Ladies and gentlemen, good day, and welcome to the Q2 FY23 earnings conference call of Astra Microwave Products Limited. This conference call may contain Forward-Looking statements about the company, which are based on beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance of the company, 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 this conference call, please signal an operator by pressing star and then zero on your touchtone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. S.G. Reddy, Managing Director. Thank you, and over to you, sir. Thank you, and good afternoon to everyone. A warm welcome to all the participants to the post-results earnings call of our company. I'm with my colleague, Mr. M. V. Reddy, and SGA, our investor relations advisors. The results of the company and investor presentation for Q2 FY 2023 are uploaded on our company website and stock exchange. I hope you had a chance to look at it. I'm happy to inform you that we have reported a very good performance for Q2 and H1 FY 2023, and our margins have improved substantially. Before we discuss further about the performance and recent developments, let me give you an update on ongoing projects and activities. Few radars like PPTR for DRDO is at an advanced stage of completion. We expect to deliver this in the last 1/4 of the current financial year. In the previous 1/4, we had completed the first contract of 10 numbers of Doppler weather radar for IMD. We have participated for tenders for the next requirement for C- and X-band DWR for IMD, and we are pleased to inform you that we have emerged as successful bidder in C-band case. Orders for first avalanche radar is under field acceptance stage as of now. We have taken new development work with the DRDO on submarine antenna front end. The timeline for this is 12 months, and we should be able to complete this development portion. The size of this radar is about INR 9 crore for one system. We have completed supply of subsystems for DRDO's Long-Range Radar, that is LRR. As far as the subsystems are concerned, we have been working in various programs. A few of them are in the development stage, and few are in the production phase. Regarding the performance in this 1/4, I am happy to update you that we have reported an excellent performance for Q2 and H1, with our margin profile improving substantially, which was driven mainly by domestic business. Due to our efforts, our business mix is evolving, and we have been focusing on increasing our domestic business. Self-reliance in defense has been the foundation of India's new defense production policy. Aatmanirbhar Bharat Abhiyan has created good horizons for the Indian defense companies, and this is giving a clear push to our domestic business. Further, we will continue our focus on Build-To-Specification, that is BTS opportunities for our domestic as well as global customers. We believe that with higher focus on BTS, we can sustain our healthy margins. Order book of INR 1,850 crores as on 30th September 2022 echoes these trends. Of the total order books, 68% of the orders are domestic orders, and the rest 32% are export orders. Major part of our order book is executable in the next 12-38 months period. In the 1/4 gone by, we have successfully executed sales for about INR 178 crores. Defense contributing for about 63% and the rest from the export, space and meteorology. Within the defense, our radar and EW segments are the major contributors. Coming to specific numbers in the standalone performance for Q2 FY 2023, the revenue stood at about INR 179 crores, INR 170.9 crores for Q2, as against INR 176.8 crores for Q1. That is a degrowth of 3.4% Year-On-Year. For half Year-On-Year growth is about 12%. Gross margins have almost doubled from 20.6% to about 40.4%. This shift is largely due to on account of lower exports and higher contribution of domestic sales. For half year, the Year-On-Year growth is about 51%. EBITDA margins has multi-fold increased from 10.6 crores to about 40.5 crores, with margins improving from 6% to 24%. For half year, the margins have moved up to 20% from 11%. The company reported profit after tax of about INR 22.6 crores as against INR 2.9 crores, with margin going up to 13% from 2%. For the half year, it has improved to 10% from 4%. In terms of the exports and domestic is about 72% and exports is about 28%. For the half year, the respective numbers are 77% and 33%. Capital expenditure incurred during the period is about INR 9.5 crores. It is largely for new equipment like testing equipment, et cetera. Our net debt as of 30th of September stood at about INR 80 crores. For coming 1/4, we expect to do sales of about 200+ crores. Within this, defense is likely to contribute about 70%, and the rest will be from export, space and meteorology sectors. Before I open the floor for Q&A, I would like to emphasize that over the next 5-8 years, the business outlook is very strong, and we see close to about INR 15,000-18,000 crores of prospects in our area of domain expertise. We have adequate infrastructure and capital equipment to do annual revenues close to about INR 2,000 crores. With this, I open the floor for question and answers. Thank you. Thank you very much, sir. Ladies and gentlemen, we will now begin the Question-And-Answer session. Anyone who wishes to ask a question at this time may enter star and then one on their touchtone telephone. If you wish to remove yourself from the question queue, you may enter star then 2. 