Ladies and gentlemen, good day and welcome to Suzlon Energy Limited. This is a business conference call hosted by ICICI Securities. 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 press star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities. Thank you and over, sir. Thank you, Nikhil. Good afternoon. On behalf of ICICI Securities, I would like to welcome you all for a conference call of Suzlon Energy Limited. In the management, we have with us Mr. J.P. Chalasani, Group CEO, Mr. Himanshu Mody, Group CFO. We'll begin with a few remarks followed by a Q&A session. Over to you, sir. Thank you, Mohit. And good afternoon to each one of you. Thank you for joining this call at a short notice in that we're in the same day. This call is being scheduled to apprise the investor community with respect to the resignation of Marc, our independent director of the company. Marc has been associated with Suzlon for more than a decade, starting April 2012. This is his second term as an independent director. It was about to get over in September 2024, which is the next month. However, Marc decided to step down now. During this time, his contribution to the board has been commendable, including during the toughest of the time phase for the company. Our founder chairman, Tulsi Tanti, always had the highest respect for him. The company sincerely appreciates the support extended by Marc during his association with the company and wishes him the best for his future endeavors. As mentioned in his resignation letter, Marc has not highlighted any lapse in matters of financial and legal non-compliance but has asked for inclusion of best-in-class standards of corporate governance and improving transparency. We would like to mention that there are no lapses, I repeat, there are no lapses, on account of financial or legal implications, and the company conforms to the standards as stipulated by the law governing bodies of India. The company has the confidence and support of other four independent directors who are of repute, who are standing strong with the company. We thank Marc for clearly putting across his pleasure on the outstanding performance of the company financially and operationally. Having said that, we take comments highlighted by Marc most openly, and the same shall be implemented in a phased manner. Excellence in corporate governance is a continuous journey, and we will continue to improve and elevate on all those parameters. Thank you, and we are now open for a Q&A. 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 touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sarpal Singh Ahuja from Ishan Ventures. Please go ahead. Good afternoon, Mr. Chalasani. Marc has specifically mentioned he will discuss with the board when he has highlighted the concerns. Will it be possible for the board to share some of the points he has included in that letter? It's as I said, but first of all, I reiterate that he has not said anything about operational financial irregularities. He had been part of all the board meetings, including the annual board meeting, which was held on 26th of May. In fact, he was part of budget finalization for the next year, and he was appreciative of what we are trying to do. In fact, that's what he has written in his letter, that he's really appreciative of the turnaround of operational financial performance. Having said that, he obviously given some suggestions in terms of improving the governance and transparency, which is what, as I said in my opening comments, the chairman is completely pleased about. We would work and take them to implement in a phased manner to improve. One of the independent directors is I think including this into a letter and then mentioning some other letter which they issued to the board. It does create a bit of panic among the small investors like me. Will it be possible for the board or the management to share some of the concerns that he has with the investor community? While I'm repeating that, I said I'm reconfirming to you with no uncertainty. The points what he had put down to the chairman are related to the process improvement and transparency. So I'm reiterating once again that there is absolutely and absolutely nothing about financial irregularities or non-compliance of any law or any requirements of this. Therefore, it is completely about the process of we work in terms of only to what extent the transparency is required with the board and some of the governance. It's completely procedural improvements. In fact, he has clearly mentioned that these things to my satisfaction, my personal satisfaction, he had concerns, and we take note of all those. So therefore, we will work on that. I don't think there is. I'm again repeating it. I don't think there is any reason to get concerned because fundamentally, there is no issue with respect to any irregularities. It's all procedural part of it. Thank you. Himanshu, unless you want to add something? No, that's fine, sir. I think I'd also like to say that you are all aware that the company has been through its fair share of financial instability over the past few years. For now, we are, over the last few quarters, striving hard to drive the company in the right direction by bringing about financial discipline as well as legal compliance, secretarial discipline. I think all of this is evident by the actions that the company has implemented. We have started our journey in simplifying the holding of the operating structure of the companies through simplifying the overseas holding structure and the subsidiary structure. We have been absolutely transparent with our investors and lenders and sharing every communication. Our investor relations program has seen a significant uptick over the last one year or so through dedicated initiatives. Some of you also saw that