Ladies and gentlemen, good day, and welcome to the Indi Grid Trust Q2 FY24 Earnings Conference Call, hosted by Axis Capital 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 and zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Jiten Rushi from Axis Capital Limited. Thank you, and over to you, sir. Thank you, Seema. Good evening, everyone. On behalf of Axis Capital, I'm pleased to welcome you all for the Q2 and H1 FY 2024 earnings conference call of Indi Grid Trust. We have with us the management team, represented by Mr. Harsh Shah, Chief Executive Officer and Whole-Time Director, Mr. Navin Sharma, Chief Financial Officer, Ms. Meghana Pandit, Chief Investment Officer, and Mr. Satish Talmale, Chief Operating Officer. We will begin with the opening remarks from the management, followed by an interactive Q&A session. Thank you, and over to you, sir. Thank you, Jiten, and thank you everyone for joining on this quarterly call with us today. I'll be referring to the investor presentation that we have circulated, to ensure that we, we are on the same page in terms of referencing. So I'm on the slide number three of the investor presentation, so I'll reiterate our vision. Our vision is to become the most admired yield vehicle in Asia, and we believe that if we are able to continue to, focus on focused business model with long-term contracts and low operating risk, focus on value accretive growth, deliver predictable distribution, and maintain a capital structure which is optimum, we will be able to achieve, what we have set out to achieve. On the next slide is our, current portfolio. As you can see, the portfolio has substantially grown versus last quarter on account of the recent acquisition. As we stand today, we are approximately INR 27,000 crore assets under management. We are present in 20 states and 1 UT with over 80 revenue-generating elements, separate revenue-generating elements, which encompasses 8,400 circuit kilometers of lines, 17,550 MVA substations, and over 555 MW of AC solar generation, and DC level will be over 670. Our transmission average tenure effect on the contract is 27 years, where most of our assets are built, owned, and maintained, so there's no transfer. In solar, we have almost all contracts are used to be 25-year-old, but most of them have an operating history of seven years now, so with a residual tenure of approximately 18 years. On the quarter two update, which is on slide number 6, this quarter has been a very, very interesting quarter on multiple fronts. At one end, we have acquired one of the largest acquisitions in the renewable space, which is Virescent, which we acquired for approximately INR 4,000 crore, which almost made our megawatt capacity 5x and added in the grid, even in solar, took to around 17%. Along with that, we also raised INR 400 crore, approximately INR 400 crore of preferential allotment, where marquee reputed investors and family offices end up investing in sometime in August. On the growth and capital front, we are doing pretty well. While funding for recent on the debt side also, we have, we've charted a path of one of the longest infrastructure bond of almost 18-year tenure with, one of the marquee investors like IFC on, on our board, which IFC has become the largest lender to us now. And on growth side, we have made a beginning in the new area of battery energy storage, which we've been speaking about over last one year, and we have received the first letter of award for 10 MW, 14 MWh project in Delhi. So overall, a pretty exciting quarter that we've seen over last, last few months. In terms of financial performance, our revenue and EBITDA grew approximately 20% and 4% year-on-year respectively, with EBITDA growing just 4%, considering there are several one-time costs which we expensed out in the first quarter of acquisition from the recent. On the, like, one-time integration and other expenses, which we mentioned here. On the collection front, Quarter 2, again, surpassed our expectations. We collected approximately 114% in transmission and 127% for solar, which has aided the NDCF substantially, and that is one of the reasons that we have increased the guidance for the financial year 2024 to INR 14.10 a unit, as well as increased the guidance on run rate by another 3% to INR 3.55 a unit versus INR 3.45 in Quarter 1. It's important to note that we have increased 3.3-3.45 just six months ago, so on a year-over-year basis, it is almost like a 7.5% increase on GPU that's being delivered. Our net debt to AUM as it stands today, 63.5%, which is well below the 70% cap, and we will look to raise capital to continue to maintain the headroom for further growth. On the operational front, our availability remains above par at 99.76%. Solar CUF is as per plan that we had budgeted for, and the issue that we had seen in NER assets within [inaudible] has been rectified, and the lines are operational now. On the industry update, we see, I'm sure you guys have seen the latest couple of days of newspaper. The demand generation, generation growth is increasing, and we are pretty bullish about the peak demand as well as, number of units consumed is going to continue to rise on a year-on-year basis, which will result into substantial amount of investment in the sector. One of the key development, on the transmission and