Ladies and gentlemen, good day and welcome to Tejas Networks' earnings conference call hosted by Emkay Global Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Pranav Kshatriya from MK Global Financial Services Ltd. Thank you and over to you, sir. Good evening. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. Arnob Roy, Executive Director and Chief Operating Officer, Mr. Sumit Dhingra, Chief Financial Officer, Dr. Kumar N. Sivarajan, Chief Technology Officer, and Mr. Sanjay Malik, Chief Strategy and Business Officer. I shall now hand over the call to the management for the opening remarks. Over to you, sir. Thank you. Hello. Good evening, everyone, and welcome to Tejas Networks' quarter two earnings call. I'm on the first slide. Our Q2 revenue was INR 262 crores as opposed to INR 202 crores in Q1. Profit after tax was a loss of INR 307 crores as opposed to a loss of INR 194 crores in Q1. This loss included inventory and warranty-related provisions of INR 190 crores, and we will be discussing the details later on. We ended the quarter with an order book of INR 1,200 crores as opposed to INR 1,241 crores in Q1. Our revenue mix for the quarter was, again, 79% of our revenues were in India and 21% international. Our order book mix was largely India, 93%, and 7% international. In summary, in Q2, one of the reasons for the smaller revenue and bookings was the delay in the receipt of BSNL 4G add-on PO of INR 1,500 crores for 18,000 sites. As we had mentioned earlier, TCS has received the APO, but it has not yet got converted into PO, and we are waiting for BSNL, who has just launched this service across 97,000 sites. As soon as we are ready to take in the additional equipment for deployment, that's the time when we expect the POs to be issued. The quarter's revenue was led by key shipments to our India private customers and international customers. The INR 190 crores of additional provisions were through the expenses. It included the provision due to manufacturing process losses, which happened during the large manufacturing delivery drill, as well as additional provisions for warranty and inventory obsolescence. A total of INR 190 crores was additional provisions that were done for the quarter. A few highlights for the quarter. For our wireless business, the big event was the inauguration of BSNL's nationwide 4G network by the Honorable Prime Minister. As of today, 97,500 cell towers are running on our 4G RAN products. This has been a very, very significant achievement. In launching this network, we have become the fifth country in the world to have a complete 4G/5G stack, technology stack. This network is carrying four petabytes of data and has 26 million active subscribers. It is carrying network traffic to scale and has been performing extremely well in all metrics, in all kinds of all comparisons that you can think of. We recently had the Indian Mobile Congress event, and during that event, we launched our new 64T64R massive MIMO radio, and this was launched by the Honorable MOC. We also successfully completed our first 5G LAN deployment under BSNL's captive non-public network program in a coal mine in MP. We also successfully completed a 4G/5G LAN POC in a mobile operator's network in South Asia, and we expect to convert into a successful commercial order for this network. We also started multiple POCs, which are ongoing, and other engagements with multiple domestic and international operators for our 4G and 5G radios. Finally, our SDR chip, the SL3000, has been integrated into multiple smartphones, feature phones, and laptops. This is going to be a boost for the D2M, the Direct-to-Mobile application that we are the pioneers of, both in terms of end devices as well as the radio transmission equipment. For the wireless business, we won the additional BHARAT net Phase III orders from multiple system integration partners for our IP and PLS routers. We are now going to be the supplier of the largest number of packages for BHARAT net Phase III. We launched our state-of-the-art 1.2 Tb DWDM transmission system product at the Indian Mobile Congress. We won multiple 400G deployments for customers in India, Europe, Cambodia, Ghana, and Nigeria. We deployed our first 10G CPON or ComboPON solution in Europe, and we continue to receive expansion orders from private telcos in India. A few other updates. Dr. Randhir Thakur joined our board as Non-Executive and Non-Independent Director. Dr. Thakur is the CEO and MD of Tata Electronics. With over 40 years of experience in the semiconductor industry, he was the President of Intel Foundry Services and Corporate VP and Chief Supply Chain Officer in Intel Corporation. He has held leadership positions in Applied Materials, SanDisk, Micron Electric, etc. We hope to leverage his extensive industry experience in guiding us in our product strategy, in our semiconductor strategy, as well as evolving our supply chain strategy. One of the other highlights was Tejas was shortlisted as a finalist of the 2025 NetworkX Awards in Paris in the category of the Most Innovative Optical Transport Use Case for our intelligent alien wavelength solution, with which we have won multiple customer network opportunities based on this technology. During the quarter, we filed 39 patents, and the total number of patents stands at 587. I will now hand it over to our CFO, Sumit, to walk you through the detailed financials. Thanks, Arnob. Good evening, everyone. Our financial update for the quarter is as follows. For the quarter two, we did a revenue of INR 262 crore