Suyog Telematics Limited (SUYOG) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, on behalf of Captify Consulting Investor Relations team, I welcome you all to the Q2 and H1FI 27 post-earnings conference call of Suyok Telematics Limited. Today on the call from the management team, we have with us Mr. Shivshankar Latouria, Managing Director, Mr. Tushar Shah, Business Head, India, and Mr. Ajay Sharma, Chief Financial Officer. As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements which may involve risk and uncertainties. Also, this is a reminder that this call is being recorded. I would now request the management to detail us about the business and performance highlights for the period ended September 2026, the growth perspective and vision for the coming years, post which we will open the floor for Q&A. Over to the management team.

Good afternoon, everyone. I would like to wish a happy new year and a prosperous new year to all, each and every shareholder who have attended this call. We have kept this presentation very brief to a point so that we can have more time for Q&A. Because every time I think there are people who are not able to ask the question, so we have kept, we have removed the repeated slides of the presentation. We have kept it very brief. So, this presentation is for the Q2 numbers or H1-FI20 as you can say. We continue to have maximum revenue from Bhakti Etter, which is around 48.5% in H1, followed by Jio is contributing to 19.5%, Moda 4 is contributing to 30%, which is significant increase of 3% compared to last quarters, and BSL revenues decreased from 2.5% to 1.1%, which is a very healthy sign for our financials, and BSL contributions going down, and Moda 4 is increasing the contribution in our revenue share. Uh, we have now, now we added Q2 at the total tower of 6263 unique towers, which can, which has 7674 tenancies. My maximum tenancy has come as a macro site, due to it, there is a marginal increase in sponsor tenancies, which has gone up to 4129, and we have done around 20 plus government sites tenancy in H1. We have laid around 200 plus kilometer fiber in H1. So now my fiber strength is 6 out of 510 kilometers across India. Currently, we are already working on 2000 plus additional science from Vodafur area across India and which will be deployed as and when as per the BI requirement and business plan, which we keep receiving on monthly basis and quarterly basis from Vodafur. So, you know, I think most of you are aware, but this is only for a new shareholder, if there anyone who has joined the call, we follow a very simple business model. We take land or land building space on a lease from the site owner, we invest our capex, we build our tower, and we service that tower to mobile operator for active installation. So, it's a very basic model where we take higher space on lease, invest capex, build tower, construct tower. And we sub-reject to operator, so which in our scope includes tower, power and fiber. So, how do we have the entire process of building a site? We have a master service agreement called for mobile operator. They are the one who will give us the nominal network where they want the tower. Basis on the network, my team will go and identify suitable land parcel or a terrace space for the tower. Once we get a principal go-in from the landowner or a building society, we go back to operator. These are the locations where we can build tower for you. There, the technical team will go and confirm us whether that location is suitable, what type of site they want, whether tower power, whether tower or ground-based site, what height of site, everything. On receiving technical go-in from operator, we go back to site owner, we enter into agreement, and then we start our project work. We need around 21 days to build rooftop site and around 45 days to build, 30 to 45 days to build ground-based site. Once we complete our tower direction along with power and fiber, We'll decredit RFI for mobile operator. Mobile operator will then come and ensure that active equipment that built here in CSM and TIRR and will integrate this site. Once that site is integrated, we'll share the same terminal to other mobile operator and if they require, we can give same tower to share as a sharer to other operator. We can easily accommodate four operator every tower. So that is the model which we follow. That is the industry standard model which everyone follows in the industry. Best part of that model is even before investing a single rupee, we know ROI. Because unless we receive one service order from any of the operator, we do not invest a single rupee on the site. So that is the beauty of this model. Like I said, always we work with all the four mobile operators and we have different types of charges. IP fee, infrastructure provider fees is a basic charge which we get for the capex which we are investing. It's predefined in master service agreement, basis on the site type, height of type and different parameters. Site rentals are the rentals which we pay to landowner or a building in society which is reimbursed from operator on back-to-back basis. Loading Charges. See, right now, suppose I am installing 4G, thanks for Bhakti Etel. Tomorrow, Etel wants to come and do 5G, 6G. They need to pay me additional space charges, additional antenna charges, additional power charges. All these loading charges are predefined in MSI. I don't need to go and negotiate for any site with them. And fourth one is electricity and diesel charges, which is again remorse on actual basis from operator. IP fee, site rental and loading charges become part of my and now even electricity charges become part of my top line and all my MSS are for 15 to 20 years with 2.5% inbuilt escalation on IP fee and loading charges. We were with all the four mobile operators, it's Actel, Vodafone Idea, Jio, and BSN. No. I just want to, you know, give a brief about what's lying for a telecom industry going forward. As you all know, Vodafone has made that investment of 45,000 crore capex incoming 18 to 24 months, for which they are arranging funds on in a multiple days. They have already planned, they have planned investment of 6,400 in first tranche, they have already received from the investors and they are planning few more tranches. So in the next three years, they are going to build 45,000 cents. Out of which we are targeting to do around 5,000 sites incoming 2 or 3 years. BSN has just now declared a rollout of 16,000 sites by March 27, out of 4,000 sites in Mumbai, 6,000 in Delhi and 6,000 in rest of India. But as of now, in a way forward, we are not considering any BSN tower because the building takes a lot of time to start. So, as then, when... So now, this data will just show you the overall picture of BSL roll up, but it will not be part of my any tower numbers. This will be showing the billing of that specific tower for BSL. So there are huge potential for industry. For next three years, we have enough work. We can deliver as many as tower we want based on the operator plan. So operator will give me monthly rollout, quarterly rollout basis on which my quarterly plan gets free. See, this is the overall number which operator has declared. But their monthly rollout and quarterly plan depends on their business validity and also on their fundraising capacity. So my entire rollout is dependent on operator monthly and quarterly plan. So, these are financial index. We have done on a consult basis. We have talked. We have done 1717 million of revenue. With 431 million of EBITDA, and EBITDA is strong like our previous quarter of 60%, which we are designing quarter on quarter from past many years now. Our net profit is 153 million, which is again 21.4% of net, very strong net profit margin, which we are learning on transitive years basis. IPA stands at 13.09. My revenue is a revenue per tower, which is almost touching 30,000. So, there is a marginal drop because the maximum tower will be rolled out in Q2, for which entire quarter revenue will be coming up in next quarter. So, there is a few hundred rupees drop in tower per tower. But it is showing a very healthy, even after rolling out a huge number of towers, we are able to maintain 31,000 revenue per tower. So, I am sure you must have seen our results by now. So, I will not go through in detail in financial statements at Berenshade. Next, it's on presentation from my side. Come and start, we can open it for Q&A. Thank you, everyone.

