Ladies and gentlemen, good day and welcome to the CG Power Limited, Q1 FY25 earnings conference call hosted by ISL Securities Limited. As a reminder, all participants' lines will be listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then Zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gaurav Rateria from ISL Securities Limited. Thank you, and over to you, sir. Thank you, Neha. Good evening, everyone. On behalf of ISL Securities, I welcome everyone to CG Power & Industrial Solutions' 1Q SR25 earnings call. We have the pleasure of having with us the senior management team of CG Power, led by Mr. Natarajan Srinivasan, Managing Director. Mr. Amar Kaul, Managing Director and CEO. Mr. Susheel Todi, Chief Financial Officer. Mr. Ramesh Kumar, President, Industrial Division. Mr. Mukul Srivastava, President, Power Systems. Mr. Ajay Jain, Vice President, Transformer Division. Mr. Chidambaram Balakrishnan, Vice President, Railway Division. Without much of a delay, I will now hand over the floor to the management for their opening remarks, which shall be followed by a Q&A session. Over to you, sir. Thank you. Good afternoon, ladies and gentlemen. Let me first extend a warm welcome to you for this Q1 FY25 earnings call. This is Natarajan Srinivasan, Managing Director of the company. I would like to briefly mention that, as all of you may know, this is my last day at the company. I'm retiring at the end of the day. Amar Kaul has joined us to succeed me, and he'll be the Managing Director and CEO from tomorrow. He's also along with me in this call. The rest of the executives who have been with me are Ramesh Kumar, Mukul Srivastava, Ajay Jain, Chidambaram Balakrishnan, and Susheel Todi. They have already been introduced to you by the earlier speaker. Company performance: Q1 FY25, sales grew by about 19% from profit before tax grew by about 27%. Aggregate sales for the quarter were higher at INR 2,106 crores, recording a growth of 19% year-on-year. PBT was higher at INR 323 crores, as against INR 256 crores in Q1 FY24, recording a growth of 27%. Sales EBITDA and PBT achieved in Q1 of SR25 is the highest ever recorded in a quarter in recent times. Margins were higher year-on-year at 15.4% of sales, as against 14.5% of sales last year, on account of higher realization, favorable product mix, and cost efficiencies in power systems. Free cash flow generated during the quarter was about INR 63 crores. Return on capital employed annualized stands to 39%. Another highlight for this quarter is the unexecuted order book, which, as of 30 June 2024, was 44% higher year-on-year at INR 7,054 crores, as against INR 4,909 crores as of 30 June 2023. Segment-wise performance: industrial systems. Aggregate sales for the quarter were higher at INR 1,357 crores, recording a growth of 8% year-on-year. PBT was just INR 182 crores, at 13.4% of sales, as against INR 197 crores, 15.7% of sales in Q1 of FY24. Margins were lower year-on-year on account of higher mix of railway division and prices awarded in tender being lower due to competitive bidding. Unexecuted order book, as of 30 June 2024, was 20% higher year-on-year at INR 2,451 crores, compared to INR 2,033 crores as of 30 June 2023. Power systems. Aggregate sales for the quarter were higher at INR 750 crores, recording a growth of 47% year-on-year. PBT was about INR 149 crores, at 19.9% of sales, as against INR 63 crores, at 12.3% of sales in Q1 of FY24. Margins were higher year-on-year on account of higher realization, favorable product mix, higher exports, and cost efficiencies. Unexecuted order book, as of 30 June 2024, was 60% higher year-on-year at INR 4,603 crores, as against INR 2,874 crores as of 30 June 2023. Consolidated financial results include performance of the operating subsidiaries at Sweden, Germany, and Netherlands, Drives and Automation Europe, CG Additive Products India, CG Semi Private Limited India, and other non-operating holding subsidiaries. Aggregate sales for the quarter were higher at INR 2,228 crores, recording a growth of 19% year-on-year. Profit before tax was INR 336 crores, 15.1% of sales in Q1 of FY25, as against INR 263 crores, 14% of sales in Q1 of FY24. An updated financial statement with detailed notes are available as part of the stock exchange filing in the company's website, www.cgglobal.com. Today, our board of directors also approved the proposal to acquire a 55% stake in a company called G.G. Tronics India Private Limited. The company is specializing in embedded systems, safety, and the supplier to railways. The company also has got one of the four companies which are approved for supplying Kavach. The Kavach system is the train collision avoidance systems. We signed the definitive agreements for the acquisition, and then we hope to complete this within a month's time. Lastly, as I mentioned earlier, this will be my last day here, and the company is again in safe hands with Amar Kaul, who will steer the ship very happily. I thank you for all your support to me and to my team, as always, and I am sure we will continue to extend the same to Amar. Thank you. Me and my colleagues will be happy to answer the questions. 