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Ladies and gentlemen, good day, and welcome to the Q1 FY '22 Earnings Conference Call of Techno Electric & Engineering Company Limited, hosted by Asian Market Securities Private Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Amber Singhania from Asian Market Securities. Thank you, and over to you, sir.
Good afternoon, everyone. On behalf of Asian Market Securities, I would like to welcome everyone for 1Q FY '22 Earnings Conference Call of Techno Electric & Engineering Company Limited. We have with us today Mr. P.P. Gupta, Chairman and Managing Director; Mr. Ankit Saraiya, Director of the company, along with the management team representing the company. We shall start with the opening remarks from the management and then we will move to the Q&A session. Over to you, sir.
Thank you very much, Amber, and good afternoon to all of you and each one of you. I welcome you to discuss our financial results for the first quarter ended 30th June '21, '22. Anything said on this call, which reflects our outlook for the future or that could be construed as a forward-looking statement must be reviewed in conjunction with this that the company or industry in which we are facing. Let me quickly highlight our performance for the Q1 financial year '22. The total revenue stands at INR 189.45 crores, that is around INR 190 crores, up by 1.5% year-on-year. And revenue from EPC is INR 162 crores, up by around 7.5%. Revenue from wind segment is at INR 27 crores, compared to INR 18 crores, and it has been good. It's generating -- we almost produced 70 million units, and it is higher by almost 12 million units over the previous year. And revenue-wise, we are higher by almost 47%. The EBITDA of the company stands at INR 55 crores and compared to INR 44 crores last year. That is up by 45%. The operating profit for the EPC segment stood at INR 31.6 crores compared to INR 49 crores last year, that is up by around 8.5%. The other income is at INR 17 crores compared to INR 13.5 crores last year, up by 28%. Profit before taxes is at INR 60 crores and -- compared to INR 46 crores last year. And profit after tax is at INR 50 crores compared to INR 35 crores last year, up by around 46%. The [indiscernible] 4.15, which is better by around 25%. The current investment value, including cash and cash equivalent is almost around INR 800 crores now. During the quarter, we could receive orders for INR 75 crores for [indiscernible] and also [indiscernible] other orders worth INR 400 crores, which shall be converted into business in the coming quarter. Unexecuted order book is at INR 1,850 crores. Outlook, we are expecting a big jump in business out of the FGD segment and data centers. The FGD segment will continue to be in focus for next 4, 5 years. As for the notification of government, all coal-fired power stations to limit their sulfur emission as certified by Pollution Department, different pockets of India by December 23 and December 24, respectively. There is already considerable progress with CPSUs in ordering the projects for implementation of the solutions, but the same are now picking up with the SEB and private sector. We expect business of around 12 billion in this year at this level of business will continue for the next 3 to 4 years, as 50 gigawatt is yet to be ordered out by many SEBs, private sector and residuals. In transmission segment, we expect that the status quo will continue, and it will be largely limited to evacuation of renewable power. There is an ongoing TBCB bidding for 66 gigawatt of renewable power out of the government target of 175 gigawatt for the last 5 years, I think we [indiscernible] which is expected to be completely by December '21. We plan to participate in all the projects either as a bidder, as TBCB bidder or the EPC to [indiscernible] developers. And we expect that we will bag business worth about INR 400 crores, INR 500 crores in this segment. The Union Budget has also allowed INR 3 crores -- INR 3 lakh crores in respect of this sector in power distribution to be released over 5 years and the funds will be based on production performance at viability demonstration. But this comes, we have yet to see any progress in this regard. We do understand that in the amendment to the [indiscernible] also pending in value [indiscernible], which may also be distribution reformers. Otherwise, these comps continue to lag in this business.Bidding segment on the distribution side, we see a lot of activity going forward at the AMI solutions and also the related power distribution networks along with sub transmission systems. They have to be really made more smart, intelligent and reliable. The main aim of the government is to improve efficiency and contain losses. We had earlier also mentioned that we are already executing a INR 2 lakh interconnecting in J&K, which is on track and expected to be completed by March 22. Apart from this, we are reading in media, as I already said, that government is utilizing this opportunity post COVID as reforming sector, which is overdue and it is also being carried out in the name of Atmanirbhar Bharat and also has been a long demand of the very stakeholders in the sector. The amendment to the Electricity Act, amendment to the tariff policy and the elimination of cross subsidy for bonuses and DBT to the power consumers. A lot of new issues are being framed as guidelines by CA, which we'll find place in the operations of the discounts. We are very hopeful that power sector is at the very, very critical juncture and going forward something better will happen. Wind segment continues to be facing headwinds because of DISCOMs in poorer and every passing day and not making money for the generators in time. It has impacted not only the tariff but also the payments in time. We hope to realize our pending payments of REC dues of the second tranche in this quarter, which