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Ladies and gentlemen, good day, and welcome to the 2Q FY '23 Earnings Conference Call of Techno Electric & Engineering Limited, hosted by Asian Markets Securities Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Actual results may differ from such expectations, projections, et cetera, whether expressed or implied. Participants are requested to exercise caution while referring to such statements and remarks. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Kamlesh Kotak from Asian Markets Securities Limited. Thank you, and over to you, sir.
Thanks, Pooja. Good afternoon, everyone. On behalf of Asian Markets, we welcome you all to the 2Q FY '23 Earnings Conference Call of Techno Electric & Engineering Company Limited. We have with us today Mr. P. P. Gupta, Managing Director; and Mr. Ankit Saraiya, Director, representing the company. I request Shri Gupta to take us through an overview of the quarterly results, and then we shall begin the Q&A session. Over to you, Gupta ji. Thank you.
Thank you, Kamlesh. Very good afternoon to all of you, and I once again welcome everyone to discuss our financial results for the second quarter and first half year ending September 30, 2022. Anything said on this call, which reflects our outlook for the future or that could be construed as a forward-looking statement must be reviewed in conjunction with the risk that the company faces. Let me quickly highlight our performance which you may have seen in the papers, and papers filed with the stock exchanges. The total revenue for the second quarter stands at INR 228 crores. The revenue of EPC is at INR 180 crores. Revenue from Wind segment is INR 47.5 crores. EBITDA stands at around INR 31 crores. The operating profit in the EPC segment is around INR 48 crores. We have experienced some pressures in EBITDA due to higher commodity cycles and also partially corrected overseas freight, but still higher debt when we backed the contract. Additionally, some top line also is compromised to protect the bottom line. The other income stands at INR 19 crores compared to INR 10.28 crore last year. The PBT is at INR 78.4 crores, PAT is at INR 59 crores approximately and EPS is at INR 5.35. When we look on in totality for the first half of the year, the revenue is just over INR 400 crores, which includes EPC of around INR 325 crore. Revenue from Wind segment is at INR 78.3 crores. EBITDA is at INR 120 crore approximately. The operating profit of the EPC segment is around INR 50 crores, from the Wind segment is at around INR 70 crores. The other income is at INR 32 crores compared to INR 27 crores last year. The profit before tax for the first half year is at INR 127 crores. The profit after tax is around INR 94.5 crores. EPS is at INR 8.58. The current investment value of cash and cash equivalents in hand stands at INR 1,200 crores, that is almost more than INR 100 per share. During the quarter, we got additional business worth about, another about INR 400 crores and additionally we have booked one more order of Goa TBCB project of Sterlite for INR 126.2 crores. We are also L1 in the -- one of the DBFOT projects of J&K for supplying and installing 2.5 lakhs meters for INR 338 crores. So all put together, the business in hand as of today, is around INR 3,600 crores and business in pipeline is another INR 500 crores, but there are a lot more opportunities in our marketplace. We are confident to book additional business of no less than INR 1,000 crores to INR 1,500 crores by the close of the year as we see all time hike in the company. Coming on the outlook as committed in last quarter, we have been able to tide over difficult times and shown growth despite marginal growth last year. We foresee significant growth for this year, but primarily in the coming 2 quarters, but majorly in the last quarter. We expect the growth momentum to be stronger than this year in the financial year '24 and '25. We expect more businesses from the segments like FGD, AMI and data centers. The order book, which I talked earlier do not include our own in-house order of data center, which will be another around INR 12 crores, INR 15 crores. In the coming years, we expect strong power sector reforms as I have been discussing and part of our printed documents of manual accounts. As power and energy are converging, additionally, there is a significant focus and stress on availability and reliability of power supply, the cost of power and stress on the improvement of overall financial health of the sector. While the focus will continue to be remained on renewable power and its related infrastructure, there is a significant focus of bringing reforms, investing in the distribution segment called RDSS, which are the distribution reforms/system centering. The transmission infrastructure for the renewable power is required for 500 gigawatt by 2030 will continue to be way of life. Additionally, we may expect our energy storage solutions becoming part of the forward going energy sector. And I see more and more future on logistics, transportation sectors, electric vehicles and what not, all going electric. So a lot of energy-based consumption should grow in the coming years. I'm sure it will be doubled by 2030, if not 2.5 times per capita. Coming specifically to FGD segment, the segment will continue to be focused. The Government of India has already extended the deadline from December 2024 to 2026. There is a considerable progress with the CPSUs and some of the states, forward-looking states in ordering the projects while implementation, but the same will be further strengthening and happening in SEBs and private sector also in near future. The government and ministry of environment and pollution says that the plants near populous regions and capital town will have to comply all the orders by 2024 or maybe earlier, while utilities in polluting areas may go up to 2026 or beyond depending on further modifications by GA. The Supreme Court also refused