Ladies and gentlemen, good day, and welcome to the Q1 FY 2024 earnings conference call of Borosil Renewables Limited, hosted by Axis Capital Limited. As a reminder, all participant lines are in 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 dial an operator 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. Sumit Kishore at Axis Capital. Sumit, over to you. Thank you, Lakshmi. On behalf of Axis Capital, I'm pleased to welcome you all to the Borosil Renewables Q1 FY2024 earnings conference call. We have with us the management team of Borosil Renewables, represented by Mr. P.K. Kheruka, Executive Chairman, Mr. Ashok Jain, Managing Director, Mr. Sunil Roongta, CFO, Mr. Swati Valmiki, Head of Marketing. We will begin with the opening remarks from Mr. Kheruka, followed by an interactive Q&A session. Over to you, sir. Thank you. Good afternoon, welcome to the Borosil Renewables investor call for the Q1 of financial year 2023/2024. The Board of Borosil Renewables on 8th August approved the company's financial results for the Q1 of the current year. Our results and an updated presentation have been sent to the stock exchanges and have also been uploaded on the company's website. We will discuss the operations of Borosil Renewables on a standalone basis as well as on a consolidated basis. I will also provide you some highlights of the operations in their newly formed acquired entities subsidiaries. During the Q1 of the current financial year, the company recorded standalone net revenue from operations of INR 237.52 crore, an increase of 40% over the corresponding quarter in the financial year 2022/2023. Sales volumes on a quantitative basis grew by 56%, post commissioning of a new 550 ton per day new plant, that is to say, HC3, from 3rd February 2023. Four sales during the Q1 of FY 2024, including to customers in FVR, were 30.3% of the turnover at INR 72.16 crores, registering an increase of 82.6% over the Q1 financial year 2022/2023, which was INR 39.55 crores. Out of this, direct exports were up 51%, INR 69.26 crores as against the INR 38.17 crores in the quarter last year. Average HFC selling prices during the quarter experienced a sharp decline of 8.8% as compared to last year, down from INR 140.8 per mm to about INR 128.4 today. This lowering of prices is a direct outcome of dumping from China, Malaysia, Vietnam, as the domestic selling prices stand by about 50% in the same period. This price reduction has reviewed in the backdrop of a rise in the prices of inputs as natural gas, scrap, packing materials, and other commodities in the year 2022/2023. There has, however, been some marginal reduction in the input costs during this quarter. Due to low selling prices, the margins have come down significantly in the domestic markets. The last financial year has seen a notable fall in EBITDA from INR 51.3 crore at 30.6% in the Q1 of the last year, to INR 38.02 crore at 30.3% in the last quarter. EBITDA has recovered to INR 66.52 crore at 33.8%, with the inclusion of production and stabilization of costs in HC3 for us in the Q1 of the current year. Lower EBITDA and higher outflows towards interest association led to a decline in the profit after tax, and the company recorded a profit after tax of INR 13.64 crore, a decrease of 54.6% for quarter one last year. The Indian market for solar glass remains wide open for duty-free imports of solar glass from China, which has been having a field day. Meanwhile, imports of solar glass into China face a custom duty of 21%. While the tariff provides for a Basic Customs Duty of 15% on imports of solar glass, a circular dating back to 1999 exempts imports of solar components, including solar glass, from levy of customs duty. The solar glass industry continues to struggle with low margins, as heavily subsidized solar glass in China continues to flood Indian markets, with no chance of a level playing field for Indian industry. We continue to represent our case vigorously to the government to enforce this exemption from Basic Customs Duty on imports of solar glass. Coming to the solar installations, over the last few months, these have remained a little bit subdued at about 0.5 gigawatts per month before gaining momentum in June 2023, to achieve 2.3 gigawatts. In the Q1 of the current financial year. The installations of 3.3 gigawatts against 3.107 gigawatts in the course of the last year. The domestic demand for solar glass has been facing issues ever since the time MNRE suspended implementation of ALMM till March 2024. The lower uptake of solar modules led to higher inventories with our customers, so further exacerbated the use of solar glass, leading to significantly higher imports and in the expectation of higher manufacturing of demand. On a long-term basis, however, the demand situation for solar glass continues to look good. India has a domestic module manufacturing capacity that is expected to rise to almost 100 gigawatts in the next two or three years, from about 35 gigawatts currently. The actual domestic manufacturing may rise to 35 to 40 gigawatts annually, which will increase the demand further. The challenge of lower prices in the company. I seriously dented the profitability a few times and also brought the potential expansion in solar glass capacities by various players to a halt. On the policy front, there have been some developments worth mentioning here. MNRE unveiled bidding plans for 50 gigawatts of renewable energy products in financial year 2032 and 2024. This was quarterized online to KK, 15 gigawatts, NTPC, 15 gigawatts, NHPC, 10 gigawatts, and SJ, DNL, 10 gigawatts. 