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. To ask a question, please enter star one now. Our first question is from the line of Ketan Gandhi from Gandhi Securities. Please go ahead. Yeah. Sir, what did you said in the last comment? The next 1/4 turnover or next half turnover? Did you mention anything? Sorry, here, I didn't get your question. Next half year turnover. Next half year. Now, what I have stated is for the next 1/4, that is for Q3, we are likely to do about INR 200+ crores. Okay. Yeah. Sir, can you speak something about AATRU for ASPJ? Where we are in terms of the development and when will we can see the product coming into the production? Hello, this is V. Reddy here, and we have delivered the AATRU for the first order, and those AATRUs are being fitted in the aircraft. I think it's going on the flight test. The second order is under execution. In fact, we are going to deliver first unit by end of December. Sir, this will be fitted into Tejas Mark 1, Mark II or all the LCA and other aircraft also? All Tejas Mark 1 and as well as Mark II. Okay. Sir, any development on Manpack SDR from our JV? Because I believe we had received a proto order of 36 or 32 units and field trial was going on. Any update on that? Yeah. We are almost nearing completion stage. I think, you know, in next couple of months we'll be able to demonstrate this. I think we are getting ready for the NCNC. Okay. Sir, how many players are in the list for this, apart from us? Exact number I don't know, but I think more than 10 members, 10 companies are there. More than 10 companies. Okay. Sir, can you explain the TeraHertz Proximity Sensor? Is it in the D band? Where we are in terms of the development? Yeah, it's in the development. I think mostly, by December, we should be in a position to deliver prototypes. It is in the mid D band, right? Yeah. Yeah, that's right. Okay. Sir, in your presentation you have mentioned about the bidding for the whole radar system. Is it Doppler radar or defense-related radar? We have both the Doppler weather radar as well as the military radar. The one which we have mentioned is Doppler weather radar. We have executed in X-band, and we completed the first order. In the next tender we bid for both, C as well as X-band. We are successfully, like, you know, we became L1 in C-band. Unfortunately, we are not in X-band in this, you know, this second order. We were L2. We are getting C-band order in the second tender. As well as the other military radar, which in fact we mentioned is the PPTR for DRDO. That is getting ready. Most probably by March we can supply this and commission in DRDO. Right. Sir, my last question is, next year can we expect turnover in the north of INR 1,000 crore? Yeah, that's what we are targeting. Thank you, sir. That's all from my side. Thank you very much. Our next question is from the line of Raj Rishi, an individual investor. Please go ahead. Yeah. Hi. Hello. Yes, Mr. Rishi, please go ahead. Yeah. Am I audible? Yes, sir, you are. Yeah. I just wanted. What's your competitive edge? Because with the kind of opportunity which is perceived, lot of players are coming in, right? Indian and foreigners also. So what's the edge which Astra Microwave has? Yeah. Basically, if you look at the technology where we operate, we are first one to enter into this, and we have the maximum technology in control. For example, you take in actives, there is radar wherein it is not only the TR module. Today, there are many companies entered into this business, but no company has the main components of the TR module. Like, we have our own MMICs which are being used in the TR module. With that, we can play around with TR module, and then we can offer a multifunctional, you know, chipset. You know, we can offer an advanced version of T/R module with a different power range, and that is how actually we have a competitive edge over others. Apart from that, we do have RF technology in other areas. With that, we could, you know, successfully design these systems which are more RF intensive-based. Okay. Thanks a lot. Thank you very much. Ladies and gentlemen, before we take the next question, we'd like to remind participants that you may enter star one to ask a question. The next question is from the line of Zia Varma from MR Securities. Please go ahead. Hi, sir. Thank you for the opportunity. I had 2 questions. First, you