compared to INR 202 crore in the previous quarter, which implies a QoQ growth of about 30%. EBIT for the quarter was -INR 394 crore compared to INR 232 crore in the previous quarter, and PBT of -INR 473 crore compared to INR 297 crore in the previous quarter. I think some of the profitability figures are impacted with the provisions and the charges that we've incurred during the quarter, as Arnob briefly mentioned in the initial section. Adjusting for those expenses, EBIT would have been -INR 205 crore, and PBT would have been INR 285 crore -. These expenses that we're talking about primarily consist of two buckets. One is provisions for inventory obsolescence and write-down of about INR 145 crore, which is mainly on account of certain manufacturing processes, losses, design changes, and other related matters. Warranty expenses or warranty provisions amounting to INR 44 crore for the quarter, determined on the basis of potential fault rates, repair requirements, etc., based on what we see in the field. Moving on to the next slide, which talks about key balance sheet items. Inventory for the quarter at the end of the quarter stood at INR 2,383 crore. It has come off slightly compared to the previous quarter, and it will be converted to finished goods and shipped in the upcoming months. As we've explained in some of the earlier calls, we've taken advanced inventory action in anticipation of various large orders, and hence, the inventory number is high. As those orders materialize, we'll sort of be able to convert into finished goods and ship them out. Receivables for the end of the quarter stood at INR 4,026 crore. We collected INR 700 crore during the quarter, and receivables, I think, continue to be on the higher side on account of BSNL 4G order-related collections that are linked to certain milestones, which will get completed over the next two to three quarters. We expect to get a significant amount of these collections during this year. Payables have come down from INR 580 crore to INR 355 crore, and borrowings for the quarter at the end of the quarter stood at INR 4,156 crore. A large part of these borrowings is for working capital purposes, mainly because of higher inventory and receivables, and is expected to come down as we realize the working capital. Partly, this borrowing is also on account of CapEx that we've been incurring in ramping up our product portfolio. With this, I'll just hand over to Arnob to cover. Yeah. To conclude, our long-term outlook remains positive. We are very bullish about the company's future business. The drivers for our business still remain strong, and there are rapid technology transitions that are happening, which give us the opportunity to enter new customer accounts and new territories as we evolve our product portfolio in line with those changes. From a trend perspective, the data consumption, both fixed and mobile, continues to grow rapidly. AI applications, new AI applications are driving traffic growth across the networks. 5G deployment will continue to, are predicted to continue till 2030 when the 6G standardization comes in. 4G deployments are still expanding in emerging markets. Both of these give us a good opportunity to grow our wireless business in international markets. There are massive investments happening in AI data centers, driving huge connectivity requirements, which will drive our networking business. 400G WDM is growing rapidly, and there is early adoption of 800G WDM, which is happening. Our products are in time and proven to leverage this growth that is happening in the backbone connectivity business. 10 Gb PON is starting to pick up in emerging markets, and 50 Gb PON is getting deployed in advanced markets. Our product portfolio, which has the 10 Gb products, and as we are working on a roadmap for developing a 50 Gb product, these are in line with the emerging growth of these products in these markets. We continue to invest in our product development and sales expansion. There's a lot of activity which is happening on the wireless front, and I'll hand it over to Kumar to kind of talk through our wireless plan. Thank you, Arnob. We've completed deployment of the 4G network in BSNL. Arnob talked about that. Those radios are upgradable to 5G in whatever band they are. However, since that, over the last two years, we've been working on a brand new portfolio of both the radios and the base band unit that goes at the bottom of the tower for 5G. We've developed radios in the entire frequency band, going from 450 MHz at the low end to 4.9 GHz at the highest end. The radios in 3.5 and 4.9 are massive MIMO radios. We exhibited some of them at IMC. The massive MIMO radio, in particular, that we have at 3.5 GHz, which is also the India band for 5G, is 64T64R, 64 transmitters, 64 receivers, has 320 W of power, and matches the best in industry that is available today. In addition, in order to be able to address the global market for 5G, we are developing variations for every continent that we are engaged in. For example, for 700MH z, we have the radio for India, which is in band 28. We have a variation of the radio for Africa, which is in band 20, as well as one for Latin America, which is band 12. They're all nearby. We are investing in products, especially radios, to address the entire market worldwide. We're also ensuring these are state-of-the-art and competitive with the best available. There are also two schools of thought when it comes to 5G. One is the traditional 3GPP, where the entire radio network comes from one