Ladies and gentlemen, you are connected for the Kirloskar Brothers Limited earnings conference call. The conference will begin shortly. Please stay connected. Ladies and gentlemen, good day and welcome to Kirloskar Brothers Limited Q2 FY 2026 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the belief, opinions, and expectations of the company as of the date of this call. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder to all participants, the line will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during the conference call, you may signal an operator by pressing * then 0 on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanjay Kirloskar, Chairman and Managing Director from Kirloskar Brothers Limited. Thank you, and over to you, sir. Thank you. Good afternoon, everyone. On behalf of Kirloskar Brothers Limited, I extend a very warm welcome to everyone for joining us on the call today. I hope all have had the opportunity to go through the financial results and investor presentations which have been uploaded on the stock exchanges and on the company's website. On this call, I have with me Alok Kirloskar, Managing Director of Kirloskar Brothers International B.V., Ms. Rama Kirloskar, Joint Managing Director, KBL, and Managing Director, Kirloskar Ebara Pumps Limited. As Mr. Chheda is on leave, Mr. Hemant Shaligram, AVP, who is his deputy, is also here, and Strategic Growth Advisors and Investor Relations Advisors. Talking about our Q2 fiscal year 2026 performance, let me begin my remarks by giving some business highlights. For the quarter ended September 30, 2025, our consolidated revenue stood at INR 1,028 crore, remaining broadly stable on a year-on-year basis. For the first half of fiscal year 2026, revenue was INR 2,007 crore, reflecting a modest decline of 3% compared to the same period last year. While the quarter was marked by certain seasonal and external challenges, our diversified business model and disciplined execution helped us maintain stability and position the company for stronger growth in the coming quarters. Our standalone performance was temporarily affected by seasonal headwinds, particularly due to an extended monsoon. However, demand across both the small pump and industrial segments remained robust, demonstrating the inherent strength and resilience of our diversified portfolio. As all of you are aware, our company maintains its strict commercial policies. While we were quite hopeful when the center released funds for the Jal Jeevan Mission, dispatches and further manufacturing have been held due to non-release of funding at state level. Excluding the small pumps business, our standalone order book stands at INR 2,127 crore, a strong 13% growth over the previous year, underscoring a healthy pipeline and sustained customer confidence. Domestic subsidiaries have registered a revenue growth of 14% year-on-year, and PAT has improved by 26% year-on-year. On the international business performance, our operations in the U.S. and Thailand delivered strong year-on-year growth of 21% and 158%, respectively, in constant currency. This impressive performance was driven by the execution of orders that were deferred from earlier quarters due to election-related delays, along with an improvement in overall product demand. South Africa also continued to perform exceptionally well, registering a 27% growth in constant currency. While the U.K. operations faced temporary softness due to delay of certain orders to subsequent quarters, the overall international order book remained strong, expanding 25% year-on-year to INR 1,289 crore. These results reaffirm the strength of our global presence and our ability to capture growth across diverse markets. EBITDA for the quarter stood at INR 124 crore, with margins at 12%. For the first half of fiscal year 2026, EBITDA was INR 251 crore. The year-on-year moderation was primarily due to changes in product mix and forex revaluation impact. Importantly, the underlying business. Fundamentals remained robust, supported by stable volumes, improving efficiencies, and a strong order pipeline across segments. During the quarter, we also recorded healthy order inflows across both domestic and international markets, reflecting continued customer trust and demand momentum. This strong inflow, combined with our growing order book and diversified portfolio, gives us high visibility for sustained performance in the second half of the fiscal year. Looking ahead, we remain optimistic about the growth trajectory of our business. With a healthy balance between domestic and international markets, a robust order pipeline, and continued focus on operational excellence and customer engagement, we are well positioned to deliver sustainable and profitable growth in the periods to come. Let me open the floor for questions and answers. Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press * and 1 on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press * and 2. Participants are requested to use handsets while asking a question. We will wait for a moment while the question queue assembles. The first question is from the line of Balasubramanian from Arihant Capital. Please go ahead. Good afternoon, sir. Thank you so much for the opportunity. Sir, under distribution network, especially for Jal Jeevan Mission, the funds have been stuck. What concrete steps have we taken to de-risk the channel? How are the government fund flows at this point of time? What is the exposure of receivables in the channel side? There was an echo. If you can talk a little slowly. You said about the Jal Jeevan Mission, something about channel management. I did not get. Yes, sir. Actually, some liquidity issues are there. Yeah? In the Jal Jeevan Mission channel side, how we are managing and what is the exposure of receivables? Yeah. As far as exposure on receivables is concerned, it is zero. As you are aware, and I mentioned that in my speech as well, the company maintains its strict commercial policies. We do not dispatch anything from the factory unless we are sure of the payment. As I mentioned, the center released funds, but states have to contribute, in certain cases, 10% of the funds, and in certain cases, 50% of the funds. The states, unfortunately, have not been able to put in the funds from their share. Therefore, as I have said earlier, since we do not deal directly with the government and deal with Jal Jeevan orders through our distribution channel, we have ensured that our distribution channel stays healthy. Therefore, we have withheld dispatches of a certain amount of products to ensure that only when the money is sure to come, we will dispatch those pumps. I'd also like to mention over here that the pumps are generic. If for a certain period of time they are not lifted by the state government, they can be diverted to other customers. We are holding on to them, expecting that this will be taken care of in the near future. Okay, sir. On the pump side, especially for retail petroleum pumps, it is one of the strategic products. What is the specific go-to-market strategy to compete with international players? If you could throw some light on in terms of price, service, or technology side, and what is the targeted market share and the revenue from this segment over the next two to three years' timeframe? Yes. As far as these, am I audible? Yes, ma'am. Yeah. As far as these pumps are concerned, we are dealing with two monopolistic American players. We were able to break through there in the market. We will be now an indigenous player in this market. These are a type of canned motor pumps that we have made. They are going for a critical application. As you know, we always need to be L1 in these orders, right, because it is tender-based. That is why we do not necessarily want to give the value or the margin because really it will depend on that tender. It will be very tender-specific. Unnecessarily, we do not want to cause confusion in the market by giving a fixed price because that is not how this business works. Although this is a large area, and considering that there are only two to three global players, we do see that this is one area for expansion in the future. There is a lot of potential for exporting these products. However, this being our first large order, we would like to concentrate on executing this business domestically first. It would be very premature for me to give a long-term outlook as of today. Okay, ma'am. Ma'am, on the data center side, the value is around $5 million-$7 million per site. What is the estimated total addressable market, especially for specific cooling and firefighting packages in the U.S. and Europe? How are we contributing in those areas? On the data centers, our main focus in data centers is in the U.S. And that's really what we're focusing on with the major players who are either putting up data centers or, of course, some of the others who are occupying those data centers. I would say that's really our focus market. The majority, by far, of data centers are coming up in the U.S., followed by the U.K. and Ireland, strangely, because that's where the communications cables come in from the U.S. I would say that is our focus area in data centers. In firefighting, our market share in the U.S. continues to be about between 15%-20%. In India, of course, our share in firefighting is much higher, closer to 55%-60%. I hope those are the two answers, I think. I think the last one is district cooling. District cooling, mainly, we are focusing in the Middle East. We see a lot of projects coming up for district cooling in U.A.E. as well as in Saudi at the moment. That said, I would say that there is some sluggishness in Saudi, especially on the NEOM projects, where a couple of large district cooling projects were coming up. Spending has reduced at the moment on those projects. That said, I would say that the Middle East is where we get the district cooling projects. At the moment, we probably have a handful ongoing with the major district cooling developers. Okay, sir. My last question regarding the U.K. structural headlines. I think some high power cost issues were there, especially for the industrial issues. What percentage of the