to entertain the Delhi government's petition seeking directions to [ take allegedly ] polluting coal based thermal power plants in Uttar Pradesh, Punjab and Haryana to immediately stop operations till FGD technology installed to reduce harmful emissions. We have got the orders worth INR 1450 crores for FGD during this year, and this level of business is expected to continue at least for next 4 to 5 years as 80 to 100 gigawatt is yet to be ordered out by CPSUs, SEBs and private sector. In Transmission segment, we largely expect that there will be a status quo in transmission side in the inter-state reaching, while intra-state reaching more emphasis on strengthening transmission networks and adding more transforming capacity. Those are 2 load centers. Our TBCB bidding of the last lot of 60 gigawatts of renewable energy out of 175 gigawatt has started, and we expect it to be completed before March 2023. In the past, the dates for distributions are getting extended, I trust it should close shortly. Allocation for strengthening of power system has been doubled to 29.8 million in union budget 2022-2023 for 14.55 million, but government also had this program to spend INR 3 lakh crores over the next 5 years in RDSS scheme and have also extended many kind of situations for state governments and discoms. We are also seeing good interest from wind mills and large investors by making the projects bankable and portable on the financial side, particularly in the renewable power as well as on the transmission side. And it may include AMI segment also going forward. In Metering segment, the government has a plan of installing almost 250 million meters in next 7 years with the prepaid and smart metering features, which are automatic and heavy communications on worksites. We are witnessing strengthening of power distribution networks to make them more smarter, reliable, and less loss oriented. The main aim of all these steps is to improve efficiency, contain losses so that the health of the discoms could be improved. We are L1 as already stated in smart meter order in J&K part 2.5 lakh meters worth INR 338 crores under DBFOT model. The government has also gone ahead with the Electricity Amendment Act in August 2022. The government wants to give consumers a choice of long awaiting, I would say, choice of power supplies as well as enabling these comps to provide timing and adequate results, tariff results. It will also seek to amend Section 42 to facilitate non-discriminatory open assets to the distribution licenses. This also seeks to amend Section 40 to facilitate users of distribution networks by all in that area. Power supplies at page 14. It also seeks to amend Section 62 to provide a greater revision in turning over India besides mandatory fixing of sealing and minimum tariff by appropriate commissions. We are hopeful that power sector is at a very critical juncture and going forward, only it can become better, both to the stakeholders as well as to the consumers. The Wind, we have generic resolution to exit wind assets, Techno has 129 megawatt of wind power in 3 buckets, 61 megawatt in Tirunelveli, 51 megawatt in Coimbatore, Madampatti area and 18 megawatt in Karnataka. In view of the present challenges prevailing in power sector due to coal shortage, are having good grade availability as well as offers for our wind assets from local industries for captive power use. In view of these, we have considered prudent to sell a part of the capacity as feasible. The capacity of around 51 megawatt is supposed to be parked in our own SPV to facilitate our data center operations. COVID-19 has impacted life in multiple phase, but one positive outcome of this is the growth in the digital space. With the growth digital space backed by trust on data production, it is expected that the third party -- and also the IT services being provided on cloud, it is expected that third-party datacenter industry will grow significantly from the current levels of 500 megawatts, 600 megawatt to 2 megawatts in next 3 years and at least 5 megawatt by 2030. Till date, most of the data centers are located in Mumbai and now it is happening in Chennai due to the under-sea cable available. Calcutta is also awaiting the undersea cable, which is scheduled to be here by March 2023. We see lot of data centers coming around our location in Siruseri Industrial Estate in SIPCOT IT Park by other competitors like Equinix, [indiscernible] and others, validating our choice of the location. Our data center is progressing very strongly. And as you know already 24-megawatt IT load ultra-scale hyper-density nature features. The project is in full construction as of now. We have already completed all the foundation and ground floor work and approaching to finish it and are now preparing to cause the first flow by end of this month. We have already spent about 55 giga on the project apart from the CapEx on the line. We are hopeful of commissioning the project by third quarter of 2023. Additionally, we will consume renewable energy from our operating wind energy capacity to classify the data center as ESG compliant, as in the major requirement of hyperscale customers like Amazon, Google, Microsoft, et cetera. Furthermore, we are seeing aggressive interest from strategic partners to have a JV partner in data centers in India. We are evaluating the available options and definitely be concluding shortly a way forward. With a CapEx of around INR 1,300 crores that is around INR 50 crores per megawatt of IT load and 60% to 65% CapEx constituting electro-mechanical works. Within the in-house expertise of Techno, we'll be able to leverage on our capability and relationships for executing such works. With the in-house renewable energy, efficient capability and prior experience of helping infrastructure projects in more sectors, we are in unique position compared to win new players in this industry. With this, I will look forward to participation from our esteemed investors and available to all of you.
