Ladies and gentlemen, good day and welcome to the Transformers and Rectifiers (India) Limited 4Q FY 2025 conference call, hosted by Antique Stock Broking Limited. 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 call, please signal an operator by pressing star, then zero on your touch-tone phone. I now hand the conference over to Mr. Dhirendra Tiwari. Thank you, and over to you, sir. Thank you very much. Good day, ladies and gentlemen. On behalf of Antique Stock Broking, I welcome you to 4Q FY 2025 post-result conference call of Transformers and Rectifiers (India) Limited. The company today announced a very strong set of numbers, and I congratulate the management to deliver yet another very strong quarter. To discuss results and the outlook, I am glad to welcome the management team represented by Mr. Jitendra Mamtora, Chairman, Mr. Satyen Mamtora MD, and Mr. Chanchal Rajora, CFO and Advisor to the Board. With these words, I now invite Satyen to give initial remarks, post which we will open the floor for Q&A. Good evening, ladies and gentlemen. Thank you for joining us today on our FY 2025 earnings call. We are pleased to connect with you as we close out with a remarkable financial year and share our performance highlights for both Q4 and full year. Earlier today, our Board of Directors approved the audited financial results of FY 2025, and the same have been released to the stock exchanges along with investor presentation. The financial year 2024-2025 has been a landmark year for our company, marked by record-breaking operational performance, technological advancement, and strategic growth initiatives that we have significantly enhanced our positioning in the transformer industry. We have achieved the highest-ever production in the company's history, manufacturing 29,118 MVA, up from 16,425 MVA in FY 2024. This has directly translated into record-high revenue growth, supported by strong execution in LD and diversified order book. Our total order inflow now for year FY 2025 stood at INR 4,504 crores, the highest in our history. This robust inflow has resulted in an unexecuted order book of INR 5,132 crores as of March 31, 2025, ensuring clear revenue visibility for the next 15-18 months. One of the most significant milestones was securing a landmark order of INR 740 crores from GETCO in March 2025, the largest single order in our company's history and probably the largest by GETCO as well. This win exemplifies our industry leadership and customer trust. We also successfully raised INR 500 crores via QIP, executed in record time. The capital will be instrumental in furthering our backward integration plans and expanding our manufacturing capacities. Q4 FY 2025 highlights: Q4 saw successful completion of dynamic short-circuit testing of 500 MVA, 400 kV, a key technical achievement that reinforces our engineering prowess. We also completed short-circuit testing with an 8.8 MVA inverter duty transformer, meeting the latest CES specifications. Our fully automated radiator facility has progressed well with PGCIL approval process formally initiated during the quarter. Another major highlight was the record number of transformers tested in December 2024, both in terms of MVA and in total unit, underscoring our internal capability and streamlined operations. During Q4, we entered into technological tie-up to accelerate our backward integration journey. This core operation enhanced our in-house capabilities, reduced our dependency on external sources, and improved our supply chain resilience. We proudly completed acquisition of a controlling stake in a CRGO processing unit by achieving 100% backward integration in one of the most critical raw materials, which constitutes 30%-35% of transformer cost input. Looking ahead, as we transition into FY 2026, our focus remains firmly on consolidation, global expansion, and sustainable profitability. Our long-term vision to become a $1 billion revenue company within the next three years remains intact, and we are confident of achieving it through consistent execution and customer-centric innovation and robust financial disciplines. Our strategies include strengthening backward integration, investing in automation and digital transformation, focusing on clean, sustainable energy solutions in line with India's power sector ambitions. With strong fundamentals, industry-leading capabilities, and high-quality order pipelines, we are well-positioned to navigate the opportunities and challenges of the coming year. On behalf of the entire leadership team, I extend my heartfelt gratitude to all our stakeholders: customers, employers, suppliers, board members, and investors. Your continued trust and support remain the cornerstone of our journey. Together, we are building a future-ready organization that not only leads in the transformer industry but also contributes meaningfully to India's evolving energy landscape. Thank you once again