U.K. service and project revenue is exposed to this risk, industrial customers? Secondly, I think such entities are profitabilities on track right now. What kind of strategy do you have to launch new products, especially like hydrogen pumps and all? Is there any plan to scale up that profitability over the next three to five years' timeframe? Yes. I think over the last few calls, I have mentioned the point that you have made that there has been heavy deindustrialization in the U.K. because the power prices are close to GBP 280 per megawatt hour. If you compare that to Germany, it's about GBP 120 per megawatt hour. And if you compare it to Sweden, it's about GBP 52 a megawatt hour. The U.S. also is in the same range as Sweden. It is a fraction of the prices of the U.K. Because of that, there has been heavy deindustrialization in the U.K., especially in the north, with the chemical plants. Actually, any energy-intensive facilities, so chemicals, steel, all these have seen the plants only idling. Because of the U.K. government's confused strategy on oil and gas, there have been no licenses that have been issued in the North Sea. You may have read in the news, Total has recently decommissioned and exited the U.K. North Sea market by decommissioning their rigs. Now, what that means for us generally is that, as you know, we have service contracts with chemical companies, petrochemical companies, as well as steel companies and water companies. We do see that even though we have three-year or five-year contracts with them, the activity on contracts in the petrochemical segment and even steel segment has reduced significantly because many of them are only idling their plants. Our focus has been to offset that by new contracts that we have received in the water and power plants segment. While the total contracts available now are, total executable service contracts have come back to what they were, we did face the first few months in the year when a lot of work was not coming for service. You can see the impact of that in the overall margin. In the U.K., especially, we have found two issues. One is some supply chain issues which continue to be there, which is on the large project side. The other side, we have issues in terms of the number of available service contracts. While we have service contracts, the available service contracts where there is ongoing work was reduced. Those are the two areas that we were trying to balance. We have enhanced the revenue by enhancing sales on other segments within the U.K. We will continue to grow the service business, as we said, in the U.K. as well as in Europe, and try and offset the softness in the service business in the U.K. We are continuing to win new service contracts in power plants, water, in the U.K. and in other segments outside the U.K. to be able to stabilize those service revenues and then slowly, after stabilizing, move into growth phase again. Does that answer all your questions? Yes, sir. Are there opportunities for Total? Yes. I mean, as I mentioned, we have opportunities in service. We continue to add new major service contracts with water utilities, power plants. As you go into Europe, where power prices are still lower, with chemical plants. We are developing those. We have a number of these in the last quarter as well. As you know, once you win them, it takes at least two to three months to work with the operator to agree what will be the plan in terms of service for the next three to five years, depending on the service contract, either three or five, and how much of it will be done every year. Once we agree and sign that off, then the service contract comes into place. That is really why we have not yet seen new business coming out of the contracts that have been signed recently. We do hope to see that soon once we have reached an agreement of what will happen in year one, year two, year three on those contracts. Yes, we do have an upside. As you are aware, we have another upside, which is fish-friendly pumps. The U.K., along with Europe, has now, as per policy, said that all canals and rivers need fish-friendly pumps, and we need to retrofit those pumps. We see that they are again investing in that because we have a ready product to sell in those markets. The other is there has been growth in the water segments, both in the Benelux region, which is Belgium, Luxembourg, and Netherlands, as well as, as I have mentioned on previous calls, the AMP 8 has now come into effect in the U.K. AMP 8 is a GBP 88 billion program over five years, where we are optimistic that this time there are more clear water pumps rather than sewage pumps. Similarly, we are seeing an uptick in the investments in Benelux on the water side. I would say there are still many areas that are looking interesting in these segments. I've got it. Thank you. Thank you very much. Next question is from the line of Pratik Kothari from Unique PMS. Please go ahead. Yes, sir. Good afternoon and thank you. First on the standalone, I mean, we have been winning orders every quarter gradually. Our order book also has been ramping up. Apart from this