Triveni Power Transmission Limited (TRIVENIPT) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to Triveni Power Transmission Limited Q2 and H1-FI27 earnings conference call. 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 call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. And I'll hand the conference over to Mr. Gavin Deesa from CDR India. Thank you, and over to you, sir.

Thank you, Neera. A good day, everyone, and a warm welcome to everyone participating in Triveni Power Transmissions Q2 and H1 FY27 earnings call. We have with us today Mr. Tarun Sawney, the Vice Chairman and Managing Director, Mr. Suresh Taneja, the Group CFO, Mr. Rajiv Rajpal, CEO, Mr. Raman Kumar, the CFO of TPTL, as well as other members of the Senior Management Team. I would now like to hand over to Mr. Tarun Sawney to make his opening remarks. Over to you, Tarun.

Thank you, Gavin. Good afternoon, everyone, and thank you for joining us for the Q2 Fiscal 27 Earnings Call of Triveni Power Transmission Limited. This is our first results discussion following the listing of TPTL, and we're pleased to begin this journey with a resilient operating Thank you. While the margins moderated year and year due to base effect, which I will describe later, it remained ahead sequentially, reflecting the business mix and disciplined operating costs. We also generated positive free cash flow after capital expenditure in H1 while continuing to invest in manufacturing capability, technology, and new products. From a market perspective, the broader domestic environment remained supportive. India's Q1 fiscal 27 GDP grew at 7.8%, while industrial production grew 8% year-on-year in August, with manufacturing up 9% and capital goods output up 16.9%. At the same time, the global environment remains a bit uncertain because of geopolitical and energy price risks. For us, this reinforces the importance of a diversified customer base, disciplined execution, indigenization, and a strong aftermarket franchise. A more relevant gear business is the specialized global high-speed industrial gearbox market, catering to mission-critical applications including compressors, turbines, pump, VM, and aftermarket ecosystem at approximately $1.1 billion in 2026, and the two segments expect reliability instead of elementary gear market and defense. For H1, overall revenue increased by 18%, which better reflects the portfolio comparison needs to be viewed in context. That will give a more appreciated business update on industrial gearbox, business compressors, pumps, and other rotating equipment in product revenue. But our strategic focus remained unchanged, deepening our viewable OEM relationships, expanding our international vendor approvals, and broadening the application base to improve export participation over the short and medium term. In fact, in the quarter, I have the pleasure of serving. It was up about 41%. This one was up 29%. This entire program is now constructive on the medium term and the long term, and the short term opportunity, frankly speaking. The strength of our current order book, Healthy Domestic Industrial Environment, which is envisaged over the next few quarters, and the initiatives across our revenue streams to provide a strong foundation of growth with respect to our export market. At the same time, the nature of our business can result in some quarter-to-quarter variability, as I have mentioned, and therefore I encourage the analysis to be done really from an annual or four-quarter basis to be able to get a better picture. In the gears, product business, our efforts are directed towards progressively widening the opportunity pool across applications and jobs. As far as the geographical expansion is concerned, I'm from our global enterprise.

We will now begin the question and answer session. Anyone who wishes to ask the question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Our recipients are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Para semblance, you may press start and 1 to ask the question. The first question is from the line of Srinivasa Reddy, from Yellow Investments Limited. Please go ahead.

Yes, sir. And thank you for the opportunity. Sir, my question is on our order book. Out of 26 crore of order book as of 30 September, how much is scheduled for the delivery in H2FY27?

In terms of deliveries, in terms of quarter-on-quarter, but by and large, what I am happy to say is the gearbox orders are primarily to be delivered in a six-month cycle. Our aftermarket orders are typically to be delivered in a three-to-six-month cycle. The defense orders can vary. Some of them can be in about 12 odd months, and some of them are of a longer duration. However, we do not divide our order books and give categorical numbers for fiscal 27 from GEERS and 81 clauses for defense. That much I can share with you. We can't give you which quarter, what.

Yes, sir. And how much of the delayed STG, pump, and Middle East product orders mentioned on the business update slide? Do we expect to finalize in H2?