for joining us today. I now hand over the mic to our CFO, Mr. Chanchal, to take you through the financial performance in greater detail. Thank you. Good evening, all of you, and thank you, Satyen sir, for your comprehensive overview and strategic insight on what has been a truly transformational year for the company. Your leadership has been instrumental in guiding us through a period of strong execution and growth. It gives me immense pleasure to share with you the record-breaking financial performance achieved by your company, FY 2025, a year that marks a new high in terms of the revenue, profitability, and operational strength. I first want to give you small quarterly performance snapshots before I take you through the entire year journey. Let me start with our performance for the final quarter for the financial year. In Q4, FY 2025, our standalone revenue stood at INR 647 crore, with an EBITDA margin of the quarter at 17.1%, and the PAT margin for the same quarter was 11.6%. Together, these back-to-back strong quarters reflect the impact of improved execution capabilities and sustained demand from both domestic and the export markets. I'll just give you now the full-year financial highlights for FY 2025 versus FY 2024. At the beginning of the year, the company has guided a revenue target of INR 2,000 crore in the financial year FY 2025, and I'm proud to inform you that we have achieved the group revenue of INR 2,051 crore with a PAT margin of 10.1% in FY 2025. That shows the journey path the company is going through. Moving to the full-year performance, on a standalone basis, we reported revenue of INR 1,950 crore, a significant 53% growth as compared to FY 2024. EBITDA stood at all-time INR 320 crore, up from INR 125 crore in the previous year, making a 149% increase. EBITDA margin improved to 16.12% for the entire year as compared to the 10.03% in FY 2024, indicating better operating leverage and the cost-efficiency measures taken by the organization. Profit after tax comes to INR 187 crore, a jump of 325% as compared to the INR 41 crore of the last year. PAT margin improved 9.45%, up from 3.24% in FY 2024. On a consolidated basis, the revenue target of INR 2,051 crore versus INR 1,294 crore of FY 2025. EBITDA margin on the consolidated basis is INR 359 crore and the PAT of INR 216 crore. Key financial resources and operational metrics: We continue to strengthen our balance sheets and improve our capital efficiencies. During the year, the return on the capital employed was improved to 22.76% from the 6.7% as compared to last year. Return on the investment increased to 23.13%, up from 0.95% of FY 2024. Debt-to-equity ratio reduced to 0.2% compared to 0.84% last year, reflecting our progress towards becoming a net debt-free company. The debtor days reduced significantly to 114 days from 156 days as compared to last year. FY 2025 was also a year of decisive actions and strategic expansion for the company. The company has raised INR 500 crore through the QIP proceeds, among the fastest fund-raisers in Indian capital markets, reflecting the investors' confidence in our long-term vision. Acquired a controlling stake in the CRGO process unit, ensuring 100% backward integration for a critical raw material component. Launched a massive capacity expansion: INR 15,000 MVA capacity expansion started in April 2024, phase one operation by May 2025. During the year, the company has also started a capacity expansion of INR 22,000 MVA at the EHV transformers expansion and at its Moraiya facilities, which is expected to be completed by February 2026. These projects will take our total manufacturing capacity to 75,000 MVA, enabling us to cater to the rising demand from all the corners of the industry. In the next 15 months, the company will be spending INR 550 crore on CapEx expansions to strengthen its organic as well as the backward integration growth, with the target to become 100% backward integrated. Outlook and the closing remarks: Looking ahead to FY 2026, we are entering the year with a robust unexecuted order book of INR 5,132 crore and a well-diversified pipeline of inquiries from both domestic and international markets. Our focus area remains continued margin expansion through operational efficiency, enhanced return ratios, strengthening backward integrations, and becoming a debt-free company within the next one to two years' time. We are fully committed to our long-term goal of reaching $1 billion in revenue within the next three financial years, and we believe that we are well on track to achieve this vision. In conclusion, I would like to express my deepest gratitude to all the stakeholders, our customers, investors, board members, and especially to our hardworking employees for their continued trust and belief in our journey. Your support drives our operation to deliver the excellence and create long-term value. We are excited about the opportunities ahead and remain confident in our ability to capitalize on them with discipline, agility, and ambitions. Thank you once again for joining us today. And now, I request the moderator to open the floor for the question and answers. 