mentioned about BTS opportunity in domestic and international market. I'm curious to understand more on this front, especially for exports market. Can you throw some light on that part? We are discussing with some U.S. companies as well as Israeli companies for BTS market. We are in the field of subsystems. Recently we have ongoing discussions with one of the major U.S. company to develop system. That is, I don't want to give more details as it is yet to take, you know, final shape. These are opportunities come in our way. By seeing our, you know, technological strength, they have been giving us this design services to us to develop jointly in some few cases and to develop based on their spec, so that, you know, we can have a, you know, contracts for, you know, global market. Right. Secondly, sir, the new orders that you received this 1/4, how much of those orders are BTS versus BTP orders? Can you give some rough estimate? Yeah. Majority of them were BTS because only in domestic we don't have any BTP orders as such. Only the exports order only we take under BTP category. If you see the order book in Q2, whatever we booked, overall INR 342 crores we have booked in this. I think it's only about INR 6 crores only we have booked for the export front, but the rest all are, you know, you know, domestic. Of course, in this one case where we booked from BEL, that is of course it is BTP, under BTP category. That is about INR 200 crores. The rest all are in BTS. Okay. All right, sir. Thank you. That helps. Thank you and all the best. Thank you very much. Ladies and gentlemen, you may enter star one to ask a question. Our next question is from the line of Abhishek Dave from Bright Securities. Please go ahead. Hello. Yeah. Hello, am I audible? Yes, you are, Mr. Dave. Hi. Thank you for the opportunity. Congratulations on the good set of numbers. I wanted to know more about our space business. Can you give a little brief about it, how it is growing, and are the margins better over here compared to defense business? The space business, we have order backlog close to INR 200 crore, where margins are reasonably good as compared to defense. Yeah. Going forward, as you know, in space, you know, the government took initiative to, you know, transform to the, like, you know, they introduced the reforms. We don't have full clarity about going forward on the satellite, but at least in the strategic satellites, we understand that ISRO is still going to build these satellites, in that we continue to be part of the ISRO. As far as the communication satellite, yes, it all depends on how the other industries and also geared up to meet this particular demand. Even in our case also, we are looking to build some payloads for the communication as well as for the strategic applications. Yes, going forward, you know, business, you know, wise, yes, it is creative, but the only thing is take some time for us to get into this. Okay. Thank you for the opportunity. That was from my end. Thank you very much. Our next question is from the line of Akshay Kothari from Envision Capital. Please go ahead. Yeah, thanks for the opportunity. I wanted to know your current working capital. As we can see, cash flow from operations have turned negative. Because inventory, trade receivables have increased, and a decrease in contract liabilities. Is it because of execution then? Yeah. See, the major liabilities which were there earlier were pertaining to the advances received for the export sales. As the sales are getting executed, the advances are coming down, and hence those liabilities are getting reduced. Otherwise, the working capital position as of today, we have a net liability of about INR 80 crore, excluding cash at bank. Generally, the working capital or the inventory builds up towards the end of second 1/4 because we see substantial building happening in the later half of the year. That is one reason. The other reason specific to this present year is that there is one radar program which we are executing where the revenues are likely to happen only in the next year. It is SDR radar, that is, shipborne radar. For that, a significant amount of raw material procurement is happening, presently, and most of the work that is being done with reference to that project is sitting as a work in progress as an inventory. That is another one. Thirdly, during the second 1/4, there was one significant billing which has got slipped into the third 1/4, where the entire work in progress and the raw material pertaining to that program is sitting there in the books of accounts. Of course, that was executed in the month of October. These are the 3 or four reasons why the working capital is slightly higher for this balance sheet date. Okay. Understood. Sir, regarding the contract, decreasing contract liability, since we have received around INR 300+ crore of new orders, won't we have received some sort of advances from these