Exicom Tele-Systems Limited (EXICOM) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Exicom TeleSystems Q4 FY26 Earnings Conference Call, hosted by Monarch Networth Capital 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 this conference, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. This conference may contain certain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not guarantees of future performance and may involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Rahul Dhani from Monarch Networth Capital. Thank you, and over to you, sir.

Yeah, thank you, Darwin. Good afternoon, everyone. On behalf of Monarch, it's my pleasure to host the Senior Management of Exicom Telesystem. We have with us Mr. Anand Nata, Managing Director and CEO of the company, and we have Mr. Siraz Khanna, CFO of the company. We will start the opening call with remarks from the management and then move to Q&A. Thank you, and over to you, sir.

Thank you, Rahul. Good afternoon, all shareholders and colleagues. I'm Anand Snahata, CEO of Execom, and it's my pleasure to take you through Q4 and full year performance review with our presentation. So I hope everybody has access to the investor presentation, which was uploaded just after our board meeting today. Starting with page number one, which is a message from the management, primarily myself. FI26 demanded a lot from us, and up to three quarters of hard work, Q4 reflects the result of that work. Revenues grew strongly, but both India and the global business contributing meaningfully. And our standalone business boasted a strong EBITDA, and on a consolidated basis, the business turned EBITDA break even for the first time since acquisition of Tritium, which is the foreign U.S.-based EV charging company. This reflects better product mix, sharper execution, and Tritium beginning to scale commercially. When we look at... Some of the key drivers, some of the key megatons driving change in energy efficiency and energy transition. The foremost act in news today is increasing fuel prices and energy security, which all the countries are grappling with, and so are the businesses and companies globally. And this is giving rise to investment in electric mobility again. Electric mobility has always been a hot sector, but this recent surge in oil pricing is giving further momentum to electric mobility. In our critical power business, you know, continuous rise in data traffic, especially with AI applications, there is a tremendous multi-fold rise in data traffic, and telecom network reaching to far-flung areas where electricity not being there, or getting solarized, driving demand for off-grid solutions. These are a couple of key drivers for both our business. On to slide six, you know, just for most of you know ABKON, but for people who do not know ABKON, slide six gives a quick glimpse. We have a 30-year history in electronic excellence. We have two business divisions, number one, electric mobility, where we are India's number one provider of charging technology and charging hardware with customers across charge fund operators, auto EMs, and fleets. And we have a global presence in this business. Our second business unit, which the company started from, is Critical Power, where we provide both power management and energy management systems, particularly for telecom infrastructures, but now expanding to other markets as well. There we have presence, again, global presence with India being the main market, but presence in Southeast Asia, Africa, and Middle East as well. Your company is built on strong foundations. We have 30 years of power electronic expertise. We have more than 130 engineers at our R&D center in hardware, software, systems engineering, which allows us to not only manufacture products in India, but also design products in India. We have a service network of more than 200 people across 26 states. So, in order to provide services for our equipment, as we are into only equipment which is put in critical infrastructure, so service is very critical from that perspective. Page 8 shows our global footprint. We have now two key manufacturing plants, one in Hyderabad, which was newly inaugurated in the beginning of March, one which came with acquisition of Tridium in Tennessee, U.S. We also have an R&D center in Gurgaon, a software R&D center in Bangalore, and for Tridium, we have an R&D center in Brisbane, Australia, which is absolutely a state of R&D center for high-power, easy charging. Now, coming to individual business updates, first being critical power. On page 11, page 10, you see the product portfolio of our critical power business, where we have some of the building blocks, which we call a power conversion module. We use them to build a variety of power systems, which basically are the end products which are sold to customers, and then we also do lithium-ion batteries for telecoms. Page 11 shows a quick financial revenue snapshot. And our revenue is really dependent on the rise of telecom infrastructure, particularly the towers. You know, yes, it depends on the switching centers, telephone exchanges, everything, but tower is the key driver. In Q4, there has been slight degrowth in the number of new towers installed compared to the previous quarters, and that happens as telecom is a technical business. However, you know, based on the order book we had and some strategic projects that we had done, you know, Execom, Delivered approximately an 18% growth sequentially over the last quarter, and about 23% growth quarter over quarter compared to the last year, both in standalone and consolidated revenue. So standalone revenue for critical power business was 194 crores, and consolidated was about a similar number, only 198 crores. Page 12 shows some of the key highlights. The order book is about 1,000 crores as of 31st March, so a good position over there. And if I look at some of the key highlights of quarter four, we run a large, you know, DC Biosystem order with a leading Indian telco about more than 100 crores, which is currently under execution. And such volumes, such high-volume orders are important because the party has been offsetting the cost size which all the businesses are incurring due to forex and commodity price increases. We continue to, you know, supply our hybrid power systems, batteries, and solar solutions in Bharatnet projects. And while the supplies have been strong, but... The end customer is PSU, so because of the fixed nature of pricing in these government contracts, you