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 touch-tone phone. If you wish to remove yourself from the question queue, you may press 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. Our first question comes from Bharat Shah from ASK Investment Managers Limited. Please go ahead. Yeah. No, hearty congratulations, Jitendra bhai, Satyen bhai, and Chanchal ji. This is a remarkable testimony to something that you charted out some time back and a very delightful execution, I must say. Just two initial points that I wanted to [explain]. The margin in the fourth quarter, in particular, is quite healthy and surprisingly robust. Is this operating margin of almost over 19% for the fourth quarter on a consolidated basis? Chanchal ji, is this representative of the picture ahead in terms of the margins? Sir, good evening. How are you, sir? All well. All well. Thank you, Chanchalji. Sir, thank you for joining us. It's really a privilege to have you here. Sir, quarter four, there are a couple of orders that we have executed at very, very excellent margins, and that's why this quarter four margin is looking a little bit robust, but on a futuristic side, the revenue, sorry, the margins that we are showing on a yearly basis will be the guided margins, sir. I see. And which we should kind of take into account is? What kind of a range? 16%-17% level, sir. Okay. For the year ahead. Yes, sir. Yes. Sure. And as we move to the journey of $1 billion, which means from a little over INR 2,000 crore in the year gone by, so by 2028, we are seeing turnover will more than quadruple. And I assume, given the operating leverage and the other benefit that will accrue, our profit should grow at a rate faster in that journey. Yes, sir. I agree with you, sir. As I guided always, sir, my target is to, our target is to reach to a 10% PAT level, and we are basically targeting that, and as you said correctly, the margins will improve as well as the results will improve drastically, sir. Fantastic. Once again, congratulations, and I think I was also very impressed that on 8th of April, a week after the year has gone by, not only results have been announced but audited results have been announced. This is remarkable, so once again, congratulations, Jitendra bhai, Satyen bhai, and Chanchal ji. This is something to look forward to. Thank you. Thank you, Thank you, Bharat bhai. And one thing which is very close to my heart is the backward integration which we are doing, which will definitely give us a lead over other players as far as the order booking and the margins are concerned, and also improving the quality of the goods which are going to be because everything is going to be in-house. So we will save time as far as the inspections are concerned because today, the inspectors, the utility inspectors, they go from place to place to do the inspection. Here, they have to visit only one place to do all the inspections. So that will also give us a faster lead time. And we are very confident about this. Thank you, Bharat bhai, again for joining us. No, thank you. And all the very best. Thank you. Thank you. Your next question comes from Manish Ostwal from Nirmal Bang Securities Private Limited. Please go ahead. Yes, sir. Thank you for the opportunity. My question on your improvement in working capital this year compared to last year. So how do you see this is sustainable, or what is the sustainable working capital we can think when you talk about $1 billion revenue? Manish, thank you very much for joining us, and the working capital that we are showing here, if you've been actually hearing us, we are targeting at the level of around 120 days working capital, and I'm pleased to say that we are quite on that track, and it's a sustainable working capital for throughout the year, but on the other side, our target is to reach 200 days levels, and as the revenue will increase and the margin will build up and resources will build up, this is going to be a very, very sustainable target. Okay, sir. And I'm referring the recently CNBC interview where the management shared the INR 8,000 crores of order inflow for next year. Given the performance and given the current pipeline, will you revise that number, or the INR 8,000 crores is the number which we are looking to achieve in the next financial year? Next financial year, our order book input will be around INR 8,000 crores. Order book will be 8,000 crore, not the order inflow rate, against the 4,500 crore which we have reported this year. Dispense the transformers. Yes, because we are going to dispatch INR 3,500 crore worth of transformers this year. So our order inflow will be around INR 8,000 crores. Order book will be around INR 8,000 