Ladies and gentlemen, good day, and welcome to the Schneider Electric Q1 FY 2024 earnings conference call, hosted by Elara Securities Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Madhu Jaidhara from Elara Securities Private Limited. Thank you, and over to you, sir. Thank you, Lizanne. Good afternoon, everyone. On behalf of Elara Securities, we welcome you all for the Q1 FY 2024 conference call of Schneider Electric Infrastructure Limited. I take this opportunity to welcome the management of the company. We'll begin the call with a brief overview by the management, followed by the Q&A session. I will now hand over the call to Mr. Vineet Jain, Head, Investor Relations. Over to you, Vineet. Thanks, Madhu. Good afternoon, everyone. I'm Vineet Jain, Head, Investor Relations of Schneider Electric Infrastructure Limited. I'm pleased to connect with you all to share and update the progress of our company. Let me introduce to the management team today. We have Amol Phatak, Full-time Director and Plant Head of SEIL, with us to share our overall business updates. I welcome Suparna Bhattacharya, the new CFO of SEIL. She's a qualified professional with 25 years of experience in finance and operations. She has worked in various industries like retail, healthcare, automotive, and semiconductor, etc. We also have our Group CFO, Arnab Roy, with us. Now, I will hand over the call to Amol for the presentation. Over to you, Amol. Thank you, Vineet, once again, a warm welcome to all ladies and gentlemen on the call. I will speak as the slide deck has been already shared with all of you, I will request you to move to the slide number 3, where we talk of the overall market scenario of India. If you see, what we are presenting and sharing with you, that the GDP for India grew by a steady 6.1%, which is almost 1% higher than what was expected by the market. Just to give a ballpark figure, the other economies, U.S., is growing at just 2%, China at 4.5%, France, 4.2%. We are progressing much, much better than what we are at the India level, and this is what we've seen in the GDP increase. Similar trends, you can also see the macroeconomic indicators like gross capital formation, which is nothing but the CapEx investment, net CapEx investments by the government. Although the agricultural sector has not been doing as, I think the urban demand has been increased, and the private consumption, et cetera, is also okay. This is, you know, overall a good CapEx done by the, by entire India as a whole. Not to be left behind, the industrial production also has been growing at a very steady, steady rate, and it grew by almost 4% in the quarter, in this quarter. It is set to grow, expected to grow, anything between 6%-6.3% during this financial year, likely to grow over to 7.2% in the next two years. This is a quite, as a steady growth pattern that we see for the India as a whole, for the, whether it is for real estate or as an industrial production. Since we are more into the industrial side scenario, for the products and services that we offer to all the estates, I will request you now move to the next slide, where we will share how the market looks for us as Schneider Electric. These are the five main sectors which we are serving, being the power and grid, which is nothing but mainly the state electricity boards and the utilities. The Mining, Minerals and Metals, mainly the steel, steel companies, cement companies. The Mobility, which is the rail, rail corporations, and the new segment that we are seeing in the EV charging. The cloud and service providers, what we also call as the data centers, and the industries and building. Overall, if you see from the power and grid sector, if you see, there are, there has been a scheme launched by the government of India, what we call as the RDSS, which is a Revamped Distribution Sector Scheme. Around INR 300,000 crore have been outlaid by the government for this, for the simple activity of reducing the transmission and distribution losses, from up to 12%-15%, which is today at a very higher number. This is the area where we, as Schneider, are also very active and focusing, having a lot of specific products and services on this topic. In addition to that, there is almost a significant amount of money that the government is paying on the Production Linked Incentive, be it for the large-scale battery storages or as we've heard in the news, Tesla is planning to be set up some investment in India for some car manufacturers. All this put together is quite a strong trend for the company, and we would be looking forward to put our products and services into also the power and grid sector. The mineral materials is also area which has been traditionally a electricity guzzler. There is also a big trend on-... What is called as a green initiative everywhere. People are trying to use more of fossil fuels for making steel. They want to use or reuse most of the discarded industrial wastes for cement, and have a better and better mining, where the environmental impact is minimum. All this can happen only if they have a state-of-art