is around INR 65 crores. We received INR 58 crores last year. Additionally, still REC trading continues to be on hold because of that order and there is no trading APTEL in July 2020. We are hopeful that a fast-track hearing will happen in APTEL, but unfortunately, there is only 1 bench at the moment operating in APTEL. And second bench is yet to be reconstituted. As committed in the last quarter, we will see this year, we will basically be a stabilizing here, and we'll recovering our performance of last 2-year stack, and we shall be executing at least 50% of the present unexecuted order book, and we will also see a good order intake during the year, which should be more less than INR 40 billion. Again, to be treated in summary, we see strong power sector reforms, we focus on efficiency, stable and reliable power supply, the cost of power and better financial health of the sector. The focus will continue on renewable power with related transmission infrastructure as green corridor, where we were the first force in building green corridors in the country. The transmission infrastructure is required for about 500 gigawatts over the next 10 years. Our thrust on overseas market is also doing better. We are also now bagging better orders, but Afghanistan has become our concern due to initial developments. Data sector is used other probably has impacted our life in multiple ways, but one positive outcome of this is a growth in digital space. With the growth in digital spread data are also backed by IT policy on data parking in India. It is expected that third-party data centers, industry will grow significantly from the current level of 500-megawatt plus/minus to 2 gigawatt in next 3 years at up to 5 gigawatts by 2030. Till date most of the data centers were located in Mumbai area. As now Chennai has become the hub after the installation of undersea cables, Airtel, Adani and NTT are already in the process of setting up of data centers at Chennai. Techno is also in advanced stage of setting up 30-megawatt of IT load data centers of ultra-scalable, hyper-density category, for which the land has already been acquired, consultants appointed as the project is now shortly in construction phase. Additionally, as committed, we'll largely be able to consume our own wind power of 112 megawatt, which will classify also this data center as carbon neutral that aligned with the policy of many hyperscale customers because of ESG commitments. With CapEx of around INR 750 crores to INR 800 crores of which around 60% to 65% will be electromechanical works, which is our in-house capability, and we'll be able to meet the expertise of executing such works. With this background, I put this meeting to the floor. If any one of you is desire -- desirous of knowing more, you are welcome.
Can we open for Q&A, sir?
Yes, [indiscernible].
[Operator Instructions] The first question is from the line of Renjith Sivaram from ICICI Securities.
Sir, we have seen a tad reduction in the overall execution compared to last quarter and also -- but the margins were kind of expectation and how do we see the full year execution? And also, if you can throw some more clarity on the order intake in current order book? And what's the kind of order intake that we should be looking at for FY '22 as a year?
You see basically, [indiscernible] traction suffered because of the COVID again happening [indiscernible] and most of our project [indiscernible] to be north and western region of the country, which both went through the cycle earlier than southern part of the country, right? So we could work only no more than I will say, 6 weeks in the last quarter, basically. So that way, performance is not as much impacted as it was last year. But yes, the takeoff happened in [indiscernible]. Second quarter should show better operational, number one. Number two, we are expecting at least the EPC business should be around 12 million execution, which we'll be targeting. But last 2 quarters will be to this second quarter remaining normally, there is no turn rate experienced in the market, but wind is doing better. We are hopeful of producing our most around 225 million to 250 million units this year, out of which in the first quarter, we produced 70 million. And as of today, we have already achieved 140 million. So that better achievement compared to only 120 million last year. It should progress faster. We want to commission in 5 December '22. So that operationally we are [indiscernible]. We are [indiscernible] INR 400 crores on packages, which are due with power rate basically, which are now due in bidding in this month at the beginning of September. We are hopeful to receive this business. This worth [indiscernible]. But definitely, I will say that the transmission market business is under pressure, both in terms of volume as well as margins. But our experience is the sector is very happy. If somebody breaks even, we make 20%. As I said, 3 years back, I think [indiscernible] 20% will [indiscernible].So definitely, our cost control is better than others. We are flexible. And I am hopeful of [indiscernible]. Actually it is in full execution as [indiscernible] completed by March '22. So whatever backlog we have, we intend executing faster than earlier to achieve top line. But better we are focusing on intake of the business. We won 30 million orders this year, which mainly comprise of 12 million out of our GD. And another around 4 billion to 5 billion of transmission research and another 2 million out of our data center, 2 to 3 years million. So I trust we are on good track. We have gone through challenging times, hold on to our merits. And we have a good treasury income and also we'll be making something come out of the market of our northeast package with the CLP. This year, the overall bottom line should be good even in top line, the rates a little better than last year, maybe 13% more than last year's.
