Ladies and gentlemen, good day and welcome to GE Vernova T&D India Limited earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Megha Gupta from GE Vernova T&D India Limited. Thank you, and over to you, Ms. Gupta. Good evening, everyone. Welcome to GE Vernova T&D India Limited earnings call for the second quarter of financial year 2025. I am Megha Gupta from GE Vernova T&D India Finance and Investor Relationship team. We are delighted to have you all here on the call today. Today, we are joined by Mr. Sandeep Zanzaria, CEO and MD of the company; Mr. Sushil Kumar, full-time director and CFO of the company; Mr. Abhishek Srivastava, head business operations; Ms. Kanika Arora, communications leader; and Mr. Nirmal Verma, company secretary of the company. During the call, we will discuss the company's financial performance, including operational highlights, and we'll share key updates. Towards the end of the presentation, we will have a dedicated question-and-answer session. The presentation we are going to discuss today and financial results for the quarter are already available on the company's website. Before we begin, I would like to highlight that today's discussion may contain a few forward-looking statements which are subject to risk and uncertainty. These statements are based on our current expectations, and actual results may differ materially from those expressed or implied. We encourage you to refer to our public filings and documents for comprehensive understanding of the factors that could impact our future performance. With this, I'll hand over to Mr. Sandeep Zanzaria to begin the discussion. Thanks, Megha, and good evening, everybody. I appreciate your taking time to join us today for your continued interest in GE Vernova T&D India, formerly known as GE T&D India Limited. This name change aligns with GE Vernova's global identity and our continued focus in India's T&D sector. Before we dive into the numbers, I want to highlight the incredible growth potential of India's power sector. India's renewable energy capacity has surged to nearly 210 gigawatts. From just 76 gigawatts in 2014, the country is well on track to achieve its ambitious target of 500 gigawatts by 2030. The power sector in India represents an incredible opportunity, and its growth is fundamentally driven by three key pillars: energy transition. This transition is creating significant opportunities for T&D companies as we work to integrate renewable energy sources into the grid, modernize our infrastructure, and deploy advanced technologies like smart grids and energy storage solutions. Per capita energy consumption: India's per capita energy consumption is still significantly lower than the global average. However, we have witnessed a remarkable increase in recent years, and we expect this trend to grow. As India's economy grows and living standards improve, the demand for electricity will soar, driving substantial growth in the T&D sector. Emerging demand drivers: the emergence of electric vehicles, green hydrogen, data centers, and other innovative technologies is further accelerating the growth of the power sector. These sectors require robust and reliable power infrastructure, creating significant opportunities for our business. Additionally, EEA is actively working to enhance the cybersecurity of India's power grid. Our digital and software applications have become more critical to the grid as they help ensure reliable and secure power, and the new electricity from variable energy resources, often in remote locations, to demand centers and for grid orchestration to enable utilities to navigate the complexities that come with the sustainable energy grid. At present, we have multiple HVDC projects under bidding or finalization for the TBCB developers. We are engaged with the developers to target these opportunities. With this background, let me talk about our quarterly performance. Our order book in Q2 saw a booking of INR 46.8 billion, up by 333% year-on-year, compared to INR 10.8 billion in the quarter ended September 2023. The highlight of this quarter is the receipt of orders from our group companies for supply of AIS and GIS products to our esteemed client, GEAT in Algeria. In addition, we received two major orders for the upgrade of the northern region and eastern region load dispatch centers from Power Grid and Grid Controller of India. This reinforces our strong presence as a leading digital technology provider in the transmission space. Our order backlog stood at INR 98.4 billion as of September 24, versus INR 62.7 billion as of March 24, up by 57%. This is the highest order backlog which the company has achieved and gives a strong visibility of revenue for the next few years. Our Q2 revenue stood at INR 11.1 billion, versus INR 7 billion in Q2 FY 2023-24, up by 59% year-on-year, with a notable increase in our profits. Our profit before tax for Q2 was INR 1,938 million, compared to INR 503 million in the corresponding quarter of the previous financial year. Cash and cash equivalent balance improved and stood at INR 6.8 billion as of September 30, 2024, versus INR 2.8 billion