can allow question one by one.

[Unknown Executive]

But you are not audible. [Foreign Language].

[Operator]

[Operator Instructions]. Mr. Sandeep Patel, are you able to hear us?

[Unknown Executive]

Operator, Sandeep has already put a question in the chat box, if you can read it and then the management can reply. Can you please do that?

[Operator]

Mr. Patel has a question. Can you hear me? Are you able to hear me?

[Unknown Executive]

Yes. We can hear you. Please go ahead.

[Operator]

Okay. Mr. Patel has a question regarding Sikkim Urja. What is the capital loss? What would be covered in insurance? And third, what is the loss of volumes and profits?

[Rajib Mishra, executive]

Yes, in Teesta Urja Limited, which is a Sikkim Government company and where PTC has 5.62 percentage of the stake. The total investment at the book value is -- or the face value is INR 221 crores as on date. And this project has met with some kind of a natural calamity, and there was some losses as far as the project is concerned in terms of the dam of the hydro project, the detail of the losses and the way forward for bringing this project back into this field is already on.

And at this stage, I may not be in a position to share the exact loss because of this natural calamity. But I can tell you that the company is trying to bring this project back as early as possible and the necessary steps have been taken by them to start the cleaning exercise and other exercise necessary for bringing this project back.

Except loss, we will be in a position to share once the complete survey is complete, and the claim to the insurance company is also at a stage where we can give the final figure to you. But at this point of time, I can only share that the company is doing both the things. They have submitted their claim to the insurance company. They are trying to come out with a road map for restoration of the hydro project and it will be done as early as possible.

[Operator]

I'll take the next question. There's a question from Mr. Rohit Natarajan from Antique. Sir, bilateral trades are growing in double digits, short-term volumes on exchanges are growing in double digits. How do you foresee long-term, medium and short-term volume growth for 2H FY '24 and FY '25 E?

[Rajib Mishra, executive]

Yes, you are right in saying that the growth is there in some segments, and we are seeing that because of the higher prices in the stock exchanges -- in the energy exchanges. The offtake by the DISCOM in bilateral short-term contract has declined. And we are expecting the prices have come down in the month of November.

And we hope that it will come back and the states have started coming out with the tenders. And whatever is the anticipated number or the estimated number we have shared with you in the past, we would be able to achieve in the third and fourth quarter. That is, at this point of time, I can say. But because of the higher prices in the month of September and October, we have seen some decline in the short-term bilateral contract. So next question, please.

[Operator]

We have a question from Narendra Khuthia from RoboCapital. What was the revenue and volume of HPX in Q2 FY '24? How are we planning to utilize the cash and books going ahead. Now that PEL this investment is done, are we planning on stake sale in PTC Financial Services?

[Rajib Mishra, executive]

So the first part, I'll request CFO to please reply on the HPX volume and the revenue and the profitability in the quarter. The second part, I'd like to answer. So first, Mr. Pankaj Goel on the HPX volume and the margin?

[Pankaj Goel, executive]

Yes. So as regards to the HPX total revenue from operation and profitability is concerned. So for the quarter ended September '23, their total revenue from operation is around INR 13 crores, and the profit before tax was around INR 7.35 crores, out of which PTC share being 22.62% holder, so PTC share were INR 1.66 crores for the quarter.

[Rajib Mishra, executive]

So we must recall that this is a new exchange and started only in July 2022. So in the first year of its operation, this has become profitable. And in some of the segments in the market, they have almost 1/3 of the volume and 1/3 -- 35% to 40% of the market share. And a lot of changes are happening in the regulation. So we expect this exchange will gain because of the changes in the regulation in this space.

As far as the second part of your question is concerned, that is the stake sale of our PTC financial service, let me tell you that we have shared with you that we will go one by one, and we are consistent saying that this is on pause for some time. But the important thing is during the last so many months, the performance of this company has improved, the profitability has improved, even the share prices have improved during last so many months. So at the appropriate time, we will start this process when we feel that the time is the right and we will let you know once we'll start the process.

As far as the PTC Energy Limited, we expect that the entire process of transferring the asset can be complete in the next 2 to 3 months. Next question, please.

[Operator]

We have a question from Karthic Babu from Capstocks & Securities. What is volume growth expected in FY '24? Is Q2 margins sustainable in coming quarters?

[Rajib Mishra, executive]

As far as the volume growth is concerned, we have given our estimate earlier and it's a seasonal trade -- energy trade at par, trade is a seasonal business, and it depends upon so many eco factors, which is socioeconomic factors and the demand, which comes from the DISCOM. So we will still go by whatever we have shared with you at the kind of growth, what we expect here.

The second part, what you are asking is on the profitability, what we have achieved in quarter 2. So the margins, we are based on the portfolio mix. So we have always maintained that the idle portfolio mix is 50%, 50%. That is medium term and long term should be 50% and 50% from short-term, bilateral and the exchanges. So keeping that in mind, the profitability or the margin what we have achieved this quarter is something which is desirable, but it all will depend upon the circumstances and the situation be what we will be seeing in third and fourth quarter.

