Sir, would it be possible to throw some light on what proportion of your cost of goods is imports from EU as of now? And what is the weighted average tariff that you pay on that?
Okay. And sir, any color on weighted average tariff that you pay as of now?
Yes, thanks a lot. Sir, my question is whether you are seeing increased competition from Chinese imports in any of the product segments that you are present in?
And sir, which product segments this will be?
Congrats on great set of numbers. Sir, just one question on Thermal Power opportunity. Over the past 1 year, obviously, your orders have also benefited a lot from thermal power project. So over next 2-3 years, how many GWs in terms of the total market size do you see in the pipeline from States and the Central PSUs and the Private entities? Subramanian Sarma: It's a bit of a pleasant surprise for us also that how the market is developing in the thermal power plant sector. And it's been good news for us, and we booked quite a bit of orders. And going forward, we believe that overall, I think the country will still add about 15 to 20 GW in the next 2 years or so. We still see 4 - 5 GW opportunities for us, as a minimum in the coming years.
Okay, sir. And sir, what proportion of your total order book today will be at fixed price? And what proportion will have price variation clause of some kind or other?
Thanks a lot, and congratulations again on a very strong performance. So my question is on oil prices. In this prospect of Rs 12 trillion how much will be the oil dependent and at what oil price would you be worried that part could get deferred? Subramanian Sarma: Yes, hi, this is Sarma again. So, if you look at this, I think, other than Hydrocarbon, almost 37% is in the Infrastructure, and they are not that dependent on oil. Particularly as I said earlier, there's a heavy momentum on the Power Transmission and Renewable and also some of the Infrastructure projects which we are pursuing here will go through because that's part of the growth story of the respective countries. I don't see that is sensitive to oil prices at all. The on e which could be sensitive to oil prices is Hydrocarbon business which is about 60% of the order prospects. In that again. I said we have offshore wind, we have offshore gas they are not sensitive. I think some of the prospects we are pursuing like LNG gasification , the Qatar and the rest of the governments are already committed to e xpanding their LNG capacity and are going ahead and spending money, huge amount of money in LNG plants, and they need to set up this offshore gas development to feed that i n LNG plants. So, I think it is same with some of the oil projects also Kuwait. We have a lot of prospects from Kuwait and Kuwait has had a very dry period for the last 3 years. They were one of the countries who were not spending . So, they have come back now, and they are committed to spend. So even if the oil prices are on the lower range, they will still go ahead. So , all in all I think I am not expecting a sort of reduction in the quantum. Maybe there is a little bit of shift to the right . Maybe instead of one quarter it will go to the second quarter or third quarter . There may be a quarter by quarter shift, and some delay if at all the oil prices come down. In my view, I think, USD 55 per barrel would be the threshold for Brent an d that means 50 and below for the West Texas would be a threshold which might slightly delay the decision. But I expect most of these prospects will go through. That's our assessment.
Great, sir. And just the last one again on this oil thing because you have very large business in Middle East. So you are not seeing any signs of customers delaying payment, talking about not paying on time at current oil prices? And again you know what is the risk mitigation here and at what oil prices you would be worried where customers will start delaying payments or maybe start talking to you about going slow on execution because they don't have money? Subramanian Sarma: I think I answered about the oil prices already. The threshold remains, whether it is for payment or for capital decision, it would be in that range, but maybe even lower for the ongoing jobs. Like RSR said earlier, we have been working with the top -class customers. Our counterparty risk, be it in Infrastructure or be it in the Hydrocarbon is very low, because we follow a very strong risk assessment process internally before we bid for the job . And thankfully, I think, so far we had an excellent record in the international market. Most of our customers, even in very difficult time , to tell you honestly, even during COVID time people pay out promptly . And I think only customers who are compensating for the COVID were the international custome rs. That's the kind of customers we're dealing with. So, I would not be too much concerned about any payment issue. Some shift here and there might happen, but we don't see that as a risk. The mitigation, what you spoke about is already built in , in terms of our contract terms and the payment mechanism s including compensation if there is a delay, but, I don't see that as a big issue.
