Ladies and gentlemen, good day, and welcome to Adani Green Q3 FY24 earnings conference call hosted by ICICI Securities. As a reminder, all participants in line 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 a scheduler by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities. Thank you, and over to you, sir. Thank you, Ria. Good afternoon. On behalf of ICICI Securities, we welcome you all to the Q3 FY 2024 earnings call from Adani Green Energy. Today, we have with us Swami Venkat, Amit Singh, CEO, Phuntsok Wangyal, CFO, Raj Kumar Jain, Head of Business Development, and Viral Raval, Head of IR. Over to Viral. Thank you. Thank you, Mohit. Good afternoon, and thank you all for joining the earnings call today once again. We have uploaded our earnings presentation on our website, and we hope that you would have had the chance to go through the same. In terms of the flow of this call, we will first have brief opening remarks by our CEO, Mr. Amit Singh, on the key operational updates, followed by a brief update on by our CFO, Mr. Phuntsok Wangyal, on the financial performance and other key financial milestones. This will be followed by Q&A. So over to you, Amit. Thank you. Thank you, Viral, and thank you, friends, for joining this call in the new year. In 2023, the global annual renewable capacity addition has increased by almost 50%, the fastest rate of growth in the past two decades, and we expect this momentum to continue to the end of the decade, which is very closely aligned with the pledge taken by several countries at COP28 of tripling renewable energy supply by 2050. India, which is a rapidly growing economy, renewables will play a very crucial role in its growing energy demands. Our country has taken several policy steps to advance towards the 500 GW non-fossil fuel capacity target by 2030. Key ones include strengthening the supply chain, building the transmission network and storage solutions, and mobilizing the capital resources to meet the significant capital outlay needed to convert this vision into a reality. At Adani Green, we remain true to our 2030 targets of 40 GW and continue to focus on tightly controlling key resources, including capital, supply chain, and people capacity planning, which we believe are the key pillars for a successful execution. During the last quarter, the equity and debt capital raise, we have put in place a capital management framework for a very well-secured growth path to the targeted 45 gigawatt capacity by 2030. We continue to ramp up our execution capability and capacity by focusing on a very resilient supply chain, which is diversified, and a very strong emphasis on localization. Digitalization at scale, workforce expansion, and competency building as well. As we work on the world's largest renewable power plant in Khavda, in Gujarat, we will create a blueprint for mega-scale RE projects across the world. As an important milestone on the overall renewable portfolio front, we have recently completed PPA for the entire 8 GW manufacturing-linked solar tender issued by SECI, with the remaining 1.7 GW recently tied up. With this, AGEL now has a total portfolio of 19.8 GW capacity backed by signed PPAs. The total locked-in growth portfolio stands at 20.8 GW, further including a merchant portfolio of 1.01 GW. Along with the robust business growth, we have continued to progress on our sustainability commitments as well. As a testament of our continued focus on strengthening our ESG commitments across the organization, we have been ranked number one in Asia and among the top three globally in our sector as per the latest ISS ESG ranking. Further, AGEL has been ranked first in power sector in the latest CRISIL ESG assessment with improved score for second consecutive year. Our key operational performance for 9 months, ending December 2023, we have continued to have robust performance on year-on-year basis. The operational capacity has grown at 16% to 8.4 GW, a greenfield addition of 700 MW solar-wind hybrid, 300 MW wind, and 150 MW solar projects. Our solar portfolio CF has remained stable at 24%, and wind portfolio CF has seen an increase of 510 basis points to 32.2%, and solar wind hybrid portfolio has increased by 750 basis points to 41.5%. Backed by the robust capacity addition and improved CF, the sale of energy has increased by 59% to 16,293 million units. Let me now hand over to Phuntsok to provide you updates on our financial performance and some of the key financial milestones. Yeah, thank you. Thank you, Amit, and thank you all the friends for joining the call. Amit has talked about excellent operational performance. Let me briefly update all of our friends on financial performance for nine months ended actually ending December 2023. ...backed by strong operational performance, the revenue from power supply has increased by 57% to INR 5,794 crore. Just as a point of reference, 5,794 crore excludes the treasury income, which we have received during this nine-month period, which translates to INR 961 crore. EBITDA from power supply increased by 52% to INR 5,412 crore, and we continue to maintain our industry-leading EBITDA margin in excess of 92%. Cash profit during the same corresponding nine-month period increased by 61% to INR 2,944 crore. Now, what it translates is, in our run rate EBITDA for the operational