as of 31st March 2024 and a net debt of INR 0.1 billion as of 30th September 2023. The improvement in balance sheet paved the way for the company to generate cash of INR 2.9 billion during the Q2 FY 24-25 and INR 4.1 billion during H1 FY 24-25 before dividend payment. We will continue to execute our strategy with sustainability innovation and lean at our core. We are very proud to showcase some of our company initiatives in sustainability, employee health, and safety across our factories, offices, and project sites. These initiatives are covered in our presentation. We request everyone to please go through them. In conclusion, the Indian power sector is not just a national story. It's part of the global trend towards energy transition. The integration of renewable energy framework is a part of the rapidly evolving global ecosystem. With our strategy built on operational efficiency and selective market participation, we will continue to chart a course that positions us as a key player in the industry and capitalizes on emerging opportunities. We could not be more excited about the path ahead, and we thank you for your continued support and interest in the company. I now invite Abhishek to provide further insights on execution. Thanks, Sandeep. Good evening all. So I will take you through the key operational highlights, the key commissionings, and infrastructure strengthening works that we completed in the past quarter. So we have been actively working on strengthening of the transmission network for private and government utility customers. And in addition to that, we have been actively working on supporting our industrial customers to meet their power needs. So as a part of that, we successfully commissioned the 220 kV gas substation for Hindalco in Jharsuguda, which was completed within 12 months of award. Then another key achievement was the commissioning of Gadag substation for our customer, ReNew, which was their second TBCB and a scheme which is very vital for strengthening of the southern grid of India. In addition to these two substation commissionings, we also commissioned 220 kV GIS bays for our customers, GETCO, WBSETCL, DVC, and 132 kV GIS bays for BSES. We had been installing and commissioning circuit breakers for various voltage ranges from 145 kV to 765 kV all across India and Bangladesh. And then in the same pursuit, we also commissioned 12 number single-phase transformers and one shunt reactor for our customers, Power Grid and Bhutan. So these are some of the initiatives which got commissioned in the past quarter, strengthening the overall power network for the country. With these highlights, I hand over to Sushil for taking us forward. Thanks, Abhishek. Good evening, everyone. I will talk about orders and the rest of the financials. First, talking about orders on the page seven of the presentation. This quarter was a very robust quarter for us in terms of order booking. We booked about INR 46.8 billion of orders compared to INR 10.8 billion in the last financial year, similar quarter, which represents about 4.3 times of order booking that we had compared to the last year. Similarly, on an H1 basis, we booked about INR 57 billion of orders compared to INR 20.8 billion in the last year. Some of the key orders that we booked during the quarter two include supply and supervision of high-voltage products from GE Grid Solutions SCS France and GE Grid Solutions Middle East FZE Dubai. Both of these are related parties, and this order was material in nature, and this was already disclosed to the stock exchange during the quarter. Similarly, we had another significant material order, which was related to the establishment of regional load dispatch centers for the eastern region and northern region. Those orders we received from Power Grid Corporation of India, and this was also disclosed to the stock exchange during the quarter. Besides these two material orders, we received several orders across the industry and transmission utilities. These include basically 765 kV power transformer and shunt reactor orders from Power Grid Corporation of India for various transmission projects. Then 765 kV power transformer for an EPC player for a substation in Madhya Pradesh, supply of 245 kV GIS from an EPC player in West Bengal, and supply and construction of 300-megawatt 400 kV captive switchyard from Tata Power Renewable Energy in Maharashtra, and 765 kV to 400 kV CRP SAS for various EPC projects from multiple EPC players. So very robust order performance coming from different players across the market. Moving to the next page, page eight in terms of financial performance. Again, the financial performance was very robust. If I just talk about the quarter two performance, starting with revenue, we had a revenue of about INR 11 billion, which was a 59% increase on a year-on-year basis versus the corresponding quarter in the last year. We generated a significant 41% gross margin in the quarter, and as a result, overall EBITDA of INR 2.1 billion approximately at a rate of 18.8%. This is a significant increase in EBITDA in percentage terms as well as value terms if we