Mahesh Kumar

Hi, sir. Good evening and thanks for the opportunity. Just wanted to understand , as you move towards a more integrated manufacturing setup with cell and eventually ingot and wafer capacity, how should we think about the margin trajectory? Do you see integration leading to a structurally better margin profile over the next couple of years?

Yeah. Yeah. And sir , if I look at 1Q EBITDA margins, they have come down quite sharply compared to last year, despite the strong order book we have. Could you help us under stand what the key factors behind the margin compression were, and whether we should expect this to normalise as capacity utilisation improves?

Okay. Make sense, sir. Just last question from my side , while the order book is quite strong, that we have around 6.35 gigawatts of order book, could you please give us some color on the mix of these orders in terms of utility scale versus C&I and how you are thinking about the margin profile of the current order book compared with the business you are executing today?