Good evening, ladies and gentlemen. I'm Pelsia, moderator for the conference call. Welcome to Adani Enterprises Q4 FY24 earnings conference call. We have with us today Mr. Dhananjay Mishra from Sunidhi Securities, along with the management of Adani Enterprises Limited. As a reminder, all participants 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 then Zero on your touchtone telephone. Please note, this conference is recorded. I would now like to hand over the floor to Mr. Dhananjay Mishra of Sunidhi Securities Limited. Over to you. Good evening, all of you. On behalf of Sunidhi Securities, we welcome you all for Q4 FY 2024 earnings con call of Adani Enterprises Limited. We thank the management for giving this opportunity. From the management, we have Mr. Vinay Prakash, Director, AEL, and CEO of Adani Natural Resources; Mr. Jugeshinder Singh, CFO; Mr. Saurabh Shah, Deputy CFO; and Mr. Manan Vakharia, Head of Investor Relations. Now, I hand over the call to the management to give their initial remarks, and then we'll have Q&A session. Over to you, sir. Good evening, all. We welcome you to the earnings call to discuss Adani Enterprises' Q4 and financial year FY 2024 results. Adani Enterprises' new emerging core infra businesses under its incubation portfolio of energy and utility and transport and logistics vertical, that is Adani New Industries ecosystem, airports and roads, are making significant strides in their operational and financial performance. The contribution of these assets to the overall EBITDA is now at 45% for FY 2024, as compared to 40% in FY 2023. We are delighted to share that the integrated manufacturing division under ANIL has commissioned India's first large-sized monocrystalline ingot and wafer unit of 2 GW capacity, compatible for both wafer thickness of 182 mm and 210 mm. During FY 2024, the new emerging businesses under Adani Enterprises incubation portfolio demonstrated significant growth. ANIL Green Hydrogen ecosystem revenue increased by 145% to INR 8,741 crore, and EBITDA increased by 4.6 times to INR 2,296 crore. The airports business revenue grew by 35% to INR 8,062 crore, and the EBITDA grew by 45% to INR 2,437 crore. Total income of incubating businesses increased sharply by over 66% to INR 24,510 crore, and the total EBITDA increased by 47% to INR 5,942 crore. The PBT increased by 104% to INR 2,643 crore. The consistent higher contribution of these emerging businesses boosted the overall profit of Adani Enterprises. The consolidated EBITDA for FY 2024 increased by 32% to INR 13,237 crore, while PBT rose by 56% to INR 5,640 crore. Consolidated income stood at INR 98,282 crore. Now, coming to the project and operational updates on the major businesses. In our Adani New Industries green hydrogen ecosystem, our target of 10 GW green hydrogen integrated manufacturing ecosystem is progressing well. Validating the backward manufacturing integration, we have successfully commissioned India's first ingot and wafer plant with capacity of 2 GW, which will go in already established solar mono-module manufacturing capacity of 4 GW. This will not only reduce dependency on imports, but also enhance better control on module production and prices. ANIL's wind manufacturing division's order book stands at 254 sets. During the first full quarter of operations, the division had supplied 47 sets. We have received the provisional type certification from Deutsche WindGuard for Prototype Two using our own ANIL's blades. Further, we are happy to inform that India's largest 5.2-MW turbine, which we produced, is recognized as the bronze winner among 5.6-MW capacity by Windpower Monthly, which is U.K.-based, which validates the quality and performance of our products globally. Now, moving to the airports portfolio. We have inaugurated the first phase of the world-class terminal of Lucknow Airport, which can cater up to 8 million passengers per annum, with elevated pathways separating the arrival and departure flows. During the quarter, 10 new routes, seven new airlines, and 18 new flights have been added across all the seven operational airports. The passenger movement at our airports increased by 19% to 88.6 million. The eagerly awaited greenfield Navi Mumbai project is on track for completion in FY 2025. Mumbai Airport won the Cargo Airport of the Year India Award, which demonstrates the quality of service and performance. Finally, in our roads portfolio, four out of the 10 projects are more than 70% completed, in line with the target schedule, and the greenfield Ganga Expressway project is progressing well. This leaves Adani Enterprises well poised to develop its incubating portfolio eventually as independent listed verticals in their own right. Thank you. Now I will hand over to Mr. Vinay Prakash, who will take you