compare with the corresponding quarter in the last year, where we had about INR 700 million of EBITDA. So this quarter, EBITDA is about three times what we had in the last year. And in terms of percentage point, there is about 8.8% or 88 basis points increase in the EBITDA compared to the corresponding quarter. Similar performance on profit before tax, where we improved from 7.2% of profit before tax to now at around 17.5% profit before tax. Again, a solid performance on the first half basis as well. We did a revenue of about INR 20.6 billion, which is a 46% increase compared to the corresponding first half in the last financial year. Gross margin performance improved from 34% to 40.8%, and EBITDA improved from 9.4% in the last financial year first half to now 19.5% in the current financial year first half. Similar performance improved performance on the profit before tax. We have also shared the details of the order and revenue in terms of export and domestic market on the next slide, which is slide nine. So out of the INR 46 billion orders that we booked in the quarter, about 53% of the orders were from export and 47% from the domestic market. And in terms of revenue, about 29% of revenue was from export market, whereas 71% revenue from domestic market. Almost similar performance on the H1 basis, approximately 37% orders from export and 30% revenue from export segment. In terms of breakup of orders in hand of about INR 98 billion, about 62% of the orders in hand we have from the private segment customers, about 32% orders in hand are from the central utilities and PSUs, and about 6% orders in the overall portfolio from the state utilities. Next slide, we have just a financial trend, but since we have already talked about most of the numbers, I'll not read it out again, and we can open up for the questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchscreen telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Umesh Raut from Nomura India. Please go ahead. Hello, sir. Good evening and congratulations for all-around performance in Q2 FY 25. Sir, my first question is pertaining to domestic ordering, which was very strong during the quarter, about 165% up year-on-year basis. So how one should look at now going forward, what kind of run rate we can assume on the domestic ordering side in terms of quarterly rate, and which are the areas where you are seeing a major uptick coming in? So I think, Umesh, thanks for the question. So this quarter, we had on the domestic front as well, we had two large orders which came from Power Grid and Grid Controller, which was on the digital side, which we declared it as close to about INR 900 crores. I think apart from that, the market, if you look, it is pretty strong. We are looking at a sustainable number, but this also depends upon a lot of other factors like the delivery requirements, etc. But I think the run rate will remain sustainable in terms of order intake, except for the one-time orders of like digital and export of large, which came from group entities. But otherwise, the number should be sustainable. Got it, sir. So is it fair to assume that including both domestic and exports, our base orders run rate would be closer to about INR 15 billion per quarter going forward? So with that, we would not like to put a number now because the decision timelines and things like these change. But we would talk more about it on a yearly basis. So I think probably we should look at the run rate at a yearly basis because in our sector, the division of orders from one quarter to the other quarter for many of the utilities, they keep on changing. Probably let's look at a sustainable number. Got it, sir. So my next question is pertaining to HVDC projects. So when exactly we can expect first to package this, especially for Tarapur Padgha and Khavda Nagpur getting finalized? Any tentative timeline here? I think it should happen within the next three months. Okay. Okay. Got it, sir. Sir, my next question is pertaining to bookkeeping. I think if I look at our related party transaction on the inter-corporate deposit side, it was closer to about INR 450 crores for the quarter. So what's the reason behind this, and can you please specify or give some insights about this, where exactly we are extending this corporate deposits to related party? Umesh, your question was not very clear. I'll just try to answer. And if there's anything left out, you can please ask again. We have taken approval from the shareholders who lent up to INR 700 crores to the related parties in the cash delivery limit. Similarly, we have about INR 300 crores of borrowing limit. So we need the funds for operation. We can borrow from the GE Grid Solutions SCS. And we have, I think, about a little less than INR 600 crores invested in the cash pool at the end of the first half, as of the end of September. And that's all within the actual limit of the shareholders. Okay. Got it, sir, and similarly, sir, if I look at your related party transactions approvals, which were taken at the start of the year, especially for orders, that is, again, I think totally consumed now, considering