vendor. There is also the Open RAN movement. There's an O-RAN alliance where you try to separate the radio from the rest of the access network, which is called the CU-DU, the Cloud Unit Distributed Unit. We are investing in both. We are O-RAN compliant. We can also deploy as per the 3GPP architecture. When it comes to O-RAN, in order to be able to interoperate with multiple other partners, we have partnered with both NEC and Rakuten Symphony to address the O-RAN market. In particular, with Rakuten Symphony, we can supply our radio units and their CU-DU software. With that, we can address customers worldwide who are looking at O-RAN. While we are deploying 5G today in most markets, we are also deploying 4G in markets such as Africa, where there is a lot of 4G yet to be deployed. The world is also looking at 6G, and in particular, India is looking to lead in 6G. The government has made announcements that we should lead the world in 6G while we are marching with them in 5G. To participate in this, we have been active in the standardization bodies around the world for 6G, primarily 3GPP, but also the O-RAN Alliance, something called TIP. We also participated in ITU along with the rest of the India delegation. Here, we are trying to understand the thinking around 6G from the rest of the world, including other OEMs, other operators. We have our own contributions to achieve the goals of 6G that have been set out, which includes ubiquitous connectivity, use of artificial intelligence, integrated sensing. We are also developing our own intellectual property in these areas. Our goal is to have a 6G product as early as possible in line with the rest of the market and not lag there. I will close there and hand it over to Arnob. Yeah. International engagements, we are engaged in markets, particularly in the developed markets, as in the Open RAN architecture with our RUs with our partners and with Rakuten. We're also engaged in developing markets for a full 4G and 5G solution, which includes Africa, Asia, the rest of Asia, and Latin America. We are seeing traction for our solutions, both 4G, 5G, and Open RAN in these markets. Thanks, Kumar. I also mentioned the huge data growth that is happening, which is driving the expansion of the backbone networks. As I mentioned, we are winning a lot of 400G deployments, which are peaking right now. As we speak, we also expanded our portfolio with 800G and 1.2Tb product launches. We look forward to leveraging the transition and growth in that market when the technology evolves to 800G and 1.2Tb. We are also investing in evolving our data center interconnect products to leverage the interconnect growth that is happening because of the massive investment in AI-driven data centers. In our optical products, we have several strategic wins in Europe, Africa, and Asia for our optical products. This gives us momentum for our international business expansion. In summary, we continue to invest and we continue to remain bullish about our future based on the trends that we see across the business, across the customers, and the technology trends that we see. With that, we come to a close of our opening statements, and we can open the floor 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 their 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 Hireen Kumar Thakur Lal Desai, an individual investor. Please go ahead. Hello. Can you hear me? Yes. Yes, we can hear you. Yeah. My question really is the fact that now I think we are pretty much done with the BSNL order, although the add-on is likely and maybe 5G upgrade is likely. In the absence of Panda Business, do you have an estimate of what is our run rate revenue required for the break-even given that we have larger R&D investments, etc.? As of now, we don't have data to discuss in that front. What is the break-even number? Okay, the second question is. Go ahead. Yeah. Yeah. The second question is, are we likely to get these orders in the current financial year or mostly likely to spill over? Add on orders. As of now, I think, as you know, we have taken a lot of proactive action in building the inventory and in the components as well as some of the finished goods. We know that TCS has received the advanced purchase orders. We expect, as soon as BSNL is ready to expand the network, these purchase orders will come. We are expecting it in this financial year. All of it will not get shipped in this financial year based on when the PO comes. We are expecting the PO to come in this financial year. Now that we have deployed 4G, are we sort of in the stage of POC or something of that sort, either with private operators or outside of India? Yeah, definitely, yes, with the current. Hirem, could you mute your phone? I think there's a lot of background noise. I will. Yeah, go ahead. Yeah, Hirem. With the current portfolio which we have and whatever we are developing, which Dr. Kumar covered, yes, we are engaged with quite a few operators outside India also in the international market. Definitely, all these engagements go through multiple technical discussions and maybe POC. With that, we are expecting some closures with the international operators also going forward. What we're seeing is that it is a little longer cycle from the time of initial engagement through the technical discussions and kind of a thing. You know, quite a lot of engagements are in the fairly advanced stages as well. He's on mute. Yeah, Hirem, you're on mute in case you're asking anything about it. Yeah. So one last question is, this quarter and