Prostarm Info Systems Limited (PROSTARM) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the PROSAM Info Systems Limited Q1FY27 earnings conference called hosted by Arians Capital. As a reminder, our Participant Alliance will win the lesson only more, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal now by pressing star then zero on a dashed on phone. Please note that this conference is being recorded. I now have the conference over to Mr. Rohan Banwal from Orient Capital. Please go ahead.

Hello everyone, on behalf of Orient Capital Market Limited, I thank you all for joining me.

I am sorry to interrupt, sir. Your line is not clear properly.

Am I audible?

Yes, sir. Now go ahead.

Hello and good afternoon, everyone. On behalf of Korean Capitals Market Limited, I thank you all for joining to the Q&F 2017, earning sponsor of Prostam Infosystems Limited. Today, from the management we have Mr. Ram Garwal, the executive officer and full-time director of the company, Mr. Abhishek Dan, key financial officer. So, without any further delay. I'll help with the call to the management for their opening remarks. Open, over to you, sir.

Yeah, I am Ram Agarwal. Good afternoon to everyone, and a warm welcome to all of you for joining our earning conference call for the first quarter of the financial year 27. For some of you who may not be familiar with the company, let me begin by giving you a brief overview of the company. After that, our CFO will take you through the financial and operational performance of the period under review. Roster M Infosystems Limited was established in 2008 with the objective of becoming a power electronic solution provider. Over the years, we have evolved from being a specialized equipment supplier into a comprehensive power solutions company. with a strong manufacturing and service capabilities. Today, we focus on designing, manufacturing, assembling, and servicing energy storage for the district equipment. Our product portfolio includes nuclear systems, solar hybrid inverters, lithium battery packs, servo-controlled voltage stabilizers, isolation transformer, battery energy storage systems, and adult Other power solutions products, etc. In addition to our manufactured products, we also execute solar EPC projects, system integration solutions, and provide value-added services such as installations, AMCs, rental solutions, etc. As the Indian power ecosystem continues to evolve, we have steadily expanded our capabilities beyond conventional power backup solutions into fast-growing segments such as battery energy storage system, with increasing renewable energy penetration, rising investment in grid modernization, and growing demand for reliable power infrastructure in C&I space. We believe this business will be a key driver of our long-term growth. To support the growing opportunities across our business, we continue to strengthen our manufacturing footprint. Alongside our existing manufacturing facilities in Pune and Navi, Mumbai, we are setting up 1.2 GWh battery energy storage system manufacturing facility at Jaja Haryana. This is in the final stage of commission and is expected to become operational shortly. We are also establishing a new UPS manufacturing facility in Gujarat, which is progressing as planned and is expected to commence commercial operations during the second quarter of financial year 27. These facilities will significantly enhance our manufacturing capabilities. Expand our product offering and strengthen our ability to cater to the growing demand across both conventional power solutions and emerging energy storage applications. Our confidence in the business is also reflected in our healthy order pipeline. As on 38 June 26, our order book stood at approximately 1085 crore. With an additional 5 crore under L1 status. Taking the order book, total order book, including the L1 order status is around 1090 crore. The order book is well diversified and with energy storage systems accounting for the largest share, providing us with strong execution visibility and reinforcing our confidence in the company's growth trajectory. Looking ahead, we remain focused on strengthening our execution capabilities, expanding our manufacturing footprints, and delivering innovative power and energy storage solutions that create long-term value for our customers and stakeholders. With that, I now request Mr. Unshed to take through the operational and financial performance of the quarter.