Sir, during 4Q, you -- we were looking at somewhere close to around INR 1,200 crores of EPC revenues in FY '22, so are we in line with that or you see that given the pandemic impact, it can come down? Or what is that in the second...
So we are still targeting 12 billion, as I said in my [indiscernible] also as a top line.
Okay. That's still possible.
Yes, absolutely. It is not in process and it should be -- but made the output will happen in quarter Q4, Q3, those 2 quarters will be significantly different than first 2 quarters.
Okay. And sir, if we look at our data center EPC portion, who will be our major competitor in the data center EPC because we look at your data center not only as an asset business, but also as an entry into the data center EPC market. So currently, who are the major players out there? And how do you want to position yourself? What are the capabilities that we bring as a company, as an EPC contractor for data center for a third party to give us our -- give us their data center turnkey order to us.
See, historically, there have been 3 companies as a footprint and the market was [indiscernible] very small. Mainly, I would say, Sterling and Wilson, L&T and Tata Projects. The 3 have been getting to this market historically. Sterling and Wilson is already struggling to survive. L&T also do not find much interest in this segment, informally I'm sharing with you because they find other sectors all creative as a module as well as growth in the hydrocarbon airports and others or buildings. And Tata Projects also finds this segment to be too small. So far our size of company and given the demand of the data center owners, we will be able to adapt to their needs better than many others because of our flexibility in approach to execution and time line to execution. These are all foreign entities and most of them will look on the time line and for trends are going to [indiscernible] type about Tier 2 and quality also have to be taken. So our basic forte as you have asked is the electromechanical always. Techno was very good in electromechanical processes, always is generating plants, [indiscernible] medium voltage, asset sites or the fabrication side, we have a number of projects. And similarly, power intake on transmission side, we have better place as many others. So we see a good score. Ankit, would you like to add something?
Yes. As -- just to add on what you were saying, I think as you rightly pointed out that the major turnkey players are Sterling & Wilson and Tata Projects and L&T. But the point is that not all data center projects come out as turnkey. Lately, the practice is also coming in where a data center operator wants to break up a data center into multiple packages. So in case there is package-wise bidding for a data center project then competition landscape can always change. But on a turnkey basis, these were the 3 main players. And as you rightly mentioned, the challenges with Sterling and Wilson or the enthusiasm of L&T to approach this business industry are a little different. Therefore, there is still a lot of vacuum in the industry for organized players like Techno Electric to participate. And it might take a little time for us to build goodwill in the market to build a brand in the market for us to be a priority vendor for data center industry. But I think we are on the track and would very soon see something convert for ourselves.
And the second part of my question was like what do we bring on the table? Because it's all like bottled items which you assemble. So what is the value addition? Or if I put it in different, what is the entry barrier for a new player to come because it's largely bottled. So what do the as a contractor bring to the table for a data center EPC project?
You see, this you yourself said EPC at [indiscernible] only P. So what we bring on the table is E&C, sir, integration, performance such as engineering sensitive integration, construction. Techno is [indiscernible] company, only transmission also. But still we excel better than many multinationals when it comes to projects. So you see a solutions company is effective itself, is [indiscernible] itself. It's a very hardworking company -- business, which involves company engineering, [indiscernible] sensitivity, integrating [ bought outs ], a lot of [indiscernible] are involved in layouts, lay out the equipment, performances as subset performance as well as the integrated performance in terms of availability, the reliability because [indiscernible] data center is nothing but a combination of fibers, multilayer power solution around it. So that is how it goes. Just [indiscernible] is an integral part of it. But services component is also more or less than 40% in this. It's a kind of a In transmission, we find it no more than 70-30 as a combination, which would bought out that services. So everybody wants a [indiscernible] solution now. That is why EPCs are in preferred more over [indiscernible] than getting into buying that equipment and that handling the interface of EPC contract to make it a performing but...
Thank you. The next question is from the line of Charanjit Singh from DSP Mutual Fund.