Jal Jeevan case, anything, if you can highlight the positive, negative, what is going on? For the last three odd quarters, we have been either stagnant or degrowing in that segment. Just some comments ex of Jal Jeevan, how are things turning out there? I think the booking has been consistently going up. It's possibly the sales that have not grown to our expectations. Many times I have said, "Don't look at our performance from quarter to quarter, even if it's for two or three quarters." As we go towards the end of the year, if you've looked at the historical performance of the company, about 35%, 36%, 38% is done in the first half. The rest of it, whatever, 60%-62% is done in the second half. This is because of seasonality of our business. It's because of the fact that most industrial companies, and especially pump companies, do very well when it's coming towards the government and our own year-end. This is what it is. Fair enough. Second, to Alok, I mean, I think you very well explained the challenges in the U.K. I think even the U.S. seems to be doing really well. I mean, it has come very close to where the U.K. is. I mean, is there some color, some highlights, what is going right in the U.S.? I mean, I would say that the U.S., as you know, there are industries that are new that are coming back into the U.S. And we have inquiries from those, and we now have orders also from many of them. That's probably part of Mr. Trump's overall program to attract industries back. We see some new inquiries and focus on those industries. Apart from that, I would say that the big other growth is, as I think was mentioned earlier, data centers. There are a large number of data centers coming up. Most of these data centers, as you know, we are catering both fire and cooling systems for these data centers. We've moved away from just supplying pumps to supplying container systems because data centers have a quick lead time of 18 months-24 months. They want to have modular concepts. I would say that we are, as you know, SyncroFlo's specialty is modular systems. Making pump houses, containerized pump houses, is something they do. SyncroFlo does that not only for our pumps, but a lot of SyncroFlo's distributors are also selling pumps of other manufacturers, other major U.S. manufacturers. Often, those distributors are buying the pumps from those major U.S. manufacturers, issuing the pumps free of cost to SyncroFlo. SyncroFlo is then packaging those into very complex houses, which have the piping, the control systems, everything else, valves, pumps, of course, which are pre-issued, everything else inside that, and supplying it as a full package, again, for data centers and other process units. I would say, really, that's the big area. You would probably be knowing that even now, there are almost 2,000 data centers coming up in the U.S. which have received planning permission. It's a large number of data centers. Just to put it into context for you, a hyperscale data center, which is what most of the data centers today are, requires almost 2 million liters of water every day, which is called top-up water, just coming from the evaporation inside the data center. Just top-up water is 2 million liters per day. Quite large systems going into these data centers. Does this answer your question? Yes, absolutely. Yes. Last on this number, we see INR 30 crore-odd of FX loss in our cash flows. I mean. Was it this quarter? Does it go through our P&L? Yes. I mean, as you know, we have moved to mark-to-market. Sorry, we moved to hedge accounting. And even with hedge accounting, we have mark-to-market losses because of the heavy deterioration or depreciation of the dollar, as you're aware, compared to the pound. Even though we have hedge accounting, we had these excess losses that came up. In addition to this, we also have another situation, which is that we are holding deposits. As you're aware, we are holding cash in KBIBV, and we are holding large deposits in dollars in the Netherlands. They are held in dollars, but as KBIBV accounts are made in euros, we are showing translation losses also of $500,000 on that amount. Yes, the mark-to-market losses are notional from the operating side of the business. Now, the translation loss will remain notional as long as we do not use the money in any other currency but dollars. If we do spend that money from KBIBV in any other currency but dollars, then it will convert to a real loss. Correct. One of the reasons for lower margins this quarter or first half is also this, I mean, this FX loss that we see. Yes, yes. The FX loss, as you rightly said, is about GBP 1.8 million, which is about INR 20 crore. Fair enough. Thank you. From an operating point of view, KBI BV's operating profit is stronger than last same time, last quarter, last year. Correct. Fair enough. Thank you. All the best. Thank you. Thank you very much. Next question is from Raj Shah from ENAM AMC. Please go ahead. Hi, sir. Thank you for the opportunity. My first question was regarding the Jal Jeevan Mission issue that you highlighted. For the last year, say, 2025, what kind of