Thank you, Ramji, and good afternoon, everyone. Let me take you through the financial and operation highlights for the quarter, for the first quarter of the financial year, 2027. Revenue from operations for the quarter stood at INR 75 crore, representing a 38% year-on-year growth, while revenue moderated sequentially. This was in line with the seasonal nature of our business. As the first quarter typically witnessed lower order activity for an execution cycle of the previous financial year, EBITDA for the quarter stood at INR 7 crores with an EBITDA margin of 8.55%, reflecting an improvement of 126 BIPs over the corresponding quarter for the previous year. Profit after tax stood at INR 5 crores, registering the 156% year-on-year growth, while fact margin improved to 6.05%. The improvement of profitability during the quarter was supported by high revenues and improved operating leverage. At the same time, given the project-led nature of our business, quarterly margins may vary depending on the mix of project executed, execution timeline, and revenue recognition. We therefore continue to focus on maintaining healthy profitability over the medium term through discipline for the execution, cost optimization, and operational efficiencies. From the operational perspective, we secured several strategic orders during the quarter, including a battery energy storage project worth approximately INR 11 crores from a reputed corporate customer, and a solar EPC order worth approximately 155 crores from solarium green energy, which is a listed company. These orders further strengthens our execution pipeline and reinforce our growing presence across the clean energy ecosystem. We also continue to make steady progress on our strategic expansion initiative. Our 1.2 GWh battery energy storage system manufacturing facility at Jharja is in the final stage of commissioning, while the UPS manufacturing facility in Gujarat is progressing as planned. Both facilities are expected to become operational during the second quarter of FY27 and will significantly enhance our manufacturing capabilities. In parallel, the implementation of SNAP and Salesforce is nearing completion and is expected to be operational by the end of the first half of FY27, further strengthening our operational efficiency and our digital drive. As Ramji highlighted earlier, The company continues to maintain a healthy order book, providing strong execution visibility for the coming quarters, backed by our expanding manufacturing capabilities and robust order pipeline. We remain confident of sustaining our growth momentum. Looking ahead, we remain optimistic about the long-term opportunities across the power solutions and battery energy storage ecosystem. Supported by our integrated business model, strengthening execution capabilities, and continued investment in manufacturing infrastructure, we are well positioned to capitalize on these opportunities and deliver sustainable value for our stakeholder. With that, I now open the floor for question and answer session.

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 touch-tone telephone. If you wish to remove yourself from question queue, you may press star and 2. Participants are requested to use hands-off while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Arjit Agarwal from Step Trade Captain. Please go ahead.

Hello.

Hello.

Yes, sir, my question is, my first question is about the Q4 deferred order. So you have indicated that Q4 is a shortfall of primatism.

Arjit, sorry, I see the apology. Your voice is not clear.

Hello.

Hello, please.

Yeah. So, sir, in the previous con-call, you had indicated that Q4 revenue floodfall was primarily an execution timing

issue with around 43 crore of Adani, 7 crore of sale and 13 crore of Southeastern Bells order deferred to Q1. So, how much of these deferred order has actually been executed and built in Q1 and how much of this time is? Out of this three order which I have mentioned, which we mentioned last time, 36 crores has been executed, and the remaining majority would be built in quarter two. Related to Adani, it's almost built. Related to SAIL and Southeastern Railway, that would be built in Q2 and Q3. Q3.

Q2.

Majority would be built in Q2. And some part of the order related mainly to Southeastern Railway would spill over to Q3 because they are giving sites to us. So, as on when they would give us the site clearance, it would be installed.

Okay. And sir, even after the deferred Q2 orders, the Q1 revenue is only 76 crore. It is 27% lower sequentially. Q4 revenue of 104 column. What is the reason behind this tick line?

Arpitji, Arshadji, if you look at the number, then if you have the major order which we done is of 36 crores. Related to Adani. Res has been the normal order execution which has been done. And generally quarter one is always on the lower side. If this two billing which of 20 crore would have been done in Q1, it would have been something around 96 crores of revenue.

Okay.

So, it is in line. It is in line. Because if you look at quarter 1 last year, it was 55 crores against which we did 76-77 crores. So, the spillover is still existing in our books.

And what is the order in flow in Q1?

Total order as on is 1090 crores. If you remove the best developer order of 855 crore, remaining order is of 236 crore in hand. Plus, there has been dealer business, which is around something around 10 crores per month, you add as additional 70 crores. So this is the number roughly which is there in hand as on today. Okay, mean 306 or 307 crore additional order is in hand other than the order which we have participated.

Okay, okay.

And post June there has been some more order which we have won. Which is which is also offered significant size, which has been won a post June. Okay, and the last question is about the margin. So, you have guided for the margin of 12 to 13 percent. Archie ji, that is still maintained. Archie, that is still maintained. You have 12 to 13 percent margin what we told. We've always specified it is order to order and then based on the yearly number. Right now, we are sitting on only 76 crore of turnover. So, your fixed cost to turnover ratio is always high. So, that's the reason of the lower margin. But on an year basis, yearly basis, where our H2 is always on the higher side, this margin would equate to 12 to 13 percent.

Okay, okay.

Yeah, yeah. You see my past friend as well. I always speak on the overall year-wise revenue mix. Quarter to quarter it gets changed because of the order mix that we have.

Okay. And what will be the guideline for F by 27?

As mentioned earlier, minimum 25% growth is what we are targeting.

Okay. Okay, thank you.