through the highlights of primary industry portfolio. Over to you, Vinay sir. Thanks, Saurabh. Good afternoon to everyone. Mining services, Adani Enterprises Limited is the pioneer of MDO concept in India, with integrated business model that spans across developing mines as well as the entire upstream and downstream activities. It provides the full service range, right from seeking various approvals, land acquisition, R&R, developing required infrastructure, mining, beneficiation on site, and transportation to designated consumption points. Our success is underpinned by a commitment to excellent risk management and sustainable mining practices. The company is MDO for eight coal blocks and one iron block. These projects are located in the state of Chhattisgarh, MP, and Odisha. The company has serviced the contract, and the quantity delivered during the quarter were as per the schedule. In the current financial year 2024, Suliyari Mine has achieved its peak rated capacity of 5 million metric tons per annum in the second year itself of its full fleet operation. The product volume during FY 2024 increased to 32.5 million metric tons. During the FY 2024, the revenue for mining services was INR 2,361 crores, and EBITDA was INR 830 crores. Coming to IRM business, Integrated Resource Management business, we have continued to develop business relationship with diversified customers across various end user industries. We remain number one player in India and endeavor to maintain this leadership position going forward. Over the past couple of years, the IRM business has been exploring ways to tap into the newer market segments through initiatives like flagship e-portal, which is Adani IRM Portal, for the online trading of natural resources. By leveraging technology for faster and more reliable supplies, the portal has ensured ease of doing business for our retail customers, leading to a large market share for AL. IRM continues to target a balanced customer mix of retail and public sector enterprises customers. The volume during FY 2024 stood at 82.1 million metric ton. EBITDA for FY 2024 was INR 5,173 crores on account of improved realization on the annual business. Commercial mining. Under commercial mining, we have, we have one running mine in Australia, which is Carmichael Mine. The Carmichael Mine production increased by 47% to 11.2 million metric ton, and the shipment increased by 52% to 11.2 million metric ton during FY 2024. The company is also having six domestic commercial mine blocks, of coal and two domestic commercial bauxite mines, which are in progressive phase. The projects are in the state of Maharashtra, Chhattisgarh, MP, Jharkhand, and Odisha. In our primary industry incubation portfolio, we have, a company, we have a subsidiary company called Kutch Copper Limited. There we are putting up, a 0.5 million ton plant at Mundra, and the plant has started its operation. We produced and dispatched our first batch of copper production to customers in March 2024. The commissioning of this first unit of its greenfield copper, copper refinery project showcases the Adani Group's ability to plan and execute large-scale projects in record time. That's all. Thank you. We are ready for Q&A please. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. Ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. First question comes from Prateek Kumar, from Jefferies. Please go ahead. Yeah, good evening. Thanks for good results. I have three questions. Firstly, on CapEx outlook, can you highlight, like, how do you see now FY 2025 in terms of overall CapEx and maybe segmentation of the CapEx in terms of various divisions, maybe listen to in the, in FY 2025? Thank you, Prateek. So from the CapEx perspective, we are looking at a CapEx of about INR 80,000 crore in the FY 2025, out of which major part of CapEx will come from, go in ANIL and airports business, which take up about INR 50,000 crore of CapEx. Then the third would be in roads, which will, because of, Ganga Expressway, there will be a CapEx of INR 12,000 crore and rest put together in other businesses, including because we have, are also starting our PVC project. So in PVC, there will be a CapEx of about INR 10,000 crore, while remaining would be in data center at about INR 5,000 crore. What would be the exit capacity in various segments, like for example, in ANIL, what would be the exit capacity you're looking at in wind and solar and, you know, battery parks? Yeah. So see, as we have informed that the overall capacity will grow to 10 GW in the module integrated manufacturing, right from polysilicon to the modules. And in wind also we will have a capacity of 3 GW. So this CapEx is going into that direction. For FY 2026, the other CapEx would be for the initial requirements that we have to meet