Event which is a large, I think the largest, event which is actually held in India, organized by IEEMA, which are the Manufacturing Association of Electrical & Electronics Manufacturers, which we had sometime in mid-January 2024. This went out very well, just to tell you the good news. The amount of people who actually turned up into the stall, the way they were excited about what we displayed, and the way we saw the interest which we could evoke positively amongst these people who were a set of guys who were going to buy equipment from us. There were a set of people who were the policymakers. There were a set of the people who were the industry experts. To all of these set of people, we actually very positively engaged with them and tried to showcase as to whatever this entire powertrain solution we could offer. Just to give an impact perspective, we had about 700+ registrations. We had about 200 unique organizations visit us during these two and a half to three days. We had a couple of sessions which we organized, which were thought leadership sessions which we organized on Schneider's side, where we actually told the industry stakeholders as to what we can do in terms of transforming the energy distribution more sustainably, what we can do to maintain assets both which are greenfield or perhaps something which is already lying at size, which are brownfield, and we could generate a substantial pipeline as well. Now, at the same time, I'm so happy to also share with you about the recognition and awards which your company has been actually taken with. We have been all the work which we do at our manufacturing sites have been winning awards in the quality categories at Indian locations, whether it was in Baroda or was it in Calcutta. And not only this, we are also being recognized and appreciated and rewarded by our certain key business associates by winning awards in Delhi, in Odisha, and in other places around the world around Pan-India. Now, I would also now just to tell you as to under the backdrop of the recent announcement by the finance minister, which is Nirmala, and how we see the outlook opening up for us. The interim budget, as all of you are aware, is talking about a historical high CapEx budget to boost the economy. We're talking about INR 1,110,000 crore being infused. We are talking about growth in mobility. We are talking about boost in infrastructure, roads, railways, and especially a focus on the EV side. We are talking about our plan of becoming net zero by 2070 and what we need to do in renewable space till 2030. I think you are aware. We are trying to be a 500-giga country by then. We are trying to see as to how do we support the boost which you saw and a special incentive program and other things which we are trying to do in steel and cement sectors. While GDP stays healthy, we all know it stays 7.5%+. And the forecast also, you may be aware as to what is coming up for this fiscal and the fiscal ahead of us. We typically monitor as to how the GFCF, which is nothing but a gross fixed capital formation, is actually moving. That is also positive. It grew by about 11% last quarter. Basically, it came up by the government investment in sectors of railway, power and grid, what they did in smart cities, ports, railway logistics, and all that. We are also tracking how the IIP, which is nothing but the index of industrial production, how does it move. As you know, there are multiple segments in sector which are getting tracked. The relevant one for us is on LSCP, which actually has been going well. In fact, it was 7.6%, and that is the one which is going to be driving next quarter also, as we see. If you talk about just to give you a brief on the segment trend, and this is what I'm talking about, this you'll find in slide number three, if I may say, is the primary segments which are around, which are power and grid, MMM, which is metals, minerals, and mining. Talk about mobility, which encompasses things like what automobile companies are doing, what EV manufacturers are doing, what battery set of people are doing, then semiconductors, the data centers, and the usual industry and building space which we work. I'm sure you must have got a look I mean, time to have a look at these things which we actually populated and which overall, if I may tell you, that we are at the right spot at the right time, and people are looking up for infusing capital and supporting the India growth. We, in our different set of offers and solutions which we have for different segments, are trying to leverage by adding value to our esteemed customers. Net trend is positive. Now, what it also supported you, I'm so happy to share that your company in this quarter, which we just ended, actually had good wins around which are, I would say, all-around wins in the spaces of semiconductors, in the spaces of renewables, in the spaces of the DISCOMs, whether in the space of, say, pharmaceuticals, in the space of cement, in the space of data centers, and also in the space of, again, cement. These are a few big wins which we actually could get your company could get in, I would say, in this quarter. We just got end of Q3. Happy to share that these are the solutions which we have proposed which are digitalized. When I say digitalized, it is something which customers have appreciated because he can then differentiate as to what solution your company is able to bring up to them which will add value while they run the equipment. All