Please note that this conference is being recorded. I now hand the conference over to Mr. Rohit Anand from Ernst & Young LLP. Thank you and over to you, Mr. Anand. Thank you and good afternoon, everyone. Before we proceed, let me remind you that the discussion may contain forward looking statements that may involve known or unknown risks, uncertainties, and other factors. It must be viewed in conjunction with our business risk that could cause future result, performance, or achievement to differ significantly from what is expressed or implied by such forward looking statements. To take us through the financial results and the key developments, and to answer your question today, we have the senior management of Shakti Pumps (India) Limited, represented by Mr. Dinesh Patidar, Managing Director, and Mr. Ramesh Patidar, Executive Director Export, Mr. Dinesh Patel, Chief Financial Officer, and Mr. Ravi Patidar, CS and Compliance Officer. We will start the call with a brief overview of the past quarter by Mr. Dinesh Patidar, followed by a Q&A session. I will now hand over the call to Mr. Patidar. Over to you, sir. Thank you, Rohit. [Foreign language], 17% YOY [Foreign language] EPC [Foreign language] 29% [Foreign language] Hamare export business [Foreign language] performance is quarter [Foreign language]. PM-KUSUM [Foreign language] positive efforts [Foreign language]. Solar Energy Corporation of India, SECI [Foreign language] December 2022 [Foreign language] 6,06,000 [Foreign language] 2023 [Foreign language]. Order hamara Q1 2024 [Foreign language] conditions [Foreign language] players [Foreign language] PM-KUSUM scheme success [Foreign language] SECI [Foreign language] tender specification [Foreign language] sector [Foreign language] participate [Foreign language] experience [Foreign language]. [Foreign language] pass is tender [Foreign language] condition [Foreign language] 40,000 pump [Foreign language] experience [Foreign language] hamare pass [Foreign language] 50,000 pump [Foreign language] experience available [Foreign language] Madhya Pradesh, Rajasthan, Haryana, Punjab, [Foreign language] already [Foreign language] 3 [Foreign language] establish [Foreign language] 6,06,000 [Foreign language] 5,00,000 pump requirement [Foreign language] 2024 [Foreign language] improvement [Foreign language] experience [Foreign language] i. [Foreign language] 30%-35% market [Foreign language] market share [Foreign language] hamari team [Foreign language] EPC award [Foreign language] export Foreign language] main hamare export team [Foreign language] financial result [Foreign language] hamare CFO hand over [Foreign language], Dinesh Patel. Thank you, sir. In Q3 FY 2023, our revenue from operations increased by 17% YOY from INR 269 crore to INR 314 crore. In nine months FY 2023, our revenue from operation was INR 785 crore compared to INR 794 crore in the previous year. Export revenue stood at INR 166 crore in nine months FY 2023, up by 24.5% from INR 133 crore the previous year. EBITDA for the Q3 FY 2023 stood at INR 21.9 crore as compared to INR 27.3 crore in Q3 FY 2023. EBITDA for nine months FY 2023 stood at INR 55.7 crore as compared to INR 74.2 crore in nine months FY 2022. EBITDA margin for Q3 FY 2023 stood at 7% and for nine months FY 2023 stood at 7%. The company reported profit after tax of INR 11.2 crore in Q3 FY 2023 and INR 21.9 crore in nine months FY 2023. Trade margin stood at 3.6% in Q3 FY 2023 and 2.8% in nine months FY 2023. With this, I now request the moderator to open the floor for question and answer. 