for our green hydrogen business also, which will be as a kickstart for our green hydrogen as well as downstream products. Oh, okay. And some questions on, like, on operating numbers. The solar segment margins on an EBIT basis have come down from like 30%+ range to some 25% range. Any specific reason here, or like, is it due to because of adverse pricing or adverse product mix? No. So see, from a Q4 to Q4 perspective, the numbers are basically just there is a small dip because of the import to export to domestic mix. So in terms of domestic, the sale had gone up, and against export, that growth was not that significant as was in last quarter. That's why there was a small change in the margin structure. But in near term, probably domestic is going to remain high in terms of mix or like export? No. Uh-huh. So that mix should right now continue as what is in, was there in the first nine months of the period because of the orders that we have in hand. And, this margin structure should remain between 25%-30% for the foreseeable next 1.5-2 years. On this MDO service, so again, last quarter we had like some dip in profitability in the segment on a unit basis. That has remained there in this quarter. I have seen, like in the presentation you have mentioned, due to some change in service contract mix. So is this the- So- the margin range which you're looking at in MDO service? No. So see, the margin for the quarter from a sequential quarter perspective has improved in Q3 because of certain change in the service contract mix. What will continue to happen is that with new and new mining services contract that become operational, the change which will happen from the PEKB mine to which was a significant portion of our EBITDA to other mines which have a lesser percentage in terms of contribution. So from the perspective of the margin they will reduce, but on a overall basis the profitability should now on a increasing trend in the next few quarters. And last question on wind segment. You have given order book and the delivery sets. Is it possible to give this number in megawatt because we talk about capacity in gigawatt? So all our 5.2 MW each turbine, so at 47 into 5.2 is what we have supplied in terms of GW. And at 254 sets, at 5.2 MW each set, that would be the overall supply that we will... We have the order book for. Sure. Thanks, and I'll get back to the team. Sure. Thank you. Thank you, Prateek. Thank you. Next question comes from Brett Knoblauch from Cantor Fitzgerald. Please go ahead. Hi, guys. Thanks for taking my questions, and congrats on the strong finish to the year. I guess my first question is on the recent announcement that you guys finally commenced operation of your copper plant. Can you just talk about the ramp cycle and timing of that? And, you know, when should we expect that to start to materially contribute to financials? And does that demand... maybe just long term, can you talk about what the demand profile for copper is in India, maybe today, and what it will look like in a couple of years, and how you're well positioned to meet that demand? Sure. Vinay, sir, would you like to take that? Hello? Yes, sorry, I think I missed the question because I was on the call. Yeah, I'll just explain. What Brett is asking is that the copper business, how do you see the ramp up in the coming quarters? And as a overall, how will you see the demand in the coming two, three years? Yeah. Thanks for the question. In fact, copper, as you all guys might be seeing it, globally, the copper prices are going up because of the increase in demand on a global basis, with a focus on renewable, where the copper consumption is going to go up. So in India, we consume close to 1.1-1.2 million tons of copper metal, which is likely to go up because of the government focus on renewable power, where we are going to have a high consumption of copper. As far as KCL is concerned, we started our production in March 2024, and in this year we are going to commission all our units by the end of FY 2025. So for this year, we are not going to achieve the peak, but FY 2026, we are likely to achieve our peak capacity of 500,000 tons. And we see a very good demand coming from India itself. So as of now, we see a mix of domestic and exports of the volume, but the portion of domestic is going to go up year by year. I hope I answered your question or, Brett, yeah. No, perfect. Very helpful. And then on the airport side of the business, I believe coming up over the next couple of maybe quarters, years, there's additional airports that are going to be privatized or up for auction. But is that something that you guys would look at entertaining? I think it's 11 is gonna come up soon, and then 14 additional airports coming up after that. So, Brett, we will surely look at