we had a large investor day in Mumbai just one week ago, which was after almost a period of seven years. So from a company perspective, we have done a lot over the last few quarters. And as JPC said, we will continue to improve on governance standards and transparency. It is a continuous process. It doesn't stop. So we will keep exceeding our own benchmarks in terms of meeting expectations of either an existing independent director or our shareholders. But I again reiterate that there's absolutely been no financial irregularity or legal non-compliance in the company whatsoever. Right. So actually, I'm very thankful for this answer. I really admire both JPC, sir, as well as you for what has been done in the company in the past maybe a year or so. I've been a long-term investor in the company for about 15 years now, and I'm really pleased to see what is happening right now. But I feel like Marc has been associated with the company for 12 years. He must have seen procedural improvements happening for the past decade. What caused a sudden resignation from him and back to being so vocal about these things in public? So obviously, we can't answer on his behalf. As I said, he has been with us since April 2012. He's been the second generation. And he himself is seeing that I've seen a significant turnaround in operational financial performance in the last 18 months, and he's very appreciative of that. And as I also said, he was coming towards the end of his tenure, September 2022, but right now, we see. But more importantly is that I think even to the end, he has been constricted with the company. In fact, I've worked with him for 8 years. I've always seen him in every board meeting or separately, but always had ideas to improve the business. He was extremely sharp. He has given us so many suggestions. He made us to improve operations. Even in the 24 May board meeting, when we had annual budget for the next year, he had his consistent suggestions. And I think even at the end of it, he gave those suggestions. And in fact, he wrote in his letter that this will be taken for account constructively to improve the process, which we will definitely do. But as I said, Sir Paul, that I'm again reassuring all retail investors that me and Himanshu here as the professional managers of this company, no financial irregularity has happened. We can say with full confidence it will not happen. Thank you, sir. That's quite reassuring. Thank you. Thank you. The next question is from the line of Ishwari Adam, who's an investor. Please go ahead. Sir, I would like to ask, why not company increases its shareholding? I'm sorry. Sorry? Sorry? Sorry. I'm again? I can answer that. So Ishwari, I guess you're meaning that why can't promoters increase their shareholding? I mean, a company obviously cannot increase its own shareholding. So I think the promoters have said that in the past. Obviously, nobody would not like to increase their shareholding. Everyone would love to increase their shareholding. But I think from a family perspective, if you see even the promoters since 2020 or even earlier, whether it was a preferential allotment in 2020 or a rights issuance in 2022, the promoters have subscribed to their fair share of this liquidity to, if not increase their holding in the company, but at least maintain the same. So I think the promoters, the family remain committed to increasing value in the company and for themselves and for other public shareholders. But I think whether they'll be able to increase their own shareholding or not is something outside the purview of JPC, sir, and myself. It will happen? You are going to increase your company's shareholding partner? No, Ishwari, as Himanshu was saying, shareholding of Tanti family to be increased, neither me nor Himanshu can actually answer that question whether they will increase the shareholding or not. Himanshu has nothing to do with that. Okay. No problem. Thank you for your clarity. No problem. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Santosh Kumar Ganiga, who's an investor. Please go ahead. Sir, good afternoon. Just wanted to understand when it comes to our chairman, he's also heading a company named O2 Power, which is into EPC construction in India, into wind and solar. So is there an intent from the promoters that they would like to diversify from Suzlon into similar business? I will not be able to comment about the family business, what their intentions are. But as far as the Suzlon is concerned, there's absolutely no competition. And then we have our own way to play. So I won't be able to comment on their things, but there is no conflict with us or anything impacting the Suzlon core business. Are we getting any inside buying orders from that particular company whenever they do something? No. No. No. And there are no orders from them. And to our knowledge, they are not. Earlier they invested and which was divested, but when they invested in the wind turbines, all the orders were placed in Suzlon, but that was way back in 2016 and 2017 era. And since then, all those assets have been divested by them. And we have a few wind turbines for captive, which we do the operation maintenance services as well. Sorry, Himanshu, you're saying something? Yeah. I'm saying not only to Santoshi, but to the investors at large, we'd like to reassure that whatever related party transactions are adequately getting disclosed in our annual report and are all at arm's length pieces and with the approval of the audit committee and the board. So there is absolutely no related party transaction that exists out there without following these checks and balances. So rest assured, that's a commitment from us. Also, as far as the RPT is concerned, on every quarter, the external auditor reviews the entire RPT and has its audit committee