Yes. So my first question, especially on the distribution CapEx. So you highlighted there are various reforms which are being implemented by the government. So on the distribution side, what's the kind of opportunity you may look at? Is it only the smart metering or any other further opportunities you are looking at on what [indiscernible] of these opportunities as and when they pan out. That's my first question.
You see, we have been awaiting this type of amendment, which we are still not fully on what this act is all about. But I think it's going to impact not distribution only, but the whole value chain in the business, right from generation to the last-mile delivery and collection of the cash from the consumer. So that is more important to make a whole value chain healthy in operations. Now coming specifically distribution is mainly licensed. Earlier, we used to talk segregation of carrier contract within the license purview. But how the old distribution is supposed to be delicensed like [ Gamesa ]. So it will obviously be means very open access to the consumers. And definitely, power will become kind of telecom product where everybody will bring in technology solutions. So we think the consumers motivating the consumer to [indiscernible] and many more value-added services additionally like telecom today, [indiscernible] no more than 25% of the value chain with any telecom. So we will have to use power. Power networks will be put to multiple use [indiscernible] that we -- data sharing. So you will see a very different outlook, mindset, and very competent foreign and Indian players coming in. A lot of investment happening in the sector. It will pick up a sector like aviation or [indiscernible]. So we need to see it through nearly intent or at enacting does not way, but it really makes the light begin. So more serious players will be a part of the business, where we believe we'll be able to have a significant of [indiscernible] better business, quality business in this segment.
Okay. Sir, the next question is on the FGD opportunity itself. One, if you can just understand in terms of what -- where we are on the execution of the current orders in the FGD space, what we'll want. Secondly, in terms of the incremental opportunity and how you see the overall pricing trend in the FGD orders that you mentioned.
You see pricing obviously has become affordable and reasonable with a very poor pricing started 4 years back, 3 years back. Secondly, opportunity now will be more in driving that SEBs at the state level. And norms of pricing has already set by CA more or less, which we are also upgrading with every passing year. So pricing is complicated like any other sector, but it's not that big a pressure, I would say. But definitely, FGD is a process plant solution and is a challenging solution. So you need to be capable to make money business ultimately by better at preperformance.
And sir, in terms of execution of the...
Mr. Singh?
Yes, we have lost Mr. Mr. Singh, sir.
Mr. Singh, if you're able to hear us, please do respond. It seems like we lost the connection for the current participant. [Operator Instructions]The next question is from the line of Tegus Patel from Minal Engineering Works.
Am I audible to you, sir?
Yes. You are welcome, sir. We are able to hear you.
My question is regarding the [indiscernible]. So can you give a brief -- what's the current status of that [ ICD ]?
This matter was [indiscernible] with NCLT, and we are [indiscernible] in our favor. We are hopeful of recovery in this concern. I'm sure [indiscernible] management or owners of the company will not like to [indiscernible] this process of...
I'm not able to hear you, sir?
Yes. Can you hear me?
Yes. Now I can hear you.
Yes. What I am saying that this matter was [indiscernible] for last more than 1 year with NCLT. And we have got a favorable order now last week. And we are hopeful of [indiscernible] central bank of the company with the promoter as they do not like to see resolution process to go forward. That's our takeaway, but we have to experience it anyway, either way, no matter is in our share more than the corporate debt. We are hopeful of recovery in this quarter, sir.
Okay. Okay. And in particular, time frame that you can give us that -- what time you can give us to record this.
So that's what I'm sharing with you in this quarter, by September.
Okay. Okay. And one more thing regarding the smart metering, I think in your last conversation we had, you have mentioned that there is one [indiscernible] smart meter order that you are about to get from J&K. So is there any update regarding that?
Yes, that tendering process is yet to start. Now there was a conclusion of the rate specification of prepaid versus smart meter with prepaid feature. So I think, lastly, [indiscernible] CA has fixed this with the approval of MOP. And now REC should go ahead with our [indiscernible] activity, for the balance 6 lakh meters state of J&K. We hope that, that order should be finalized by December. So we'd like to have -- it will be a 3-part tender of 2 lakh each. So we'd like to have 1 more part -- portion of it.
Okay. And one last question, if I may be allowed?
Yes, please.
Yes. Regarding EPC projects that you have mentioned that some strategic partners from the Singapore was interested in your Bombay plant? So is there any update regarding that?
No, there is no Bombay plant, sir. It is Chennai data center. What we are talking to various entities in the data center is we'd like to have a data center -- experienced data center operator, based in Singapore or Hong Kong or U.S. to be our partner in India, which we are scouting, and many have interest. I think we should be able to complete this process by no later than December as my mind goes. Ankit, would you like add to the topic?