customers? No. Generally, for the domestic orders, as explained earlier now, most of the billing, most of the order booking, whatever has happened up to now is from the domestic front, and we don't get much of advances from the domestic, order booking unless it is a R&D work order. Therefore, we have not received significant advances in the current, financial year. Secondly, what was the reason for lower export order execution in this 1/4? That is expected only. That is what we are telling. Slowly, you know, the export revenues will taper off. Whatever execution that is due as per the purchaser terms, that is going on. Whatever is done is as per the terms of the purchaser. Unlike what we have in domestic business, your export business would be 1/4-on-quarter flat, it seems, right? Because our export order book is increasing. No, I don't think it is increasing. I don't think we have had much of export order book happen in the last one year, and this is expected only. No, I'm talking on the 1/4-over-quarter basis, of course. Yeah. Actually, last 2 quarters also, we hardly had any export orders. See, basically, last 1/4, because of short shipment of few components, we couldn't do as we expected. We're short of INR 15-20 crores in last 1/4. Sir, any update on Astra Rafael Comsys which we have? What is the order book currently? Quarterly, are we still making loss on that front? Yeah. Astra Rafael Comsys, as of today, there is a book loss because its products and deliveries are yet to happen. Probably by the end of this financial year, it should be improving. Deliveries have just commenced from the month of October. I'm confident by the end of the next financial year, it will turn profitable. Most probably. Right. The order book will be around in Astra Rafael Comsys? Order book in Astra Rafael Comsys. Don't have that number immediately. Probably, we will come back to you on that. I don't have that number with me. We'll come back. Apart from this, execution of the orders on hand, it is also participating in Manpack version of SDR radar under NCNC basis. That is no cost, no commitment basis. I explained to somebody else before you. This product is getting ready for demonstration by this calendar year end. Okay. Any, sir, your views, any updates from the recently happened DefExpo, any MoUs, any significant traction which we have received over there? We have new technology transfer from DRDO for Drone Detection Radar. Apart from that, we had fruitful discussions with, through their Indian sales office, and we are expecting to enter into some kind of a partnership agreement for a few products. That I think probably in due course of time we will reveal that. Otherwise, yes, it was a good show. It was fully focused on the Indian companies and the products, so we had opportunity to interact with all services offices. Then also we discussed about the potential systems, what we can do, and also what we can address to their requirement. Other than that, it was a good show. Okay. That's good. Sir, lastly, there was a recent reclassification of promoters in this 1/4. Just wanted to have more clarity on who is the current promoter? Is there anyone? How are things getting managed, whether it's through some board is taking any decisions, how is it going? See, the declassification of the promoters is a continuation of the existing. I'll inform that, sir. Most of the promoters have taken a back seat in terms of day-to-day operations. Therefore, people who are not active, they would like to get declassified. That is the reason why the action was taken. Otherwise, Founder Mr. Chitrakar continues to be an active promoter in the company, and that is the status as of today. Thanks a lot. Thank you. Thank you. Our next question is from the line of Prabir from Ratnamani. Please go ahead. Thank you, sir, for providing me this opportunity. Sorry to interrupt. Please use your handset while asking the question, sir. Yeah. Am I audible right now? Yes. Okay. Sir, I have a couple of questions. Like, first of all, the first time it has been mentioned about the service order out of the total order book. Please tell us something about it. What is this about? See, the service orders pertain to our weather, meteorology products. The meteorology products, you know, as a part of, the purchase terms, they carry a warranty maintenance for a period of 5 years from the date of installation and commissioning. Whatever the orders we have disclosed as a part of service order, the entire amount pertains to, weather-related products. This 1/4, you have booked an order inflow of around INR 340 crores, where defense is roughly INR 330 crores. Can you please tell us from which segment of defense it has come? Current Order book from the present order book breakup. You mean. Order inflow. The order book of Q2? Yeah. No, order inflow. Order inflow, it has received around INR 340. Out of that, INR 330 is defense. From radar segment, we booked