Please note that this conference is being recorded. I now hand the conference over to Mr. N. Venu, Managing Director and CEO, Hitachi Energy India Limited. Thank you, and over to you, sir. Thank you very much. Good afternoon, everybody, and thank you for joining us for the analyst conference call today. And I hope you're all well and doing extremely well. Yesterday, we announced our results for the fourth quarter and also full financial year, 2023-2024. And over the next 20-35 minutes, I will take you through our performance during the period ending March 31, 2024. And for ease of your convenience, I'll also read out the slide numbers we have just uploaded also in the BSE, BSE on that. And today, with me in the room, I have our CFO, Ajay Singh, and Manashwi Banerjee, Head of Investor Relations. So when we entered the fiscal year in April 2023, our core objective was to remain focused on balancing operational complexity and efficiency amid prevailing market uncertainties. In doing so, we have not only navigated the complexities of the evolving energy landscape, but in my view, also successfully preserved the Hitachi Energy India's growth momentum across the quarters. In Q4, we have grown in terms of orders and revenues and created a value for our customers, stakeholders, and also society. I'm moving to the slide number, number three. As we review the quarter, I want to begin with safety. As you all know, for safety, we call it our license to operate. Our commitment to safety has been unwavering from offices to factories and on-site locations. Maintaining the momentum of our approach, we had varied training programs for employees across locations like emergency preparedness, critical on-site job training, maneuvering on mobile platforms, excavations, defensive driving, et cetera, in this quarter. At Hitachi Energy, safety entrenched in our DNA, which we implement in all aspects of our work. We call this, as I said in the beginning, the license to operate, and we never look the other way. The same has garnered us multiple recognition and appreciation from our discerning customers for ensuring sustainable safety practices and quality at our project sites. We thank our clients for their constant encouragement. I move to the next slide, slide number 4, sustainability performance. Throughout the year, we expedited our journey to Net Zero by 2030 through various sustainable projects across our factories and offices. I'm quite happy to inform you that we have reduced more than 80% carbon emission under Sustainability 2030 program. The sustainability projects in FY 2023-2024 primarily focused on energy and emissions, conservation of water and robust waste management. These projects helped us keep a track on our greenhouse gas emissions, energy consumption, usage of fresh water, and waste management. Through suitable resource measures, we have been able to bring down our water consumption by 25% and recycling 96% of our waste in our factories. It is noteworthy to mention about 600 kW solar rooftop project at our Doddaballapur facility. So this ongoing project, we'll be able to reduce almost close to 30 tons of CO2 equivalent of greenhouse gas. Furthermore, through this project, we aim to power 40% of our factory's energy needs through this solar plant. This project is scheduled to be completed in this month. As you all know, Doddaballapur is a newly inaugurated factory where we produce our power quality equipments in that. If I move to the next slide, slide 5, and this slide, I'm sure all of you are more familiar than me, but still, I'd like to take you through that. Growth momentum continues in the Indian economy. According to government reports, India's GDP is expected to be in the range of 10.3% for FY 2023-24. Whereas GDP grew 8.4% year-on-year for the fourth quarter. The Reserve Bank of India has kept the rate of interest unchanged at 6.5% for the seventh consecutive time. In March 2024, the country's retail inflation eased to 4.8% from 5.6% as in November 2023. Also, the Indian Industrial Production, IIP, clocked a value of 153.5, highest since for the financial year 2023-24 in January 2024. So India's installed solar capacity is expected to reach 616 GW by 2027 and 900 GW by 2032, up from 442 GW in March 2024. Good drivers for Hitachi Energy remain intact and tracking upwards, as you can see on the left-hand side of my slide. In FY 2023-2024, the renewable power grew at 11%, including large hydro group from 173 GW to 191 GW. As per national energy policy, an ambitious plan is set for the growth of renewables in the country at 24% CAGR. To scale it from 191 GW to 648 GW within FY 2025-2032 at about 3.5x speed. So this is what we have been saying, to reach that kind of levels, so we need to do more than 3-4 times what we have been doing it as a, as a country, as a whole, or industry as a whole. In the transmission segment, National Committee on Transmission issued green signal for 4 new ISTS projects, and similarly for industry, the revival of private capital is likely to order. Opportunities are over 4-7 in the market for financial year 2024-25. On the transportation side, metro, high-speed rail, rail electrification, rolling stock upgrades to link the growth of transport segment and so on and so forth. Which is clearly showing that all these segments, as we have been calling, within Hitachi Energy, as high growth segments, they're all trending in the right direction. So moving to slide 6. Again, I'm sure this is, you all know very well, so this is picked up from the National Electricity Policy 2023-24. As NEP 2023-24 has laid out a robust expansion plan for transmission circuit and network. Additionally, according to the industry estimate, an investment of close to INR 240,000 crore at a rate of INR 1.07 crore per MW is expected for