contribution would the Jal Jeevan Mission have in our standalone business? Jal Jeevan exactly would be 2%, 3%. About 5%. Maybe about 5% at the most. 5% of the annual standalone revenues? Of the annual standalone revenue. That is what the impact is for the current year? Yeah, sort of. Okay. Okay. I know this is for Alok, sir. The Dutch business are smaller in numbers, but we have seen that the INR 24 crore last year, same quarter revenues come down to INR 8 crore. Even the six-monthly numbers are down, as well as there is some loss that has been reported. In the Dutch entity? Yes. I mean, the Dutch entity order book position is stronger than last year. Because it is so lumpy, the business, there is a huge amount of executable order book in this quarter, which is their last quarter. We are trying to ensure that we can push that out to ensure that they have better numbers compared to last year. To a great extent, I think, both in America and Western Europe, there have been many elections that have been taking place, and there has been a lot of uncertainty. We know that it is going to translate into business. As mentioned earlier, whatever uncertainty there was in the previous, I think, in the previous call, we said that there was uncertainty in the U.S. before Trump got elected. After Trump got elected, the order flow has started. Similarly, the Netherlands has had elections recently. I think they just completed them last week. Thailand has been going through its own special issues. This is going to happen. What we are very confident about is the fact that step by step, we are establishing our businesses in these countries, and they will only grow. Okay. Sir, on U.K. business, as you mentioned that the margins have been lower due to various issues. Do you see that from the 6% margin, we can go back up to, say, double-digit, close to double-digit margins, which we used to report earlier? It depends what time frame you're asking me this question in. But you're asking me from a short-term point of view and not a long-term point of view. I would say that from a medium-term point of view, definitely, because finally, that margin that you saw is coming from a mix of the product and services. And as the service revenue is going up, it's easier for us to meet those margins. Obviously, as I mentioned to you, because of the Labor government coming in and it being in a very confused state, the industries have been hit quite badly who are energy-intensive industries. Over time, as you know, everyone adjusts themselves, and then it becomes business as normal. I would say that in the medium term, it's possible. In the very short term, we are trying to see how to make it possible using the existing order book position that we have. The order book position is quite strong. Like I've said, the more product side we execute, the margins obviously are lower than the service side. We always need that level of executable service business. While, like I said, we have 120 service contracts on the books. A lot of them in the north of England right now are idling, which is not 50 or 60 of them, but there are many large ones of them. We are trying to see how to ensure that we can execute the order book in a way that delivers close to what you're expecting. Got it. Got it. Lastly, sir. Our aspiration, as you have mentioned earlier also, has been to report at least double-digit revenue growth. Do you see? Yes. Okay. Okay. Because H1, it is 3%- growth. Do you see H2 will be better enough to compensate for? Yeah. Like I've said, historically, we have performed in a certain manner. We believe that by H2, all things going properly, we will be able to meet our aspirations. Got it. Got it. Thank you very much, sir. All the best. Thank you. Next question is from Manish Goyal from Thinqwise Wealth Advisors. Please go ahead. Thank you so much. I have a couple of questions. First, on the petrol turbo pump set. You just mentioned that it would not be fair to share the order value. I just want to clarify that on 1st October, you had the press release said that we have been declared L1, while the presentation says that we have received the orders. I just want to clarify that formally, have we received the orders, and how will it get executed in what time frame? What was the last part of your question? Yes, we have received the order, but you had another question. No, I was asking that. What is the time frame of execution of this order? That was the question. It's around nine months. Okay. If you cannot give an exact value of the order, would it be possible to give a price range, ideally? No, we can't do that. We can't do that because this is a tender-based business. It is not a fixed value. We have to be L1, and we have to be competitive. There is a huge variety in the feature and the type of pump that is required. Since there is a lot of variability, we do not want to give a fixed price because that would not be accurate. If the product mix changes, then you might see smaller numbers having higher value or higher numbers having smaller value. We do not want to confuse anyone. Okay. Also, as