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 their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking your question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. The first question is from the line of Balasubramanian from Arihant Capital. Please go ahead. Good afternoon, sir. Thank you so much for taking my question. Sir, my first question, SECI has issued a new tender around INR 6.66 lakh solar pumps. So the bidding expected to complete by March 2023. So like, what kind of opportunities in terms of numbers and how much competition we may expect for that, who may bid? How many of them are going to bid? How much we can able to grab in these opportunities? Since we have a strong market presence of 30%-35% in major tendering states, are we may able to grab 30%-40% kind of opportunities in this tender? Could you please throw some more light on that? Yes, very good question. Yeah. See, this is INR 6.6 lakh tender, and it is—we are in very good position in Madhya Pradesh, Maharashtra, Rajasthan, and Haryana. There is INR 5 lakh already sanctioned by MNRE, and our position and our brand image is very good in this area. We are confident we will get more than 35%, 30% share in the market. See, this time, tender specification is very, very tight, and we think, and we are very positive to say, "Yes, this time, rate also very good and competition also less." We are confident we will get the good business. Okay, sir. So on the export side, like, which countries, like, which are the countries we are targeting it? What kind of firms we are experiencing demand, over this, near term? Yeah, our USA company is doing very well, jobs in USA, and Ramesh can answer this question deeply. Yeah, we are growing in all the sectors, in all the continents, especially in Africa and USA, for export business. Okay. Yeah. Thank you, sir. Thank you so much. Sir, one more question. Right, we, we get two patents out of 29. So what kind of patents, what kind of like mode are in these patents? Yes, this, this patent is very good patent and very big patent. So, we, future time, we will definitely will get good business of these things, because we have started in USA, this S4RM motor technology, and we have marketed in USA. So recently, yes, it is a, it is a, development phase. Definitely, we will, take the good, business and profit for USA company for this patent. Okay. What is our R&D spend, and what kind of R&D spend we may expect over medium term? Yes, we basically, Shakti Pumps is R&D company, and we have very good R&D setup inside. Whole company, 150 R&D engineers working. We have done very good job in this power electronics. We have developed a VFD, solar controller, solar inverters, and our motors is a very good, efficient motors. Worldwide, we are very good in good position. So you can compare with the any Japanese motors. We are including, we are very good with the same position as Japanese motor or Indian motors, our Shakti motors. Thank you, sir. All the best for future endeavors. Thank you. Thank you. Next question is from the line of Vishal from Swan Investments. Please go ahead. Thank you for taking my question, sir. Sir, this is for Mr. Dinesh Patel. Sir, what was our overall debt level for this quarter? Because your interest costs have fallen significantly. Yes. Around INR 10 crore, we have term loan, and around INR 46 crore we have short-term loans. In totality, INR 56 crore we have outstanding as on 31 December 2022. Okay, great, great. Sir, our finance cost is very less. Great, great, great. Sir, the second question is to Mr. Patidar. Sir, any status on the price hike you were expecting on the, you know, earlier KUSUM scheme? Any color on that, when the government is expected to, you know, give the price rise of 25%-30% you were demanding? Yes, definitely. See, question KUSUM one or KUSUM