renewable related transmission by March 2027. Some of the key takeaways of the plan are: inter-regional transmission capacity is expected to reach almost 143,000+ MW by 2027, from a current capacity of 116,000+ MW. And HVDC circuit plan to increase by 4,300 circuit km during March 2022 to 2027, and grow to almost 23,000 circuit km, with a carrying capacity of around 12,000 MW by 2027. More than 30 STATCOM projects are lined up for bidding along with the transmission network, with a total outlay of more than INR 110,000 crore for reactive circuits by 2027. So these are just a couple of more examples to talk about, you know, concrete plans as part of the CEA's government's NEP policy, which can create a lot of tailwinds for our portfolio at Hitachi Energy. So moving to the next slide number 7. Multiple stakeholders in the road to energy transition at Hitachi Energy, our constant endeavor is toward accelerating the pace of energy transition to achieve the bigger goal of Net Zero. We propagate this urgency for granting a sustainable energy future through thought leadership across platforms. Our leaders highlighted and spoke on topics ranging from solar grid integration to Make in India. As an organization, we are invested in Making in India for India and the rest of the world. An offshoot of such effort is the recognition of our employees at the Festival of Manufacturing for their contribution towards manufacturing development. Also noteworthy to mention is that our HVDC team has successfully completed HVDC dielectric for Adani Mumbai HVDC project, which is completely manufactured at our newly inaugurated factory at Chennai. Our employees are our biggest brand ambassadors and real agent of change, taking forward plans, details, and values. It is their commitment and passion which has helped achieve many milestones over the last 75 years. To mark this mega milestone, in March, we kickstarted our year-long celebrations for completing 75 years in India across offices and facilities Diversity being central to our existence, so in March, we conducted several community outreach initiatives, including reaching out to over 1,000+ students from government schools, with focus on girls students at multiple locations. Moving to the slide number 8, which is Customer Connect. As a leading technology innovator, Hitachi Energy works closely with customers and partners to co-create a sustainable energy future for present and future generations. We have organized a technical session for our customers in Jammu and Kashmir region on next generation sustainable products like hybrid switchgear, disconnectors, digital portfolio, EconiQ. We went to customer sites across utilities and industries to share technology perspectives on core technologies and digitalization. Furthermore, we also flagged off our multi-city customer event series, Energy and Digital World, 2024 in Hyderabad. The energy and digital world touches upon the latest advancement in grid modernization, renewable energy integration, and digital transformation. On top of that, this is also a forum where IT and OT integration, related topics can also be discussed. It also includes a focus session on tailored industry solutions for power quality, data centers, rail, offshore winds, in addition to many other things in there. Moving to the slide number 9. During this quarter, during the quarter ended March 31, we have commissioned several projects across segments, renewables, EPC, and industries. This includes installing a 420 kV GIS bay at Sembcorp, Nellore, and GRP for 400 MW hydro JP for thermal and hydro projects respectively. Furthermore, we undertook an end-to-end solar project at Jaisalmer, Rajasthan, starting from designing, engineering, manufacturing, and execution of the substation grid connections. Also undertook testing and commissioning of 220 kV GIS, 132 kV GIS substation for our oil and gas major in Barmer. Partnering with customers through the plan, build, and operating phases helps shape the energy transition for industries and utilities in a sustainable manner. Moving to the next slide, the slide number 10. Performance in this quarter has demonstrated our focused strategy to diversify portfolio and relentless pursuit for improving the bottom line. We have seen consistent order growth and progressive margin recovery, resulting in 10.2% operational EBITDA in quarter four, FY24. In the quarter ending March 31, 2023, we received orders worth INR 1,406 crore, which is up by 13.9% quarter-on-quarter and 11.5% year-on-year. This quarter, the company delivered a strong revenue performance of rupees INR 1,699.2 crore, up 33.1% quarter-on-quarter and 27.2% year-on-year. Better revenue mix and mitigation of external supply chains, product mix, supported margin and profit recovery in Q4 of FY 2024. Profit before tax stood at INR 152 crore, up 350% quarter-on-quarter and 133.7% year-on-year, and profit after tax was at INR 113 crore, up by 394% quarter-on-quarter, 123% year-on-year. Some key order wins for the quarter are from tariff-based competitive bidding for 765 kV ICP reactors, Karera 765 MVA reactors, Rajasthan, and 10x50 MVA, 132 kV transformer, Madhya Pradesh. We also booked orders for dry-type transformers for a Morbi project, semiconductor manufacturing plant, and three-phase technology locomotive transformers for the rail manufacturers, and 12 units of 33 kV CVT and 10 units of 33 kV CT for Jamnagar, to mention a few. We remained focused towards increasing operational efficiency while expanding our portfolio in the high growth markets. Moving to the next slide, slide 11. To provide some more color on the orders received this quarter, the data center remained a high growth segment, thanks to the push for 5G data localization, regulation, and data center policies. Data centers are