Ladies and gentlemen, good day, and welcome to the Schneider Electric Infrastructure Limited Q4 FY 2024 earnings conference call, hosted by Elara Securities Private Limited. As a reminder, all participants' 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. Harshit Kapadia from Elara Securities Private Limited. Thank you, and over to you, sir. Thank you. Thank you. Good evening, everyone. On behalf of Elara Securities, we welcome you all to the Q4 FY 2024 and FY 2024 conference call of Schneider Electric Infrastructure Limited. I take this opportunity to welcome the management of Schneider Electric Infrastructure, represented by Mr. Udai Singh, Managing Director and CEO, Ms. Suparna Bhattacharya, Chief Financial Officer, and Mr. Mohit Agrawal, Head of Investor Relations. We will begin the call with a brief overview by the management, followed by Q&A session. I'll now hand over the call to Mr. Singh for his opening remarks. Over to you. Thank you, Harshit. Thank you so much, and a very warm welcome, and a very happy afternoon to all of you who took fine time to join this call. We are happy to share that your company has shown continued growth momentum with a growth of 24.2% in revenues and a EBITDA growth of 4 points. We continue our sustainable growth philosophy, which we have adopted. I would also like, at this point in time, to request you to go to the small presentation which we had shared, and I'll go to— I request you to go to slide 2, which just summarizes what is the vision and what is the mission which we have undertaken. Which is very clear is that your company will lead the new digitalized energy world with offerings our customers and partners the most innovative connected products and solutions, and be ready for the then power distribution innovative expectations. Alongside our balanced business models, superior quality and efficient supply chain will keep this growth, momentum, and profitability resilient and sustainable. The mission, as you can read, is to be the digital partner for sustainability and efficiency for all our esteemed clients, and we strongly believe that light is on everywhere for everyone and at, at every moment. I then go to your slide number three, which is where I'm very proudly happy to share with you that the company, Schneider in India, has actually been rated as top company by LinkedIn to work in, and this has happened second year in a row. Alongside, we have also been recognized as the French Group of the Year award at Indo-French Business Awards presentation, which was facilitated and done by the French Ambassador in India. If you see the slide, you'll find six persons standing here holding on six tags. Now, six tags, if you read, are inclusion, mastery, purpose, action, curiosity, and teamwork. This is nothing, but this is the core. This is the core of our own selves within the company by creating impact within ourselves and also to all our esteemed clients with whatever solutions and services and products which we offer them. We've stayed at the course. We, we just wanted to share with you as to how your company is trying to work internally and working to have an external impact on the marketplace. Just to take you on the fourth slide, is something which is, what are relevant things which are happening, which are shaping our business now and what intends to be the levers which will drive our business in times to come. As you are aware, I have actually bucketed them into 5 or 6 columns if you read. One is, of course, the Make in India. You know that government is actually promoting Make in India by launching through, you know, product incentive schemes. Then the green growth story, because now we have taken a fourth of the coming 2070 numbers at Glasgow, then a 2047 number, and a third. This all is going to drive a lot of greenness, besides what is going to get added in the renewable space by adding 500 gigawatts to the 2070 and making it about a sizable composition in, of renewables and what we do in 2030 in India. This also a green growth of green hydrogen, where we want to be self-sufficient by 2030, is something which is actually being also a lever of growth for us. INR 20,000, INR 19,000 some crore are being spent by the government actually to make it happen. RDSS, you must have heard that the, you know, the government is trying to bring the AT&C losses down. I think you have seen that well in the beginning of the reports. It said that the efficiency has come down to 16.4%, and we have actually ways and means and measures actually how to bring it more optimally at about 12. Steel, cement, the expansion plants are there in place. You know, we want to add 160-150 metric tons of cement because of, to support the India infrastructure growth. And likewise, the steel demand of 190-200 megawatts is something which actually is trying to—we are trying to make by our own steel plants, private and government. Other things which are very relevant, and which I actually would like to share with you, is what is happening in the EV space. So we know that we have a sizable market for this. The number of EVs will multiply multifold in 7 years' time to come. There are a lot of people, investors, who are trying to make India self-sufficient in stationary and the mobile battery storage space. So there's a lot happening here, and we are trying to bring in our solutions as across to actually ride on the emerging needs and demands of EV space. So is the data center. You know that everyone holds a mobile now in India. Generative AI size importance is actually moving a phenomenal growth. Our, your company has done good in this segment in last few