[Operator Instructions] The first question is from the line of Sandeep Tulsiyan from JM Financial.
Sir, I think definitely we have reported very good inflows in the first quarter. But for this quarter, you highlighted there are INR 400 crores of additional inflows that have already come in. I presume these INR 400 crores is over and above the Goa TBCB Sterlite and J&K INR 338 crore is what you mentioned or that includes these orders as well?
No. Goa and INR 338 crores is not included.
Okay. So can you share the breakup of this INR 400 crores and also the exact order backlog at the end of September, please?
Yes, we got one order from [indiscernible] for Ladakh and we also got order, Tripura Electricity Board for about INR 237 crore and PGCIL INR 157 crores. So these are around INR 400 crores.
And the order book, what would that be, sir, at the end of the quarter?
Presently, you can say INR 3,600 crores in LTE, which will further grow by induction. In this month, we should get another INR 500 crores, but definitely, we expect another INR 1,000 crores to INR 1,500 crores by close of the year. We should close the year with the order backlog of no less than to my mind, around INR 4,500 crores, this year, without datacenter order. This does not include our in-house.
Sir, please allow me to just reconcile these order numbers because it was INR 3,200 crores at the end of 1Q. We have received this INR 400 crore new orders, and we have done roughly INR 180 crores of execution. So closing orders should be around INR 3,400, right? Otherwise, inflows should be around INR 570 crores odd. So are there any more orders or...
Yes, there are some amendments which continues in so many orders, aggregating under INR 150 crores, some by INR 30 crores, some by INR 40 crores. Yes. Like [indiscernible] did, one job was not going forward. Now it is learnt to go forward like [indiscernible]. So we were not taking in the order book because they could not acquire the land, which they are now ready to acquire. So those kind of orders get revised, which were not active.
And besides this, sir, you also mentioned there is a pipeline of another INR 1,000 crores to INR 1,500 crores for balance part of the year, which is over and above this INR 500 crores pipeline details that you shared. Is it possible for you to share some of the major orders from that, also possibly in which area they are coming from?
Sir, basically, I already said there are 3 areas now we are targeting other than normal areas. We expect one FGD order and definitely by INR 500 crores, at least 10 lakh AMI meter work, number of tenders are in the pipeline and similarly somewhat for the power supply for the ongoing data centers by third entities. And we may also succeed in some of the RDSS factors, which are already in market for above INR 25,000 crores as first lot.
So sir, based on this, how should we look at the overall revenue growth target for the next 2 years for the EPC division?
I will say at least 30%, 40% a year, from 2023-2024 onwards. Whatever order book we have, we have to execute, sir. They are time-bound. So the test year is going to be 2024-2025.
Okay. So 25% by next year, we should aim to grow in EPC division, right?
Yes, absolutely. And I think you can expect INR 1,750 crores to INR 2,000 crores in '24-'25.
And in the past, sir, you have highlighted that the margins are definitely coming under pressure. And I don't know, being conservative or the way Techno operates, you have guided that margins, one should lower their expectations versus 15%, 16% where the company used to operate historically. Would you still stick to that 12-odd percent guidance or based on these orders, would you want to revise it up or downward either.