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 touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ravi Swaminathan from Spark Capital. Please go ahead. Thanks for taking my question and congrats on a very good set of numbers. My first question is, sir, if you could talk more about the industrial systems business, how the performance was there during the quarter. I mean, I noticed that there has been an 8% top-line growth, and how the individual subsegments would have performed, both from a volume-wise and realization-wise, how it would have moved. Individual subsegment means I am talking about the low-tension motor, high-tension motor, the railways portion of the industrial systems business. In the press release, you had mentioned that there was a bit of competition in terms of pricing going down. So if you can talk about that more, and also whether elections had impacted this quarter, and incrementally how outlook is for this. So I think, Ravi, actually, you know that we don't give breakup separately for railways and motors and also the subsegment of the motors. How much is LT motors, how much is LIM, etc. So probably now, as I mentioned to you, the railway business, our volumes have been good. I've also gone on record that this year we'll be able to grow at least 40% compared to last year based on the tenders that have been awarded. In the railway tenders, in some of the products, you may get a lower price. Some of the products, you may get a reasonable price. And then due to competitive intensity, the price awarded was lower. This quarter also happened that some of the products we supplied, actually, the margins were a little compressed primarily because under the tender system, you have to match the L1 price if you are given the order. On account of this, the margins were a little lower, a little lower compared to last year. Last year, Q1 and Q2 was very good for motors, whereas this year it is not so. That will explain the less than perhaps, I would say, a little bit of a sub-optimality in this performance of this division. When the B2C motors will come back, this quarter, obviously, as you rightly said, demand has been a little bit impacted on account of the elections. It is a guesswork. My estimation and our team thinks that probably in H2, the business can do much better than what we are doing right now. Okay. At the LT motor level, is it safe to assume there would have been a double-digit volume growth, and it's more of realization which has been the culprit this time? Yes, you are right. But concrete number, I'll not be able to tell you because EMA has not yet published the first quarter results. But if you see up to March, the market is also growing by double-digit, and we are also growing by double-digit as far as volume is concerned, volume in both quantity as well as kilowatt. But the price realization is the culprit. Okay. Understood, sir. In terms of efforts and drives, if you can talk about, can that be a big driver of growth in the motor business? Drives definitely can be a big driver, but all the growth cannot come in 1 year. We are taking steps to grow the business over a period of 2-3 years, at least 3-4 years. I think we want to scale up the business considerably. I can't commit to any number. Understood, sir. Thanks. I will come back in the queue for further questions. Thank you. The next question is from the line of Rahul Gajare from Haitong Securities. Please go ahead. Good evening, and thanks for the opportunity. Mr. Natarajan, firstly, let me thank you for driving the company to this level over the past few years. Really appreciate your contribution to the company. Thank you. Thank you. My first question is continuing on the earlier participant on the industrial business. Now, this business has seen pressure on margin because of the price. Now, while margin in Q4 and Q1 is at similar levels, so does that I mean, can we infer that the price decline has stopped? Is that a right assessment of the performance in the motor business? I think margin is a combination of two factors. One is the unit price realization. Second is the input cost. Either way, the margins can get impacted. But as of now, I think we have been able to maintain more or less the margins we recorded in Q4. Generally, I feel that from here, margins can only look up. I don't see the reasons for margins to go down from here. Okay. So there is no further price decline, at least what we have seen in the first quarter. I think that is something which one can infer very clearly over here. Yes, you are right. Okay. So my second question is on the railway acquisition of GG Tronics. Now, can you talk about the opportunity that Kavach System will throw for the company? And also, if the company GG Tronics is already working on other areas besides Kavach, or this is the only forte that this acquisition will help the railway business? Yes. Thank you. GG Tronics is one of the four companies which have been approved for Covered. Apart from Covered, they are a very leading supplier of Diesel Axle Counter for which they hold about anything between 40%-45% market share. But the turnover of the company in that segment is only about INR 110 crores. It is a profitable company. But much of the big growth can come from Covered. Actually, you must have seen, you must have read the statement from the Railway Minister after the