two, rate difference, tender specification, loopholes, court, yes, professional way, serious player, Express. [Foreign language] Okay, okay sir. Sir, [Foreign language] log rate high expect [Foreign language], government [Foreign language] government [Foreign language] pending [Foreign language] completion [Foreign language]. You can share some idea on that. [Foreign language] INR 500 [Foreign language], Okay, okay sir! Okay. Okay, thank you. Thank you sir. Thank you for taking my question, that's all. Thank you. Thank you. Next question is from the line of Devansh Shah from Niveshaay. Please go ahead. Good afternoon and all. My question is what are the reasons for declining EBITDA margins? Is it only because of rising raw material prices and also which are the key raw material used in production? Yes, definitely only raw material price. You can compare my this result. [Foreign language] i, raw material price increase [Foreign language] basically solar [Foreign language], solar [Foreign language] price because of [Foreign language] China [Foreign language] solar [Foreign language] solar [Foreign language] cell [Foreign language] price increase [Foreign language] steel [Foreign language] price increase [Foreign language]. Copper [Foreign language] just maintain [Foreign language] down [Foreign language]. To raw material [Foreign language] price [Foreign language] margin [Foreign language] pressure. [Foreign language] maintain [Foreign language]. Okay, thank you sir. Thank you, Shah sir! Thank you. Thank you. Participants, you may press star and one to ask a question. The next question is from the line of Ankit from JHP Securities. Please go ahead. Hi, okay, am I audible? Yes, yes, audible. Yeah, thank you for taking my question. So I have one question. So, in quarter two of financial 2023, 12,000 solar panels were kept on hold for execution. So what is the status of that? [Foreign language] INR 500 [Foreign language] Okay, how much time it will take? Yes, [Foreign language] next year 2023 first quarter [Foreign language] result [Foreign language]. Thank you so much. [Foreign language]! Thank you. Next question is from the line of Senthil Kumar from Joindre Capital. Please go ahead. Hi, good afternoon. Thanks for the opportunity. I have two questions. First is what percentage of exports revenue we derive from USA? USA export percentage. Ya. It's around 33%. 33% of export revenue, am I right? From USA, yes. Okay, okay. So, so what kind of growth now we expect we can expect going forward overall in the export market? Yes, in USA hamari team [Foreign language] contracts sign [Foreign language] log retail [Foreign language] business [Foreign language]. I am sorry sir, I don't know Hindi. Can you speak in English please? Yeah, we are growing frequently in the U.S. market and we are like strategically expanding our network also, in all the U.S. market, all the U.S. states, covering all the U.S. states 54 states. So we are expanding aggressively in the U.S. market. So, what will be the share of overall exports revenue and total revenue by 2024? We are trying to maintain our growth in each and every continent. So we will continue growth, grow in U.S. market as well as other continent also. Okay, so what will be the mix in the overall revenue for 2024 full year? Approximately 20%. 25%-30%. 