independently. Sir, I understand my only concern was management bandwidth. So when you are working on another company into similar business, it will be a project. Obviously, your bandwidth to take that issue, Suzlon will go down. So that is where my concern was. Look at my bandwidth and Himanshu's bandwidth. I think that they will take care of Suzlon. But predominantly, not predominantly, we are running the day-to-day operations, we are running the entire company. So obviously, as long as our bandwidth is not getting disturbed anywhere else, in fact, that's why I've been constantly on record on each of the calls saying that right today, there's so much for us to do that the reason we are not even looking here and there, we're putting blinkers on to see that how Suzlon grows in the domestic market. And 100% of our bandwidth is available, and we'll ensure you and every investor that the company will not suffer because of the bandwidth not being available. We will do 24x7, whatever is required, to ensure company growth, which we have been seeing in the last handful of months. Sure, sir. Sir, recently, there was a news that Siemens Gamesa assets are available for sale. So would we be getting a bigger volume contract for these going forward? I think we'll take that separately, but right now, it's more concerned about the ID resignation. Therefore, I think anything with the business, you can even call up our IR cell, they will be able to tell you the brief completely. Sure, sir. I think there's other people waiting for asking questions on this subject. Sure. I understood. So what is the next action plan? You'll be looking for another candidate in there as well now? We will see that. Actually, it's come. We will now see what are the next step of actions. Because all this happened yesterday and today, so we're on a weekend. So we will review everything generally tomorrow onwards and then take every step what is required to send them. Okay. Any of your other independent directors that you move to the question queue for follow-up questions, sir? Sure. There are several participating for their turn. Thank you, sir. The next question is from the line of Taher Badshah from Invesco Mutual Fund. Please go ahead. Yeah. Good afternoon, sir. Just one thing. I believe you mentioned that he was most busy at his term. So I'm just wondering if that is true then why did he not choose to kind of complete his term? Obviously, I can't answer on his behalf, but the only thing I appreciate from Marc is that he has been constructive all through these 12 years, more than 12 years he is on the board. As I said, the MSL worked with him for over 8 years. He's always been constructive. He's always focused on those. He used to take a lot of interest in the various business-related issues. And even in the end, yes, when he was ending his term, although he has put suggestions very constructively saying these are the things companies should look at and which we'll definitely look at. And we have a greatest respect. I personally have a greatest respect for Marc and the contribution what he made. Just to follow through, so should we think of some of the issues that he's raised to be more of the software nature? I mean, are they as you have indicated earlier, they're not operational in nature? So are they about software aspects, about information flow, etc.? Is that how we have to think about it? Yeah. Yeah. There's nothing to do with operations of the company or nothing to do with the financial process of the company. It is more about governance standards to further improve in terms of the—in fact, we did improve the transparency of governance, not just with the external stakeholders as Himanshu said, even with the board. Now, in fact, we send our board presentation four days before the board meeting, including the financial one, which is in two days before, so that all our board have adequate time to read and come back and we've done quite a few things based on his suggestions. There are more to be done, which is all, as I said, that to improve the governance process, to improve the transparency, the processes improvement so that we go to the next level, keep improving further on the governance. As Himanshu said, it is a continuous journey. I don't think anybody can say that we reached the pinnacle of governance. It's a constant thing. And whenever there is a feedback, a constructive feedback, we take it seriously and we work on that. And we have been working on that. And which, as Himanshu said, you'll see even if you look at our IR deck, what we present today, the data we have been improving from quarter to quarter what we provide. And externally and internally, we're trying to be more, but there is more to the journey and we'll continue to do that. We will not take a step back on that process. Okay. Thank you. Thank you. The next question is from the line of Ajay Sheth from Motilal Oswal AMC. Please go ahead. Hello, sir. Sir, just wanted to. I request you to use your handset if possible. Your audio is not very clear, sir. Is it clear now? No, sir. It's muffled, sir. Hello? Is it clear now? Yes. Yeah, yeah. Go ahead. Sir, just wanted to understand going forward, what more improvements can we expect in terms of your board composition or more governance aspects, which this relevant independent director was highlighting? What more changes can we expect going forward? It's difficult to define what more, but as I said, it's a process of the it's a journey. And which you're seeing the changes, which we explained to you, right, with respect to board and with respect to external things. Obviously, the board composition could be one or it could be the other processes in terms of various transferring aspects. That will continue to send there. There is no second opinion about that. The market has