budget. In this budget, actually, totally about INR 253,000 crores has been allocated. The minister has clearly said where this money is going to come, where it's going to be allocated. Primarily, a large part of the chunk here, there is also a specific statement saying Covered will get a large allocation. See, the intentions of the government is just primarily focused on safety with a couple of accidents taking place. Earlier, they wanted to do about 5,000 km in a year. Probably that may get accelerated. So we see going by this, I think this company can get about 20% market share. And with our joining them, actually, in terms of capability, financial support, and then we also have some of our production systems and whatever we have done through EPC, etc., have got some credence with the railway tendering system or eligibility criteria. I think 20% market share, I think if this company is able to get to start with, I think this can be a good opportunity. In addition to that, we'll have to work with them. The company has got a lot of capabilities in the embedded systems, power electronics. So going forward, we'll work with them to see what are the other areas we can do. But Kavach will be a big driver of growth for this company going forward. Sure. So my last question is on the OSAT business. Is there any progress that you could like to highlight to us on that particular business? Thank you. So OSAT, actually, right now, it is only in the stage of commencing the construction work. So now only activities are picking up. We have appointed the senior team, and then tendering, etc., is being sorted too. Maybe it will take another one more quarter to start the project activities in full swing. Or 18-24 months, our target is to complete the project. I think it is a little early. Maybe by the last quarter, we may be able to tell you some more progress and things like that. Sure. Thank you. Thank you very much, and all the very best. Thank you, Rahul. Thank you. The next question is from the line of Bhoomika Nair from DAM Capital. Please go ahead. Yeah. Good evening, sir, and congratulations on a good set of numbers and the acquisition. So the first question is on the industrial motors. We were looking at exports, and how is that progressing? Any initial orders that we've got? If you can just talk about that aspect? Yeah, Bhoomika Ramesh here. See, actually, we tried, but if you see, the Europe market is being a little sluggish now. So whatever we have been getting earlier, we are continuing to get that, but the acceleration has not happened to the extent of what we have planned in quarter one. We are also now putting our people there in different locations and hoping that things will improve if the market also improves. Okay. Okay. So the other part was on HT Motors. We spoke about LT Motors, but can you comment about how HT Motors is progressing? We had got some NPCL-related orders, etc., earlier on. How is the progress in terms of ramp-up? What is our market share now for HT Motors? The market share is that we are at a 20% closing March last year. As I said earlier, also, the EMA first quarter figures have not yet been published. But I can say that HT Motors' requirements in the market are the inquiries are much better than the LT Motor. And if you see our performance in quarter one as far as the ordering take is concerned, percentage-wise, our HT Motors is much more than the LT Motors. So the growth is not received in the motors compared to last quarter. 20% ordering flow in the first quarter versus March quarter. QQ. March. Compared to March. For HT Motors? For motors as a whole. For motors as a whole. Yeah. Okay. Okay. Okay. Because the order book seemed to be more or less stable between March and now. So understood. Sir, in terms of the power systems now, this quarter was a very strong quarter both in terms of top line and also margin expansion. Now, we've seen a quarter-on-quarter improvement in margins going from single digits to about close to 20%. Now, how much of this is this something which is sustainable? And for the operating leverage, it would be fairly high given high utilization. So if you can talk about what are the utilization levels on the current plants and some sense on margins, how one can look at once new plants are operational by the end of the year? So I think we have talked about margins a number of times. Nobody can predict the end of margins. And secondly, for you to expect this kind of margins to prevail in the next 2-3 quarters is extremely optimistic. This quarter, for various reasons, all the factors seen, we have discussed this earlier. In transformer and switchgear, each order will have a different margin. You get some export orders or something you supply suddenly with a very quick delivery time, etc., you get some special price. Therefore, each order will determine the contribution and margins in this business. So current quarter, everything has been favorable to us. Therefore, I don't expect this margin to continue. But nevertheless, margins will be good. That's all I can say. I don't put any number. Margins, because of, you know, the industry, both power and switchgear, the industry is in very strong footing. Our overall order book has gone. Demand is good. Price