of this which actually you must have read about, which you were then in slide number five, six, seven, eight is talking about as to what we are trying to do and what we have done there. Now, with all this, I'm so happy to also tell you about something new which we have done, which is actually you need to go to slide number 13, which is titled as EcoCare. Now, EcoCare is something I would like to share with you very happily as to what this offer is. This offer is something which is aimed at customer ease and customer benefit. It comes as a subscription model. It comes as three different value-add packs. If you see, there are three boxes which you might have seen in the slide. It comes as something which we call as Essentials. It comes as something which gets added to it when it becomes Advanced. The last stage for our consumers who want to make the most out of this offer is something which we call as EcoCare Plus Advance. Now, what it typically brings in? It typically brings in the online condition monitor of the asset which we are trying to run, the maintenance indexes, the health indexes, a set of advisory, a set of support which they may need to run and make the operation seamless. So this is something we just launched at the start of this quarter. Happy to share that we have actually got successes which are more than 10 in numbers in just these 90 days. Now, I'll hand over to my colleague, Suparna, who is CFO of your company, to take you through as to how our financial performance has been in this quarter. Over to you, Suparna. Thank you, Udai. Good afternoon, everyone. You have all heard of the good perspective of business from Udai in the last couple of minutes and how we are trying to do things differently and take your company to greater heights to have a profitable and sustainable business. With those words, I am pleased to share the financial results of your company. To begin with, we have the orders which is on page 15. Quarter three shows a good momentum that we have gathered in the orders. We are at INR 419.8 crore, which is 34.5% over and above the similar period of last year. At the nine-month level, we are at INR 1,358.6 crore, which is 38.8% over and above nine-month period of the preceding year. Overall, very good momentum in orders which are driven by the P&G segment, mobility, and other electro-sensitive segments. This good momentum in orders were done to partially take care of the economic disruption which we are expecting during the elections. As you know that we do have a turnaround time for this kind of a business, it's always good to have some orders in advance so that our future is at least partially secured. Going on to the next slide which talks about sales. Quarter three, we were at 29.5% over and above similar period of last year. We closed quarter three at INR 743.9 crore, which is a significant hike over last year numbers. The same quarter three numbers reflect in the nine-month numbers as well. We closed our sales at INR 1,734.9 crore, which is 26.9% over and above last year. Similarly, the good momentum in sales also comes from the P&G, MMM, mobility, and other electro-sensitive segments. Over to the next slide, page 17, which talks about the P&L for three months. So we already discussed about sales, which is 29.5% over and above last year. Our gross margins have improved by 5.8 points. And this typically comes from the product mix and the raw material price stabilization from which your company has benefited. Employee costs and other expenses, yes, there is a rise, but a lot of it is related to the volume increase and some kind of risk coverages, etc., that we have done to take care of the numbers of the company. Depreciation, not much difference. There were small additions done in the CapEx. EBITDA was INR 106.3 crore, again, 4.4 points over and above last year. PBT, INR 94 crore, 5.1 points over and above last year. PAT, 5.1 points again at INR 94 crore. We had no exceptional items. However, we had some additional entries coming as current tax and the deferred tax. Our PAT is at INR 91 crore, which is 4.7 points over and above last year, same quarter. We also did some entry in the other comprehensive line item, which finally gave us income of INR 72.8 crore. Going on to the next slide, which is again a reflection of this into the nine-month numbers, sales growing at 26.9%. Again, we have grown quarter-on-quarter. Also, we see the impact of the product mix and the raw material price stability. Employee costs increased, mostly related to the volume increase. Other expenses, again, which are coming directly from the increase in the volume. Depreciation, nothing significant. Interest expenses reduction because we have optimized our loans. Due to better cash management during these months, and that's where we can see that benefit. Exceptional items, again, the same. I mean, we had some restructuring expenses. The PBT is at INR 171.7 crores, which is 4.1 points over and above similar period of last year. Again, the current tax, deferred tax, and other comprehensive income is what has come out of the current quarter for which we are sharing the results. Thank you again for all your support. This is definitely a very historic quarter. We hope for good growth and sustainability in the quarters to come. Thank you. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchscreen 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. We have our first question from the line of Sanjaya Satapathy from Ampersand Capital. Please go ahead. Yeah. As I said, thanks a lot for the opportunity and congratulations and good set of numbers. Just two quick questions. One is that your order inflow growth is pretty strong, but the absolute quantity of order inflow for this quarter is lower than the September quarter. Is there anything to read there? Thank you so very much for asking and appreciating about what we have been doing for the company. If I may see, there's nothing unusual around this because what happens is typically, the order intake is not quarter-dependent. The sales are typically, sometimes it becomes quarter-dependent. So the leverage which we are seeking, on a quarter basis, you may find it slightly, I would say, scratching your eyes. But otherwise, if you look at the full year, it will be normalized. It's something. This is just a time effect. There's nothing. This is the usual thing which typically happens in project business. So you typically disclose this order inflow from non-Schneider entities. So I'm assuming that the trend of demand is similar for both the Schneider as well as from the group entity as well as outside. Yes. There is a bit slight amount of erosion sequential basis in gross margin. I guess it could be because of the product mix. But I also see that your gross margin is fairly healthy in the sense that it is kind of one of the highest when I compare to other transformer and utilities kind of competition. But your EBITDA margin is still far below them. Is that an aspiration of reaching a much higher level of EBITDA margin than what we have now? I'm asking it also in the context that you are making some major hires in the field of your management team. So whether the margin extension or the top-line growth, what really is going to be a big priority from your end? The priority will be a mix of both. While we are fully focused on the top-line expense, optimization is also something which is in our focus, and that cannot be overlooked. It has to be the right balance of both the parameters. Understood. Thanks a lot, sir. Thank you. The next question is from the line of Pritesh Chheda from Lucky Investments. Please go ahead. Just one question. In your inflow or revenue, whichever way you want to put up, let's say in your revenue, how much of the business comes from the distribution infrastructure put up by PowerGrid or State DISCOMs? That typically stays about 45%-55% depending on its cyclic nature, but typically, which is getting end use for these set of utilities, is typically about you can say about 50% or so. Okay. From your presentation, it's fair to conclude that the other 50 is basically the mobility part, the industrial part, the other four out of the other five segments that you mentioned, which is metals and mining, mobility, cloud service provider, industry, and building. Almost, yes. You're right. Okay. Okay. From the growth perspective, let's say the top-line growth perspective or even the inflow growth perspective of +30%, top-line growth perspective of about 25%-30%, any segment or let's say the distribution and non-distribution, they both grow equally or there's any differences in growth that you observe? See, if you ask me, all of these engines are firing. Now, they are firing at times at different, I would say, velocities. And they are firing at different points in time. Now, if you typically ask whether is the data center growing more or is the RDSS scheme will give us more, there is no straight answer. But what I can perhaps confide in you is that these all are going up. And we are trying to see as to we can't be there everywhere. Once, we are trying to be at places where we can really add value to our customers, try to help them out not only in putting up the capacities but also eventually running it up. And so I mean, there's no straight answer. The data center is going at 6%-7%, and RDSS is going at 11%. It's very cyclical. Just on the growth part, it was a decade where growth was not visible for us and for a lot of other players. We see the growth cycle beginning from FY 2022. That was the first year where we delivered double-digit growth. Do you see a scenario where another three, four years, the growth momentum, considering whatever data points you see, considering the demand activity, the interest activity, is here to stay? I would not be the right person to comment, but then whether it's a double digit or is it high double digit or is it low double digit is something which we all need to wait and watch. But what the general environment is that, yeah, we are aiming for a conducive growth and a very inclusive and sustainable growth for all our customers who are there for us. And they are going to be in all the segments, as you raised the question last time. Okay. I believe that the Indian economy, as we all know, is inching fast. We have actually been leaving behind certain other economies who actually were larger than us. The government has a very inclusive and very defined plan. It all depends as to how does that unfold and what are the conducive policies which government rolls it out so that it helps everyone alike, be it the guy who's developing, be it the guy who's owning, be it the people who are supplying and commissioning. That is what we expect. What I can perhaps say is that Government of India is pretty much working on this. We are very hopeful that conducive policies and that sort of framework will come out very soon in the areas