last quarter, previous quarter, we had some of these write-downs of, I don't know, some manufacturing-related losses or inventory, as you mentioned. Are we pretty much done with it, or it might go on for another quarter or so? I think some of these aspects related to inventory evaluation for realizable value, for obsolescence, and marketability, etc., are ongoing efforts that keep happening for us and for everybody else in the manufacturing domain. To that extent, I think whether it is related to obsolescence, whether it is related to scrap-related or design changes, all those evaluations are an ongoing effect. I think to some extent, where there are manufacturing-related or process-related losses, these typically have been on account of the large manufacturing that we undertook over the last few quarters. I think that is something that we don't expect to have recurrence of in large numbers. Other than that, the ongoing efforts on ensuring that we reflect the true picture of inventory is something that, as a policy, would continue going forward. Okay. Thank you. That's it. I'm done. Thank you very much. The next question is from the line of Vedant Kumar from Chanakya Capital. Please go ahead. Hi. Can you hear me? Yes. Yes, sir. I just wanted to ask, is Tejas capable enough, or does it plan to make itself relevant in the whole process or value chain of data center building? On the lines of the same question, TCS announced a $4 million- $5 billion investment in data centers. Can we assume that Tejas is going to get some of the revenue slides from there? I think, first of all, let me explain where are we, you know, which part of the data center business is connected to our products. We don't build data centers. We don't build the equipment that goes inside the data centers, whether it's the AI data centers consisting of GPUs, areas of GPUs, or high-end servers and all. What we do is these data centers are distributed across nations, across globally, and they require a very high bandwidth connectivity between data centers and also from users to those data centers, right? What we are also seeing is that these AI data centers, given the amount of consumption of power and other infrastructure, I mean, they are kind of getting built in a distributed fashion in clusters. They also require very low latency, high bandwidth connections, connectivity between data centers. That's where we come in. We build the connectivity equipment, the networking or the transmission equipment, which provides this low latency and very high bandwidth connectivity between data centers. Yes, as the data center market grows, our business will benefit not because we build the data centers or the equipment inside, but the connectivity that is required between data centers or between the users and data centers. That's where our business will grow as a result of the expansion of the data center market. To the question of TCS investing in data centers, yes, I mean, a similar kind of opportunity will come our way. I mean, and we have to obviously compete for those opportunities. As TCS builds those infrastructure, yes, the connectivity requirements will drive, will create an opportunity for our production business. Yes, we have to compete for it, but that's going to be a strong opportunity for us as well. Okay. Just a follow-up question. In case of Tejas avoiding this communication, Tejas avoiding this, is the chance that you will need to compete with the likes of Cisco, or is it something that is automatically understood that this would directly go to Tejas Networks? No. There is for the TCS investment you meant? Yeah, yeah, in that part only. Yeah, I mean, it's not. No, I think nothing comes up. We are all independent companies, and on top of that, we are related parties. I think no business really comes automatically. We have to compete for it, and we have to make sure our solutions are on par or better than competition. Yes, you know the thing is that we'll have the opportunity to engage in the sense that because they are part of the group. I mean, that's where it would really end, that we'll get a fair chance at bidding for those and getting an opportunity to compete. Okay. That's all from my side. Thanks. Thank you very much. Participants who wish to ask a question may press star and one at this time. The next question is from the line of Thadavati Saisurendra, an individual investor. Please go ahead. Hello, sir. Yes, yes. Hello, sir. Good evening, sir. Yes. This is Saisurendra, an investor. Congratulations on the launch of the 64T64R massive MIMO radio. It is a great achievement for Tejas and for India. Q2 results are a bit soft. Can we expect some visible improvement in Q3? Actually, you know, as you know, we don't give guidance on our quarter-to-quarter or yearly performance in terms of actual numbers. What we try to do is give you a general outlook of the business environment, the drivers for our business, and our own opportunities, our own investments in these areas to really leverage the opportunities that we see. From that point of view, yes, Q2 has been soft, as you said, but the macro business environment remains strong and remains growing kind of a thing. We are, on the basis of that, you know, even today, continuing to invest very significantly in R&D and products and also sales expansion because we are bullish about our future and what we can leverage from the opportunities that we see. I think that probably gives you an indicator of what we see, where we see the future of our business, you