also an integral part of Hitachi Energy's strategy. This quarter, we reported a year-on-year over 700% growth in orders for the data center. With the sheer potential of the market, we see this trend to continue in the future as well. Industries backed PLI scheme, electrification, digitalization, energy networks, semiconductors across sectors from street to silicon, have led to a year-on-year growth of 42% in this quarter. When the orders for the transmission and railways have declined to 32% and 20% respectively, and basically due to the timing, timing effect of some of the orders. Reflecting the nature of customer order this quarter, in the segment part, product took the lead, while sector-wise, utilities remain in the front, and on the channel side, so direct end-end users. Moving to the slide 12. Long-term growth levers, service and export for Q4 FY 2024, both service and export orders were up by 53% year-on-year, each maintaining their strong contribution to the overall order book. Our order mix reflects our diversified portfolio across our install base and our focus on leveraging our key growth markets and capitalizing on market opportunities. We successfully secured key market wins in services and exports in line with our 2030 strategy. Export orders were driven by transformer, power quality technologies, and other key products. The bulk of the orders came from the markets of Middle East, Southeast Asia, and neighboring countries in South Asia. Some of the key orders include relays orders from Sweden, transmission project orders from Switzerland and Mexico, and 400 kV GIS module and 400 kV GIS for CFE respectively. Service orders during the quarter, driven by annual maintenance contracts, upgrades, and innovative solutions like RelCare, RelScan, for remote condition monitoring and maintenance. Some of the key orders for the quarter are supply, installation, testing, and commissioning of 6 100 kV GIS for restoration of Dikchu hydroelectric power station, UltraTech Cement, setting around for 765 kV reactors and transformers at SEUPPTCL, just to name a few of them. So with that, while I move to the next slide, I'll also hand over to Ajay Singh, our CFO, Hitachi Energy India Limited, to walk us through the next few slides. Over to you, Ajay. Thank you, Venu, and good afternoon, everyone. Hope everyone is doing well, and if you are fine at your end. Our strong cyclic revenue per- performance, along with the favorable external environment, helped us to improve our revenue and bottom line. The focus and the proactive approach has helped us to achieve better revenue results in the quarter-on-quarter and year-on-year. If you see during the quarter, the company booked orders worth INR 1,496.7 crore, which is basically up by 13.9% quarter-on-quarter and 11.5% year-on-year. The solid order execution results in quarter-on-quarter and year-on-year revenue growth of 33.1% and 27.2% respectively, and the revenue stood for the quarter INR 1,699.2 crore in this quarter at the end of March 31, 2024. The focus and the proactive approach has further strengthened the quarter earnings and improved the bottom line. Mitigation of the external supply chain challenges helped the profit recovery in this quarter, as the profit before tax is INR 152.2 crore, which is up by 350% quarter-on-quarter and 133.8% year-on-year. The profit after tax is INR 113.7 crore, which is up by 395% approximately and 124% approximately, quarter-on-quarter and year-on-year respectively. If you see, our operational EBITDA, we have reached INR 122.6 crore, which is 10.2% for the quarter and in the double digits. As a result of the favorable revenue mix, operational, you know, excellence, which has given this bottom-line improvement. If you see the overall rise in operational EBITDA compared to the last quarter, it is 113%, and compared to year-over-year, it is 77%. Our order backlog is very robust at the moment. It's INR 7,229 crores, and we have a revenue visibility for approximate, let's say 20 months. If I go to the next slide, slide number... Let me, you know, we have been focused little bit more detail on the numbers. So we have been discussing on the ongoing macroeconomic issues for the past several quarters. As highlighted in the previous quarter, I would like to share an update on how the numbers fared during these last three months. Let me take a moment to walk through that specific slide in further detail. If you see the table, it gives a clear picture of our relentless pursuit for improving the bottom line and the prolific margin recovery. You can see the revenue improvement compared to year-over-year, 27.2% in this quarter, INR 1,699.2 crore, and this is due to the solid order execution. Further, if you see the overall details, the material cost is 67.4%, personnel expenses, 8.3%. The other expenses are more or less consistent. Depreciation is consistent. Interest compared to the last quarter, it has come down, and in this particular quarter, we have an exchange gain of INR 9.8 crore. With this, we are able to reach profit before tax of INR 152 crore and profit after tax of INR 103 crore. So these are the overall updates from the quarter performance point of view. With this, I hand it back to Renu for the closing slide. Thank you, Ajay. If I move to the last slide before we open it up for Q&A. So our priorities for the coming quarter and the year are the same as before, the three major buckets: market, business, and functions. As we enter the new fiscal year, our focus and growth objectives for the year remain intact. Our efforts will continue towards maintaining leadership in the core segment, with additional emphasis to augment our service digital portfolio along with scaling up of the export. Furthermore, it is not a high growth segment. As you have seen, high