22-30%, OK. My next question is now, this regarding this investment in EV. When can we expect commercialization of our EV products sir, our subsidy? Because see, EV, EV we are in development phase. We are doing development because we done auto rickshaw and two-two wheeler motor, three wheeler motor. Still is going on testing, because it is very good business for us and we have already started one company, the Shakti Green company for two wheeler, three wheeler, four wheelers, EV motor. There is a— we have already purchased land and development is started and building we can start around six to eight month time and plant and machinery is already we have searching. You can think our 2024, after 2024 we will start the our major sale right now we have already started our sale in the around 3,000 to 4,000 motors. We have already sold to around 5,000 motors. We have sold to two-wheeler and three-wheeler market and still we are testing our motors. We are our motors better than any Chinese motors. So we can expect from FY 2025 onwards, am I right, sir? 2024, we can start this new, new company segment. Two-wheeler and three-wheeler, still we are in developing phase. Okay, okay sir. So what are the other products? Apart from EV motors we are manufacturer, we are plan to manufacturer in EV segment. Only, only motors and controllers. Okay, for two wheelers and three wheelers. [Foreign language] two-wheeler, three-wheeler, four-wheeler controller motors both. Okay, okay, okay. Thank you. That's it from my side. Thank you. All the best! [Foreign language] Thank you. Next question is from the line of Jatin Koradia, individual investor. Please go ahead. Hi, thank you for giving this opportunity, sir. I have a few questions. First thing is the solar prices, the poly silicon and solar panel prices in China have reduced drastically. So just wanted to understand, if the trend is continuing in India as well. Because I understand that you are procuring from Indian manufacturers only. Yes, this is very good. This is the Indian policy. We have to use only DMS cells is required domestic manufacturing cells is required to we can purchase only few companies in India. We have to purchase domestic cells only. So that is the tender condition, because that is Atmanirbhar Bharat. Understand sir, what I was asking specifically was since globally prices are decreasing for the solar panel. Has there been impact on India? Given the export duty. Are the prices decreasing from previous quarter to the current quarter for the solar panel, because your major raw material cost. No, no, no, not like, like that. Because, see, in solar panel, our Indian government is 40%. They have put this duty for Atmanirbhar Bharat purpose, and rest of our raw material, they have already increased the price, so no price decrease in last two quarters. Every, every, every solar, solar cell manufacturer is in India. They have depend on the Chinese manufacturer, so they have not reduced for Chinese imports and Chinese raw material for solar, solar panel making company. Okay, understand. And sir, my second question is that, the second question is that in US are you are you selling solar pumps and as you replied to one of the previous question, you are selling the parts to EV. U.S. we are, we are U.S. we are selling. Water pump [Foreign language] sell [Foreign language] hamare solar panel, solar pumps [Foreign language] sell [Foreign language] start [Foreign language]. [Foreign language] major sell hamara water pump [Foreign language]. [Foreign language]? Water supply pumps. Domestic pumps, water supply pumps. [Foreign language] Yes, correct! Distributor through promote [Foreign language]. Thank you. Mera next question [Foreign language] tenders [Foreign language] feasible [Foreign language], in solar high solar price, high raw material price, [Foreign language] government standards the, KUSUM pumps the, [Foreign language], sir [Foreign language] execute [Foreign language] avoid [Foreign language] execute [Foreign language] profit making [Foreign language]. Yes, yes, [Foreign