solar sector that we target, the national framework on ESS to encourage adoption and create ecosystem for development of ESS has been pushed. The national electricity plan only charges 74 GW of storage, with a capacity of 400 GWh, and this is completely in line with India's vision to achieve 500 GW of solar for renewable energy capacity. We are confident that, storage is in its journey of evolution, where solar was 15 years ago, and with incremental investment in, and support from the government, we are confident that the cost of battery and storage will continue to come down. Over INR 125,000 crore of projects and transmission have been announced, and they are coming for auction over the next 12-18 months, and we are preparing ourselves well to see what are the relevant projects and suitable projects for us to acquire and build. Coming to the next slide, on slide number 8, I would invite Satish Talmale, who is Chief Operating Officer, to take you through the operating performance of the company. Hi, hi, everyone, and happy to share quarter two operational performance for the portfolio. Starting with safety, we continued to perform on our mission of zero harm. We had no fatality, zero medical treatment cases. We had one LTI, and three first aid, minor injury cases reported. On performance, quarterly average availability is at 99.76%. Solar generation, we generated 231 million units at 18.9% CUF, which is higher compared to last year's quarterly performance by 4%, which is shared due to reliability initiatives and some performance improvement initiatives. Insulator flashover issue, we are out of the way. Both the lines are charged now, and that risk is largely mitigated. On overall reliability for the transmission system, we have trips per line ratio at 0.16, and substation trip per element is at 0.03. This is slightly higher than the last year performance because of the insulator issues, but now we don't anticipate those issues in near future. Of course, the focus on prudent defect management with reliability-centered approach will continue with the adoption of new technologies. A few initiatives like Asset Health Index, which will help us to determine the condition of the critical equipment and the remaining life, residual life, is something we have kickstarted. Drone deployment is already getting commenced in our central region at a larger portfolio level. We'll be covering almost 2,000 kilometers under drone surveillance. Solarization project, which is one of the initiatives for saving our auxiliary power consumption across the portfolio, this is also kickstarted for other substations. Yeah, that's it from my side, and I would hand over to Navin for financial performance. Thank you, Satish, and good evening, everyone. We are on slide number 9. Another good quarter with robust performance as compared to the same quarter previous year. We have recorded a revenue in EBITDA of INR 695 crores and INR 558 crores respectively, which translates into 24% year-over-year growth. Q2 FY 2024 EBITDA includes one-time integration expenses pertaining to Virescent acquisition. NDCF generated for the quarter was INR 309 crores, and board has approved distribution of INR 3.55 per unit, which is higher by around 3% compared to our guidance, and this translates into DPU growth of 7.5% on year-over-year basis. With this, FY 2024 DPU guidance increased to INR 14.1. Coming on to collections for the quarter, it stood at 115% and 127% respectively for transmission and solar business. For H1, collection performance is more than 100% for both the businesses. The DSO as of 30 September 2023 stands at 67 and 73 days, respectively, for transmission and solar business, which reflects significant improvement in solar business, where DSO was 125 days a year ago and 87 days in last quarter. Coming on to next slide, number 10. DPU for the quarter is INR 3.55 per unit. It will be distributed in form of interest, capital repayment, and other income, which is INR 2.9, 0.63, and 0.02 respectively. The outstanding units at the end of the quarter is around 73 crore, and the gross distribution to all the unitholders at INR 3.55 comes to INR 259.5 crore. The record date for the distribution is November ninth, and tentative date by which the unitholder will receive the distribution is November eighteenth. NAV as of September thirtieth stood at INR 133 per unit. Post this quarter's distribution, IndiGrid would have distributed INR 78.86 per unit, with a total distribution of around INR 4,389 crore. On the right-hand side, we showcase the trend of distribution year-on-year basis, with a stable and scalable growth of 4% over the years. We are on track to meet this year's revised guidance on distribution of INR 14.1 per unit. Coming on to next slide, number 11, which showcase the waterfall from our EBITDA to the NDCF distribution and generation. At an SPV level, we have a consolidated EBITDA of INR 586 crores, net of the finance cost, working capital movement, CapEx, and taxes at SPV level. NDCF generated at SPV comes to around INR 673 crores. The net of the Infrastructure Investment Trust (InvIT) level expenses, interest cost and tax, we have generated NDCF of INR 309 crores. In this quarter, we have replenished our reserves by INR 49 crore, and closing reserves stands at INR 303 crores, which is in