Yeah, thank you. Thank you. The next question is from Palayna Parath Sheda from Purple One Vortex Ventress LLP. Please go ahead.

Yeah, thank you, sir, for this opportunity, and congratulations for the question. With regards to working capital days, our working capital days had increased sharply last year to 185 days, you know, from 68 days in April 25th, and you received a report from 55.

Sir, I'm sorry, your voice is not audible properly.

What's your working target for working capital is released by March 27th, and can you quantify the amount of cash which will be released from working capital improvement?

Yeah. Parashit, thank you so much. First, the working capital cycle, it was 185 days in quarter 4, FI26, which had improved to 168 days in quarter 1. And even the cash flow from operating activity, which was negative at 49 crores, it improved to around 16 crores negative. So there has been significant improvement in the cash flow from operating activity as well as on the working capital side. And with the further unlocking of some of the major realization which is happening, which we told you last time. So, some collection had happened in quarter 1, and remaining major amounts would be collected in quarter 2. So, you would find the major unlocking of the working capital.

So, by the end of March 27, what target working capital days should be administered? Around 150 days.

120 to 150 in between, I am saying, because if I do it in the month of March, so data goes up, so capital gets locked, because we refer to one particular date number, not the continuous number. So, around 120 to 150 days, as what I had mentioned earlier, same, on the same track.

I understand. 120 to 150 days. Okay. For the F527, now you've got this 875 crore base orders in hand of which 854 are all developer projects. So, is it, you know, would you be able to, you know, just guide for revenue recognition project-wise and or, you know, cash flow contribution from this Bihar, KPTCL and Adhani project? So, how much of this, you know, 875 crore do you expect in F527 revenue and EBITDA?

See, this 857 crore is a developer business.

Right.

So, here, you would get a 60, I would give you project-wise breaker. One is Bihar project. In Bihar project, we are going to get yearly cash flow of 16 crore for spread over 12 years, along with the capital subsidy of 32.40 crore. This is for Bihar Reds project. This is a developer model, rental model. Second is Karnatka project. Here, the total cash flow on year basis would be around 46 crores, 45.72 CR spread over next 12 years with the capital subsidy of around 81 crores. So if you add this to project, it comes to around 853 crores. Now related to Adani, which we had mentioned, Adani mostly we have built. That's a straight EPC business. So it is not a developer model. That billing we have done majorly in quarter one. So, this is the breakup of the EPC. And additionally, we have received one more EPC order, which is of around, I am not naming the name of company, considering market not conducive. So, that is around 12 crore of another solar EPC business for 8.36 megawatt hour.

Right. So, for EPC business. Yeah. For FY27 then from the developer projects, how much revenue do you expect from Bihar and KPDCA?

In FY27, there would not be any recuperation because first this project would go for completion. But yes, there would be an EPC billing coming up on the standard balance sheet. Bihar-based EPC would be done by Profile and Infosystems Limited. So, that EPC revenue would come on the books, but not the recurrent rental business would come on the books.

Right, sir. And, sir, you have guidance for about 25% minimum revenue growth for up for 27. I find that correct. And, sir, on cash flow from operations, do you expect this year to end positive or do you still think this will be negative? Yes, sir.

We have already moved in that direction. And, uh, as I told you, even it was 49 crores negative last year, it has come down to 15 crores. But at times, projects decide about how it behaves. But we are doing it and that discipline is coming on the books. We have started working with the partner. We have started working with our national distributor. Like last month, this month, we have taken one order of around seven and a half crore. And that billing is not rooted to us directly from a system educator, but it is rooted through national distributor. So, all this would result into a disciplined cash flow. And yes, we are positive and very hopeful. We would convert positive in this by the end of this financial year.

Sir, your line is not clear properly. We can't hear you.

Okay. Am I audible now? I was trying to say that, sir, for this 1.2 gigawatt hour jajar facility, my understanding was that at peak, you can probably earn about 1,000 to 1,200 crores of revenue, right? So, what EBITDA margin do we expect from the manufacturing business, realistically, in FF27 and FF28?

This best manufacturing facility is of jajar we are yet to start. We would be commencing operation by the end of this, sorry, by H1, end of H1, and then it would gradually get stabilized, but however, finally, there is also disturbance in the market, as far as you must be aware, regarding lithium cell, regarding export incentive, and dollar and freight movement. So, all those factors are somewhat impacting the overall margin for this. So, instead of focusing on the utility side of best application, we have started focusing on the C&I side of best application. On the C&I side, the margin is better as compared to the utility side. In the utility side, you will find megawatt size installation, and in the C&I side, you will find 500, 200, 300 kilowatt hour kilowatt size installation. So, on an overall basis, if I give you an example, last, in this current year, we posted around 26% of GP from best project which we did for Adani. So, that would moderate to somewhat, but it would be better than the other core activities that we are doing.