given some suggestions, but even otherwise, even otherwise, we have been going in the direction which you all can see clearly. But there are more on the table from him. Obviously, that maybe the speed at which we were doing is not with expectation. In fact, he clearly mentioned to my personal expectation. So this will maybe not meet his speed in some of the areas. But then this is a journey we'll continue to do. You will keep hearing from us or seeing basically the other improvements that happen, and which you are seeing for the last 10, 12 months, and you'll continue to see further. Thank you. Thank you. The next question is from the line of Dipesh Agarwal from UTI AMC. Please go ahead. Yeah. Good afternoon, Mr. Chalasani, and good afternoon, Himanshu. Sir, can you highlight some of the suggestions which Marc has suggested you for improving the governance standards and transparency? No, I really can't at this stage because he's written the chairman, chairman is released off it. But I can only say there are again, I'm repeating, I can only say they are not pertaining anything to do with the operations of the company or anything. Again, underline, this is because the major concern of any financial irregularities or non-compliance of any legal requirements. Okay? These do not fall. I underline that these do not fall under the category. There are suggestions by him in terms of the more transparency and more procedural issues we can improve further, which is beyond the normal requirement, like what the law requires. So then it's fine. These are the things which we'll take into consideration and do it. So therefore, at this stage, I don't think it's a permanent stage of making those improvements. As I'm saying that these are all procedural and governance and ethical transparency, I won't be able to say much on that. Himanshu, you want to add anything? No, absolutely, point. And one example I can give even to earlier question of which if you see our Q4 results, there was a clerical error where something that should have been negative cashflow or reported as well. I'm just using a very small example. I'm not saying that this is necessarily there in Marc's letter, but things like these for which we had to pass a corrigendum; we don't ourselves like it, but it's the systems and processes augmentation that we are currently doing, and we will get there such that the small inadvertent human errors are not repeated. So it's a very small example that I'm giving, but we will keep improving on these standards. So it's really software factors like these that we will continue to push forward. Again, for everyone, I just want to say is that after 4-5 years of our struggle, we are now. Last year we consolidated. This year in Q4. Obviously, there is so much is happening in terms of operations, in terms of order intake, deliveries, projects, and things like that. So I'm not giving that as an excuse. While we catch up with that increased demand of operations, we also need to simultaneously work on the process, which happens when the business was low, there was no need for you to be so distinct when the business is improving. Obviously, the process has to improve. As Himanshu said, that in fact, we've been working for the last almost about 9-10 months, we've been actually in a seat to improve all our IT processes and everything so that we don't internally also, we don't make any mistakes in the data, the accuracy, and everything. We are on. We are on it. So I can assure you that we are on that process. Okay. Sure. All the best. Thank you. The next question is from the line of Satyadeep Jain from Ambit Capital. Please go ahead. Hi. Thank you, Satyadeep. One was in the letter the independent director Marc has mentioned his concerns with the board members as well. What is the standpoint of the board members in your discussion since they are on board with you? Basically, we said that they have been all the four independent directors are fully on board with us. And the independent directors always have their own set of meetings, and sometimes they come back and tell us, "We as independent directors feel this to be improved," and we've been improving. But sometimes of times, at this stage, all four independent directors who are of their own repute are completely on board. You mentioned the first thing, your concerns you raised. What things? It is not a concern. Like I used the word of this. It is a question of coming up saying that this area we need further improve. This area we need to further improve in terms of which we have been doing. As I said, that the board contributes significantly, that the information flow should be much in advance of the prep and come for the board meeting, which we changed. Consistently for the last two quarters, we've been sending them the information four days before the board meeting and non-financial also two days before so that they have the data, they simulate the data, and come back with the questions. It's more of a debate rather than understanding what we are presenting there. So these are the things which they have been saying, and it's not that there's no concerns that have been addressed. There have been points there where we have been improving constantly. There are more to do it. As I said, it's a journey. It's completely a journey. He clearly mentioned that some of the areas to his personal satisfaction, like each individual has a level of expectation. Obviously, the expectations are at a level which is good. That's why he has been driving us the last 10, 12 years to that standard. Therefore, that is where I leave it. He clearly said that some of these things to his standards of expectation. Okay. Thank you so much. Thank you. The next question is from the line of Amit Nigam from Invesco Mutual Fund. Please go ahead. Hi. Good