growth in our view is renewable, is transmission, is HVDC, is data center, is rail, et cetera, that cater to the evolving needs of the sector, harnessing new segments and markets. On the businesses side, the focus will be on accentuating our operational excellence to improve productivity and quality. We'll continue to push for optimal efficiency to convert our order backlog to revenue, increase profit and more cash in hand, which will result in margin accretion. As we speak, we have migrated to a new ERP system, SAP S/4HANA, which we call internally Reiwa. It's a single SAP instance for entire Hitachi Energy Group. Post stabilization, it will help improve operational processes, provide improved visibility across our system, help with the line items like inventory, working capital, et cetera. With our constant endeavor of advancing a sustainable energy future for all, safety remains the core pillar of all of our processes. Focused efforts will continue to strengthen our human capital capabilities to upskill and cross-skill talent for agile energy transition and for future growth. With this, I'd like to close the presentation and request the operator to open the channel for questions. Thank you. Thank you very much, sir. We will now begin the question-and-answer session. Anyone who wishes to ask questions may press star and one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Also, ladies and gentlemen, in order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to two per participant. Should you have a follow-up question, please rejoin the queue. We will wait for a moment while the question queue assembles. The first question is from the line of Renu Baid from IIFL Securities. Please go ahead. Yeah. Hi, good afternoon, team, and congratulations for the strong performance. So my first question is on profitability. If you see on an annualized basis, gross margins now has consolidated at about 35% after declining for the last two to three years. So in your view, when you think, now, given that the mix of orders are improving, including pricing in the domestic market, do you perceive the gross margins have bottomed out and should start improving from here on? Or, there could be other elements at play, including changes in the revenue mix, between products, projects, et cetera? Yes, allow me, Venu, to take this question. Thank you, Renu, for this question. So, the gross margin, if you see, is largely what you see right now. It's mostly dependent on the product mix that we are going through. So last few quarters, we have been going through some headwinds. Now that we have stabilized, and we see there is an ease out on the headwinds, mostly depending upon the product mix, the gross margin should be fairly consistent. Okay. And aligned with this, have you started booking revenues for the Adani HVDC? If so, YTD in fiscal 2024, what percentage of the contract has been executed? Yeah. As, as you know, this contract is under execution. On the revenue side, we, we don't. But it's a, I would say, it's a very low percentage of revenues are coming. Got it. Secondly, in terms of the broad mix, while you have mentioned export services growing at about 43% for the quarter, how is the broad mix on an annualized basis as a percentage of revenues? And, given that global supply chains are stretched, can we expect expansion in the export portfolio fresh mandate from new markets for our offerings? Yeah. So if you take the last year, the entire year, FY 2023, our export orders, for example, orders has touched close to 30%, slightly below 30%, but that is where is the thing. So we expect that, exports as a percentage of our total orders or total revenue going forward will be in the range from between 25%-50%. Got it. And any scope with respect to expansion of export portfolio in terms of product offerings as well as the market? So we are looking at it actually, you know, because we also have seen very strong demand in the domestic market, so our main purpose is also to serve the domestic market, right? While serving the domestic market, we are also very open to look at opportunities outside of it. Sure. I'll get back in the queue with more questions for you. Thank you so much, and all the best. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yeah. Hi, Venu. Congratulations on a great, great quarter, sir. And I think you have achieved your double-digit margin guidance in this quarter, one year ahead of schedule. I remember you mentioning that FY 2025, and you will be touching that. So my first question is again on the EBITDA margins. So in this quarter, we have seen the volume going up, the revenues have improved significantly, and a large part of the saving in other operating expenses passing on to the margins. So just wanted to understand the nature of savings in the other expenses. Why, I mean, they have not grown in line with the business volumes. So is it the sustainable level, the current levels of other expenses? And now the worst is behind us, and we'll be able to maintain these double-digit margins? So let me just give you an overview of that, then maybe ask Ajay to talk about a little bit more on the expenses side, you know? Well, yes, we have entered the double-digit margin in this quarter, even though our guidance is far away from this particular quarter. But if you really look at it on annualized basis, because our business is, you know, what we call as a late and long cycling business, right? Even though it is, we like to compare a quarter-over-quarter, but, you know, depending upon our lumpy revenue, so the whole thing can be distorted by. So we always look at it in a medium-term to long-term view, which is, you know, fairly, you know, one-year comparison. So if you look at the last year, the whole of last year, our EBITDA margin, we