know, some slight, you know, the contribution margin in quarter four is slightly lesser than quarter three because of some of the price increases due to the geopolitical situation. But otherwise, the supplies are strong, and we are... We are still managing for it to be accretive from a profitability perspective. In terms of exports, this quarter four was a stellar quarter compared to the previous quarters. We did our highest server sales and order booking of about 30 crores each in Q4 that represented 15% of our sales. And historically, we have been doing about 10% of our critical power revenues exports, Then we're trying to increase that to 20% in the 5.7, and this rise of 10% to 15% in Codaford is just a trajectory, you know, on that journey. Beyond these, there are multiple, you know, long-term developments of strong, small customers where, you know, of our existing product portfolio, as well as our new BSS product portfolio, where we are, you know, learning from the small pilot base that we have, which will help us scale in the second half of this financial year. Our next page shows, you know, while we have a good order book, but we are not trusting on that, we continuously change the opportunities in our business, and there are some high-level opportunities. These are shown here, which are maybe valued. Thank you. Execom can receive in this bucket, which we are competing in this market over and above the 1,000 crore order book that we already have. These range from DC power system and nuclear mine batteries, which are our key product portfolio, which are part of our key product portfolio for variety, for various leading private and public telcos. Some of the new opportunities extend into new, you know, Tenders of underbharatness, which were not allotted earlier, these are about 100 crores in opportunity, and also they, you know, there are new opportunities in phase two of uncovered village. You know, putting the Uncovered Village project, which is really about putting telecom infrastructure in remote and unconnected villages. We did very good revenue on this project in phase one, and phase two is not as big as phase one, but we expect to have a good business win and share here out of the 150 crore opportunity as well. As I mentioned, we have some pilots and learnings on ground. We are going to scale slowly based on the learnings that we get because it's a competitive market, it's a large market, and it's a long-term market, so we have to make sure we do it the right way. Make sure the product market fit is absolutely right, and then scale up. However, we are still looking to do, you know, for 50 crores in business in this financial year from BSS, from non-telecom BSS, which last year was quite insignificant. Coming to, so that was the quick update on critical power. Coming to EV Charger, which is the newer business, you know, vertical at Agri-Com. So the first slide, slide 15, shows strong tailwinds for the industry. India's renewable story is well-known globally. More renewable power means availability of cheap electricity to charge electric cars. Rising middle-class population where... Automobile is one of, you know, the big investments for, I think, middle class, first car, first electric car, or, you know, things like that. And key thing to note is now, EV story is not limited to top 10 Indian cities, but rapidly expanding into Tier 2 and Tier 3 cities as well. Some of these tier two and tier three cities have more than 10% EV penetration, you know, two-wheeler, three-wheeler, four-wheeler, all combined. So, you know, if I have to only talk about cars in these tier two and three cities, almost 5% of this contribution of EV penetration would be because of cars. And just to give you an example, like, you know, Ahmedabad was one of the top 10 cities, which was a hot market for EV, but now Suresh is a bigger market than Ahmedabad for EV. So I think a broad-based, you know, rise in demand for EV pan-India is a very encouraging sign, you know, sign, not just for Excom, but for the entire industry. There's also rapid highway construction, so good highways, good roads with, you know, stops in the middle for rest as well as easy charging is also going to promote intercity travel. Page 16 gives some further information on the industry. After 26 was a record year where, you know, all across all vehicle categories. 200,000, two-large vehicles per month milestone was breached multiple times in this financial year, two-wheelers, three-wheelers, four-wheelers, and buses. FI-27, sometime in FI-27, the park, the number of electric for vehicles on the road is expected to cross one million for the first time since electric mobility started in India. And even when you look at the penetration of EV, Buses are 7%, four-wheelers are 5%, three-wheelers is very high at 32%, two-wheelers are 7%. All of them are encouraging numbers. So I think next three years are, you know, we've always said are going to be very meaningful in terms of VV adoption, and with the oil shock, I think that adoption is only going to grow faster. Why this is all important for us is we support this market by making EV chargers. So more vehicles, there are more will be demand for EV chargers, both for home chargers as well as fast public chargers. Slide 17, you know, again, talking about some compelling industry, you know, figures. If you see in quarter four, FI25, or the last quarter, you know, there has been a substantial increase in EVs over these quarters. You know, 14% from last quarter, almost 66% from year-on-year. Last year, which has been fueled by new vehicle launches in passenger cars, has been fueled by a lot of commercial vehicle launches in the electric segment, because commercial vehicles were the category where electric was... There's not a lot of activity in terms of electrification, but that sector has suddenly picked a lot of momentum now with small trucks to bus trucks to buses being electrified quite rapidly. And when it comes to creation of charging infrastructure, it's not only the OEMs that are playing, but some of the large OEMs like Maruti, Mahindra have rolled out a large number of EV charging sites, whether standalone or in their dealership. And in this good backdrop, in this good macroeconomic environment, there are, you know, some... We've had stories for Execom as well, particularly in quarter four. So we had our all-time highest hourly quarterly revenue recharging at 88 crores. We sold the highest number of DC charges we have ever sold in