excess of one quarter's DPU, based current guidance. So that's all from my side. I, I hand over to Meghana to take the subsequent slides. Over to you, Meghana. Thanks, Navin. Good evening, everyone. I'm on slide 12, which showcases our balance sheet overview for this quarter. We continue to remain AAA rated by all the three rating agencies, and at the end of this quarter, thirtieth September, our average cost of debt was about 7.56%. Almost 84% of all the gross borrowings, which stood at about INR 188 billion, are of a fixed rate nature, which has been our strategy of ensuring that bulk of the borrowings continue to be on a fixed rate basis. Post the recent acquisition and the preferential allotment, our net debt to AUM stands at about 63.5%. The cash balance stood at about 1,800, 1,870 odd crores, which comprises about 250 odd crores for the Q2 distribution, almost about 500 crores for DSRA. Four hundred crores that we raised from the preferential issue is also included in this cash balance, and the NDCF reserve that got created in the quarter is also part of this cash. During the quarter, for the recent acquisition, we raised about 4,000 odd crores, and that we raised at an incremental cost of about 7.53%, which was lent by marquee lenders such as IFC, which subscribed to 15-year NCDs. In addition to that, other marquee debt lenders were IIFCL, Central Bank, HSBC, SBI MF, Yes Bank, so on and so forth. Totally, at the end of the quarter, our gross borrowings of INR 188 billion can be split into almost 55% of bonds and about 45% of bank loans. Bonds also are subscribed by various categories of investors, including mutual funds, insurance companies, HNIs, similar, diversified portfolio on the loan side. The graph that you see at the bottom of the slide showcases the repayment or refinancing schedule. As has been mentioned, we try and ensure a smoothing curve in terms of the refinancing that comes up every year, and our target is not to increase that more, by more than 10%-12% of the gross borrowing. FY 2025, the refinancing amount of about INR 21.5 billion comprises the 12 billion of short-term loan that we took in order to fund the recent acquisition. Out of that, almost INR 400 crore is already repaid, which we had raised through preferential allotment, and balance we will do through the impending equity raise that is planned. Moving to slide number 13. We continue to deliver superior risk-adjusted total returns. Total returns comprises of the distribution, which is almost 75% in the end of the quarter, without including Q2 distribution, and about 38% of price change. On a total return basis, that translates into 113% since the time we got listed, and on an annualized basis, it converts into 13%, which, as you can see, compared to pure play debt bonds as well as compared to pure play equity indices, we, we have been providing superior returns, especially if you compare it with the beta, which is the measure of the risk, which is at the lowest end. Continuing, on slide number 14, which talks of our business outlook. For the portfolio strategy, we are focusing on maintaining stable operations and ensuring that we continue to provide with sustainable distribution while looking at value accretive acquisition. On the growth side, we are looking to consummate the pipeline deals, which is one of the transmission assets that we plan to acquire from G R Infraprojects Limited (GRIL), Rajgarh Transmission Ltd (RTL), upon its COD, which is expected in Q3. In addition to that, the greenfield development commissioning of our first greenfield project, Kallam Transmission Limited (KTL), and the newly won BESS project in Delhi, we continue to focus on that. In addition to that, the significant greenfield opportunities which are available on the transmission side, we will look at proactively participating. Delivering on the increased DPU guidance of INR 14.1 for FY 2024, we are also looking at undertaking internal restructuring in order to smoothen the operations and reducing the legal entities from 38 to. It may be a lower number. Basically, that is a simplification of the corporate structure. Improving balance sheet strength continues to be the focus area, which is considering the market environment, ensuring that we look at optimizing the interest cost and elongate the tenures as much as is possible when we look at future acquisitions. Similarly, maintain adequate liquidity to address any uncertainties that come about. We are also looking at raising equity capital, for which we had taken the unit holders' approval to the extent of about INR 1,500 crores. On the asset management side, our focus continues to be on maintaining 99.5% availability across all the portfolios and ensuring that we maximize on the incentives, ensure that we improve on the O&M practices across the portfolio, utilize various digital tools in order to assist in analytics and decision-making, both on the solar as well as on the transmission side, and ensuring world-class EHS and ESG practices. Our initiatives towards continuing where we keep we proactively participate in the electricity sector, where we can look at capitalizing on the opportunities that come about, both on the greenfield side as well as on the monetization pipeline side. And focusing on increasing awareness and education about IndiGrid per se and IndiGrid at large also remains an active area for us. Moving to slide 15, this is a slide that we provide, which showcases how, on the back of accretive acquisitions, has our DPU been increased and the longevity of the same. If you look at from FY 2018 onwards, since the time we got listed, from INR 11 to INR 14.1, DPU guidance that we have provided in FY 2024 on the back of various acquisitions. And the acquisitions we have categorized in various colors, the last one being yellow, which is supposed to be the same as well as the augmentation pipeline that we have, and how that, the longevity and the increase of that can be seen, given the business plan. I'll take a pause here, and maybe we can get into a question and answer session for any specific queries. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Mohit Kumar from ICICI Securities. Please go ahead, sir. Yes, good afternoon, and congratulations on a very, very good quarter, especially for raising the DPU. So my first question: What is the EBITDA variation in the quarter and in the half year? And at what enterprise value you bought this portfolio? Hi, this is Harsh, Mohit, and thank you. I think, the variation, we have not provided a specific variation-related disclosure, so it wouldn't be fair to disclose. But I can tell you the recent performance in this quarter has been for one month and five days. The consolidation of Virescent has happened from 25th of August, the date of acquisition and resolution of the trust. So subsequent to that, it is taken into consolidation. But, so it's this month I can say that's been added. How much exactly? We have not provided the split in the financials, so we may not be able to give that. On the enterprise value of the recent, depending on you look at it, net of cash with cash and all that, simply put, we have acquired for approximately INR 3,850 crore, which is net of cash, plus cash will add, so approximately 3,800 or INR 3,850 crore is the enterprise value one can look at. Understood. My second question is: What are the equity requirements and capital required for battery storage project and expected COD and EBITDA, if possible, yeah, for looking at it? It's a very small project. It's I think the top line of that project on an annuity basis around INR 11 crore, and this is going to be for 12 years. And CapEx is, I would say, in the range of INR 100 crore+. We are still working on the final CapEx. As you know, the battery value, et cetera, we are closing, but it's gonna be more than INR 100 crore. The equity required for that project will be only 30%, because 70% of the debt is gonna be funded by GEAPP, is one of the leading development organizations who have supported this project from the beginning, and it is kind of required that we borrow from them, so it's the same, same for all bidders. So approximately INR 30 crore is the equity required. So last question on the, there is some... I think in the board meeting you have, you are looking for doing a debt structuring within the group of various SPVs, hold co's, held by, held by IndiGrid, reducing the number of legal entities. So what's the purpose of this? Does it give us any financial benefits? I would say a little bit of financial benefit. So we are running about more than 35-40 legal entities, and the whole idea is when you run the 40 legal entities, we have to run it like a normal company, right? Irrespective of- That being an SPE, that adds compliance costs, and transaction costs. So we are trying to minimize that, and our goal is to reduce from where we are to approximately 25, 26 legal entities. The main benefit is gonna be the simplification of the structure, compliance costs, et cetera. But considering it is even intercompany, inter-integrated group transfer, et cetera, because it is for the first time, we are going to look for even approval of unit holders at the right time when the overall scheme is finalized. Understood, sir. Thank you, and all the best. Thank you. Thank you. Thank you, sir. The next question is from the line of Yatendra Agarwal from Sundaram Life. Please go ahead, sir. Hi. My question is regarding the contraction in EBITDA. So the operating revenue is increased by 20%, but EBITDA is just increased by 4%, and we can see that there is disproportionate increase in employee benefit expenses and investment management fees. So, can you explain this? Yeah. So, so there are two costs, which are one-time costs, which are booked on the acquisition. In the expense line item, they are not paid, but they, they are booked in that. So, there are one-time costs, for example, for Virescent acquisition closure. There were certain incentives to the management team who did not continue on as well. So those incentives were paid by the, by, by the acquirer, and those were reduced from the equity value, so those reflect in the first month. Second is the 0.5% is the incentive fee for the IM, which is not paid right now, it is only booked. It will be paid only when entire year's guidance is met. These are the two large expenditure which are one-time expenditure and acquisition, and therefore, the EBITDA looks smaller for the comparable quarter. The third one is contribution of Virescent was only for one month, and that's also for the revenue, but that's the reason why the EBITDA is less. Okay. Thank