came to 6.7%. So basically, we have improved 100 basis points on a year-to-year basis. So this is where we are today. Directionally, you know, we are looking at improving where we are, you know, where we are rather. So same, our endeavor from now onwards also look at the same way to improve directionally to move the EBITDA margin at a higher level and a fairly, you know, midterm basis with that. So that, that's what in our endeavor, and we are looking at all three ensures that we do that. Maybe Ajay, just talk about EBITDA on the expenses side. So on the expenses side, just to give you a broader perspective, if you see our cost structure, generally, so we have personnel expenses hovering around between 9%-10%, and other expenses, including depreciation and interest, it will be hovering around, like, say, 22%. So this is the structure we feel that we'll be moving in this direction as we progress in the coming quarters. So I say, yeah, these are the areas where we see the expenses will be there. Overall, we'll be remaining within this basket. Okay. Sure, sir. So my second question is on the long-cycle orders now. I mean, so we have one high-speed rail package. I think last time we had mentioned that we are, we are talking with the EPC player who has won the entire INR 10,000 crore project. So that was one thing, and secondly, on the high, this, HVDC orders. So, so if you can give some more sense on how is the order pipeline looking at on both these segments over the next one year. So how do you see the ordering panning out? ... No, on the, on the other, pipeline is very robust. I would say it's, it's, you know, right now, as you all know, the CEA tenders have come for bidding, and the STATCOM tenders have come for bidding. So we are submitting our bids to the suitable, customers, and we are working on that. So on that, I think, we, we are seeing a very strong. On top of that, we also see a very strong pipeline of, of our export, project pipeline, you know. So export projects, as we are saying, we are also looking at out some of, other products than what we used to export, you know? Those are also. We are seeing a traction of projects very strongly in the market where we are active now. Okay. Sure, sir. Thank you. I'm done with no more questions. Thank you. Thank you. The next question is from the line of Apoorva Bahadur from Goldman Sachs. Please go ahead. Hi, sir. Thank you for the opportunity. You mentioned STATCOM opportunity of almost INR 1.1 trillion. Wanted to check if this is an incremental to the INR 2.4 trillion rupee NEP opportunity, or is it a part of this? This is very much part of it. Okay, understood. Secondly, sir, I think globally, the parent has announced a CapEx of almost $1.5 billion for transformer manufacturing capacity addition. Would be great if you can give some color of how much of this will be deployed in India. So, thank you for your question, Apoorva. So as you know that we have been continuing to expand in India since last, say, three years, much ahead of the capex. As I said, we have expanded our HVDC factory, our global technology services, and also we've added a new power quality factory in Bangalore. So all these things were part of, part of our, our strategy and fully supported by the global organization. And the transformers also, as we speak, we have already done couple of expansions in the last two, three years, and then we are also looking at it very actively now. So I'm not able to tell you the exact details, because we are forming them at this point in time, and maybe in a couple of couple of months or a couple of quarters from now, I think we will be in a position to do that. Exactly what kind of scale it is. Sure, sir. Understood. Last question, sir, again, on, on the manufacturing capacity, not just transformers, otherwise as well. I believe we are at 70% utilization with the type of pipeline that you see in hand. Do you think our manufacturing capacity is adequate, or will we have to ramp it up significantly? No, I think we have a view that, you know, we have, as I said, you know, we have been continuously ramping up ahead of the curve, right? Adding a new product line, bringing the new technology, localizing the technology. So that's the reason, you know. For example, our this one power quality factory, for example, in Bangalore, was a greenfield factory where we ramped up the capacity from 10,000 MVA to 20,000 MVA. From MVA. From 20,000 MVA, we are now looking at taking up to 30,000 MVA. So it's a continuous process, and our some of our product lines are much higher than the 20%, utilization what you talked about. Some of the product lines, we do have some room where we can still can take the things up. It's an overall basis, I would say we have quite a good utilization across the factories. We have 19 manufacturing factories, just for you to know, that you know we have a fairly good amount of utilization at this point in time. Understood, sir. We'll probably have to incur more CapEx in expanding those, if the demand persists? Yes. Sure. Thank you so much. I'll get back in the queue. Yeah, thank you. 