technology, a good diagnostic tools, which will help them. This is where Schneider is, I would say, present. We have, I would say, very good lineup of products and services offerings, which would help the industry, whether steel, cement, to optimize their electricity flow, distribution losses, and become more and more efficient, and try to have this focus on the green initiative that they are doing. On the Mobility sector, if I move, we are aware that there are several initiatives for the metro rails being launched every across the country, as well as there is a big focus on the lithium-ion manufacturing, with the big names like Exide, Ola. Our products from Schneider Electric are very omnipresent in all of these sectors and all the activities that I mentioned. We are also quite hopeful that we will get our fair share of business out of the Mobility sector. The Data Center sector, or what we call as a cloud and service provider, is a relatively new entrant, and we are seeing a big expansion from companies like Amazon, Google, Facebook, in India. They are setting what we call as a hyperscale investment or hyper size data centers. Big data centers of 1 MW - 5 MW in size. These are certainly the industry, I would say, pulling the growth demand from the industry over here. Not to be left behind, there are certain business models which are also coming up as what we call as a colocation, where a big site is sort of given on a rent or lease to other companies to use their data center. Then we then go something what we call as a edge, edge solutions. Industries and building also is going to go very strong, and we are seeing a big improvement also on the trend, which is to the products and services that we have. Just to give you a quick update on our how we are, all this growth has been improving for us. There are certain wins on the next slide that you are seeing, that whether we have got some exceptional orders through our power and grid sector, be it improve installation of new transformers, or that the customer wanted, and these are big through orders. Also along with the digital solutions, which Schneider is pushing a lot on the EcoStruxure Asset Advisor or the state-of-the-art technology that we are doing. Two such wins are shown here, where we have done a, I would say, total One Schneider approach, given all our products and services to these customers. If I move to the next slide, which is basically our successes on data centers. As I said, this is an emerging market, quite bullish on this market, we will continue to have our products and services, which are very state-of-the-art. This is what are also globally accepted and supplied by Schneider across the world to companies like Amazon, where they standardize on a solution and deploy it across the world. The next slide speaks on our transformation and automation, what we are doing, how we are helping the customers to improve their blue the footprint. At the same time, offering a digital solution, which has got a, I would say, a set of sensors and all the diagnostic tools that we are having. This is coupled with some state-of-the-art software that we have as a company, either developed, and we offer this sort of turnkey solutions on a subscription basis to these companies. We have also been able to, on a very specific, some cases, use our green initiatives from Schneider, because we are also focusing a lot along with the digitization on the green initiatives or sustainability, where we have made the transformer with natural ester oils rather than the mineral oils. It has helped us to focus a lot on the environment aspect, as well as the Asset Advisor, which is a digital tool for the customers. Since I mentioned something about the transformers, this is one particular segment on the next slide that you see. This is a EcoStruxure Transformer Expert, a state-of-the-art sensor that we have in our Schneider portfolio, provide along coupled with a, I would say, trademark or a patented license software that we have. We can offer a very diagnostic sort of tool where the entire health of the transformer on a predictive side or on a preventive side can be done. As many of you probably might be knowing, these transformers are quite difficult to predict, and one stoppage or a breakdown can cost a big amount of money and downtime. Typically, one in every 200 transformers fails sometime during the year, this is statistically shown. It helps the customer if they have a good diagnostic tool, that how my transformer is behaving? Do I need to do some maintenance, or can I run for another one year without stoppage, or do I need to do something? All this will happen in a very subscription based tool that Schneider is offering to the customers. This is one of the digital services that we are sort of offering to the customer. How it influences us the customer, is because we all these losses because of unplanned downtime either reduce the efficiency of the equipment, reduces on the loss of the because of the unplanned downtime, we have loss of revenue, unavailability of skilled, skilled resources. We