Ladies and gentlemen, good day and welcome to the Astra Microwave Products Limited Q3 and nine months FY 2022 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 the conference, please signal an operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gurunatha Reddy, Managing Director, Astra Microwave Products. Thank you, and over to you, sir. Thank you, and good afternoon, everybody. A warm welcome to all the participants to the post-results earnings of our company. I'm with my colleague, Mr. M.V. Reddy, Joint Managing Director, and HGA, our investor relations advisors. The results and investors presentation for the quarter ended financial year 2022 are uploaded on our company website and the stock exchange. I hope you had an opportunity to have a look at it. With over 30 years of experience in RF and microwave frequency applications, Astra has moved up the value chain from the subsystems to high value-added systems. The company's products find application in high-end markets of defense, space, telecom, meteorology, and other civilian communications. Astra has a proven track record of making high value-added systems, RF and microwave subsystems and sub-components, which are becoming more relevant due to various government initiatives like IDDM, Make-II, et cetera. The company has been able to create a diversified and healthy order book on the back of its strong capabilities, and we are very well placed to capture a bigger pie of the growing Indian Defense sector with a deep domain expertise, high focus on R&D, and a robust strategy in place. Astra is well poised to capitalize on government trust and domestic manufacturing as it has successfully transformed itself from a subsystem supplier to a systems player today. Astra has been instrumental as a development partner in the various DRDO programs in the areas of radars, missiles, and EWs, a feat very few can boast of in the Indian private Defense sector. As a development partner, these opportunities have a good margin with a limited competition. We are poised for a significant move up in our scale of operations and we are expecting orders of about INR 3,000 crore over the next three years with a high degree of confidence as these programs are expected to move to commercial segment. As against the current mix of 50% revenues from the domestic customers, we are expecting to increase the share to about 80%, resulting into a significant jump in the profitability. We are expecting to deliver these orders with a little incremental capital expenditure as significant capabilities have been built into over the years, and we are ready to meet these expectations as and when the requirement arises. In quarter three of financial year 2022, on a standalone basis, the company reported 199 crore of sales, marking a growth of about 34% year-on-year. EBITDA about 26 crore with a margin of 13%. Our order book as of 31st March 2021 stood at INR 1,702 crore, which is executable in the next 12-13 months period. Our current order book is 3x our financial year 2021 revenues, which gives enormous visibility over the next few years in terms of revenue achievements. During the year, we have received orders for about INR 662 crore till the end of December 2021. Astra has been able to create a diversified and healthy order book on the back of its strong capabilities, and we are focused on strengthening our portfolio and establishing our position as a systems provider in the years to come. Astra is very well placed to capture bigger pie of growing Defense sector market with a deep domain expertise, high focus on R&D, and a robust strategy in place. Existing domestic and export orders and projects like Akash and opportunities in radar systems give us a revenue visibility on a sustainable basis. We shall continue to reap benefits of sectoral tailwinds by doing extensive investment to strengthen our position as a systems vendor. We see huge opportunities in the areas of radars, EWs, small satellites, anti-drones, SDRs, and electro-optics, which will add up to significant order book and which enables us for a significant top-line growth in the coming years. With these remarks, we will now open this call for questions and answers. Thank you. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may enter star and one on their touchtone telephone. If your questions have been answered and you wish to withdraw yourself from the queue, you may enter star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask a question, you may enter star and one. We have the first question from the line of Dinesh Kotecha from KRIC. Please go ahead. Sir, good morning to all of you. Actually, good afternoon. Now it's 12:00 P.M. I'm Dinesh Kotecha from KRIC, sir. Sir, first of all, congratulations for a very good performance, much more than expected. I've got only two questions right now. First is that our interest costs for the quarter, well, nine months have gone up from nearly ten crores to nearly more than fifteen and a half crores. I mean, how are you going to control this interest cost? That is the first thing. Second thing is, you know, is there any plan for any vertical or horizontal takeover initiatives since we have said that we would like to have a domestic market share up to 80% in two or three years. Will it help to get some vertical or horizontal takeovers in this? These are my two questions. Other than that, I'm very happy with the performance, all round