afternoon. Questions. Would the combined position of chairman and managing director held by Mr. Vinod Tanti be one of the points of his suggestion to speak at? No. Okay. And therefore, with respect to the board construct, are there any other suggestions which he had? Because I see a fair representation of independent directors on your board. Then can you give a little more insight into what kind of suggestions Marc had with respect to the board? It's really difficult to give one because you talked about board. Obviously, there is a suggestion that we should improve the diversity on the board. Okay? So maybe he had a legal member on the board. So these things would constantly keep happening, but then there is still appropriate time for us to increase because, as I said, we already have a significant amount of independent directors. At the right time, these steps would be taken. And to answer to your previous questions, the chairman MD was not the issue. The issue was that who does what. And there was a clear role clarity, and this was given to the entire board of what I do and where I need the input from the chairman and vice chairman, whoever the strategy level, which is also with the board. We have absolute clarity, and the board clearly knows that who is doing what. It has been situated with them as well. That was one of the requirements, which we did as well. Okay. So now, after his resignation, how does the board construct look like in the number of independent and non-independent? How would it look like? We still have four independent directors, and then Himanshu and I right? Four independent directors and three. Yeah. That's correct. Four independent directors, three promoted directors. And of the three promoted directors, four executive directors, and one is a non-executive director. Okay. Okay. That's very helpful. J.P., sir, and Himanshu, thanks. Thank you. Thank you. The next question is from the line of Nidhi Ritesha from ICICI Securities. Please go ahead. Hi. Thank you so much for taking my question and also for hosting this meeting. I basically just wanted to ask that was this resignation something that the company was able to foresee, or was this completely sudden? That is number one. And number two is, are comments shared by the resigned independent director, shared by the rest of the board? And if so, do we have any further concerns on the board's side? The first question, obviously, we can't say whether he has been saying anything further. Obviously, it is his decision when he wants to quit. As I said, that he had time to continue to perform in 2024. He decided to resurface now. As far as the second point is concerned, yes, he has been saying that he also returned the board, and which some of them, as I explained to you, that we addressed as well. Some are work in progress, as I said, in terms of role clarity or in terms of board getting information in advance so that they can come prepared for the board meetings and actually contribute in the board. So many of those things have been implemented, unless Himanshu want to add a few more. No, absolutely. I think one more thing. I don't want to repeat what we said earlier, but also all the callers, all the investors need to be cognizant that September last year is when we concluded our QIP, it became debt-free. So we saw that in the Q2 board meeting. In the Q3 board meeting is when our working capital with REC really got sorted out. So these structural aspects in terms of improving transparency, corporate governance, they were not even there in the radar for anybody, including the board members for that matter, because the primary focus was to get the health of the balance sheet and future of the business going. So that's what was on the radar, but it did not take precedence. Now, today, of course, turning the clock forward to Q4, which is the May board meeting, while financially everything has been sorted, there's a good bit of work. It's only about execution now. I think focus does come in the forefront for some of these softer aspects on corporate governance, which, as we've been repeatedly saying for the last half an hour, will be our top priority focus without any compromise on any sort of transparency or transactions. Also, just to add, Himanshu, if I'm not wrong, that until we did the QIP and paid off that debt before that with the banks and subsequently with REC, we always had the lenders or the auditors sitting with us and then looking at every single transaction. Yeah. We had the lender directors on our board since September last year, in fact. That's right, sir. Okay. I just want to know if there were any more concerns among the rest of the board. Is any more flux anticipated in the board? All right. All right. Thank you so much. Thank you. The next question is from the line of Ravi from KMD. Please go ahead. Mr. Ravi, your line has been unmuted. May I request you to unmute your line from your side and speak, please? As there is no response, I would request the management that we move to the next question. Next question. Yes, sir. The next question is from the line of Hari Saran Pandit from who's an Investor. Please go ahead. Good afternoon, sir. Afternoon. Yeah. So just wanted to know, Suzlon been there under additional surveillance measures since almost a year now. Usually, the climate crisis companies usually move out from there due to climate crisis. So was it a concern to you on sort of highlighting these two exchanges? Why? Because it seems like there is significant pressure on the price movement. Anything to think of later? I wanted to understand the question because I couldn't hear you at all, Hari Sarand. I request if you can speak a little more clearly. Your voice was very muffled. Suzlon, yeah. Suzlon been there at the ASM since I think last October. And usually, the