Please note that this conference is being recorded. I now hand the conference over to Ms. Renu Baid Pugalia, the Senior Vice President Research. Thank you, and over to you, ma'am. Thank you. A very good evening to everyone. On behalf of IIFL Capital, I'd like to welcome the Senior Management Team for the 3Q FY 2025 Earnings Call of CG Power & Industrial Solutions. From the management, we have with us Mr. Amar Kaul, Managing Director and CEO; Mr. Susheel Todi, Chief Financial Officer; Mr. Mukul Srivastava, President, Switchgears and EPD Division; Mr. Ajay Jain, Vice President, Transformer Business; Mr. Chidambaram Balakrishnan, VP, Railway Business; Mr. Indraneel Dhaneshwar, Vice President, Motors Business; Mr. Sriram Rangarajan, EVP, Consumer Products Business; and Mr. Marais Nel, EVP, Drives and Automation and Industrial Motors Business. Without taking much time, I now hand over the call to Mr. Amar Kaul for his opening remarks. Thereafter, we can open the session for Q&A. Thank you, and over to you, Amar. Thank you, Renu, and the rest of the team. Good evening, everyone, and thank you for joining our investors' call. Starting with the standalone performance for the quarter, we achieved sales of INR 2,389 crores, which was at 28% growth year over year. And orders were at INR 3,636 crores, which grew at 61% year- over- year, making it the highest number for the quarter ever. Order backlog remained robust at INR 8,952 crores and continues to be towards the upwards trajectory. When I go to PBT before other income, it was higher at INR 306 crores as against INR 227 crores in Q3 last year, which is a growth of about 35%. And PBT margin before other income was at 12.8%, year- over- year higher, versus 12.2% versus last year. It was primarily due to higher price realization and operating leverage in the power systems. If I touch on free cash flow generated for the quarter, it was INR 235 crores, which was free cash flow to PAT ratio of 96%. And return on capital employed was at 34%. If I break it down into the segments, starting with industrial segment, sales for the quarter was at INR 1,470 crores, with a growth of 21% year over year. And PBIT was at INR 184 crores, which is 12.5% of the sales as against INR 169 crores, which was at 13.9% of the sales last year. And this mixed change was primarily that we skewed towards the railway business, impacting our margins a bit here. However, the margin for motors business marginally improved versus the last quarter on account of OpEx improvements that we have initiated. The order intake for this quarter was at INR 1,877 crores, which is 37% growth year- over- year. Unexecuted order backlog as of 31st of December 2024 was at INR 2,968 crores, which is 50% higher year- over- year. If I delve into power systems, the aggregate sales for the quarter was at INR 920 crores, with a growth of 42% year over year. And PBIT was at INR 162 crores, which is 17.6% of sales as against INR 99 crores, which was at 15.3% of sales in quarter three last year. Margins were higher year- over- year on account of better price realization as well as the operating leverage. Looking into the order intake for Q3 financial year 2025, it nearly doubled to INR 1,759 crores, which is almost 97% growth year- over- year. And unexecuted order backlog as of last 31st of December was at INR 5,982 crores, which is 67% higher year- over- year. When I go to consolidated statement, so the consolidated results include the performance of our operating subsidiaries in Sweden, Germany, Netherlands, which is Drives and Automation, CG Adhesives, CG Semi Private Limited, G.G. Tronics, and Axiro Semiconductor, and the non-operating and holding subsidiaries. The aggregate sales for the quarter went up to INR 2,516 crores at a growth of 27% year over year. PBT was at INR 335 crores, which is 13.3% of sales in the last quarter, as against INR 264 crores at 13.4% of sales. Free cash flow generated for the quarter was INR 216 crores, and return on capital employed annualized was at 34%. The order intake for quarter three was at INR 4,390 crores, which is 82% growth year over year, and unexecuted order backlog as of 31st December was INR 9,706 crores, which is almost 70% higher. The key event after today's board meeting that finished in the first half of the day today, the board has approved a greenfield expansion site for another 45,000 MVA power transformers capacity expansion with an investment of about INR 712 crores, which is net of taxes. That would increase our overall capacity to 85,000 MVA by financial year 2027-2028. And this expansion is proposed to be expected to increase the demand in transformers, both in the Indian market as well as for the overseas market. The other key event is for G.G. Tronics, the company that we acquired a couple of months back as a subsidiary of the company, received a prestigious order towards the locomotive TCAS, which is Train Collision Avoidance System, also referred as Kavach. The order value is approximately in the range of INR 500 crores-600 crores. And the sale has to be completed within one year. The scope includes the supply, installation, testing, and commissioning of onboard Kavach equipment. This includes annual maintenance for 11 years after this commissioning is done. Ladies and gentlemen, the unaudited financial statements with detailed notes are available as part of stock exchange filing and on the company's website, www.cgglobal.com. Thank you, and back to Renu to navigate for the Q&A. Shall we start with the Q&A? Thank you. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ravi Swaminathan from Avendus Spark. Please go ahead. Hi, sir, thanks for taking my question and congrats on a good set of numbers. My first question is with respect to the power segment, especially transformers. I had seen the press release that you are expanding capacity in the power transformers from roughly around 45,000 MVA to 80,000 MVA. Which is generally a kind of the reason behind that, I understand, is because of the solar capacity getting added and because of the good demand in the domestic and international markets. But with respect to the distribution transformers and switchgears also, how is the demand over there? What kind of growth that we are seeing? Will the growth in these two segments be linked with the power transformer business growth? What is the capacity utilization across these three categories? If you could throw more light on it, that would be great. So yeah, thank you. Thanks for the question. Some great insights around, yes, the capacity expansion, as you rightly mentioned, is about the power transformers because that's where we see the biggest opportunity in terms of the pipeline of inquiries that we have, not only in India but across the globe as well. And that's the reason why we are investing into that area. Having said that, if you come to the distribution transformer, we honestly don't have the capacity issue there because the factory we have is already infused some money into that in the previous quarters, and that expansion is almost getting completed. And so we have the surplus capacity there. So that's why you don't see investment into that. So having said that, both the sectors will be increasing, but the investment you see is only because that is moving much faster than the rest of the place. Okay. And the distribution transformer, will it be largely related to the application? Will be related to the industrial demand? And how do you see the demand over the next one, two years? What kind of growth should we see? Will it be single digit or double digit? Any sense on that? And also on the switchgear segment, sir, will the switchgear segment, which is also a very sizable portion of the overall power segment, grow in line with the overall power transformer business? So I'll pass on this question to Ajay, who is our leader for this business. Ajay, would you like to answer that? Yeah, he's right, sir. Regarding the distribution transformer market, here also we expect double-digit growth in the market for the next few years. We are basically focusing on the industrial segment only and not on the utilities and other places here. As Amar already said, we are already investing there, and that capacity increase is also going to come in the next two to three months. So we have fair capacity there. Okay. And with respect to the switchgear business? Yeah, so it's in the same thing as what you see in the transformers. So I mean, as you know, the power sector is booming, so switchgear is in sync with the same what we discussed. Understood. Understood. My last question is with respect to the industrial business. What kind of growth have we seen in the LT and HT Motor? You can give revenue growth or volume growth either for three-month or nine-month numbers. So as I said, in the last quarter also, we started a lot of initiatives around, okay, starting with the market scenario. Yes, for the industrial side, the market is not so great. But having said that, we initiated our go-to-market strategy as well as our operational excellence activities to make sure that we are much leaner and productive as we get into the higher phase of growth. And that has already started giving us the results. So very, very happy to share that the business that was seeing, especially the motors business, has been seeing a decline over the last couple of quarters, not only for us, for everybody. And probably for the first time in this quarter, we actually have seen the uptrend. Since we don't declare the results by each of the business verticals, so we're not able to share the numbers, but yes, both for bookings as well as for revenue, it was positive. Understood, sir. Thanks a lot. Thank you. Participants, please restrict yourselves to two questions. If you have any further questions, you may rejoin the queue. The next question is from the line of Ankur Sharma from HDFC Life. Please go ahead. Yeah, good afternoon, sir. Thanks for your time as always. Just on the industrial segment again, if you could help us, what is driving that big growth in order inflows? Is it motors, or are there any large chunky orders from the railway side? And the reason I ask you that is because what we've been hearing is that there's been some slowdown in terms of ordering offtake from the rail. So we just wanted to understand how are you seeing both orders and execution on the rail side, both this and the coming quarter? Yes, so I think we are still very positive about the industrial segment as a whole. The big backlog or the increase in orders that you see, yes, the big chunk of it is focused on the railway side. But having said that, as I mentioned in the previous question, for the first quarter and last couple of quarters, we have seen our industrial business, either the motors business out of industrial, also on the positive side of numbers, both for bookings as well as for revenue, which means we are getting faster in execution of the backlog, both for railways as well as for motors. Now, of course, the contribution or skew is a little bit more towards railways. As you know, I think our initiative or linking with the Prime Minister's vision of Make in India for India and for the whole world. So, railways, we are investing a lot as well and executing the orders much faster. So yes, skew is more towards railways, but all the businesses under industrial are towards the upswing. Okay, fair. And just to clarify, on the LT motor side, you said obviously you started growing again when you're seeing an uptrend. But is that also true for the industry as a whole, or is it just you because of