years, and we want to continue this. Typically, about 300 MW is what typically gets added than in a statistical sense, what we have seen in the recent past. We are going to be close to 1 giga in 7 major cities by end of this year, and this investment—this sector is one positive, bullish sector which we see in front of us. So overall, in a nutshell, you see, the areas where we operate, the segments where we actually deal in, which are essentially electro-intensive segments, are those segments where there's a positive play we see going forward. And, you know, the policies are conducive, you know, the investments are happening, and we have to clearly, I would say, positive about the entire environment which we have around us. Just happy to share about two quick wins, and then I see you. I want to turn to page six of your presentation, where we are trying to share with you as to what has been the breakthrough orders in Q4. If you look at, there are three cases which, you know, we have populated. One is the 33 kV GIS, for one of the old Indian metros, where we have supplied this. And this supply not only establishes the efficiency and the rigidness and the robustness of the power distribution by us, it also opens up in future scope for inserting our digital solutions in these equipment which we have supplied. The other two are essentially the E-buildings which we have been dealing with, and the point to be noted is, these are digitalized E-buildings. Second point to be noted is these are in private sector. Oh, I'm sorry, these are in public sector. And, you know, these are the places, the middle one is one of the coal-producing company. The other one is one of the mountain companies, where we have provided this, with a strong reference in the Digital Powertrain which we supply. If I go to the next slide, is in continuation with what I just spoke, is the digital transformation which we are trying to bring in to our customers. And the basic idea of bringing in this is, this transformation is, that in what are the ways and means in which we can actually relieve or relieve the said and unsaid need of our customers who are working day, night, 24 x 7, with the equipment at manufacturing sites. So the basic idea is, how do we digitalize more? How can we make those informations available to our users, our esteemed buyers, with which they can maintain the minimum downtime of the assets which they have? They have reduced production loss, their productivities are defined. They can take preventive action for safeguarding the production. They can have a very intelligent planning of outages so that they can maintain and things like this. So essentially, this is like, you know, is like you are giving a ECG of an asset, you know. You are scanning it, and you are giving it and preparing upfront, "Okay, this is something where there can be a problem which is not to be done." So this is the solution which we are trying to bring in, and it's being highly appreciated. I'm super happy and very excited to share slide nine, which is page nine, where we are launching something which is new of the stable. This is the state of the art, which makes customer life easy. There is a slide picture on the left, which is nothing but how the panel looks like. This is the Primary Distribution Air Insulated Range from Schneider. This is what multiple applications, especially around discoms, utilities, data centers, and other infrastructure building industries. What it brings is besides many more things, it is one of the most compact footprint with the global structure. It has got the right ergonomic arrangements, facilitating easy work at site. And it is also ready, as I said, in continuation with that, this is also mixed slides. So this product is something which is, I would call it as a hero offer, which we have—we are launching now, and we see that this will be—and I am very hopeful that the, this offer will be appreciated by the industries to come. There's another slide before, I would like to hand over this to finance, my dear colleague here, Suparna. I would like you to go to page 10, and this page 10 actually talks about two pictures, if you see. These pictures, the left picture is where we have—These pictures are part of two manufacturing setups which we have in Baroda. The left one is where we make medium voltage equipment. The right one is where we make transformers. Now, the point is, that all whatever we speak, like digitalization, the events, support, help, guidance, what the digitalization brings to customer, it's something which we are showcasing now. So what we have done, we have simulated these labs in our manufacturing setups, where all buyers, customers, whomever is interested, they come. They see for themselves what exactly we are trying to do for them, how is it tangibly meaningful to them? What benefits does it bring? What sort of pains it is going to relieve them of? These are the elements, you know, because we strongly believe that if you see for yourself what is there for you, with your own eyes, it is always better to, you know, recognize and appreciate. These are the two setups which we have made in last year, which only showcases the strength which our offers and solutions brings to all our esteemed customers who keep on recognizing us. With this, I'll pause, and I would like to call upon, Suparna, who is the CFO for the company, to take you through what financial achievements we have done in last year. Over to you, Suparna. Good afternoon. Is my voice audible? Yes. Okay. So once again, good afternoon, everyone, and I'm very happy to share the financial year 2023-2024 results for your