at Schneider try to focus on the CapEx to OpEx model, which I am, I am showing on the next slide. With the power of data, because today we have data abundantly with us, how we utilize this data to make it more useful, relevant to the customer, for them to get better analytics, predictive, on a predictive side, this is what Schneider is trying to do with the state-of-the-art products and solutions that we are having. In all, if I can say, there is a good trend in the quarter that we are seeing, coupled with the growth in the economy, and how it has reflected it with respect to our orders and sales for the first quarter. I will now request my colleague, Vineet, to take over the next slide, which will talk about our order input and the sales performance for the first quarter. Thank you, ladies and gentlemen. Thanks, Amol. Before going to the numbers, just to update you all, based upon all the investor feedback during our last AGM, management has decided to change the currency from MMR to lakh INR from this financial year. That's the reason the published financials were in lakhs, the current presentation is also in the lakhs, lakh INR only. Just to keep the currency in mind when you're reading the numbers. Let's move on to slide number 10. Our organic order intake is 21.4% up in this quarter, total sales is 33.3% up in this quarter. This showcase that journey we have started for the growth is continuing, strong focus on the execution of healthy backlog helped us to achieve this growth and to maintain up the momentum. Going to the next slide. Again, this quarter, we are able to improve our gross margin, and the major contribution is coming from the mix and the raw material cost normalization. As a result of this, we are able to achieve a 10.5% of EBITDA, is a double-digit EBITDA that we were continuing, and now it's in the numbers, and PAT is at 7.1%. Overall, P&L is aligned with our strategy, we have communicated from last few quarters. We are focused on our cash and margins and will continue this journey. I will close here and leave the floor open for the question and answer. Over to you. Thank you. Ladies and gentlemen, we will now begin with the question and answer session. Anyone wishing to ask a question, may please press star and one on your touchtone 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 a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Raj Rishi from Dcpl. Please go ahead. Yeah, hi. want to find out this EcoStruxure product, which is there. That is basically developed by the parent, right? Yes, sir. Yeah. This listed entity, is this the only entity in India to do the business for EcoStruxure? Raj, so basically, EcoStruxure is a platform with the Schneider- Okay. In which all the product portfolio of the globally Schneider is marked. From the SEIL perspective, the, whatever the products, we have, like all the transformer, AIS, is part of the three layers of the EcoStruxure. EcoStruxure is a platform, it's not a product. Okay. Yes. It's an open source IoT to complement what Vineet says. I mean, the architecture is like this. The first level of the architecture is a connected product. Whatever we sell, if it is fitted with a way it can communicate, that's the first level of the architecture. The second level of the architecture is where multiple machines start talking to each other. That's what is called an Edge Control layer or a SCADA layer. The third layer is when it is fitted with a software, where you can do data analytics. That's what essentially EcoStruxure is. Any, I mean, product of any other companies in the group can use the architecture depending on what the solution is. Okay. Do you need to share some revenue with the parent for this, for using the platform or? No, no. You don't have to. It's part of the group offerings. Okay. What is the present service percentage in the revenue, business from services? Business sales is around 11% from the services this quarter. 11% for the April to June quarter? Yes. If you can just look ahead, say, in three to five years, you've talked a lot about your service-oriented businesses in your investor presentation. In, say, five years time, what, what would be some figure which you would aim at as a percentage of revenue? Raj, as a company, for the time being, we are holding a statement that we are not giving in the future statements. Okay. We will come back to in due course if the management choose to further the future statements until that time, so we will not be able to speak then. Will it be a reasonable assumption that your services business will grow significantly higher than your product business? ... Our strategy that we have communicated earlier, that, so we want to increase our transaction and service mix in a manner, because it will be giving the better contribution in terms of the margins and return. That's our reason. How much it will increase, it's depending on the future. Okay. What's the scope for this listed entity in the whole energy transition area, renewables, green hydrogen, et cetera? So- How prevalent are you in these areas, the listed