Ladies and gentlemen, good day and welcome to KPI Green Energy Limited Q2 FY 2024-2025 Earnings Conference Call. 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. Please note that this conference is being recorded. I now hand the conference over to Mr. Siddharth Thakur. Thank you, and over to you, sir. Good evening, ladies and gentlemen. First of all, a warm thank you for all of you for joining today's call. I'm Siddharth Thakur, Executive Assistant to our Managing Director, Dr. Faruk G. Patel. Unfortunately, Dr. Faruk G. Patel, due to unavoidable circumstances, is attending to another important engagement at the moment. However, he's poised to join us later in the call today. Dr. Faruk G. Patel sends his regards and wanted me to personally convey his appreciation for your continued support and interest in the company. In the meantime, we are happy to address any questions, and you may direct them the same to our CFO, Mr. Salim Yahoo. Handing over the call to him. Hello. Hi. Good evening, everyone. It's a pleasure to meet you here online today. I'd like to extend a warm welcome to all our investors and stakeholders. Thank you for taking the time to join us for our half-year H1 FY 2025 earnings call. So before we begin, I'd like to give you a brief overview of our company's outstanding performance in the first half of the fiscal year and share some exciting updates on our strategic growth initiative. We are proud of the robust growth we have achieved across key metrics in H1 FY 2025, a testament to the relentless focus of our team on project execution, operational excellence, and strategic planning. Speaking about our financial performance, we are pleased to announce that KPI Green has delivered strong results for the half-year ended 30th September 2024. Let me take you through the financial highlights. Speaking about the revenue growth, our total revenue from operations for H1 FY 2025 stood at INR 711.3 crores, marking an impressive 75% growth on a year-on-year basis compared to INR 406 crores in H1 FY 2024. EBITDA growth. When we speak about EBITDA growth, I mean, it's a key parameter in the profitability. So EBITDA grew by 87%, reaching INR 266.9 crores compared to INR 142.5 crores in H1 FY 2024. This performance reflects our efficient operations and strong cost management across all projects. Moving on to the profit after tax, our PAT doubled, recording INR 135.9 crores for H1 FY 2025 compared to INR 68 crores for the same period last year, representing a 100% increase. With the profitability growing strong, our EPS also improved substantially. So our basic EPS for H1 FY 2025 came in at 11.03 per share, reflecting a 76% increase from 6.27 per share last year. I would request you to put others on mute. There's slight disturbance somewhere. Giving you business updates and strategic initiatives that we have taken. Okay. In addition to our strong financial performance, I'd like to highlight a few of the key strategic moves we have made this year. Number one, expansion of independent power production. So what we call as an IPP, our segment where we invest our own capital and we set up the plant and we sell power to third party in the utility scale or in the third-party C&I customers. So our installed IPP capacity as of H1 FY 2025. 13 BY to 665 BY, right? I'll request everyone to please go on mute. Thank you. Thank you, and we have orders in hand for IPP of around 1.26 GW, which is the biggest order book still laid in the KPI's book. Moving on to the second business segment, that is our captive power producer, where we set up the plants for others and we sell the plant to them and we also do the O&M of that plant. So our CPP business continues to show strong momentum with 336 MW installed capacity as of half-year FY 2025, and we have orders for 1.148 GW. So both the segments have a strong order book and a strong execution capability also are there, so we expect this coming year also to be a strong performance as we saw this half-year. Moving on to technological advancement, we have adopted cutting-edge technologies like single-axis solar tracker, bifacial solar panels, and AI-driven robotic cleaner to maximize the efficiency and generation from our solar plant. One of the biggest achievements of KPI in this particular half-year was the net debt zero on standalone basis. So KPI as of 30th September was net debt zero. So there was no outstanding debt. The outlook and future plans, I'll just give a little bit of a highlight on that. Looking ahead, we remain focused on expanding our portfolio and enhancing values for our stakeholders. Some key targets that we have taken for the near future is GW scale ambition. We aim to achieve an installed capacity of 10 GW by 2030, driven by a mix of IPP and CPP projects. We also focus on geographical diversification. We are actively exploring opportunities beyond Gujarat to further diversify our geographical footprint across India. We have already work in progress in Maharashtra for a Mahagenco project. Sustainability commitment. Sustainability remains at the core of our strategy, with significant reduction of CO2 emission achieved through our green energy projects. To date, we have helped reduce 4,369,449 tons of CO2 emission. So this is a little bit brief about our performance in this half-year, along with some of the future outlook that we are planning to share. So now I'll open the second, you can open the line for questions and answers if there are. Sure. 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 CA Garvit Goyal from Nvest Analytics Advisory LLP. Please go ahead. Hi. Am I audible? Yeah, Garvit Goyal audible. We'll need to connect for a good set of numbers. Considering the kind of order book do we have and the order inflows are we expecting, what is the guidance for FY 2025 in terms of top line? See, as of now, what we have seen that until half-year, we have already done INR 711 crores, which is almost 75% of what we have done in the whole last year. So you can expect that we expect that the growth will be in the range of 60%-70% growth of what we have done last year. We expect that much growth. It can be a little bit more than that also. That is what we are planning. Because the order book that we have sufficient order book to execute, so there won't be any problem in achieving at least 60%-70% growth. That is the minimum I'm talking about. Got it. And sir, the kind of environment we are witnessing in the industry, so what is the outlook for next, say, two to three years in terms of top line and the kind of margins we are currently doing? Are these margins sustainable? Yeah, Garvit, if you speak about the outlook on the top line, if you look at, there is a lot of order in the sector or what we say the potential in the sector as far as India is concerned because there are a lot of projects which are going on at various places. Various discoms are taking private players are taking the projects. So there is no deficiency of any orders or order in hand for any of the players. You can see that all the players are sitting with a lot of order books. So potential on the order side is not an issue. Whereas KP is concerned, we have already explained to you that our order book is already full and there are a lot of still order book in pipeline where we are bidding for the tenders, where we are in talks with some of the conglomerates for CPP businesses also. Coming down to margins, margins, if you see, actual margin always is a little bit on the higher side because there are a lot of milestones. What happens in the margin is that we do a milestone billing. Some of the milestones where there are no costs involved, those milestones also get billed because of the rainy season. Actual margin will be a little bit higher compared to the overall margin, but we will be able to maintain our margin of 16%-18% between that on the PAT level. 