capacity, which we have right now, which is 8,478 megawatt, which Amit talked about, stands at strong INR 7,806 crore. This is leading to significant improvement in my net debt to run rate EBITDA at 2.98, compared to 5.6 last year. The run rate EBITDA of INR 7,806 crore, which I'm going to talk about, excludes the EBITDA contribution from capacity, which are charged, but not yet commissioned. We expect that those capacities will have EBITDA translating to nearly INR 254 crore. Now, let me take you through some of the other important recent financial milestones, which actually go in line with our capital management philosophy, as well as the growth aspiration, which Amit will talk about. So the recent shareholder approval, we have issued equity share warrants to the promoter for total investment of INR 9,350 crore, out of which we have already received INR 2,358 crore, and remaining amount we expect to receive in 18 months. As you all know, as a part of our disclosure, we have clearly stated that the equity warrant issuance and utilization will be through a combination of payout to my whole board, as well as funding my capital growth in line with my expectation to reach 45 GW by 2030. During the same quarter, we completed our newly formed JV agreement with Total for 1,050 MW portfolio, and in the previous we have raised INR 2,497 crore, which we have already received. During the quarter, we upscaled our debt funding under construction test financing framework from $1.6 billion to $3 billion. So as a part of my upscaling, we have raised $1.36 billion, and we have already started drawing under the facility. This is apart from other financing, which we have raised under our ongoing capital raise program. We have recently made announcement that in line with our guidance, we have now completely placed in place cash-based funding for $1,050 million GoldCo, redemption of which is due in December 2024. During the same quarter, in line with our capital management philosophy, we have also refinanced some of our operational assets at very competitive rate, nearly to 8.5%. And this corresponds to some of our portfolio, which, which have achieved operational performance, and the broadly, the refinance for amount is nearly $640 million. Now, this, this continuously emphasizes our focus on bringing our cost of capital down. With the above milestone, we would like to, we would like to advise our investors that they will remain focused on playing a crucial role in energy transition in India, with a growth trajectory fully supported by disciplined capital management and highest governance standards. And we are fully committed and in line to achieve our 45 GW by 2030. Thank you for all of you, and I would request the operator to open the line for Q&A. 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 your telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, please wait for a moment while the question queue assembles. First question from the line of Neerav Shah from GeeCee Holdings. Please go ahead. Yeah, good afternoon, sir, and congratulations on a very good set of numbers as well as completing the total JV. So congrats on that, sir. Just a few questions. The first question is, our locked-in portfolio has increased by 410 megawatts from what we declared in the last quarter, this quarter. So entirely on merchant, which is now 1, approximately 10% of our total portfolio. So on our target of 45 gigawatt, where do you see the merchant portfolio contributing? How much do you see that? And the related question is: What is the group capital potential for the next five years where we can capitalize? Yeah. So I think, let me, maybe try and give you a better picture on that. Listen, I think the merchant portfolio for us kind of goes up and down based on, you know, how we see the mismatch in, price and, you know, the future projections. Today, I think it's between 3%-5%, and I think we feel that, we will have a bigger capacity, you know, in, lower teens by end of, this decade. Now, I think it's very hard to give an exact number. We will make a call on those, as we go, depending on how the market evolves. ... but we are quite bullish on how the market is evolving, the price sentiment, and we are making some investments to grow our merchant portfolio going forward. So it's low teens as of now, as we speak. I mean, it can change, but that is what our research is. Yeah, I think we will keep a balanced portfolio as well. We want to make sure that because there's a significant CNI customer base, which we are also tapping in. We want to make sure that we have a balanced portfolio. We have a lot of projects which we've already, you know, signed up, so we need to execute that over the next two years. Having said that, I think we are carefully watching the space and you will see us, you know, in the following quarters, making some positive updates on that side. Got it. On the capital potential, sir? Group capital potential also is evolving. I think it's north of 2 gigawatt over the next few years. And I think it's a number which we're also implementing in parallel. And this is outside the specific gigawatt number, which we have stated. So just to be clear on that. What's the gigawatt you said? North of that number. I think that, again, is evolving, as capacity demand for the group companies