entity? Yes, see, the entire focus of Schneider is in the renewable. Got it. Depending on the products which every company has, the focus remains. Okay. From a listed entity perspective, also the portfolio which we cater, caters to renewable in a significant way. So, so it's, it's absolutely the core of what we do. Okay, okay. Sir, this gross margin which you had this quarter, would this be sustainable or this can also go up with services going up? Again, it's future statements. If you are talking about a quarterly basis, we used to say that when you're looking at the gross margin on a sustainable basis, please take another yearly number. Quarter to quarter, some of the abnormal mix, and sometime it's for a fluctuation in raw material movement, impact on the quarter numbers. Better to take average of the annual number, it will be the more sustainable way. So this, data center, business, what, what would be the TAM, total addressable market for, the listed entity? As of now, Data Center market is emerging in India, so it's tough to comment on what the overall TAM is there. Okay, okay. Sir, what about the new MD appointment? Any feedback on that? As per the legal limits, we have another 1.5 months to announce, so Management is working towards it, and once it's been finalized, we will announce in the public domain. Okay. You will get to know. Okay, thanks. Okay, thanks a lot. Thank you. Thank you. The next question is from the line of Naysar Parikh from Native Capital. Please go ahead. Yeah, hi. Thanks for taking my question. The first one was, can you give a sense of the revenue mix between your, you know, different products, like, industrial switchgears, transformers, et cetera, just to get some directional sense? We used to give the revenue breakup in between the, 4 services that I'm giving you. Yes. The service revenue for this quarter is 11%, transactional is 24%, and the system business is 65%, in which equipment is 37, project is 10, and IG business mix is 18%. That's the business mix that we are giving every quarter back. Sir, can you repeat? Equipment is 37. Equipment is 37, project is 10, and IG is 18. This together makes the system as a 65, and then transactional is 24, and service is 11%. Okay, got it. On the Data Center side, in your order book, what percentage would be data centers roughly? Is it, like, directionally, if you can give a sense? Data Center is coming in an emerging market as of now. On the backlog side, it's tough for to comment at this moment, because lots of attraction is coming. It's emerging market that we are factoring. As of now, we cannot disclose on the Data Center as a segment. Okay, understood. Earlier, you used to have this slide on, you know, partners and that being the big driver. It's not there. Can you give a sense of this quarter, you know, what percentage revenues was from partners? Secondly, also, can you, you know, guide in terms of the kind of work that, say, we outsource to the partners? Is it low-end, unprofitable work, or even partners make money? Just want to understand focus from what we are outsourcing also. I think the strategy and the direction remains the same. If you see what Vineet articulated earlier, the transaction business is primarily what we do through the partners. The 24%, which he said, is a transactional business, that's primarily partner driven. And, and that is a continuous focus. We, we are, we are, we continue to kind of accelerate on that area. Strategy is consistent there. Can you comment on the some kind of work that, you know, how do you split the work between what you are doing and what the partner is doing? It depends on the solution. There are some customers who will require a full OEM solution, including the fabrication to be done by the OEM. There we go with our full solution. There are some customers who are okay with the core technology being given by Schneider and the fabrication being done by the partners. That's where we go to the partner solution. It's really driven by the customer, what the customer needs. Okay. The 24% transaction business the partners are doing, this business is, typically sourced by, like, the partners, or it is sourced by Schneider and then it allocates to partners? It's transactional does not mean that everything is that is going to the partner. Partner model is one of the drivers that will help. That breakup, we are using not give the overall partner contribution, but it's overall the business, which includes all the aspects of the... Yeah, the demand is jointly driven. To answer your specific question, demand is jointly driven. We have our own sales team who keeps working on the segments, and, and they keep generating demands. Okay. What would be the order booked as of June end? It's almost INR 11.20 crore. Just the last question, in terms of, you know. Sorry to interrupt, sir. May we request that you return to the question queue? There are participants waiting for their turn. Okay, sure. Thank you. The next question is on the line of Pritesh Chheda from Lucky Investments. Please go ahead. Is it the equipment, the