16%- 18% is what you are saying, right? Yeah, 16%-18% at a PAT level. Yes, I'm talking. Sir, you mentioned all the players are having a strong order book right now. The kind of competition in the upcoming orders, how do you see that upcoming order will continue to flow in the manner that they have been flowing in recent past, or how the picture looks like? Garrith, you need to understand that KPI, KPI is one of the players who has more than a decade of experience, whether it is wind, whether it is solar, so very few players have these kinds of capabilities, both wind and solar, and we have those capabilities. So execution of order is an important part because all the players have orders as there is a lot of potential in the market. All players have orders, but it is to be seen that who has the capability to execute on a timely basis without any overruns, and that is where KPI USP is that it is one of the strong executors, and if you see that all the orders that we have got because of our execution capabilities. So from KPI side, I can tell you that orders everybody will have. Now it's the time that will tell you which of the players are capable of executing the order on a timely basis, and here, it is a track record of KPI that always speaks on itself. So we don't have to speak because there is a decade experience and a hybrid execution experience, which is solar and wind both. So we stand out over there. That's what I see. Understood, sir. That's it from my side, sir. Thank you and all the best for the future. Thank you, Garvit. Thank you. The next question comes from Sagar Tanna from Alchemy Ventures. Please go ahead. Congratulations on a great set of numbers. Thank you, sir. This is our outstanding EPC book, sir, in terms of crores. So if I tell you the total CPP, what we call, you call as an EPC, okay, it's around 1.1 GW of CPP business, what we call that. Now, the CPP business, if I want to calculate, it will be because some projects are along with the material. You can see the panel or the wind turbines, and some projects come without that. So overall, if you can see that if 1 GW, approximately, if I take INR 2.5 crore-INR 3 crore per MW, that would be the order book you can see that in the EPC site at present. Roughly INR 2,500 crores. Is that a fair number? Yeah. Yeah, between INR 2,500 and 3,000 crores. Got it. And sir, so how much of it would have been done in the current financial year in FY 2025? As I told you, we do billing on a milestone basis. So it is very difficult to actually tell you that exactly how much MW or something which we will get. So it is very difficult to depend on the existing. But as I told you, our top line will be 60%-70% minimum growth over the last year top line. So that is the. My question was not on the growth, sir. In terms of EPC order wins, how much did we win in the current financial year? How much did we win in the current financial year? That's right. Almost, you can say that out of this, 70%-80% has been won in the current financial year in FY 2024-26. Out of the INR 2,500 crore-INR 3,000 crores of outstanding order book, roughly 2,000 odd crores, we would have won in the first half. Is that correct? Yes. Yes, yes, you can say. What is the order pipeline for the second half? See, out of this INR 2,000 crore-INR 3,000-odd crores of the total order book that we have in hand, okay, there will be a lot of overflow from this financial year to the next financial year. So you can say that approximately INR 1,200 crores would be something that out of that, 40%-50%, we are planning to close it this year. So that will be the remaining would be outflow for the next year. Got it. Thank you and all the best, sir. Thank you, sir. Thank you. The next question comes from Samrat Shah, an individual investor. Please go ahead. Hello. Am I audible? Yeah, yeah, you're audible, Samrat. Firstly, I would like to congratulate you on your wonderful set of numbers. I will. Thank you. Yeah, yeah, thank you. I said thank you for the wishes. So the line for the participant has been dropped. So we'll move on to the next question. The next question comes from Ashish Rampuria, who's an individual investor. Please go ahead. Thank you. I think, first of all, thanks for continuing to perform extremely well. Two-three questions. Thank you. Thank you for my side, right? I think what the previous participant was also asking, what is the bid pipeline, right, whether in terms of GW or crores that we have? I'm not talking about the order book, but the bid that we would have placed or the conversation that we have. The pipeline that we are looking at present is between 1.5-2 GW. That is the bid pipeline that we are looking at, where we are participating in, over and above the existing order book that I have. And this is across CPP and IPP? Mostly CPP because IPP, we already have more than 1.3 GW in hand. So we will IPP, we will slowly, slowly bid because we already have on the plate. We will try to complete that as much as possible. Post that, we will start moving on to IPP. Because IPP, as you are aware, there needs to be a financial closure. There has to be a lot of factors which need to be taken into consideration on the debt side and equity side. Got it. Okay, sorry. There are also some conversations around the international expansion, right? So along with that, if you can also throw the status of expansion, I think, into nearby states of, I think, we have shown Rajasthan and MP if I'm not wrong in the presentation. So we can throw some light in terms of that expansion, international as well as domestic states near there. Yeah. First, we'll talk about the domestic expansion. We are already, as I told you, we have already moved on to Maharashtra. We have plans to move to Andhra. We have plans to move to Rajasthan. We have plans to other states also, the neighbouring states. But the one which we have closed is Maharashtra. Rajasthan and all are at, we can say, final stages where we are doing the discussions and things. Talking about the international, we are at a nascent stage. We have discussions. We have a lot of inquiry from international players. We have spoken to them. But at present, I will not be able to give you any details about that. But I can assure you that very soon you will see KPI at an international level moving on, competing with international players also. Got it. Okay. And this nearby state that we're talking about and the fact that you said the focus in the CPP, so should I assume that the conversations in the nearby states are with corporates who sort of under the CPP segment? Mostly CPP, as I told you, because IPP has earlier also told that we have to look at a lot of factors when it comes to IPP. So any state entering CPP will be a very favorable segment where I can enter fast. IPP will take a little bit of time because there are rules and regulations depending on each and every state. What are the electricity act over there or the statewide? So that has to be taken into consideration. Got it, right? One last question from my side and I'll turn back to you. KP Energy just closed that they got some order, significant order from KPI Green, right? Now, and I think they spoke about phase one, phase two, phase three, but I was surprised that they also spoke about doing solar work for us, right? So can you throw some color on that? Because I think they specialize in wind, right? Yeah. Let me just explain to you. We have got this GUVNL. We have won this GUVNL tender for IPP for setting up IPP two or three GW. And from that, order has been given to KP Energy, which has experience in wind, which has experience in solar also. They have set up their own plant of solar also. So we have transferred majority of the order to them so that they can execute our order faster because KP Energy, we know, and they can execute. They can execute faster compared to any other players. And it is a hybrid order that we have got on the IPP and solar altogether. So hybrid also has a solar component. So combined order, we have given it to them, except for some components like maybe panel or something, which we might purchase directly. Okay. And it was driven by the perspective of to meet timelines and to understand the solar aspect. Wind, I totally understand. Just to understand the fact that you have given also solar to them because it was a combined order, so it had to be structured together, or was it more from the perspective of to manage timelines in terms of it? Yeah, yeah. See, two things. Important one is that surely timelines. Our internal company or a group company will understand our timelines, deadlines, everything better than any other outside players. Secondly, as I told you, we have a hybrid. So in hybrid also, they are working in that region. So in hybrid solar also, they will work in that region. So automatically, it becomes feasible for us to give the entire order to them because they are anyway have their manpower, everything on the ground. So why not utilize the same manpower other than setting up another expense? Yeah. So that was the key idea behind giving the order. Got it. Understood. And I think also there are some private placement that happened in one of the subsidiaries to the promoter of the group, right? If I remember correctly, this was about almost a month or so back, right? What was that related to? It is a subsidiary of KPI, Sun Drops, you can say, Sund rops Energy Private Limited. So in that subsidiary, anyway, I mean, promoter has infused a lot of unsecured loan to support a plant over there and everything. So it was said that, I mean, rather than returning, why not give him a small stake in the company? So that was a better option rather than curtailing the cash flows and giving it back to the promoter. So that's where the entire thought came into picture. And then we thought that why not because anyway, it is a subsidiary of KPI where even the promoter has a majority stake. Got it. So what percentage stake has been given to the subsidiary on Sun Drops? I think that is there in the public domain. So I don't have a figure right now. Sure. I'll send you. But it's on the public domain we have there. Yeah? Sure. I'll send you. Thank you. I'll join the team. Appreciate it. And all the best. Thank you very much. Thank you. The next question comes from Parth Kotak from Plus91 Asset