realizations are better. So margins are expected to be good. But I can't confirm that the same margins will continue. Coming to your second question, the capacity utilization, of course, is to the maximum. We are operating at 80%- 90% capacity. And as you know, both the businesses are under expansion. By the end of Q3, we hope to complete the power transformer and the distribution transformer expansion. Switchgear expansion will get completed in the next financial year. Therefore, capacity utilization, even for the enhanced capacity, the order book seems to be good that we can easily service them. Therefore, we can maintain the capacity utilization even post-expansion. Understood. Understood. And sir, my last question is on the acquisition. Quite happening to see this new business line, and it will clearly help in terms of the medium to long term. Sir, any numbers we can give in terms of what is the developmental order size? What is the current order book looking like? While, obviously, the pipeline is very strong. Any numbers on that aspect? And if also, if you can get any debt numbers, if it has any. So the railways have not yet released the tenders for Covered. We don't know what it is. Except the statement made by the minister that Covered will get a higher allocation, which means more stations will be covered, and then the higher volume of tenders will be released. Without that, I'm not in a position to give you any number, but I've already indicated whatever value for which tenders are released, we are targeting to get about 20% at least market share. Sure. And GDP is in both loco and the track systems, Covered systems? Yes, correct. Okay. Okay. Got it. Got it. Great, sir. I'll come back in the question queue. Thank you again, and wish you all the best. Thank you. Thank you, sir. Thank you. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address the questions from all the participants, please limit your questions to two per participant. Thank you. The next question is from the line of Harshit Patel from Equirus Securities. Please go ahead. Thank you very much for the opportunity, sir. So my first question is with respect to power systems. Almost all the major companies operating in the transformers and switchgears, they are expanding the capacities at the moment. So do you think favorable pricing scenario will continue next year as well when all these capacities will come on board? So the orders are booked for power transformers one year in advance. Whatever we want to supply next year, I must get the orders booked now during this year or the next one or two quarters. Going by the present trend, the price realizations, whatever we are getting, can continue. So if it continues and gets the orders this year, then the realization will prevail for next year. Year after, we cannot say now will take some more time. But overall, the demand supply mismatch, and then more demand and lesser supply, and then timing mismatch, etc., are there. So I'm confident that the industry will be able to maintain its profitability for the next three years at least. Understood, sir. So my second question is with respect to motors. What would be the share of IE3 and IE4 motors in our overall sales? And how are the margins here different vis-à-vis our standard IE2 motors? So one thing, you know, EMA has not yet published the complete details relating to IE3, IE4. Therefore, we may not be able to because we are not in a position to find out what will be our market share in these segments exactly. And we don't share margins product-wise. IE3, how much? IE4, how much? IE2, how much? We don't share those data. If not market share, if you could share that, what is the contribution of this IE3 and IE4 in our own overall sales? Then that will be also very helpful. I think right now it's about 15%. 15% in IE4 and about 35% in IE3. Yeah, close to 45%-50%. Between these two, probably it's about 40%. Understood, sir. Thank you very much for answering my questions, and all the best for your future endeavors. Thank you, Patel. Thank you. Thank you. The next question is from the line of Sudip Mitra from Nuvama. Please go ahead. Good evening, and thank you for the opportunity. My first question is, you did mention that 20% kind of margins is what we have seen in power. May not be sustainable going ahead, but what we do understand is with the kind of pricing benefit that you're seeing probably across the transformer space, would you reckon that a high-teens kind of a margin is sustainable? High? teens, somewhere in the high teens. High-teens. So sustainable, I mean, likely, but I can't commit to a number. Then you will ask me, you said 18, where you are? See, I told you there are a number of factors which influence margins. As I said, in terms of exports, it depends on realization. Then some orders, we get price variation plus, so therefore we cover. Some orders, we don't get price variation plus, suddenly prices go up. But overall, I think so it's not this much high-teens. I don't know what do you mean by high-teens. It may be 16, 17, 18. It's quite possible, I would say. Understood. So sir, secondly, also on the industrial and the railway side, right, while the margins have been relatively weaker, and you also mentioned that