where it has not come out till now. Okay. Okay. Can I ask one more? Yeah? Yeah. So we are sitting here for you, sir. Okay. Okay. So the last question is, considering the activity in the system, out of the whatever orders that you see, how many do you bid for? And what is the win ratio? So first of all, what is the bid ratio? So if there are 100 orders in the system, what number of orders do you bid for? And out of that, what would be a win ratio? See, it's a very difficult question because our success typically depends on what is the segment we are talking about, what sort of competition is the buyer accepting, what is the value at which we are trying to bring, is it a niche space, and whether the proposal, whether is it are we aligned, is it a very fully commoditized stuff? So it will be very difficult, if I may tell you, to tell you whether we are an X person or Y person. But I would say that all our efforts are there so that whatever resources we engage in pre-order are usually fruitful. That is our ambition. That is our target which we are trying to drive. But if you ask me whether it's tell me whether it's X or Y, that will be difficult to say because it is all different. There's a very situation-specific, segment-specific, opportunity-specific, offer-specific. So I mean, that complex empirical formula, I will not be able to derive and tell you. But I mean, it's very difficult. Also appetite, maybe, at that point in time. No problem. Thank you, and I'll miss you, sir. Thank you. Thank you. The next question is from the line of Manish Goyal from Thinqwise Wealth Managers. Please go ahead. Yep. Thank you so much, sir. Hearty congratulations on excellent performance, sir. Sir, I have a few questions. Please bear with me. One is on the if you can please provide us what is the status on our new facility for vacuum interrupters which we are setting up in Kolkata. When do you expect it to go live? And also related is that probably even now, Siemens has announced a similar product facility. So do you see competition intensity increasing for us in India? Or the large part of the production will be earmarked for exports as mentioned earlier? That was the first question. Yes, sir. See, first of all, thank you so much, sir, for appreciating us for what we could do in this quarter. See, Calcutta facility is actually on track. We are perhaps, if I may, I will not be wrong if we say that we are moving a shade early than what we had thought. And as regards to your comment about our peer company, I would not be in a position to actually do any comment about it. But what I say is that each company has got some ambition, some business case which actually led to that investment which we are trying to do. It is a mix for us in our case to serve Indian supplies as well as how do we do to export out of this, a very heavily digitalized state-of-the-art facility which is going to be coming up as per the plan sometime later in 2024 or early 2025 or something, is what we are trying to do. Yes, sir. Sorry. You intend to start the production in the quarter one of the calendar year next year or Q4 of this calendar? Sometime around that period. Sure. And also, if you can probably give us a perspective as to within our product categories of transformers, power transformers, and switchgears, how is the growth? And maybe if you can give us a broad perspective in the revenue share and the growth for product categories? I did not get the question very right, but I'll try to answer. No, I'm trying to ask that basically, if you want to break up our revenues for, say, first nine months, maybe how much is it coming from transformers? What is the kind of growth we are seeing there and from switchgears and other product categories? See, these two are very established industries. Whether you speak about medium voltage equipment or when we speak about transformers, transformers as a whole, if you go on two sides and especially the one which is managed by IEEMA itself, they specify a size of transformer. And when you go deeper into transformer, there are a variety of transformers. So when I say variety of transformers, I say the transformers which are now being required for the upcoming solar segment which are inverter duty transformers. There are transformers which are distribution transformers, typically less than two MVA or three MVA or things like this. We have large power transformers which are higher than five MVA. There's another variation which we are trying to propose is not to use the normal oil, use the veg oil transformer which we call ester oil transformers. If you ask me overall, the growth is typically blended. You will find that the higher transformers are going at A pace. The ones which are required for solar are going at B pace. B pace is higher than A pace. Things are different. If you typically see the usual growth which we see is something similar to the way GDP grows, something similar to that. You can relate it to it. Maybe if GDP is 7, it is 7 ± 2%. Sure. No, what I was trying to understand is that the strong growth is largely driven by only transformers, or it is also coming from switchgears? No, it does. It just It just comes from both, sir. Okay. And sir, maybe always, I probably look for a break-up of revenues and order inflow and what is our current order book, pending order book, and the break-up of that. And I request, sir, is it possible to share these data points in our presentation? Because most of the peers