systems business within which you said products is 37%, so that portion of the business is only where the product sales exist? It's not project, it's project. You mentioned 65% systems, in which there is product, projects, and then there was one more, so there were three. Project and IG. Yeah, equipment. Basically, I wrote as products, so equipment. Equipment is where the only equipment or let's say, a transformer is sold or a switchgear is sold, forms a part of this business, right? Yes. Okay. To keep it simple, where a full panel is sold or a transformer is sold, a full product, that's an equipment. Project is when a set of equipments gets integrated together to form a solution, that's a project. Transactional is wire deal? That is when you are giving a component of an equipment, say, a breaker or a relay, a core component when you are giving. Okay. Can you tell us what is the utilization of your manufacturing setups? Amol, you want to take that? Blended is okay. I don't want a separate number for each. We are approximately between 60%-70% loaded on a two-shift basis, six days working. So you- Across product lines, on an average basis. You can do three shift, or we have to consider two shift only? No, if, legally, we can do three shifts. Okay. My last question is, sir, you know, in the presentation, we have given the segment area. You mentioned as TA Power Grid, Industries, Mobility, and Data Center. Any rough indication of the mix of business in these four areas? We usually don't give the mix between these segments, so we'll not be able to share. At least you can tell us if anything is high, bigger than the other, you know, or some hierarchy? Directionally, if you look at medium voltage, we are a electro-intensive industry, three electro-intensive segments, which is Power and Grids, Mobility, and Mining, Metals, and Minerals. These are the three electro-intensive, where there is a heavy need of power to put in a very simple term. That will be obviously the majority of the business. Then there are emerging sectors like data centers, CPGs, and so on and so forth, which are the emerging sectors. Okay. My last question is, sir, you know, we have been in a certain business range for the last whole decade, and, you know, when we, when we look at, you know, whatever is happening in the, in the capital expenditure side, there is a lot of movement, a lot of projects happening around, whether it's T&D, whether it is Metals, whether it is Data Centers. Do you share a similar opinion, and do you foresee a situation where now the growth in your business is more visible for at least, you know, some more, some many years, or you do not share a similar opinion? I think we are bullish on the, on the macro. I think anybody who is in India, I mean, there's no reason why you should not be bullish about the macro. I think the GDP, I mean, depending on whose forecast you take, is in the 6-7 range. If you add inflation, the nominal GDP is in the 10ish range. Within the GDP, if you look at the new capital formation, which is what India companies like us more depend on, the new capital formation is probably higher than that. I think the macro looks good. I mean, and the government is sustaining the investment in the national critical infrastructure, so that is good. I mean, there is a focus on, on, on some of the emerging segments, like Data Center and all, so that, that is good. The macro story continues to be bullish, and our business and the Schneider core strategy is very aligned to the Government of India strategy. We see a perfect alignment between the two. Okay. Lastly, what levers do you have in your margin? What kind of levers or drivers do you have in your operating margin numbers? I think you've got already the essence of the capacity, which we can do more from what Amol said. So that is already there, and we continue to keep accelerating our journey and keep innovating and, and serving our customers. Okay. Thank you very much, sir. Thank you. Thank you. The next question is from the line of Aditya Deorah from Divisha Investments. Please go ahead. Good afternoon, sir. Sir, how much CapEx we have already done for the Kolkata plant? Amol, you want to take? Kolkata is early stage at this stage, I can take that, but I, I think, I mean, we still have, probably another three to four quarters for that to get completed. It's still early stages. Okay. So what kind of asset turnover we expect from that plant? I guess we are spending around INR 140 crore in that plant. Yeah, it's going to be a global center. I mean, we of course, do the India for India requirement also. It will also kick it into India for the world. It will be, it will be, I mean, utilized, so there's a good plan and a robust plan to utilize it. As I said, it will take a year for it to operationalize. That's fine, but at the optimum utilization, would it be a 2X asset turnover or a 3X asset turnover? It will be a I mean, it will be a fully loaded facility, so whatever is there, we will have a load to cater to this. Sir, any amount, it will be helpful for us, sir. I think, don't think