you mentioned, that we would like to focus on domestic market initially. How big is the opportunity? We received the order from IOC. There are other OMCs also, BPCL, SPCL, and many others. What is the opportunity? How should we look at it on a recurring basis that this opportunity can be over a period of next two to three years? Pumps requirement per year. Maybe if you can say that how much is required over a period of, say, one, two, three years, any sense? I think last time also, Rama had mentioned it's about 25,000 or 30,000 pumps per year. Oh, okay. Fine. Also, once you supply to IOC, does it that you probably need to get qualification with other OMCs? Or once you have already supplied, then you probably have the supply benchmark already established, and you can probably supply? Yes. Once we supply, then we are established. With IOC, yes. No, but what about, sir, with other OMCs like BPCL? It depends on what their requirements are because it could be different. Sure. Okay. On the standalone business, you have definitely mentioned about impact due to JJM. I would like to get a perspective on demand side from the industry pumps as well as pumps which probably we supply for infrastructure on various accounts because power was picking up quite well, order book for irrigation was picking up. If you can just give us perspective because last three quarters, some of the standalone sales is probably quite muted. How should we look forward probably near to midterms? Yeah. I have mentioned that we believe that the two growth drivers will be urbanization and the power sector. Power sector, we have continued to receive orders, and we look forward to receiving orders because a large number of new power stations are coming up, not only in the thermal space, but we expect that the nuclear side also will start picking up soon. As you are aware, these orders would be executed over a period of time because, number one, they need to set up the power station to receive the pumps. That usually will take care of the manufacturing period. In this, what we have done is the kind of orders that we have received from one of our customers, we set a new benchmark of delivering within a year some very large pumps, which earlier would have taken 18 months because that customer is really a demanding customer and wants to establish these power stations very quickly. On the other side is urbanization. Our building and construction sector continues to grow very smartly. I think a few quarters ago, Alok had also mentioned that due to our strong presence on the firefighting side, we have been able to bundle HVAC and utility pumps. That also continues and is continuing to grow our market share in that sector. Right. We should be able to probably see a double-digit growth. Last year, we were aspiring for double-digit growth. Hopefully. I think you were not listening to my answer to the previous gentleman. No, I just want to get reassurance from you. Yeah. I have now said it for a few quarters. I think the last two quarters have been where everyone has questions. Looking at the order board, looking at the way the situation is with customers, as well as some of the changes that we are making in the plant, I'm very confident of meeting these targets. Sure. Thank you. A question for Alok. Alok did mention that AMP 8 program has started in the U.K. Would like to know, have we started getting orders or probably it will take one or two quarters more that we start seeing meaningful orders flowing in? Yes, we are getting orders. Yeah, I would say, when you consider that AMP 8 should be 1% of the spending should go to pumps, I would not say that it is meaningful as yet. Yes, they are starting to release orders that are classified as AMP 8 orders. Sure. Sure. And last question on the services side, Alok. So, how much time do you think that you probably, the new contracts, what we have done, we should be able to probably offset the loss of some of the existing business, and we should probably get back to normalized growth run rate? I mean, I'm giving you my estimation. I would not say that, like I said, it's based on us. In my previous answer, I said it's based on us and the customer agreeing what will happen in year one, year two, year three, and we signing off on that, and then we starting the process on that. I would say three months, usually. It takes about that much time for us. They going back and forth, and then it really translating into the products coming in because the products are then dismantled at site, brought into our plant. We dismantle the products in the plant. We go through a process. We have to, as a part of the process, submit a price. They accept that price as part of the overall agreement. We still have to follow that process. We start the repairs, and then we dispatch it. It's not just agreeing, but it's also this process after which you see the invoicing and hence the margin. I would say at least three months it takes to do all these things. Okay. Okay. Last question on the development order for the nuclear primary coolant pump. Would it be possible to share how is