40 gigawatts will come from solar and 10 gigawatts from wind. CEA issues the National Electricity Plan that projects 562 gigawatts of installed capacity from renewables by financial year 2032. 365 gigawatts of this, 65%, is expected to come from solar. 150 gigawatts of solar is expected to get installed between financial year 2034 and financial year 2037, 139 gigawatts of solar between financial year 2038 and financial year 2032. Development generate substantially higher demand for solar modules. The Solar Glass manufacturing in Germany, GMB, is on planned cold repair from 13th March to 6th May, the furnace has been brought back into production from 8th May into higher capacity of 350 tons per day, after incorporating changes which will help raise the production yields to achieve energy savings. The remaining CapEx transfer of processing area, which will help achieve capability to install larger size glass and also enable more efficient operation, will be completed by end of the current quarter. I now come to the consolidated results for the quarter. These results include the operations of the wholly owned subsidiaries abroad. The Interfloat Group registered a revenue of INR 133.06 crore this quarter, with a negative EBITDA of INR 19.234 crore. The operating results have been impacted due to shutdown of glass production from March 13, 2023 to May 8, 2023, and some optimal performance due to lower efficiencies during initial stabilization. The consolidated net revenue and EBITDA for the Q1 of the current financial year stands at INR 355.5 crore and INR 34.47 crore, which consider respectively. We continue to have a positive outlook led by existing growth in the domestic manufacturing and local production of modules in the USA and Turkey. The IRA in the USA and Solar Module Accelerator Program in Europe and India are looking to create local production of solar modules and components, which will need to have solar glass. The German Federal Minister for Economic Affairs and Climate Action has called for expansion of interest from company that manufacture solar modules or key components in the country. To establish 10 gigawatts of solar module manufacturing facility, we need to allocate the necessary resources. We believe that with manufacturing operations in Europe and in India, we are in a strategically advantageous position to meet higher demand in the markets. With that, I would now like to open the floor to questions which you may have. Thank you. Thank you very much. We will now begin the Q&A session. Anyone who wishes to ask a question, may press star and one on your telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the questions are assembled. We have our first question from the line of Mohan Kumar, an individual investor. Please go ahead. Mr. Mohan Kumar? Sorry, I, I was on mute. I have a question. The first one is with respect to the, the efficiency gains that you're expecting to kick in from the furnaces. How long do you feel that, that will take to properly materialize? By when can you see that in full situation? I feel that, what I want to see, significantly to change, we have a completely new type of furnace proposal. You know, it will take time to time it. It's a large installation, and it's not just in the aspect of furnace, it's also a production line which grinds every single piece of glass, puts it, and then tempers it, then packs it. That's a fully automatic process. We are well on the way, towards achieving the rated efficiency now. That's great data. Congrats on that. The second question that I have is with respect to the utilization. Currently, do you feel that you are at the higher levels that we saw probably in the last couple of years? Do you feel there is some slack that can be picked up over the next few months? I feel that we should be achieving some utilization in the remaining part of this year. We are working hard at it. Very difficult to confirm a firm statement, you know, on when this can be achieved. Of course, everybody is at work trying to achieve it. Maybe within the end of this quarter, it will be achieved. We should have achieved a significantly different capacity utilization. That's great. Do you expect that to flow, split between the Indian markets and the foreign markets, favor foreign markets? What I mean is the rate of change you're expecting, do you see that higher in the foreign markets or Indian markets? I think, both the markets are actually, actually very robust, actually. It's a question of this, the standard in the works is coming from Chinese imports. They have become desperate, and they are trying very hard to create a big, big situation in the Indian market. I'm sure the government will take action at the right time and be able to find a solution for that. All the best for the rest of the year. I'll jump back with you. Thank you. Thank you. We have our next question from the line of Vivek Gupta, an individual investor. Please go ahead. Yeah. Hi, Hi, thanks for the opportunity. I have a couple of questions. First is, what is your EBITDA margins guidance for the rest of the year? You see, we do not give forward-looking projections as a matter of as a matter of policy. Okay. As the solar prices have been tracking now, will you eventually see the benefit being passed on rest of the prices? We, we definitely see, this going some improvement in solar prices. It is something that's difficult for us to, sort of evaluate at this level. Just to confirm that the, whatever the price decline is taking place, we are, we are also getting the corresponding price decline in our purchase price. The benefit is getting passed on to us as well. Okay. One basic question which I have is, so