you're anticipating that there will be some recovery in the second half. So can we assume that margins will probably start looking better, or is it more of order intake and revenues [audio distortion] There are some disturbance in your line. I'm sorry. Second, in H2, we are expecting recovery. The other part, actually. Is the recovery expected on the order inflows revenues, or the recovery is on the margins? I think once the demand picks up, margins will automatically improve. Understood. Last question is on the railway space. I think you mentioned a 20% potential market share that you're targeting for Kavach. Can we anticipate that also for the larger locomotive as well as the propulsion system trainset orders that are supposed to come where now you have almost everything under one roof? Would you be looking at a similar market share there as well? That is our assumption. That is our assumption based on that we have evaluated. I think it is possible. Where can the railway revenues go lesser over a 2-3-year period, according to you? Two- to three-year period, it's all railways. In every business is based on tender. Railways normally give the tender only for one year. And then so for next year, this year, I was able to comment that we grow 40% because of the orders we bagged. So how do you expect me to say for next year and year after? I think the same trend continues. I mean, normally, we used to say 15% growth. But there are other things, various things we are working out. But if something clicks, we can grow better. So I won't be able to comment at this stage. So you understand, no? So it depends on the tender, how much volume of tender the railways brought and how much we are successful. So it's very difficult to say where the business can grow. But I think minimum worth 15%. This year, we have done 40. We wouldn't like to keep quiet with just 10 or 15%. Let us see how things pan out. Understood, sir. Thank you so much for answering my question. Thank you. The next question is from the line of Mahesh Bendre from LIC Mutual Fund. Please go ahead. Hi sir. Thank you so much for the opportunity. Sir, just wanted to know what is the lead time for the. Sorry to interrupt you, sir. I request you to use the handset, please. Yes. I'm audible now? Yes, sir. Sir, I just wanted to know what is the lead time for a 400 kV transformer right now? I mean, if delivery is placed today, in what period of time it is being delivered? Ajay, are you on the call? Ajay? Yeah. Yes, sir. Yeah, please answer this question. Yeah. So the current delivery period for the 400 kV transformer is around 18 months. Sir, what was the in this time frame, maybe one year back? I mean, just trying to understand the delivery schedule. Yeah. One year back, CG was delivering in around 15 months, but the industry was still delivering in 18 months only. Okay. Okay. Sure. Sure. Thank you so much, sir. Thank you. Thank you. The next question is from the line of Umesh Bhalerao from UB Investing. Please go ahead. Hello sir? Yes. I want to ask, what is the progress of camera lenses for Apple? There was one news. Is there any progress? This may be pertaining to your question relating to Tube Investments, sir, not us. Because there was news that Murugappa is in talks. Tube Investments, sir. We can only answer questions on CG. Okay. Okay. And how much contribution from Vande Bharat in railway business? It's a very general question. So if you ask me anything specific, we have a trial order which we are executing. Other than that, no new tenders have come. Okay. And what is the percentage of contribution from this power system? What is the transformer and what is switchgear? We don't give this breakup. Or any growth number? Growth? Actually, the power systems business in this quarter has grown roughly about 47% in terms of sales. In terms of EBITDA and PBT, they have grown year-over-year very substantially, more than 100%, both in EBITDA and PBT. Okay. And last question, is there any plan for making 800 kV RIP bushing in India? So Mukul, if you want to ask this, can you answer this question? Yes, sir. As of now, we are focusing up to 400 kV. 800 kV is not that high a demand, so we will evaluate it after 18 months. Okay. Thank you. Thank you, sir. Thanks. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Jaspreet Singh from ICICI Securities. Please go ahead. Good evening. Congratulations on the great results. I have a couple of questions. We observe an unusually high current tax figure of around INR 50.6 crore, which as opposed to only INR 2.6 crore from last year. So what can this number be related to? Excellent. Oh, this is the one you are talking about, the current tax? The current tax, yeah. Yeah. So we are now till 5/20/2020, 3/24/2024, we had some losses. So that losses now is getting absorbed fully for this year. So we start paying now tax for this year onwards. After setting up the. After setting up all the losses. Okay. Okay. Fair enough. Also, what would be your guidance for FY25? Guidance on what? We don't give guidance. Guidance on what you are expecting? In general, with the synergy between your business, between your revenue and order books and all that. No, order book is currently going by 44%, and then we are at INR 7,000 crore. It will