your GTM and your efforts? Is that you're taking back market share? Is that what's driving growth, or do you believe overall we're finally starting to see channel pickup, and we're starting to see restocking and demand coming back on the LT motor side? No, I never gave any break-up for LT motor or any of the segments there. I just said for the railway. This is industrial, yeah. First time we have taken it, both revenue and booking has gone up. Market still is in kind of, I would say, not very positive. It's not very bad as well. But important is we have found a way to find our piece of the pie and get it for us. So that's giving us results. And can you elaborate a little more there? So you said GTM, but possible to elaborate a little more? What's helping you get that growth for LT motors for you? So yeah, so I think, of course, I can spend one full day on go-to-market. But in summary, if I have to talk about go-to-market, of course, in some of the segments on the motor side, we are probably very, very high market share. But some segments, we are not there. Important is, as a part of go-to-market strategy, the product segmentation to the market segmentation to the vertical segmentation. I think that's the kind of work that we have done in the last two quarters primarily is to go deeper into that. And then the action plan coming out of that. It's also the innovation, which means the new product introduction, which is coming there, which is fit for different verticals. And those are the areas that we are really attacking and getting our pie out of it. Okay. All right. Can you ask another question? Yeah, yeah. Okay. Makes sense. Thanks. Okay. Good. Thank you. The next question is from the line of Rahul Gajare from Haitong Securities. Please go ahead. Yeah, hi. Good evening. Thanks for the opportunity. Continuing with the industrial segment, given that you've talked about uptrend that you've seen, has the company managed to take price, if yes, how much? And connected with the same question, given that the margins were impacted because of railway, are the incremental orders in railways coming at better margin? That's the first question. So, yes, so first thing is better margin, yes, marginally. But again, this is our commitment for nation building as well. So, Indian Railways, we are really proud of. And we'll continue to work on that. Of course, it comes at a price that you won't be great on the margin. But yes, we are working on the strategy to make sure as we are Making in India for India as well as for the world. I think that's the philosophy that we are working at, and that is getting executed in railways as well. And in subsequent quarters, you will see some more progress on that as we are executing it. So, that's what I would answer to. The price side aspect on general motors as such? Motors, what is the question of motors? No, no. You said that you've seen uptrend in order intake and all. I want to know whether that has any impact of price hike, if at all? No, as I said, when I say upturn, it's not only on the top line. It is both top line as well as bottom line. Okay? So when we are saying we are not getting into the pricing war or dropping the prices and taking the orders, it's a combination, as I said in the beginning, it's a combination of our product strategy, the innovation that we are working on, which particular verticals at which markets. So these three are very clearly identified with the action for each one of those. And that's really helping us. I mean, the results that we have this quarter is just the early results that we have. Of course, we have to keep executing and see how we perform in the next few quarters. But yeah, we still feel bullish about it. So my second question is on the power business. Given that you are adding more capacity on the power, firstly, can you tell me because earlier the focus was more on domestic market with this new capacity, I think it's very clear that export is something that you are targeting. Have you already started doing the groundwork in terms of setting up branches, service network in overseas geographies, or it's a simultaneous process that will happen? Yes, that work is, I mean, it has progressed reasonably well, but yes, not completed, so we have a strategy in place for all of what you said. That's part of the plan. The location is finalized for the factory or? No, the location is not yet finalized. Okay. Fair answer. Thank you. I'll get back to you in the queue. Yeah, thank you. 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. So just wanted to delve deeper into the motor category where you said there has been of late some improvement in terms of both revenues and intake. Are we seeing this? You said that yes, there is an improvement led by our GTM strategies that you spoke about in detail. Can you also comment about how HT motors has kind of panned out and how that segment is moving? Plus, if you can also update in terms of the market share between both LT and HT, how it has moved. So yes, as I said in the beginning, only we don't give breakup of each product segment under motors. But I said overall, we have grown in that area. Coming back to the market share question that you have, I mean, it's the published data. But the good news is the latest data that we have as of now is either we are maintaining the market share or we have grown in some of the segments, which is a positive news for us. Basically, market share has expanded for us in the first nine months. Yes. Okay. Yes, that's right. So the other aspect is on railways. If you can talk, you spoke about that railway skew had improved. Is it possible to possibly get what is the railway revenues for the quarter or nine months and the order backlog? And you spoke about G.G. Tronics getting a decent amount of orders, about