performance in all the divisions that we operate, sir. Thank you very much. Yeah. Thank you, Dinesh. Regarding the finance cost, we are making our best possible efforts to minimize the outgoing interest. As you know, we are operating in a very working capital-intensive industry. Therefore, there will be working capital related expenditures. We'll see that, to the extent possible, we'll minimize the cost in the next maybe left out period of about 45 days. Going forward, we are always on the lookout for not only a strategic partner, but also in terms of right acquisition if it is available. That is always on our radar. As of today, the efforts are there, but we don't have much to share with you. Otherwise, I would say that, yes, that is one of the focus areas of the company. Thank you, sir. Thank you. Ladies and gentlemen, to ask a question, you may enter star and one. We have the next question from the line of Subrata Sarkar from Mount Intra Finance. Please go ahead. Hello. Sir, I have two questions. Just kindly if you elaborate on a more quantitative basis and qualitative with some specific name, that when we are saying we have transformed from a sub-system player to a system player. Can you elaborate a little bit by naming which are the systems we are like is ready to provide or will be provided? This is number one. Second, the pipeline which you are sharing of INR 3,000 crore, if you make it a little bit specific in terms of which are the like Akash how much we are planning. For each project, if you can mention a little bit on that. This will be taken by my colleague, Mr. M.V. Reddy. The first question is, you are saying from subsystems to systems, as we mentioned in our previous calls also and also in the opening remarks. We've been working in a few radar systems and as well as in electronic warfare. To name a few, as we have started with the ground GSRS systems, and then also we are into the telemetry radars. We have license from DRDO to manufacture this anti-drone radars. We have CSR, Coastal Surveillance Radar. We are also into, like, you know, the multifunction radar we are developing right now for ground applications. For airborne platforms, we have products like AAAU for the AESA radar. These are all systems which in fact we are focused. Apart from radars in the electronic warfare segment, we also have taken up development of ESM system for, you know, for the end user application. In the satellite segments, we have just initiated developing the small satellites. These are all to name a few in the system domain, which we would like to focus in the years to come. The next question is about the breakup of those INR 3,000 crore. In that, the large chunk is from the projects which we have already completed in the development, which are going into the production phase, which covers radar, electronic warfare and missile systems from DPSUs and all. That actually there is a big list of projects which in fact time won't be sufficient, but I would cover like, you know, if you take it in radar segment, we have AWDC, MPR, HPR and PSM, Arudhra Mark II, and then we have projects like Akash Prime, Akash-NG. These are all in the LRR brigade. These are all radars where we are into the subsystems, where the development phase is already completed. In EW, of course, we have projects like Varuna, Shakti, Nayan. These are all systems where we have completed the development and we are expecting the production orders. Similarly, we are also into the briefcase terminal, MSS portable terminal. Also we have been working on the Doppler Weather Radar. It's another system which in fact I forgot to mention in the system domain, where we have successfully completed the first order of 10 numbers, and we are expecting more orders in this particular domain. Yeah, these are the few, you know, projects which in fact we have considered when we have given the figure of INR 3,000 crore. I hope I, you know, answered your question. Sir, just to clarify one thing. Sir, when we are saying like we have an endeavor to reach 80% India, is it fair to assume out of this INR 3,000 crore order, like, INR 2,400 crore order is from we will be like high margin business of India and not like that's a fair assumption, sir? No, no. This INR 3,000 crore pertains to potential domestic order booking available to us in the next three years. When it comes to the sales performance, with existing exports, whatever we have, and a little bit of future orders that are likely to come in. When you look at our sales breakup, maybe two years down the line, 80% will be around domestic and balance will be exports. That is what we meant with that statement. Okay, sir. Great. Sir, like, you have mentioned a lot of. Sir, can you at least give us some breakup of this projected INR 3,000 crore order book? Like, how much will come from system and how much will come from subsystems, sir? In this INR 3,000 crore, I think it's just approximates about INR 500 crore will come from the system and INR 2,500 crore will be subsystems. Okay. Sir, just on the electronic warfare, two questions. One is on the anti-drone. Sir, like, DRDO hard kill or the prototype, like, the design which has been approved. So, like, we will be executing based on that, or we have our own, like, what I mean to say, is it a like, build to print kind of environment for us or like we have some design also approved, sir? Actually, as I mentioned in my previous earnings