a quarter. We had highest average service and project revenue as well in this quarter. And the highest number of sites executed under Execom 1, which is really putting all our products and services under a common umbrella and giving that offering to customers. We've executed 80 sites under this program in quarter four. This is a technology business, and innovation is really important, and we have to be a leader in making sure we are continuously innovating. So as an industry leader, we deployed first liquid-cooled charger. Liquid-cooled is the name of a technology, which is what Tritium, our foreign subsidiary, makes. And this is the first liquid cool charger installation with a leading CPU in India. We also introduced AI-based remote management platform for DC Charger O&M. So these chargers are unmanned all over the country, and they need 99% uptime. To do that, there are a lot of sensors in that product, and we get data from those sensors It's on a common platform where we can remotely do so many things with the charger, but now with AI, you know, a lot of this stuff comes from the manual as well. We also deployed something what we call a zinc topology-based PC charger. This is, again, unique technology which helps CPOs to save on CAPEX. We deployed first pilot of this in Kodafor, and mass production will happen in FF27. Exports has been a big focus and will continue to be a big focus for the next two or three years. We achieved highest export sales in Southeast Asia that we have done in the last three years, about 32 crores in the full year. And we're planning for good growth on this base based on the continuous activities of customer engagement globally going on in Middle East, in Europe, and will start soon in U.S. as well based on the U.S. certification that we have received. While, you know, we work on exports, India is going to continue to be center of our market, and there have been significant strategic accounts and wins even in the Indian market for both our DC chargers as well as AC chargers. Next page, page 19, shows the range of our product portfolio. We are the only company in India which is the product portfolio right from a, you know, portable, low-power charger shown on the left, which can be carried in cars, Dickey, and can be charged everywhere to high-powered, you know, chargers as shown on the right, including liquid-cooled charger of Tridium on Tridium. Page 20 shows revenue by geography. We had, you know, India is going to be, India is our main market. We are from India, 50% of our revenues, EV charging revenues in India, 22% in UK and Europe, and 10 and 16% in U.S. and Australia and New Zealand. And coming to Tritium, this... Graph kind of shows the trajectory that we have been on. So, you know, we had a difficult last year as we were rebuilding the business, but all those efforts are finally beginning to pay off. Quarter 426 was about... About $10 million in revenue with a sharp reduction, with almost a 30% reduction in EBITDA losses compared to the previous quarter. And this has happened because there has been a huge improvement in NPS Core with the customers. There have been better customer engagements. We had highest ever order booking in a quarter, which was $10 million, and quarterly sales at $9.7 million. There were some technology improvements as well. And based on the pipeline and order book that we have, you know, we expect revenue scale-up to happen almost to the tune of 3x, and reduction in EBITDA losses by 25%. The reason EBITDA sources are not coming down as sharply as the revenue increase is because we had a lot of low-cost inventory, which all have gotten utilized or will get utilized maybe by next quarter. After that, very high cost margins, which we were enjoying for the past 12-15 months, may be normalized. to a more reasonable level. But we are firmly on our path for, you know, EBITDA break human atridium in quarter four of 527, and the PX. Tridium growth, you know, paves the way for it. And a lot of this TXM growth, in our view, is already either secured or has a high probability of getting secured. Page 22, you know, this is another reason we are super excited about Tridium. Three new products being launched in May, June, July. One is... You know, what we call as a grid flex inverter. This is a little bit different than the EV charging product. This may have big usage in data centers or DC microgrids. As we talk, currently, factory acceptance test is ongoing with a big hyperscaler, which, if successful, can unlock almost $30 to $35 million of revenue opportunity in FY28. Same is the case with other two products where You know, based on successful pilots over the next two to three months, both of these products unlocked close to 30 million revenue opportunities in FI28. So a key point over here is we are investing in products which underpin future growth, and these three successful launches will help us build a very, very strong FI28 team. A pipeline which will continue even further. That was the update of Trinium. On the marketing side, we have, you know, good action in e-commerce. We have good coverage in... Media and press releases, and a lot of increase in following on digital marketing as well. But the main marketing event was a new factory opening, which was attended by more than 100 customers across e-charging and critical power with 20-plus people from media as well as investors. So, you know, our customers really, really like the plant. Some customers who were on the edge or on the fringe of giving us orders did give us orders, you know, within 48 hours of looking at the plant. We have started mass production activities there. Our Gurgon plant is still running, but over the next two, three months, we are planning to shift majority of the production to Hyderabad, and while some production will continue to remain here, But based on the synergy and operational efficiency, to get more synergies and operational efficiency, we plan to shift the majority of the production over the next two, three months. That's something we are, you know, looking to really build a world-class facility in terms of industry 4.0 principles and, you know, output as well as quality. So, not that we produce for... Only for India, but even for global markets, right? Making India for global is probably what we want to do at that facility in long term. So that was a quick update on marketing and running facility. With this, I'll pass to my colleague Shiraz to take you through the financial update from page 27.