do share it in their presentation. So it becomes convenient to kind of analyze much earlier than the call. Yeah, we will try to do so. I am looking up to my colleague, Suparna, who will take this question. He is just giving you the split which we have actually seen this quarter and this year thus far. Suparna, what do you can answer? Yeah. The backlog as on 31st December 2023 is something close to INR 1,010 crore. So that's quite a comfortable number for us to achieve our deliverables in the months to come. Because the orders have really grown. So it's quite a comfortable number for us. Maybe if you can give us, in order inflow, what was the IG ordered inflow and maybe the break-up between systems, equipment, products, and services, similarly for revenue as well, IG and other categories. Please. Please give us a few seconds. Sure. So the IG orders were INR 120 crore as we closed the year. The split between equipment, project, transaction, and services are 40%, 21%, 24%, and 15%. This is for order inflow, right? Yeah. Okay. If you can please give us the revenue breakup as well, how much was IG revenue and among the systems, transactional, and services? Just give us a minute, please. Sure, sir. So our breakup of sales for the INR 743.9 crore was the breakup is 67% for system, 21% for transaction, 12% for services. And for the IG, it was 16% for IG was totaled 16% in this, out of which equipment was 40% and project 11%. Okay. Just to add- Sorry to interrupt, Mr. Manish. I would request you to return to the question queue for follow-up. Yeah. Sure. I'm just completing that clarifying. The revenue share from the services was how much, man? Sorry, I missed that. Services was 12%. Sure. Sure. And also, last question on the other expenses which probably have seen a much larger jump than the revenue growth of 30%, other expenses have increased by 54%. So anything particular in terms of we should understand because a lot of improvement in the gross margin partly has been taken over by jump in the other expense. So anything one-time or how do we see this? There was no one-time hit as such. But a lot of it was volume-driven in terms of percentage of sales. There isn't huge difference because last year, for similar quarter, it was 8.8% and 10.4% for this. So that way, not huge difference. But yes, a lot of the expenses were volume-driven. And as also I mentioned that we did a bit of risk coverage as far as with respect to prudent accounting practices. Okay. I'll come back in a few minutes. Yeah. Thank you. The next question is from the line of Raj Rishi from Development Consultants Private Limited. Please go ahead. Yeah. Hi. We keep on hearing about this potential for energy transition and what kind of outlay it entails. It's like some trillions of dollars as far as India is concerned over the next, say, decade or so and maybe more going to 2050, 2070. So the perspective is Schneider, the way it presents itself globally and in India, it should be a leading light in this whole energy transition thing, right? So can we expect a massive quantum leap as far as the business is concerned given the perceived opportunity? You're right. I think you just hit the nail. What we are trying to do, you're absolutely right. And that is what if you hear what comes out from Ministry of Power, this is a space where Schneider is strong. We are trying to see as to how do we sell, convince, drive, make it happen in India also. And the good news is that now, I would say, the users are sensitive around this. They have actually realized that this actually helps. And just to tell you, for example, you touched about it. When we are talking about so much of solar, we are talking about managing bidirectional flow which you just heard early in the month by the French Ministry also. There is an opportunity in front of us which we are trying to see. We have all the right solutions which are for getting to different scales. That is what we are trying to drive. And especially, we are trying to not only all this. We are not trying to do just to get the numbers. We are trying to do because we are supporting and we are aligned to where India would be in coming years. And it may give results now. It may give results later. But it is our, I would say, responsibility as an Indian company to actually tell as to what better can be done in this space and which we are working on it. Let me tell you sharing that. Okay. Schneider, the listed entity, would have how much percentage exposure to the global business? If, say, the global business is 100 and that is represented in India with, say, five entities, one of which is Schneider, the listed one, how much percentage of that global business is in this listed entity if you can just help us understand? We do not have those statistics with us. Yeah. Okay. But some sort of figure, is it? No, difficult to comment on this. In a previous call, maybe two or three, some previous call, it was mentioned that Schneider had taken over some other entity which has a presence in India. There was talk of merging it with the listed entity because the line of business is similar or same. Any comment on that? We cannot comment on this piece of information. Okay. Thanks a lot. Thank you. The next question is from the line of Viraj from Jupiter Financials. Please go ahead. Yeah. Thank you for the opportunity. Congratulations on outstanding numbers to the Schneider team. My question is, man, regarding this EcoCare and EcoStruxure, EcoCare, is