crores. Yes. And lastly, sir, on the product innovation side, I mean, the high-voltage transformers, any innovation we have done during the year, can you talk about something on that front which can high in value and value margin accuracy for us? Manish, we are actually all into all kinds of the transformers right now. Yes, for this year, we are targeting that we wanted to get into the HVDC segment. And pretty soon, we'll be into that line. Otherwise, if you see about the HV transformers, we have the capability to make up to 1,200 kV transformers. And no transformer has been built more than that so far now. One small data point. Can you split the CapEx for 2026-2027? Last time, you shared the product-wise and the customer-wise order book breakdown. This time, it is not available in the presentation. Can you share the data? Thanks a lot. Okay. Okay. Manish, 2026-2027 CapEx, we have not identified. We are working on those numbers so far. Firstly, our target is to become 100% backward integrated. And for that, the board has allocated INR 550 crore, which will be used for the backward integration as well as to the organic growth, what we are trying. We are We are eyeing for 22,000 MVA in this year. So that will come up. As far as the customer breakup is concerned, that in our present order book, around 45% is the utility business, and around 55% is the EPC and other businesses' comps. As far as the product is concerned, 70% of our product is on the 220 kVA plus and 30% is on the other transformer sides. What is the export share of the order book? Not only order book, basically, if I could tell you in revenue, around 15%-17% is the export shares. 17%. Order book is also around 15%. 15%. And as. 15%. As you have been hearing us, that we have targeted to remain around 15% on the export order book side. We don't want to increase more than that because the opportunities are very, very high in India, and margins and payment terms are much, much better now in India. Absolutely, sir. Thank you so much for answering my question. Thank you. Thank you. Your next question comes from Anupam Goswami from SUD Life. Please go ahead. Hi, sir. Sir, my first question on the growth that you are building up in $1 billion revenue. So is it based mostly on the government CapEx, or are we basing on the private CapEx? And also, now that we are venturing into EHV and HVDC, how confident are we, given that the transformer capacity in the industry is also rising? How competitive are we in that segment, and what sort of margin will we be able to maintain there? Anupam, what was your first question? The growth that you are building, it is based on government utility or mostly? Yeah, yeah, yeah, yeah. Anupam, basically, if you see in my present order book, it's 45%, 55%. We have the customer mix, and that shows that we have the diversified customer range. Second point is that, let me tell you that the grid expansion in India is taking a very, very fast pace. If I give you a very small example, that as per the CEA only, in the next seven years, in the next six years, basically, 381 transformers are required for the grid expansion, which is 220 kV plus transformers and around 193 reactors are required. At present, we even don't have the 50% capacity of that in India. The growth in the grid expansion is taking a very, very fast manner. So by both the levels, the requirements are coming, and we are serving both the clients on that level. Second point is that margins have reached up to the level where we don't want to increase the margins much. As our chairman's philosophy is very, very clear that we should not increase the margins to open the doors for us. Yes, HVDC, we are entering, and we are quite compatible in terms of the HVDC as we have the manufacturing excellence or engineering excellence for the other products also. Same we have in this also. In HVDC, do we intend to tie up with something? Because I believe HVDC, only a few players are qualified. Have we gotten any order or approval as of now? Anupam, there are no orders as such. But we have been promised by the central utility. They will give us the work for the repair of the transformers. And once they are comfortable with what we do on the transformers which we are going to repair because there is huge failure of the HVDC transformers in the grid. So they are very much keen to have the players who are homegrown or because of the India-make philosophy of our Prime Minister, they are going to give us a trial order for that. And once we get it, we will do it on our own. But as far as the technology is concerned, we are not going to get the technology from anyone. Nobody is going to share that. As you know, now, if you see even 400 kVA and 765 kVA, technology is not available. If somebody has to do it, he has to do it on his own. Okay. Sir, lastly, if you can give some light on the kind of capacity transformers India is building up in the next