Thank you, sir, for the detailed brief. All those who wish to ask a question may use the option of raise hand. If you're not able to use the option of raise hand, you can post your question in the Q&A section as well. We'll ask them everywhere. So we'll take the first question from the line of Kostu Bhugna. Mr. Kostu, we can unmute and go ahead, please.

Yeah, hi. Thank you for taking my question. So I wanted to understand, see, over the last two years, it shows in your balance sheet that you've done more than 200 crores of CAPEX, right? And whatever CAPEX you've done on top of that in first half FY27. So I wanted to understand, who is this Capex? Which customers is this Capex for? Is it for Vodafone? Could you split up which customers this Capex is for? And my concern is, is that if this, I don't, you will tell me who this Capex is for, but my concern is that if this Capex is for Vodafone and BSNL, BSNL has their own, they do this on their own also, right? Am I mistaken to understand that you all expected way more business from BSNL up to date versus what you have received? And from Vodafone also, you know, you had guided in November 24, November 2024, you had guided, I think 15,000 tenancies or something. And that guidance has... More than has dropped majorly as of today. So I wanted to understand we're doing all this Capex. What if we don't get the customer's commitment for all this Capex?

So, first thing, whatever CapEx we have done till now, for Oda food, we have started billing for them. There is no delay in billing for Oda food. So, in current term, my major CapEx is going for Oda food idea. Out of around 356 tenancy, 200 entire tenancies for Oda food idea. We have done few tenancies, 100 plus tenancy, 150 plus tenancy for BSNL, which is part of my CapEx but not part of my tenancy count. So, the 356 tendency which we have done for Vodafone Idea, we have started bidding for all of them. So, there is no worry in terms of Vodafone campaigns because we are bidding it from immediately within 30 days we start our bidding for Vodafone Idea. In terms of BSNL, yes, there is some delay, there is a major delay to start the billing of BSNL, that's why we have strategically said we will not add in a tenancy count or tower count when we show you a presentation. Yes, it will be part of my CAPEX because I am deploying the CAPEX. So then BSNL is already struggling with Tejas equipment because there are certain line of sight issues and no fiber issue due to which there is a delay in BSNL site integration, but yes, slowly and steadily growing up the integration count and as then when sites are getting integrated, we are able to To start with it from BSL sites also. In terms of business expectation, see, we expected a huge business from Vodafone Idea, which we already started receiving from Vodafone Idea in current financials. If you have seen my exchange declaration, on 15 June, we declared first, you know, first edition of Vodafone Idea, which we received for CXL plus site, which was followed by another declaration. Yes, there was a delay in Vodafone Idea, because we all know that Vodafone Idea was struggling with the finances, which they are able to arrange now, and they are going very aggressive in market. So, we did around 18 million price sites for BSN, out of which 50% price are already going to billing and balance sites, we are, you know, we are Suri and Steady bringing ODA from that So, I don't think there are any major concerns on the capital and revenue not getting, if you see my even average revenue per tower, we have maintained at 30,000, which clearly shows that I am monetizing all my capital which I am investing. So, I hope I have answered your question correctly. Kostook. Kostook wrote it stopped, I think. Next question.