it a part of EcoStruxure? Give me some color in terms of the growth margins and what holds for it in the future if you can. So first of all, thank you so much for appreciation. And second is, EcoStruxure is a family which has multiple stacks around it. So it's got items which are physically and tangibly connected which are intelligent. Then there is another layer which actually connects and collects data from this intelligently connected widespread installation. And then, of course, we have a third layer which is a software layer which speaks about what do we do meaningful to drive for customer advantage using this connected pieces. So this entire layer, three-layered family of solutions is what we typically call as EcoStruxure. Now, we have different platforms under EcoStruxure. We have platforms which are good for any manufacturing side. We have platforms which are good for any power distribution side. We have platforms which are good for, say, buildings. We have platforms which are good for multiple industries and things like this. Now, what EcoCare does just to try to see Eco is common, of course. EcoCare is a subscription program. It's a subscription program which is what we are trying to do for items which are either connected or can be connected. We are trying to roll out this subscription model for our customers who will actually engage subscribing to this program, and they get multifaceted, benefited depending on which program they subscribe to. So it is actually liberating the EcoStruxure strength and delivering something which is a subscription model of services. Yeah. So what would be the growth prospects? Any color on that? Is it a part of the service? So is the margin better in this? I'm tempted to say yes. Okay. Sir, my next question is on mobility. Can you? I hear a lot about a lot of semiconductor companies interested in putting semiconductor plant in India, a lot of EV infrastructure developing there. So what role do we have in that space? What do we provide? Sir, you are right because we have been hearing a lot of many announcements around this. You speak about what Foxconn is doing, what Micron is doing, what AMD is doing. Typically, the way we see it, we see investment of, say, about INR 60,000 crore-INR 70,000 crore in coming five years. We talk about batteries. You saw what happened. There's a push to do and provide and develop and establish an EV infrastructure around public utilities. I am sure you must have seen as to what the same three which didn't come actually is being talked about. I see government push not only being driven to private usages but also they are now focusing on developing EV infrastructure for fleets, for example. And to have that, we have huge investment, as you may be aware, coming in the battery manufacturing. We are talking about a similar investment in battery manufacturing also. We talk maybe about INR 35,000 crore-INR 40,000 crore till 2027, 2028. While, for example, you must have seen Tata Group announcing INR 13,000 crore plant in Gujarat. We have the IBC announcing something in South India. So we do have and what we just to answer you that we see investment coming in. We see PLI scheme being rolled out. And then what we have to do is we have a full range of solution. When I say full range of solution, it essentially talks about the entire solution which is there for a setup. For example, when someone is making a semiconductor plant, what we can do right from the time he receives raw material, various processes of making chips, fibers, and consolidating it, what we can do in terms of giving equipment and also loaded with software which can help him to drive his throughput with more efficiency and with more sustainability. When I see sustainability, I talk about by emitting lesser GHGs. So we have solutions around this just to tell you on each of these segment space which are different, and they are attuned to what that particular segment player may actually require. And you speak about battery manufacturing, what we can do in terms of tracking, what can we do in terms of when you know for this for sure that there are kits which are coming, and people not only are they are making packs out of it. So what do we do in terms of relieving them of what they are actually experiencing pain in delivering what they actually put at the plant and infuse capital? Is what we have solutions around this for all of them. So now it actually depends on at what pace the plant which is being thought of is getting rolled out, how good and how effective are the policies around this to make it happen. Because you know that these are very capitally intensive plants and how quickly the churn out of those execution happen and where we can support. But we have solutions as and when and just to tell you, we are connected with this set of people who are trying to put up this infrastructure in India. We are trying to see as to what value add we can bring to these people when they put up these sites. Sir, suppose the opportunity size is 100 in this sector, what will be our share would be in terms what is our addressable market would be, sir? So it's actually, again, a question which I think one of you asked earlier on about the ratio of which cases we win. It's difficult to quantify, sir, because why I'm saying there are a certain set of people who actually have got suppose they want to put up 10 facilities in a plant. A similar one who's actually making a similar plant