company, which is built on the philosophy of good governance and sustainable growth that we have been seeing for the last few quarters. So let me share the key financial indicators with all of you. Please refer to slide number 12. So at the orders, we are at INR 1,951 crore, which is 26.9% higher than last year. Sales, INR 2,207 crores, which is 24.2% higher than last year. At the gross margin level, we are 37.1%, which is up by 4.4 points. EBITDA at 13.8%, up by 3.7 points. EBIT, 12.8%, up by 3.7 points, and we are happy to share that as we enter into the next financial years, we are carrying an order backlog of INR 1,226 crores, which is again 14% higher than last year when we began. So some key points: highest ever revenue and profits since inception, consistent profitable growth all the 4 quarters, free cash flow generated, which is very important for the organization, and we have reduced our loan, which is basically an intercompany borrowing, because of the good cash that we have generated in the organization. So the strategic levers which have helped us achieve this wonderful result, is that we are accelerating the segmental growth. We are leveraging emerging segments and strengthening the resilient, segments. So basically, it's not that we are only focusing on the newer segments. The core, which has built the company over the years, continues to build the base of the company. So we have a balanced approach towards the market, where we take care of the core sectors as well as the emerging sectors of the economy. More services. We all know that services, after, you know, after the product sale, services is definitely an area which gives top of revenue for the organization and better margins. So our focus is on the modernization, digital services and remote asset monitoring. And then we are promoting our business relationship with partners who are the distributors and panel builders. In those cases where we cannot go directly to the customer, or we are basically one part of the total solutions that the distributors and panel builders are giving to the customers. Let's come to slide number 13. So this is a view of the orders. For quarter four, we are up by 6.2% from INR 558 crores to INR 592 crores. For twelve-month period for the full year, we are up by 26.9%. We are at INR 1,951 crores over INR 1,538 crores of last year. So basically, there has been good momentum in all the segments, and the order backlog is up by 14.2% versus same period of last year. Coming to slide number 14, this is the sales view. For quarter four, the sales growth has been 14.9%. We were at INR 411 crores. We clocked INR 472 crores in quarter four, and for the twelve-month view, we are at 24.2% higher than last year. We were INR 1,777 crore, and now we are at INR 2,207 crore. So good momentum in sales coming from the good momentum of orders that we have seen, and we are very proud to say that your company has the highest ever revenue in any year, and thank you very much for all the support that you give us. Let's come to slide number 15. So the first line, talking of the sales, and the sales growth, for this is the quarter view. As we just saw in the previous slide, we are 14.9% higher in sales. At the gross margin level, we are up by 3.3 points. EBITDA up by 0.5 points. EBIT at 0.6 points above last, last year. And then probably let me come to PBT, which is up by 2.8 points. PAT, we are lower, and the total comprehensive income, we are lower by 9.1 points. So overall, what I want to say is that GM improvement has happened due to raw material cost normalization and better mix in this quarter. Now, let's look at the full year numbers, which is more relevant and gives a better view of the business, because we have some skewed business trends during the year. Every quarter is just not the same, it's not having the same average number in terms of sales. At the twelve-month period growth level, we are at 24.2%. Our gross margin is up by 4.4 points. EBITDA, 3.7 points. EBIT, 3.7 points. Profit before exceptional items, we are up by 3.6 points, and after this, if I come to PAT, we are up by 0.8 points. Overall, our PAT, which was 7% of sales last year, is now at 7.8%. The margin has come predominantly from the gross margin improvement due to raw material cost normalization and better mix. However, we have some other expenses which are on the higher side, and this is predominantly to cover the risk of the organization and take care of the inflationary items. So that's all from my side. Overall, good business growth, cash generation, and we are on the right trajectory of growth, and thank you very much. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their 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 Mahesh Bendre from LIC Mutual Fund. Please go ahead. Hi, sir. Thank you so much for the opportunity. Sir, in the quarter, our sales have gone up by around 15%, but our other expenses have gone up by 26%. So, what could be the possible reason for this high growth in other expenses? I will, I will take this, okay? Yeah, please. Okay. So, as you all know that this quarter four is basically we are accounting for the full year, we are closing the full year books, and, definitely the level of focus, the level of attention is a little different as per normal course. So we have factored some risk coverages here. Certain things which have come directly as a first as a volume growth, of course, the portion of this of this quarter is less as compared to the other quarters during the year, especially the prior quarter. But we have basically factored, covered all the risk, made some, you know, due diligence