close to INR 243 crore. In EW electronic, that is electronic warfare, segment, we booked INR 80 crore worth of orders. In missile electronics, close to INR 5 crore. In meteorology and space put together, about INR 10 crore we have booked. Okay. Sir, this long range multifunction radar that is the shipborne radar. Can you tell us, like, what is the cost of this kind of radar and what is the potential of it for the company? I cannot mention the cost of this, but the potential is definitely we have good potential as the first radar what's being built by DRDO and to be supplied to Indian Navy. Once it is successful, definitely we'll have multiple numbers in next, you know, 7-8 years' time. Okay. Recently government has come out with a make to order for Manpack SDR. How our company will participate or whether participate or not? We are participating through our JV, that is Astra Rafael Comsys. As I mentioned, we are getting ready for a demonstration. Okay. Sir, as per your latest presentation, you have mentioned that NavIC model, which will have an immense scope of application going ahead. Can you give us a sense of how big the opportunity can be for our company? Yes. The market is very huge, and we are developing this. We have developed the baseband chip of NavIC receiver, and we are trying to build these NavIC receivers. Once, you know, currently it is in the qualification stage. Once we get qualified, I think, you know, we build the total receiver to be supplied for applications like vehicle tracking unit and many other applications. As far as the market size is concerned, you know, we have a huge market potential for this. Okay. My last question is, what is your current employee strength? We are about 1,450 employees we have. Okay. That's all from my side. Thank you, sir. Thank you very much. Ladies and gentlemen, before we take the next question, we'd like to remind participants that you may enter star one to ask a question. Our next question is from the line of Bhavik Shah from MK Ventures. Please go ahead. Hello, sir. Congratulations on good set of numbers. Sir, I want to just understand first, what is the development on the electro-optics and anti-drone front? Is there any update? Yeah. Electro-optics we are addressing through our JV, that is Astra Rafael Comsys. We just in the last 1/4 itself, we signed this agreement with our partner. We are trying to address RFPs through this technology being developed by Rafael initially. Going forward, we would like to set up the design house for this electro-optics in our joint venture. As far as anti-drone is concerned, as I mentioned in previous earnings calls also, we are you know developing the radar with basic DRDO technology and refining it to suit the user requirement. It's getting ready. I think it mostly by January or February, I think we should be in a position to demonstrate that. Sir, on the SDR front, we had invested around INR 30 crores, if I'm not wrong. What kind of revenue potential we see there? Hello? I think our investment in the JV is about INR 20 crore as of today. Okay. Overall, the JV has about INR 40 crore as an equity. Presently, the JV is executing the SDR order under the offset requirements of Rafael Israel. Going forward, like, now it is ready. It is getting a product ready for the Manpack SDR under MCMC program. Almost, more than 67 companies are competing for this. In case if we are the winners, there is a huge potential for this product line. The numbers are the revenue numbers or opportunities are really huge. Otherwise, its main focus is going to be SDRs and the Electro-Optics business. Okay. You guided for INR 210 crore revenue in Q3. It leaves us around INR 300 crore for Q4, if you go by the previous guidance of INR 850 crore. Sir, is that even like achievable or it will be difficult? No, I don't think we have given any number in earlier con calls total. Yeah. Actually, if you take overall 850, what we have given originally in for Q3, yeah, we are planning to book revenue of INR 200 plus. In Q4, we are trying to do as much as possible. I think we'll have a better clarity by, I think, next, I think another couple of months. Most likely, you know, we are trying to touch this figure, but in case if we miss out, maybe some 5% kind of sales probably may miss out because of few components, which are, you know, expected in last 1/4 are getting delayed. Because of that, our production of some kind of 5% may get affected. Today, you know, it's too early to say that. I think maybe another couple of months we'll be in a position to tell how much we can do in Q4. Okay, sir. Okay. Thank you so much, and all the best. Thank you very much. Our next question is from the line of Amit Dixit from ICICI Securities. Please go ahead. Yeah. Good evening, everyone, and thanks for the opportunity. Congratulations for a good set of numbers. I have a couple of questions. The first one is if I look at your gross margin, it