For this year, I think I would like to keep it 12.5% to 13%, as I stated. But let's see how the commodity cycle behaves. If China slows down and Europe gets into recession, maybe we have more stable commodity [Technical Difficulty] in our country. Particularly we are troubled more on CRGO transformers, which may have formed with other transformer makers also. CRGO prices are almost 2.5 times to 3 times 2 years back. So prices have normally reached there because more CRGO is used as a CR -- no -- for EV vehicles and other applications, batteries. So let's see how it would behave. Nickel is very pricey, that is one element. Steel may remain stable or I don't know if government removes the ban on the ports and some market cycle may change. But still I will say that steel is higher by about 10%, 15%. But our present day orders are all based on current costing, so we won't see that kind of impact. So it should come back in '23-'24, I think we should be back to 50%.
Sir, if I may, a couple of more questions, from my side, if I may ask them. One is on the Wind side, what I understand from your commentary is that you are going to carve-out one portion of about 51 megawatt into 100% subsidiary for in-house data center and the balance around 79 megawatts or 80 megawatts will be disposed-off. Is that the correct understanding?
Yes, attempt is like that. Absolutely.
And second thing was on the data center. If you can just highlight a little bit where we are exactly. In terms of performing a joint venture partner, do you think if we are not able to strike a partnership in the next 6 months, will the execution timelines get pushed or you will anyways go ahead with and put your own capital for this whole datacenter of INR 1,300 crores. How would that work out? If you can just share some more details on that?
No. Firstly, we are in a fairly advanced stage of a partnership and kind of a term sheet is nearing closer, but we are in a silent period with them. So I cannot share the details on that side, number one. Number 2, but irrespective of whether we are able to have a relationship or not because they have long-term implications for any investment. We are definitely -- we'll be going ahead and completing Phase 1 by the end of second quarter or third quarter of '23.
And on the cash balance, sir, I think the buyback that we are currently doing is, of course, not progressing. I mean, we may not reach the entire target or the capital that we allocated for that. So what is the overall plan? How much of this do you plan to dispose-off? Is there any other alternate method, will we increase the buyback price or do you want to give out a dividend? Any thoughts on that side to utilize INR 1,200 crores?
So firstly, I am not with your view. As of today, we have already achieved 17.5 lakh shares buyback on INR 50 crores. And we are actively in this market. And I'm sure still 2 months to go, more than 2 months, we'll be able to spend the whole of the money. But if any sum is left-out post buyback closure, it will be paid out as dividend.
And one last question from my side, sir, is on the outstanding debtors. Is there anything which is still sticky, slow moving, how much of the balance portion that you used to update every quarter is still pending? And how much is yet to come in from the doubtful receivables?
No, there is no doubtful, sticky years only in Afghanistan in one of the contracts, we still continues to reinforce for last one year. That was ADB-funded project with us, at nearly 80% plus performed. So it's a Central Asia project. I'm sure World Bank and ADB will come forward to support the project. Along with us, KPTL, KEC, all are involved. And Government of India is also working through an issue of external affairs as well as through its political networks. I'm sure this project will happen. But at the moment, I can say that it is sticky part. Other than that, there is no concern, no large concern, I would say.
What is the value of this order, sir?
This was $35 million value of the order. We have executed already $29 million.
$35 million?
Yes.
Which is still pending, the receivable value, right?
Right. No. As far as [indiscernible] pending part is only about INR 45 crores.
Pending is INR 41 crores.
INR 45 crores, you can say.
INR 45 crores, okay. And on the investment side, any investments where that ICDs or anything you have lend, which is still pending that have to come from or that is entirely...
God grace, we are through. We are all done with last -- also received on November 10.
And sorry, if I may ask one more thing. On these overseas projects, I think there was some update that you had shared for that project in Afghanistan. If you can just update us on that, what is happening exactly over there?
That is what I'm sharing. Afghanistan [Technical Difficulty] ADB funded, that's what I shared with you, $35 million, $29 million executed.
[Operator Instructions] The next question is from the line of Sarvesh Gupta from Maximal Capital.
Sir, first question is on the revenue sort of target for FY '23. So I think earlier, we were looking at 25%, 30% sort of a growth for this current financial year. But given that we have done only INR 400-odd crores in H1, so what kind of number are we targeting for this financial year in the remaining 2 quarters?