with respect to all that we could see and capture in terms of expenses, and that is why you see a higher level of expenses in quarter four. So, ma'am, are you talking about the provisions? Some specific provisions have been made, which are verified and vetted by the auditor, so that's a part of the normal business course. Okay. So I mean, this is nothing extraordinary, right? This is- No, nothing extraordinary. Whatever we could see in terms of the normal course of business. Okay. Okay. Okay. Okay. Sure. And, sir, you highlight- I'll just add one more sentence here. It was normal course of business as, and also the company policy. Sure, sure. Yeah. Sir, you highlighted initially that opportunity across segment. So just want to understand which are the sectors who are actually driving our sales and the order book? Mahesh, you know, in fact, India is, you know, is shining, and there are few sectors which shine more, there are few sectors which shine less. And this shine is also primarily how conducive the environment is, how supportive the policies are, and whether what the segment sees in times to come. Primarily, if you really ask me, this business and this company of yours is primarily driving products and services which are towards power-intensive sectors. So when I speak, the people who actually the segments which take power more are the ones where we have the right solutions. For example, power and grid. For example, metals. For example, minerals. For example, cement. For example, steel. For example, oil and gas. For example, data centers. For example, you know, industries which are on the sidelines, I would say, like infrastructure. If you are having a residential complex coming up, you have a big hospital coming up, you have airports coming up, where we have a series of solutions, wide stack. We did not speak about the equipment which distributes power efficiently. We are also talking about the digital layer, the software, which actually gets added on top of the solution, so that we make the full one enterprise solution is what we speak here. So primarily, Mr. Mahesh, is more of those segments which you see, which are, which consume or distribute power. Sir, last question from my end, about the data centers. You highlighted that opportunity in this segment. So, what has been the contribution from this business to our sales or order book, and what is the outlook for this? See, outlook, as I mentioned, Mr. Mahesh, the outlook, outlook is very positive. Outlook is positive because, you know, we know that, there are data centers coming up, in multiple locations, primarily being driven by Mumbai, you know, Hyderabad, Chennai, so NCR. So, you know, and what these segments require is essentially power, land, and water. Now, we see this going up because we see two types of data centers, I think. You know, one is the hyperscale data centers, which are the big ones. Then we see the co-location or colo data centers, we call them, where the developer develops and leases it out. And there's a third segment, which is also emerging in last, few quarters, I would say, or rather half year, which is, which we call as enterprise data centers. Now, all this have got a different trajectory growth, all 10%+, if you ask me, and this is something which is going to get fueled by the need which data center will have in times to come. So there are government policies where, you know, the Ministry of Information and Broadcasting has mandated that the data of India should be stored in India; it's a data localization guideline. And these things will actually push and drive this data center business in times to come. This is what we feel strongly about data center side. And if you really ask me as to what contribution this data center typically brings to our kitty, of all whatever we do, if I may not be a very exact number, if I quote, but maybe typically about anywhere, 15 ± 5% of the number. Depends, exactly. Typically, this, the number is some. Sure. Thank you. Thank you so much, sir. Thank you. The next question is from the line of Manish Goyal from Thinkwise Wealth Management. Please go ahead. Yeah. Thank you so much, and, congratulations, to entire team for a very good set of numbers, sir. I have few questions. First, I would like to continue from on the other expenses itself. Probably, the jump is quite significant in Q4, from INR 31 crores to INR 52 crores, basically from 7.5% of sales to 11% of the sales. And if I probably look at the your cash flow statement, what I see is that provisions for warranties have increased from INR 8 crores to INR 34 crores, and allowances for credit losses are almost INR 12.5 crores, versus write back of INR 3 crores. So, just would like to get a sense that how much of this is in Q4 and how much is this for entire year. I believe, provisions for warranties are probably, as per, as you earlier mentioned, on a conservative policy, and there is a probability of write backs also over here. So that was my first set of questions. Then on the second, sir, in the cash flow statement, again, what I see that, repayment of short-term borrowing is showing INR 72 crore, but the balance sheet number, somehow the debt number, probably remains similar at INR 469 crore. In your presentation, we are mentioning about the reduction of INR 25 crore. So maybe if you can help us understand, this, as well. My third question is on, If you can please give us update on the new greenfield facility. When do we expect it to start, as probably the transition has started based on the provisions we have taken in last year? And I have one more question on the provision of INR 48 crore, what