But we certainly expect that to be finalized. Those orders are significant. They're important customers. There have been some delays. As you can understand, the Middle East is a little bit of a challenging situation right now. However, the investment thesis for our end customers remains unchanged. I do want to take this opportunity, now that you've given me a leeway, to let you know that my colleagues have attended actually a very important exhibition in Saudi Arabia just 30 days ago. And they see the market just as vibrant, despite the challenges that are happening in that country. So we do anticipate, not just in Saudi Arabia, but also in other countries in the Middle East, That order finalization, it may move between quarter to quarter, month on month.

Okay, sir, and one final question. You know, like, our EBITDA merger has been moved from 45% to 36%. And in the managed commentary, sir, you have mentioned, like, it is due to the drop in mix of the products and people cost. Is the people cost increase now largely complete? Are more additions to happen in this year?

Yes, a few more additions will happen. But it is going to be small in terms of those additions. I would encourage you, since you've asked about EBITDA margin, which is a more complex question, it's not just about the HR cost, it is important to consider our results at the end of the year, because there is a balancing. In certain quarters, you sell more product, generally less aftermarket solutions, and that has a way of changing the EBITDA margin. But the overall EBITDA margin that I would encourage you to come back for a follow-up question.

I request to all the participants, please limit yourself to two questions per participant and rejoin for a follow-up. The next question is from the land of Kaurav Shukla from Finvestors. Please go ahead.

Sir, am I audible? Sir, after the H1 FI27 revenue of 189 crore, what is the management's revenue growth outlook for FI27 and FI28 also? What portion of the expected growth is supported by confirm order?

Forecasts. Do not give revenue or margin guidance. But what I can say is that the underlying indicators are absolutely encouraging. Our closing order position provides us with a very healthy base underway and gives us confidence about the growth. If I had to answer the question, our growth ambitions is certainly to deliver growth over a medium-term basis, let me say 5-7-year basis, of over 25% year-on-year. This does not count. I'm not talking about fiscal 27 at all. I'm talking about the next 5-7 years in terms of growth.

Thank you, sir. And one more question, sir. Defense revenue due 3.3 times in Q2 and 3.7 times in H1. What was the contribution from defense in absolute revenue term? And how much additional revenue is expected from confirmed defense and marine orders in FI28?

Excellent question. Unfortunately, we only give it as one segment. We give our business revenues as one segment, and we do not branch it out. You will appreciate the fact that we have incubated this defense business, and it is going to, you know, due to the nature of our business, which is precision engineering, we have these multiple revenue streams. And Defense is becoming more important as a growth area for the company, and we're providing investors with increased visibility about the performance parameters and strategic development. At this time, segment reporting, we have determined that that is not wise at this point to be able to encourage these businesses to grow. However, I think your point is noted, and at a particular point in the future, we will certainly consider that from a management commentary perspective.

Thank you, Gaurav. I'll request to come back for a follow-up question. Next question is from Man of Ashish Kolecha from B Ventures. Please go ahead.

Yeah, sir. Am I out even?

Yes, you are.

Yeah.

Hi, sir. Greetings. Very good set of numbers and we really like the commentary. I'll say my questions, first questions, and then I'll come on the second question. As for the presentation, we have highlighted that our agricultural market is 16,000 to 24,000 CR in Indian level propulsion across NGTL, NGD, and P75 and P76 submarines. I wanted to understand that what is TPDL's current pre-qualification or technical care and status with DND

and shipyards like MDL,

Garden Reach, CSN, and SSL, or our main propulsion gearboxes like COD-AG, COD-LAG, and COG-AG systems versus auxiliary subsystems like

gearboxes and shafting and fin stabilizers are concerned. We have our project qualification across all tenders that are coming across from the Indian Navy and across all the shipyards. Now, I think that is a position that the company is in through our own technologies as well as partnerships with some leading equipment suppliers globally. So, we have forged partnerships to qualify for each and every gearbox, as well as shafting, as well as stabilization system. And I think in specific technologies that you would like to discuss, I would encourage you to contact us offline. We'd be happy to take it.

Okay, so can I go for my second question? Yeah, sir, as you know, RANK Group AG, Germany, has opened a manufacturing plant at Hosur, Tamil Nadu, under RANK Gears, Private Limited. Now, I wanted to understand that you also would be knowing that RANK is also trying to do a collaboration with Elicon. So, they are basically targeting industrial high-speed gearboxes and couplings for power, energy, and process industry.