that we have received closer to INR 2,200 crores of orders from parent entities. Is there any other proposal or any prospect pipeline that you are seeing from especially parent side at a global level in terms of newer orders? Umesh, the approval from the shareholders are required when the orders exceed the materiality limit, which is 10% of the turnover of the entity in the last financial year. So the specific cases where we anticipated orders from the related party in excess of INR 300 crores, which was 10% of last financial year, that approvals were taken. And fortunately, good thing for us, those orders materialized, and we have booked orders. Having said that, there are many orders on a regular basis that we get from various related parties, but they have less than the materiality limit, and audit committee approval is taken, and we regularly get those orders. So as of now, we are getting every quarter new orders or regular orders from many related parties. If anything comes up in future in terms of any significant materiality that would require shareholder approval, we will notify to the stock exchange and launch a posting analysis process for that. Got it, sir. So my last question is on the gross margin. We have now made closer to about 41% kind of a level at a gross level. And in the past calls, we have mentioned that sustainable level is closer to about 35%-40%. So now we have crossed that upper threshold of gross margin as well. Any color over here is export orders are kind of giving you better margins, and that is what's contributing to the surprise on the gross level side. I still maintain that range of 35%-40% as a range on quarter-to-quarter basis. But on the full year basis, we always said that we want to do better than what we did in last year. Last year, I think we did about 35.6% return on the statement. And our endeavor is to do better than that. However, I would just like to clarify to the community on the overall profit number for the quarter. This quarter, we have all the operational items. There is no one-off operational item in the financials. However, we executed some of the large contracts, a specific part of the contract, which was highly profitable. At the same time, we had certain one-off operational items in the P&L and expense side. Altogether, we see overall gain of about INR 400 million approximately, which is kind of a non-recurring nature. That's a good positive contribution, but may not be repetitive in every quarter. Got it, sir. Thank you so much for the opportunity and all the very best. Thank you. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yes, sir. Good evening, sir, and congratulations on a very great quarter. My question is on this, sir, on the other expenses. The other expenses in this quarter have been an uptick. Would you like to call out some things or this would link to the revenues in general? I answered the tenor of your question. I answered the overall impact as non-recurring items in the quarter. On an overall basis, some of these non-recurring items are a part of the gross margin or cost of goods. Some of these are part of the other expenses. Instead of talking about the gross margin, sorry, the other expenses as an absolute number, I would like to draw your attention to the other expenses as a percentage of revenue. See, our revenue has increased significantly this quarter. Revenue is 60% higher than what we did in the corresponding quarter of the last financial year. With that 60% increase in the revenue, our increase in other expenses is still lesser than that rate. As a percentage of revenue, it had come down rather from 13.7% to 11.9%. This approximately 2% reduction in the other expense, due to an operating business and a better implementation in the overall profit before tax. Let's look at our expenses as a percentage of revenue rather than increasing the absolute number because most of the increase is related to absolute increase in revenue also. Understood, sir. The second question is, given the fact that a large part of transmission projects have been awarded to the players in this country, last year was INR 500 billion of ordering. And this year, till date, we have seen INR 700 billion of ordering in the transmission projects being awarded to mostly the power grid and few private players. Are you seeing that inquiry pipeline is inching up and is becoming—can you give us some color? Hi, Mohit. So yeah, we are seeing a sustainable pipeline. I think we had some slowdown during the last quarter when elections were there. But apart from that, I think now we have seen that there is a good traction which is happening in terms of pipeline for TBCB projects. So not only with Power Grid, definitely Power Grid is winning a large chunk of the business. But apart from Power Grid, we are also seeing that the pipeline is getting generated from private players also. Understood, sir. My last question is, what will be the average life of the current order book? So some of the orders have a timeline of three to five years. And most of the orders, let's say more than 60%-70% of the orders, have an execution