we have done basically on ongoing tax matter for earlier period, if you can just help us understand what is it pertaining to? And last question on the stock adjustment, what we see is INR 44 crore. Does it imply that certain revenues we were not able to book and we are carrying forward the inventory build-up, and the dispatches will probably happen in the coming quarter? Thank you so much. Okay. So I'll first take—a lthough your five questions are quite long, I mean, I couldn't note them, I will repeat them for you. Probably you can repeat them. So I'll try to address your questions on the financial, financials. So first is that you talked of the exceptionally high expenses, that's what you meant by- Yeah. in quarter four. So you rightly said that we are, we have some expenses where we are covering the risks, especially of, our AR specific warranty. And when we say that, it is the, you know, philosophy of prudence and conservatism that we keep while we are covering other or where, when we are relooking the, warranty aspect or the specific warranty aspect for all the sales that we have done over the years. So if you really ask me, it doesn't really hit, everything doesn't pertain only to quarter four. It is our- Yeah. review of the entire sales that we did, and you should actually see the total expenses as a part of the yearly expenses, especially for warranty and the AR provision. So I think this answers two of your questions. And So, ma'am, just to—s orry to interrupt, but yes, I, I forgot to mention that even for full year, we are seeing that other expense going up from 9.3% - 11%, which is by, 47% higher as compared to sales going up 24%. So I, I fairly appreciate that a lot of these provisions are for the entire year, but as you referred in your initial month, that large part of it gets adjusted in Q4, and Q4 itself shows a significant jump. So, that is why I was trying to understand that how much of these provisions have come in Q4 itself. If you can please provide that number. So I will again say that, we will not see it completely in isolation. Very few expenses have come only as a result of Q4. It is mainly, a yearly review of all the data that we've, that we have seen, and whatever we could, you know, reanalyze and re, assess the expenses, the provisions, we've built it up accordingly. A good part of the increase in expenses is also coming from the volume increase, because 27% volume is definitely, a good amount of, you know, business growth. And, some of our provisions, which are, some of our, sorry, expenses, which are volume based, are a direct offshoot of that. So, I would really say that, better that you see the 12-month expenses, yeah, and not completely focus on the Q4 expenses. As I told you, what we try to relook and rebuild in terms of the expenses. Sure. Okay? Sure. Yeah. And on the—m y second question was on the repayment of short-term borrowing, which cash flow statement shows at INR 72.5 crores, but the balance remains at INR 469 crores, while your presentation says INR 25 crores debt repayment. So I'm just wondering why the cash flow shows such a large number? Okay. So, cash flow is just not a resultant of whatever we have paid as the INR 25 crore loan repayment. It also has other components of the other cash pooling, et cetera, arrangements that we make. And, the other expense, the other quantum, which is flowing out of, you know, the depreciation after we have readjusted that to our PBT, et cetera. So, I would really say that it's a mix of many things put together, and we again can't say that just because we repaid this, the exact amount needs to get reflected in the balance sheet. Hope this answers your query. Sure, ma'am. Go on. My other question was, the stock adjustment of INR 44 crore implies that probably there is an inventory build-up, and we were not able to dispatch, finished goods, and probably otherwise it could have resulted in better revenues. Is a fair assessment? Okay. So, if you are aware of the nature of this power systems business, this is basically a project-based, based business. So it so happens that these are These orders are of large amounts, and there is often a timing difference of maybe a few days that we are able to dispatch, because, you know, there are certain obligations that the quality assessment has to be done before we are invoicing. So in case the customer is say, not able to come before the month end, and then the inventory definitely gets accumulated, but then it is not a build-up of inefficient inventory. It is just a timing difference based on the nature of our business. Okay. Okay. And my other question was, for provision of this INR 48 crore for tax matters for earlier periods. So what was it, what was it pertaining to, ma'am? Okay, so these are some old cases, quite vintage cases, and we were trying to sort it out with the tax department by giving all the documents that we had and trying to establish a relationship with what documents, the earlier matters, et cetera. But in the course of you know all the work that we were doing with the tax department in the last few weeks or so, we kind of came to know that our case is getting a little weaker. Mm-hmm. So just to, you know, be conservative as far as the PNL is concerned, we decided to build this provision, and this has been explained, because it's a significant amount, I agreed with that, and this has been properly explained to our auditors, and they have understood and they have, you know, accepted the provision build-up. So I can. And to add to this, I can say that, you know, what, something which was a medium risk before this, because we were very