that the Chinese, Vietnam, and Malaysian glass Indian glass, why is the pricing is so low? What, what extra they are doing that their manufacturing cost is so low that they are eventually able to sell the. They have no advantage whatsoever in the manufacturing process. Their manufacturing process is less efficient, more, and more food than we do. It's just a straight case of government subsidizing them, and that's why the price of polysilicon has also crashed. They've done nothing to cause such a crash in the price of polysilicon. Crashing the price of finished products, crashing the price of solar glass, every component. They crash the price because they see that the world is now looking at making solar modules and all components in their own countries. The USA, the European Union, and India, three large markets, are looking at becoming self-reliant, and therefore, in order to spoil that, they need to do this. I see that you are in touch with the government to remove most ADD. Do you see that that decision can be taken soon, or you don't see any possibility of coming in? We see, we definitely see a possibility or even a probability, because it is saying that the government is only protect two out of, say, five components that are required in the, in the value chain. I think it's sometimes, a mistake, frankly speaking. Otherwise, there's no reason why they have sought out similar items of protection. I mean, if you want to protect something, you have to protect the, you have to protect the entire ecosystem. Otherwise, you won't get any benefit. That's all from my side. Okay. Thank you. Thank you. We have our next question from the line of Deepesh Agarwal from UTI AMC. Please go ahead. Hi, good afternoon. Firstly, can you understand what is our current price premium to the level price of Chinese and Malaysian glass? Generally, also you have issue? I think, premium or advantage or markup which we had in the past, we had made in the past, has declined in the recent times. Currently, the average price premium has come down to almost 3% or so, compared to 7% to 8%, which we were enjoying before. This is primarily because, first of making the module, the module manufacturer wanted to be more competitive. Also that we are now supplying larger volume of glass, which is going to our large customers. Our customer base profile has changed, and our mix selling for large customers is lower as compared to smaller customers. The average price has gone down to almost, or premium has gone down to almost 3%. Understood. Understood. I think the power costs and power style mixture, it seems it's gone up even, even sequentially. Can you comment on, what has led to, even a sequential increase in the power cost? There has been a increase by the DISCOM in terms of the FCA by roughly INR 4,000, which is why the cost has gone up. It's quite surprising that the DISCOM has taken the strength to increase the price from this time. Okay. Thank you. Can you touch upon the local competition, because earlier you have mentioned that players are coming up, which will have a capacity coming up in the June, July? Is it that the local competition has started within the market? There's a three company which is eventually coming to production or likely to come into production, have not meaningfully started selling any volume in the domestic market yet, because they are still struggling to stabilize operation. Hopefully, next quarter or so, they may, they may start selling certain volume in the market. As of now, the, the, the volumes are very limited, only, and coming only from 1 player, which is more, which is more visible now. Okay. Also in one of the comments, you mentioned that even you are looking for your local components for scale manufacturing. Does this mean that Bilaspur is open to either even setting up a factory for acquiring the company in U.S. market? We keep on evaluating all the opportunities, and it will all depend on how economical it is going to be to manufacture in each, in geography. We, we, we keep evaluating, and we'll take a call at the right time and time, whether to set up any, any, manufacturing in USA or not. Okay. lastly, BCD exemption, which came into 1997 particular, that exemption is still, because of mass production, is my understanding correct? Yes, the exemption is valid until March 24, last March 24, I think. This is supposed to lapse, and the exemptions are supposed to lapse as of that day. We are, we are waiting for that, and in the meantime, we are requesting the government to end the exemption faster than that, because the, the actually it's quite serious in terms of the Chinese titles. We are requesting the government to end the exemption sooner than March 24. Ideally, our margin profile should improve after this exemption is lapsed, even if there is no Anti-Dumping Duty, right? Yeah. Our consideration, from the price is there's a blended cost. Once the blended cost will improve the Anti-Dumping Duty, obviously the benchmark will go up, and we will have possibility to increase our prices. Understood. Understood. All the best. Thank you. Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone now. We have our next question from the line of Bala Murali from Investec. Please go ahead. Yeah, good evening, sir. I'd like to know about that, our Germany subsidiary, EBITDA margins for this quarter? Our Germany subsidiary EBITDA margins to talk about this particular quarter cannot be really indicative, in the sense the plant was closed for almost a year, which was planned already. Almost for 50% of this quarter, the plant was not operating. After the plant is coming to production, say for the month of June, we have improved the margin in terms of the production and EBITDA and everything, but it is still not at the full full working. We are trying to improve the capacity utilization gradually from from this furnace, which was which was in three, which was supposed to give 350 tons per day, either get 300 tons unless which was operated before. We, we, we reach this, 350 ton capacity utilization maybe by next quarter. Okay, understood, sir. What could be the, as the prices are also coming down in this region, so what could be the anticipated margins and the expected revenue from the subsidiary from the subsidiary? Sorry, can you repeat the question? Is this regarding subsidiary or? Yeah, regarding subsidiary only, in Q3, actually, we have some margin of around some 0.5% for the general subsidiary. Now after the addition of 300 tons per day, what would be the anticipated revenue and the margins increment as the capacity comes down little bit? What would be the profile of margin going forward? Like that, the, the, like what we have already said before, we cannot give any indication of the additional margin, but the overseas subsidiary will have lower EBITDA percentage margin compared to the business, domestic production in India, because obviously the costs are higher in Europe, due to the norms for using the natural gas or oxygen or other things where you require. Okay. Regarding the borosilicate entity, I made around 7%. After the optimum capacity utilization, what would be the future revenues or the next time? I think we, we should, we should do a separate call for that. Yeah. Okay. Thanks. Thank you. A reminder to participants to press star and one to ask a question. We have our next question from the line of Akshay Satija from EM Securities. Please go ahead. Hi. Thank you so much for your question. The first question will be, what is the overall CapEx that we are planning to do in the next three to four years, and how do you plan to do it? Currently, we the major CapEx comes by way of capacity addition in this industry, and our current plan of putting up additional furnace has been put on hold as of now. Once we have decided and what is the size of the plant, we'll, we'll decide how much CapEx we'll do in the next couple of years. On a routine basis, whatever CapEx we keep doing, that may be close to about INR 30 to 40 crore per annum. Also we will require funding for the repair, rebuild of the furnaces whenever they are due for review, maybe in next three, four years, anytime. That may be another INR 100 to 120 crore per year. Okay. The next question is, what is the current size of, at this current size of the glass that we sell, and what difference must it be the 2 MM size? Is there any possibility difference, between those 2 MM and the current 3, 3.5 MM? Are you, are you talking about the glass size? Yes, glass size. Glass size depends on the customer requirement. Currently, the glass sizes have become bigger because of the new technology of solar cell, which is coming to effect, which is like the bifacial M10 or M12. Glass sizes have gone up to 2.5 meters or thereabout. Our normal now standard currently the current sizes are about 3 to 7, 3, 11, 28, or like that. We are, we are capable of supplying even bigger sizes of 10, 12, which could be 2,700, or like that. Okay. Is there any profitability difference between these sizes or the smaller sizes profitable, or there's no difference? We, we can make all the sizes, all the sizes. Also, we are supplying in the domestic market even, very small sizes, and we also have capability to make, say, sizes of 600 by 700, which is very small for roof tiles and other things. Size will depend on what customer wants. We have the equipment and capability to manufacture large or small sizes as well. Okay. I was also looking at one of the Chinese player, Xinyi. When I was looking at their costs, the variable costs seem to be similar to us, but the real difference that is causing is the fixed cost that you have. Can you say, even if there is no intervention from the government, as scale improves, maybe we were talking about another 1,100 tons per day addition in three years. If we do that, can you see our fixed costs coming down and without government interventions, interventions, we do better margins? Typically, the fixed costs are in two major areas. One is the employee cost, another is the system depreciation. In the case of employee cost, the scale has an advantage. In India, we still have only 1,000 tons per day, whereas the large scale, large players like Xinyi have more than 25,000 to 30,000 tons per day. Obviously, when you expand the capacity, you have the operating leverage, and your average cost can come down. As we have progressed in terms of our expansions, our average cost has been going down, but it is still not comparable with the largest player like Xinyi Glass. There, when we expand further, this margin improvement will take place in employee costs. In the case of depreciation interest, I think there is some, some anomaly here because the Chinese are using Chinese equipment mainly, and whereas the Borosil uses all equipment from Europe, which are at least 30 to 35 higher cost in terms of the, the purchase price. There is a higher depreciation accordingly for the equipment. Okay. When we mentioned that the Chinese players are getting some subsidies from the government, can you quantify what could be, the subsidies that they are receiving when per square meter, what could it be? We are aware about the 13% cash back that they get at the time of export. In addition to that, there are subsidies like, they, they