Thank you so much, Anand, for the insightful update on the business. Good evening, everyone, and thank you for joining our Q4 and full-year F526 earning call. I appreciate you taking the time, and I'm pleased to walk you through what has been a defining quarter for our business. This quarter marks an inflection point for us. A standalone business has delivered its strongest performance to date. And on the consolidated side, we have crossed a significant milestone. Our consolidated EBITDA has turned positive for the very first time since the Tritium acquisition in September 25. That is something we set out to achieve, and I am glad to report that we have got there in Q4. Coming to Q4 financial aid 26 performance, on a standalone basis, Q4 revenue came in at 282 crores, a growth of 33% year-on-year and 21% sequentially when compared to previous quarter. Within this, our critical power business grew 23% year-on-year, and our EV business, EVSE business, grew 60% year-on-year. Both engines of our business are working hard. And EVSE in particular continues to scale at a very healthy clip. Stand-alone gross margin in Q4 expanded to 27%, an improvement, significant improvement year-on-year. Driven by a richer EVSE mix, fewer lower-margin lithium batteries that we sell. So sometimes when you sell less, it is good because the margins are tight there. And disciplined product mix management. Standalone EBITDA for the quarter stood at 29.9 crores at a margin of 10.6%, up 148% year on year. This clearly demonstrates the operating leverage we have been building towards this. On consolidated basis, Q4 revenue was 388 crores, up 46% year on year, and 40% sequentially. EVSE on a consolidated basis grew 83% year on year. As I mentioned, consolidated EBITDA turned positive at, well, 30 lakhs. Modest in absolute terms but meaningful directionally move from the losses that we had been absorbing. The full year financial year, on the full year basis, standalone revenue was 895 crores, up 19% year-no-year. The EBITDA was 70 crores. A 77% increase year-on-year, and EBITDA margin expanding from 5.2% to 7.8%. Consolidated revenue stood at 1,152 crores, up 33% on full year. This year, Consolidated EBITDA remains negative at 1,03 crores, primarily reflecting Tritium's fixed cost absorption over the full year. A consolidated adjusted pad was 258 crores negative. Impact by higher finance costs, one-time exceptional costs, which had inclusion of VRS payout, premium retention and redundancy costs, and the impact of new labor code that kicked in beginning of 26, calendar 26. Moving on to, as Alan mentioned, you know, Hyderabad plant, a strategic capability that we have added. This is basically a really straight-of-art infrastructure that has been created, and I'm very pleased to share that the new Hyderabad plant has become operational during Q4. We are already doing trials in Q3, and now it's fully operational. This is an important capacity addition for us and gives us meaningful momentum heading into financial year 27. It positions us well to service the demand. In terms of working capital, I want to be transparent about some near-term working capital dynamics that you will see in the numbers. Inventory built up with our Hyderabad plant ramping up while the Gurgaon plant continues to run in parallel, we have seen a temporary built up in inventory. This is by design. We are stocking up both facilities to ensure smooth production continuity during this transition and to support and order a book we are seeing in FI27. We expect this to normalize as the transition stabilizes over coming quarters. Receivables, our accounts receivables has increased, but this is largely a function of sharp revenue ramp-up that we saw in Q4, particularly with revenue being weighted towards the later part of the quarter, which is a typical in our business. The underlining quality of receivables remain healthy and collections are on track. The balance sheet liquidity position, despite the working capital movements that I just described, our overall debt coverage and liquidity position remain strong. Our debt coverage ratios are well within comfortable ranges, our liquidity indicators are healthy, and we continue to have headroom to fund both our growth investments and our working capital cycle without stress. We are managing the balance sheet prudently. I think the EVAC momentum is the clear standout, 60% growth on standalone and 83% on consolidated in Q4, with full year EVAC growth of 40% standalone and 72% consolidated. Critical power continues to deliver steady, profitable growth. Standalone margins have expanded meaningfully, and consolidated margin profile is now being lifted by Tritium, a higher margin product mix. Our fundamental stories, our standalone revenues, our compounding profitably scale, our consolidated trajectory is turning the corner as CTM begins to contribute, our head of work capacity is online to support the next phase of growth, and our balance sheet remains a position of strength. Thank you so much. And over to you, Rahul, for the question and answer.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Shashikanth with Brighter Mind Equity Advisors, Private Limited. Please go ahead.