language] INR 500 crore [Foreign language] [Foreign language] current quarter [Foreign language], last quarter of [Foreign language] FY 2023, [Foreign language] KUSUM installation [Foreign language] quarter [Foreign language] execution [Foreign language], KUSUM pumps in India. [Foreign language] fourth quarter, [Foreign language] KUSUM [Foreign language] pump install [Foreign language] orders [Foreign language] raw material price high [Foreign language], execute [Foreign language]. Yes, [Foreign language] [Foreign language] Thank you. Thank you, thank you. you. Next question is from the line of Hardik Vyas from The Economic Times. Please go ahead. Sir, I have a question. Hardik, sorry to interrupt you, but you are not audible at all. May I request to please speak through the handset. I am speaking on the handset, am I audible now? Sir, no, you are sounding very distant from the phone. Audible now? Sir, slightly better. Okay sir, [Foreign language] question [[Foreign language] KUSUM [Foreign language] state-wise [Foreign language] -KUSUM [Foreign language] non-solar pumps install [Foreign language]? [Foreign language] [Foreign language] INR 223 crore. INR 223 crore. INR 223 crore [Foreign language] non-solar. [Foreign language] Yes, yes. Okay, okay. Sir, the second question was that the order that we received from Africa, out of that $1 million we are expecting in the last quarter as well that the money will come so we will start execution, so what is its status? Ramesh can reply this sir. [Foreign language] us quarter [Foreign language] Minister of Finance assurance letter [Foreign language] i. To last year to last December [Foreign language] financial year end [Foreign language] is quarter [Foreign language] commitment letter [Foreign language]. To is quarter January end [Foreign language] February [Foreign language] payment [Foreign language]. [Foreign language] [Foreign language] [Foreign language] Payment [Foreign language] is quarter [Foreign language] result [Foreign language]. [Foreign language] SECI [Foreign language] 6.6 [Foreign language] pricing 1.5 [Foreign language] INR 150,00 [Foreign language] 1.5 [Foreign language] [Foreign language] L1 [Foreign language] L1 [Foreign language] MSME [Foreign language] 3% [Foreign language] 3% [Foreign language] [Foreign language] 14 [Foreign language] 14 [Foreign language] Tata [Foreign language] 40,000-50,000 [Foreign language] 10,000 [Foreign language] Okay okay sir, budget [Foreign language] price hike [Foreign language] first of April [Foreign language] execution [Foreign language]. So are we expecting that price? [Foreign language] 40 [Foreign language] INR 340 [Foreign language] MNRE [Foreign language] Okay, and sir, raw material prices are coming down, so that effect is also coming on solar panel prices, and stainless steel prices also. [Foreign language] [Foreign language], okay. Thank you, Mr. Vyas. May I request to come back in the question for follow up question. Thank you. The next question is from the line of Ankit from JHP Securities. Please go ahead. Thank you for taking my question. So I just want to know the current order book. INR 38 crore ke order book. [Foreign language] is quarter [Foreign language] INR 38 crore order book [Foreign languae] Okay, thank you and second question is, in last quarter mention that Uganda project will be start executing in December 2022. So what is the status of that? Ramesh [Foreign language], December [Foreign language] year end, [Foreign language] letter [Foreign language] quarter [Foreign language] $1 million, already $6 million hamare advance [Foreign language]. $1 million [Foeeign language]. Okay, okay. Thank you so much. Thank you. Thank you. Next question