Management. Please go ahead. Hi, sir. Firstly, congratulations on a good set of numbers, and thanks for taking my question. Sir, I have two questions, mainly on the order book and execution. One, as you rightly mentioned, your current order book is around 1.2 GW, which would be about INR 2,230 crores. Could you elaborate on the anticipated timelines for order execution, especially for the large orders from Mahagenco and corporate clients? It seems that this 1.2 GW is my CPP order book. So we have timeline to complete them by. An average timeline is that by September 25, we'll have to complete this order. So that's why I told you that 50% of the order book will get executed this year, and 50% will flow down to the next year. So on an average, I will complete it before September, you can say. Right, sir. And just I'm asking this because obviously we've mentioned it in the past that our average execution is about nine-10 months on a conservative basis, but Mahagenco would be a separate territory that we would be doing CPP, right? So that's why primarily the question. And yeah. So second question would be on debt and capital structure. With the recent QIP of INR 1,000 crores and debt prepayment, how does the management view its future funding needs? Will the company seek additional debt or equity funding for upcoming projects? We all know that we already have 1.2 GW of IPP projects. Naturally, I mean, there will be a debt which will come, but it will not come at a one-way. It will come in a phase-wise. We'll be doing our Khavda project, which is already in execution mode. A part of that debt will come from the Khavda, which is around INR 500 crore-600 crore. And post that, there will also be for the other GUVNL project that we have won, 370, 250 MW, 370 MW hybrid. There will be a debt which will come, but it will come in a phase-wise manner. One thing I can assure you that our debt to equity will never go beyond 2:1. It will be 1.5:1 only. We are pretty strong on that we'll maintain our debt-to-equity even if we go full expansion KPI's. Sorry. Super, sir. Super, super. That answers my question. And thanks for taking my questions. I will join back the queue if I have further questions. Yeah, pa. Thank you. Thank you. The next question comes from Gaurav Sharma from Anujay Properties. Please go ahead. Hi. Congratulations on an excellent setup, Shabhans. Can you hear me? Sir, we can hear you. Thank you. You're sounding a bit muffled. If you can use the handset, please. One sec. Hello? Yeah? Is it audible? Yes, sir. Please go ahead. Hello, Gaurav? So the line for Gaurav Sharma has dropped. So we'll move on to the next question. The next question comes from Tristan, who's an individual investor. Please go ahead. Hi. Can I have your name? Yes, sir. Yes, yes, sir. Okay. So a couple of questions here. First of all, on the IPP margin, specifically on the GUVNL order. So given that obviously we are on reverse bidding and a lot of those projects that we have applied at, we've been quite competitive on them. So the simple question here is, do you think that even on these orders, based on your projections, we will be able to maintain similar margins and overall you incorporate all of this and only after that you are essentially confident that you'll be able to deliver 15%-18% in PAT margin in the coming three to five years as well, right? Which is what you mentioned previously on the call. Yes, sir. IPP, if I want to give a little bit understanding of our model. So we have IPP and CPP. IPP adds to the bottom line because IPP margins, EBITDA margins are very high. So if you look at my GUVNL project, my EBITDA margin in IPP would be around 85%-90%. Because after I set up the plant, there is no other cost other than the only O&M cost, which is very nominal. So overall, at a company level, if I want to see my PAT margin is derived by both the segments. So overall, if I see that at present, my blended EBITDA would be around 33%-37%. But as I go forward, when I increase the mix of IPP, my PAT margin will also improve and my EBITDA margin will also improve. So my PAT margin, which is around 16-18%, might go up to 20-22% if I increase my IPP mix in the total revenue. So at present, if you see last year, it was around 13-14% of IPP revenue and rest all 86% was CPP revenue. So it depends upon the mix, but we will be able to maintain the margins. So that is sure for us. Understood. So essentially, the reason behind the question is I'm not sure at what rate you're selling, let's say, units to your current private clients. And based on the reverse bidding, I just wanted to make sure that that price is pretty much in line and given that you see 85% EBITDA margin on IPP even on the GUVNL order, that's quite comfortable. Thanks for the clarification there, sir. Then the next question is, in fact, on the land that you currently hold on your books. So I understand you have about something in the range of 3,000 acres of land. Any rough estimate you can provide in terms of what would be, let's say, the current value on an average, even on a per-acre basis, just to kind of get a sense of what the value of this land would really be? Because on the books, obviously, they'll be carrying you on the carrying value, and one isn't aware of what the real value is. Yeah. So if you see that in FY 2025, quarter two, what we have mentioned that in our presentation also that we have 8,000 plus acre of land. Now, in this, there are two types of lands. One is the lease land, long lease, what we call as 27 to 28-year lease that we do with the farmer, and we take those lands. And another is the owned land. Now, the owned land would be around 500 to 600 acres, and the rest of the entire land is a lease land. So there is no cost for me for the lease land other than the lease that I have to pay for the land. Whereas the other parcel, which is my own parcel, what we call as 600-700 acres, that would be at around INR 1.5 crores-INR 2 crores per acre because this is close to the substation, close to the road, close to the highways. So that is something which we have, but we have not reassessed the land on our financial. So in our financials, you will find the land value of approximately 100-odd crores. But overall, the pricing would be around INR 1,000 crores, I can say. Understood. Understood. That's exactly what I wanted. So INR 1.5 crores-INR 2 crores average, you're saying, per acre of the owned land. That's clarified. Right. The next question, sir, on cash flows. And specifically, very important from an equity investor's perspective, as you know how valuations work on the free cash flow basis. So just to get some sense on the cash flow from operations, which has essentially been negative, at least over the past two to three years. This first half, of course, I do see a INR 60 crore-odd positive cash flow from operations. Any reason behind the negative cash flow? Of course, there's the buildup of the trade receivables. But going forward, can we expect, let's say, an improvement on the cash flow front, specifically, I mean, on the cash flow from operation and on the free cash flow front? Or do you expect, let's say, negative cash flows to kind of continue given that you will be continuing to build receivables because of working with larger clients and on larger projects where credit, obviously, credit will be much more favorable for the other party, maybe less favorable? Some guidance over there will be really helpful. Yeah. So if you look at my cash flows, last time, I think similar question was asked by one of the investors. We clearly told them this is a temporary phenomenon, the negative cash flow last time. If you see in the March 2024 results, which was around minus 57 crores negative. That was basically because we told that on the, I mean, even Dr. Faruk Patel has told that in one of the interviews that this is because we have taken bigger orders, and there was some towards the land, towards the evacuation, everything, which was investment made, and then there was long payments will come later. So debt has also increased during that period. But now, if you see in this first half of FY 2025, you see my net cash accruals has also improved. My receivables have gone down, and other factors, which are my working capital cycle also has improved. So from that point of view, if you see my cash flows have improved. Now we have approximately INR 59 crores as a positive cash flow, which was around INR 57 crores in March negative cash flow. So we clearly told last time also that that was a temporary phenomenon. Now, we'll be able to maintain this because that was a shift from small-time customers to bigger customers and a bigger conglomerate where the order books are bigger. But now we have delved into that, and we expect this cash flow to be maintained positive going forward also and improving further. Okay. That's very comforting to hear, sir. If there's time, I just ask one more question, operator, if you allow me very quickly. So I believe this came out today. So first of all, what's the idea behind getting a good CEO, and how does that change the