If we've had any of our global competitors start business operations in India, I am aware that we have a competitor in the south of India, and we do see them from time to time. We do not see them across the board. It's not as if they've just started operations. They've been in the country now for a few years. Our market share position has remained unchanged during this time, and I think that speaks to our value proposition to all of our OEMs more than anything else. So I think that probably answers part of your question. Now, with respect to their relationships with other gearbox manufacturers, I'm afraid I'm not privy to that, and we will see as and when those industrial relationships get forged. However, I don't think that it is a cause of concern to us, because this is a global market that we're in. We expect to see competition, not just domestic. Brescia, your market is very, very small. Brescia, it is actually your job going forward.

Okay. Sir, I wanted to understand how would we preserve our moat in high-value naval marine propulsion bid going ahead? Thank you, sir.

I'm so sorry. I did not understand that question. Can you repeat that?

Sir, I wanted to understand when the competitor is also basically there and we know that our moat is in high-value naval marine propulsion bid, So how

would we go in that, basically, next three to five years, how would we preserve our, what you should say,

segment position, which we are basically currently leading in India? Thank you, sir.

Right. So marine propulsion actually is a new area for the company. Our history within high-speed gear now is about marine gear. We're having its own medium and smaller space. We're the only firm that has complete technology, and we have one order's design capability.

Ashish, I'll request to come back for a follow-up. A request to all the participants, please limit yourself to two questions and rejoin for a follow-up question. Next question is from the line of Sanjay Manial from Dam Capital Advisors. Please go ahead.

Hi, sir. I have a few questions. So one is specifically on the order book side, given the fact that our sort of historically order book used to be six to nine months when the gear and gearbox was the dominant part of our order book. And given that the defense has become now dominant part, almost 60% of our order book now, how do we see sort of order booking going forward? Will this six to nine months of a delivery or the execution period will, I'm sure it will move up, but how do we see that moving up from six to nine months to what period? And also, at the same time, if we can give some color on the export order book or the inquiries, How do we see the export part of the business going forward? How this will move forward?

Yeah, Sanjay, excellent questions. Yes, of course, you're right. On a holistic basis, the six to nine-odd months average order booking that has existed for the company for the last N number of years will change. It will increase based on defense. However, we will try our level best to inform our stakeholders of the changes relatively because we are sharing what is defense order booking and what is gears order booking. As a result, gears order booking is not going to change, whether it be domestic or whether it be export gears order booking. The defence side could change, and the defence side will be longer than six to nine months, and it depends on, you know, some of the projects that we are now tendering for are multiple in nature, for five years of substantial quality in every year. And so the numbers of those projects in terms of how we will share these numbers, we have DP Africa, other parts of Asia, and that is having meaningful results, and we are seeing that in hard numbers now.

Just one more question specifically on the margin side, doing the fact that our long-term margin has been in around 30, 35% or so. Now, this, I believe, largely because of a really large proportion of our business is aftermarket. Now, given the fact that defense contribution is going to go up, move up significantly going forward, and I'm sure that aftermarket proportionately will come down, do you think that this could be a margin dilutive, you know, thing going forward in the medium to long term probably?

So, Sanjay, in the medium to long term, I do not expect it to be margin dilutive at all. We will try our level best to ensure there isn't lumpiness even in the short term. But certainly in the medium to long term, I'm very happy that you asked. Again, I do not believe it to be margin dilutive. In fact, if anything, we would like to say that our growth ambition is to maintain our margins of 35% EBITDA plus. And that is how we are structuring and creating this business. In fact, the hiring that the previous gentleman asked about is very much part and parcel of this delivery of growth and profitability.

And maybe just one last thing on the – if you can just give a – share a Treveni turbine contribution to our revenue in H1 specifically. I think previous – historically, this has been close to 25%, I believe. What has been the number for H1?

I'm afraid I don't have that number with me right now, Sanjay. You can contact us offline and we'll be – we can see if we can share it with you.

Okay. Thank you. Thank you very much, sir.

Thank you. Next question is from the name of Kevin Gandhi from Capital Advisors. Please go ahead.

Hello, sir. Thanks for the new question. I hope my voice is audible.

Yes, it is.

Sir, I just wanted to understand your view on the entire Middle Eastern CAPEX reconstruction. Because I feel the India's theme park policies are actually getting the orders. So are we seeing any delay and when can we actually expect substantive growth in the order book incoming from the Middle Eastern CAPEX?