In that case, then, you know, let's say if we come in for operations and end of H1, then what kind of utilization do we expect in FF27 and FF28? Because, you know, these are stored.

FF27, it would not be more than 20-25%.

Okay.

Yeah, we had earlier mentioned about 21 to 50 percent, considering utility market was also very attractive. But utility market, you would have seen the balance sheet of most of the companies. They are bleeding because of the utility result. Today, the result was also out for Etty Infra. You would have seen the number. You would have seen the Pace Vigitech number. You would have seen the Vikram Solar number. So, there has been a margin erosion which has happened. So, that's the reason, considering our size, we are not focusing on utility at all. So, that's the reason we are targeting that utilization would not be more than 25% so that we can concentrate on a high margin and C&I segment business.

That is for FI 27 and for FI 28? And for FI 28?

28, it should move to around 40 to 50%.

Okay. And that... Should more or less mean about 600 or crore of revenue, to 500 to 600 in 528.

Around 500 CR of revenue should be targeted.

Achai, in 528.

We should target this because, see, one thing to mention, capacity is already prevailing, right? So it is about the opportunity which has to be available in the market. So, what we are targeting now is that factory utilization is easy if you target your utility size. But our focus is not on utility. Our focus is completely on C&I. So, the sizing goes down. That's the reason somewhat I'm not very confident on conveying the exact capacity utilization. So, this year end would actually decide about how next year capacity utilization would turn up. There are some more developments which are happening, which I cannot discuss with you right now. There are some more very good developments happening related to this. Once that is officially announced, then we would declare that in market.

This is for Pro Star M specific or I mean in general on the industry?

Pro Star M specific. No, no, no, no, no. Pro Star M specific.

Okay, understood, sir. And EBITDA margins, you said we would expect at, let's say, about 50% or 80%, 70%, 80% stable EBITDA margins from the CNI, sir, would be?

Sorry, Parashree, I'm not able to listen to you.

No, no, I was trying to ask you on the Jajar facility, when you reach, you know, your optimal levels of utilization, what EBITDA margin do we expect from this manufacturing team?

This would be around 14 to 15 percent EBITDA margin. 14 to 15 percent, okay.

And so just last pair in mind, you know, we have got these developer projects, which I guess, you know, we were trying to sell down. You know, probably those, but I am not sure, you know, what's the status now. So, you will require quite a bit of capital, both equity and debt, you know, for this best pipeline. Now, Harry, probably raised 43 crore preferential issue. Would we expect another significant equity? Because I think we initially said we will not go for equity raise in the near term, but we have now gone for 43 crores. So, do we expect any further equity dilution or significant increase in borrowing over the next one and a half to two years?

It's boring if for Bihar project, already we get tied up with State Bank of India, so that date would come in the subsidy, SPV company, not in the flagship company, and there would be no personal guarantee or corporate guarantee for that facility, and that's the LC-backed facility, LC-backed cash flow from Bihar Descom. Okay. And second related to Karnataka. In Karnataka, just now the matter got closed. What Ramji mentioned earlier, there was some disputes. So that disputes is now resolved and it has turned favorable to KPTCL. So we are expecting if that project, we are targeting to sell off that project because that is very remunerative. So that project we would target to sell off. Uh, is our first priority. And if we are required to execute that project, still there would be a buyer coming in, uh, post COD. And if we are not able to do that, then all my date, whatever is going to come up here, Paraji, is backed by a fixed cash flow.

See, one situation- But you won't require any further equity dilution.

Equity dilution would not be required.

Over the next one and half to two years. Okay.

At least for next one year. See, Paraji, it is again, as of now, there is no such plan. There would not be dilution. But if we do some major expansion or some major KPEX based on the market opportunity, then in that situation, any dilution can happen. That would be for the good. It would not be for offering something in the market. Even when we speak of the shared warrants, the promoter is not diluting its stake. It is the money which is coming in the company. Correct? Correct. So it is not going to the kitty of promoter. So it is for the purpose of company, not for the benefit of promoter.

No, no, no, I understand. But the more you get diluted, the quicker it becomes. So that's what it is.

And if any happened, it would be only for the expansion which we are going to do. So that would be a healthy dilution. It would not be a stress dilution.