I have a few basic questions. First one is, as the management has mentioned, that there is a significant, you know, takeoff in commercial electric vehicles. So, what is the ground, you know, What is the infrastructure that is available and what are the, you know, requirements because we all know that there are significant lack of infrastructure due to, you know, connecting with the grid and all. So can you brief me about the situation?

Yeah, so because of various reasons, commercial and vehicle electrification did not take place in the early years, but now it's getting momentum, as I said, and you've asked the right question where, you know, the infrastructure is. So, the application today where commercial vehicle electrification is taking place are... How do you call, you know, within parameter running kind of application. So, for example, a big port would have two, three hundred trucks running, right, which are today on gasoline, but would be converted to electric. Or, you know, a cement factory doing distribution of cement, more than 200 trucks lead that facility in nearby areas, but on a very fixed route to come back to the factory. So, these are just some examples, but where captive infrastructure is usually put to support such deployments, same as the case in mining. So, these are the applications we are focusing on. With respect to commercial electrification happening on intercity routes, that is still, I would say, you know, a couple of years away, and, you know. If it happens earlier, it will be good for the industry, but, you know, I think these boundary, you know, commercial applications within a boundary type of application which are sizable in nature is gaining momentum with captive charging infrastructure.

Thank you. Ladies and gentlemen, to ask a question, you may please press star and one. We have a follow-up question from Shashikant from Brighter Mind Equity Advisor, Private Limited. Please go ahead.

Sorry, actually, my line has dropped. So I wanted to know about, you have mentioned that in FY28, there will be around 850 crores of revenue potential from these three new products that we are going to launch. So, I mean, amongst them is one is a data center inverter. So, kind of, can you brief me about, more about on the product?