that, because, see, we are looking at it from a more of a network perspective in airports business. We want to ensure that we are there as a network player, which gives us a very big strength in terms of route planning, in terms of the strategy development and what we, what we want to do. We are looking at it from a consumer perspective, so that even makes more sense from a cargo perspective. Having a big network also increases our strength. So we will surely look at the airports which come up for privatization. I think, this should happen post-elections, that the government may come up with a pipeline for privatization, and we will, 100% bid for projects, for airports, which are in our core strength of the network that we want to develop. Got it. Awesome. And then maybe moving it to data centers. It seems like a couple of the projects are nearing completion. I guess, what type of capacity are you expecting to have for that business by the end of FY 2025? I'm guessing both Noida and Hyderabad would both be completed. Sorry, Brett, can you repeat the question? I didn't get that. Yeah. On the data center business, can you just talk about what you expect capacity or, you know, operational capacity to be by the end of, I guess, the new fiscal year? Sure. Sure, sure. So see, in the data center business, Chennai is fully operational at 17 MW. The billing for about 12-13 MW is already going on, it will keep on increasing. In case of Noida and Hyderabad, it is 81% and 88% completed already, respectively, from a core and shell perspective. We are already having the signed order, so as soon as the core construction completion happens, we will start the operations there and the billing should start. In Pune, we recently signed up contracts for 96 MW, so that order book has now reached 210 MW in the data center business, as against 112, which we reported up to Q3. So that business is poised to grow. The billing will be all dependent on the enterprise players that are there, hyperscale players that are there. So, as such, we are looking to have the billing started for Noida and Hyderabad in FY 2025, and in Pune by FY26. So all the overall 210 MW, which we currently have, we are signing up further contracts also, but whatever we today have as 210, we should be having a full billing capacity by FY26 on all the three places, that is Noida, Hyderabad and Pune. Awesome. Thank you. And then maybe if I could just ask one more on the wind turbine manufacturing. Obviously- Yeah. It's nice to see that ramp up just quarter-over-quarter. Can you just maybe help us from a modeling perspective, model revenues for the wind revenue, or wind manufacturing revenue, I guess, of the 47 wind sets sold. I guess, how much revenue did that generate in the quarter? So in wind manufacturing, on the full quarter of operations that we had, the first full quarter of operations that we had this year, we supplied 47 sets. In that, because of that 47 sets, the revenue that we generated was about INR 850 odd crores on the 47 sets, and the EBITDA was about INR 120 crores was the EBITDA that we generated out of those out there based on those numbers. So that's how the trend will be in the coming few months, few quarters, because we already have full complete year of order book, which is available for this business up to the next FY 2026 first quarter till that time. Yeah. What's the ramp capacity on that? So 47 this quarter, is what can that get up to on a quarterly basis? On a quarterly basis, that can go up to about 55 sets per quarter. On the current scale, if we are also looking at expanding that facility, and once that expansion gets over, we can take it to double of the capacity each quarter. Awesome. All right. Thank you guys very much. Really appreciate it. Thank you, Brett. Thank you. Thank you. Next question comes from Anuj Suneja, from ICICI Prudential Life. Please go ahead. Yeah. Thank you for the opportunity. I hope I'm audible. Yes. Yes, sir. Yeah. Yeah. Yeah, congratulations on a great set of numbers. My, partially my questions have been answered in questions of Brett. Just to follow up on the airport piece, so if would it be possible to break down the growth that we are expecting going forward in the aero and the non-aero part of the business? Because our other competitors kind of share that number, and if I were to say do some competitive benchmarking there, would it be possible to share those numbers, and how are we looking at it, say, 2-3 years down the line? Yeah. Thanks, Anuj. That was a great question. So we will also come up with this as we move forward in that—this business. As you know, because we just took over this business during COVID, and there were certain aberrations in that. Now everything has been streamlined, so we will also come up with the aero