Right. With some operating leverage this year, F527, can we expect about 10% fat margin?

No, sir. It would be something around 8.5% to 9%. Taraji, because cost is increasing, we are coming up with two of the factory, which you are aware, and both units would start operating, so obviously cost would go up. And even with respect to import, there would be an import also going up for the storage, for the storage side. So, and my employee cost is also going up because we are hiring many manpower. If you compare our last IR vis-a-vis current tier IR, you would find few more people on senior leadership being added. So, all those, so that is for the, so all those operating costs would go up to some extent.

Understood. So, about 8 and a half of the money. Yeah, fair enough. Thank you so much. I'll come back in the future. Yeah, yeah, please.

Thank you. A reminder to all the persons, you may press star and want to ask questions. The next question is from the line of, are you staying from Exequity Advisor Services? Please go ahead.

Hello.

Hello. Yes, I'm Rishi. Yeah. Yeah, congratulations on the good side of number here on here. I just wanted to ask, what's the condition? You have been saying there is some hardship in the business segment on the utility part, right?

Yes. Hello.

Yes. When can we see actually it could turn around in this year or the next year? Oh, it has poopy died down right now. You do think market has died down?

Actually, market has died down. All the bidder has taken a very aggressive call. They are knowingly, unwillingly out of aggression. They are quoted below cost price, assuming that they will negotiate and get a better deal from China. This has not happened. Basically, it is a geopolitical issue that happens in India and China. We have holded solar imports from China. We have brought a lot of restrictions. Maybe it can see as a repercussion on that, and they have imposed a lot of restrictions on exporting backies to India. Recently, they are increasing the 2% tax on backies from 1st September. So, a lot of issues are happening, a lot of challenges are happening because nobody, actually, assumption has not been done properly. So, if you ask me, this market, this sector will go up further, but in a better way. Whatever mistake, problems have happened, it will get rectified. People have not got aware, and many, the mad rush, what was happened in last one year, it has stopped. Now, only serious players and companies who actually understand best and can deal with best will only be in this sector only, which will actually take this whole sector up our side. But yes, next six to eight months, you will see further more challenges, but next financial year, I am 100% confirmed, you will see a much better picture. Okay. Thank you.

Thank you. The next question is from the line of Siddharth from ABC, Captain. Please go ahead.

Yeah, hi, sir. Good afternoon. First of all, Congress, for the striking result, sir, of the fat margin of around 6%, growth of some 3.2% on year-round year basis. And thank you for this opportunity, sir. Sir, I have a specific question, sir, regarding from the trade receivers, sir. As I can see, sir, as of March 26th, there was a huge chunk of trade receivers spending in the balance sheet, sir, around 254 crores, sir. How much of it is received, realized, sir, in this, sir?

As of June, the outstanding has come down to 231 crores. And even post that, this is as of June, because, and even as on today's date, it has gone down more below, which amount I'm not mentioning. So it has, I mean, 231, what was there on March, was on June 27th. And as of August, 15th of August, it has come down more, more below. And by the end of quarter 2, you will find a significant drop in the overall data, and numbers coming almost half of it.

So, sir, basically like you are mentioning one of the largest projects of PUNI CID. I guess the major chunk is on there only.

Yes, yes. So, we have realized a big amount from there. Almost 46 crore is already realized. From that project, and in quarter one, and major another amount is expected to be received before end of month of August.

Okay. So, very big deal. Sir, my second question is regarding your, like, you have mentioned some order in hand of 165 around odd girls from Solarian Green Energy. So, you are expecting this whole of this order to be visited by February 27 only?

A hundred percent. Okay.

And, sir, how much, like, is the realization part from this project in this year, sir?

Realization part?

Yes, sir. Most of it would be realized in the current financial year.

Current financial year only, sir.

Yeah, yeah.

Sir, so you find any risk, sir, like greater risk, some kind of concentration risk on account of delay or delinquency going forward, sir? Like you have 80-85% or 90% of the data is just of one or two accounts only? Thank you.

Yes, it's where this amount is, like what I told, out of this 231 crore, the major amount is related to CCTNS project, but there is no risk of realization. It's a central government funded project. So there is no risk of realization. We also choose the customer very, very selectively. And we have been into government-based business for more than 15 years. So we understand this particular even, for example, I'm giving you last to last year, we did a single order of 94 crore. Every single penny was realized. So we understand this market and we have been doing business with them. Additionally, what happened, this product is something which is very, very sensitive. to all players. So, it also requires warranty. And so, this product cannot be kept and without warranty, it would be supported. So, service is also crucial in such cases. So, some plus minus can always be there in the market, but that amount is always discounted in the pricing that we do when we bid for any such category tenders.