has remained quite lumpy, you know, increasing meaningfully in this 1/4, perhaps because of lower share of exports. However, in subsequent slides, you have quantified that, you know, you would like the ideal share of export to be 30 and domestic 70. Just wondering what kind of gross margin you are looking at? Because now we are expanding meaningfully. You hinted at INR 1,000 crores of revenue aspiration. What is the corresponding gross margin aspiration? And if you can let us know what kind of gross margin you make separately between domestic and exports. We've repeatedly said the export business is a Build-To-Print, therefore the gross margins are around 8%-10%. Whereas the domestic, even though we cannot really standardize, you are asking me what is our ideal expectations. Our expectations are about 30%-40% kind of gross margins we expect as we go forward. Okay. Wonderful, sir. Next question is on slide 31, where you have highlighted the business potential, the long-term business potential in 2028. Just wanted to understand if Category-Wise, you know, you can mention whether, you know, there's some PSU also involved in this, if there would be something on nomination basis to PSUs. What is the realistic market share we can expect out of this business potential of INR 14,500-odd crore? Amit, I think we have given that breakdown in last earnings call. Anyway, in that I just mentioned, like, you know, we have given about INR 8,000 crore with 100% probability in that INR 14,000 crore-INR 15,000 crore. Major chunk of business we are expecting from radar segment is about close to INR 5,000 crore. EW is around INR 2,000 crore, and missile and telemetry all put together INR 1,000 crore. This is what broad categorization of whatever we have mentioned in the previous call. For next six years, we have mentioned about INR 8,000 crore we can book with 100% probability. Okay. That is very helpful. Thank you and all the best. Thank you. Thank you. Our next question is from the line of Vignesh Iyer from Sequent Investments. Please go ahead. Hello, sir. I just wanted to know about the H2 that you have estimates of bookings around INR 200-210 crore for 1/4 3 and around maybe INR 218, as you know, INR 270-280 crore in 1/4 four. I just want to know what kind of margin profile are you looking for? Would we be seeing something similar to what is in Q2? More or less, it will be similar to what is achieved in Q2. There may be a slight correction downwards, but more or less, it should be on the same lines. Okay. What would be the mix of domestic and exports in under H2? In Q2, the domestic is going to be close to about 80%, 80%-85%. The balance will be exports. In H2, right? In Q2. Yeah. In H2. Okay. Specifically Q2 I gave the number, and Q3 also. Q4 also more or less, similar kind of numbers will be there. The mix is more of 85%-15%, and we expect it to be more or less at the similar rate, right? Right. Right. Yes. Yes. Okay. Fine. Thank you, sir. No problem. Okay. Thank you. Our next question is from the line of Alisha Mahavla from Envision Capital. Please go ahead. Alisha Mahavla, your line has been unmuted. Please go ahead with your question. Hi. Good evening, sir. Thank you for the opportunity. My question is also with respect to margins, like the earlier participant. Will you say a sustainable gross margin is more in the line of 30%-40%? Yeah. The INR 1,000 crore revenue aspiration is for FY 2023 or FY 2024? Sorry, what is the number you said? The INR 1,000 crore revenue aspiration that you called out. Yeah. 2023-2024 is aspirational. Yeah. Okay. In FY 2024. Great. Thank you, sir. All my other questions have been answered. Thank you. Yeah. Thanks. Thank you very much. Ladies and gentlemen, before we take the next question, we'd like to remind participants that you may enter star one to ask a question. Our next question is from the line of Raj Rishi, private investor. Please go ahead. Hi. I just want to understand, like, generally we don't see this kind of low promoter holding in, you know, this size of company. Any comments as to how come the promoter stake in this company is so low and, you know, any issues regarding operations or prospects? No. There are no issues regarding operations and prospects. In fact, the low promoter stake we are seeing for the last 5 years, how the company has grown. Historically, this company has a low promoter stake because the company was promoted by technocrats. Okay. With a very low financial assets. Okay. Historically, yes. It has a low promoter stake. Got you. Okay. Thanks a lot. Yeah. Thank you. Our next question is from the line of Akshay Kothari from Envision Capital. Please go ahead. Thanks for this opportunity. Currently we have 150 employees, so in order to fulfill our orders, would there be a need to increase this employee count? Yeah, definitely. As we go, as we grow in the top line, additions are required. We have significant amount of existing