is from the line of Forum Makim from Equitree Capital. Please go ahead. Hello sir, thank you for the opportunity and congratulations on the great set of numbers. Sir, I had a couple of questions. Sir, we had mentioned last quarter that we will not work in KUSUM scheme until and unless price revision is received, so this quarter what changed the mind that we did that? [Foreign language] INR 236 crore [Foreign language] INR 223 crore [Foreign language] Sir, this quarter we have installed 8,000 pumps in KUSUM, na. [Foreign language] 9,600 [Foreign language] [Foreign language] INR 100 crore hamare [Foreign language] already book order book hai. [Foreign language] पर उस पर प्राइस रिविजन तो नहीं है ना, हमारे पास तो भी हम करेंगे। [Foreign language] रिविजन वहीं काम करेंगे। जैसे छत्तीसगढ़ है, महाराष्ट्र है, जहां पर थोड़ा मार्जिन हमको मिलता है, वहीं काम करेंगे। बाकी तो स्टॉप कर दिया ऑर्डर। हमने होल्ड पर रख दिए हैं ना। राजस्थान के, हरियाणा के, पंजाब के होल्ड पे हैं ऑर्डर। [Foreign language] Achha aur sir, humne hi hold par rakhe hain ya baaki players like Tata unhone bhi hold par rakha hai? [Foreign language] हां, उन्होंने भी होल्ड पर रखे हैं। [Foreign language] तो सर, वो फार्मर का तो पैसा आ गया होगा, राइट तो उसका क्या होगा? [Foreign language] रखा है, एफडी करके रखा है डिपार्टमेंट ने। सर, ऐसे चलता है मतलब ब्लैकलिस्ट वगैरह होने का कोई चांस। [Foreign language] नहीं, क्योंकि ऑर्डर ये जो रेट थे ना, ये रेट ऑलरेडी एक्सपायर हो चुके थे। जो 2 साल पहले ढाई साल पहले रेट बुलाए थे, वो एक्सपायर हो चुके थे। इसलिए वो उसमें कोई नहीं कर सकते थे। हां, अभी जो नए रेट आएंगे SECI के और उसमें कोई सप्लाई नहीं करेगा तो वो ब्लैकलिस्टेड भी होगा और उसका अनसले भी जब्त होगा। Right sir, [Foreign language] aur sir, ye jo third tender hai, usmein hum bol rahe hain ki March mein process khatam hoga aur uske baad L1 ka price around one week mein match karna hai. To sir uske baad ka process kya hoga? Like aur wapas documentation karna padega state ke saath ya kya process explain kar sakte ho? Uske baad kya hoga aur implementation kab tak start hoga? [Foreign language] जैसे ही SECI रेट कॉन्ट्रैक्ट रिलीज करेगा तो उसमें कोई बड़ी बात नहीं है। जैसे रेट कॉन्ट्रैक्ट वो रिलीज करेगा, वैसे ही एक दिन में हमारी सारी जगह सारी टीम अवेलेबल है। एक वीक के अंदर सारा स्टेट गवर्नमेंट के साथ एग्रीमेंट होकर काम स्टार्ट हो जाएगा। Everybody is waiting क्योंकि हर आदमी के पास पैसा फार्मर ने जमा करके रखा हुआ है। फार्मर की तरफ से उनको प्रेशर है और फार्मर तो एग्री कर रहा है कि मैं बड़ी कॉस्ट पर ले लूंगा। आप तो मुझे दीजिए। सब लोग इंतजार कर रहे हैं कि रेट जैसे ही फाइनल होगा, एग्रीमेंट करके काम स्टार्ट करेंगे। [Foreign language] बट फार्मर ने पुराने रेट पर पैसा दिया होगा। राइट तो अभी प्राइस बढ़ेगा तो एक्स्ट्रा पैसा फार्मर को भी देना पड़ेगा। [Foreign language] ये वो देने के लिए तैयार है। जैसे आप देखिए कि अगर जहां पर 25% हरियाणा में 25% शेयर फार्मर का है। सपोज कीजिए 100 रुपए अगर रेट बढ़ते हैं तो उसमें से उसको 25 रुपए उसको भी देना पड़ेंगे। 75 रुपए तो वो गवर्नमेंट, सेमी गवर्नमेंट और स्टेट गवर्नमेंट बेयर करेगी और बेयर करने के लिए तैयार है। [Foreign language] तो सर, वो पैसा कलेक्ट करने के लिए वो सब टाइम जाएगा ना सर। [Foreign language] नहीं, नहीं, इसमें कोई टाइम नहीं जाएगा, क्योंकि सब आप यह देखेंगे। मेरी एक Shakti Pumps की YouTube पर एक वीडियो है, जिसमें हरियाणा में सुबह से लोग लाइन लगके सुबह 6-6:30 बजे बैंक खुले नहीं है। बैंक 10 बजे खुलेगी, तब से लाइन में लगके पैसा देने के लिए तैयार है। जैसे ही मैसेज आएगा कि ऐसा पैसा दीजिए, वो हमारी टीम भी उनसे कलेक्ट कर लेगी और दूसरी भी। उनको सीधे डिपार्टमेंट को पैसा देना है। जो जो उनका farmer share बढ़ा हुआ जो farmer share है, वो उनको farmers को deposit करना है। [Foreign language] Aur sir, woh document mein likha hai ki yeh price 2 years tak valid hoga. Yes, yes definitely. [Foreign language] तो, हमने