to non-aero ratios as we move forward in the next six to six months or so. Currently, the ratio is, except Mumbai, very skewed towards the—about 75% comes from aero and 25% from non-aero in our six airports. Mumbai is better at about 50/50, but as you know from a consumer perspective, when we look at what Adani is looking at this business, we are constantly trying to move that ratio towards how it is being done at the international level, towards 75, which may come from non-aero to 25, which comes from aero. So that's how we are also poised to grow this business. In the next 2 to 3 years, you will see a very big change in terms of the ratio from aero to non-aero. Great. Great. Very helpful, very helpful. And, going forward, is there something that we have in mind as a strategy just to push non-aero, given that we have our app as well, the Adani One app? So, are there any strategic initiatives that we have just to push on the non-aero side of the business? Sure, sure, sure. No, no, 100%. We are constantly looking at a lot of things that we can do in terms of pushing the non-aero envelope and bringing in more wallet share from not only PAX, but non-PAX. Our... See, our touch points at the airports is not just 90 million passengers that we cater to. Our touch points are nearly double of that. So we are catering to not just 90 million, but nearly 250 million odd touch points. Mm. So that wallet share, once it grows, it will be a very big number. So that's how we are looking at this business. You will see, we are already seeing a lot of change that we are bringing in at the Ahmedabad airport, at Mumbai airport. There is a huge development that is taking place outside the terminal, hard boundaries, and that we will continue. Our first phase of city site development has also started at Mumbai, so that all those will change the entire dynamics there. Great. Great, great. And since we just touched upon Adani One as well, so historically, once we had shared some metrics around the Adani One app, how is that faring these days? So currently, the number of users on the Adani One app have reached 30 million odd number, which will- Okay. - which is constantly growing, and, with, currently, that is more about airports that it is working on. But as we bring in more and more our customer, new customer, this businesses into that, that number is poised to grow. Because service, being a service industry that we are in, the, it makes sense for everybody to use the app for- Yeah a lot of activities that they travel for. Yeah? Fair. Fair. Got it. My second question is, again, a follow-up to Brett's on the AdaniConneX part of it. While I understand you have about 220 MW of data centers that have been put in, a lot of competitive intensity is also actually intensifying from the Amazons and the Googles of the world. So, what are our business plans in terms of, are we going to lease it out to them, or do we have a different set of customers altogether? And pardon my ignorance there if, if you've already spoken about that. Yeah. ... No, no, Anuj. See, for us, Googles, Amazons, Microsofts, and any other large hyperscale player are our customers, they are not our competitors. Okay. So we have them as our partners. We are working with a lot of them, and they, that's where we are, like, looking to develop that relationship through EdgeConneX, because EdgeConneX already has a very good relationship as our JV partner with this kind of customer. And there, we are already developing that. In terms of competition, I think there is a lot of space available within this sector for future development, not only for us, for all the players. See, India today, our own data resides outside in a very big number. Yeah. So once with the government policy on bringing our data back to shores, plus a lot of data requirements are constantly going up. So all this makes the... even whatever number we produce, we come up with, there will be constant increase that we are seeing in the overall data center requirements. So we see a very large number there, so too. And we don't see any impact on the competition on the current set of numbers that we have. Perfect. Perfect. And a very basic question I had on data center is, what does this 1 GW translate into? Is there a standard translation, or is it more of a hazy picture? No, sorry. So, we can take- So we are talking about in power terms. The basic questions offline, because there are other- Yeah, sure, sure. -areas. No, no, that's, that's fair. That's fair. And, yeah. Finally, one piece on the coal business or the international resource management business. Given that there are, there have been ESG concerns historically around this business, how are we planning to go forward with the IRM and the coal energy business? Just final thoughts on