Okay. And sir, you are also like issuing some convertible warrants around 43 odd crore. Sir, may I know, sir, what are the utilization part from the proceeds of such warrants, sir?

This amount we would be utilizing for working capital purpose. As you know, our Jajjar factory is about to be ready, and even the Gujarat factory would be up and ready. So, in both this facility right now, most of the UPS that we do are generally imported, right? And then we do the customization part of it, as you would have known to my earlier commentaries. So, now, since the manufacturing time would go up, because things would go in-house, that's the reason we have looked for increasing the working capital requirement, and the reason for share-worned issue.

Yeah. Okay. And, sir, one last question, sir, related to your EBITDA margin, sir, like for this quarter one, it's around 8.5%. As we know, sir, your H2 will be much better than H1, sir. So, you're expected to maintain the same margin level, sir?

Yeah, yeah. What was, yeah, 12 to 13% margin would be maintained over the, over, by the end of this financial year.

Okay. Okay. Thank you, sir, and all the good for your coming part, sir.

Thank you. Thank you so much, sir. Thank you.

Thank you. The next question is from the line of Rohit Singh, an individual investor. Please go ahead.

Yeah, hello. Am I audible, sir?

Yes, Rohit Ji. You are audible.

Thank you so much for the opportunity. So I had just two questions. First was regarding the Jaja facility that we have. So its commissioning has been delayed later. So what caused the delay and when can we expect the commissioning?

There is no reason for the delay. We have started the production from our own side. Looking at the market side, the cost of the component has gone up, the logistics cost has gone up from China. So we have held it for some time to make the prices to be under control. And we are very hopeful that by the end of the Q2, we will commence our production. So this is just to change our strategy from the utility level to C&I. This is also one of the major reasons.

Okay, sir. And second question that I had was regarding the best industries. There has been a lot of, you know, pricing pressure across the industry. So how are we planning to remain, you know, competitive and also, you know, protecting our margins? And maybe what could be the strategy going forward to maybe get more and more, or maybe get, you know, win more tenders over there?

First of all, the pricing stress, the profit stress is on the utility sector in BES. So that's the reason we have not built for any utility sector in last, almost a year, last 10 months. So, we have taken a change in our strategy, and we are focusing on commercial and industrial, C&I. So, there are no much pressure of margin in the sector, and Since this is a totally unorganized market in India, so we are trying to do a value-added in this product and to work as an organized player in this segment. So we do not see any challenges in our company in our near future. And as a strategy, when we are totally coming out of this utility sector, then we are totally out of this, what the market is, because we are totally stressed, we are totally out of that. And CLI sector is a more booming sector, but as it is not organized, it is not, the awareness is not there in the market. People do not know much in the smaller sectors and mid-sector. So this, we are getting a good advantage and good order opening also has started in the sector.

Okay, okay. That's it for Mahat. Thank you so much.

Thank you. The next question is from the line of Ravi Khanda, an individual investor. Please go ahead.

Hello, am I Audible?

Yes, Ravi, I'm Audible.

Thank you for this opportunity. Just one question from my side. What are your expectations for the order inflows and order book growth over the next 12 to 18 months?

Yeah, Raviji, right now, order what I mentioned is 1090 crores of orders in hand. And we have bid under evaluation of about 2000 plus crore of bid is under evaluation where we have participated. It includes two big orders of approximate value of around 1800 crores. So, even if you remove that, then 2,200 is something what is there, 2,200 minus. So, 400 crores are the remaining bid which has been done by our side. So, this order means if you look at the, if you remove the developer order, so it is currently at around 236 crores. This particular tandem would definitely keep on growing over next year based on the qualifications which we are going to achieve and the number of bid participating that we are increasing.

Okay, sir.

And so what's happening now, the strike rate would also come from BESS as a space, the system integrator solution as a space where we have ventured into over last one year. So all those would start giving results apart from the normal order which we take for our manufactured power solution.

Okay, sir. Thank you. All right.

Thank you. Is there enough other questions from the participants? I will now hand the contents. Over to the management for closing comments. Over to you, sir.

Yeah, thanks all of you for participating in this online conference call. If you have any further questions or would like to know more about the company, please reach out to our Investor Relations Manager at Valoram Advisors. Thank you.

Thank you. On behalf of Aryanth Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.