two, three years and the kind of demand you already mentioned, will there be any refurbishment of old transformers and those orders along with this? Yeah, Anupam, the old transformers are going to be replaced. The transformers which are older than 35 years, they are going to be replaced. But they are not plenty because we have started building 400 kVA lines since last only two decades and 765 kVA only since last 15 years. So there are not going to be many transformers for repairs of 400 kVA or 765 kVA. But in the years to come, it is going to be. Thank you, sir. I'll turn back to you. Thank you. Your next question comes from Bhalchandra Shinde from Motilal Oswal Asset Management Company. Please go ahead. Hi, sir. Sir, on the current order book, what will be our execution cycle? 15-18 months. Since we have started the CRGO steel plant, what kind of inventory will we need to keep, and how the cost impact or cost benefit one should see [audio distortion]? We have already tied up with the couple of mines for the long-term mills for the long-term supplies. So we'll be not keeping the inventory much into our facilities. They are going to supply us on monthly basis to us. So there is no such inventory buildup is required. And more than the margins and these things, this acquisition will improve us the quality as well as the operational efficiency and delivery time, which will automatically end up increasing our margins. Okay. [audio distortion] Maybe, sorry to interrupt. Shinde, sir, we had lost your audio in between, and there is a lot of background sound also coming from your line. So if you can repeat the question once again. Can you hear me now? Yeah. Yes, sir. Yes. Yeah. So in working capital improvement, how much is the benefit because of the advances received from the customer? Not a significant improvement on that, Mr. Shinde. It is an overall and holistic approach that the organization has taken that is basically yielding the improvement in the working capital. Got it. Got it. And overall, what will be our targets, as you said, in FY 2026 for order inflow? Just I think a question back. Our MD has actually replied that. So our target is to have the INR 8,000 crore order book by end of the next year. Got it. Got it. Thanks. Thanks. Sagar. Sagar. Hello. Sagar, can you please stick to one question by every person because there are lots of people in line queue, please? Definitely. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please restrict your questions to one each per participant. If you have any follow-up questions, you may rejoin the queue. Your next question comes from Samarth Khandelwal from ICICI Securities. Please go ahead. Good afternoon, sir. Congratulations on a very good start. Sir, my question is on the specialty transformers side, which I believe area of market is exports. So first question is that how will the tax impact this demand for specialty transformers from us? And yeah, with respect to specialty transformers, that's it. Samarth, the market for the special transformer is growing very fast, mainly because of the speed which has taken up for production of the green hydrogen and ammonia. There is going to be a huge requirement of transformers for that. We have been getting inquiries from all over the world for the supply of these rectifier transformers. So that business is going to grow in a big way. So there is going to be also with the Samarth, there is a lot of background noise. Hello. Yes, sir. I am muting myself. Yeah. So there's going to be a huge requirement for those transformers as well in the coming years. And as far as India is concerned, we are the major supplier of these rectifier transformers and the furnaces for I mean, the transformers for the furnaces, whether it is electric arc furnace, whether it is submerged arc furnace. So that business is also growing very fast. Have I answered your question, Samarth? Yeah. Okay. Thank you, sir. I'll turn back to you. Thank you. Your next question comes from Mayank Chaturvedi from HSBC Mutual Funds. Please go ahead. Yeah. Thank you for the opportunity, sir. Just a clarification. You said manufactured MVA for the year stands at 29,000 MVA. But when we had discussed Q2 FY 2025 results, it was guided that there will be around 40,000 MVA with a revenue of about INR 2,000 crore. So the realization per MVA was about INR 5 lakh per MVA, but now it seems it has risen to about INR 7 lakh per MVA. So can you just clarify what's the difference that has come out in the second half of FY 2025 on the realization and the deliveries, please? Mayank, see, this is the wrong perception of the people. The realization of the per MVA realization is just for the name's sake. See, if you make a larger transformer, like if you make a 500 MVA, 765 kV transformer, which is single phase, which is around today, the 500 MVA transformer costs about INR 20 crores. If you talk about 500 MVA transformer, three phase