working? If you could first give me some idea on that front. And a related question is actually on the previous question that was asked by one of the participants. In terms of the orders given to KP Energy, I mean, sir, you obviously understand the importance of corporate governance in the market, and I just want to be sure that we're definitely keeping everything in terms of corporate governance checks and balances there. And therefore, the margins that even after giving the IPP orders to the other group would definitely be maintained. Based on this another question, sir, on the capital structure and, let's say, the recent announcement of the bonus issue, what is the logic exactly there, sir? Because from an economic perspective, it doesn't really change much, right? Why this repeated bonus issue? Is it purely to, let's say, make the share price more accessible to retail investors, or is there something else that the board is looking at or considering while making these announcements? To them, your last question includes the five to six questions, I think. Nevertheless, as far as orders to KP Energy, I think I have already explained that in the previous question, the rationale behind giving the orders, and I assure you that all the compliance will be met, and everything will be at arm's length because there is no cross-holding also between the companies also. Secondly, moving on to the group CEO. See, as we grow, we need to bring in more intelligent people. We need to strengthen our teams, so if you see that the credentials of the person coming are too good, they have seen the industry, they are part of the industry, they have been one of the part of one of the growing wind sector industry. As I see, we need to understand that if you look at the KPI board, it's a very versatile board. It includes people from GETCO, GEDA. It includes policymakers. It includes somebody like me from ratings, banking. So all the people are involved in the group. And it's Dr. Faruk G. Patel has always thought that the stronger the team, the stronger will be the performance. And that's the point behind getting the group CEO on board. What was the last question on the capital structure? On the bonus issue, sir. So the reason behind that, because economically, it doesn't change much. Naturally, it doesn't change much, but at least, see, two or three things. If you see KPI, as a company, has always thought about the stakeholders, about the shareholders. So from that point of view, Dr. Faruk Patel has always had the vision that every now and then, we should. It's a dividend is one of the parts, and bonus is another part. So he thinks that our shareholders should always feel that they are being taken care of. And that is the first thought when it comes to bonus or the dividend. And if you look at, we are growing, expanding, we would require capital. But we always keep in mind that our shareholders should always feel that they are being part of the growth and everything. So that's why we have given that bonus, and this will continue going forward. So, whenever we grow, we will keep our share of our shareholders in that every now and then. Understood. Thank you so much, sir, and all the best for the coming quarter. Thanks a lot. Thank you. Thank you. Thanks. Thank you. Before we take the next question, a request to all the participants. In order to ensure that the management is able to address questions from all the participants in the conference, please restrict your questions to two per participant. If you have any follow-up questions, you may rejoin the queue, and also request participants to ask questions on the handset mode only, please. The next question comes from Gaurav Sharma from Anujay Properties. Please go ahead. Hi. Congratulations on an excellent set of results. I wanted to know since our growth. Hi. Hi. Thank you. Since our growth rate is higher than our ROA, do you think we will have to further dilute equity and take on more debt to fund the current order book? No, no. At present, looking at the order book that we have, we already have the equity combination that we require for the book. Okay. So at least I think this year and a part of the next year also, we will not be requiring any dilution or anything which needs to be taken because we already have everything in pipeline. So post that, after two years, maybe looking at the growth parameters and what all things and the potential in the market, we'll take a call at that time. Okay. Makes sense. And I have one more question. What do you think is the tentative date of completion of our current order book, which comes to 2.41 GW? So as I told you, the CPP segment, we expect to close by September 25. And the IPP segment, we have just signed the PPA. So two years from here, so FY 2026 will be the entire completion. It will be done in phase-wise, but the entire final completion of the entire IPP order would happen by FY 2026. Okay. Makes sense. I have just one more question. The current president, the United States president, he doesn't support renewable energy at all. So do you think that will impact our company in a way in the revenue or the raw materials which we purchase? Yeah. I'm getting this question multiple times, but we need to understand. We are not a manufacturer of panel. We are not a manufacturer of any hands. So majority of the players who might get affected, according to my opinion, I don't quote because that's my opinion, that people who are exporting will be the ones who will get affected. We are a domestic player. We are developers. We are developing within India, and we have strong order book, and the vision in India is already has a good momentum. People have already mentioned. Yeah, and our current Prime Minister, Honorable Mr. Modi, has already given a go-ahead for all the whatever schemes that they are available and new schemes are coming, and all are supported towards the green energy. So from that point of view, I don't think our company is anyway going to impact that. But yes, the panel manufacturers, and I would say that if there is a price war in the panel manufacturers, we will be the one who will be benefiting. Benefiting. Okay. Thanks. One small question. Faruk, sir, had mentioned in an interview with NDTV Profit that the company plans to add 2,000 acres of land bank. So how do we plan to fund this acquisition of land bank? And is this acquisition for our current order book or our future order book? This is for both. For current and we will be acquiring 1,000-acre land bank. Actually, land acquisition is a continuous process in KP because we have order books which have that. And this exercise, we keep on having every now and then because you won't get the entire 1,000-acre in one go at one location or anything. So we have to keep on acquiring nearby locations and everything. So that process we already, and that is something from the day when KP has started, is always focused on two important parameters in the renewable energy which creates an order. One is land, another is evacuation. So if you look at, we have 1.8 kind of GW of evacuation also available with us. Okay. One last question. Who do you think is your closest competitor in this space? Any listed player? See, if I look at any listed player, I won't have any apple-to-apple comparison, but there are players. I mean, if you look at, you have Acme Solar, who might be, which is getting listed. We have Waaree. Again, I mean, Waaree is also into manufacturing. So Adani Green is one, which we can Sterling and Wilson, but Sterling and Wilson is only in solar. They don't have capabilities of wind. So then there is this. So there are players who are partially you can compete, but there is some uniqueness in our model, which is not available at present with any of the players who have similar model also. Yeah. Okay. That's all from my end. Thank you so much. Good luck. Thank you. Thank you. A request to all participants, please restrict your questions to two per participant as there are several participants waiting for their turn. The next question comes from CA Amit Kumar, who's an investor. Please go ahead. Thank you for the opportunity, sir. So I can see there is an order book of 2.41 GW. So you told that there's INR 3 crores per MW. So if I convert, can I say that the order book is of approximatelyINR 7,200 crores? Is my understanding correct? So please correct me. No, no, no. You need to understand again, our business model is IPP and CPP. IPP is where I set up the entire plant. I invest, I infuse my capital, I set up the plant, and I sell the power. So there is no direct correlation in the IPP to the revenue from execution. It is only post-execution. Whenever I generate the power, I sell that power. And the remaining other, as I told you earlier also in the question, that is on the CPP side where we have a combination of order book of where we have some portion which is without material, only execution, some portion with material, and with execution. So that is what in the earlier question also I explained that. Yeah. How do I convert this 2.41 GW into rupee terms if