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 opportunities. Sir, in the presentation, you mentioned that the total investment required for the transmission of the renewable is around INR 244,000 crore. In the morning, one of the media interview mentioned that the addressable market opportunity for us is around 40%. So INR 100,000 crore is the opportunity for us over the next three years. Is it right way to look at? So what I said was, well, in the media, let me, let me repeat. So this INR 244,000 crore is the government plan to reach, you know, 500 GW of transmission thing. This is the one example I've given, this is the ISTS. So as part of the ISTS, if you want to reach the target of 2030, so this is the investments, right? And to reach the 2030 target, I've also said that, you know, the government or whoever it is, needs to complete the ordering in the next 2-3 years, right? And that's where I was coming from. So next 2-3 years, we see at least 40% of this market is addressable market, you know. The question will be that whether all ordering will happen in the next 2-3 years, it is some of them will spill over to fourth year. That is what we need to wait and see in that. But if you really want to i n our view, is that if you really want to reach the target of 500 GW of transmission network ready by 2030, so the ordering has to happen. So if this INR 100,000 crore ordering has to happen over the next 3-4 years, I think there are only 2-3 players probably will be addressing this opportunity. I mean, we, along with Siemens and maybe GE T&D India. So is it fair to assume that 40% market share could be belong to us? No, no, the, I think, I think we are, we are crossing each other. What I was telling you, Mahesh, is that, you know, the two, three players or whatever you're talking, only for some of the critical, things like HVDC, or so and so. But this one last score is also for, transformer, also for the GIS, it's also for the substations, right? So it is a wider network, our addressable market, our portfolio, like a, like a substation automation, so the entire portfolio. So that many, many, players are there, more than three players. Sure. And sir, last question from my end. Sir, data center has shown very significant growth. So, how much contribution in this quarter for the, from the data center? No, we don't give the numbers for the segment-wise. I think, now, as you said, it's a high single digit, and we are remaining in the high single digit, it's growing in that. As I said, the data center is one of our key high growth segments. We have been, you know, working on this with the data center developers, and we have the technology, and we also know how to support exactly how this kind of data centers require energy efficient systems. And that's where, you know, we are very fortunate to be successful in that. Sure. Thank you so much, sir. Thank you. The next question is from the line of Mohit Kumar from ICICI Securities Limited. Please go ahead. Yes, sir. Thanks for the opportunity, and congratulations for a very good quarter. My first question is on the classification. You know, the slide number 6 mentions that more than 30 STATCOM devices with a total budget of INR 110,000 crore for reactive circuits by 2027. The number looks slightly off. I think 30, 30 STATCOM, one STATCOM should be around three to four billion rupee. Isn't that right? Am I missing something? I think that part is coming to us, right? If when you say STATCOM, mean whether we are talking about the whole STATCOM project. So it, the project includes so not only the STATCOM devices, but also includes the end-to-end, the connections, et cetera. That's a pretty large number, so INR 110,000 crore. Is that right? We will cross-check that. We cross-check and then maybe come back to you on that. Understood, sir. Understood. My second question is on the Scott transformer opportunity. I think, recently we, we supplied one of the Scott transformer, with, with one of the EPC companies for the western line, western rail line. Is it fair to say that this can be a significantly large opportunity in medium term? Yes. In the medium term, I agree with you that because on the railways standpoint, as they are having a huge target to completely electrify the remaining things, and this is quite a big opportunity in our view. How is the competitive intensity of Scott transformer opportunity as of now? I don't want to name them, but there are- No, not names, but broadly, broadly, a sort of broad answer. 2, 3, 2, 3 players. So the key is to not do the type test. So we are the first one to complete the entire type test successfully. So there are, I think, 1 or 2, either in the process or they're completed in that. So my view is that there will be at least 3, 4 competitors going forward. And the last one, the HVDC, I think of course the bids are happening right now, so to speak. Is it fair to say that we have tied up with EPC, EPC companies and we are bidding it out as one package? Is that right? Yeah. The third question, do you have the appetite to take three or four projects at the same time? Yeah. So our view is that, you know, we will be giving our offers very transparently, openly to all the customers, whoever is bidding for it, and then from there, we take it forward. At this point in time, we are not tied up with anybody, and that's also not our strategy, because we always have a multi-channel strategy, and we will continue to give our offers very transparently, openly to all the customers who are bidding for it. Do you have the appetite to sort of take 2 or 3? Mohit Kumar, I'm sorry to interrupt, sir. Yes, yes. Thank you. Thank you. Thank Thank you. Thank Thank you. Thank you, sir. The next question is from the line of Manish Dhariwal from Fiducia Capital Advisors Private Limited. Please go ahead. Manish Dhariwal, please. Sir, may I request you to kindly use your handset, please? Yes, sure. Yes, Yes, sure. Thank you so much for this opportunity, and my compliments to the team for grappling with the tight and the tough situation for maybe more than a couple of quarters, I would say, and finally, like, seeing the destination of higher margins and higher and big, better numbers. So I basically want to understand that, see, the one problem that you were facing continuously was about the supply chain problems and semiconductors. Also, now is this semiconductor issue really behind us? I would say so. Because, of course, you know, global geopolitical conflicts