know, without getting into any specific quantification of future quarters or yearly performance. Okay, sir. Thank you. Thank you very much. The next question is from the line of Gaurav, an individual investor. Please go ahead. Good evening, everyone. Good evening. Good evening. My question is about the future plans. As you know, we have been making negative profit in the last couple of quarters. I heard you talking about the future plans, the TOs, and all the TIs and businesses, very optimistic plans. I want to understand from your risk assessment, what are the top two risks you see, maybe, let's say, next one year, which may hinder your plans? What is the mitigation plan you have for those risks? I think the risk would be if we are not able to execute on our plans of our product development. If our products don't succeed in the opportunities, in the trials, and the opportunities that we have in hand, I would say that's the only risk that we see of not performing. The opportunities are clearly there, and it is for us to execute with our expansion plans in the international markets as well as our product development. As long as we meet our product roadmap and are able to, and our products perform well in customer networks, in trials, and POCs, I think that is where the risk mitigation really comes in. That's the only risk that we see, and that is really under our control as well. Okay, thank you. Thank you very much. The next question is from the line of Amit, an individual investor. Please go ahead. Good evening, sir. My question is that what margins we play, these write-downs and all the things which are coming after the execution, we are in profitability or loss? Sorry, you're talking in context of this quarter, or is that a general question? I'm not able to follow. In every order when we execute, what margins are coming? After all the costings and our net profit, I'm asking about the net profit. The last three years, you are having good profits, but in the last three quarters, you have write-downs around INR 600, INR 700 crore. You are talking about the inventory after inventory countdown. That's why I'm asking this question. I think for all the projects that we bid for and when they are at the with an underlying assumption of reasonable profitability, we don't get into specific project-level profitability disclosures. If you look at our material margins as per the disclosed statements, that would give an indication of where the project-level profitability, or if you look at gross margin disclosures that we do, this is that will give you an idea of the project-level profitability. What I can share also is that the profitability for international deployment for international projects are typically higher than what we see from the Indian customers. At the same time, both for all the customer segments that we have, we are able to manage good profitability levels at all the customer segments. The point on the recent quarters where the provisions and charges of charge-offs have been made, this also has to be looked at in context of the large magnitude of orders that we executed in the previous year, right? Also, some of the initiatives that we undertook, as we explained a couple of quarters back, also as that as we are coming off from that large project execution, we undertook reviews of inventory. We undertook reviews of the manufacturing arrangements with our contract manufacturers. Some of these are stemming out of that initiative. My question is that in large orders, after completing all the things and all the provisions, are we in negative or profitability? No. Generally, we don't have negative profitability for any of the projects that we execute. Okay. For future, it's like coming two to three years, you are going to achieve good big numbers. I'm not asking about the guidance, but do you see bullish nature coming, continuing, or three to four quarters languishing? Look, I think without getting into specific quarter-level guidance, I think we continue to remain positive and bullish about the opportunity that we are participating in. What you see over the last two to three quarters or even a longer period, we've demonstrated our capability of our products and our execution over a large project in wireless, which was the first project that we were executing of this scale and of this nature. Also, the large orders that have been executed in the previous two quarters, previous two years on the wireline side. I think what I'm trying to say is that we have all the ingredients and all capabilities in place to benefit from the opportunity that we have in front of us. We continue to. As an investor, am I asking that your past is very good, very excellent, and future, you expect where double, triple, or less than past? Yeah. See, as Sumit said, we do not quantify in terms of our future. You quantify the market, market what big market you are, means INR 10,000 crore, INR 20,000 crore, INR 50,000 crore. Which type of market you are, means 4G deployment, 4G stack in international or India market? What volumes will be in the market and how much you can capture? I think broadly speaking, both wireless and wireline segments are upwards of $25 million- $30 billion of annual opportunity globally. Over time, we would wish to participate in a meaningful manner in this market and have a reasonable market share. Beyond that, I think it will be difficult to give any specific numbers. Means INR 30,000 crore market is there. In billions, means what? In INR 1,000 crores, can you please explain