you could help me out? In the add, if you see 1.223 GW is something which is IPP. Okay? Okay. So IPP, you cannot convert into rupee terms because it is 1.2. If I want to convert it into rupee term, it is how much 1.2 GW will generate power and what rate that power, that is what should be looked at. Right? So now coming to the remaining portion, what we say 1.2 or 1.3 GW of CPP. In CPP, you can say we have already discussed that is around INR 2,500 crores-INR 3,000 crores of order book. Okay. So I'm looking at the company, so could you please explain the difference between IPP and CPP? Sure. See, IPP, we call it as an independent power producer. IPP is a segment where I invest the entire capital for setting up the power plant. I sign PPAs with utility scale like DISCOM, GUVNL, or with C&I customers. And once I set up the plant, those PPAs are 22-25 years. I sell power. So monthly revenue I get from the sale of power to those entities. So it is a PPA that is given 25 years. CPP is where a customer who wants to use for a captive consumption, I'll set up the plant for him. So I'll sell the plant to him. So I get one-time revenue from the sale of the plant, and I will maintain the plant for the next 25 years. So I get O&M revenue from the plant for the next 25 years and also get a lease revenue because the plant is on my land. So these two revenues. So these are the two basic models of IPP and the CPP. Okay. Thank you, sir. Thank you. That's too much. Yeah. Thank you. Thank you. The next question comes from Pawan from Fitint. Please go ahead. Sir, thank you for the opportunity. Just wanted to understand, so far, the execution has been about 65 MW maximum in Q4 FY 2024. And if you look at the not execution commissioning, if you look at the last two quarters, this has been 28 and 34 MW between the IPP and CPP. But looking forward, we are saying that we will execute almost 1.15 GW within the next 12 months at what do you call, commission. So what has been the challenge in the past? What will enable you to ramp up so quickly in the next 12 months? That's question number one. And coming to the question number two, in terms of the revenues, when you look at the IPP, IPP entire cost is capitalized, right? So the cost of goods sold, the materials that pertains only to the CPP projects. That's my understanding. Right. See, your first question is that till date, we have done hardly 30-40 MW. And that's what we are done. See, you need to understand, our revenue booking is done on milestone basis. And the energized capacity that we count is only when we complete the entire project. So that's what happened that I might have completed 60%-70% of the project or 80% of the project. And in that particular project, I have not captured the MW that I have done. Why? Because the entire is not energized till now. So that is the reason that you see that you might see that we have done INR 700 crores, but hardly any MW which are energized. But maybe in the next quarter and the quarter after that, you will find that the top line will be around the same, but the MW will increase because what we have done, partial, will also get energized. So that is the characteristic of business. Your second question was of the cost of the goods sold. So I didn't get the question here because naturally, what we do is. Is the cost of goods sold entirely pertain to CPP projects? Yes, yes, yes. It is entirely pertinent to CPP project. With any capex that I do, it gets capitalized. Yeah. So then coming to the IPP revenue, so we are at a per unit revenue of 7.38% in Q1 and 8.13% in Q2. Okay. So going forward, but GUVNL order, I'm assuming at least the solar part would be around 2.5% or 2.6%. Right? So how far are we looking at the IPP revenues per unit revenues in the going forward? And what would be the efficiency at the project level, not at a module level? Module probably would be at a 22-23 level at the maximum. So but at a project level or at the company level, what would be the CUF and what would be the per unit realizations? For example, if you tell me, if you speak about the existing IPP plants which are running, these are done under the old policy, and these are C&I customers where we are getting a revenue of around INR 67 per unit, okay, or per green electron, what we call it. GUVNL PPA that we have signed, they are already in the public domain. You can see on average, what I will be getting is INR 3 per unit. Okay? That is solar plus wind, put together? Solar plus everything. Wind, I have got a higher rate, INR 3.25-INR 3.30. And solar, I might get INR 0.80-INR 0.70. So if I combine together, on an average, I will get INR 3 per unit. Yeah, so net realization on an FY 2025 basis or FY 2026 basis, what would be the number approximately per unit based on your estimates? See, net realization going forward would be around INR 4-INR 5 because my IPP in GUVNL is a bigger scale. So what we have done in IPP in C&I customers at present, we have 177-180 MW. And GUVNL is approximately will be adding 1 GW more. So automatically, you will see that the average, it will come to around 4 rupees to between 4 rupees to 5 rupees. Sir, and in terms of execution, are there any challenges that you are seeing in terms of grid evacuation or in terms of transformer availability? Or you are saying there are no risks, and then you are very confident that you will be able to commission the 1.15 GW in the next one year? Yeah. I told you, so we are a seasoned player. We have a decade experience. And that's why the key hurdles in any project, we cater to them immediately or we have them in hand. One is the evacuation, and second is the land bank. So these two, if they are in control, the rest of the thing can be managed because then it's the execution capabilities which we already have. So looking at the current position, we already have evacuation. We already have land bank. So we are comfortable to execute this within the timeline or before the timeline also, which we have done in the past also. Got it, sir. Thank you so much. Thanks, Amit. Thank you. The next question comes from Mayank Manikya, who's an individual investor. Please go ahead. Good evening, sir. I have two questions. The first one is regarding the operating profit margin. So recently, in the recent quarters, we have done around 37% or 38%, the OPM. But before that, we were at around 31%-32%. So going forward, how will this margin be maintained? How should I determine this margin? Is it sustainable? Will it reduce or can you please? No, Amit, in previous one of the questions, I already explained that the operating margin, we do billing on a milestone basis. So in the first half, if you look at in the first half last year also, if you compare it with that, the first half, we have a higher operating margin because a lot of billing which is done where there is lesser, you can say, the cost of goods sold. So in the or the raw material requirement or whatever it is. So from that point of view, we will have a higher operating margin, but we will be able to maintain what was earlier also, or you can say the full year FY 2024, what was the margin, it will be in the range of 32%-33% on the operating margin. It's 33%, so we'll be able to maintain that. We will be able to maintain that. That only. Yeah. Thank you. The next question is regarding the orders that we had given to KP Energy. I just wanted to reconfirm that will subcontracting these orders to KP Energy will be able to maintain the same margin that in the case if we had executed it ourselves? See, we need to understand that the order that I'm giving to KP Energy is my IPP order. That's my EPC order. Anyway, which I have to give outside for wind and everything, and who else is better for me than my group company, KP Energy, who has a decade experience and has set up more than 500-600 windmills all across Gujarat, so from that point of view, the order has been given, and as far as KP Energy is concerned, yes. I mean, we are doing at arm's length, so what margin I'm going to give outside, the similar margin will be given to KP Energy, so for KPI, there is no margin issue because it is in EPC for KPI. For KP Energy, yes, the margin will be maintained. Thank you so much, sir, and all the best. Thank you. Thank you. The next question comes from Prith Jain from Jain Securities. Please go ahead. Hello. I am audible? Yes, yes, Prith. We are audible. What will be your future revenue mix from private players and total revenue from government? I mean, what will be your total% of revenue from government and total% of revenue from private players? See, going forward, if I complete the entire order book and the IPP side, if I say, okay, let's speak about IPP and CPP separately. So on the IPP side, you can say that 80-odd% would come from the revenue from government, that is a GUVNL project, and 20-odd% would come from the revenue from C&I customers, which we already have signed, and some of them we will sign. On the CPP side, it would be around. I presume it to be 50%-50% because there are bigger players like Mahagenco and all, where we are doing the CPP project