that. Vinay, sir, would you like to take that? Yeah. You said energy concern or you said, ESG concerns on the coal and IRM. ESG. Yes, yeah. In fact, if you talk about ESG concern, the way we have been doing this coal business is that it's actually a service function where we are fulfilling the need of our customers. We are not consuming this coal of ourselves. Yes. Secondly, we are always trying to see as how we can use the various means to cut down the emission happening, either in terms of road transport, in terms of multiple handling, and in terms of the storage of cargoes. And that's the only thing which we can do in terms of ensuring our commitment towards ESG. Okay. And the mining side of things, so the Carmichael Mine or, there also, are we just providing services? The Carmichael, Carmichael Mine or the mine which we have as MDO in India Yeah. Again, this coal is getting used by someone else, not by us. We are mining and supplying coal to someone. Mm-hmm. But when we speak about India mining, we are the only miner who has employed the silo loading with the fast loading system, in which we can load a train in one hour, compared to the normal conventional hours of six to seven. Mm-hmm. Which helps to reduce a lot of consumption of diesel in the rakes which stand at the mine site. Similarly, we use continuous miner. We use many activity, many initiatives which are reducing the emission and the methane emission in the mining area. Similarly, in Australia, we are using big equipments to ensure that we have less number of equipment plying on the earth and ensuring that environmental issue. Mm-hmm. So whatever best we can do in terms of being a responsible miner, we are doing, and making sure that it is having the least concern as far as the ESG is there. Perfect, sir. Very helpful. Thanks a ton. Thank you. Thank you for that. Thank you. Next question comes from Nikhil Abhyankar from ICICI Securities. Please go ahead. So thank you for the opportunity. So if you look at our solar manufacturing business, so the realizations are still very strong at around $0.40-$0.42 per watt. So where exactly are these exports going? Are they majorly going into the U.S. and the European markets? Yes. If you will see the module sales numbers that we have published on slide 16, a larger part of our sales is happening in exports. And that has grown by nearly 152% over the last year, and it's... And because of that, the margins have improved. Yeah. If you can quantify what is the order book of our solar manufacturing business and what is the share of exports in it? In terms of order book, we are currently booked for nearly one and a half years going forward. Okay. So even if you assume a 3 GW of productions, around 4-4.5 GW? Yes. Yes. The exports share will be? About 70% of it. 70% of it. So, is it fair to assume that the realization are up majorly because of the UFLPA Act? And how do you see this realization trend going forward, say, after two or three years?... because eventually the global module prices are ranging in between around $0.20-$0.22 per watt again. So see, for us, we are looking at this business not just as a module business, but as a Green Hydrogen ecosystem business. The green, going forward in, we currently are selling outside, but the way our plants are on Green Hydrogen, going forward in another year's time or so, a lot of it will be self-consumption for us. So we are not just that too worried on the numbers and this, but yes, for the, foreseeable one-year period, one and a half year period, we see that the margins will be in the range of 25%-30% for us, which we are happy with in terms of the overall plans. Okay. And, sir, just one question on the wind. So you mentioned, are the, is the wind order book majorly group captive? Yes. Currently, yes. Entirely, 100%? Yes, yes, yes. Okay. And, sir, just a final question: the airport EBIT is negative, but the EBITDA is positive. Any specific reason for that, sir? So there was, there is one is that at the PBT level, we are still working on the business in terms of getting it positive. And also there was a one-off exceptional item in the airport business, which has put pressure on the PBT, actually. Sir, what was the value of it, sir, if you can quantify? The one-off. It's INR 627 crore. It's there in the results, numbers that are there. Okay, 627. That is because of the provision that was made for fees which we had to pay to AAI. Okay. And sir, just a final bookkeeping question. Sir, what, what is the gross block for the copper project? The current gross block for the copper project is INR 6,000 crore, as against our total project cost, which will move towards INR 7,500 crore by the final completion of the project. Sure. Sure, sir. Thank you, and all the best. Thank you. I request the participants