timeline of 18 to 24 months. Understood, sir. And thank you, sir. Thank you and all the best, sir. Thank you. Thank you. The next question comes from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yes, sir. Hi. So my first question is on the cash and cash equivalents which you highlighted. It's INR 170 crores. So does it include the deposits given to the tune of INR 450 crores? No. Are we talking about the presentation or you're talking about the slide that's available in the books? Yeah. So it includes the—so we have about INR 6.7 billion of cash end of September. And this has two parts. One is the cash and bank balances that we have. And the second part is the money that we have lent to the cash pool. The money that we have lent to the cash pool, if you look at the balance sheet, is a part of the main line item. We are combining the main line item and the cash and bank balance line item to arrive at the total cash and cash equivalent that we have at the end of the half year. The question is for the cash, the other income during the quarter is, so what kind of yields you are earning on this other income which could be generated on this cash pool? Because 4 crores of other income for the quarter looks too very small number. So I think we disclosed that yield on the return on this cash pool investment in the shareholder notice when we took the approval. It's approximately 7%. I think you're doing a math on the total balance at the end of the quarter, but most of it would have got generated at the last level of the quarter and may not have been fully eligible for the interest for the entire quarter. But yes, I can confirm that for whatever period we lent to the cash pool, we do get the approximately 7% interest during the turnover deposit. Is there any particular reason why other income is low in this quarter? Yeah. So other income has many components, including the cash pool income. We also have a forex loss of approximately INR 55 million during the quarter, which is netted off against the other income. Okay. So my second question is on the export orders. So you've given the breakup of order inflow. But in the order backlog now, how much is the export component in the total 10,000-10,000 crore order backlog? How much is the export component in there? We typically don't share that breakup, but on a ballpark basis, it should be about roughly 40% also. But that's a very high level. The question is now, so what we are seeing is a trend that orders which are announcing that the automation portion is increasing, which should be directionally margin positive. And also the export share and mix in the order backlog is increasing. So directionally, is it right to predict that the numbers on the margin side still have a headroom to expand from the current levels? Parikshit, your voice is very unclear. Can you repeat the question? So, I was saying that directionally, the export is now 40% of the backlog. And in the orders which we have announced, the automation component is increasing with the Power Grid orders and other orders which we have been announcing, which would be again margin creative. So both the share of automation orders and high margin export orders. So directionally, is it right to assume that the margins which we are reporting still have more tailwinds that they can improve from here on? Overall, yes, generally over the last two-year period, the margin on backlog has improved. Various factors. First, there is also an improvement in the pricing in the domestic market. The export orders are also accretive, and some of the business lines have better profitability. And our endeavor is to work more on those business lines to grow orders there. Having said that, we don't give guidance on the future profitability in terms of how much accretive margin it will contribute. But you can see the past trend, we have been making good improvements, and you can then make sure you can extrapolate the numbers as per your own estimates. Okay. And so on the HVDC side, so how serious you are about winning these orders because we already have huge volumes of orders coming in? And then on the other side, now we have INR 10,000 crores of backlog. So at what point of time do you think the order backlog balloons up? And if you get some HVDC orders, there will be a need to expand and announce CapEx. But how are you linking the two things now, given there is a strong visibility in domestic ordering exports as well as large-chunk HVDC ordering? So how do you link it with the CapEx? So at what point do you think you will turn on CapEx? So I think one of the important things, Parikshit, we need to understand is that HVDC orders, when we are talking about, when we look at other factors, one of the most important things would be the transformer deliveries in case we need HVDC orders. So the CapEx for transformer requirements for HVDC orders is already, for example, where we have planned that CapEx. I think apart from that, when we look at an HVDC order, it is mostly the technology side which is going to play. And then we have our global partners as well who will be supporting us in