Yes. So we are in discussion with multiple data center operators based out of U.S. and Singapore both and some are in advanced stages of discussion. And some have taken -- some are in the prelim stage. But these discussions are healthy, positive and they're ongoing. And as mentioned, we should have something on the table by December.
The next question is from the line of Ritesh B. from Asian Markets.
Sir, I have a couple of questions. So first, like you've given a guidance of INR 1,200 crores revenue and INR 2,000 crores of -- for guidance. So can you help us or can you share some broad color which segment will contribute how much like -- how much from data center, FGD, substation, smart meter type?
Yes, I did cover in my presentation that the [indiscernible] projects as of now. And we have already bagged business of about INR 75 crores in this quarter. And by and large, you can take FGD will give us an order book of INR 1,200 crores, INR 12 billion and another INR 400 crores, INR 500 crores from transmission. Our own data center intake business should be around INR 500 crores. And additionally metering business should give us a business of another INR 200 crores. So altogether, we are targeting INR 25 billion, but I'm sure we succeeded the INR 20 billion by the end of the year.
Okay. Helpful, sir. Sir, secondly, can you give us some idea about the Kohima deal status and by when it can be complete?
I think it should be over by December as we are saying earlier, we are targeting at some projects because of the COVID, certain approvals could not happen in time. And now they are gradually falling in place. And CLP is also keep to wrap it up as fast approaching. So we just -- December should be a fair guess to receive money from the buyers.
Okay. Sir, the revenue guidance, you talked about the INR 1,200 crores. So can you share some broad color about that, how much it will be from FGD substation data center time?
By and large, you can expect, say, about INR 600 crores from FGD and another INR 400 crores from transmission, INR 200 crores from the metering business, distribution by and large. [indiscernible] will not be part of this year's top line.
[Operator Instructions] The next question is a follow-up from the line of Renjith Sivaram from ICICI Securities.
Yes. Sir, just touching up on the raw material cost inflation. We have seen that it has not impacted you as your peers. So what was that -- what was the right thing that we did? And how do you see this going forward?
You see, basically, these are already completed orders with the suppliers and by virtue of our relationship of so many years. Evidently, they [indiscernible] knowing the [indiscernible] but new orders, which we have got last year, that's about INR 250 crores, they have impacts of these commodity price types. And we are talking to the ultimate customers with us with the impact. They are yet to be taken in execution, which will happen in third, fourth quarter of this year because customers have yet not handed over the rent to us. So that's a [indiscernible]. Hopefully, we will be a part with the [indiscernible] otherwise, it will have an impact of around 5% for that limited business.
Okay. And FGD, we have seen a lot of people impacted in terms of margins and working capital. So how has been our experience? And have you reached a threshold in terms of margin recognition for the FGD?
Yes and no both because terms of payment are really difficulty in FGD business because more payment is skewed in favor of the terminal payments in this business. But we are at the peak of the execution at the moment. And customer is also keen to meet its CapEx obligations. So I will say that this has become more of a game of cash flow market, cash flow operation and margin, and by and large, ordering has already happened. And construction rights are already in place with a defined BOQ. So margins are intact. I can say that and it will largely be cash flow-driven business, more than margin is getting impacted. If somebody can maintain the cash flow margins will not be impacted, but if cash flow which is [indiscernible] by virtue of -- the reasoning will be cash [indiscernible] company. So people have trust in Techno. I don't think cash flow should be a challenge to us to meet obligations. That itself will contribute to the margin.
Okay. So you don't see any major risk to FGD impacting your cash flows?
Absolutely, sir, mainly the planning and programming. If we are able to retain our planning and programming strongly in place, there is no challenge. If time [indiscernible] happens cost overrun will happen.
Okay. And overall, when we'll see the future orders from FGD, that will be largely from states and private. So is there any apprehension for us to go for a state ordering or stick on to private sector given the balance sheets of most of these state entities are in a stretched level, payment prices can happen? So how do we strategize ourselves for that future orders from FGD?
Sir, look, any segment you deal with has its own set of normal challenges. So we have to adapt their culture to work around that. That is our flexibility, Techno as well as more than many other companies, right? We see private sector will become more of a private sector that we work with the state. We have tried to absorb their culture of decision making. CPFU, of course, have a very healthy and divide culture. So it is easy to adapt. We are more transparent. But other 2 segments are a bit of opaque, but that is not a challenge for a company like us to stay fit and make some money more out of it. You see it go either away. Any operating process, it helps you also and it can bite you also. So if you are flexible and you can think right of time, you are always better off. That is our [indiscernible].