doesn't want to put up 10 facilities. He's happy with seven. So it is very difficult to quantify as what you are asking if someone is putting INR 100, whether it's INR 10 per Schneider or whether it's INR 7 per Schneider or INR 13 per Schneider. It actually depends on what appetite the user has and to what level does he want to roll out that in phase one or he's planning something in phase two when the phase one stabilizes. So it's difficult to quantify. I will not be able to give you a straight one number that if you put 100, it means X per Schneider it is. Okay. Okay. Sir, my last question is the momentum looks strong, right, given this kind of a CapEx environment. What's your feeling as a momentum in the industry? I echo you, sir. It looks strong. Okay, sir. Thank you and all the best. Thank you so much. Thank you. The next question is from the line of Naysar Parikh from Native Capital. Please go ahead. Yeah. Hi. Congratulations on the strong set of numbers. I have a couple of questions. The first one is just if you can help us understand what is the share of renewable energy projects that you're doing in your power segment or something just directionally and what is the momentum that you see? We are not ready as of the number right now if you really ask me as to what has been the renewable supplies [HDME]. But let me tell you that it is actually keep on appearing. We are very actively pursuing this, and a sizable and appreciable pie of what we do is into renewable space. So while I'll not be able to tell you the number right away, but then yeah, it's not minuscule. Okay. Got it. Second is earlier you said you have in your presentation your partner network and how is that growing, which, sir, is not there. So can you just talk a bit about what percentage of your revenues or something is from your partner networks and how is that going? Actually, it's something good you asked. That is something which is close to us which we are trying to do. We have been working well in the direction which we thought in terms of partnerization. The basic idea typically, as you may be aware, is how do we cater to the growing requirements of the DISCOMs? And we are trying to see as to how do we grow the transmission what we call at a much faster pace than what we are doing otherwise. And we actually have been on the right track there. So just to give you that comfort, we are typically growing at maybe about, I would say, more than 20 times 20% more than the usual flow is what we are trying to do. Okay. Got it. And the last one was on the transformer side and everything, there seems to be increased competition even from obviously, from larger players, but even from various smaller players in many capacities, etc., also being put up. So how are you seeing the market today? Are you seeing increased competition? Are you seeing any pressure when you are bidding in terms of your win rates or pricing or something like that? If you can give some directional view? You see, you are absolutely right because when India grows, India grows for everybody. There are so many people who are ambitious to be in this space, and we know them and we are aware. But what we are also aware is there are a certain set of users who are looking for something which stays sustainable, which doesn't go for shutdowns where whatever is committed stays delivered. We are able till now to tell you the good news that we are able to find our set of customers who are not just running after the cost of putting up a plant, but they are also worried about how do we make it run 20 years in a row after they commission without any problem. There are a certain set of people this space is large as I think in the beginning we mentioned. We're talking about a large market for transformers distributed into various varieties. We are focusing on those set of people who actually appreciate what we do for them, and we are seeing good traction there. For us as an industry as a whole, what you said is absolutely right. For a set of people with whom we work with, we don't see a problem. Got it. And last question. I'm sorry to interrupt. May I request that you return to the question queue for follow-up questions? Okay. Sure. Thanks. Thank you. Thank you. The next question is from the line of Mohit Kumar from ICICI Securities Limited. Please go ahead. Good afternoon, sir. Congratulations on a good set of numbers. My first question is around what is the voltage range of transformers and switchgears you operate in? Is it fair to assume that we are operating in 11 kV-66 kV range? The other question is what's the market share in transformer if you can give it out? So in the equipment space, we operate up to 33 kV in India. And this includes the air-insulated range and state-of-the-art gas-insulated range. And we also have products which are gas-free. And in the transformer, we do not have higher class. We are not into 220 kV class. We are actually up to 132 kV class. And second question was I think you were asking about the number which is transformer. I think if I got that question right, was. Can I rephrase that? Can I rephrase that? Sir, is it possible to give our market share in Inverter Duty Transformer? Difficult, sir, because we don't want to quote you a number which we are not very confident with. And we are working. But let me tell you that we are seeing this growing opportunity with a lot of seriousness and cadence. And we are seeing as to how do we make some value adds coming up with all those set of people who are trying to put up solar plants in India. But if you ask me our share as regards to the overall numbers in this inverter duty range, I will not be able to comment right away on that. My second question is how do you stay from. Mohit, I'm sorry to interrupt. May I request that you return to the question? Sure. Thank you, sir. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to one or two per participant. Should you have a follow-up question, we would request you to rejoin the queue. The next question is from the line of Jishan Singhi from Krijuna Research and Analytics. Please go ahead. Thank you, sir, for this opportunity and for the good set of numbers. I would like to ask what is your unique USP in this competitive landscape that differentiates you from your peers like ABB India and Siemens? Sir, just one word: Schneider promise. Can you please repeat? There's just one word, sir: our promise. Then our promise will be to bring to a customer a right solution which is latest technology, consistent quality, and super support when he's running the plant. This is the key pillar of Schneider promise. And this is why we are known, and this is why we are getting appreciated and reckoned with. Just one word, sir. And thank you for asking this question, sir. Okay. Thank you, sir. Another question I would like to ask that what are your opportunities in the service and transformer segment like you mentioned? See, if you ask me, transformer is something which usually doesn't go wrong unless and until it is abused or not maintained. So we have now services which we are trying to work whether in the installed places, what we can do in terms of visualizing and sensorizing so that they can read the heart of the transformer. So if you are running a transformer, it's sort of a black box. So what do we do so that you can peek inside and see as to what's going on inside? And that is something which is a services platform of transformer is what we are offering to customers. And if you see the orders which I just shared in the beginning about the EcoCare, which I said that 10+ successes we have seen in just 90 days, a lot of many of them have been on the transformer side. Okay. Sorry, sir, I would like to can you repeat? Yes. I'm sorry to interrupt. May I request that you return to the question queue for follow-up questions? Okay. Thank you, sir. Thank you. The next question is from the line of Abhineet Anand from 3P Investment Managers. Please go ahead. Yeah. Thanks for the opportunity. Just trying to understand, your systems is around 65% followed by transaction which is 20-odd + services, 10%-15%. The transformer and switchgear part comes in the systems, right? Systems basically the equipment and project part, right? Yes. So if you can help us, I mean, very broadly, what portion of the sales comes from transformer and switchgear? It will vary, I understand, year to year. But a very broad number is also work. So if you ask me one, I think the definition which you said is right. That is how it typically works. And transformer, that also is right that when you say that this will typically vary. But you can say about a third of businesses actually is from the transformer side. Switchgear, sir? So switchgear would be if you leave apart so it depends how you classify a switchgear. Because what we sell in [transit], that also is switchgear. What we sell directly, that also is switchgear. So primarily, if you want to split as I think my colleague Suparna said earlier, if you leave about 12%, 13%, 14% which are services, the rest of all are equipment which is getting achieved directly or through transaction. Out of this, 30% typically, a third would be the transformer side. 30% of the overall thing, overall revenue, right? Yeah. Typically and generally speaking, yes. If I might just, ma'am, to tell about the order book at the end of this quarter which was INR 1,010 crore, possible to get for last year, nine months, at the end of nine months? Yes. It was INR 817 crore precisely. We grew by about 24%-25% on order book for nine months. The number is 66. Thanks, and all the best for the future. Thank you so much. Thank you so much. Just one point that we want to make. In the result slide for nine months, the first two columns pertain to 2024, and the next two columns pertain to 2023. There has been a typo. Please take note. Thank you. Due to time constraints, that was the last question for today. I would now like to hand the conference over to Harshit Kapadia. Thank you, and over to you, sir. Thank you, everyone. We would like to thank the management of Schneider Electric Infra for giving us an opportunity to host this call. We would also like to thank all investors and analysts for joining for this call. Any closing remarks? Otherwise, sir, you want to? No, thank you, Harshit. Thank you all the people who actually can find time to hear out from us. I also apologize for a few questions we could not answer in the limited time which we had. On an overall basis, we see good traction in coming times. We are trying to see as to how do we stay and maintain the pace which we have been able to get in recent quarters. I'm sure with the effort which we are going to put all around and the confidence which you will pose on us, we'll be able to do the same. Thank you so very much and have a great day. On behalf of Elara Securities Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you so much. Thank you.