call, this question was asked again, I repeat. The anti-drone system, the basic technology, will be provided by DRDO. We are optimizing the radar in consultation with DRDO to, you know, enhance with more features and also to optimize the cost. That is how actually we are working on that. Our design efforts are also going into that. Okay. That means that our margin will be higher than the typical build to print kind of environment, sir. Yes. Yes, yes. You're right. Yeah. Sir, just one question from your presentation on this electronic warfare. If you can elaborate a little bit, we are seeing an INR 10,000 crore kind of opportunity, sir. A little bit, like, light on this will help us, sir. I think I have already given you the programs where we are, you know, trying to get, which are in pipeline. See individually each project will be difficult to give you the numbers and the figures. Overall, in the scenario I have mentioned to you or this program which we already completed development, we're expecting the orders from PSU center for the production. Okay. No, I'm not talking about, like, giving each project, sir. Since INR 10,000 crore is a big opportunity, I was just trying to get a feel of you like, what is our rough estimate, like, why we are bullish, like, why we are asserting this INR 10,000 crore opportunity? I'm not talking about from a project to project, what will be the opportunity. Still if you can throw some color on that, sir, overall scenario. INR 10,000 crore is a big opportunity, no, sir? That's what I'm asking, sir. In fact, we have read out almost about 10 to 12 programs, where we have already completed the development phase, and we are expecting these programs to move into the production phase. At that point of time, the expected order book is likely to materialize. Beyond that, what else you are expecting from us? Okay, sir. That's all. Like, I have few other question. I will fall back on the queue. Right. Thank you. Thank you. We have the next question from the line of Vivek Ganguly from Nine Rivers Capital. Please go ahead. Thank you, sir, for the opportunity. Mr. Ganguly, I'm. I have one quick question. I'm sorry to interrupt, but we cannot hear you clearly. The audio is slightly low. Can you hear me now? Yes, sir. You may have to just speak a little louder. Thank you. Okay. One quick question. Of the INR 79,000 crore order book, what is, that is for exports and for the domestic, and what would be the timeline for fulfilling this? Like, say, the average timeline. The timeline we have already given you is about the next 12-13 months to execute this order book. 12-13 months. Otherwise, in terms of the breakup, the defense and the public sector defense PSUs is about 49%. Space is about 13%. Meteorology and other sectors is about 3%. Exports is about 35%. That is the breakup for this INR 1,702 crore of orders on hand. Okay. You said 12-13 months or 12-30 months? 12-13 months. 330. 30. Yeah, yeah. 30. Okay. Yeah. Thank you. That's all from my side. Thank you. Ladies and gentlemen, to ask a question, you may enter star and one. We have the next question from the line of Bhavik Shah from Emkay Global. Please go ahead. Yes, hello. Thanks for the opportunity. Shah from Emkay Global. Sir, when last call we said we are identifying new opportunities like anti-drones, SDRs, electro-optics. And we were told like there will be like maybe a requirement to raise funds for the same. What kind of CapEx will be required to capture these opportunities and how will these opportunities be funded? The SDRs and electro-optics, this is a business which we'll be carrying out through our joint venture company with Rafael. Okay. Therefore, the SDR program already, the joint venture company is identified as one of the development partners under the NCNC base by Defense Ministry, and the company is working on that. On that program, approximately about INR 30 crore, we are spending as a share of our our commitment for that program. Whereas electro-optics, we said that the discussions are still going on. Even today, the status remains same. Probably when we meet you again at the end of the year, we should be able to share more information on electro-optics. Otherwise, the SDRs and electro-optics business is something which is going to be carried out through our joint venture company. Okay. The Rafael one? Sorry? The Rafael JV? Yeah. Rafael JV. Yes. The existing one. The anti-drone opportunity will be directly. Tushar, this is the operator. I'm sorry to interrupt. Please could you use the handset, sir? The audio is not clear, sir. Yeah. Yeah. Hello. Thank you. Please go ahead. Yeah. For the anti-drone opportunity, like will we be doing in our own business or for that also we'll make a JV or maybe in a subsidiary? No. It will be done within the company. We have already signed a LAToT LAToT with DRDO labs. The technology is already available to us. As shared by my colleague, we are improving on that, and it will be done in-house by Astra. Okay. Then what will be the CapEx for that, anti-drone? Like, how much investment will be required for that? As per the present estimates, it is close to about INR 15 crore is the estimate. Okay. INR 15 crore for the anti-drone. In last call, we had also mentioned about a startup which we had invested in for robotics. What is the update on that? See, it is a startup, therefore they are working on robotic solutions for defense applications