अभी मेंशन किया कि यह पूरा ऑर्डर 2023 तक इंप्लीमेंट हो जाएगा। [Foreign language] हमने कहा मेंशन किया कि पूरा ऑर्डर इंप्लीमेंट हो जाएगा। हम तो कह रहे हैं 30% हम मार्केट शेयर ले पाएंगे। Okay sir aur sir, hamare [Foreign language] paas abhi price jab badhe the to humne inventory thoda jyada stock karke rakha tha to wo hamara high inventory jo rahega, pumps ka wo nikal gaya hai ya abhi bhi wo cost pe hamare paas pada hai? [Foreign language] नहीं, नहीं, वो डाउन हो गया है। ऑलरेडी डाउन हो चुका है। आपने देखा, इस क्वार्टर का जो मार्जिन आप देखोगे, कैलकुलेट करोगे, तो रॉ मटेरियल के प्राइस बढ़ने के बावजूद भी हमारा मार्जिन उसमें मेंटेन है। उसके पीछे रीजन वही है कि जो हमारा हाई स्टॉक था, वो हमारे पास, उसने हमको सपोर्ट किया। [Foreign language] क्योंकि सर अभी सोलर पैनल, स्टील सबका प्राइस कम हो गया है तो उसका बेनिफिट हमको इवन दो प्राइस रिविजन नहीं। [Foreign language] कॉल कॉल में शायद मुझे ऐसा लग रहा है। कन्फ्यूजन है सोलर पैनल में कोई प्राइस कम नहीं हुआ है। लास्ट क्वार्टर से इस क्वार्टर में सेम पोजीशन है। सोलर पैनल की कोई प्राइस कम नहीं हुआ है। [Foreign language] ओके, और सर नॉन कुसुम में क्या आप बता सकते हैं? हमने लास्ट क्वार्टर बताया कि महाराष्ट्र में नया टेंडर 100,000 पंप्स का एक्सपेक्टेड था, जनवरी तक तो। Order [Foreign language] nikal chuka hai. Uska government order nikal chuka hai aur hum 10-15 din mein ummeed kar rahe hain ki vah tender bhi aa jayega. Vo government order nikla nahi tha, isliye vo intezaar kar rahe the. Government order nikal chuka hai. Parsaon aa gaya hai vo to ab vo tender bhi vo through karenge vo. [Foreign language] तो ये मार्च ये क्वार्टर में हम करेंगे। [Foreign language] नहीं, ये क्वार्टर में नहीं हो पाएगा। उसको भी जो अपने यहां टेंडर सिस्टम है, जो अपने आप में बहुत ही टाइम और सिस्टमैटिक है तो उसके लिए एक कोई भी टेंडर आए तो उसके लिए 90 से 100 दिन तो लगते ही हैं। Okay, okay, aur sir, [Foreign language] Maharashtra mein bola hai ki. Come back in the question queue. Sure, thank you. Thank you. Next question is from the line of Mahesh Bendre from LIC Mutual Fund. Please go ahead. [Foreign language] Thank you for the opportunity. Sir, आपकी जो पंप्स में जो मोटर लगते हैं, आई थिंक आपकी दो प्लांट्स हैं। जो पंप लगते हैं, सब आप खुद इंटरनल बनाते हैं या बाहर से प्रोक्योर करते हैं। नहीं, पंप के spare parts पार्ट्स भी हम खुद बनाते हैं महेश और मैं आपको बोलूंगा कि आप आइए, एक बार पिथमपुर आइए, देखिए। pumps पंप के spare parts pump, पंप के सारे कंपोनेंट्स, motor के सारे कंपोनेंट। आपको देखकर बड़ा अच्छा लगेगा pump एक पंप कंपनी में पावर इलेक्ट्रॉनिक का Japan जापान का फुली ऑटोमेटिक यूनिट जो VFD बनाता है, सोलर कंट्रोलर बनाता है। हमने टेक्नोलॉजी पर बहुत काम किया है और हम बेसिकली शक्ति पंप्स technology company है और हमने इतने अच्छा motors, दुनिया का best motor मोटर बनाया है। दुनिया का बेस्ट पंप बनाया है और VFD भी या हम उसको more or less लेस दुनिया के बराबर ला पाए हैं और उसमें भी R&D हमारी चालू है। आप कभी आइए, मोस्ट वेलकम। बॉम्बे से बहुत सारी फ्लाइट इंदौर के लिए अवेलेबल है। आप जब भी आने का मन करे, आपका Ernst & Young LLP को बताइए, हम बाकी सब अरेंज करेंगे। शर thank you, थैंक यू, sir। thank you यू फॉर दिस but sir, look, व्हाटएवर दी थिंग्स require for casting or spare parts or motor service, एवरीथिंग विल मेक इन-हाउस। Yes, yes, see, this is our casting pump. हम लोग बाकी हमारे इंडियन मैन्युफैक्चरर दोस्तों से अलग हैं। हमारे पंप में casting नहीं इस्तेमाल amare pump पंप में स्टेनलेस स्टील की फैब्रिकेटेड टेक्नोलॉजी है, जो हम शीट बाहर से खरीद के लाते हैं। फिर उनको शेप देकर अपने हम उसके कंपोनेंट्स बनाते हैं, उनके पार्ट्स बनाते हैं और हमारे पंप में कोई भी CI कास्टिंग का कोई कंपोनेंट नहीं होता है। यस, इन्वेस्टमेंट कास्टिंग के दो कंपोनेंट होते हैं जो हमारा वेंडर राजकोट में वो बनाता है। ओके शर शर थैंक यू। थैंक यू सो मच सर। थैंक यू। थैंक यू वेरी मच। Thank you. Next question is from the line of Dipesh Sancheti from Manya Finance please go ahead. Hello. Yes. Am I audible? Yes, yes. Sir, first I wanted to ask what is the capacity utilization in this quarter? Oursis around 30%. 