companies usually move out of ASM framework, standards recommended by the exchanges in Q2 comments. Why is Suzlon there? Any compliance issue? Any issues in the exchanges to make it stay in ASM? Anything else? Yeah. So I understand, Hari. So essentially, I mean, it's a very widely held talk, as you know. We have almost about 4,500,000 shareholders with large volume. And whether ASM4 or ASM3 or whatever permutation combinations or algorithm the exchanges have, it is something that we really can't comment on. I'm sure there is some scientific method that the exchanges follow to change the status of the company from one ASM framework to the other. So why that has not happened or what is influencing that is actually beyond any one of us to comment upon. Okay. Thank you. Thank you. The next question is from the line of Ankit Jaiswal, who's an Investor. Please go ahead. Good afternoon. Himanshu, sir, and JPC, sir. So actually, my question was when the point indicated that it was so there is a kind of information asymmetry which happens because normally they're not involved in day-to-day business operations. And my second question was that can we go for a reverse split? Can we go for what? Reverse split. That's why I'm somewhat of a hesitant to allow you. Yeah, yeah. Second question, sir. So of course, Ankit said the reverse split, as we know, theoretically it is possible. It's not that it has been lost on us, but I think we haven't evaluated. If and as and when we think appropriate, we will. Management recommend the same to the board and then to the shareholders. But right now, there is nothing in the offering with regards to reverse split. Yes, sir. Independent directors, obviously, they're not just the board, but they are also instituted as members of subcommittees of the board who advise in specific areas, and we take them based on their expertise. For example, we have an ESG committee where we have someone who has got a strong background of ESG. Then we have an audit committee where Mr. Gautam Doshi is the chairman of the audit committee. There are different subcommittees where independent directors are members. And then those specific areas, they get some time to take in addition to guiding the board level. Thank you, sir. Thank you. The next question is from the line of Ravi from Ambit. Please go ahead. Hi. Good afternoon. Am I audible? Yeah, yeah. You are. I just wanted to understand on the board in case of the independent director, are we looking to onboard any other independent director, and what would be the timeline for that? See, as I answered this some time back, it just happened. So therefore, we need to review it tomorrow, which is a weekend, and then discuss and then see what next to be done. So that would be too early for me to comment upon once it's done. But just a weekend, it happened. So tomorrow, we'll sit down and then decide if chairman, vice chairman, everybody would be involved, including the advice from independent directors as well. And then decide. Sure. Thank you. Thank you. The next question is from the line of Ravi from KMD. Please go ahead. Hello. Am I audible? Yes, sir. Yeah, you are. You are ready. Yeah. Good afternoon, sir. Actually, my question is actually, we completely believe about Suzlon and their committee, and I don't have any deviation from that. And actually, I completely believe and trust on you. The thing is, as you said of Suzlon, I have one question. So when you said any possibility to announce dividend or anything to investors, they will also completely trust on you. Pretty much. Yeah. So, Ravi, of course, everybody loves dividends. I know all shareholders love dividends. So, I mean, I cannot answer that question right now. I think that as you've seen we've taken certain initiatives of merging our 100% subsidiary with the parent SGSL with SEL. Therefore, there is a, as we said earlier, there is a business plan that we have set out ourselves to achieve in FY 2025. I think this is probably a best discussion held around May of 2025. Okay. Okay. Thank you. Thank you. The last question for today is from the line of Santosh Kumar Ganiga, who is an investor. Please go ahead. Sir, as we know, you are the part of the stakeholder relationship committee and this planning committee. So whatever issues or gaps or the transparency concerns you have raised, is it with respect to these committees mainly? No. We had a last meeting of stakeholders' committee as late as May 24, and then I was absolutely fine with that meeting. Even with this committee meeting, what we had earlier, we had some suggestions to add a few more risks and others, but it was completely normal. Nothing to do with both those two committees. Absolutely nothing to do with those two committees. Understood. Thank you. Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you to each one of you, and especially to come on the short notice as well as on Sunday afternoon. So I know everybody's excited about the match tonight. But I think this is something, but we thought that our investors deserve this clarification from us. That's the reason we didn't want to wait for even a day more. So we said that we'll go and address and say to address concerns, whatever they had. That's the reason we have to have it on Sunday. Sorry for that. It was with that intention we did this. And once again, thank you very much for each one of you to participate on this. Having said that, our IR team is available 24/7 for any follow-up questions, follow-up clarifications you need. They're always available. And including me and Himanshu are available from any point of time. On this issue, always available. Thank you so much. Thank you. Thank you. Thank you. And we have of ICICI Securities that concludes this conference. Thank you for joining us, and you may now disconnect your lines.