of 400 kV, it is costing you INR 32 crores. So it is just, I mean, for the name's sake, you can't decide the per MVA realization of the transformer and come to the conclusion about the margins. Like reactors, reactors are, again, it's INR 7 lakh to INR 8 lakhs per MVA. But they are different. So every transformer has a different per MVA realization. If you go for a smaller transformer, the realization will be something like INR 15 lakhs per MVA. So it does not tell you anything about the realization per MVA. But 29,000 MVA or 30,000 MVA and INR 2,000 crore of revenue comes to around INR 6 lakhs per MVA. So that's fairly good. You know? Yeah. Yeah. Yeah? Okay. Just a follow-up on this, sir. Safe to say that we're now operating at 70%-75% utilization, and that will get fully utilized in the next year? Yes. We are currently at about 60%-65% utilization. Next year, we should reach about 80% utilization. Okay, sir. Thank you, sir. Thank you. Mayank? Yes, sir. Thank you very much for your continuous confidence and support. Pleasure to ask. Thank you. Thank you. Your next question comes from Pritesh Chheda from Lucky. Please go ahead. Sir, I think I missed your volume number for FY 2025, and I missed the CRGO backward integration. So, do we make any CRGO right now, or this is all incremental that you're talking about? See, we are. This are. This is a process house. It just processes the CRGO. Yeah, I know. I know. I know. Yeah. It is just processing. So the lamination? Yes. Go ahead. Tell me. Go ahead, sir. So I'm just saying, were you making your laminations earlier, or this is the first time you will make it? So see, we have taken over a company which was into this business. So we have taken 51% stake in it. So we don't have to look for the technology partner or anything. The person is already there, is working on that. We are adding on two more lines for manufacture of CRGO of different configuration and also the CRGO for the reactor coils. The reactor coils, there are only two people who are doing it now. So we'll be the third party to be doing it. Okay. So basically, the volume that this company was doing and will do, what is that number? See, they were not doing much because they had a lot of financial issues and all that, and they had some conflict of interest with Posco over their partners. So now they are not there, but Posco has assured us a particular supply so that we are not short of material when the time comes. So when you said 100% backward integration, which means next year your whole volumes will be the laminations will be yours, that's how it will be? No. Yeah. CRGO will be almost 100% ours. Almost, I say. Because sometimes the larger rating are many and then limited capacity of the larger machine. So, we may have to buy from outside or we may get it done on job work basis. Okay. And the volume number, the MVA volume number, sir? 80% will come from our own company. Sir, I asked the volume number for FY 2025. What was your transformer volume number? Pritesh, if you exactly wanted to understand how many numbers we are producing, we have lots of different. No, no. I asked the MD sir, I am asking the MVA. You gave out the MVA number. 28,882 MVA. Okay. Perfect, sir. Thank you very much, sir. Sagar? Yes, sir. Sagar, I request you, please take one question at one time, please. Sure. The next question comes from Rucheeta Kadge from I-WEALTH. Please go ahead. Hello, sir. Very good evening. Most of my questions are answered. Just one question on the CapEx side. As you're saying that we'll do around in the next 15 months, around INR 550 crore of CapEx. So how much would that be in FY 2026? FY 2026 should be close to around INR 400 crore. INR 400 crore. Okay, and that would mainly be spent on the backward integration part, right? Backward integration as well as in organic growth. Okay, so how much for the backward integration and how much for the organic growth? Rucheeta, as of now, we don't have the perfect numbers, but just say it will be 40% should be on organic growth and 60% should be on the backward integration side. Okay, and just to confirm, next year. May I request you to return to the question queue for follow-up questions? Sure. Thank you. Your next question comes from Kaushal Sharma from Equinox Capital Ventures Private Limited. Please go ahead. Hi, sir. Very good evening. Am I audible? Yes, please. Yeah. So my question is on industry side. I've heard that there is great opportunity in the U.S. side because there is some disruption on the grid side. And we have recently faced some reciprocal tariffs in our industry. So are we expecting a good momentum in the export market as far as the U.S. is concerned? And what kind of tariff impact in our industry would impact our margin in the future? We would be doing around 10% of our total turnover next year in exports. Do we have any impact of this reciprocal tariff on our margin? No, there is no reciprocal