are, you know, ever, you know, you can always see that nothing has, everything is... We, we can't say that everything is done deal or something like that, right? At this point in time, as we say, the semiconductor supply chain has eased out, so we are able to, you know, get the, get the chips and the, and, and the, and those kind of parts. But we are able to, you know, project, you know, very well at the end of the curve, and we're able to get it in there. Fantastic. So fantastic. Yeah, absolutely. So, like, yeah, the geopolitical situation as the way it is, we really have no control over that. Yes, I do understand that. Sir, DCP, you've spoken about this, you know, as the going forward strategy about harnessing new segments and markets. Could you just do us a favor and say what exactly are we talking about in terms of the new segments? Sorry, come again, because it's not very clear. You are Manish. Sir, your voice is muffled, Mr. Dhariwal. Yeah. Your voice is muffled. Can you come very close to the mic and speak, please? Sir, the participant has left the queue. We will move on to the next question. Yeah. May I request Mr. Dhariwal to kindly rejoin the queue? We'll move to the next question, and the question is from the line of Khadija Mantri from Capri Global. Please go ahead. Yeah. Hello? Yes, ma'am. Yeah. Thank you, sir, for the opportunity. So my question is regarding the slide number 11, wherein we have given the growth, industry-wise. So it is with respect to the company, or it is the whole industry has grown in this quarter? No, this is for our company. The orders for that, for the transmission, for example, that is, for our company, what are the orders in that particular segment? Okay. This is with respect to the order intake in Q4. It is with respect to order intake. Okay, sir. And sir, in data centers, can you please elaborate what would be our offerings in terms of products and services, and how do you see this market growing? I understand that you said a high single digit, but in terms of for the overall industry, what could be the growth for the next three to four years? Okay. So the data center, as you told, our offerings are, you know, so we do a lot of, you know, studies on the data center, on the power transmission, and then high voltage and, and also the dry-type transformers and the grid connection, stability of, the whole, network, grids, not networks, I mean the power side. So that, that's what is our, our, thing in that. Roughly, if you really look at the data center CapEx, in a range anywhere between 10%-15%, depending upon the size of the thing, whether the hyperscale is higher and medium scale is lower. So hyperscale is anywhere between, of course, the 15% of the CapEx is our addressable market. Okay, sir. Thank you so much. That's all from me. Yeah. Thank you. The next question is from the line of Shivani from B&K. Please go ahead. Hello. Yes, ma'am, please proceed. Yeah. So firstly, congratulations on the great set of numbers. So I wanted to ask, what is the current- Sorry to interrupt, ma'am, there is a static on your line. We are unable to hear you clearly. Ma'am, kindly switch to the handset, please. Yeah. Thank you, ma'am. Yeah. So what is the current capacity for transformer manufacturing in terms of MVA in Vadodara, as well as Savli plant? Yeah. So we... Thank you very much, Shivani, for this question. So normally, we are not giving that information yet. And so we have, I would say that, you know, over a, we have built up over a period of time, more than two decades or so, expanding our factories. So not only having a Vadodara, our factories are also in Savli, Halol and Mysore. They're all related with the transformer. You know, some they'll do the insulation kits and some they'll do the bushings and some they do the medium dry-type transformer. So it's like that, you know, we have built up the factories and several factories within the transformer family, like large power transformer, medium power transformer, like SVTs and then dry traction. Like that, you know, there are various, various things are there, you know. Putting a number, does not look good, so normally we are not been giving. But all I can say that we are by far one of the biggest manufacturers in terms of the capacity, in terms of the MVA, in terms of the supply, et cetera, in the country. Okay. Thank you. Yeah. Thank you. The next question is from the line of Teena from Motilal Oswal Financial Services. Please go ahead. Thank you, sir. Congrats for a very good set of numbers for the current quarter. Sir, my question is related to the reduction in other expenses which we have seen in the current quarter. And so wanted to check, is there any other scope for reduction in other expenses from the current levels? Maybe in terms of any kind of reduction that can go to the parent side or maybe any kind of cost saving initiatives that you would have taken. So how do we see this going forward? Okay. Maybe Ajay, why don't you take this question? Thank you for this question. As I just spoke earlier on this, so overall, if you see the reduction in other expenses, overall the cost structure more or less will be remaining the same basket that I spoke earlier. So it will be in the range of, again, I repeat, personnel expenses will be in the range of 9%-10%. And, removing the personnel expenses, all the total expenses should be around 20%-23%. That is what we see. So in some, it can be some line items can come down, some line item, you know, can go up, but overall, we will be within this basket. ... So if I exclude the depreciation and interest portion aside, if I keep that aside, if I see, look at only the other expenses, which is part of your total expenses, can it come down on better absorption of your costs once the scale-up happens in, let's