Harish Subramanian

Thank you for taking my question. The first question is just in terms of the U.S. market. Typically, we see a conversion timeline of enquiries of about 6 to 12 months, but obviously discussed in the past that water permitting takes more time in the U.S. So what's the sense you have in terms of what the conversion of these enquiries would look like compared to our existing business?

Okay, got it. That 's very helpful. Second question is on the margins . If I back out about 40% of the ₹175 crores NTPC order, and if I look at the contribution now that domestic makes compared to the past Q1s of FY 2025 or 2024, it has been in the range of 46% to 49%. But we still managed in the past to deliver an EBITDA margin of about 20%, and this quart er somewhere around 15%.

Okay. Essentially, Q1 last year, we took in orders at a certain margin, assuming certain commodity prices. A nd a s we execute them now, the commodity prices have shot up a bi t. So that is squeezing the margin at the moment. Is that interpretation, right?