take time. We can't execute all this in this year. Therefore, we are very comfortably placed in terms of order book. Then the inquiries are very strong in power business. More than INR 13,000-INR 14,000 crore inquiries are there. And then railways have already said they'll give a tender they will resend the tender only for one year in advance. Already gone on record, we'll go by 40%. So what else you require? For this year, we have already given on the top line. You know our margins. We have discussed all this. Then you can rest of it, you can calculate for yourself. Okay. A follow-on question. Judging by the order book mentioned in your results, will it be fair to assume that the order inflows with the company are around INR 16 billion, that is INR 1,600 crore for the power systems and around INR 1,400 crores for the industrial systems for a total of INR 3,000 crores? No, for order inflow you are talking. Yeah. Order inflow. Yeah. Inflow is right. Yes. Okay. Sure. That's it. That's all I have. Thank you so much. Thank you. Thank you. Yeah. Thank you. The next question is from the line of Amit Mahawar from UBS. Please go ahead. Hi, Anderson team. Congratulations on great results. Sir, I have two broad questions. First is maybe Ajay and Mukul also can help here. If you look at the global power transmission equipment cycle and even the market in India, we're hardly like 12-15 months into the order book build-up that we've seen both globally and 4-5 large players in India, including CG. You broadly announced the expansion of transformer subsidiaries, which will start in the next 6-8 months. Do you think in the next 6-8 months you will have to review for the next round of expansion? Because as you take orders, you will have to basically project the next 2-3 years. So do you think there is a scenario where you will have expansions in the next 6-8 months, next round on these capacities? Because these take time. Transformers really take time. So, if your question is that are we looking at any further expansion in these segments, am I right? Yes, ma'am. Yeah. So So we are constantly evaluating this, and no decision has been taken. So without that, I will not be able to say anything. But we are constantly evaluating which segments, how much we should expand, whether we should look at what are the opportunities, etc. Fair point, answer. So broadly, INR 500 crore-INR 540 crore is the exports that we had last year. And you have guided for like 20% of revenues in the next 4-5 years from export market. Broadly, can you help us summarize how much will be industrial export? Because motors is something which is not our history in terms of export track record for us, largely being transformers and subsidiaries. So how will we look at both these segments in the next 4-5 years? And broadly, in terms of specification, which markets are you looking at? So I think, see, for transformer and switchgear, export will depend upon how much is the local demand, how much is the orders we have booked, and where it is advantageous to sell. So we see domestic demand quite strong, and we have been very selective on export orders. So we can't do exports at the cost of losing domestic market share. This is the position with respect to transformer and switchgear is concerned. Even though there can be large opportunities for transformer and switchgear, several examples, for example, the Ukraine starts rebuilding, they think 100% of the production can be absorbed by them itself. That is that kind of an opportunity. But the large, one of the other I would say wish list or the target which we are working on is to motors. When we complete the expansion of motors, then I think we would like to increase the share of exports in motors to start with 5%, 10%, 15%, and maybe up to 20% over a period of four to five years. This is the overall big picture to which we are working. Right. But if you talk about motors, say IE3, IE4, without variable frequency drives configurations, how do we strategize bridging both together? Will we have some expansions in the drives portfolio or some tie-up globally? Any color from the segment head is great on this session. So we are taking significant steps to increase our presence in drives. But the exact strategy is being worked out, but this is a priority area for us. In the last few months, we have been working on finalizing the strategy to how to improve our volumes, how to increase our sales and the production. So many options are being worked out, but you will see some action here. As and when something is finalized and approved at the board level, we will be able to communicate. But you can be assured that this is a growing drives business along with, and then also building it as a combo along with motors is one of the strategies which certainly we will be following. Thanks, Anas. Sir, if you allow me, can I ask one last small question on GG's transformer? Yes. Yeah. Broadly, we have around INR 14 billion turnover on the rail portfolio, largely around propulsion equipment, not the entire. Yes. Hello? I think we have lost him. Mohit Kumar, your line has been unmuted. Please go ahead with your question. Yes. Good evening. This is Mohit from ICICI Securities. My first question on the railway system, sir. If