also tender-based. There are also players like Aditya Birla Group or Ayana, which we are doing. So altogether, I can say we might have a 50%-50% on the CPP side. Okay, okay. And if you are investing in an IPP project, so what do you think in how many years your capital is recovered back? How many years it takes to recover your capital in IPP segment? Payback period is around seven to eight years, if you call at the project level in the IPP. If we include in that O&M cost also? See, O&M cost is an ongoing cost, so it will be thereafter till the 25 years of the plant, but it isn't hardly any cost which you can count into the overall project cost. Okay. You were saying something about the debt you will raise for your Khavda project. So what will be your total debt at the end of the FY 2024, 31 March? It would be around less than INR 600 crores, around INR 400 crores-INR 500 crores, not more than that. You will raise INR 400 crores for that. But what will be the total debt of the KPI Green Energy? That's what I'm saying. The INR 400 crores-INR 500 crores is only in KPI Green for Khavda project, which we are at present executing, which was not. But there is no debt on the books currently? No, there is no long-term debt on the book at present. There is only lease liability, which is like that. Okay, okay. That's what I want to say. Standalone as a KPI. Standalone as a KPI doesn't have anything. What was your ROE at the end of this quarter? Sorry, I can't hear you. What was it? What was the ROE return on equity at the end of this quarter? ROE was around INR 28 crores-INR 29 crores. Okay. So when this IPP project will be completed, do you think that these ROE can go up to grow more? Naturally, the IPP project will bring in more profitability. The profitability increase automatically, your ROE will increase. Okay. So when this GUVNL project will be completed, any timeline? See, it is, as I told earlier, also, it will be in a phase by it will be 26 by FY 2026 end or by FY 2026-27, it will get because that is the timeline that we have for the execution. So it will get over by then before it. Okay. I had one last question also. You had got some order from IPP order from, I think, Maharashtra government also. Is that correct? That is a CPP order. Mahagenco, we have got an order for setting up a plant for them in Maharashtra, which we have already started working on. So that is a CPP order. So we are not investing. We are not sending power. We are just setting up the plant, and we're telling that investment is done by Mahagenco for that setting up. Okay. And you are doing some marketing also. I saw some of your marketing in some mall. So you are in retail also, or you are only in ground-mounted solar only? No, no. We are not into retail rooftop or anything. We are ground-mounted only. Because I saw your marketing. If you want to add solar, so you can contact us at the marketing at some email of yours. So we do CPP for smaller customers also. So those CPP we do for smaller customers also. So for example, two MW, three MW. But that is ground-mounted, and that is done for MSME customers who want to set up their own plant for captive consumption. So that is also a part of it. So for that, we require land also, no? We already have land bank. So we sublease that our land, what we have taken on lease, to the customers for 25 years. Okay, okay. Thank you so much. Thank you. Thank you. Requesting all the participants, please restrict your questions to two per participant, and please rejoin the queue for follow-up questions. The next question comes from Nishant Sharma from Savitri. Please go ahead. Hello, sir. Good. Hello. Yeah, Nishant. Go ahead. Sir, I have one question. Hello? Nishant, your voice is not clear. I have one question. That your target is one GW by 2025, and currently, you have done 507 MW. So can I believe that you will do 500 MW in the next two quarters? Nishant, I mean, your voice is a little bit muffled, so I can't get the clarity on your question. Let me repeat what I have heard, that we have done 557 MW till date, right? That's what. Sir, hi. Hello. Sir, your target is one GW by 2025 March, and currently, you have done 507 MW. So can I believe that you will do 500 MW in the next two quarters? My target was at a group level, which we have already achieved long back. Now we will do it in Nishant, we will do it in KPI also, that much. Okay. Thank you, sir. Thank you. The next question comes from Pawan Kumar from Shade Capital. Please go ahead. Am I audible, sir? Yes, Pawan. Yeah. I think most of my questions are answered. Just I missed, like you have mentioned, that we have a unique business model if we really compare with our peers. So can you, sir, again elaborate on that point? So Pawan, what we have two business segments. That is one is IPP, and another is CPP. IPP is where I invest my own capital. I set up the plant, and I sign power purchase agreement, what we call PPA, for 22-25 years with C&I customers, with government also. And in that, I sell the power, and I get the revenue from that, which is high EBITDA kind of earn. But I have to invest over there. CPP is where any customer who wants to set up their plant, we'll set up their plant on our land. We'll sell that plant to them, and we'll get one-time revenue from the sale of the plant, and we'll also get revenue on the O&M and the lease. So these are the basic two models that we have. Okay, okay. Got it, sir. And sir, last one, as you mentioned above, IPP prices, I think it is coming down from, say, INR 7 to roughly INR 3 or INR 4. And you also mentioned that whatever these macro changes are happening, the module prices would likely come down. Would it be giving us extra room to sign for maybe an ongoing or coming PPA at even more lower prices and maintaining the same, I think, returns and IRRs at a project level? Yeah. See, any point of time, reduction in the prices of the panels or on the infrastructure that is required for renewable energy, it is welcome for us because we are a developer. So our rate that we are right now, what we have got in our PPAs, are very lucrative. If it further improves, it will be if the costing goes down, automatically, my IRR increases. So we will surely look into it. But at the same time, as I told you, that IPP includes, I mean, I have to invest the capital. I have to bring in debt. I have to bring in equity. So that has to be taken into consideration because we cannot leverage the balance sheet too much. From that point of view, we'll take a collective call once we complete this order also, or we are in the phase of completing this order. We'll again move on to more of an IPP, but at present, we have a good order book that we'll be executing in the next couple of years. Okay. Just to follow up, what sort of typical IRR we really look for when we bid for such projects? I look at around 15%-16% minimum. That's something which we will try to look at. But depending upon how the project is, what is the bidding that is happening, and all those factors have been taken into account. Okay. Right, sir. Thank you for all the answers. Thank you. Thank you. Thank you. The next question comes from Akhilesh Kumar from Adpro Technologies. Please go ahead. Yeah. My first question is about how we account the revenue from IPP segment. Like IPP, usually, we invest our capital. But depending on the milestones, do we report them as a revenue, part of the revenue, and then bottom line as well, or we wait for the entire completion and start the generating electricity? So it is depending upon the PPA that we, sorry, Akhilesh. On the IPP side, my revenue again depends upon the power that I set. Now, I might get a PPA, which is at 200, for example, or 250 MW of solar PPA that I have signed. Now, if there is a condition that the entire plant has to start and post that only I can energize, yes. Then I have to wait till that plant starts and the power getting evacuated. At that point my revenue starts. But if I'm doing it at C&I customers, and for example, I am setting up my plant, and I have one MW, 2 MW, 3 MW, as in when I set up the plant, I can start giving the power to particular PPAs or anything. Because there are what we call as a retail kind of a PPA. We might be ranging from 1 MW to 10 MW to 15 MW, different PPA. So in that case, I can sell it as in when my 1 MW also gets counted. But in case of utility scale, if the PPA allows, I will surely if the PPA doesn't allow, then we have to go with the condition in the PPA. So what you are essentially saying is that for GUVNL project, we might not be showing any revenue right now. We will not be booking them, right? Yeah. At present, see, in that case, it's important for me that the faster I execute the entire plant, the faster will be the revenue. So in that case, partial what we say, partial execution will not generate any revenue. Okay. So we might be seeing the real revenue happening maybe next year from GUVNL project, right? Most of this. Yeah. Most of it will be after a couple of years, I would say, rather than the entire plant generation revenue will come after a couple