get, land free of cost. They get buildings free of cost. Sometimes their workforce is paid half the salary by the state. That is very opaque. There's no way of finding out. The only thing that we see is that, for example, in the last year, when the prices went up strongly to maybe 65%, the selling prices came down to 55%. That is, I mean, without subsidy, how, how would they ever have been possible? That is how we are looking at it. Do you see any chances that, somehow the government stops doing that someday? In China? China is an open country. Nobody knows what the government will decide. They are driven by very, very large issues. They, according to some information, they're having some problems in the economy. They have a large debt overhang. They don't know what to do with the debt overhang. In the past at least, they have given a blanket ban on further expansion of capacity, when they felt that people were going ahead. Because there in China, capacity is expanded by taking money from the banks. It's relatively easy to say that I can't run the company, you take it to work. The bank is stuck with the assets, and promoter walks away scot-free. There is a lot of restlessness in China, in that, in the industrial arena, and there are so much companies which were very, very large, the line goes with this. It's a different country, very different to figure out. Okay. Thank you. All right, sir. Thank you so much. Thank you. Thank you. I invite other participants to press star and one to ask a question. We have a question from Rishabh Shah from Dalal & Broacha. Please go ahead. Hello. Yes, hello. Would like to check up on what is the market share of our company in India? As we mentioned before, the three core competitors are going to come in the solar glass space. What market share can we expect of us to be in India? This is my first question. My second question is, what is the variance between the Chinese solar glass prices that are being supplied to India and our realized prices? I just want these two questions, a great understanding of this Our market share in India is about 20% as of now, and with the increase in the market size, this market share will secure. When the, when the new players come in, new players from the domestic players come in, whether they will only substitute the imports or there will be expansion in the domestic demand, how much expansion will be there, that we have to see. Depending on that, our market share will develop. How much is in 20%, it's likely to go down actually, as the, as the market size is going to grow and also the market share will also grow. About the second question regarding the international players, which are Vietnam, Malaysia, they are selling glasses in India. What is the price difference between ours and theirs? The international prices are the benchmark for setting up the domestic prices as well, so as in India. Our prices are generally trending towards moment in the imported landed cost, and they are on an average higher by about 50%, comparative landed cost coming from these countries. Okay. Okay. Regarding the INR 120 crore CapEx, which we talked about before, which which is which we actually told before. My question is: What turnover can we expect for that? That INR 120 crore CapEx is basically a rebuild of the furnace, existing furnaces. Every furnace after running requires to be rebuilt. It's a, it's a maintenance type of frequency. When you do a maintenance CapEx, you are just reviving the life of the furnace to the next in time. Portion is not likely to increase, but it will be continued. It's a maintenance CapEx. What turnover can we expect for that? It is current turnover. Current turnover is basically sustained by repairing the furnace because you put down the furnace, remove the old refractory and put new refractory and restart the furnace. It is just maintaining the current turnover. Oh, okay. Regarding this INR 120 crore, what, where are we spending? For which furnace are we spending on? We have three furnaces as of now. Furnace One and Furnace Two, which we, we had commissioned in 2019/2020. After six or seven years, generally the furnaces have to be rebuilt. Maybe in 2026 we will have to consider rebuild of these furnaces. These furnaces may need about INR 50 to 60 crore. These are the two facilities which will need to be planned to rebuild, and the cost of estimated cost of INR 924. That's what estimated as of now. As we go along, we'll, we'll have to figure out what the exact number is going to be. Okay. Okay. Thank you. Thank you Thank you very much. Thank you. Thank you for your time management call. Thank you. Thank you. Thank you. Thank Thank you. Thank you. To ask a question, please press star and one on your phone now. Next question from Bala Murali from Investec. Please go ahead. Yeah, thanks for the opportunity. Regarding this German 10 gigawatts solar manufacturer, solar manufacturer, when do you think that the thing will get materialized, and if our GMB has any edge over the other suppliers, so suppliers has lost in this manufacturing? The expression of interest has been well told by the government from all the interested players, I think the 15th of August. After that, they will review the proposals and then they will decide which proposals merit to their plans or their assistance in terms of the subsidy or whatever nature of subsidies or incentives are required. In case of GMB, we are the only company making the solar glass without using antimony, which is also part of this 10 gigawatts event, that they want glass to be without using antimony. This antimony, this, this leads a very big opportunity