Yes, yes. Yeah. So you haven't answered my question to the extent that I wanted to understand. See, if you could break up out of the 200 plus crores of Capex done, how much was for Vodafone? How much was for BSNL? And when you speak about what was for Vodafone? For how many sites has this CAPEX been done? So if Vodafone falls short, right, of giving us those tenancy numbers versus what we've accounted for, then that would be a drag, right?

No, no, no. When I say I have done capex, it's a capex where I am starting my billing for Vodafone. Vodafone may give me, they have given me projects for say 2000 cents, but I don't do capex for all 2000 cents at one shot. And then when I get service order from Vodafone, we invest capex and then only we start the billing also. So in Vodafone you have.

Understood. So you're saying that the Capex only happens once you've got a confirmed service order. Yeah, we don't invest a single rupee without we getting one service order from any of the operators. And historically in this business and with these customers, have you seen where you've got the service order and it's been cancelled after you've done the Capex?

No, no, we have not seen any such incident because as per MSA, they cannot cancel service order. There is a lock-in period of 10 years. Even if they cancel service order, they need to pay me exit clauses charges, which is equal to 10 years of payment. 7 to 10 days of docking period are there post SO. So they cannot cancel service order post SO.

Okay, that answers my question. Thank you. Thank you.

Thank you.

Thank you. We'll take the question from the line of Harshit. Mr. Harshit, you can unmute and go ahead, please. Roshit, you need to unmute yourself. Mr. Rashid, you can unmute and go ahead.

Okay, sir. Thank you for the opportunity. Am I audible?

Yeah, you are audible. Yes, sir. Thank you.

So, just wanted to understand, sir, what is the total KPIs that we are going to occur this year in FY27 and how exactly are we going to fund it because we have only like 8 or 9 crores of cash in a balance sheet. So, can you just explain that?

Oh, I see.

Sorry, sir. I didn't hear you. Can you please, you know?

I have to tell you that the complete check plan is, which is 200 crores. It's about my budget. I have a cash flow. I have an internal accruals. Plus, I have a bankroll facility available.

Sir, can you tell me how much internal accruals will come and how much debt will come? All right, sir. And what is the, you know, expected debt level in FI 27 and 28? All right. Okay. I'll join back. Thank you.

Thank you. We'll take the next question from the line of Ankush Moody. Ankush, you can unmute and go ahead, please.

Yeah. Thank you for the opportunity. So I have two questions, actually. So one, I think over the past two years, I'll continue from the first participant. So we are having slightly disappointing quarters and results, and Q2 27 has been another one. What I want to ask is we had 600 to 700 orders from Vodafone in June, and 150 were already completed in Q1. And as per the commentary, we wanted to convert maximum of the 600-700 tenancies in Q2. But if we see the presentation we have converted only 206 in the entire quarter. So why are we not able to complete the expected tenancies and why is even the short-term guidance which is given by the management going inaccurate way? Am I missing something or is there something wrong in the way I'm looking at the business?

We had got 6-7-plus orders from Vodafone on around 15 June. Out of which, within 15 days, we delivered almost 1.56, and then we have added around 200 plus tenancies in calendar in Q2. Now, see, Vodafone released the order at one shot to me on quarterly basis or monthly basis. But I can deliver RFI as and when they require. Suppose now that vital planning and their fund I am capable of delivering almost all these sites in a quarter. I can deliver around 1000 plus sites every month. That's our capacity because we have team across India, we have enough funding with us. So delivery is not an issue for Sujuk. But if I build a site, Vodafone don't integrate the site. Again, my billing will get delayed, which we don't want to lend it to. So if Vodafone, we take, you know, information from Vodafone on monthly basis in each circle, how many sites they want from Sujuk, basis on which we start work and we deploy the site. Right now, what we have done, out of all 6 and 7, we have kept that, where we have signed letter of intent with the site owner, and we are ready to go ahead with the site. So, Azure and Vodafone business team gives us confirmation as we are currently out of 6, these are the priority sites, we will go ahead and deploy it. So my entire monthly and quarterly plan depends on the Vooda food requirement of that specific month and quarter.