of years. Okay. So, whatever right now we are seeing, the revenue quarterly, there is a portion of PPA or IPP. Those are from C&I customers, right? Like, say, where the milestone-based where? Yes, at present, C&I customers are my existing, which includes L&T, Colourtex, UPL, Meghmani Organics, Tata Motors, Indian Motors. There's a long list of my existing C&I customers. These are strong customers. Got it and the profits also what we are seeing from IPP, that is the actual electricity sold and then realized, right? Yes, yes, yes. That is, monthly billing is done on. Okay. Excellent. Just one last small question. We have plans for as a group that's in hydrogen, green hydrogen as well. So again, sometimes when we see some of our promoters' mistakes moving here and there, and we are acquiring our group company, and you have many group companies, I think, many unlisted still. So do we have any plan of green hydrogen for a from KPI Green, or it will be a separate NTPC? At present, yeah, we have a separate company for the green hydrogen. So we'll be setting up any plant. The only thing that the support at KPI Green, if it has a green power, a green electron, that is the existing IPP plants where from which the green hydrogen is required, we'll set up a plant in KPI and we'll sell the power to green hydrogen. That might be our first thought depending on it. I mean, there is a separate company where we are already moving fast on the green hydrogen. Surely, you have some good news about starting a prototype or working on that on the green hydrogen? Okay. Thank you. Thanks a lot, and I hope you continue the conference call because I think long back it was there when we are aware that we will mostly start every quarter, we'll start the conference call now. That's our commitment to our shareholders. That helps a lot. Thank you. The next question is a follow-up question from Mr. Ashish Rampuria, who's an individual investor. Please go ahead. Thank you. A couple of more questions from my side. One, I think what the previous participant asked, but I think you clarified that the green hydrogen is another group entity. But what about BESS and so on and so forth? Are you looking at such businesses, and will that be set up in KPI Green, or will that be set up in other group companies? Ashish, I didn't get the question exactly. I mean, green hydrogen, yes, there is a separate company we are working on it. Other companies that we have. Better energy storage systems and so on and so forth, right? At present, we have not entered, or we do not have any intention for entering into battery storage. But surely, we will look at the sector, battery, because when it comes to RTC, around the clock, it is one of the key ingredients that has to be a part of that. But nevertheless, we are doing hybrid, so which you can say a natural RTC kind of a thing, not totally RTC, but hybrid plants we are already doing. So we have not taken any call. At present, as an entity, we have not entered into batteries. But we have companies. We will be thinking over it depending upon what the board decides finally after looking at the various benefits and the pros and cons. But will it happen through this vehicle of KPI Green, or will it be another group company? Any thoughts on that? It will be a separate company at present. That's what is my understanding. But depending upon how the circumstances are, if we want to go at a bigger level, then naturally, it will require support from KPI. Got it. Understood. The other question was, I think EE mentioned a lot of things about sort of automatic solar tracker, sort of improving the monofacial and so on and so forth. So if I remember correctly, a typical CUF, PLF was about 20-odd% in a solar setting, right? Has it improved to a 22, 23, 24% number now? Naturally, see, your tracker system always gives you a better output. Similarly, your bifacial, we actually are using, giving a better output. So overall, naturally, we also have a robotic cleaning where waterless robotic cleaning. That also helps us. So overall, we are working on various parameters which will give an efficiency because even 1% increase in the PLF will have a very good positive impact on the revenues. We are aware of that. And that's why we are working on various other things. And at the same time, we also have a NOC room, a Network Operations Center room, which you rarely find in any of the players except for bigger players like Adani or ReNew. So there is that every plant, every panel is 24 by 7, is looked after by our team with 24/7. So it gives you that if there is any delay, if there is any hurdle in the generation or something, that gets corrected immediately. So we try to see that anything that might impact the revenues, we have close watch on that. So I understand. Thank you. So what I'm trying to understand, sir, have you seen that impact? I mean, what is the percentage change now, right? So typical CUF, for example, CUF, 19%. There will always be. If we do trackers enough, there will be a percentage of between 3% to 4%. Are we now seeing projects at 23%-24% CUF? Yes. Yes, yes. We are seeing that. The new projects that we are setting up, we are seeing that benefits. Got it. Okay. Thank you. All the best. Thank you. The next question comes from Samrat Shah, an individual investor. Please go ahead. Hello. Am I audible? Yes, Samrat, you're audible. Yeah. Sorry, my call got lost last time when I spoke. Firstly, I would like to congratulate Farukhbhai Gulambhai Patel for the stupendous performance since the last three years I've been an investor in this company. And since I couldn't, I was lost in most of the conversations, what I get to it is your given guidance of 60%-70% of revenue growth from year on year is what I heard. And I would like to know, you had given two to three notifications about green hydrogen as well as ammonia. And there was one notification last year that you had some agreement with an entity which was outside India. So geographically, I know that you have been present currently in Maharashtra, but out of India, what are your plans is what my question is. So we have already given that, but as I told you earlier also, at international level, it is still at a nascent state. If something comes up, we'll surely put that notification. But we have done MOUs with what we have put on the BSE NSE notifications. We are in talks, but with these things, it will take a little time to materialize also at the same time. Okay. Thank you. And my other question is, in H1, what was the percentage of IPP versus CPP? And in H2, can we expect the IPP percentage to move up so that the margins can even further improve? Because the IPP contributes to the bottom line is what Farukhbhai always says. In H1, I can tell you that 13%-14% was the contribution of IPP, and the rest all 86%-87% was CPP. Since we are doing bigger orders in IPP, and this will be GUVNL, 240 MW and all. In the full year, I don't think that there will be a drastic change in the mix of the IPP and the CPP. But after that, coming years, there will be changes which you'll see in the IPP and the CPP. Because in the recent interview on NDTV Profit, he has given a guidance of IPP percentage moving to 30%. So can we expect this in the next financial year? Once I complete 1.2 GW of IPP orders, then the IPP percentage in the revenue will be more than around 30%. Okay. Thank you for giving me the opportunity, and once again, congratulations for the great number. Thank you. Thank you. Thank you, Samrat. Thank you. Yeah. Thank you. The next question comes from Subash from Value Investments. Please go ahead. Hi sir. From what I've heard until now, just let me know if my understanding is correct, so out of the, I mean, the order which you have given to KP Energy, right, that will be a CPP order for KP Energy, but that's an IPP project for KPI Green, which is a CapEx cost to them, and you have already assured that KP Energy would get the same margins what they have been maintaining for the outside clients. Right, right. That's your understanding is very much correct. Okay. Thank you so much. And the next one is, so Dr. Faruk G. Patel had mentioned in a TV interview saying that KP Group, I mean, I'm confused whether he mentioned it as a group or as only for the KP Energy or KPI Green, because he said that in the future, there is going to be a day when one crore watt will be shown per day. He said something about annuity income. Could you please throw some more light on it? Yeah. See, now, as I told you earlier, there was one question which was on that, that you had a vision of one GW by FY25, which I told you that for the group level, we have already achieved, and now we are going to achieve here. So similarly, you can say that 365 for the group level already PAT is achieved. We are now, Faruk sir, when he speaks about, he speaks about group, but now he's aiming that every company should try to reach there as fast as possible. But that vision was at a group level only. Oh, he meant at group level only. Okay. Yes. Also, this conference call is very helpful for the individual