INR 5,600 crores. Now, what is the outlook out there? What kind of further orders we can get? And lastly, if I may squeeze in on OSAT, what is the status out there? So first of all, the split exact, obviously, as a listed company, we are not giving that breakup of railways or motors separately. But as I said, both are growing. Of course, railway is growing much faster than motors. That's the answer to your question number one. Question number two was around. G.G. Tronics, sir. G.G. Tronics. So yes, so the order as we received, which is under execution right now. And as for the commitment, it's going to get executed within the next one year from the date of receipt of the order. So a lot of action right now. And again, one is the money part of it, but it's a national pride as well. We are one of the very few companies, the first ones to actually help Indian Railways to become much safer. And so that's what we're going on. So really excited to see. And there's a huge pipeline of forthcoming orders coming. So right now, the focus is, of course, keep an eye on the new orders, but important is to execute because the way we execute this first order will be our key to success for the future opportunities. Okay. And lastly, sir, on OSAT, what is the status? Where are we in the buildout? What kind of CapEx have we done? When do we expect the first lines to be commissioned? I think the project is absolutely on track. In fact, today morning also, on the board meeting, we had a full review of the CG Semi as well. As a detail, there are two factories we are looking at. One is the mini factory and the mega factory, which is a big one. The mini factory should start, I think, 2026, potentially 2026, and the mega should start somewhere in 2027, which is exactly as per the plan. A lot of action, a lot of work going on. The entire leadership team and the hiring of the team is already in place. They are getting right now trained across different places across the world, wherever we have the tie-up with our partners. We start the manufacturing. The project is exactly as per the plan. Great. So all the best, and I'll get back in the queue. Thanks. 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. Firstly, could you share an update on the development and commercialization of EV motors for which applications we have already developed both motors as well as controllers? And what is the medium-term action plan over here? Yeah, good question. So right now, we are in the phase of prototype has already been developed, both motor as well as the inverter for our own company, which is a group company. So that is under testing. The first phase of it is already approved. It has qualified the test results. Second phase is also homologation and putting it on the vehicles. So that is right now under progress. So yeah, so a lot of work needs to be done there as well. Understood. Secondly, as a part of your go-to-market strategy for the motors business, you had previously highlighted that you were partnering with large customers for a combined solution of motors and drives. So could you share some progress on that? The quantum of sales coming from such combined offerings, also its impact on margins, the localization levels that we have achieved in drives as well in India. I understand we have the product in Sweden. So have we brought that product to India and localized as per the domestic requirements, or that is still under progress? Ladies and gentlemen, the management has been disconnected. Please stay online while I get them connected. Thank you. Thank you for staying online. The management is now connected. We can go ahead. Hi, sir. Sir, I was asking on our go-to-market strategy for the motors business. You had previously mentioned that we were partnering with the large customers for a combined solution of motors and drives. So could you share some update on that, whether we have localized that Swedish product, that Emotron brand in India as well, and if at all, the quantum of sales coming from such combined offerings and also its impact on margins? That will be very helpful. Yeah, thanks for the question. Yes, the question is right that combined offering is something which is really helping us, and that is an integral part of our go-to-market strategy. Of course, more than that, I won't be able to share because we are still under execution, which customer, how, etc., is under execution. To your second question on localization, yes, some portfolio has already been localized in our facility in Bhopal. So most of these drives are made in India for India, and also we are eyeing on exports as well for that. And third, last but not the least, is also the combination to make the product more energy efficient. So we are actually the leaders for respective businesses are collaborating very closely to make sure that we go as one phase to the customer with the solution approach instead of going separately. Understood. Ladies and gentlemen, as the participant's line got disconnected, we'll move to the next participant. His name is Amit Mahawar from the line of UBS. Please go ahead. Hi, Amar. Congratulations on a great set of results. Less than a few months of joining. So my first question is on exports. We had earlier guided about 20% of exports in four to five years of revenues. Historically, CG has always been a large exporter of power systems, never been a large industrial exporter. Do you think this is largely going to be the power system exports for us and any thoughts there? And second question is on the rail portfolio. How do we emphasize in the next three, four years positioning in railways? What will we do and what will we not do? We are into propulsions. We are into TCAS, maybe point machines with G.G. Tronics. So the positioning in railways that we will do and we