[Operator]

We have a next question from the line of Danesh Mistry from Investor First Advisors. What is the approximate time line to successfully closure of the PTC Energy sale to ONGC, 3 months or 6 months or more than that?

[Rajib Mishra, executive]

I have already answered. Within 3 months, we expect it to be complete.

[Operator]

The next question is from Vipul Kumar Shah from Sumangal Investment. What will be a use of funds raised from sale of PTC Energy Limited?

[Rajib Mishra, executive]

Shahji, what we do is that we have a capital allocation plan which we will be submitting to the Board shortly based on the long-term strategy and the medium-term strategy. And we have identified some areas where we would like to utilize this one as well as the plans what we will be submitting to the Board. Once it is clear from the Board, I'll be in a position to share with you what exactly we have decided to utilize this money for.

[Operator]

The next question is from Sunil [Audio Gap] there are some terms and condition that needs to be fulfilled for transaction to go through. Sir, can you please let us know those terms? And how critical are they for the smooth passage of the transaction?

[Rajib Mishra, executive]

There are some of the things which I would like to share with my analyst friend and the investors, and I can tell you that there is nothing so critical that we cannot fulfill at this point of time, and we are pretty sure that we will be completing this transaction in the time line, what I have already mentioned.

[Operator]

We have a question from Mohit Kumar from ICICI Securities. Can you please update us on market coupling and market-based economic dispatch? By what time do you expect the decision on market coupling?

[Rajib Mishra, executive]

Mohitji, you are very aware of the fact that the staff paper was separated by CRC, and they have received more than 125 comments from different stakeholders. And the only thing is market coupling is a must. As you know, I had just mentioned that 4 days in the month of September. There were continuously no market or the price was at INR 10. So we can understand the depth of the market is very much required.

And that is the genesis of coupling the market, increasing the debt, increasing the transparency for price discovery. But there are contra views also which CRC has received. After hearing everything, CRC may decide that -- I mean, they have already this in the PMR 21 that the market coupling is required, only thing is the date and time when this has to be implemented, that need to be notified.

So keeping that in mind, I understand they will give more hearing and then they will decide when this will be implemented and through which agency.

[Operator]

We have our next question from Vaibhav Gupta from Bowhead India Fund. Given Teesta Urja is a run of the river project, will we still be able to do 50% to 60% volumes even after damage to the Teesta Dam?

[Rajib Mishra, executive]

No, you are rightly asking a question as because the damage in the plant house is very minimal, although there is some [indiscernible] in the plant house and the equipment need to be cleaned thoroughly before we can start the machines. But yes, it's a run of the river scheme. And if the flow of the water is there in the liver with a small branch, they -- I think the generation can be started. But once there is a damage, it may take a couple of months before this can be done. And the company and the management of the company, they are seriously doing this, and they are trying to give a revival plan so that the generation can be started as early as possible.

[Operator]

We have a question from Raju Hirani. Any guidance on the core trading margins?

[Rajib Mishra, executive]

Hirani, I have just mentioned that what was the trading margin we have achieved in this quarter and the mix -- but the portfolio mix, what we expect to be there in the third and fourth quarter. So without any guidance, I can tell you that we -- this is the desirable thing which we would like to do.

[Operator]

We have a question from Vipul Kumar Shah. What are rebate and surcharge charges?

[Rajib Mishra, executive]

Rebate and surcharge, I'll ask CFO to just mention.

[Pankaj Goel, executive]

Yes. So rebate for this quarter -- net rebate for this quarter was INR 33.36 crores, and net surcharge income for this quarter was INR 34.54 crores.

[Operator]

There is a question from Mr. Pradeep Agarwal. What will be the net income from sale of PTC Energy?

[Rajib Mishra, executive]

We have already intimated through our press release and in intimation to the BSE and NSE that the bid we have received is of INR 925 crores against the equity investment and the enterprise value as of 31st March was INR 2021 crores -- I mean Varun, what was the number?

[Unknown Executive]

Correct.

[Rajib Mishra, executive]

INR 2021 crores was the enterprise value on 31st March, which included the debt by that company -- debt taken by that customer.

[Operator]

There is a question from Mr. Vaibhav Gupta from Bowhead India Fund. Receivables outstanding beyond 6 months at the end Q2 FY '24?

[Pankaj Goel, executive]

Yes. So the 6 months data, after considering netting of the back-to-back creditors, the exposure for more than 6 months was around INR 205 crores. And out of this, mainly that is on account of Bihar, around INR 166 crores in the cross-border trade.

[Operator]

We have a question from Sunil Shah from SRE PMS. Sir, as the proceeds are received of INR 925 crores, would we attempt to retire debt or go in further new projects?

[Rajib Mishra, executive]

As I have just mentioned that the debt on PTC Energy Limited is pass-through. That means it covers under the enterprise value. So retiring debt in PEL doesn't arise. So the question of INR 925 crores would be for -- as per the capital allocation plan given by PTC India Limited, and that's exactly what we will do. Once we will receive this, we will come with an allocation plan and the deployment in the new projects or new ventures what we will have. We will come out with that very openly when we will be meeting next.

