Thank you very much. The first question is from the line of Ashish Kumar from Ampersand Capital Investment Advisors.

My first question is our order backlog is up only 2% on Y-o-Y basis. So if you can give some comments on that and how we should look at it? And my second question is based on our business and product mix going forward, how we should look at the margin trajectory for next year?

So I'll answer your question and request Udai to add to this. So while different categories of businesses that we have systems, transactional services, etc, our transaction is growing. And with the kind of improvement in the transaction business, which is again contributing better in terms of profit, we do not need what you call a backlog really for this because these orders are quickly executed. And if we say that our backlog is lower in terms of growth, it really doesn't mean that we are not very optimistic about the sales going forward. So that's where I can say transactional business is gaining a lot of momentum. And Udai, if you might like to add to this.

Thank you, Suparna. Thank you, As hishji, for your observation. In fact, we grew in terms of orders, we have actually grown by about 13.5% in the year. And if you really look at, we have actually generated a positive leverage in terms of what we booked and what we sold. Now 2% is, of course, a single-digit number. But because of a few reasons, one is what Suparna said. And also to add, it also depends on how much did we book in Q4 and how much did we sell in Q4. And as you know, Q4 in India is everyone seems to be -- all of our users seem to be asking for deliveries and normally, Q4 is a large. So that's the reason. But other than that, there is no great other reason. So we don't see that there's going to be sort of a dip or this would like to continue or something because it's a combination of multiple orders which we book under the various classes of solutions and products which we sell.

Any comment on the margins?

See, we are aiming, Mr. Ashish to actually continue the momentum, and we are not losing focus in terms of the bottom line. And that's the reason why we are continuously working on 2 things: One, how do we differentiate ours elves differently with our peers; Two, as to what do we do, which can give us slightly better margin than the average. And that's the reason we would continue to focus on -- I would not be in a position to tell you some number exactly, but we are continuing to focus the way we have been doing for last few years.

The next question is from the line of Aditya Deorah from Divisha Investments.

I have a couple of queries and suggestion. Over the last 3 months, we have had 3 announcements on store capacity additions related to the tran sformer business, RMU breakers and panel. Now in all these announcements, we have mentioned that the existing capacity is near 90%. So for the current financial year since the Kolkata fact ory is also not yet operational, how would we augment the resources for revenue growth?

When we say 90% and in our plants, which are essentially customized equipment, this is sort of installed capacity. And when I say installed capacities, we can always perhaps leverage this infrastructure to derive more the need is, which means that in certain times, in certain months, we see some peaking happening, we can perhaps have multiple avenues in terms of how do we extract more output of the installed capacity. So for example, if I say X, I can derive 1.2x or maybe 1.25x is the need is, depending on us engaging more people or running more shifts. So that's not going to be hampering if I would say, I mean, we have no limitation of upside because of 90% utilization, if that's the question which you asked.

Perfect. Now my second query is related to the breakers capacity, which we are setting up in a plant in Kolkata. So would it be in the Prospace plant in Dankuni or would it be in our existing plant in Salt Lake?

It will be in the new one, Mr. Aditya.

Okay. So that means that the new one has additional greenfield area for setting up maybe further plants beyond this one also?

Yes, it has.

Perfect. Perfect. Sir, just one suggestion. I understand that Schneider has Schneider One philosophy in India where all the entities go to the market at Schneider as one entity. But a lot of press releases are posted on the Schneider Indi a website, and it is not communicated to the stock exchange. So we as investors, as shareholders, we don't get the information, something like maybe the Tata Power SF6 press release or something related to the Noida International Airport press release, we don't have access to that information. So if you can just disclose it to the Stock Exchange, even if you don't put in the order or the quantity, that would be very beneficial to the investors.

Thanks, Aditya for this feedback.

The next question is from the line of Viraj Mithani from Jupiter Financial.

Congratulations on outstanding numbers. My question is regarding your Kolkata facility, you're adding 9x. So what gives you that kind of conf idence to add capacity 9x your size right now? And if you can give more color on that breakers and all?