the progress on the same, sir? The progress continues. There are various components of that for the primary pump. As far as we are concerned, I think, like I said earlier, the hydraulic performance is proved. The casting of the main one is in progress. As the hydraulic performance is proved, I don't expect too many problems when we make the first pump. Wonderful. Thank you, sir. Thank you very much. Before we proceed with the next question, I would like to remind all participants you may press star and one to ask a question. Next question is from [Jayenam Doshi from [KRIIS PMS]. Please go ahead. Thank you for the rapport. In the presentation, the strategy going forward, we have mentioned that steps are being taken for de-bottlenecking and cost optimization at our key domestic subsidiaries. If you could highlight on what are the steps being taken and how much it would flow to our margins on a per-person level over the years, that would be helpful. Yeah, I have a question, actually. Did you say subsidiaries or did you say factories? Subsidiaries is next. Slide number 41. Yeah. As far as KPML is concerned, we have taken a few steps to ensure that the output can be in step with the small pump business. As you're aware, the small pump business is heavily dependent on KPML for motor components and motors. We have been able to put in facilities as well as improve the machining lines as well as the other processing lines to ensure that output can be faster and the costs can be brought down. Similarly, you might have seen that at TKSL, the sales have gone up, reducing the losses from the previous time. We are very happy that actually the power sector is coming into focus, as in giving us orders. We expect that whatever was our original reasoning for buying TKSL, which was to have a steel foundry which can make large steel castings which are required in the power plants, will be able to deliver. Digitization efforts continue. Whatever has been done has been able to help us understand things better. The ERP packages have also been implemented at the subsidiaries. One other thing that we have done is group captive solar to ensure that costs, especially in our foundry at TKSL, the energy costs can be brought down. Got it. Got it. That was helpful. You have mentioned in the JJM, we aren't. There are states who are not able to release funds to a certain extent. If you could help us name which are the states who are not able to release. I think this news is available. I'm not going to name and shame anyone on this one. Sure. Got it. One more thing is, as we have mentioned, we are supplying systems in the data centers. What would be the addressable market size for our systems there? How many projects have been executed till now? What is the trajectory going at? The addressable systems in the data center that we are currently supplying are the fire package, which is actually a fire system in this case, like I mentioned earlier, because of modular pump house. The primary cooling package, which is going connected to the chiller. The secondary cooling package, which moves stuff from the chiller to the on-chip cooling system. Of course, the intake water systems. Those are what we mainly are focused on in data centers. Of course, it depends data center to data center because some are co-location, some are hyperscale. That is mainly the ones that are being focused on by us. What we do in each data center also depends because sometimes the customer wants one system for fire, some other system for cooling, and maybe a third system for secondary cooling. Of course, we try and supply the whole thing as one big package. It really depends on customer preference as well in many of these cases. I think your last question was. The projects we have executed, how many projects till now have we executed? Yeah. Till now, maybe we've done about 25-30 projects. At the moment, anytime in our plant, we have about four to five projects' worth of data centers in the U.S. because that's mainly where a lot of the data center work is happening. Those may not be all the systems I mentioned, but could be one of the systems that I've mentioned at any time. Even now, there may be about five or six projects on the shop floor for data centers. When I say a project, it is either the fire system or the secondary booster system or the primary system or the intake system. Yes, that means we have a good number of different things going on on data centers. Okay. Thank you. Lastly, I just wanted to have a view on the current bid pipeline for the projects which we have, both in the domestic and the international market. If you could highlight, that would be of great help. I've not understood the question. Can you just repeat that? Total bid pipeline for the project business, which we have in the domestic as well as the international market. We don't give this number. Okay. Okay. Sure. Sure. That's it from my end. Thank you so much. Thank you. Thank you very much. Participants, if you wish to ask a question, you may press star and one. Next question is from Ishita Lodha from SVAN Investment. Please go