Okay, so just to follow up on this, because if we look at the presentation, see your presentation also says that Vodafone targets to roll out 3000 to 3500 4G sites per month. So does this mean that this is not a confirmed number? Because our understanding as investors is when you say 3000 to 3500 sites per month, they want to roll out, it is already a confirmed number from Vodafone for a considerable future.

What is it to see in a quarter? It's a confirmed number that they want to roll up 45,000 sites in three years. But it can vary. In year one, suppose their funding will be shorter than what their original plan. So that site will get spilled over to next financial year or next quarter. 45,000 is the confirmed rule-out which they have declared on public platform also, and that data journal will be, we have the entire list of sites where they want to install this tower. But yes, based on funding, their monthly and quarterly plan will go. So you cannot say that every month on month they will sustain, you know, sustain route of 3,000, 3,500 sites. It will vary from quarter to quarter, some quarter will be very high rule-out, some quarter would still be very less number of rule-out based on their financial plannings.

Okay. And any guidance they have given for the next couple of quarters or we are still waiting for the numbers?

We are still waiting, which we are expecting next few days. We are still waiting for the final guidance. We have got a 32 number, but we have final guidance are still available from us.

Okay, and thank you, sir, for the clarification. So, one last question is that we had plans to convert 10 to 15 sites into zinc battery in September, which you had confirmed in the last quarter. So, any guidance on that? How we are doing that?

That is on four sites. So, in the last week itself, we have defined some zinc battery for four sites. So, now we are waiting the results. We will monitor it for next one month and then we will take it forward.

Okay. Sure. Thank you, sir. Yeah, that would be all from my side. All the best.

Thank you, Ankush. We'll take the next question from the line of Saket Kapoor. Mr. Saket, you can unmute and go ahead, please.

Yes, sir, first of all, sir, revenue target We are on track for the revenue profile to reach 100 crore,

what you are saying, revenue, Kapoor, yes sir. Quarter-on-quarter, you have a result of that, sir.

I am here with the question of the question. I am here with the question. We are not on. I am here with the question.

Every quarter our top line will be 100 crore and below the ratio was our follows. This is what we will say.

Okay. आज़ी हम बरनस्त

सप्ट पर्पर्राइज करने टर्केट हो जाएगा शेवट्स हो चेलिएगा लोगो में अधर आएड हो जाएगा पौनक लिए तक पचल सी ऐसे करके चल जाएगा

Okay, so on a quarter on quarter, it will grow by 15 crore. That is what you are.

Yes, sir. Expecting that. Quarter on quarter. So, I am looking at June quarter.

June quarter was 71. 75 72 and then I'm not putting the other income into consideration for revenue from operation for June was 70 cro 95 lakh September is 70 70. Yes, only that is hardly anything, sir.

2% 2% 5% 10% Sakir, Sakir, you all know that Q1, the product was not done by any of the operator. The product was starting to rule out by 15, all 15 units and they declared the first lift of product. So my management product has happened in Q2. And we are seeing an increased number of rollout in every quarter and quarter, yes, there is a delay in rollout plan, but we are surely going to achieve that target very soon, but yes, it will all depend on operator plan. And as of now, we are seeing a very positive trend from Udafur for quarterly rollout. Numbers are increasing every quarter for Udafur.

And sir, capital work in progress, closing balance is similar number only 87, 88 crore. However, we have capitalized 20, 25 crore work. What should be the capex for H2 and how much are we going to capitalize? Just to understand how should H2 shape up?

We are targeting to go on 100 crores of capex in H2. And I will see you after the call, I will see you after the call. Thank you for the information from operators.

Okay. So, on top of the closing balance of 88, we will do 200 of the total year. I'm talking of H2 right now.

H2, we will be doing another 200. 2000 sites in H2. 2,000 crore ka capex site. That's what we have planned right now based on the numbers which are available by Hoda from us, but then everything depends on the monthly and quarterly plan. So we keep updating that number on monthly basis. As of now, yes, what you are saying is correct. We are planning 200 crore capex for H2.