to stick with three questions in the initial round and join back the queue for more questions. Next question comes from Nirav Shah from GeeCee Holdings. Please go ahead. Yeah, good evening, sir, and thanks for the opportunity. Three questions. Firstly is, so can you just clarify that the INR 641 crore of EBITDA that we've reported in the annual ecosystem includes the INR 120 crore from wind equipments or et cetera? Yes, yes, yes. It includes? Yes, it includes. Okay, sir, second question is just a bookkeeping one. What is the EBITDA from the Australian operations for fourth quarter and third quarter? In Australia, the EBITDA we have has about INR 1,300 crore for FY 2024, and the quarterly EBITDA in is about INR 400 crore. INR 400 crore in the fourth quarter and INR 1,300 crore in the full year? Yes. Okay, and sir, last question, I mean, can you just share the volume guidance between how much are we likely to do in Australian operations? Because we were doing some capacity ramp-ups over there, as well as the MDO business. Vinay, sir, do you want to take that? Yeah. So in Australia, we should be close to 14.5-15 million tons this year, FY 2025. We'll try to touch 15. That should be between 14-15 million tons. So going from current 11.2 to 14-15 million tons. And as far as mining services is concerned, we did 30.9 million ton FY 2024. We will definitely try to see if we can touch close to 50. Forty-five to 50 should be the minimal number. 45-50 million tons. Perfect, sir. Great, and thanks a lot, and all the best, sir. Thank you. Thank you, Nirav. Thank you. Thank you. Next question comes from Girish A from Morgan Stanley. Please go ahead. Yes, sir, thanks for the opportunity. Sorry, I had a basic question around data centers. I wanted to understand the real scope of the business. What exactly is... Like, do we are we builders, and then do we lease it out? What is the kind of rentals or realizations that you get? And then if you can explain the business model a little bit, please. And then in terms of CapEx, what's the current gross block, and how will it shape up as we ramp up this business? Thanks. So, from the basic distinction, Adani Enterprises, through our joint venture at AdaniConneX, which is a joint venture between Adani Enterprises and EdgeConneX, we are doing this business. We currently have 1 data center, which is operational in Chennai, and Noida and Hyderabad are on course of final construction phase into those two. Recently we have signed the order book for Pune also. Now, from a perspective of overall business, it is a business where the gross block actually will not come and sit on AEL books because it is a joint venture, so there is an equity consolidation. But on layman's terms, about INR 45 crore is the cost for 1 MW, so that is how the construction cost comes in. And, on an EBITDA perspective, this business has an EBITDA of about INR 8 crore per MW. So that's the overall, the overall numbers on that business. And in terms of your question on leasing out, yes, the income comes by way of rentals, because the space is rented out to the hyperscalers as well as SM, small and small enterprise businesses. And that is how we get the money. The power cost is generally a pass-through that we get in this business. For any further, like, questions, we can take it offline because there are other members, peers, participants in the queue. Yeah? Thank you. Thank you. Thank you. Thank you, Girish. Thank you. Ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. I repeat, ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. We have a follow-up question from Prateek Kumar from Jefferies. Please go ahead. Yeah, thank you. A couple of follow-up questions. You gave guidance of an MDO and coal mining business, Australia coal mining business. Any guidance that you can give on iron business as well in terms of volumes? You spoke about iron ore, no? No, IRM business, sir, the trading business. IRM business. So IRM business is actually a demand-supply business, depends how the country and country behaviors for the import of coal is concerned, as well as the different coal service business are concerned. So we always try to see that we win as much as possible. But the number clearly depends on the demand supply. So, you know, giving a guidance on number is actually going to be difficult. Okay, and the IRM margins have remained elevated. Is this still some high price contracts benefiting the IRM business? Benefiting? Are there some high price contracts continue to benefit the IRM business in current quarter as well? No, so we have some pending contracts, and then we have to add some more contracts, which will take the volume from the current pending volumes to the high volume. It will be average, by average one, so no, definitely it