me? Sorry, come again? You can elaborate this INR 30 billion into INR 1,000 crore. How much INR 1,000 crore means market is there? Wow. INR 30 billion. INR 30 billion is, oh, it's INR 1 lakh crore. INR 2 lakh crore, roughly. You can have an expectation of 10% - 20%, yeah, 30%. Whichever scenario you extra thing in your companies, means any target you will saturate, can we have 25% market cap? We are, means in the world, there are six companies like Tejas, Nokia, Ericsson. They are very, means we are a very new company, but we are in what share we can get and what marketing is set. We can get this type of percentage of market. Yeah, basically, yes, there is a large market size, especially for this wireless market and even for wireline market. Now, on the wireless, basically, as you know, the BSNL project we started about two years ago, and we have entered into that. Now we are into kind of some of the global opportunities also. I think maybe difficult to give a specific number of market share as of now, but definitely, we will be growing in the international area. Actually, yeah, as an investor, we want to stay invested or not. We have to decide in three or four quarters. I'm not saying that one quarter, two quarter, three quarter, four quarter. In the next two years, three years, we remain invested, and we want to pursue that we would be there. If we would be not there, why we are invested? We have to take a chance, some numbers, some data that this is the market, like INR 2,000 crore, INR 50,000 crore. We are executing. We are very good in the execution. We are very good in 4G stack, 5G stack, research. You are launching new products. Why is selling not come? That is the main motto. Our company sells, our company gets 20%, 30% share. That is an achievement. Investor can be sticking to your company and ownership maintained. Every quarter we are lost. We are not having any percentage of market share. Your pipeline, what is the exact pipeline for the next three years, next two years? Any data you have to share to us as an investor, we want to get the data in three years' pipeline. What's the number? If there is no number, there is only this talks, and we are getting evaporated. Some policy has to be changed. Yeah, yeah. If you don't give three-year pipeline loan, we all shared the order book as it is, as it exists. That's the number. In the previous call, you have given that order book, which has a TCS PO. Nothing you have shared for big PO or advance PO or any numbers. You have not shared anything. You are only sharing gimmicks. This is the market you see. Please, as a company investor, we minority investor, we want to know what is going on in the company. We are only seeing the data in the share market, in the anticipation that the company is going to be INR 200, INR 100 in data. The future is very bleak. You are saying the future is very bullish, but numbers are not presentable. These write-downs are very late, not at the manufacturing stage, not after completing project three quarters, you are writing off. It is not a good thing. Yeah, I think thanks for your question. I understand your frustration. Conference is very necessary. Black investors, minority investors are there. There is no words, no guidance, nothing. Your management is giving us. We are in the black only. What is the white? We don't know what is going on. Every quarter write-downs, every quarter finance costs, everything is [Foreign language] You have to follow up, and the timeline is there. When milestone will be coming in third quarter, fourth quarter, fifth quarter, INR 80 crore every quarter interest is paid. Why? You have to get the investor to know in fourth quarter, in this financial year, we will close our debtors. What? We have to get a complete guidance on this. Yeah, I understand. I think we try to be as transparent as we can. When Tata Group company disclosures are not made, it is not good, sir. No, please be. Every company I have to be in. I am also an accounting professional. If I am not giving my numbers to my owners or anybody, and I am [Foreign language]. The last is EPS. What is company? Is its network ending or continuing? You are, you are the stage of starting stage of means your reserve surplus is INR 3,300 crore. From this INR 500 crore is minus. At what quarter you will, you are multiplying or decreasing the reserve surplus? Yeah, I think thank you for all your questions. I think we have disclosed whatever we can disclose with the. Not in fair manner, sir. Today, many companies are giving like ANZ, Zomato, [Foreign language] they are giving very fair practices. As in Tata Group company, you are not giving full. [Foreign language]. No, I think you know we have, right from the beginning, we have not been. We don't give guidance except for the environment. Why don't you give guidance? Why don't you give guidance? I think it is really time that we give. There are other people who need a, who will also have questions. I really request you to. Okay. Thanks, sir. Quarter on quarter guidance needed. Quarter on quarter guidance needed. Sure. Thank you. Could you give a chance to the others in the queue, please? Yeah. Thank you very much. As there are no further questions, I would now like to hand the conference over to management for closing comments. Yeah. Once again, thanks everyone for participating in the call. I look forward to interacting with you all at the end of quarter three as well. Thank you very much. On behalf of Emkay Global Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.