we will get into that micro of putting asset turn there, but as I said, it will be a loaded facility. Perfect. Perfect, sir. Thank you, sir. Thank you. Thank you. The next question is on the line of Bharat Thakkar, an investor. Please go ahead. We would request participants to limit your questions to about two per participant only. Mr. Thakkar, please proceed. Yeah, thank you. I have, two questions. One is that there was a, accumulated loss of something around INR 300 crore+, as per September 2022 accounts. There is no mention of that in June quarter, June 2023 quarter. Is it, that, that loss has been completely squared off? See, as you know, we usually show a balance sheet on a half-yearly basis. This is a quarterly result, so we don't show the balance sheet. I'm sure you have the March balance sheet with you, and you can do the math by adding the numbers for this quarter. We are directionally, moving into where, where we said, where we are wiping off that accumulated loss. When we present the September result, you will see an effect of this, and you'll be happy to see the effect of this, is all I, all I can say at this stage. Okay. From this presentation, one can say that major orders are from Power sector. Is there any headway in this EV charging installation, which I suppose you are, you were to concentrate on? No. For this listed entity, I mean, EV charging is not a major business. Yes, on the, on the infrastructure which is needed for EV, we keep supporting. We have products like ring main units and all, which is, which goes in the EV charging infrastructure. I mean, the infrastructure behind the EV, not the charger, but the infrastructure behind the EV. Okay, thank you. Okay. Thank you. The next question is on the line of Nikhil Jain from Galaxy International. Please go ahead. Yeah, thank you for the opportunity. Just a couple of questions. On the... You mentioned about the smart meter opportunity or the RDSS opportunity. I wanted to know in what all specific areas does Schneider play? What is the part of the total opportunity that Schneider can actually cater to? One. The second question is in the current order book of INR 1,100 odd crore, how much is contributed? Is the smart meter related orders a significant part of it, or they have not started to trickle and you expect them to come, let's say, by the end of this year or next year or something like that? Yeah. I need to probably refresh your view about the scope of the listed entity. The scope of the listed entity is medium voltage and transformer, and smart meters, it doesn't form under the part of the scope, so it's calculated by other entities of Schneider, not the listed entity. Okay. you don't do anything on the, related to the smart meter, installation or manufacturing or anything like that, right? We do the back-end, integration at the grid level. We are not doing in the smart metering as a meter, but at the grid level, the integration is done by the Schneider. That we do, yeah. Okay, fair enough. Thank you. Thank you. The next question is on the line of Sanjay Kohli from Gold Stone Capital. Please go ahead. Congratulations on a good quarter. Question is on the market opportunity on your ETE platform, and if you can enlighten us on the competitive landscape in this area. Thank you. Yeah, I didn't get your question. Can you repeat? What platform? ETE, the, the expert platform which you introduced, what, what is the market opportunity that you have identified? If you can give us a number, and, what sort of competitive landscape are you facing? EcoStruxure Transformer Expert is a new solution on the digital side to give the digitized solution for the transformer industry and to ensure the OL issues. It's not something new in the market, it's capturing the market with a new digitized solution. As we very, we recently launched, and we've got a very good attraction from the industry side on that. More than that, at this stage, we cannot disclose. Okay, thank you. Thank you. The next question is on the line of Sanjaya Satpathy from Ampersand Capital. Please go ahead. Yeah, it is Ampersand Capital. Sir, thanks a lot for the opportunity. Congratulations once again for a very strong set of results. Just wanted to ask you on this gross margin, we saw a significant shift in your gross margin from quarter four onwards. That happened, that coincided with global logistics, supply chain kind of stabilizing and chip shortage, etc., kind of getting coming to an end. My question is that should we kind of look at this as a bit of a new normal because all those supply chain issues are behind you? I would say we have fully stabilized completely, to be honest. I think, I mean, as you know, I mean, still electronics, if you, if you talk to anybody globally, they will say that it is coming back to normal, not fully normal. Electronics is one area where I, I would still say it will take a couple of quarters more for us to declare that we are fully normal. Overall, if you see, yes, definitely there is a, there is a positive trend and, and metal prices has been quite stable. I think if