I see the pipeline on the website, the tender pipeline is quite healthy for railways. In fact, we have traction propulsion system. We have locos, we have transformers, and we have HT motors, a lot of them. Do you think this pipeline is quite robust compared to last year? And can we participate in the supply of the traction propulsion system? You can talk with. Yeah. We already have a developmental order. We are almost ready with the prototype for the train sets, which will include transformer, motor, and several other accessories along with the propulsion system. So we hope we'll be shipping it out to Indian Railways in the first quarter next year. No, no. My question was that there is a tender which is out there of Traction Electric for 3% of INR 32 billion. Can we participate? Yeah. We will participate. My second question is the pipeline for the propulsion equipment, Traction Electric, Transformers is looking very high. You said around INR 80 billion, INR 8,000 crore. Do you think this number is much, much higher than compared to the last year at the same time? Yeah. It has increased because the volume of production they are planning this year is higher than last year. They were originally making 1,100-1,200 locomotives. This year, they are targeting around 1,500 locomotives. Understood, sir. My second question is, what is the breakup of current order book of power systems? I mean, between power transformer, distribution transformer, and how is the inquiry in power transformer in particular? Is it compared to last year? If you can give some color. I can't give you the breakup, but the inquiries are higher than last year. Sir, anything on the power transformer, distribution transformer separately? No. If possible. We don't share those data. Understood, sir. Understood. Thank you, sir. Best of luck. Thank you. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Jan Vijay from 360 ONE. Please go ahead. Hello, sir. First of all, congratulations on a great tenor. So my question is regarding you mentioning 8% is the top line growth that we're expecting, and 40% is based on the railway tender that was awarded. Am I right? No, no. It was not audible. Railways, we said in the beginning, last call I had said that we will be able to grow up to 40% this year. That's what I mentioned. What is the top line growth that we've had for this quarter, sir? The percentage? Railways, you are talking? No, overall, sir. Overall? Overall. Overall, we have given in our press release, we have grown sales by about 19% and PBT by 27% for the company as a whole. Okay, sir. Thank you, sir. Yeah. Okay. Thank you. The next question is from the line of Aditya Mongia from Kotak Securities. Please go ahead. Good evening, everyone, and thank you for the opportunity. Just wanted to kind of get some more color on this comment made on the number of locomotives going up from 100 to about 1,100 locos to about 1,500. What is driving this growth? Will there be further growth beyond this number? Is this number sustainable? Could you give some color on that? So this is something which you have to check with the railways. We don't get what is available from the railway sources we have said. We can't have any further information on this. Understood. That was the only question on my side. Thank you. Thank you. The next question is from the line of Rajesh Vora from Jainmay Venture. Please go ahead. Good evening, gentlemen. Congrats on the strong numbers. And especially commendable performance by outgoing MD & CEO, Mr. Srinivasan, and the new leadership. The company achieved a terrific turnaround, and there was a huge value creation for both the public as well as shareholders. So job well done. Thank you. We'd like to also welcome Mr. Amar Kaul, the new CEO. If he could give maybe a quick brief about how he looks at the CG Power, how does he want to sort of take it to the next growth orbit, the greatest that's possible. So I think he's just joined only about a few days back. He joined on the 9th, actually. So I think I'm asked to ask. I'm very much there, but I can answer on his behalf. And Sure. I understand. I understand. So I have one question on EV motors. I find that CG Power has received IRQS certification for automotive applications. So could you give some color on EV motors? Those kinds of certifications, we have started working at the back end. When our product is ready, we should be ready with our plant where we don't need to waste time. But at the same time, we have already started working on two products. One is three-wheeler cargo as well as the LCV. We are in advanced stage of protos and testing. Okay. So when do we see our motors being used on a commercial scale? Is it one year down the road, a couple of years down the road? Any rough idea? Approximately a year down the line. Okay. Wonderful. Thanks and all the very best. Thank you. Thank you. Ladies and gentlemen, we'll take this as a last question. I'll hand the conference over to Mr. Gaurav Rateria from ISL Securities Limited for closing comments. Thank you, ma'am. On behalf of ISL Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your line. Yeah. Thank you so much for all of you. Thank you. Thank you. On behalf of ISL Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.