the execution of those HVDC orders. So I don't see that taking one HVDC order is going to require any additional specific large CapEx for delivery of that product. The transformer CapEx you spoke about, you have planned. If you can quantify what is the CapEx and what capacity you're looking to increase? That would always be very difficult to quantify because ultimately, today, if you're looking into the market, the CapEx what we are doing in the plant will not only help us in terms of if we don't win an HVDC, that would help us in the AC market. That is one thing. And second, also, I've always said in the past that MVA is a myth because an MVA of HVDC and an MVA of an AC transformer are practically the same, but the realizable value of HVDC transformer might be three, four times of the same MVA as an AC transformer. The MVA is normally for a very high-level benchmarking, but not an accurate methodology to track the capacities. But in terms of value of CapEx, how are you budgeting the value of the CapEx? I mean, let's forget the MVA part, but how much do you intend to incur in this year or next two to three years? So it will be somewhere between. We are looking into that, but it will be somewhere between 5-10 million. $5 million-$10 million. Dollars. Okay. So that's for sure. Okay. And just the last question, so you spoke about the sustainability on the ordering side, order inflow side, so that will sustain. So when you were saying that, so you are benchmarking on H1 numbers of 5,700 or when you're talking about the annual inflows? So is it the H1 number which is relevant, or how do we read into it? I think the H1 numbers have. That's what I said, that H1 numbers have two exceptions. So one is the export order which we got, for example, where we have a delivery timeline of about five years. And also for the eastern region, northern region, digital orders, which of course the upgrade comes every seven years. So that is not something like, for example, INR 900 crores of orders. This is something which you don't get every year and things like that. But the balance part of the order is a sustainable volume. This is what we will be targeting every quarter. But we will be looking more measuring ourselves in terms of yearly numbers rather than quarterly numbers. Yearly is about 7-8 thousand crores would be what is the sustainable number as of now on the current run rate? For the current financial year, Parikshit, if we take out these two large orders, those are about INR 30 billion. But the need is trying to say that excluding these two large orders, on an H1 basis, we have orders of INR 27-28 billion. If we extrapolate, that becomes like INR 55-58 billion on a regular run rate other than the large two deals. And if we add another INR 30 billion of these large orders, we can be in the range of INR 78-82 billion. And that's the mathematics. It's not a guidance, but a mathematical expectation of yearly numbers. Got it. And HVDC will be on top of it if at all something materializes. So HVDC will add on that. Okay. Sure, sir. Thank you. Those are my questions, and wish you all the best. Thank you. Thank you, Parikshit. Thank you. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Hello. Yeah, Mohit. Hi, sir. From the stats comp, I just wanted to check whether there is any requirement of indigenous clause in that? Is there some kind of other additional requirement in this country? For Power Grid tender, yes, there is an indigenous clause. And so do we qualify for that? So when you look at, for example, IGBT or CARICO, it's not a very difficult technology to assemble and test it. So I think it's not something which is very difficult to meet those requirements from India. In fact, if you look at Champa, sorry, if you look at Champa, Kurukshetra, the phase two which we did, the CARICOs were assembled and tested in our plant in India only. But that will take some time, sir, right, sir? Would you like to say? Will that take? So if you want to qualify for that clause, can you bid right now, or it will take some time? No, we can bid right now, but that's a commercial decision which bid to participate or not. But there is no problem in bidding right now. Understood. My last question on the HVDC layout plan, have you seen any development, sir? I think this offer tender, has the tender happened, or is it still delayed? No, sir, the tender has already floated, but it's going to take time for submission. Understood, sir. Thank you and all the best, sir. Thank you. Thank you. Thank you. The next question is from the line of Sagar Gandhi from Invesco Mutual Fund. Please go ahead. Yeah, sir, my question pertains to order inflow of INR 5,700 crores that we see for H1 FY25. So, sir, how much has the export part grown for us on a YoY basis, and how much has the domestic part grown for us on a YoY basis? Just give me a minute, Sagar. So in this first half, we have an order book of INR 46 billion, of which approximately INR 24 billion is the export order. Sorry, this quarter. And if I look at the last financial year, and I have to cite the number of this, so I think last financial year, we had