tariff. Our products are exempted from tariffs. Okay, sir. Okay. Thank you. Thank you. Your next question comes from Gunjan Kabra from Niveshaay. Please go ahead. Hi, Jitendraji. Congratulations on a very good tariff numbers. So one question is that orders that got delivered this quarter, you mentioned that were of high margin. So which segment was that in terms of type of transformer? It's the high-voltage transformers. So, sir, our order book is also in the high-voltage transformer, majority of the order book. So why can't the margins sustain in spite of we being the most backward integrated player in the industry then? Gunjan, look, we have the product mix with us and the customer mix. So it's not there that with every customer, we have that much of the margin, right? So on an average basis, the margins will remain somewhere around 16%-17% bracket as we told you. Okay. And sir, in the beginning of the year, we had INR 17,000 crores of order pipeline, and now it is around INR 22,000 crore. So how much of the INR 17,000 crore has been converted in terms of orders in the industry itself? And right now, how much would be from the high kV side, and how much would be from the IBP side? Any idea on that? Gunjan, basically, if you see that out of INR 17,000 crore worth of the inquiry lines we have, we already got around INR 4,500 crore of the orders. So that is there. And apart from that, we still have 22%, INR 22 crore. If you see, sorry, INR 22,000 crore. If you see the success ratio, you can see we are already reaching to the next year requirement. Okay, so the INR 17,000 crore has already been. Particularly, all these inquiries are basically around 17% sorry, 70% is on the EHV transformer side, and 30% is from the different product mix side. Okay. Perfect. Perfect. Perfect. Thank you. Okay. I'll get back in the queue. Thank you so much. Thank you. Your next question comes from Vishal Singh from Finvestors. Please go ahead. Am I audible, sir? Yeah. Yes, please. Thanks for the opportunity, sir. And thank you again for congratulating you for surprising us again with superlative buck-discount number. So my questions are mainly answered, but one thing which was left behind was that we are doing a CapEx of INR 550 crore in the next 15 months. So what is the process of fundraising? Is it QIP or something? No, as of now, not. We already scheduled our last QIP, so we won't be needing anything. Thank you very much for that. Sir, and can you just give us the break-up of the scope in terms of countries like the 10% we were doing, where you have decreased from 15% to 10%? It It is really nice to see the current situation. We are exporting to almost all developed countries of the world. Understood, but can you just know you must be knowing that we are directly talking about U.S., what sort of numbers from U.S.? Sorry? I didn't get your question. What sort of percentage we are exporting to U.S.? We will see. As time goes by, we will see how much we are exporting to U.S. and how much we are exporting to other countries of the world. Vishal? No, not, sir. As of now. Okay. Sir, please. Vishal, U.S. is not that focused for us. Our focus is that where there is the more revenues coming up. At the right time. Understood. Understood, sir. Understood, sir. Thank you very much, sir. And good luck. Thank you. Your next question comes from Aaryan Saluja from Derby Asset Management. Please go ahead. Am I audible? Yes, you are audible. Yes, sir. You have mentioned your philosophy about not focusing on margin to open doors. But on the last phone call, we have discussed about the CRGO scarcity and backward integration. Where do you see that playing out in terms of margins in the future as they have already attained 19% without them clearly playing out yet? Sorry. I didn't understand your question clearly. What is it? But you have told us that your focus is not on margin improvement on a. Aaryan? Yeah. Our focus, what our intent is that our focus is not to increase the margins by increasing the prices. Our focus is to increase the margins by increasing the operational efficiencies. Okay, so basically, short term. So the question what you have asked is that we have achieved the standalone margin of 16% and 17% level, which is the sustainable margin for the industry and for us. So we don't want to increase the pricing to open the door for others. That is what it's meaning. Second point is that on the backward integration side, what we are looking up, that the margins what we will be getting from that, that will be the additional margin will be adding up in our revenues and margins. Okay. Thank you. Thank you. Your next question comes from Siddhant Gupta from RV Investments. Please go ahead. Good evening, sir. Am I audible? Good evening. So congratulations on a good set of numbers. So all my questions have been answered. So I'll just ask one question. So can you comment on the bottom line? My