you look at the last six months, metal prices have been quite stable, so that's a positive. Freight has normalized quite a bit. I think that's, that's a positive. Electronics, coming back to normal, not fully normal yet. I think it will take a couple of more quarters to be, to be very candid. Thanks. The next question is on this order inflow, which is going up some 20% odd. Is the current focus on getting as much order as quickly as possible, or is it more of profitable order with better working capital vis-collection visibility? What are the priorities right now in terms of getting orders? Because of the legacy that Schneider has been. I think, we are going to keep the house safe. That's the first priority. Collection will remain the top focus. Cash will remain the top focus. There's no second thoughts about that. Subject to that, keeping it safe, not taking unnecessary risk, I think... There is enough and more to do in the market today, even with this, as it, as we, we have been speaking. I don't see there is essentially a choice right now. Of course, we need to be conscious about what we do, keeping the cash as a top focus, but that also leaves us with enough play today and the way the macro is. Last thing, if I can ask, considering the kind of turnaround you have seen, of course, you are already starting, this. Sorry, Mr. Satapathy, may we request that you return to the question queue? Okay. Thank you. The next question is from the line of Manish Goyal from Thinqw ise Wealth Managers. Please go ahead. Yeah. Thank you so much, and very congratulations on maintaining the strong growth momentum. Now, probably, we have moved beyond the turnaround story, thanks a lot for that. Nice to hear now after a long time. Just few questions on related to what was answered earlier on RDSS. We did mention that we are into backward integration. Ideally, what it means is that as the implementation of smart meters increase, we probably see increasing demand for our software solution related to AMI, Advanced Metering Infrastructure on one side and on the other side for the digital products and the transactional products. Am I right? That's right, Manish. Good to talk to you after a while. I think, yes, you are right. I think that there will be pull-through effect, as you rightly said. See, for example, the relays which we do within the registered entity, that there will be a pull-through of that. There will be a pull-through of the heading systems, which you said, which is what integrates the smart meter, and that's where we play through our solution center, which is there in the registered entity. Those are the kind of things which are associated. As I said earlier, the meter firstly, we do it in the other entity. Sure. The integration and the relays are, are pulled through from the registered entity. Yeah. In a related question: Are we probably tying up with any AMI providers, probably while they are bidding, we are probably committed towards certain solution offering, or we probably come at a later stage? I mean, there's no I mean, I mean, there's no need to do a pre-bid and lock our futures, because I think we keep our, our options open. Yes, I mean, we work with most of the leading players, if I may say that. Okay. Yeah, is it possible to get a chance? Mr. Goyal- Just, ma'am, a related question. One second. Let him finish, yeah. Yeah. On, on, maybe like as we are progressing towards, like, if you can share, how are the digital products revenue share and the automation related solution revenue share? How is it moving, if any number you can share on? Manish, mix side that I cannot say what are the exact mix, but I will say that as a focus area now, we are trying to make our core offers digitally connected so that. If you ask me now, almost on the offering side, 70%-75% offers are digitally enabled already. Okay. We are focusing to make it a 100% digitally enabled. Except a few of the offers, rest all are, are digitally enabled. That's the vision. Right. That's the directionally we are working. Last two, housekeeping question. We are seeing increase in other expenses, YoY. I understand there was some write-back last year in this quarter, but maybe is there any certain products related, or any one-time item which is there, or it's probably normalized on the other expenditure side? Maybe, if you can share the breakup of order inflow and order book, as always, sir. Yeah, thank you. Sure. Manish, on the other expenditure side, there are no abnormal items. Yes, there are a few of the provisions coming on account of the bad debt, because the ECL running, that's the one reason. Secondly, major focus is the travels, because we are focusing on the grow our order book and the execution focusing. Some of the travel side is has increased, and the rest of the, like, the percentage related expenditure, as the revenue grows, some of the expenditure grow in the ratio of the sales. That's the major reason to come up on the expenditure. No major abnormalities there. Okay. If you go to the major reason, revenue driven. If you're talking about the order intake breakup, so order intake breakup is, equipment is 43%, project is 23%, transactional 20%, and services 14%. If you ask me the order backlog breakup, it's again, transactional is 18%, services is 16%, equipment is 47%, and project is 19%. Last, in the IG, what is the order inflow for this quarter? Last question. IG order flow is almost INR 900 crore for this quarter. 