It's very important to understand how India is going to benefit from the growth in CAPEX in the Middle East and the broader MENA area, frankly speaking. I think I would like to take that question from a MENA perspective. The turbulence that we've seen in the last, that it has certainly been significant. It is shockwaves, frankly speaking, globally, not just with respect to India. However, our business has progressed. Some bit, albeit a little delayed, but it has certainly progressed. The fact that we are participating in...

Oh, yeah, sir.

Mahir Shah from Banyan Tree Advisors, please go ahead.

Good afternoon. Thanks for the opportunity. Can you just comment on the global industry for high-speed gearboxes? How many players would be there and what would be the market share of the largest players? And are these larger incumbent players actively focusing on this segment because it's just growing by 6% or 7%? Yeah, that would be the first part of my question.

Sure. So we have a memorandum that TPCI published. It's available on the stock exchanges websites to the global market space. That will kind of walk you through who are our global competitors, what is the kind of market share that they have, some of their financial information and data is present. But since you've asked this question on the earnings call, let me offer you a very brief answer. We have between seven to nine competitors globally that we come across. The largest company would have a market share of about 15. So, you know, it's a reasonably diversified market space, but it has few companies. The aftermarket with a lot of just-in-time solutions, etc. And that is a very interesting market space that we are, of course, looking at.

Sure. The second part would be, if I'm not wrong, our current market share globally in the high-speed gearbox cycle would be low single digits. So what would be our ambition to grow from here in the medium to long term? What is the kind of market share that we can gain in the next five to seven years? What's the ambition for you as a company? And what are some of the competitive advantages which we have, which can lead us to gain market share? I think one of the factors which you mentioned was shorter delivery cycles. So we just wanted to understand what leads us to have shorter delivery cycles compared to our global POS.

Information that we have undertaken. We've continued, coupled with other strategic initiatives. So, it's a combination of three or four strategic initiatives that allows us to produce faster than our global competitors. We also have manufacturing capability as we have invested.

Thank you. I'd like to come back for a follow-up. Next question is from the line of Komal from Vartnabali Investment. Please, go ahead.

I just wanted to understand about the oil and gas segment. We believe that a next set of high-speed gear orders are expected to come in whenever there is capex in oil and gas. Given that where the crude oil prices are, do you expect that to be big and substantial enough over the next 2-3 years?

I guess I don't see my question.

Next question. Have we qualified for that American Petroleum, whatever standards are there, and have we got impaneled with, say, the likes of ADNOC, etc.?

So, American Petroleum Institute, or API for short, is a manufacturing standard that is required by a variety of companies in the oil and gas, and petrochemical, and fertilizer, for example, segments, and other segments as well. Yes, we manufacture and have manufactured.

Coming back to the marine and defense segment, our technology partner has been Lukfin, which has done globally well in this segment. So how have we benchmarked against them? How big is their defense segment as a percentage of their overall revenue? Do we seek to become as large as them? Is the market opportunity global for us? Just some thoughts around what we have learned from Lukfin and what our aspirations are.

So I'm afraid I don't know what, Luskin is a part of a much larger industrial conglomerate, Baker Hughes, and I'm not privy to their revenue numbers, et cetera, for segments. So I can't answer your question on that front. But yes, we have partnered with them for some marine gearboxes, and I think that's a very encouraging partnership for the long term, and one that I hope to grow. So my benchmark is not following what a European or American company is doing, because as far as defense is concerned, it is much more from a domestic perspective. For us, our target and strategy has to be to occupy the largest market share.

Komar, I'll request to come back for a follow-up question. Next question is from Land of Devish Punjabi from Banyan Trade Advisors. Please, go ahead.

Yeah, hi, thanks. I had two questions. One was just wanted to understand with the current defense capacity that is there, what kind of revenue can be done. The other one is, again, related to defense. In the segments that we are competing in, how are the products currently being procured? Are they being imported or is it being done by domestic players? Just wanted to get some more idea on that.

So the answer to your first question in terms of overall capacity, we operate a multimodal facility. So it really depends on the selection of products that we win and we are manufacturing from time to time. We don't have an exact number to give you in terms of overall capacity in 2P terms. But that is something that we will certainly work out as this business grows. We don't see any, as I mentioned, further capex that's required either in defence or in Aguirre's business that have any significance for the short term at least. And therefore, we don't really require anything as far as our growth targets are concerned. I know this is a bit of a nebulous answer. It's just that we have not given and shared a single figure for our defence. I mean, yes, frankly speaking, under the various DPPs, the move is towards Makin India.