will be difficult for me to give you any indication as those things will be happening in quarter one and FY 2025, as far as IRM margin and IRM quantities are concerned. But I can assure you that considering that we are now there in the complete supply chain, and we are number one in as far as the volumes are concerned, we will maintain a good position in IRM for this year itself, this year also. Okay, and the last question on leverage. We ended this year's net debt at around INR 40,000 crore, INR 41,000 crore, FY 2024 end. With the kind of CapEx, which was highlighted earlier in the call, what is the leverage we are looking at by the end of FY 2025? So see, Prateek, from a net debt to EBITDA perspective, we have maintained that we will not go above 5x. That's what our target is, and we will continue to ensure that that does not happen. For that, if there is a requirement, we will bring in additional equity that will be required. So that's how we will maintain that. Even for FY 2025, our guidance for the net debt to EBITDA, it would be less than 4x. Because we go as a modular structure into our Anil business, so the EBITDA gets started, gets generated as soon as the project gets over. So that's how we will continue there. So that by the overall guidance will not be changing. Sure, sure. These are my questions. Thank you. Sure. Thank you. Next question comes from Brett Knoblauch, from Cantor Fitzgerald. Please go ahead. Hi, thank you. Maybe just some guidance-related questions. If we could start on the solar side. I guess, what should we be modeling for, for module sales for FY 2025, and what is your total capacity standing at now? The current capacity is 4 GW, out of which we have supply... Based on that capacity, we have supplied 2.7 GW during this year, and we are looking to reach the capacity utilization of about 90% in that business. So, we are looking at about 3.6-4 GW of volumes in the coming quarter, coming year. And is any capacity- And that also will continue to be- Coming online? Sorry. Sorry- Any capacity additions coming online this year? We are constantly looking at it. Like, there are plans to increase the capacity also, because we want to have that 10 GW achieved over a period of next 2 years. So that is already in pipeline, but we generally don't give that guidance on this thing. So yes, it is there. As an overall guidance, we will reach 10 GW as an integrated manufacturing facility. Perfect. Thank you. And then maybe on airport guidance, I guess, what are you expecting from, from passengers for, for this year? Obviously, we saw nice growth last year. I know Navi Mumbai is still currently being complete, won't quite help this year, maybe towards the, the fourth quarter. But any, any insights into what we should be expecting from a, a passenger perspective? So see, this year we grew by about 20% in terms of the passenger movement that we had, and that similar trend should continue with addition coming from Navi Mumbai once we start that, which will be by the end of the coming year, in end of FY 2025. Then there will be an exponential jump where in FY 2026 because of the new greenfield project that will be completed. But otherwise we are looking at it in the same range. With the, with the airlines ordering newer and newer planes and, how the market is looking up, we see that the growth will continue in airports. Thank you. Then maybe just on a consolidated basis. Yeah. Any insights as to what you're expecting from a revenue growth or adjusted EBITDA for the year or adjusted EBITDA margin expansion? You know, I would assume with the incubating businesses continuing to outpace growth of established businesses, we would see some consolidated adjusted EBITDA margin expansion again this year. See, the EBITDA margins will... EBITDA margins, I would say, would be similar to what we are projecting this year as such. But in terms of overall EBITDA, there should be a growth because of the copper plant coming online, the wafer plant of 2 GW coming online, wind turbine business stabilizing. So we have a good amount of pipeline that is there, and the EBITDA should grow based on that new pipeline. Awesome. Thank you very much. Really appreciate it. Thank you, Brett. Thank you. Thank you. Ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. Ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. There are no further questions. Now I hand over the floor to management for closing comments. Thank you very much for coming on the call. Looking forward to meet you again in next quarter. Thank you, Sunidhi, Mr. Dhananjay, for organizing this. Thank you very much. Thank you, sir. Thank you. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Sunidhi's conference call service. You may disconnect your lines now. Thank you, and have a good day.