30%. Okay, and our order book is INR 100 crore. In this quarter or in the next quarter. How much order book are we expecting? The tenders. No, see, the tenders will only come in the next quarter, they cannot come in this quarter. Okay, so in this quarter, then order, order generate generally. Generally, see, we have the order book for electrodes. For our EPC and Indian market. The rest, the export that we do, we will do, and otherwise, efforts are ongoing from all sides. So in this quarter, how much did we export? Humne last quarter mein export kiya hai. iNR 65 crore INR 65 crore. INR65 crore okay and yeh jo Haryana ka jo order hai, jo execute hone wala hai, matlab jo I think re-price Hone wala hai, woh matlab agar woh order aa jata Hai humein to kitne time tak yeh execution hoga. Jo tender condition hai ki humko 45 days mein installation karna hai aur 60 days mein usko complete karke humko department ko submit karna hai. Utne samay mein humko karna Going forward. Jaise maine poore call se jaise jaise orders increase honge, tenders dusre state se aayenge to apna order book badhega aur apna capacity utilization higher hoga. Right assessment and you want to add something. Right assessment, perfectly right. Perfectly so and just one last question in FY 2025 how much sales do we expect from EV motors and EV controllers. Around INR 200 crore. Around INR 200 crore and margin should be similar to our pumps and should be better? We will see how go in EV market in Indian market scenario. Since it will be OEM. To average margins kitna expect kar rahe hain hum? उस समय देखेंगे। EV के मार्जिन में जो लोग कॉम्पिटिशन में जो लोग हैं, हम जिनको मोटर बनाकर दे रहे हैं, वहां से हमको अगर 12% EBITDA 15% EBITDA मिलता है तो we are Happy। ओके, किसी OEM से already हमारी बात शुरू है। मतलब given sample। कई से approval हो चुके हैं। मतलब we are, we are doing this on backing of some bigger orders। Definitely जब R&D करती है कोई कंपनी तो उसके पास R&D में backup तो होता ही है और वो do not disclose वाले agreement के तहत हम लोग हैं तो वो कंपनियों के नाम हम नहीं ले पाएंगे। जिनके लिए हम motors बना रहे हैं। नहीं नहीं, perfect perfect thank you so much sir, and really happy to listen to the inter, call in Hindi। thank you so much। Thank you, thank you sir! thank you very much। .Thank you. Next follow-up question is from the line of Balasubramanian from Arihant Capital. Please go ahead. Hello. Yes. Thank you so much for taking question. Sir, I want to understand about the working capital cycle in this quarter. Like, what is the inventory levels like? What kind of improvement we may expect in over medium term in the working capital cycle? So what kind of strategies we are implementing on that? Actually, inventory INR 224 crore, around 51 days. INR 224 crore inventory is already in our books, and it is, it is, it is sufficient for 51 days. Yes, sir. Creditors is of around INR 222 crore. That is for 101 days. Debtors for INR 331 crore, that is for 76 days. Total working capital requirement is of around 90-100 days. 90-100 days. Okay, sir. So what kind of improvement we may expect, sir? We are expecting, when we will get some good order, it will reduce drastically. Okay, sir. Okay, thank you. We will not get any fund from bank, and we will manage it internally. Okay, sir. Okay. Thank you, sir. Thank you very much. I now hand the conference over to Mr. Dinesh Patidar for closing comments. Okay. Yes. Thank you very much. On behalf of Shakti Pumps (India) Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.