hopeful to win the case, from the medium risk, it's gone to a little higher risk category. So that's why we thought of building this provision. Sure. And my other two questions, one on the update on the greenfield facility, when do you expect it to start, and how, in terms of what is the potential revenue one can look for? And my other two questions are, as always, revenue breakup and order inflow breakup and order book breakup with IG revenue contribution. Thank you so much for the patience. I'm sorry, but there are many others waiting, as I understand. We'll take these questions towards the end. Sure. Thank you, sir. Thank you. The next question is from the line of Apoorva Bahadur from Goldman Sachs. Please go ahead. Hi. Hi, hi, ma'am. Hi, sir. Thank you for your time. Just wanted to understand, like, your view on the gross margins. What, what could be a sustainable number now that now we have stabilized the operations? Yeah, Apoorva, thank you so much for asking this. And, you see, the business in which we are in is a cycling business, is a multi-product business, is a multi-solution business, is a multi-sector business, and is a multi go-to-market business. So now, you know, what we have been trying to do for quite some time is to actually, you know, in our own operations, try to be more predictive, number one, more accurate, number two, and then on the front side, to be more selective, I would say. You know, in terms of choosing the right requirement, which, where we should actually pursue and take your company into. This number, which you perhaps see, is by far, this number is looking a bit at about 36%-37% margin, is something good. We are trying to see as to how do we now take this, take this ahead in small steps as we move on in the coming years. Apoorva, your question was, that, is it sustainable? Yes, this is sustainable, and this will be sustainable. Because key focus internally as well as externally, if you actually someone tries to step out and tries to see or look inward and try to streamline the operation, that will be updated. I don't know whether I have answered you. Apoorva, how it is? No, I think that makes sense. Thank you so much for this. My second question will be, I think, you mentioned that data centers contribute to 15%, ±5%. Is that for your revenue? Did I hear it right? It is. There's a time effect. Otherwise what we sell are the same. You know, I book something seven months ago, I sell now, and what I book now, I sell six months down the line. So it actually is a reflection. It is only a time attachment which comes into sell amounts. Okay. But the overall contribution is around 15%, more or less? Exactly. Yeah, roughly, I would say. You know, because, the question was roughly around this number. Mm-hmm. We can get back to you with more accuracy on the historical periods which we have had. Sure, sure. That, that will be very helpful. So just wanted to know if, Mr. Apoorva, I request you to rejoin the queue for your follow-up questions. Okay. Thank you. Thanks, Apoorva. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit your questions to one per participant. Should you have a follow-up question, we will request you to rejoin the queue. The next question is from the line of Naysar Parikh from Native Capital. Please go ahead. Yeah, hi. Am I audible? Yes, Mr. Parikh, you are. Yes. Yeah, thanks for taking the question. First one is on the order book. The order inflow that you've done this quarter, it has slowed down a bit, right? We've grown 6%, whereas obviously we want to grow 15%-20%. So one, what is the reason for that? And, how should we look at order inflow growth in the future over the next couple of quarters? If you are looking at quarter, you know, I would say quarter was impacted, because of three things. One, you can appreciate, because there was a subsequent quarter where we had general elections, and, which did create some impact on the order intake, on Q4, as well as, you know, we also were selective, as I just mentioned some time ago, in terms of choosing the right orders, which we can, you know, seamlessly execute. So we have been choosing. We have seen impact of, the election quarter, which, you know, because our engagement and our, I would say, exposure to government end use is, I would say, about 60%, and therefore it did impact this. And if you ask me, how do we see it, going forward? You know, we did have, some impact in this Q1 also because of the same reason. And I expect, that, you know, things will get streamlined when the state government gets formed in times to come, and we'll catch up and try to deliver something which, would be similar with, what we have seen in previous years. So you said 60%, if I heard it right, you said 60% is from government / PSEs, right? Over- End use. I said, Mr. Naysar, I said end use by government PSE. Sorry, your voice is not clear. Sorry. I said end used by government. Okay, got it. And the second question is, I'm sorry to interrupt, Mr. Parikh. I request you to rejoin the queue. Sorry, that was just a follow-up to the second question. Can I just complete this question, please? Okay. Yeah. So the second question was, you know, can you give a—y ou've stopped giving disclosures since I think a couple of presentations. Can you give some more disclosures? It helps in terms of sectors that you are looking at, sector mix of order book or revenue mix between like you were giving earlier. So that is not there in the disclosures. At least can you start doing that? And for this quarter/year, can you provide that now? We'll take it, so we will try to see what best we can. So, okay, thanks. And, Q4 