Sir, when we look at our tax payment, income tax. So, this is the net of any refund or how much advanced tax have been paid for the first half? Net of, net of. So, can you quantify the number, sir? How much we have paid as pure advanced tax for the first half? So I'm just asking you sir, if you take the total provision part, what is the advanced tax number for the first half?

Thank you.

1.5 CR.

I am 7 point something 1.5. Sorry, sir.

Can you repeat the answer? What is the advance tax figure for the first half 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 See ya.

1.5 CR is the advanced text number.

Right second.

I think that there is some, I'm able to contemplate, we have profitability to the tune of 40 crore, tax provision is to the tune of eight and a half crore, and advanced tax payment is 1.5.

Saaket, there is also, what they are saying is there is a TDS deductible. That's very clear.

Okay, sir, I'll take it off. Yeah.

Thank you, sir. Okay. Vision is you can continue with the questions.

Yeah. Hi. Thanks for the opportunity. I wanted to continue with the first speaker's question. How much of the Capex we have done for BSNL, which we have not able to build, both in terms of number of site and amount that is stuck on which the billing has not yet started? Can you come closer to the phone, sir, please? Yes, much better.

So, around 30 crores here are capex done for BSNs yet to be monetized, which comes to around say 300 sites, which are yet to be done as a billing, signed up in RFI for BSNs, but we have now started the billing.

Now, is the BSNL going to compensate us for their delay in billing or accepting the site because of the Tejas equipment failure or equipment issues? Will the BSNL going to compensate us or no?

Neera, as per my MSA, they are supposed to pay me from RFID. So, see, based on the decision, we may give them some waiver of 60 days, 90 days something when we sit on a table, but MSA is very clear. BSN is to pay me from RFID, maximum 60 days waiver is allowed. After which my bidding starts automatically, BSN will have to pay me as per MSA. Now, this is what the MSA says. Suppose they give me some big order and they say that they will compensate me by the order. We may think of giving them some waiver, which is not yet been decided.

Understood. Just extending this question. So for this 30 crore, the operating lease that we are paying because we are not booking their revenue. Are we making the expense for the on our side into our

so what we have done we have sent in communication to all the site owner then this commercials the rental which we are going to pay is on board right now because BSL is not able to integrate the site as that when they integrate the site we will start paying you the rent so that we ensure that we don't take heat on rentals in our books.

Neither did you. Neither did I feel about some D.A. There are three private operators. One is BSNL government operator. Yes, BSNL strategy is all India. Yes, interest of expression 18,000, Delhi or Mumbai to get the first race. We are very strong in Delhi and Bombay. We think that for growing purpose, We have not constructed any site. So, I'm going to order it. Just to explain it. Okay?

So, by when do you think these 300 sites can be deployed for BSNL, we are

expecting to start any time in Q3 and Q4, I can give you firm commitment right now because everything depends on which CBS also wants to integrate this and they want to renew the entire brand, they will hire an international agency for brand relaunch. But at least the requirement issue of Tejas and their fiber issue get resolved, they are not in a position to integrate this and we are supporting from our side to also, we have also offered them to lay fiber for them. So work is in progress. They want to launch it very soon. We also want, you know, binning to start very soon, but let's see when Tejas' requirement issue gets resolved. But yes, we want, at least in this financial year, we should start, we should complete all the pending set, and next financial year should be trade set for BSF.

Understood. Other question also, just a clarification. You said that 203 crore of Capex is planned for H2, out of which 120 will be from internal accruals, 80 from the debt. So this debt is already sanctioned from which bank? Already sanctioned. Already sanctioned. Okay. Can you share the bank name? Okay. And what's the KPEX plan for FY 2027-28? Do we have any plans?

We have plans. We have plans. We have plans. We have plans. We have plans. We have plans. We have plans. We have plans. We have plans. We have plans. We have plans.

Understood. Thank you so much. All the best for upcoming quarters.

Thank you, Neeraj. We'll take the next question from Parth to Seed. Amishra Parth, you can unmute and go ahead, please.

Hello, am I audible? Yeah, Parth is audible. Okay. So, I want to ask... Like, what is the VI share in revenue, like in Q2 and H1?

It's already part of my presentation. Vodafone Idea share is around 31% now of our total revenue in Q2. And if you see on H1 basis, it was around 30%.

Okay, okay. Which has increased by almost 3%. Thank you.

Mark, your voice is not audible. It's breaking in between. Can you please come in?

Hello, am I audible now? Hello. So, uh, uh, is there any, uh, revenue gardens for second half of this year?