Just one question on the pace of execution in the Middle East. So lately, we have seen some top down reports about budget constraint in Saudi Arabia and some of the projects being deferred. So, for your projects, have you seen any disc ussion on the customers' part about delays in payment or anything of that sort?
Yes, only Saudi Arabia.
Sir, my question is on industry. So you mentioned that in the first 9 months, we have seen about 12 GWs of thermal bids from states. So to your mind how much more can happen over the next 1 or 2 years from the state? Are we looking at a similar number, higher numbers? And what can be your share potentially for the new thermal projects?
And sir, my second question is on it consol PBT or PAT number, excluding the deferred tax sales. So obviously, your capacity growth has been quite strong and generation and cash flows are good. But your PBT has been under pressure because of depreciation and interest costs down in second quarter, I believe, and this year, it's a loss. So I mean, how do you think about those dynamics as you further ramp up capex and capacity over the next 1, 2 years? Asking because it does impact your repo rted ROEs post depreciation, etc. So is that a target in your calculation at all to get the reported ROEs to a 13%, 14%, 15% kind of number or you are okay to continue at a very suppressed PBT level?
Congratulations on a strong set of numbers. Sir, beyond Salboni, 1,600 megawatts, could you throw some color on your thermal expansion plans, specifically where you might have land already available or where you have some visibility on fuel supply or some kind of visibility on PPA?
So total of, say, 1,800 megawatt at KSK looks quite likely over a period of time. And what about the PPAs of the same?
Ma'am, with regard to competition that you mentioned across segments, So obviously, you have industry-leading brand and technology and so on. So what is the basis of competition for some of the smaller players? Is it price only? Or do they bring something to the table, which because of your positioning in the market you are not able to?
And so obviously -- ma'am your ROCEs and cash flows and margins are at historical highs, and congratulations on that performance. But do you feel that if your competition is willing to work with lower margins and ROEs, then over a period of time, it will p ull down your ROCEs, and margins as well? Is that a calculation in how you approach the business?
Ma'am, with regard to competition that you mentioned across segments, So obviously, you have industry-leading brand and technology and so on. So what is the basis of competition for some of the smaller players? Is it price only? Or do they bring something to the table, which because of your positioning in the market you are not able to?
And so obviously -- ma'am your ROCEs and cash flows and margins are at historical highs, and congratulations on that performance. But do you feel that if your competition is willing to work with lower margins and ROEs, then over a period of time, it will p ull down your ROCEs, and margins as well? Is that a calculation in how you approach the business?
Yes. Thanks a lot. And congrats on good set of numbers. Sir, in CG Semi, how much is the total CAPEX that you have done so far?
And between now and end of 2027, you will end up doing roughly INR 76 billion. So the entire thing will happen now like over next 2 years. Is that right understanding?
Sir, for Mahi Banswara project, what is the status of PPA and what will be the approximate capex?
And sir, PPA has been signed here or will be signed by the time you are awarded by November?
Yes, sir. Thanks a lot. Sir, again on the pumped storage plants where you have started the work, what is the status of long -term PPAs there? Are you looking at something? And in case the PPA is not there, do you think financial closure will be possible from financial institution side?
Okay, sir. Thanks.
Sir, my first question is on the potential for large order inflows beyond QRSAM. So once you get QRSAM, by end of this year, the next one that we know of is Project Kusha possibly by December '29. So between these 2 large orders, are there any other large orders of similar size that can potentially come through?
Okay. Great. And sir, my second question is on your interest i n AMCA. So would it be -- would it possible to share some kind of color on what is expected from the winner here? So in terms of the capex that you will have to do to create these facilities, the kind of technology risk that you are taking. So any color on that? I mean, what -- how much you will have to spend to build these facilities? Because obviously, as of now, you don't have anything as far as system integration for fighter aircraft is concerned.