will not choose to do. Thank you. Yeah, I think, thanks for the question. So first one, exports, yes, most of the portfolios are focused on that. So if you tell me for our power systems business, we are ready and the work is already commenced and we are seeing some results out of that, the kind of orders that we are getting from overseas. For motors, we were not ready till now, but starting with this quarter, and as I said in the beginning, innovation is one of the key parts of the strategy, which means the new product introduction coming practically every month, we should be launching a product. We still need to reach there, but yes, the team has accelerated that journey. And those are the products which are next generation IE5 to IE5+ kind of motors, which is the requirement for the whole world. Okay? So that's getting launched. And so we are doing two things in parallel. One is the commercial strategy for exports, and second is the innovation, which is NPD, and both are working in parallel. And I'm sure you'll see some exciting times in the next few quarters as we mature these two things coming together. Thanks so much. Can I ask one more question, Amar? Yeah, sure. Sure. See, NS brought a very different talent to CG when he joined, right? The financial turnaround, the up and turnaround. The approach you have from your historical experience in Bharatpur, Jinkhola, etc., emerging market experience, what kind of inorganic path do you want to take for CG? You have a lot of shopping list which you can go around, but which are those two, three areas where directionally, without going into specifics, I understand, if you can guide us there, Amar. Thank you. Yeah. So I think, yes, we will always have appetite for to keep looking at the possible candidates. The pipeline is there. But having said that, as of today, if you tell me, is that my top priority for inorganic, the answer is no, at least for next few quarters because there's so much we can do within our existing portfolio. I think when you're talking about the kind of growth that you see, high double digits, if you can get it from the current operations and the expansion that you have. So important is to make it sustainable. I think that's where the focus is. Accelerated growth with sustainability is the key thing. And when I say sustainability, it is not only from skill set point of view, people point of view, it's also the product and energy efficiency point of view so that we are committed to the environment and the climate as well. So to me, those are the focus areas for next, I would say, two to four quarters to focus on. Having said that, it doesn't mean that we close our eyes to any possible opportunities for inorganic. Open for that. The team keeps looking at it. So it's like balancing the two. Fairly clear, Amar. Thank you and good luck. Thank you. The next question is from the line of Aditya Mongia from Kotak Securities. Please go ahead. Thank you for the opportunity and congratulations on a very strong set of results yet again. The first question that I had from my side was on the PT capacities in the making. Now, once you have the 35,000 MVA number with you as a capacity, how much of this can be kind of consumed from a domestic perspective, and how much would be the reliance on exports for achieving a decent capacity utilization of this capacity? You mean the existing capacity or including the new that we declare today? All put in, as in 85,000. I'm just trying to get a fair rough cut sense of it, like an 80/20 kind of mix of domestic exports or 60/40. I'm just trying to kind of get a sense of your understanding of the TAM outside is essentially the question. See, if I look at the inquiry pipeline and the way infrastructure is moving forward, I think this entire capacity can be soaked completely in India itself. But again, that's not a part of the strategy. It's a balance of both. And that's the way we have built the business case. There's a certain percentage that we are looking at for exports and a certain percentage for India as well. So it's a combination of both. Understood. The second question that I had was on margins. As in, you had talked about certain special effects, certain one-off items in the second quarter that had impacted margin improvement. Were they at play in the third quarter as well? And specifically, I'm talking from a consolidated perspective wherein maybe in industrial systems, your consolidated EBIT doesn't change versus standalone instead of kind of the synergies being added up in between these two levels. So just trying to get a sense whether there are any special effects at a consolidated level in industrial systems margin. So let me pass that question to the specialist or a CFO, Mr. Todi. No, I didn't say nothing like that. It was only there in the quarter two. So this is the only number which is coming from our subsidiary, which is based out in Sweden. So there's nothing this time. Any exceptional items are there. Understood. Just one more thing from my side. When we talk about this TCAS opportunity, let's say in specific, this INR 600 crore order, how much would be the maintenance cost aspect which would be spread over time, and how much would it be kind of in numbers over the next one year? And I'm not just talking from a developmental order perspective, but let's say once you get a full-blown order, what would be the split of revenues in a single year and then the maintenance aspect beyond that? You mean the maintenance on a regular basis or after the order that we have separately for 11 years? Exactly. So I'm assuming there would be in this country, let's say INR 600 crores, how much is the maintenance or the AMC cost inside INR 600, or is it outside INR 600 crores? Aditya, we give a range for the order side, so it includes everything. The maintenance actually doesn't start from day one. It's always after a couple of years or three years later. Understood. Just the last bit from my side. You would be doing the entire EPC on the coverage aspect, or would it be limited to product supply? That's the last question. Thank you. This is including the manufacturing of the product, installation, commissioning, and making sure the trials are through to the end. So it's a complete thing. Thank you so much for your response and time. All the very best. Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Ashwani Sharma from Emkay Global Financial Services. Please go ahead. Yeah, good afternoon. Thanks for the opportunity. So I have two questions. First is, we have been kind of adding capacity across our existing businesses, and I told you also you announced on the PT side, and then we are doing a few acquisitions or such. So just wanted to know that over the next four to five years, any internal target that what kind of revenue that we are targeting or just looking at? So if you ask about four to five years, in fact, as of right now we are busy with not only the quarter but annual operating plan for the next year, but yes, we'll be kickstarting next month our long-range planning, which is three to five years strategy planning. So that work is going to start from next month, and we'll take about three to four months to complete. So I think then it will be a better situation to see. All right. So my second question, just a bookkeeping question. On the OSAT CapEx that we have announced, how much we have already spent? Susheel, go ahead. We spent, in the sense that Eddie said that there is a mini plant, so that construction activity is going on. Approximate number is around INR 40 crore- 50 crore. Okay. INR 40 crore- 50 crore. Thank you very much. Those are my questions. Thank you. The next question is from the line of Garvit Goyal from Nvest Analytics Advisory LLP. Please go ahead. Hi. Am I audible? Yeah. Very clear. Good evening, sir, and congrats for decent numbers. Sir, we are getting a very decent order inflows on power system segment. So I want to understand from you, what is driving these order inflows? Who are our key customers here from where we are getting these orders? Are these the grid expansion EPC players or someone else? And I also want to understand what portion of the existing order book is from the domestic market in power segment and what portion is for the exports? So the order is wherever there's a power generation to distribution, you need a transformer. So this is across. It's not only one segment. So ranging right from the distribution companies to wherever you have to do the data centers, so you name it and you have the inquiries from all over. What percentage of existing order book in power system is from the export and for domestic? Yeah. So I think breakup, we don't actually publish completely on that, but yes, we are balancing basis the way we look at the capacity, the balance of the two. Okay. And my second question is on our Sanand facility. So do you see any risk to the internal revenue projections that we earlier had from that facility because of China's DeepSeek, which claims to be using lesser GPUs? So does that affect the prices of the chips that we are looking to manufacture there? So I think that's an interesting question because that's as fresh as probably what, yesterday or today? But having said that, as of now, we don't see any risk, as I said in the beginning, the project is exactly as per the timeline, and we are staying focused to what we are supposed to do. And we'll keep an eye on any of these changes that happen in the environment. Understood, sir. That's it from my side, sir. All the best for the future. Thank you. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yes, sir. Hi. Thanks for the opportunity. So my question is on the new transformer capacity, power transformer 45,000, which you have announced. So up to what rating will this capacity be? So Ajay, you want to answer that? Yeah. So we will be captured from 220 kV to 755 kV in this facility. 755 kV. And has the land been finalized? Land has been acquired, or what is the status of approvals? Not yet. Okay. And so according to you, what will be the industry capacity in this range, 220-755 kV? Ajay, can I answer? Yeah. As of now, it is around INR 2 lakh MVA. And any sense on the demand, domestic demand total overall? Demand we see is CAGR of around 10%. So my question was more on the capacity utilization side of this INR 2 lakh MVA, which you said, existing capacity. What, according to you, will be the current utilization of this? Basically, I think, as I said in the beginning, this capacity expansion is a combination of domestic and export. So what Ajay talked about, 200,000 MVA availability, that's purely India, India. So it's not outside India. So that's a much bigger market. So I don't see any risk on that, what we are usually utilizing here. Our existing capacity utilization is already peaking, and so this will be a good addition. So we don't see any risk of this not being used. Okay. For sure. Thank you. That was my question. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Ms. Renu Baid Pugalia for the closing comments. Yeah. Thank you, Alarik, for this. On behalf of IIFL, I'd like to thank the management to give us the opportunity to host the call and investors for being patient audience. Sir, any closing remarks from your side? No, thank you. Thank you so much, Renu, and thank you for joining. Really enjoyed the session and the questions. Appreciate and look forward to talking to you again next quarter. Thank you. Have a good evening. Sure. Thank you. Thank you. Ladies and gentlemen, on behalf of CG Power, that concludes this conference. You may now disconnect your lines.