And just one more follow-up on the data center side. Can you help us understand what kind of demand is coming from data centers and roughly what percentage of the order book would it be contributing to?

So, firstly, we have to have a product that goes in for that, our Fort Worth Data Centers, which we're hopeful to have in place during this quarter. As that happens, we will then work with our OEMs to be able to ascertain what that new market share is and what that segment is. But, you know, we all read papers, we all understand what's happening in North America, what's happening in Europe, what's happening in other parts of the world as far as growth in data centers is concerned. It's a very, it's mind-blowing numbers. To be part and parcel of that ecosystem, as and when we have more data, we'll be able to come back to you with actual numbers.

Thank you. Next question is from the line of Neil, from Neerjian Capital. Please go ahead.

Hi, good afternoon. A lot of the questions have already been answered. I think I have one question right now. Is around the capex, around the gearbox, that 700 crores that we were going to do, is it largely done? That is the first part of the question.

Yes, it is almost all complete.

Okay, so it's done. I just wanted to understand for me, what are you envisaging for the ramp-up on the gearbox side? Do you think a lot of this will be fully utilized by 529?

Sorry, I just wanted to point out, 700 crores was not the CapEx. 340 crores was the CapEx. The gear's revenue target…

Revenue potential, yes, sorry.

It didn't come across clearly. Could you ask your second question again, please?

So do we expect our utilization levels to reach towards full capacity utilization by, let's say, FI29 or maybe FI30?

Again, you know, that kind of alludes to giving projections which I'm shying away from. Let me just say that even before we come even close to that number, when we come to, you know, into that vicinity of, say, let's say 80%, we will then have to start looking at further capex of expansion, and that would be the next trigger. If your question is, what is the trigger for the next cycle of capex, it would be when we are at about 80%, 85% capacity utilization, when we start looking at the next phase of capex. And we're not there as yet. Towards the question of when we'll be there, I would prefer not to answer that question.

Understood. One small question also on the Gearbox, the Gears business, is that on a quarter-on-quarter basis, our order book has actually increased, right? Is it up to 15% quarter-on-quarter?

Yes, correct.

So, there is some movement. There is no degrowth on this or flatlining.

No, no, not at all. In fact, I think I was, I'll be honest, I was disappointed with the growth. And now that you've asked the question, I can share with you that I was disappointed with the growth. A lot of it has to do with, but there is no question of degrowth at all. In fact, it's very encouraging. And I, myself, in my trips of meeting are...

Much part of this second quarter growth in order book has come from gears. In fact, all of it has come from gears, nothing from defense, right? You expect defense also to start pitching in from the next couple of quarters and beyond?

That is certainly my hope. So again, I think the defense order book is going to be lumpy because we try and win select projects. When those projects get actually finalized so that we can recognize it as a part of our order book, we have no control over.

Thank you, Neen. I'll request you to come back for a follow-up. Next question is from the line of Molek Chaudhary from Munaf Network Capital. Please go ahead.

Hello, sir. Am I audible?

Yes, you are.

Thank you, sir, for giving me the opportunity. I just have one data-keeping question. So, if you can, bifurcate your order inflows into product aftermarket and defense for the quarter, for the Q2 and the Q1. Not really quarter-wise. In terms of product, the total order booking is 132 crores. Aftermarket is 64 crores. And defense is 135 crores. Domestic and export.

No, the revenue that we have given is on the product side, which, as I mentioned earlier, was 12 crores in Q1 and 36 crores for any other segments.

Okay. Thank you, sir.

Thank you. Next question is from the line of Harishul Patel from Private Investment Advisor. Please go ahead.

Thank you for the opportunity, but my questions are already answered, so thank you.

Thank you. Next question is from Lionel Siddharth Shah from SRS Capital. Please go ahead.

Yeah, hi. You know, I just wanted to ask more about your international aftermarket expansion. And is that kind of a necessary requirement to grow our direct exports business? To either first get into aftermarkets for customers and show some product experience and technical expertise, or to have their aftermarket in place before they'll even purchase orders from us?