ahead. Hi, sir. Thank you for the opportunity. What is the impact of the commodity price inflation on our margins? How much of our order book is fixed price? I think as of now, there is no impact as such on the financial. Okay. Are we seeing any slowdown in the project or tendering due to commodity price inflation? We don't see though. Okay. Is it possible to quantify how much of the pumps which have been withheld for dispatch? Value of the inventory? Hello? Yeah. What is the value of the inventory sitting in our books which has been withheld for dispatch for Jal Jeevan Mission? Numbers. I think the fact that these pumps can be dispatched to other people if they are not picked up within a certain time should give you the confidence that we will wait for a certain while and then it'll come out. Okay. How are you seeing the pipeline in the domestic market and the pricing trend? Is it stable? Is it increasing? It is stable. Okay. That's it from my side. Thank you. Thank you very much. Next question is from Manish Goyal from Thinqwise Wealth Advisors. Please go ahead. Yes, sir. Just a couple of questions on, I just want to clarify which Pratik was earlier asking on the Forex unrealized losses. The cash flow shows, consolidated cash flow shows INR 32 crore is the exchange loss in the first half of the current year. Alok, when you mentioned GBP 1.8 million, roughly INR 20 crore, were you referring to the quarter two number? Has it been passed through the P&L for sure? Yes. That number has passed through the P&L. Okay. Okay. I'm mentioning the translation loss also. Sure. Okay. No, so just. It's coming from the fixed deposit. Okay. Okay. So that is something which probably till you use it, that number will not reverse back or maybe whatever variation in exchanges will happen, again, it will perform that way. Because what I'm seeing is that your. I mean, if we can execute many of those jobs in the last quarter, that mark-to-market loss will come down, right? Because the U.K. has this issue because 70% of the production, as you know, is exported. The only reason that it's become a little larger this time is because there's been more depreciation in the dollar. Even then, it is only, I think, the mark-to-market proportion of the GBP 1.8 million, if I'm not mistaken, is GBP 700,000 and something. The remainder is translation losses because the dollar deposits held in KBI BV. Right. Okay. Okay. Okay. One more question, again, for standalone cash flow, what we probably continue to see is that provisions for doubtful debts and advances, even in the first half of the current year, that number is roughly INR 15 crore. Whereas last full year, it was INR 41 crore. Again, is that number which is passing through the P&L, and is it pertaining to the old contracts? If you can clarify this as well. I think if you see the numbers, it is reducing on a quarterly basis. I think it is as per our policy, we need to provide it is passed through P&L. Okay. It's our policy. We need to provide that in our books. Okay. Okay. No. I agree that that number optically is reducing, but probably would like to know that. How How far do we see that this number would continue? No, no. I think if you see the trend, the last trend, because our recovery is very good, we do not see any bad debts as such. Even if there is a delay in the receipt of payment, we provide in the books. Okay. Last question on the, in the presentation, in the updates, probably what we refer to various sector updates for our standalone business, there is a, probably I saw for the first time, engineering service division where sales have increased 27%. What is this business? Is it aftermarket or if you can clarify on this? What is the size of this business? Because just 27% growth, we are not able to get a perspective as to how relevant it is. This is the same sector which they generally call customer support and ESD. I think this time they've just mentioned the full form of ESD as engineering service division. It's not a new sector. We don't generally give the contribution sector-wise. Yeah. Exactly. Okay. Fine. Okay. So that clarifies. Yeah. Thank you so much. Thanks a lot. Thank you very much. Next question is from Mr. Vishal from Bandhan AMC. Please go ahead. Mr. Vishal, you may proceed with your question, please. Mr. Vishal, your line has been unmuted. You may proceed with your question. As there is no reply from Mr. Vishal, we will conclude this call. I would now like to hand the conference over to Mr. Hemant Shaligram. I'm so sorry. I would now like to hand the conference over to Mr. Hemant Shaligram for closing comments. Okay. Thanks, ma'am. Thank you all of you for joining today's call. We hope the session provided the comprehensive overview of our business and addressed your queries effectively. Should you have any further questions or require any clarification, please feel free to reach out to SGA, our investor relation advisor. We truly appreciate your continued trust and support. Wishing you all a pleasant evening. Thank you. On behalf of Kirloskar Brothers Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.