and also civilian applications. In terms of size and all, it is too small today. Otherwise, maybe in the next 12 months down the line, it should be doing close to about INR 10 crore of top line sales. Otherwise, this area of focus is not restricted to defense. It is defense and the general civilian applications. It's purely an investment and we don't plan to merge or synergy benefits anything from there, right? See, we are in the defense space, therefore if there is any robotic requirements are going to be there, we are definitely going to fall back on our invested company to work together. Basically, that is the idea for investment to that company. Right. For this new, like you have mentioned in your presentation, you have the opportunity like around INR 16,000 crore. We'll require any funds to be raised for these opportunities to be met? What is this INR 16,000 crores? I didn't say anything on that 16,000. No, no. In the presentation, you have mentioned the overall market opportunity of INR 14,650 crores. For that, like, to achieve the maybe even 20% or 30% of that, do we require any additional funds to be raised? No. To carry out the existing operations, you know, be either in terms of the, subsystems or systems kind of thing, as I mentioned in the opening remarks, we are not expecting too much of, capital expenditure. Yes, as we move into the systems in a bigger way, depending on what kind of, requirement, that is going to come up, there will be CapEx requirement. As of today, I will not be able to give any specific number on that. Okay, sir. As a last question, what is the net debt figure like as of December? Net debt figure? Yeah. The working capital borrowings are about INR 120 crore. The long-term loan is about INR 15 crore. Okay, sir. Thank you. That's from my side. Yeah. Thank you. Ladies and gentlemen, if you have a question, you may enter star and one. We have the next question from the line of Anshal Thakkar from Lalit Securities. Please go ahead. Yeah. Hi, gentlemen. Congratulations on a good quarter. My question relates to our Gallium Nitride business, which I believe is in Aelius Semiconductors. Can you throw some light as to what is our vision with that subsidiary? Also just was interested in knowing, I mean, there were some recent reports that suggested that Gallium Nitride could be a significant improver in the electric vehicle ecosystem. I'm wondering if we have any vision or foresight to be kind of headed in that direction at all. Well, actually, the Gallium Nitride MMIC designs, what we have in our company basically is to cater to the defense and space applications, not for automobile, as it requires a different design skills and all. The products, what we have taken it up, already we have rolled out GaN devices in many frequency band, started from X-band, S-band, C-band, and even X-band also recently we have completed the design. These products are already going into the subsystems being developed by Astra for the captive consumption. We are exporting these components to various countries. The Aelius in Singapore, they are exporting these components to other countries, so therefore, especially in the defense applications. Otherwise, we are not focused into the automobile and other applications. In defense, yes, we are continuously working on this. Recently we have just initiated development of same devices in higher frequency bands like in Ku and Ka frequency band. A follow-up question on that. Ideally, the purpose of this business that we are doing, and there is no I mean, a bigger aspiration over there, is it? Actually, we are focusing only on strategic applications as on today, and also we are trying to venture into the other industrial applications, especially in the communication area, like microwave radios and all, wherein some trials are going on, but it is too you know in the initial premature stage. I think probably in a months to come, I think we should be in a position to inform you. As on today, basically the focus is more on strategic area. Okay. Would I be right in just assuming that we are going to basically just head towards MMIC chips only with this? Yeah, MMIC chips. Okay, great. Thanks, sir. Thank you. Participants, if you have a question, you may enter star and one. We have the next question from the line of Prabir Adhikary from Ratnabali. Please go ahead. Thank you, sir, providing me this opportunity. Sir, my question is, like, this budget government has allocated around INR 1.5 lakh crore, where 68% has been allocated to domestic companies. How do you foresee the opportunity size for the private companies and role of Astra Micro in that? Yeah, many of these programs like whatever, you know, DRDO has planned and also for the other Make-II opportunities from MoD. There are a number of opportunities which are coming and wherein Astra also, of course, we cannot participate in every program like which are not related to our domain. Definitely we could see a lot of opportunities coming out, especially in our domain, like in radar and electronic warfare systems and even the missiles front also, of course, though we are not into the main subsystems area, but we can contribute in the form of subsystems. Definitely it's going to be a huge opportunity. In fact, that was the reason why we had mentioned that, going forward, our revenue mix will increase, you know, in the domestic area rather than today, the last three years, we were