and FY 2024, can you provide the revenue mix, and order book mix? Between what? Between system, software, the way you've been, you know, giving us the revenue mix. Okay. So for the order, just give me a minute. Okay, sorry to keep you waiting. So for quarter four, the equipment has been at 47%, project 5%, transaction 31%, and services at 17%. And are you also looking for here? Uh, yes. Okay. Equipment at 43, projects 16, transaction 25, and services 16. Can you give a broad- Sorry to interrupt, Mr. Parikh. I request you to rejoin the queue. All right. Thank you. The next question is from the line of Naman Parmar from Niveshaay Investment Advisors. Please go ahead. Yeah. Good afternoon, sir. Thanks for the opportunity. I just wanted to understand how big will be the opportunity size for the transformer. Can you please help me to quantify that? Thank you for asking this. So the transformer size, if I may rightly term, is a $20 billion market in India. Now, we have multiple applications, we have multiple variants, we have multiple players operating in this territory. You know, today, we see this same market grow with, I may say, approximately about an average of about 8%, 7%-8%. You know, there are a few which may be growing at a faster pace. There are a few which may not be growing at that pace. You know, for example, if I may tell you, the one which is being consumed by people who are putting up solar farms is growing at a faster pace. When you speak about the smaller transformers, they're not equally selling less than 2 MVA, sell less at pace. You know, the ones which are medium range is sort of average at the middle. And when I speak about this, I speak about the platforms in which your company is operating, you know, we're not in the higher radius. So I see transformer doing good as an industry. But what is meaningfully important is as to how we can actually deliver something which makes more meaning to the consumers who are customizing this. And that has been our way of working, our way of operation, the philosophy as to what do we do more. And I'm happy to share that all the Schneider solutions which we are rendering-... There is a good ask and acceptability of those solutions, and those locally really rely on the quality transformer which we intend to buy as a CapEx, which they want to run and maintain peacefully for 20 years. So I see, I see, good growth. And I also am mindful that there are multiple players who actually have put up large capacities in to keep on working in the same marketplace. There are, at times, and to be, to be practical, I mean, at times you see some kind of buyer getting up and doing something otherwise. It, it on a, on an overall basis, it still is a growing market for a few years at least to come, till the time we are—a nd there are multiple players. One is, of course, Adani, you know, the solar enhancement which is happening. The participant line got dropped. The next question is from the line of Prathamesh Salunke from PL Capital. Please go ahead. Hello. Yeah, thank you so much for taking my question. So again, my question was on the transformer side. So just wanted to know what is the mix of the transformer in our current revenue in terms of percentage? Also, if you could share our current transformer manufacturing capacity, that would be very helpful. See, we have a capacity of about 6,000 MVA a year, and this is actually, we can, we can always have a flexible capacity over this, you know, we're keeping demand per month, which is about 10%-15% of this capacity on a month, on continuous basis. The range which we operate is, you know, I think the second question was that, how, what percentage is this contribution? Which I think Suparna will tell you the right numbers. But typically about maybe the overall number you see is about 30%, somewhere 35%. Suparna? Sorry, did you say 35%? I wasn't able to hear you clearly. Yes. Suparna, can you, you know, you can get back with the exact data, but typically on a high level, this will be the contribution of transformer range alone, standalone. Okay. Okay, yeah. Sure, got it. Yeah. Thank you so much. Thank you so much. Thank you. The next question is from the line of Dhruv Rawani from Shreeji Finserv LLP. Please go ahead. Hello, sir. Can you just talk a little bit about where we are in the value chain of data centers? Because you mentioned in your introduction about the whole piece and even the new product that we launched. But in terms of probably the TAM or some side of how much percentage of total contract size we will be contributing, and some qualitative statement around that. See, we step into, as soon as the data center developer- One second, Mr. Udai Sir. I request you to move the device nearer to you. The audio is not clear there. Am I audible now better? Yes, sir. Please continue. Thank you. Okay. So I was, you know, explaining to you that we get into the data center as soon as the developer receives the power. And from there on, the primary and secondary distribution is done by us, you know, and then it involves the entire two levels of, you know, high voltage. It involves the intelligence, which is, which is actually embedded into the equipment which we supply. So here, typically, we are a primary contributor in actually distributing and managing power. And when I say manage power, this management of power is done by the system embedded in distributing the devices we supply. Okay. Okay, thanks. And my another question is, what is the reason for the increase in the- Sorry to interrupt, Mr. Dhruv, I request you to rejoin the queue for your follow-up. Okay. Thank you. Thank you, sir. Ladies