say, your Adani project or maybe the other projects that you would have received during the current financial year? So, in this only comment will be the wherever the expenses which are related to volume, that is where we, we can see some changes. Else, I think, more or less we are consistent. Sure, sir. I got it. Is the execution of Adani project going to ramp up in the coming quarters? What is the timeline for completion of your portion in that? This will go to next year as well, next year. So between FY 25 and 26, we can expect the portion to get completed. Yeah, as per the original schedule, it goes right up to 2025, 2026. Got it, sir. The last question from my side is regarding the HVDC project tendering, which is already going on for one or two projects. What percentage of this, let's say, for an individual project, what percentage of this can be the addressable market for Hitachi? I think these are, you know, pretty, pretty large projects. So, depending upon what kind of projects, rating and et cetera. So if the rating can, the value can be, you know, high, anywhere between in excess of INR 10,000+ crore, depending upon what kind of business model, what kind of things, et cetera. So those are the things. So we will not be able to tell exactly the thing, you know, what business model. You know, there are customers do different, different, ways, ways and means doing it. So we need to also look at the exact ratings, et cetera, like that. So it's, it's, it's a different, for different things. We're not able to exactly tell what will be the market for each project, no? The market will be varying or hugely. Sure, sir. Sure. Thank you, sir. That's it from my side. Thank you. Thank you. The next question is from the line of Bhalchandra Shinde from Kotak Life. Please go ahead. Hello? Yes, sir. Am I audible? Yeah. Sir, would like to know in the HVDC projects till what level we have achieved indigenization and like what will be the import content if on this Adani HVDC order and for the future orders also, what kind of import content will be required? No, we will not be able to tell exactly what is our earning involved. You know, HVDC technology is a very niche technology. There's a lot of things we depend on, vendors outside of India. But having said that, we said that we have done a lot of, you know, value addition here. We set up our own manufacturing factory for the valves. We have a complete manufacturing for the converter transformer. We have a complete manufacturing for the capacitor. So that's where our domestic component is quite high, you know, in excess of more than 60%, 50%-60% of that. So if you add our engineering capabilities, which is very, very rare in that, so our indigenously developed thing is far, far higher. That's what I was telling you. Good. And sir, in exports market, it is said that there also HVDC opportunities are gaining traction, and there again, the supply constraint is just like in India, like only three players are there. There are also relatively fewer players. So, in our context, we wait for the parent to get order, or we can go for direct export orders? Yeah, well, you see, all this thing is not that, you know, we can go because this is a, what can I say? You know, the energy transition challenge is huge. It needs a lot of collaboration, co-creation, working not only within company, within group, but also outside of the group, right? The challenge is so big, so it's not possible for any single company to go and do that, because we have to have a collaboration working together in a coordinated manner. It needs to be done because, you know, some places understanding the customer's requirement will be better known by some other people who have been tracking that particular customer. So it cannot be done just like that, you know, we go and do that because it's a highly technology-intensive projects. It needs lot of, you know, prior working, understanding the system studies, understanding the behavior network before we do that. But having said that, you know, we do see some opportunities for us to at least to supply some of the components in those areas wherever we build up the factories in India in that. So as and when those opportunities mature, so we will let you know that, but at this point in time, for us, the export strategy is throughout the portfolio, so we are actively looking at it. In our three-pronged strategy, that is the first one, we have a global feeder factory, that some of the products we manufacture only in India and for the, for everywhere. The second one is that we have some allocated markets, where we develop those markets together with the local sales and the marketing teams over in that particular countries and sell our products. And the third one is we have a feeder factories, where we manufacture some of the components of the full products, and those components will be sent to our factories around the world, and so that they are able to use these components for complete production. So this is how our strategy of the exports, and with that, you know, we said we got to 25%, and now it's going to be anywhere between 25-50%. Thank you very much. Thank you, sir. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. N. Venu for closing comments. Over to you, sir. Thank you very much, and once again, a big thank you, all of you, for taking time from your busy schedule and attending to us and listening to us. And we're happy and due to paucity of time, maybe we could not answer some of your questions, but please reach out to us if you need any more information you want, you want to know from us. Thank you, and please take care and stay safe. Thank you, members of the management. Ladies and gentlemen, on behalf of Hitachi Energy India Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.