employee force to take care of immediate growth needs. Okay. Thank you. Sir, borrowings have increased significantly. I think they are around INR 150+ crores levels. In order to get more orders, would our borrowings keep on increasing or what is the plan? Most of the borrowings are working capital borrowings. Therefore, as we grow, I think, working capital requirements will be going up. There is the incremental increase will be there in the working capital borrowing. We don't have significant long-term borrowings. Yeah, I understand. In order to grow on the domestic front as we are envisaging, of course the likely funding plan would be through borrowings, right? Yeah. Yes. Okay. Sir, any specific dividend policy we are having? We have a policy of paying 20%-25% in the range of 20%-25% of the profit after tax of the company. Okay. Sir, lastly, you mentioned that we have INR 2,000 crores with the capacity to generate revenue of around INR 2,000 crores. Just wanted to know that since what actually led, what was the driving factor for this capacity expansion. Post that, what things were, whether it was something related to market which fell down, eventually the export markets which went down. What exactly was the reason for the decline in revenues and what actually happened in the past? Yeah. See, what we have mentioned is the basic infrastructure available with the company. When we say basic infrastructure, land, buildings, and the capital equipment that is required. To go forward, the incremental addition that is required will be only in terms of adding a little bit more of capital equipment and having the right manpower. Our intent of making that statement is that we have the basic infrastructure ready to do business up to INR 2,000 crores. Okay. Nothing has gone wrong in terms of. Okay. Okay. Forecast what was made by the company. Okay. I understand that. Thanks a lot, sir. Yeah. Thank you. Ladies and gentlemen, you may enter star one to ask a question. Anyone who wishes to ask a question may enter star one at this time. We have a question from the line of Santanu Chatterjee from Mount Intra Finance Private Limited. Please go ahead. Thank you, sir, for this opportunity. Sir, any guidance on the order book can be received during FY 2023? Guidance in order book for FY23. Okay. I think, as of today, the prospects are like, you know, we are likely to book close to INR 1,000 crores. The details I think I can share only in the next con call. Okay. Thank you, sir. You're talking about FY 24, right? I'm talking about for the rest of the year, sir. For FY 23 and FY 24 as well. This year, for Q3 and Q4, we are likely to book close to INR 300 crore. INR 300 crore over and above that INR 1,800 crore plus order book, right, sir? Yes. Next year you are, as you were saying, that next year you are expecting more or less INR 1,000 crore order book. Yeah. That is what prospects we have to book INR 1,000 crores. Details I can share in the next con call. Okay, sir. What is the total amount of CapEx for FY 23, sir? The CapEx FY23, overall we have budgeted about INR 50 crores CapEx for 21-22 and 22-23. I think in the previous year we did about INR 25 crores or so, and the balance we are doing it in the current financial year. Okay. Thank you, sir. Thank you. Thank you. Thank you very much. Our next question is from the line of Daksh Bora from Arihant Capital. Please go ahead. Hi. Thank you for taking my question. I'm sorry I joined late. Just wanted to know that the next year's order book, that we have INR 1,000 crores, if I'm not wrong. The margins for that, how would we see? We have mentioned, no? We'll get into the details in the next 1/4. Probably at that point of time, we should be able to throw some light on the margins also. Okay. Okay. I'll get back in line if I have any other questions. Thank you. Thank you. Anyone who wishes to ask a question may enter star one at this time. Our next question is from the line of Raj Rishi, Individual Investor. Please go ahead. Yeah. You mentioned that your capacity, you can do up to INR 2,000 crore turnover, right? Yeah. Any like sort of vision as to which how many years you think you can target that kind of revenue? Just if you have some internal vision about that. Vision is at the earliest, maybe, 3-4 years from the next financial year we would like to reach there. Okay. Okay. Okay. Thank you. Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to the management for closing comments. Yeah. Thank you for everyone for joining the call. We hope we have been able to answer your queries satisfactorily. For any further information, request you to get in touch with SGA, our investor relations advisors. Thank you very much, and hope to see you again at the end of third 1/4. Thank you. Thank you, sir. Thank you. Thank you, members of the management. Ladies and gentlemen, on behalf of Astra Microwave Products Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.