I can't say, but what I was saying is I have 200 crore, which translates into 2000 sites. Uh, one tower give me around 30,000 revenue. So you can calculate yourself. But again, I'm trying to repeat, you know, my entire plan depends on, it can go very high. We can easily achieve this or there can be minor shortfall depending on the operator. Good morning, everyone, and welcome to the call. It's very easy to calculate seconds. You can calculate yourself. 200,000 signs into 30,000 is the revenue per tower.

Okay. Got it. Got it.

Thank you, Barth. We'll take the next question from the line of Varun Gia. Mr. Varun, you can unmute on choir, please.

Hi, sir. My question is in regards to the discrepancy between the CAPEX, what we are doing, and the TAO edition. We have done almost 150 crores of CAPEX since FY26. But the overall tenancy that I was added was only 400 or 500, approximate 500. So, could you explain how many are pending to be added in the upcoming quarter?

I think I have to re-ask for a question. You are saying capex in H1, but comparing capex compared to F526.

Yeah, but last year we haven't seen that increase, but we have been doing capex since the past one and a half.

No, no. So, first thing about capex, I learned for multiple things. Last year, if you see my, you know, my revenue per tower is gone up because we did a lot of capex on upgradation of these sites. So, from the likes of 20,000, the realization per tower, it went to 30,000 per tower. So, my huge investment was done for the upgradation of sites for atel, majorly for Bharti etel, where my revenue, even after Godafun given such a huge revenue, my atel is still at 48% is mainly because of capex what we done for Bharti etel in the upgradation, for which we got additional loading charges from Bharti etel in a tier of 2500, 2000 per site for Bharti etel. How much was that capex? See, it would be 30% of the last financial year by 30% of CAPEX went into augmentation. For the last financial year, in current financial year, my major CAPEX is for ODA Fund rule out. And still there are 300 sites which are yet to be built for BSL, which revenue is not added in my top line right now. So, there is a major gap is because of delaying BSNL billing. Even in this quarter, we did around 100% for BSNL, but we have not started billing yet. So, there are a considerable portion for where BSNL billing we are expecting to start by year-end, where you will be able to match capex versus tower monetization.

And from this Q3, we will not do anything for BSNL, right? Unless we get the billing.

Even right now, we are doing campaigns for BSNL when we receive service orders from BSNL. But now, right now, what we have focused is to start the billing of existing camera. Once we complete that, then we will do the job of BSNL.

And how many towers of Vodafone are pending to be completed?

So, from studio perspective, we deliver all these sites which they want. Right now, we have 2000 plus list from Vodafone, which will deliver as per Vodafone monthly and quarterly plan. We are geared up to deliver any number of sites. We have arranged funds also. We have enough teams on field. We have our material aligned. We can deliver any number of sites from Vodafone idea as per their business plan and their financials plan.

And first two quarters, we haven't seen much jump in revenues, given your Capex.

Right now, if you see my Q1 result, there were hardly any rollout which was done. Our rollout started from 15 June. So, Q1 was very frank. In Q2, we did, even in Q1, we did 150 cents in the last 15 days. Plus, another 150 plus 10NC we did in Q2. So, actualization will come from next quarter when we get entered 3 months ka revenue for the 356 10NC. So, we will see a jump in Q3 because my major rollout was done in Q2.

But can we see by the end of the year almost 30-40 crores of jump in revenue?

We have done 356 tenancy, for which we will get at that 6 months ka revenue plus whatever additional BSL is there, plus tenancy for which bidding is pending. So, we have 600 sites for which revenue can be easily billed. And then, we are planning another 200 crore ka capacity, H1, for which we will get another 3 months ka additional revenue. And the monthly rental remains at 30,000. Yeah, it will remain at 30,000. It will increase only marginally, but yes, it will be close to 30, 31,000.

Okay, sir. Thank you.

Thank you, Varun. Anyone who wishes to ask a question may use the option of raise hand. Alternatively, you can also post your question in the Q&A section, and we'll ask on your behalf. So since there are no further questions, and that was the last question for the day, would you like to give any closing comments before we end this conference call?

Happy New Year to everyone, and we'll see next quarter and future, right, because telecom industry is growing. And BIL also, Jio has launched its IPO, and we are also more order expecting from Jio also, and there are a lot of new things will come. Third quarter and fourth quarter, we try to complete our targets. Thank you very much. Thank you. Thank you, everyone.

Thank you, sir. Thank you to the management team for giving us their time. Thank you to all the participants for joining us on the call. This brings us to the end of today's conference call. You may all disconnect now. Thank you.