into basically 50%, we were getting it from the offset opportunities. Going forward, we could see at least 75%-80% from the domestic market segment itself. We have clear opportunities about INR 3,000 crores for next three years. Going forward, yes, there will be another, you know, total about INR 10,000 crores- INR 15,000 crores of opportunities are there. This is a good amount of, you know, opportunities are there. That much I can tell you. Okay. My next question is, in this budget only, government has decided like 25% of defense R&D will go to the industry. How this will help you know, because you have an aspiration to be a subsystem to system player. How this will help you out? Yeah, definitely. Like, you know, there are various schemes under which in fact the government is funding to the private industry. One is that like, Technology Development Fund, where we already got one contract to develop the Course Correction Fuze. This is like a good potential. Similarly that, you know, similar to that, there will be many projects which probably we can take up, you know, the government to develop this technology in-house and as well as to the projects. Okay, sir. Thank you. Thank you. Thank you. We have the next question from the line of Anurag Patil from Roha Asset Managers. Please go ahead. Thank you for the opportunity. Sir, any revenue guidance you would like to give for Q4 and FY 2023? Yeah. Q4, we are expecting order book of INR 200 crores. I'll just give you the breakup. Yeah, it's about INR 180 crores from the domestic and then INR 20 crores from the export. That's again INR 100 crores, which we probably will be getting orders from the radar segment and INR 58 crores around that from electronic warfare. From the telemetry and missiles segment is about INR 20 crores. This is how the breakup of order book forecast of Q4. Even sales also like, we are projecting sales of close to INR 200 crores for Q4. Okay. FY 2023, any sales guidance you can provide? Yeah. For FY 2023, as on date, we have planned like about close to INR 850 crores worth of sales revenue for the next year, next financial year. Okay. In that, close to around INR 300 crores is from the export segment and INR 550 crores from the domestic. Okay. Sir, exports revenue contribution goes up from next year onwards. Can we go back to our earlier FY 2020 level gross margins of 43%-44%+? Definitely the gross margins will improve for the next year, but exact figure and all, probably I think, you know, how much should the margins and then we will, I think share maybe the, in the year-end call. Okay. That's it. it. Thank you very much. Thank you. Thank you. We have the next question from the line of Abdul Kader, an investor. Please go ahead. Yeah, good afternoon, sir, and thank you for giving me the opportunity. Just a couple of questions. The first one, like, for Astra, what is the scope of the DCPP projects and margin expected from the same? And is there any competition there? And the second is like, if you can just throw some light on the new products in the pipeline of Astra. Yeah, development cum-production partner, like, you know, the margins are fairly, you know good, as compared to the, you know, other segment. Here, as I said, many of these projects, in fact, we are also optimizing the design as we have a strong R&D team in-house. We are optimizing the design to, you know, reduce the cost of the material or cost of the overall BOM. That is how actually we are trying to increase the margins. That's what actually the approach what we've been following in Astra. The new products, yes, we are working in high frequency band, in Ku-band, Ka- band, in some of the subsystems we are working in the missile segments. In the radar, we already have taken up, as we have mentioned in anti-drone and other systems, that also we are working. In the satellite segment also, we have just taken initiative to get into the small satellites. These are all some of the new ventures what we are getting into that. Okay, thank you so much, sir. I'll come with you. Thank you. Ladies and gentlemen, to ask a question, you may enter star and one. We have the next question from the line of Santanu Chatterjee from Mount Intra Finance. Please go ahead. Thank you, sir, for giving me this opportunity. My first question is, what is our total CapEx plan for FY 2023? FY 2023 for the programs which are there, maybe we'll be spending about INR 20 crores. Okay. Yeah. Sir, despite our revenue is going up actually continuously from FY 2019, but our bottom line is lumpy in nature. What steps we are taking to mitigate this problem? I don't know. When you say lumpy, does it mean from quarter-over-quarter or something like that? Yes, sir. Year, quarter-on-quarter and year-on-year also. Yeah. See, the lumpiness is directly related to the sales mix what we have. As we said in the opening remarks, as we move maybe about one year down the line, where the domestic business is going to constitute a major portion of the sales, you see a steady margin in the profits of the company. Otherwise, today, the lumpiness or lower margins are there only because the product mix what we have, where exports are close to about 50%-60%. Okay. Okay, sir. What is the actual status of our Uttam radar, sir? Because there is a news flow in the media that Astra Microwave to supply upgraded X-band AESA radar, that is Uttam MK-II to Tejas MK-II. What would be the actual opportunity