you. Thank you. Okay. Thank you, sir. The next question is from the line of Sarvesh Gupta from Maximal Capital. Please go ahead, sir. Good afternoon and congratulations for a good set of numbers. So first question is that, you know, earlier, we were guiding for a 3%-5% sort of a DPU growth range in the long term. And I think, post 2021, we have delivered on the more than 5% now, and we are finding more traction outside of our usual transmission assets. So is there a case of increasing the guidance for the DPU growth rate as well? I think, see, I would say even 3%-5% is the intent and strategy, right? It's not a guidance, so it's a strategy. Yes, we have executed that strategy very well over last five, six years and consistently grown the DPU. I think increasing the guidance on growth has not been our focus. Our focus has been to do, one, whenever we increase the guidance, we know that that guidance is rock solid, and it's gonna remain for next eight, 10 years and not just, you know, for one, two years. And the second is, that focus on accretive acquisitions is allow us to do repeat the guidance, right? Repeat the growth of 3%-5%. Now, I won't put all the, extra growth on our skill. It is, it is a matter of luck and opportunity giving opportunities in the market. So yes, we have prepared ourselves well to take over larger assets and interesting assets as and when they come for acquisition. If we can continue to do so repeatedly, why not? You will see this DPU growth, you know, being much higher than what we have done before. But I, I would not guide for it that now IndiGrid is always gonna grow DPU by 8%, and because it gets compounded, right? As you can see in the last sheet that Meghana shared, when we started, we were 11, now we are 14, and we are seeing that with the 3%-5%, we'll reach 15 soon. So it gets compounded. Therefore, I would say, expecting that every year, 8% NDCF growth would put us on a little bit of a pedestal, which we have stayed away from so that we can decide with a calmer mind. So I would say that our guidance on growth remains 3%-5%. As and when there is solid opportunity, there is nothing. There's no incentive for us to hold back growth, right? So we will increase the DPU as we are doing it right now. Understood. Can we now for this incremental growth, you know, we are venturing more and more towards solar. First question related to that was that earlier we were planning to not increase beyond maybe a quarter of the total assets. We are close to that sort of a number as far as these new assets are concerned with this large acquisition. So, so now incremental growth, you know, how are you finding in your core areas? I mean, there's a pipeline mentioned that you have done in your PPT, but are you seeing, you know, interesting opportunities in your incremental growth, given that you might be close to, you know, the limit that we had sort of talked about in terms of n on-core areas? So we are at 17%. There is still a sizable amount of headroom to grow in non-transmission. But to answer your second question, there is tremendous amount of opportunity in transmission... We are actively looking at it, actively bidding for it. When we win, what we win, I think is not in our hands, but I would say we have a significant right to win in this sector. We are competitive. And it's a, and it's a large enough pipeline available right now for few number of players to bid for. So I'm hopeful that we will end up, you know, reasonably achieving our share, a fair share. What number? I don't know, but I, I would say transmission sector has never seen such a large pipeline to be being out in a year or two, right? So it's a significant amount of pipeline that we've seen, and we are hoping that we'll win something reasonable for us. Understood. Just one data point, what is the average tenure on this fixed rate borrowing that we have? Our weighted average, weighted average, what's that term called? Is about 6.2 years on the entire borrowing. Understood. Thank you, and all the best, sir. Thank you. Thank you. The next question is from the line of Mr. Milind, from Dalal & Broacha. Please go ahead, sir. Yeah, hi. Just a small question. The drop in NAV between on a year-on-year basis, is it only because of the capital repayment or there is something else to that? No, no, it is not at all. It is a capital repayment. I'll correct you. It has nothing to do with capital repayment. Capital repayment is just an accounting change based on tax rules. It has nothing to do with capital repayment. The NAV reduction has multiple factors that contribute to. One of it is that when you have a fixed life assets, then the value reduces, right? So some of our assets are fixed life assets, whose value will reduce. Okay. Second is, the risk-free rate has gone up between last quarter two of last year and quarter two of this year, right? So risk-free rate will have a significant impact between the two, in terms of negative side. On the positive side, we have acquired Virescent, we acquired, Khargone Transmission, so that will have an accretive impact. So it's a net impact that we see over there. If there was no acquisition of Virescent and Khargone, then NAV probably would have dropped more. So it's, it's an impact of few negatives, few positives, but it's not capital repayment. Capital