No, not at all. In fact, I'm glad you asked that question. It does not impact our sale of original equipment at all. Zero. It is really a very profitable segment for the company. The reason we want to do this is because it also allows us to develop much stronger relationships with eventual users of our gearboxes. Let me just explain to you how it works domestically. Part of the reason of our market share is almost all industries across India have a Triveni gearbox, and we work with them on not just our gearboxes, but the majority is on other people's gearboxes that they've historically purchased from around the world. Now, having that type of relationship means that when they come about to order new gearboxes, their preference always remains with Treveni, given not just the product quality, but also the service quality that we have provided on aftermarket solutions. You must remember that our aftermarket solutions, domestically, the vast majority, overwhelming majority, is on third-party gearboxes. Got it.

That's very helpful. And my second question is, you know, you spoke about space and data centers, and at least from my understanding is we have a very strong portfolio and up to, say, about 50 megawatts. Will we have to kind of, you know, work in that 50 to 100 kind of range to tap into these markets?

No. So, we don't have a limitation as far as our gearbox technologies are concerned. It's just that after a certain point, it becomes direct drive. This is with your very large turbines. So, as far as compressors are concerned, we work with the entire breadth of compressors. With gas turbines, we work with all geared gas turbines. Same thing with all steam turbines. So, we don't have any technology limitations as far as high-speed gearing is concerned. As you can imagine, this is to provide a change in ratio from what is driving to what is being driven. That is the concept of a high-speed gearbox. Above a certain range, especially when you look at, let's say, gas turbines and steam turbines above 100 megawatts, they are direct drive. So they are coupled directly with the alternator because the rotors function at the same speed. And so there is no need for a gearbox to be added into that. No, these are much smaller. These are not larger. They are well within this region.

It being a very, very premier order for us in that con call. But subsequent to that, I think we've never discussed it. So if you could just throw some light on that to me.

Our CEO, Rajiv Rajpal, to comment on that gearbox.

Yes, so we have got orders from multinational companies operating in India in testing, and significant growth we're expecting in order book from those companies going forward as well. I hope I have answered your question.

Is this a test rig that we are going to build, or are we supplying, you know, the gearbox?

No, it's a component that goes into its test rig. It's a central component. A test rig is a central component, I think part of a test rig.

So, the test rig, so we are not building a test rig, right? The test rig is being built by the MNC, or is it built by a... By somebody else.

By somebody else.

Okay, and we will be providing the gearbox set, basically, for the test rig.

We are also gaining a little extended scope, including gearbox, as part of the test trick. But the whole test trick, as we mentioned, is built by the national company.

Okay. And how significant is this opportunity? As in, I am assuming this is for engines being tested, right? So, how significant and how frequent are gearbox or parts of gearboxes kind of required in these test rigs?

I don't have a market number to share with you, but the gearbox is...

We are request to come by. Next follow-up question is from the line of Kaurav Shikla from Finvestors. Please go ahead.

Sir, I'm an advisor.

Yes, go ahead.

Sir, after 340 capex, in gearbox, we have 700. And full peak capacity, what is the full peak capacity after this extension?

So, the 340 cross capex is not just for gearboxes, but it is also for our defense. Okay, sir.

And in FI27, how much capacity we will utilize? As you said, sir, after 80% capacity utilization, we will go for capex. Then, sir, now, in how much capacity we are utilizing?

No, I didn't say that. I said at about 80%, we start thinking about it. Yes, sir. That was 80%, 85%. And it really depends. It depends because we have what orders we're getting. But to answer your specific question for fiscal 27, I'm afraid we don't give forward-looking estimates. So I'm afraid I cannot answer that question.

Okay, sir. Thank you, sir.

Thank you. And I'll hand the conference over to the management for closing comments.

Ladies and gentlemen, thank you very much for joining us for the Q2 Fiscal 27 Earnings Conference Call for Treveni Power Transmission Limited. It's a great pleasure and honor for me to host this first Earnings Conference Call for the company. As you may have heard me say, the company is positioned for fantastic growth domestically and internationally. Certainly, there's a tremendous amount of work that has been happening in-house in terms of capacity building, in terms of research and development, new product development, which really showcases the business potential, not just for this fiscal year, but also for subsequent quarters beyond that as well. I'm excited to come back to you in three months and six months' time and tell you about all the developments that have been made, and the hope, of course, is that the global climate…

On behalf of 3NE Power Transmission Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines. Thank you.