evolve. And so that number will also change. But, yeah, it's a fair assumption you can make over the next few years. Got it, sir. And sir, can I ask, on the, total JV deal, what is the tax implication on, that or if it- I'm gonna, I'm gonna pass on to Phuntsok, maybe to, maybe give a feedback on that. No, I think, there will not be any tax implication, actually, on that. Okay. And what the accounting treatment is for, again, now that it is, even the previous INR 4,000 crore has been converted to CCD- Yeah. I think there are two elements on it, Mananki. As you know, Mananki, our previous arrangement was, Mananki, we had the staple instrument from promoter, actually. Those staple instruments have been completely converted into compulsory convertible debenture. Those, from accounting treatment perspective, those will be maybe treated as equity-like instrument. So that's the first question. And from, I think you may be also referring from a consolidation perspective, actually. The treatment remains the same. It will be maybe fully consolidated with Adani Green because operational control and other elements continues to remain with AGEL. Got it, sir. Great. Thanks, so that's from my side and- Thank you. Thank you. Thank you. Thank you all participants. You may press star and one to ask question. Next question is from the line of Nikhil Abhyankar from ICICI Securities. Please go ahead. Thank you, sir. Thanks for the opportunity. Sir, we haven't seen you participating in new bids, also getting undersubscribed a lot of bids. So can you just throw some light on when can we see you start participating? And in terms of preference, what will be your preference, solar, wind, hybrid or even FDRE? Yeah. I think it is very clear that you know, we have to match our existing locking portfolio with you know, our execution pace and capacity. So today, as we had earlier guided, our execution capacity is in the near about of 2.5 GW. We are working hard to grow that capacity to north of 5 GW from next year. And we need to make sure that we sign these in such a way that we maximize our returns. And as you heard me say earlier, we're also looking to optimize our balance between solar and wind, but also from a CNI merchant capacity as well, which, as you know, we have a very small exposure there. So we're looking to balance or rebalance the portfolio and hybrid our overall mix. So, that's the reason why, you know... But we will selectively participate, where we feel we can get the best returns. I think, in terms of solar mix, and maybe to add more color, I'm going to invite Raj as well to add a few points. Sure. Thanks, Amit. So, you know, I think it's hybrid, the portfolio is what we are going to do for the future. So that's where the focus is, and as Amit mentioned, we are looking for a mix which can give us, give the shareholders best returns in this case. Within the space, whether it is solar, wind, hybrid or FDRE or RTC or whatnot, for us, all those opportunities are there, and I think we definitely don't have any singular preference in that. I think it's a subject of what opportunity gives us more return. By its own nature, as you know, the renewables will always be solar heavy, so obviously the ratio will be higher. But for us, all those opportunities are available on the table, and we choose based on return profile and our expertise within that profile. Understood, sir. You mentioned that you're facing some problems in improving your execution capacity. So what kind of problems are you facing? Is it like supply chain? Is it like land acquisition or what? No, I would not say problems. I think, we had a existing run rate of, how we execute, and we are growing that run rate. I think if I give you, three things, which I talked about in my opening remarks. The first is really having a very clear transmission network available to evacuate power. And for that, we have to rely on, you know, execution of, different transmission companies in the country, and they have to be able to deliver and make sure that the evacuation is available. The good news is, for example, in Khavda, the first evacuation lines are ready, and we have a new capacity added of 3 GW. Second is really about managing supply chain. Supply chain, you know, when you grow a supply chain and ramp it at this scale and speed, there are long lead items, and manufacturing capacity limitations which are in place, both from wind and solar perspective, inverter, tracking systems. So those have to be developed and those have to be, you know, there is a time it takes to invest and grow that capacity. We started on that journey a year ago, nine months ago, and a lot of our partners are scaling up to deliver north of 5 GW scale for next year. And the third is people. Renewable sector is still in an early growing phase in India. We have to hire the best people, train them, mobilize them to some of those project sites, like, our flagship site in Khavda. This is a place where there was no human being living there, and now we have north of 5,000 people working hard and delivering projects. So it's an ongoing journey. We are very happy with where we are, and we know that we have still a long way to go to get to the scale we're talking about for the following quarters. Understood. Then now going to pumped storage. So what are our plans, and