about 24% of the orders that were coming from the export market. So 24% of roughly INR 10 billion was hardly INR 2.5 billion. $2.5 billion goes to $24 billion on a quarterly basis due to this FY25 over Q2 or FY24? Yes, you're right. Because this time, we declared a very large material order of approximately INR 22 billion from Grid Solutions SCS and Grid Solutions Middle East FZE. And those are the orders for which we have taken the related party approval, and those orders materialized. And so these are declared to the stock exchange in the month of August and September. Okay. So sir, like what you shared for Q2, can you share for half year? On a half-year basis, I think it's already part of the presentation. If you look at the page nine of the presentation, out of INR 58 billion, we have export orders approximately INR 26 billion. This represents 47%. In the last financial year, the ratio of export orders was approximately 23-24%. We had about INR 5 billion of export orders in the first half of the last financial year, which has now grown up to INR 26 billion in this financial year. INR 5 billion going to INR 26 billion. That is slightly over 5X. Yeah. Okay. Thank you so much, sir. That was it from my side. Thank you. Thank you. The next question comes from the line of Shrinidhi Karlekar from HSBC. Please go ahead. Yes, hi. Thank you for the opportunity and congratulations on still a set of results. Sir, may I ask how much of your domestic backlogs actually come from the utility segment, and how much is from the industry segment? So with the Srinidhi, we don't have that breakup immediately. And in fact, we don't share that much of breakup in the public account. But we have already declared in the page 9 for breakup of the total orders. So in the total orders, if you look at the INR 98 billion breakup, INR 61 billion is coming from the private segment, INR 31 billion from central utilities and PACs, and about INR 5 billion from the private segment, which represents sorry, state utilities, which represents 6%. So on the overall basis, we have already declared. Breaking it further into export and domestic is not something that we just. Yes, sir. Private will include the related party order as well as the TBCB from the private sector, right? Yes. Yes. Okay. Sir, and the second question I wanted to understand is, so pipeline on transmission side is undoubtedly quite strong. I was wondering, would it be possible to shed some light on how the industry segment pipeline is looking like? Industry segment pipeline from the data center side is pretty good. I think there are multiple opportunities which we are discussing with either the EPCs or alternatively directly with the data center players. There are a few opportunities on the steam side, etc. Because we operate mostly into 220, 400, and 765, there are various opportunities which come on medium voltage and all, but those we don't participate. Thank you for answering the question. I mean, all the very best. Thank you, Srinidhi. Thank you. The next question is from the line of Indrajit Chakravarti, an individual investor. Please go ahead. Thank you, sir, for the opportunity, and I congratulate you for the excellent set of numbers. I just want some details about this HVDC tender, which has been floated. I think you said about something like three months from now, within three months from now, something will come out of it. Can I just know that how much is this tender value, this HVDC scope? What is the total value of this HVDC scope that we have? Thank you very much. This value will be somewhere between $1 billion-$2 billion. Okay, sir. Thank you, sir. That was my only question. And we have a scope which we might get something of it, okay, within three months. No, what we said, these tenders, the two HVDC tenders, which are in the finalization process at the developer level, will get decided. We are participating. Whether we win or not is an outcome that we'll have to see. The outcome will be within three months, or after six months we will get to know? At present, we expect this outcome to be next three months. But as we see these large opportunities. And this has been going on for the last more than a year. So we expect now to get decided within three months, but if it shifts beyond three months, it is beyond our control, actually. Okay, sir. Okay. That's a great thing. That's a great information. Thank you very much. Thank you. Ladies and gentlemen, if you wish to ask questions, you may please press star and one. Participants, to ask questions, you may press star and one at this time. We have the next question from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Parikshit, sir, the employee cost this quarter has been high. So is it because of the volume growing, or is it because of hikes getting affected during this quarter? Both, Parikshit, and again, as I mentioned for the other expenses, I think instead of looking at the absolute number, let's start looking at the percentage, and as you see on the page eight, as a percentage of revenue, both employee expense as well as the other expenses have come down compared to