bottom line is 10%, dear. Going forward, will it remain same or any changes we can expect? It will remain the same. Okay, sir. That's it. Thank you. Thank you so much. Your next question comes from Shivam Dave from Prodigy Investment. Please go ahead. Yeah. Hi. Am I audible? Yes, Shivam. Yeah. I just wanted some clarity on the balance sheet. There is a sharp increase in your non-current trade receivables. What does that account for? Shivam, basically, in our receivables, there are two kinds of the receivables. The one is the receivables which are due for the payment, and second is the receivables which is basically retention money lies with the utilities, which comes basically after the project is completed. So these non-current receivables are the receivables which are not due for the payments. So that is INR 336 crores, right? Yes, sir. That is INR 336 crores, right? So which will be realized in the next 6 to 12 months' time. Okay. So that is very good. As soon as the projects will come, and also there is a part of that into that, the receivables which are basically related to the March sales, so those are not due because once the product will reach there, then these will be due for that payment, so it is for the better understanding for the investors. Okay. Okay. And another just follow-up, if I can ask, the 15,000 MVA CapEx that we have, when would that come online? The first phase will start from the May 25, in two months' time. So that first phase should include how much? The first phase should include about half of the volume, and as progressed by Q2, the entire will be available for the commercial production. Okay. Okay. That's it from my side. Thank you. Thank you. The next follow-up question comes from Samarth Khandelwal from ICICI Securities. Please go ahead. Sir, we did a technical tie-up for manufacturing bushing this quarter. Could you elaborate on that and how much of the raw material cost, as a percentage of raw material cost, the bushing cost, and how much will be the benefit? Samarth, these technology types or tie-ups are related to the backward integration components, mainly for the bushing and the insulation products. These are basically they may not be comes under the AB category of the raw materials, but they are very critical components for the transformers, and their lead times are quite high. To mitigate that lead time and to mitigate the availability of the product immediately, these backward integrations have been done. Okay. Thank you. Sagar, one more question, please. Sure. The next question comes from Prerak Gandhi from Neumerc Research Lab. Please go ahead. Hello, sir. And congratulations on a stellar set of numbers. So, hello. Am I audible? Yes, sir. Yes. So, sir, with respect to the 22,000 MVA that CapEx which we intend to plan to incur, so where do we see the finance coming from that? How are we going to finance the CapEx? From the internal accruals and the QIP proceeds, what we have with us. Okay. And, sir, with respect to the CRGO backward integration, how much margin improvement do we see once the CRGO is completely backward integrated? Sir, it won't increase much of the margins. We may end up having 0.25% on the product basis, but it is going to improve my operational efficiency and quality, which will give me the extra leverage on my production capacity. Okay. And, sir, just one more question if I may. So, sir, are there any bottlenecks with respect to the power and transmission industry? Because we are seeing a lot of slow government CapEx as well. So the transmission distribution industry entirely depends on the government CapEx, right? So are we seeing any slowdown? Are there any major bottlenecks which we are facing, considering that we also have a major chunk of power in distribution transformers? No, there is no slowdown in terms of government spending in the power sector at all, power and energy sector at all. Okay. Thank you and all the best. Thank you. Thank you. Thank you. Ladies and gentlemen, we will take that as the last question for today. I now hand the conference over to Mr. Dhirendra Tiwari for closing remarks. Thank you very much. And I would like to thank the management of Transformers and Rectifiers to give us the opportunity to host the call. Before I end, may I invite Satyenji for his closing remarks, please? I would like to sincerely thank each of you for taking your time and joining us today in our earnings call. We hope that we have addressed all your queries, and we look forward to many more meaningful interactions with you in the future. Thank you. Thank you very much, and we can close the call now. Thank you. Thanks, Sagar, and thanks, Tiwari ji. Thank you for your attention, ji. Thank you. Thanks a lot. And all the best for the future. And now we can close the call. Have a good evening. Thank you. Thank you. On behalf of Antique Stock Broking Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.