size over there, sir? Yeah. See, this was the same question again asked in the last investor call. See, we have taken up the development or you know the manufacturing of AAAU of the Uttam radar. That is the pilot order we have got from DRDO, and we are in the execution phase. Once we complete that, we expect you know production for the production quantity. This is shared between two companies, us and it. It all depends upon how we make cost competitive going forward for the production quantity. As you know, you must have seen that, you know, whatever the LCA Mark 1 and other aircraft, they are trying to incorporate this Uttam radar. This, those production quantity also I can expect from this. Okay. Last, as you have stated, that in case of your anti-drone opportunity, you are actually executing whatever technologies coming from the DRDO itself. So do we have, sir, any in-house technology in that space, in anti-drone space, sir? Or we have to totally rely on JVs and DRDO? Yeah, actually, in that, the radar portion, we are optimizing the design in consultation with the DRDO. This I think I've been repeatedly explaining this same issue. We have been optimizing that radar front and other radar end, another one is the jammer portion. The rest other things like, you know, we are planning to take it from the DRDO approved sources. I see. Okay, sir. Thanks a lot. Thank you. Thank you. Participants, if you have a question, you may enter star and one. We have the next question from the line of Bhavik Shah from Emkay Global. Please go ahead. Yeah, hello. Thanks for the opportunity again. Sir, I just wanted to understand in the INR 10,000 crore opportunity which you have mentioned for radars and counter-drone, how much is for shipborne radars and coastal surveillance technology? See, it's a shipborne radar, like, one contract which we have already bagged from DRDO. It's like, you know, we are expecting a similar class of radars going forward, maybe down the line after a few years. That would be like, you know, each radar is close to INR 400 crore-INR 500 crore kind of a potential we have. The other one, anti-drone, like, there's about potential of INR 3,000 crore-INR 5,000 crore around that. In that, again, if they have soft kill options and then hard kill options, various features are there. The total all put together, we have said about INR 10,000 crore opportunities we are seeing from the next 5-6 years. Okay. Like, after two to three years, we will have the opportunity of shipborne radars and the coastal surveillance technology, right? Yeah, yeah, that's right. Right. Okay. Thank you, sir. Thank you. Participants, if you have a question, you may enter star and one. We have the next question from the line of Siddhant, an investor. Please go ahead, sir. Yeah. Good afternoon, sir. My first question is, so what will be the product mix going forward, between defense and non-defense? For FY 2023, we have about 70% from the domestic and 30% on the exports. Okay. Thank you, sir. My second question will be, sir: Sir, given that India is focusing more on radar than missiles, sir, what will be the scope of Astra going forward? Yeah, for the radar, like, you know, as I mentioned in my previous, you know, answer that, you know, we are into the various programs. We have already developed many subsystems which are all those radars going for production. That is the one thing which we can bank on that. Apart from that, the systems, as a radar systems, we have taken up this you know development of like CSR and then anti-drone radar and GSRS, we are already there. Of course, we are already developing the telemetry radars and multifunction ground-based radar like PPTR, which we got it from the DRDO, is under the final execution phase. These are the class of radars which we have taken up for development and supply. Apart from that, for the opportunities like bird detection radar, which are likely to come in near future from Air Force and all, we are trying to gear up ourselves to make a for NCNC. This is what actually we are there into the radar domain. In electronic warfare, we have taken up development of ESM system, which is, it's going on. Two quadrants we have completed the development. Maybe I think in next one or one and a half year timeframe, probably we should be in a position to complete the ESM system. Apart from that, yes, we have also setting up facilities like, you know, test simulators and all for DRDO. Recently what we do bagged this order from DRDO, we are trying to complete it by April/May in this year. These are all a brief about the systems what we are taking up in the near future. Okay, sir. In the missile segment, we are not into the systems. We are only into the subsystems as far as the missile segment is concerned. Okay, sir. Perfect. Thank you so much, sir. All the best. Thank you. Thank you. Ladies and gentlemen, to ask a question, you may enter star and one. Participants, if you have a question, you may enter star and one. As there are no further questions, I would like to hand the conference back to Mr. Gurunatha Reddy for closing comments. Please go ahead, sir. Yeah. Thank you for your participation, ladies and gentlemen, and we look forward to talk to you again at the year-end. Thank you very much. Thank you. Thank you, members of the management. Ladies and gentlemen, on behalf of Astra Microwave Products Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.