the corresponding quarter in the last year as well as on the half-year basis. Okay. Sure, sir. Thank you. Thank you. Ladies and gentlemen, to ask a question, you may press star and one. The next question comes from the line of Akhilesh Bhandari from Millennium Capital. Please go ahead. Thank you for taking my question. So just a small clarification. Out of the total order value of an HVDC project, what would be an addressable component in terms of proportion of the overall value of the HVDC project? When I said that between $1 billion-$2 billion, that is the addressable portion by us. The overall project value will be in a few billion dollars. Okay, but roughly, it would be 40%-50%. What would be our addressable component? So that, for example, some HVDC projects would have longer lines, some will have shorter lines. There are multiple factors into that. So it's very difficult to put a percentage of a component in a total HVDC. It's a very flexible thing. There are a lot of variables in it. Okay. And sir, for the Leh-Ladakh project, there have been some discussions that Power Grid might want a more localized or supply chain closer to the area of where the project is going to be because of supply chain issues. But all of the major players don't have any capacity in this area. So any sense of the discussions which you can give me, whether some capacity is being thought of, some makeshift capacity is being thought of, or the supply chain or a different solution for supply chain is being considered? So actually, these are all commercial matters. And for example, it cannot be disclosed so openly in a call and things like that. So probably we're not able to answer this. Okay. Okay. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Umesh Raut from Nomura India. Please go ahead. Yeah. Hi, sir. Sir, my question is pertaining to addressable opportunity in domestic, especially for digital solutions, and one which you have also received during the quarter in terms of new order. And on the similar line, we are also hearing that now there is a next phase for Wide Area Monitoring System which can come up. Earlier, I think you have executed a certain portion of it. So any color over here, what kind of opportunities you see maybe in a medium term for all these solutions in the domestic market? So you are right, Umesh, that we have executed the last, sorry, the last URTDSM, which is the project. I think probably there are a lot of discussions which are going on at Power Grid, DAIC, and at the ministry level. So after the scope finalization and what technology will be used, etc., etc., there will be a call for or there will be an expected value to the opportunity. So today, it is too premature to even put a value to it. Got it, sir. And apart from this, WAMS, are there any new technologies where you will not be able to participate because of technology, or that is, you can easily kind of get it from parent in a more of an immediate basis whenever that opportunity is coming up for the tendering? I don't think that there is any limitation for us to get any technology from the parent if it is available, and the need is there in the country. So if there is any technology requirement which is there, we would definitely be getting the support of the parent, and we will be participating. Okay. And in accessing those newer technologies from parent, what could be the arrangement between GE Vernova T&D India and its parent in terms of royalty or other fees? So we have a royalty or technical fees agreement which is here in place for the last many years. It has a certain percentage of revenue that is paid as a royalty to the parent. The rates and the methodology have been consistent for the last many years. Overall, last financial year, I think royalty was approximately 1% of the total company's revenue. Okay. Okay. Got it, sir. Thank you so much. Thank you. The next question comes from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Thanks for the follow-up. This HVDC order which we are evaluating, so is it in consortium with the parent company? We will not be able to disclose this to Parikshit. I think that's a commercial strategy which we can have. It's not possible to disclose. Okay. And so just one clarification. When you spoke about the CapEx for transformers, it was about $8 million-$10 million, you said, right? It was total. Total? Yes. It was, Parikshit, $8 million-$10 million, but total, not just for the transformers. In this year or next year? We're talking about the plan for next 12 months. Okay. Sure. Thank you. Thank you. Participants, if you wish to ask questions, you may press star and one on your touch-tone telephones. Ladies and gentlemen, to ask a question, you may press star and one. We have no further questions, ladies and gentlemen. I would now like to hand the conference over to the management for closing comments. Over to you, sir. Sir, you may proceed with closing comments, sir. Members of the management, am I audible? Ladies and gentlemen, we will end our conference here. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us. You may now disconnect your lines.