900? INR 90 crore. INR 900 million, sorry. INR 90 crore. INR 90 crore. INR 90 crore. Yeah. Yeah. Manish, you can join the queue back now. Yeah, sure. Yeah. Thank you. I'm done. Yeah. Thanks a lot, Arnab and Vineet. Thank you, sir. Thank you. A reminder to the participants, anyone wishing to ask a question, may please press star one. The next question is from the line of Suraj Malu from Catamaran. Please go ahead. Hi, sir. I just wanted to understand the electrical and automation business that has been acquired. Of that business, how much is low voltage and how much is medium voltage, like the portion relevant to the listed entity? I think that's outside the scope of the listed entity, so we won't comment, I mean, that, that's, that's not in the purview. Eventually all the medium voltage business, that will, that will be under Schneider Electric Infrastructure listed, right? Today, today, I mean, we, we have it in two places, so again, I can't comment on this future event. That's the status today. Something has come as part of the acquisition, that stays there. Okay. That's in the private entity, India, Schneider Electric India Limited. Private Limited. That's where, correctly, consisted. Just to add, Management is working on the integration, and, we are trying to just bring in the, all the businesses on the medium voltage on one place. That's the reason is. Strategically, as of now, it's still under the integration part. As and when this, development will come, we will come in the public domain. Got it. Thank you. Thank you. A reminder to the participants, anyone wishing to ask a question, may please press star and one. The next question is from the line of Madhu Jaidhara. Please proceed. Hi, sir. Thanks for the opportunity. Can we have the export revenue breakup for this quarter, Q1? Also, if you can, identify the territories, regions. Madhu, usually we don't do the territory, but our export sale is around INR 250 Mn or INR 28 crores for the quarter. It is immediately in some of the greater Asia area and some of the Europe side. Okay. Sir, do we see any sort of normalization trend coming in the automation segments in the coming quarters or any, any likes of that happening any time? By the way, the automation segment is about the product portfolio that we are carrying or something related to any automotive industry? Okay, sir. Thank you. Thank you. We'll move on to the next question. That is on the line of Sanjaya Satapathy from Ampersand Capital. Please go ahead. Yes, sir. I wanted to get a sense that now that the turnaround is kind of visible to your parent company, what all things can now happen? Because one is that your CEO position, of course, is to be filled. I was just trying to get a sense that that will there be some kind of accelerated investment through your company, considering the kind of potential that you have shown to them? Any thought on the big picture level? As I said earlier, I think the macro looks good. I mean, we don't see any reason why the growth journey will not continue. You have already seen that we have announced the Kolkata facility and all of that. That, that looks good. You also heard Amol say earlier that we, we do have some rooms available in our current facilities also to grow. That's a continuous exercise. I think we will keep doing it, and we will be agile to the market to see as we can do. I mean, need not that we need to put a big bang CapEx at this stage. I mean, we still have rooms to do more. Understood. Understood. Hopefully, your CEO position will be filled soon, and you will come up with your medium and long-term plan, very, very soon. Thanks a lot, sir. We'll be agile and open, as I said, to this, and we will take a call. We'll not let any opportunity go because we are not ready. Okay. Thanks a lot, sir. Thank you. A reminder to the participants, anyone wishing to ask a question, may please press star and one. Participants, if you wish to ask a question, you may please press star and one. As there are no further questions, I now hand the conference over to Mr. Madhu Jaidhara for his closing comments. Thanks, Lizanne. We thank the management of Schneider Electric for giving us an opportunity to host this call. We also thank all the investors and the analysts for joining this call. Any closing remarks, sir? I would like to thanks to everyone who has joined this call. We, as a team, thoroughly enjoyed all the interaction. Have a good day, ladies and gentlemen. Thank you. Thank you. Have a good day. Thank you, members of the management team. Ladies and gentlemen, on behalf of Elara Securities Private Limited, that concludes this conference call. We thank you for joining us, and you may now disconnect your lines. Thank you.