See, we are -- what we are trying to do is two things. One, we are trying to have a line of current breakers and perhaps also thinking of putting th e new generation breakers in Kolkata. And this is what we intend to do in coming times, it will be product which will be made for India and maybe perhaps sold to other units of Schneider, outside, out of this plant.

Are these products more margin accretive. How are these products? Can you give more color on that?

Can you repeat it? I'm sorry, I missed you.

Are these products more margin accretive since you're adding capacity 9x? So can you give more color on that would be helpful. Like what would be the top line or what kind of business you expect from this additional capacity? I know you don't give numbers, but some ballpark figures would be interesting.

It will be difficult, sir, at this point in time, but we do have plans in place with various ranges of breakers, which we are going to manufacture in a staggered way. Very difficult at this point in time to give you a ballpark number as well. We'll keep on sharing as we progress on this.

Okay. And my next question is about like how do you see the margin trajectory going forward? I mean some color on that would be helpful since now we are in a good margin trajectory.

So overall optimization at the margin level is a very important thing that we all are looking forward for because every year, if you see our margins have improved unless and until there is a situation which is beyond our control. And also at the operational level, we keep on adding to our margins, go on for orders with better margins and we are quite selective about orders. We do not want to dilute our margins. And also, at the same time, promote the high-margin giving categories like transactional services, etcetera. So this overall, as a combined strategy will not only help us retain the margins but also grow the margins. So that's the thought process for the margin.

The next question is from the line of Neil Oswal from Bajaj Finserv Asset Management.

Congratulations on a wonderful set of numbers. Just one bookkeeping question. So the order inflow number for FY '24 and Q4 FY '24 seem to be different in the current presentation versus what was mentioned last year. So can you help us understanding the same?

So we did not include intergroup orders. But going forward, we'll be including that.

The next question is from the line of Hiren Ved from Alchemy Capital Management.

Congratulations on very strong numbers. My qu estion is that how much should this INR200 crores of capex, how much incremental turnover can be achieved with this INR200 crores of incremental capex? That's my first question. And the second is that you spoke about transac tional services, which I would presume are more short-cycle orders. In which end user sectors are these transactional services most applicable? So these are my 2 questions.

I can take the second one first, Hiren, and then I think Suparna can tell you about the first. These are few -- just to clarify, these are 2 separate aspects which we speak about your company. One is essentially the transactional piece of business, which is wher e -- to explain in very layman terms, we make the entire equipment or we make the heart and give it to somebody to do the rest. So when we adopt the later model, we call that as transaction. That's one. And the services are just pure service nature on th e either of installed which is of our own or any other make which is -- which might exist in an y site. And I think you did mention about that these are short cycle. Yes, these are short cycle and so are the other normal business as well. So it depends on the order size because we typically have a defined manufacturing time depending on the equipment and configuration. And de pending on the value and the way it is being executed, the cycle times of project execution is varying. That's one. Two, I think you did mention about, I think, wh ich sectors or segments do we do this. We do this all across. When I speak about transaction, it is -- we are not limiting that our partner would not operate or should only operate in sector 1, 2, 3. It is actually available to be -- they are expected to be penetrating and be reaching there at each and every sector or segment. So they are sort of sector or segment agnostic. Now I would actually request Suparna to actually give you a sense if she can on the delta of our revenues, which you have been asking about INR201 crores of investment we plan to do.

While we really can't share about the numbers, the additional or incremental revenues, but we are looking -- see, while we are doing the investme nt, there is certainly a need from the market side as well as our own need for sustaining our bu siness. So -- and that would definitely add to the incremental revenue. In our case, what we have seen and while we were getting this approved, we'll see a staggered growth. And especially if I talk of the Kolkata capacity, we will be doing not only for India, even we'll try to sell outside India. So overall, put together, we are seeing a good tr action of orders which we want to execute. It will be a staggered increase. It will be a profitable increase at least at the gross margin level, maybe some impact of depreciation in the earlier times before we reach that critical mark. But overall, we are very positive and optimistic for the revenue to grow for these lines.

The next question is from the line of Manish Goyal from Thinqwise Wealth Managers LLP.