and gentlemen, please limit your questions to one per participant. The next question is from the line of Viraj from Jupiter Financials. Please go ahead. Yeah, my question is answered. Thank you. Thank you. The The next question is from the line of Sanjaya from Ampersand Capital. Please go ahead. Yeah. Hi, sir, thank you a lot for the opportunity. So my second question is that you have, of course, explained the growth of only 6% in your order flow, but I could not follow it properly. Can you please re-explain it? I think you are asking about in quarter four, in the year which went by, why was it 6% year-on-year? Yes, yes. This was the question as against. So the reason which I was trying to explain, it was a mixed reasons. One reason was in also the fact that there was the current quarter where we are, and that was approaching, and then there was slight deferment of cases which we actually had to get concluded because of the election quarter next year, you know, the present one. There is some impact of actually other risks we could say in Q4 this current year. Will that impact your execution in near term? Mr. Sanjaya, I request you to rejoin the queue. Okay. Thank you. The next question is from the line of Bharat Sheth from Quest Investment. Please go ahead. Hi, sir. Thanks for the opportunity, sir. On a broader question to understand, we are present in the whole energy sector from distribution, transmission or distribution. So whether it's related to government sector or data center or private industry. So how do we see a growth among the whole different growths? I mean, numbers that we see, and over a period that our reliance on this government order can come down. So if you can give little more broad color, which are factors that you expect to grow faster. I think in the next quarter, we will not be able to control the sector is growing at this, and this is what it will contribute to our growth story. But you know, of course, we are targeting the segments and sectors where there is a promising investment happening. And those sectors which are conducive and are required for India to reach $5 trillion is something where we are also keen and operate and work and add value to client. And, you know, it may not be always government, as I would like you to slightly correct. It would be anyone, and I see lot of investment coming also in private. Like, for example, semiconductors, you know. We have seen what announcements have happened in Assam, you know, in, in EV battery space, you know, the EV recharging, the data center developers. You know, these are not Government of India, but they are still infusing money, and we will be... We are hopeful that we will be able to support this drive and investment of theirs in terms of able to offer our partnership to them. So actually, we cannot go and say, okay, this there are A and B and C, but we will mix all this. This keeps on evolving and changing in season quarters of the year. Okay, thank you, and all the best, sir. Thank you so much. Thank you. The next question is from the line of Ruchita Kadge from iWealth Management. Please go ahead. Yes. Thank you so much. Sir, so my question was mainly on this provision that we have taken. So this pertains to which year? Which provision are you talking of, the tax provision? Yeah, the tax provision that we have taken. Yeah, it was. It's couple of years earlier. Okay, so doesn't pertain to one specific year? No. Okay, understood. Thank you. Thank you. The next question is from the line of Manish Goyal from Thinkwise Wealth Managers. Please go ahead. Yeah. Thank you so much for the opportunity again. Probably a couple of questions which got unanswered. First, if you can please provide us update on new greenfield facility. When do we expect to start that? And, what kind of revenue potential it can offer over a couple of years? Second, also that probably when we had talked about this new facility, we mentioned that- Sorry to interrupt, Mr. Goyal. I request you to ask only one question. Yeah, it was related. Yeah, it was related. Quickly let me answer that. We will start the operations in the new greenfield project by the end of this financial year, so towards quarter three or quarter four. Okay, ma'am, and the revenue breakup, the breakup you gave, it was for revenue breakup, right, ma'am? Earlier in the question. I didn't get your question. Sorry. Ma'am, you had given a breakup of equipment projects and products and services. So it was pertaining to the revenue breakup or order inflow breakup? Order, order. That was order inflow breakup. Okay. So would it be possible to share the revenue, please? Revenue breakup. Yeah, the revenue breakup for quarter four was system 69%, transaction 24%, services 7%. For quarter four. Just if you can give us the IG number in quarter four. It was 20%, approximately. Thank you so much. Thank you. Thank you. Due to time constraints, that will be the last question for the day. I would now like to hand the conference over to Mr. Harshit Kapadia from Elara Securities. Please go ahead. Thank you. We would like to thank the management of Schneider Electric Infrastructure for giving us an opportunity to hold this call. We would also like to thank investors and analysts for joining for this call. Any closing remarks, Udai sir? No, I would thank you to, to all the investors who actually could get time on this call, and we truly appreciate and, you know, admire and thank the association and the personalization which you all have got into your company. Thank you again. Have a great times to come. Thank you so much. Thank you. On behalf of Elara Securities Private Limited-