And sir, lastly, the STATCOM-related orders we were very bullish 2 quarters before. We were expecting some orders happening from the STATCOM side. What has transpired there? And how do you see -- is there any anything in terms of the order intake in the STATCOM segment?
No, sir, because STATCOM is largely grid quality improvement solutions, both at the capacity of [indiscernible]. And now TBCB having become the norm of the industry by and large, not much is being brought on the STATCOM side, I would say, at the moment. But down the year, I'm sure it is ultimately as the grid becomes more bigger, complex and more network which you cannot do without -- do well with STATCOM solution either as a taken part of it. So at the moment, it is not being emphasized, but I'm sure down the year, it will also be a part of the mix of the solution.
And sir, lastly, we are hearing a lot of CapEx happening in the steel sector, and that requires a lot of opportunities in terms of substation. So as a company, how geared up are we to address this? Do you really see something happening in the ground in the next 2 years in terms of inquiries?
Look, we have never been a part of steel sector. Culturally, we have more challenging refineries or petrochemical or other sectors. So I'm not sure where the Techno will be able to take benefit of this CapEx [indiscernible] sector. But definitely, any capacity of [indiscernible] happened in north as metals like of many of the COVID [indiscernible]
[Operator Instructions]. The next question is from the line of Amber Singhania from Asian Market Securities.
Just a couple of questions from my side. One, we were talking about international space. So just wanted to know, sir, what is our pending execution still remains in Afghanistan? And given the current situation, do we see any risk or any stuck money there on that account, so is there any significant portion in line there?
No, the project which we are doing in Afghanistan is ADB funded and fully LG backed, number one. Number two, but we are almost through with the project to the extent of 90%. But as even Taliban have said, they respect India's efforts in doing developmental works. And they will love to keep India as a part of development progress in India -- in Afghanistan if India do not [indiscernible] any military actions. So -- but in our case, I will say that 2 things are strong. One is it's ADB funded and not funded by the local government funds. And secondly it is LC backed. And we need to watch the situation. [indiscernible] I'm sure Afghanistan cannot be left an action like this where it is today. Some government will happen, which is democratically elected or blend of two with Taliban, what U.S. has said 6 months back. So I see more positivity coming out of this -- that activity. Nobody wants to go through the extreme solutions that has happened in Afghanistan. But I definitely see more positivity out of that activity. And it will take 2 to 6 months to come back to normalcy.
Okay. And any progress on Kenya order basis and any update on that account?
Sir, due to COVID, they are also slowed down their works, but the only positivity they have got the agreement to [indiscernible] alive and keep extending it at the moment. We are hopeful that it will go through because it is their need, which cannot be denied. The question is, when do they come back [indiscernible] be able to come back [indiscernible] post COVID.
And lastly, sir, on the smart meeting side, the projects which we were executing in J&K and [indiscernible], what is the number of meters we have completed it, but I believe after completing 50,000 meters, we will be qualifying to bid for [indiscernible] tenders also. So are we in that threshold or by when we are expected to achieve that threshold, sir?
50,000 meter threshold, we reached by December, sir, but we were qualified based on our other EPC experience in distribution business in J&K. And we're not limited to you -- your metering -- meter-specific experience. Because definitely many other distribution projects, we also installed meter not smart meters, but we do install electronic meters here also, which has many such features of a smart meter also. Those meters, we must have installed by now more less than the year all over the country in the last 10 years. But your question is valid that if somebody right, should be [indiscernible] smart meters, we'll be able to beat that normally by December.
As there are no further questions, I now hand the conference over to Mr. Amber Singhania for his closing remarks.
Thank you, Stephen. On behalf of Asian Market Securities, I would like to thank everyone for joining this call, special thanks to the management for giving us the opportunity to host this call. With this, we can close this call. Sir, would you like to add any closing remarks?
Yes. I would like to thank all the participants and each one of you for joining the conference call with us. In case you have any inquiries related to our performance or [indiscernible] type of projects we do, please drop a mail to us, to our relationship manager, Mr. Vishal Jain. Or if you happen to be in this part of India, please do drop in our office to see how engineering work differently done many others. With this, I would like to close the conference, and thank everybody once again for joining. Please be safe. Stay safe.