when should we start the execution on this project? When should we expect the execution to start? I'm gonna invite Raj to maybe give a bit color on the pumped storage, and then maybe I can comment on the execution. Yeah. Yeah, sure. I think, just on the background side, as you all know, that generally the pumped storage at least takes close to five years from the day zero until the actual commissioning of the project. So, we have signed a lot of MOUs. You would have seen in the media that a lot of MOUs have been signed AP, Maharashtra, Telangana, Tamil Nadu and all. So, we are making our progress on multiple sites. Full scale facilities are there. Feasibility studies are on, which will lead into execution decisions. We are very close to doing one project. And I think that's something which we will be able to come out very soon and give you the details. However, it is part of our overall long-term strategy when we talk about FY 2023. But, how are we mixing all sources of renewables in the ever-emerging space of RE? How do we ensure that we benefit out of the opportunities which are being thrown, or the complexities which are being thrown, as a leader in the pack? How the pumped storage or other forms of storage are used, so that my returns are much better than what traditionally I've been able to answer. So we are focused on pumped storage, and you will see some of those happening. At the same time, we're very, very vigilant about, very diligent about that, whatever we do is definite, is complete, and all approvals are taken. Because a lot of these projects have seen, in the past, a lot of stalling, and a lot of questions with respect to R&R, environmental permissions and all of that. So when we say that we are doing something, we want to be 100% clear on everything. And that's what I think one of those projects we will be able to come to you very soon. And balance in the very advanced stages as well, in various forms, in various types. But again, rehashing the point, it is completely part of our plan for FY 2023 to explore this the problem which the industry has, how do we create opportunity out of it and actually give better shareholder returns to our shareholders? And just to add to what Raj is saying, in terms of the timelines and all, it is pretty clear that the concept of project, which Raj is talking about, will be a part of our implementation process as far as next financial year is concerned. So we will definitely be starting our PSP implementation from next financial year. And the project which Raj is going to be talking about anyway is in very advanced stage, which environmental clearance already received, land already we have acquired. Financial closure again, is in very advanced stage of being completed upon. So once financial closure is achieved, along with our formal storage business philosophy perspective, we will be coming out with a specific guidance on that. Okay, sir. Just a final question, sir. What should be, what will be the capacity addition in the next three months? I think, in the next quarter, I think we feel that we will be north of 2-2.5 is what we are targeting. You know, we have, as I pointed out earlier, our evacuation capacity is now ready. A lot of solar and wind capacity is getting commissioned. And, you know, we have a very high run rate of commissioning going on trials. And, we will make those announcements as we go. Yeah. And then, just to be very specific, at least going to be 2 gigawatt in this quarter, actually. Okay. In the next two months, to be precise, more precise. Yeah, yeah. Understood. Thank you and all the best. Thank you. Thank you. A reminder to all participants, you may press star, and one, to ask questions. Next question is from the line of Roopa Menon from AllianceBernstein. Please go ahead. Hello, am I audible? Yeah. Yes. Yeah. Thank you so much for taking my question. The question is mainly on, your capacity addition for the next three months. Essentially, just wanted to understand, since you spoke about transmission, is transmission one of the major problems that is affecting the capacity addition capability? Just wanted to get to know your thoughts on this. ... Yeah, this is Raj. You know, that's where what the advanced planning does. So, when we say that these are the challenges, so challenges are there for the industry. When I'm looking to do 5 GW, I'm looking to do more than that. I have already, already solved it. So if I, I'm saying that I'm going to do, say, 5+ next year, I've solved the land issue, land point. I have solved the transmission planning for the next year. I've or year next, I have also solved the manpower planning for next year. However, it is very important to remain modest about it, and that's where we are saying that these are the challenges which the industry faces. For us, as leader in the pack, we need to ensure that when we say that we are doing it, we are keeping it on. So when I say I have land for 200,000 acres, my complete plan for 45 GW on land side is solved. When I say that I will be doing 45 GW by 2030, I have clear visibility of which transmission elements are coming in each sector, and I have zero risk on the transmission planning as well, as the grid content for the national network. Yes, there are embedded ±3 months to 6 months, which happens for various reasons, that's