investors. Would there be a call for KP Energy also separately in the future, or can we ask KP Energy questions also in the same call that you are in for KPI Green? No, we will be having separate call for KP Energy also. Nevertheless, I mean, in the interest of time, I would have allowed you, but in the interest of time, we'll do it on the KP Energy call also, because KP Energy is going on NSE also on the 14th of this month. So that will also do a call on the KP Energy. Oh, so you said that's going live on 14th? Is it getting listed on NSE on 14th? Yeah, it is getting listed on the NSE also on the 14th. 14th. Okay. Thank you so much. So if at all, Farukhbhai sir is on the call, I mean, I've been an early investor of KP Group for many years. I just want to convey my gratitude and thanks to unimaginable execution from your group, because of which all our family members have benefited. All the best for your future as well. Yeah. I'll convey your message to Dr. Faruk G. Patel, and thanks from Dr. Faruk G. Patel and from our team to you also. Thank you, sir. That's all I have. Thank you. The next question is from the line of Nayan Shah, an individual investor. Please go ahead. Hello. Am I audible? Yes, Nayan, you're audible. Yeah. Hi sir. Congratulations on a great set of numbers. Sorry if. Thank you, Nayan. The question is a repeat question because I've joined in late. So the current subcontracting order which KPI Green has given to KP Energy, is it a part of a bigger contract that KPI Green has received? And secondly, what is the value of the contract which is subcontracted to KP Energy, and what are the execution timelines? As I explained a little bit earlier, I'll just repeat that thing, that the order that KPI is giving to KP Energy, that order is a CapEx of KPI. So KPI is setting up a plant for itself where it is doing a CapEx. It is bringing equity, debt, and setting up the plant. So it is not an order which KPI has got in which it's transferring. It is a CapEx of KPI that will be executed by KP Energy. So for KPI, it is an IPP that is its own plant, and it will be executed by KP Energy. It will be an EPC contract for KP Energy. Now, the total order value depends upon a lot of factors, so it's not conducive right now to tell you the exact order value, but it will be a substantial order value because they will be taking the entire EPC of the hybrid plant and the solar plant also. A component would be solar component, for example, panel and everything might be purchased by KPI itself also. Okay. Okay. So any tentative value per MW kind of a thing? It depends upon. See, right now, the financial closure is in process, so only after that, we'll be able to tell you the exact pricing and everything. A lot of factors depend upon whether which kind of windmill will be taken, what kind of panels will be taken, what kind of technology, whether it is with tracker, without tracker, which one is more feasible, that will be decided, and on that basis, the costing of the plant. Understood. Understood. And sir, what would be the execution timelines of the entire order? A couple of within 1.5-2 years, we'll have to execute this entire. Okay. Sure. Thank you, sir, and all the best. Thank you. Thank you very much. Thank you. The next question comes from Leher Jain from Giriraj Infocom India Private Limited. Please go ahead. Yeah. This is regarding see, from my understanding, what I get is now we have some financial constraints, and we are forced to give orders subcontracted to other, say, group concerns or even other concerns. So going down the lane, in future, we might not be in a position to bid for IPP orders. And so the company's profitability might come down. So how you see three years down the lane, how you foresee our projections for CPP and IPP? I think it is not correct to say that we don't have any financial constraints because it's a CapEx. I have already brought in equity, and there will be a portion of a debt which will be infused. We are already in a lot of bigger place. So there is no financial constraint for this order. We are giving it to our group company so that our timeline and everything gets executed, and they have expertise in the hybrid. And we have hybrid orders also in this. So that is the reason for giving the order to KP Energy. Now, why we are not taking the IPP more project or tender at present? Because at present, our hands are full with this order. Once we complete this order, because we also have to see how much leverage we can take on the balance sheet and the P&L. We don't want the balance sheet to be too leveraged. As I told earlier also, we want to keep that equity at a minimum of 2:1, not beyond that. So from that point of view, we will take a cautious call depending upon the future outlook that after this year or after one or 1.5 years, which are the orders which we'll be bidding out. Okay? Okay. But we see that the bulk orders which come, say, from NTPC or the likes of that companies, these are all mostly on IPP basis. So the opportunity, probably the peak opportunity might be lost? No, no, no, no. See, as I told you, there is an immense potential in the market. At present, I have KP Energy also has NTPC order for CPP. So if IPP will not be given by players who are there in the renewable market, it can be given by utility-scale discoms like GUVNL, or it can be given by other C&I customers, IPP orders. Whereas CPP is concerned, naturally, Aditya Birla Renewables is one of our customers. We have Ayana Power is one of them. So CPP order mostly comes from players who are there into the renewable sector, and they want to offload some of their orders. So that is what usually we have done. Okay. Fine. Fine. Thank you. That's it. Thank you. Thanks, Leher. Thank you. The next follow-up question comes from Pawan from Fitint. Please go ahead. Sir, earlier you mentioned the project, the things would be in the timeline, milestone basis. Can you give some kind of guidance on what are the key milestones and then what would be the revenue booking at various milestones? That's one question. Your voice is cracking. Pawan, your voice is cracking. Can you repeat the question slowly? Yeah. So I was saying, can you give the various milestones and what would be the revenue booking at various milestones? That is one question. And on the GUVNL project, you mentioned that you will be allowed to sell units on the PPA only post the energizing the entire project. But in the interim, are you allowed to sell any units on the merchant basis if whatever commences? Yeah. Those are my questions. Thank you. See, I'll take the second question first. That GUVNL project, until I energize, so energize, and when the entire plant gets commissioned, only after that the energize, I can if the PPA allows me, then I can do a part sale. Whereas the milestones are concerned, milestone, as I told you, we are planning to complete this entire 1.2 GW within the next one to one and a half years. So milestone will be depending on the IPP side. CPP, as I told you, by September 25, we'll have to whatever order book we have, 1.1 GW or something on the CPP side, we'll surely close that by September 25. Sure. Thank you so much. Thank you. The next follow-up question comes from Akhilesh Kumar from Adpro Technologies. Please go ahead. Oh, hi. This is the last question. Oh, okay. Not a distance. Fine. Yeah, it is. This is just a quick one. Wanted to know about one subsidiary we have absorbed from our promoter some time back. How is the progress there? That subsidiary has been contributing anything as of now? Yeah. So that subsidiary was taken with an intention because that subsidiary has an evacuation approval, more than 100 MW. It had a land bank also. So that subsidiary was taken with an intention to set up plants. So we have already started. We have set up a small plant of 10 MW, and we are already setting up a few more plants over there in that subsidiary. So the progress is already there. In fact, it has an evacuation line, so it is easy for us to set up the plant faster over there. Thank you. That land was owned by them? Sorry? That land was owned by them, or it was leased again? Like how we? It was in the books of KPARC. Okay. Fine. Thanks a lot. Thanks. Thank you. Ladies and gentlemen, yes, sir. As I remember. Can I give a closing? Yes, sir. Please go ahead. Sorry. Yeah. Since there are no more questions, so we'll conclude this entire call. I'll just, in conclusion, I'd like to thank all our stakeholders, partners, and employees for their unwavering support and dedication, which has been instrumental in our success. We remain confident in our growth trajectory and are well-positioned to capitalize on the growing demand of our enablement. We will close this session with this, and it was a very good session. I thank everybody. I thank Sagar and the team for supporting us. Anything else, Sagar, you would like to add? No, sir. That would be it. So hopefully. Thank you, everyone. We'll be closing the call now. Thank you. On behalf of. Okay. Yes, sir. On behalf of KPI Green Energy Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.