repayment is just an accounting terminology. Okay. Okay. Thank you. Thank you. Thank you, sir. The next question is from the line of Mr. Kumar Shah, from Sumangal Investment. Please go ahead, sir. Hi. Can you quantify the two factors which you mentioned, which resulted in less than proportionate growth of EBITDA as compared to revenue growth of 20%? Yes. Navin, you want to throw some light on that? Because I think it is in financials also, so we can discuss it. Yeah. Yeah, so before, as we took, unitholders approval for payment of, or approval of, acquisition fee, which is 0.5%, of, 0.5% of, enterprise value. The amount along with GST is around INR 23 crore, and the incentive which is, which was paid to, Virescent employees, who are, who have not continued with us, is around INR 48 crore. Net, net, it is INR 71 crore, if I understood you correctly? Yes. 70+, and there are some other expenses, but broadly, these are, these are two line items which have, which have a larger impact. Overall, overall, this cost is in range of around 2% of total acquisition, total acquisition value. Roughly INR 80 crore, right, sir? Yeah. Yeah, plus, minus a block, of course. Right. Okay. Thank you, sir. Thank you, sir. The next question is from the line of Mohammed Yusufyan from Lakshmi Vilas Securities. Please go ahead, sir. Hello? Yes. Hello, am I audible? Yes, you're audible. Yeah, just a concern whether this battery energy storage system is operational? No, it is not operational. It is to be installed. Okay, it is to be installed. Is there a change in the strategy to procure non-operational assets? We had our first under construction asset two years ago. Okay. Called Kallam Transmission Limited (KTL). So maybe allow us to do approximately 10% of our AUM is under construction. We have, including the Kallam Transmission Limited (KTL), will be less than 1%. But yes, we, we have gone into the development part of the business. Okay. Thank you. Thank you, sir. The next question is from the line of Mr. Ravichandra, an individual investor. Please go ahead, sir. Yeah. Good evening. Congratulations, Harsh and your team. Excellent, one more quarter result. And mainly we are at 27% growth of asset. My question is, regarding this national monetization plan, we had some change from the government in the newspaper saying that, okay, acquisition cannot be an acquisition, it has to go on a lease or something, then some GST issue has come in between. So any update, regarding this? See, what you are referring to none of them are formal disclosures from the government. I think we have different statements provided by different management teams in different calls. I think fundamentally what government has said that any monetization that is happening of the core assets should be in a manner that the assets come back to the government after, whatever, 20 to 25, 30 years. So that's the in-principle view, which is, which we completely respect and support, that the government want to be monetize assets in a way that they are not losing complete control and eventually the asset comes back to the country. However, the implementation of this philosophy, we have a differing view. There is not necessarily a GST impact. One can very well house assets in the SPV, sell it, and buy back the shares at zero price after 30 years. That is what is happening in the new TBCB projects as well, which are on BOT. So why should it, why cannot it not happen in the monetization? So however, I think it's not in our control to comment on that, so we'll, we'll wait until the government seeks consultation for that. But there is an NMP guideline which talks about how to monetize our transmission assets owned by government and state governments, which we believe addresses many of these aspects. But eventually, the decision to monetize comes back to the respective ministry and respective PSU. And I think there people may take different views, which are, which may or may not be in line with what the overall objective is. Okay. Right now, all INR 29,000 crore is our own asset. We have not yet gone into any lease kind of activity till now. So if government goes with that only, we have to go in the future. That's it, huh? Yeah. If the monetizing features will go and acquire those leases, we, we can get into that later. Okay. Yeah, the cost of acquisition also might get reduced because it is not our property. It is a lease for 35 years or what, so. Correct. Okay. Okay. Thank you. Best wishes. Thank you. Thank you. Ladies and gentlemen, that was the last question for the day. I would now like to hand the conference over to the management for closing comments. Thank you. Thank you everyone for joining the call today, and, as we said, we are executing a strategy of focusing on, you know, building the business with, a good risk return, superior returns, the least risk. And as you can see, the numbers speak for themselves, and we have been able to deliver that consistently over the last six and a half years. And we are pretty confident of the quality of assets that we have and quality of management team that we have. We'll keep delivering and look forward for your support, along the way. Thank you. Thank you. On behalf of Axis Capital Limited, that concludes this conference. Thank you for joining us. You can now disconnect your lines.