Yeah, I said this is an inverter. This is from Tritium product portfolio, not Indicom, but from our subsidiary. One is an inverter product, which is GridPlex. Now, this is a versatile product, which is used to convert a normal grid power into high-voltage DC power, and this can have application in various, you know, domains. Number one being DC microgrids. So, you know, wherever people are making high-voltage DC microgrids, this can be used. This is also used with battery energy storage systems. So, when you put high voltage battery, you know, with the grid, to integrate the battery with the grid, the system can be used. And also, you know, a lot of now new age data centers are working on 800 volts. So, to convert grid power to 800 volts for data centers, this application can also be there. So, you know... There are these three large applications. There may be some long tail applications as well. And for one of these applications, with one of the hyperscalers conducting a pilot, which, if successful, and we have to go through dueling, testing, you know, for it to be successful, but if successful, it unlocks. For us, you know, a significant revenue in FI28. So, hopefully that answers your question.

Yeah, yeah. So, you know, extending on the frame, so, Two more products that we are, you know, going to have, going to launch in the next few months, and particularly for European and U.S. markets. So, what would be our strategy to do on both new clients for these products, or what would be our strategy to, you know, get into those geographies with these new products?

So, as I mentioned, the revenue potential exists because we already have customer engagement sites. So, these products have been built basis engagement with customers, now nearing pilot production and pilot testing, and, you know, if successful, like the first product I spoke about, these two other products are also subject to, you know, successful pilots, I think we have a very clear line of sight of long-term contracts with some of the, you know, strategic customers with whom the product development took place to begin with.

Okay, that's all from my side. Thank you for answering my question perfectly. All the best. Thank you.

Thank you. Our next question is from the line of Sumit Kane, an individual investor. Please go ahead.

Hi, good afternoon, and congratulations on moving steadily on the 3DM progress. So, my first question is about, we have so many automakers in India, so do you have any kind of plan or any tie-ups with those automakers where we can provide our EV chargers along with their vehicle?

Yes, so we do produce, we are the largest manufacturer of home chargers, and I think if you buy an EV car, there is a 50% chance it will come with a charger manufactured by Execom. So to that extent, we are absolutely, we have partnership contracts with many OEMs to whom we supply chargers. We also have partnership with Sam Williams for supplying them fast chargers for their dealerships or other fast charging stations which they are building to provide infrastructure for their customers.

Okay. My next question is about BPSS, the Battery Energy Storage System. So, what are our offerings in that area? Like, what are the products that we have? And if we have anything there, how do you see that business or that segment scaling up in the coming years?

See, BSS is a very huge opportunity because there are versions of the product which is used all the way from... Our generation solar farms to transmission areas to distribution to and consumers like buildings and homes. Our focus is not the utility, not transmission, not distribution, not homes. It's really the commercial industrial space. Where those people are trying to combine BSS with solar power to get more hours of clean energy, or they're trying to put lithium batteries to get clean power, uninterrupted power. They may have some machinery working which cannot avoid a shutdown. So those are the type of applications we are targeting. Our product really are, you know, battery systems. We have modular battery systems which can be combined to make battery systems of various sizes depending on the application. So that's what we provide.

And how do you see the segment scaling up in the coming years, in the next, let's say, three to five years?

We have deployed about 10 to 20 projects, small-sized projects in quarter four, which are providing us very good learning in terms of Both product market fit, learning about the commercial aspect of the deployment, that how it saves the client money and increases its efficiency, etc. So this year, we have kept an internal target. of, you know, scaling from pilot stage orders to, you know, north of 50 crores of business, which is not a very big number in BASF segment, but we ought to expand slowly and see how it goes. I think the issue also is the supply chain. Today, there is no cell production in India. So you are heavily dependent on China imports, spending dollars, you know. You know, the commodity price and the exchange fluctuation risk. So, you know, I think this business will really take off in India when there is local cell manufacturing. It should happen next year and the year after that. So, I think the size of this business, of the market is huge. The one that Execom will address, I think we have... A chance for this business to become maybe 30% of our critical power business over the next two, three years if we are successful.

Thank you. We have no further questions, ladies and gentlemen. I would now like to hand the conference over to the management for closing comments.

So, thank you to all the shareholders and potential investors and my colleagues. So, as myself and Shil has explained before, was a turning point for the company with increase in domestic business revenue and EBITDA. It was a strategic order for Tradium in terms of scaling 2x in revenues and properties compared to the previous quarters. And we hope to carry forward this momentum in the coming year. Despite, you know, the geopolitical headwinds and the supply chain constraint, I think at least from the demand side, we are firmly footed to deliver strong revenues. So I look forward to your continued support and trust.

Thank you. On behalf of Monarch Network Capital Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.