fine. Apart from that, there is no such risk. Now, in terms of making the same business as usual, we have already grown where we are, where we are executing close to 3+ GW. Now, when we move to 5+ GW next year, the ecosystem required to be built in Khavda is already done. We are fully ready for it. So I think from a risk perspective, we have already covered ourselves, but these are the three things which we have solved to be able to deliver it next year. I think that's the way you should look at it. Understood, sir. Thank you so much, and good luck. Thank you. Thank you. A reminder to all participants, you may press star and 1 to ask questions. Next question is from the line of Nikhil Abhayankar from ICICI Securities. Please go ahead. Mr. Nikhil Abhayankar, we're not able to hear you. Yeah, sorry. You're transferring around 1 gigawatt to the JV. So what is the expected EBITDA from this JV and what is the debt level on these assets? I think from, from our business perspective, actually, as I was saying, even if we transfer this, it will be fully consolidated, actually. Right. So from that perspective, it is. So it will be reflected in our numbers on the sheet. Now, if you are talking in terms of the debt level, actually, as we have guided, 1,050 MW includes 300 MW of operational. Balance capacities are under execution. So those under execution projects anyway doesn't have any money back per se, actually. Those will be implemented as a part of my coming year execution plan. So our debt, which will be transferred as a part of that platform, should be nearly INR 1,500 crore. INR 1,500 CR. Yeah. Okay, understood. And what is the expected EBITDA from this company? Yeah, so from EBITDA perspective, if you really see, my portfolio doesn't vary much, actually. Except that, okay, some of these will be new capacities, as you know, are generating EBITDA at a level which is higher than my average portfolio EBITDA. So, that is getting reflected as far as the 300 MW operating portfolio is concerned. So accordingly, if you really want to see, this should have an EBITDA between INR 190-200 crore. EBITDA margin will definitely be higher than the portfolio level EBITDA margin. Okay, understood, sir. Thank you so much. Thank you. The next question is on the line of Vijay Kumar from Avendus Spark. Please go ahead. Yeah. Am I audible? Yes, sir. Yeah. So my first question is on the existing module prices, which has come down significantly, and how is it going to have a positive impact on our returns on projects, since we would have already locked in on tariffs, while now probably the cost would be lower. Would that be beneficial to us now? Yeah, sure. So, as any module price will obviously have a saving on the CapEx, and that obviously improves returns. So the number is broadly 1.2%-1.3% additional equity IRR for every cent of reduction. Now, for projects which are- You said 1-1.3% improvement in IRR for every cent of reduction, sir? Yeah, yeah, yeah. Okay. So, now for projects which are, say, commissioned this year, they will be on a different price trajectory. For the projects which get commissioned next year, will have a different price trajectory. And you have to also see that some of these are bottom, bottom prices in the module environment. So do we see that these prices sustain in future at these levels is also something which we build in our project estimates. So I think from that perspective, you will see higher returns from the CapEx, which we are doing than what we had estimated at the start of this financial year. And the same difference with next year, and we continue to monitor this thing. However, we do not necessarily see now a meaningful reduction from the current levels, because some of this is going to the marginal cost of production right now in ... So, how would the implementation of ALMM from April 2024 change all this? Because then we will have to procure for new projects only from Indian manufacturers. So the lower cost of Chinese modules will anyway not be beneficial to us, right? So two parts. One, most of my or virtually 97% or 98% of my balanced long-term portfolio, all my PPAs does not have ALMM applicability. So, whatever I buy for them, I can buy from China. And again, and for that 97%, I will have a pass-through of BCD on that, from the PPA or the relevant PPA clause. So I don't need to necessarily worry about the ALMM or the BCD per se, in my business model. Second, so that's where my returns are protected, and those are good in terms of me being able to take the current low module price and module prices environment benefit in my CapEx. Now, in going forward, obviously, when we tender for projects, we take care of what will be the revenue framework going forward, which also includes the ALMM. What is the pricing scenario in the domestic market? Just to further take the point forward. Currently, the domestic prices for ALMM-certified modules, which are not necessarily DCR modules, the prices are broadly nothing but what you import from China, plus the BCD on it and a small margin over it. So that's where the domestic prices are moving. So per se, for any new future bids or even for any merchant or a C&I project which I implement, it does not change the needle too much, especially in cases where obviously the revenue profile is going to be better