for GMB to supply the glass to the German manufacturers. If we expand the capacity there, and get certain, certain, assistance from the government, we will receive certain amount of advantage in terms of our ability to expand the production locally. It will all depend It will all depend on what is the gap in terms of the increased blended cost and how much assistance is required and how much assistance government will be able to give. It's still there, but we, we will need to know in couple of months after the government decides. We will be taking interest most likely, but this case will be coming from the government in details. Okay, sir. Even if capacity addition is not planned immediately, but we can start from India also. Well, we are doing that already because we are, we are supplying the German plant capacity and also exporting already from India. That's fine, but if they, if they want to promote local manufacturing, then all the expansion should take place in Germany also. Okay, understood. What is, capacity of the GMB and how many gigawatts of solar manufacturing can supply that glass? It's about 2.5 GW as of now. If we decide to expand further, then, depending on the size of the plant, which could be 3 megatonnes or 7 megatonnes per day like that, the capacity will go up accordingly. Okay. Thank you. you. Understood. Thank you. This is the last question from the line of Nalin Agrawal from ICICI Securities. Please go ahead. good evening, sir, and thank you for the opportunity. My first question is, what is the realization for the solar glass that you sell in Germany? The solar glass selling price in Germany is also higher because of the higher cost of production there. It all depends on which brand and which, which kind of customers we are selling. Only the rates of prices are higher compared to the vendor prices in course by about 50% compared to China and about 20% compared to India. Around INR 150 to 160 per square meter? Yes. Okay. Also, just if you have an industry update, you might know more than us. Some of around 30 GW of capacity scheduled to come on stream, module manufacturing capacity in the next year, somewhere around October 2025. How are the plans like as a company to ensure is everything on stream so that our demands also can be met? Actually, repeat your question. Are you saying that the BCG is standing in line with the expansion of the capacity? I'm just asking whether all the CLI team and all the investment data are locked in it. Are those all plans on stream? Is everything like almost 50 gigawatts of manufacturing capacity, actually in the next year? We wanted to expand our capacity by another 11 megatonnes per year on this. That's, that was the planning, but unfortunately, this 20 megatonnes has gone away from August 2022, and there is no basic capacity in place right now to provide the manufacturing. Prices are not so effective to provide any, any investment into the manufacturing, further manufacturing. This is why we are holding our plan there. And once we have a clarity on the execution, which is on the glass, we will again re-review the subject and take a call. Understood. I think it will take at least 18 months to start the new session. I see this question is Yeah. Capacity for modules and inverters and data. Do we have any visibility on that, whether people have started placing orders and whether people have started to see availability? Correct. Correct, sir. Yes, sir, we, Yes, sir, we, and some of the players have already started in the respective space, like, for example, Waaree Energies or Tata Power or many others. Mm-hmm. For many, many additional players, we do not have much information, which are like new companies. They, they may be working on those plans. Some of those companies, like ReNew Power or Grew Energy, we have certain knowledge that they are expanding, they are coming up with the capacity, but for all the companies, we don't have information. Understood. Just a final question, if I may, sir? The, the solar maintenance that you have mentioned, that it will reduce the cost going ahead, and the difference between our and the Chinese industry is only cheap of the month. Is it possible that we will compete against the Chinese industry as well after this maintenance is done? The 3% difference is in the selling price, not in the cost. Okay. Yeah. If we, we have to compete on the Chinese blended cost, our selling price is higher by 3%. Okay. Thank you, sir. Thank you and all the best, sir. Thank you. Thank you. We have our next question from the line of Bhavin Vithlani from Axis Capital. Please go ahead. Hi, sir, thank you for the opportunity. I have just one question. sir, do you see? It is related to pricing. Do you see any possibility of fast pricing declining from here on? Well, we cannot tell with certainty, but I think the selling prices, current selling prices of INR 10 are very, very low. Below these prices, even at these prices, many of the Chinese manufacturers are not making either breakeven or losses. We don't foresee the prices going down further, but in a complex world, we cannot be certain that prices cannot go down or go up. Okay. Thank you, Thank you, sir. Thanks. Thank you. I would now like to hand the conference over to management for closing comments. Over to you, sir. Thank you very much, everybody, for participating in today's investor call. We appreciate the interest the investors take, and we are always happy to interact with you for your valuable comments. Thank you very much, goodbye. On behalf of Axis Capital and the exclusive conference, thank you for joining us, and you may now disconnect your lines.