[Operator]

There's a question from Raju Hirani. Sir, there have been murmurs that the proceeds from the PEL sale would be used to clear the debt on the books of PTC. Can we get a confirmation on that and the outlook for shareholder returns?

[Rajib Mishra, executive]

Let me clarify on PTC holding company, there is no debt. CFO is also confirming the same thing. There is no debt on PTC holding company. And we, as on date, is also not taking a working capital because we have liquidity. I'll let CFO...

[Pankaj Goel, executive]

Working capital, we are taking only for day-to-day mismatch. So you can say that average borrowing for this quarter was around INR 200 crores. But after the borrowing, we have a net cash balance of around INR 1,000 crores at the end of this quarter actually. So you can say we are a debt-free company. Only for a day-to-day mismatch, we are taking the borrowing. But otherwise, we have a surplus cash.

[Operator]

There's a question from [ Lipika Kundu. ] This time, both stand-alone and consolidated results were excellent. Then what was the compulsion for not declaring any interim dividend this time?

[Rajib Mishra, executive]

[ Lipika, ] I mean, thank you very much for giving us some compliment on our results. but we go by the dividend declaration policy. And we have -- we are going to propose whatever as per the dividend declaration policy is made to the Board again when we are meeting for the discussion there. [Technical Difficulty].

[Operator]

[Audio Gap] what are your plans now to reward the shareholders?

[Rajib Mishra, executive]

Shareholders are always at the top in our mind whenever we are doing any business activity. And I can reassure. I'm repeating what I said earlier also, at the appropriate time, we'll let you know what the Board has decided on this. We have a dividend declaration policy, and we will go by that. But the final decision will be Board, and they will let -- we will let you know once we are meeting next, once the sale procedures complete.

[Operator]

There is a question from Mr. Vipul Kumar Shah. What is margin for long term and how it compares with margin for short term and medium term?

[Rajib Mishra, executive]

Just a minute. I'm going to share with you..

[Pankaj Goel, executive]

So the margin under the long term, including the cross-border trade was around INR 6.65 per unit for the quarter. And under the short-term trade, including the domestic bilateral trade and the exchange, it was around INR 0.6 per unit.

[Operator]

We have a question from Mr. Nikhil Abhyankar from ICICI Securities. After the implementation of new G&A regulations, volumes from DAC segment have shifted to DAM and already its impact is seen in HPX October '23 volumes. Do you expect this trend to continue? Also, what were the long-term volumes on HPX in Q2 and October '23, if you can share?

[Rajib Mishra, executive]

Yes. Actually, the shift whatever we are discussing right now, G&A regime, this was something which was expected, but we have not seen much of changes here. And HPX is also trying to venture out into new products, and they have also started some of the new products in the market. So it is very difficult to predict whether with introduction of G&A, there will be impact in one segment of the market.

With each changing regulation, there will be some impact on the market, but these are all at just at the beginning, from 1st of October, this has been implemented, and we have yet to see the major changes because of this. The information, which I shared with you all was that in the [indiscernible] market, they have a market share of around 35% to 40%. In other areas also, they have a substantial market share. In the day [ head ] market, because of the obvious legacy issues, they are yet to have a substantial market, but the company is confident that they will be having a very good inroad in due course of time.

[Operator]

There's a question from Mr. Vaibhav Gupta from Bowhead India Fund. Sir, can you please share absolute number of receivables outstanding beyond more than 6 months and not on a back-to-back basis? And top 2 to 3 states from whom these receivables are to be received and by when can it be resolved?

[Pankaj Goel, executive]

Yes. So more than 6 months [ later ] on a gross basis is INR 1,854 crores. Out of which, the top 4 is -- one is the Tamil Nadu Electricity Board, around INR 550 crores, which is on a back-to-back basis. We have to pay to our generator also. And the next one is the Bihar, that is around INR 205 crores, out of which INR 39 crores is back to back. And the other one is UP. That is around INR 247 crores, which is also on a back-to-back basis to be payable to our generator. And the next one is around INR 225 crores from Punjab, which is also on a back-to-back basis to our generator.

[Operator]

[Operator Instructions]. There are no more questions, sir.

Sir, we have one. Can I -- I'm sorry, sir, there is one, can I take. Okay. It's from Mr. Nikhil Abhyankar from ICICI Securities. After the implementation of new G&A regulations, volumes from DAC segment have shifted to....

[Rajib Mishra, executive]

We answered this question, mam. The same question, we have answered this. Thank you. And let me thank all the analyst friends who have attended today's conference and the investors who have participated. We respect your time and attention to the company. And we look forward for such an insightful questions to the management so that we can improve upon what we have done in the past. And we are continuously improving and improving not only our business performance, but also on other aspects such as governance and the issues related to it. So we would be looking forward to the insightful questions what you asked during the conference. Thank you very much for being with us today. Thank you.

[Operator]

Ladies and gentlemen, on behalf of PTC India, that concludes today's session. Thank you for your participation. You may now exit the meeting.