than the PPA thing. In case of PPA, obviously, we have also ensured that, the ALMM, one, the ALMM applies to everyone in the industry, in my competition. And second, the returns are in which is superior to, what the market is able to earn, for those, numbers, revenue numbers. So I think, fairly hedged on the ALMM. Okay. So, so that is good for us. One question, on, what you had mentioned. You're telling domestic prices are Chinese prices plus BCD plus margin. So that means $0.10 plus 40% plus some margin. Would it be still be under $0.20 per watt peak for domestic manufacturers? $0.10 is not necessarily the best price. Yes, you hear some of those things, but then you are going down on the quality chain, then you are going down, down on the whether it is Tier 1 or not, and some of those things, whether it is Tier 1 or not. So, it's not necessarily the exact number. But yes, over that, you apply 44% duty, transportation, and then some more margin for the domestic things, because they essentially procure cells or wafers from that market. And the way the pricing is there from the Chinese market is that they are pricing, obviously, higher than the inherent cost, so that the modules manufactured in other places in the world are costing higher than their own ecosystem. But it's around the number which you have to say, $0.20. At 20, sorry, may not be your domain, meaning not Adani Green's domain, but at $0.20, will the domestic manufacturers make returns? It depends on domestic manufacturer's own efficiency. Speaking on behalf of Adani Solar, I may not be able to comment too much on that. But I think, the way I understand, the business has been made very efficient, and the ecosystem there has been made in a way that a lot of things are channeled into the ecosystem there itself, so that the costs are controlled and the efficiency have been optimized. So I think, I'm sure, efficient people are making money. So one final question on pumped storage. We are hearing several developers coming up with a lot of new projects on the pumped storage, but how is the equipment ecosystem to support this large ordering activity that will happen over the next, say, 5- year to 10-year period to set up these projects? So, do we have the equipment supply base in India to supply these equipment? So two or three parts of it. One, I think it's a lot of announcements. Let's see how much goes actually on the ground. Because, yes, it is the need of the hour for the country. It is accepted, and it is where the opportunity lies. And the players who are, who have that execution capability will be able to grab this. So only few of them is what I believe will be actually translated into real projects. So that's one. When it goes into the projects, then, then only the need for equipment arises. At the same time, given the time period available for some of these projects, it is possible for the developers to lock in the equipment ecosystem for them, and that's what helps. When we say that we are developing a pumped storage part of our business as a next frontier for a higher return portfolio, then obviously that is one area which we have looked at very seriously and worked with our suppliers to ensure that we are invested in that area. Yes, it's a huge opportunity for the equipment manufacturers to see how they augment. But I think it's also a tricky thing in the sense, how many people actually give them orders and how many people talk about orders? I understand. Got it. Thanks for answering my question, and all the best for the future. Thank you. Thank you. The next question is from the line of Kumar Menon from AllianceBernstein. Please go ahead. Hello, thank you for allowing me to jump in again. Just one question. Just want to understand, what would be the main reason that you would attribute to not being able to keep the 2.5 GW in the next three months versus, like you said, at least 2 GW in the coming quarter? No, I think I didn't say, you know. Listen, I think there's a lot of moving parts, Kumar, in renewable project, right? You know, and I think it's about deploying, doing the trials, having all the elements ready, commissioning them, connecting them to the grid, and making sure that we provide a very sustained, efficient supply of green electrons. And we have to do it in a manner that it is properly compliant with rules and regulations. So, so this way we will maximize our output and maximize our performance. But I think we have to be cognizant of the fact that there are things sometimes outside our control. Won't be able to give too much color on that, but we're very confident that we will be towards the, you know, higher end of that number as a total number for our performance by end of the year. All right. Thank you so much, sir. Thank you. Thank you. A reminder to all participants, please press star then one to ask questions. As there are no further questions from the participants, I now hand the conference over to management for closing comments. I think, thanks a lot, everyone, for participating in the call. Please feel free to connect with us, if you have any further questions. Thank you, Mohit from ICICI Securities for organizing this call. Thanks a lot. Bye-bye. On behalf of ICICI Securities, let's conclude this conference. Thank you for joining us. You may now disconnect your lines.