Yes, it continues to be same, sir, INR 1,200 crores, INR 1,250 crores. And we should be able to do another INR 800 crores minimum, if not more in the next 2 quarters. The fourth quarter will be really heavy this time. It will be little bulky because a lot of things may happen in those 3 months, but third quarter will also be better over the last 2 quarters.
And on the wind power side, so this remaining 79 megawatt that we want to sell, so where are we in the sale process because last quarter con call also you had discussed this. So have you made any progress in terms of selling it and where are we and how much money do we expect to realize in this financial year and how much in the next financial year?
Sir, I think sales should happen mostly this year only and money to realize. We are finding contracts now for 35 megawatt, out of which we have already received money for 6 megawatts and another 28 megawatts, 29 megawatts we may get in this month or next month. They are the binding contracts, balance are in negotiations.
So you expect the entire, apart from 51 megawatt, everything else to be sold in this financial year and the money to be realized this year itself?
I wish, but not sure. You can say so. Maybe 20 megawatts here and there.
Okay. And what is the average pricing that we are getting when we are selling these assets?
Around INR 4 crores per megawatt plus INR 4 crores plus.
Sir, you mentioned about the cash balance, I did not hear it correctly. Is it INR 1,200 crore plus right now?
Absolutely right.
The next question is from the line of [ Sonia ] from Dalal and Broacha.
So firstly, I just want to confirm we have not shared our quarterly presentation this quarter. Our quarterly presentation, which we generally share every quarter that has not been shared in this quarter?
We'll share tomorrow that, it will be put on our website.
Okay. Also my next question is on the order inflow growth. You were saying that you are expecting around INR 2,000 crore orders inflow, cash order inflow. So I would like to understand like since many things are happening in power sector, the capacity is likely to pick-up as a whole. So what kind of fresh orders inflows we are expecting over next 2, 3 years?
Ma'am, this trend should continue because power sector is a focus area of the government now, more stronger than ever. And definitely, COVID has also impacted and if in manufacturing and industry and we have to become $5 trillion economy, power cannot be lagging behind. So all these areas have become major CapEx in power which you can measure easily [indiscernible] side where government is spending INR 3 lakh crore. Then AMI metering system solutions, where government want to square, have about 250 million meters by 2030. Similarly, climate change, so a lot of valuation issues with the thermal capacities like FGD solutions, Ox-NOx, water pollution systems. They are all going to be futuristic way of life as well as green power target of 500 gigawatt, which I discussed. So you have to build lot of green corridors to transmit the power, balance-out the load consumption and so much of stress on the electric side now going forward on consumerism like logistics, transportation, electric vehicles. It is all becoming power-driven economy mode than any hydrocarbon-based anymore. So all this is going to make power consumption to be at least 2 times to 2.5 times of our present consumption, which is no more than 1,200, 1,250 units per capita. So you can understand that power networks have to be strengthened, power has to be metered. Our sale has to become 2 times in next 7 years. So all this is sounding good and capacities and reliability, availability, sustainability have to be taken care of.
And my second question is on the margins on EPC business. Historically, we have done around 17%, 18% margin on EPC. Now it has come to around 15%, 16%. So I just want to understand, like now currently, it is low. Do you see it expanding in like next 3, 4 years or you expect it to continue at the same level?
Well, this is very difficult question to project and predict because it is all linked to the commodity cycles in our country and inflation. But we are hopeful that commodity cycle, which impacted us strongly last year and even we sacrificed some of the top line to save the bottom line, will not be impacting as strongly going forward. But I like to be conservative, given my guidance. If anything good happens by virtue of Europe going in recession, China slowing down, commodity cycles becoming more easy and affordable, definitely, there is a scope to do better, ma'am.
[Operator Instructions] The next question is from the line of Prolin Nandu from Goldfish Capital.
If I look at your past history in terms of your EPC execution, in all the last 5 years, we have reported an ROC of upwards of -- on an average upwards of 50-odd percent. And now if I look at your order book, the nature of order book is slightly more heavier towards FGD projects, towards its smart metering projects. Do you think going forward, with the change in order book mix, will we be able to maintain similar kind of a ROC number?
Yes, definitely. Because earlier our projects were distributed on a number of locations. So any number of locations is a cost center and definitely adds to the cost. But if you are doing a larger volume of work in one location, it does bring the scale of economy associated with it. So it helps both ways. And we are confident that we'll be able to retain this kind of margin guidance.
So I wanted to check on ROCs rather than margins because -- and you had also mentioned FGD at least the first round was very competitive. Now if I'm not wrong, things are not as competitive as they were in the past. So my question was more on the ROC part, not just on the margin part in terms of receiving the money because there, again, we have expertise, right, in terms of -- you have always mentioned in the past that it's not about getting the project, it's about executing on time and getting the money on time. So in all these parameters, do you think that given the change in the order book mix, we'll be able to maintain the similar kind of return ratios as well?
ROC of the capital deployed in EPC business, yes. But we have many verticals, they keep migrating from one vertical to another. So capitals are deployed differently [Technical Difficulty] but if you are referring only to the element of EPG, yes.
Correct. I was referring only to the element of EPC. So my second question is on datacenter. Now in the past 2, 3 calls, we have mentioned that there have been some term sheets, which we are evaluating. Is it certain milestone in terms of completion, which we are waiting for, for us to execute these term sheets and for us to go ahead with these term sheets or is it just that we are looking -- because, I mean, as we probably near the completion milestone, the valuation at which these deals will happen will also improve. So are there certain milestones that you want to complete before we close the deal and that's the reason why we are taking longer for this part?
As I was saying that these term sheets have been coming frequently to us over the last one, 1.5 years since we started interacting with partners, potential partners, but over the period of time as the project is progressing, you rightly mentioned that each as the development risk is reducing and therefore the valuations and terms are also constantly improving. And that much more visibility has also been gained and therefore, stronger partners are lining up. And we've been keeping our patience that at some point of time, we will achieve something superior than what has been achieved in the past through these term sheets. Then that's the reason why we are taking our time and hopefully, we'll have something on-board once we have a term sheet to our satisfaction and which is reasonable in nature as far as the terms are concerned as well.
Do you want to give some timeline by which we can finalize maybe this year or would it be falling under the next year? I know that it depends on the quality of term sheet, but still timeline with something -- some timeline with we are working with?
By the close of this year, we should be completing it.
The next question is from the line of Sarvesh Gupta from Maximal Capital.
Sir, on the data center, one question. I think in the last con call, we had mentioned that the first phase of the Chennai datacenter, we wanted to commission by June 2023. And I think in this call, you have said that it is third quarter of 2023. So do you mean that it has been sort of delayed by another 6 months from June 2023 to December 2023.
I only meant third quarter of the financial year, that is ending September. I have said second or third quarter of the year '23-'24, that is between June to September, but it may be around June, July only.
And secondly sir, regarding this previous discussion on the term sheet. I think earlier, you had given us an understanding that you would want to issue the shares to a perspective party the strategic partner at the -- without a premium because this is more like a long-term strategic investment. But are we now looking for a premium to the book value for this business? And hence, we are getting delayed on the acceptance of the term sheet.
It has multiple quality of partners which have approached us over the period of time. And it's very difficult to today say that there is a premium attached to it or not because it finally depends on the entire structure and the potential opportunity that we gain out of that strategic partnership. At this stage, it is little too early to make a remark on it. But as I said that with the passing time and the development is reducing on the project, one can expect better than before.
But we are still intending to offload 51% or more stake in this project, right?
Absolutely.
Gupta ji, Kamlesh here. One question I just wanted to have your understanding sir is that, about the datacenter, have we started booking any revenue from that? I mean, the execution part of the EPC part.
No, not yet. Not in our books.
And how much revenue you are expecting to accrue from this first phase commissioning in terms of the EPC revenue for the company?
First phase will be around INR 600 crores plus minus, which we may like to book next year only going forward as when as possible. But we'll take a call by February-March how it progresses.
[Operator Instructions] As there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Yes. I thank you all of you for joining the conference and participating with searching questions, and you are most welcome. If you have any queries still left related to our performance or operations, you are most welcome to mail us on our -- to Vishal Jain in our office, our IR person. And also, if you happen to be with this side of the country, then you are welcome to drop-in and we'll be very happy to take you around our office and how we work. I can only say that we have a great future. And despite all challenges in the past, the future is very bright, and we definitely see a growth momentum coming once again in this sector with all multiples, which we lost in last 3, 4 years due to sluggishness of the government or COVID, they are all behind us. And with this optimism, I would like to close the conference. And thank you, everybody, once again for joining. Have a good day.
Thank you. On behalf of Asian Markets Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.