First of all, congratulations to the entire ma nagement on very strong cash flows this year and last year as well, probably we've done INR500 crores of cash flow from the operations, which is quite commendable. So congratulations on that. I have a few questions. First on the capex what we have probably done in last 2 years of nearly INR120 crores and the balance sheet shows capital work in progress of INR86 crores. So is it pertaining to our new facility at Kolkata where we are putting up vacuum interrupter product? So what is the status? When do we expect that facility to start officially ramp up going forward? That is the first question. Second question, ma'am, on the other expenses , which has jumped 33% and probably we are seeing this happening again in the last 2 years from 9.3% of sales to almost 12.2% of the sales. And this year, it seems that it is gone up despite some writeback. So maybe if you can clarify on that aspect? And also related question here, the other income has gone up from INR9 crores to INR25 crores. Probably there is some reversal of impairment of trade receivables. And are there any onetime in these other expenses? And I have a couple of more questions, so I'll follow it up as we go ahead. Thank you.

Okay. Talking of the CWIP, yes, it's mainly from the Kolkata plant. And maybe Udai, you can add when we will start production in this?

Yes, Suparna, so we are actually -- the main facility has come up and any way we had two plants to do here. One was to set up new equipment to produce in interrupters. We have leased and commissioned 50% of what was planned. The rest was movement and all the thing at the new plant, which we are doing in, say, a quarter or 2 because we do not want to disturb the current production and the peeking requirement, which exis ts and as we see today is getting staggered and if the answer is when, it'd be sometime by the end of '25 or maybe early '26 is where we see that -- we moving into one plant and trying to put up most of this equipment setup.

So to clarify, you are saying that the Phase 1 has started at the new facility?

Yes, it's about to start. Because we have very vigorous practice of actually testing it out before we start commercializing it. So that's almost about to happen, we are in the last stages of validating what we have produced.

Okay. And how much capex we would have...

Sir, sorry to interrupt, can you please rejoin the queue for a follow-up?

My question is not yet answered on other expense also.

Sir, you can proceed with your question.

Yes. My question was on other expense, which has jumped 33% and there have been some write- backs and other income has also increased. So if you can please clarify on that?

Suparna, would you like to take that question, please?

Yes, sorry. I started speaking on mute. Sorry. Okay. So I was talking of the other expenses increase. And while we had to see other expenses, there are a lot of line items which are directly correlated with the increase in sales. So with this 19%, 20% increase in sales, there are a good amount of expenses which have grown in proportion to the sales. However, saying that we as SEIL, because we have just stabilized as an organization, our revenues are growing, profits are growing, we see good traction in our orders, and we see a good future ahead. So we've also started our branding activities which we participated in Elecrama as -- with our product launches, etc.. So with all that, we have some good amount of marketing and branding expenses, which have come. And as I said, now we have a strength to invest for the future. And when I say it's not about capex, it's also on the operating expenses where we are building internal capability on many fronts and so expenses of that nature have increased. So all put together, of course, the sales increase has contributed to a fair -- large extent. And also our thought process and philosophy within the organization of how to keep the market, I mean keep in as well as grow market share, build in ternal capability, training, branding, marketing, etc.. So all that has made us spend this kind of an in crease. But the assurance that I want to give is that in every rupee of expenses monitored and a good thought is gone before we give internal approvals for the spending.

And on other income, is there any onetime elem ent? And can you please share the breakup of revenue ordered into an order book? Thank you. And I'll come back.

I'll first talk of the other income. So we had -- we could write back a few payables which were very old ones and we took our vendor confirma tion and we could probably write back those payables. That was a onetime ex ercise. It never happened. It shouldn't happen again. And we also get some interest on income tax refund.

Okay. And then revenue breakup and order inflow and order book?

So, should we take that later on?

The next question is from the line of Saurabh Shah from AUM Advisors.

Sir, a question on the new capacity enhancements. Baroda and Kolkata, in how much time do you expect these plants to achieve like 50%, 60% utilization once they are set up in '27?

Saurabh, there are multiple things which we plan to do in Baroda. And when I say multiple, I mean more than one platform, which we are trying to do here. And it will actually kick start now and it has got different completion time frames. So we expect anywhere from, say, 1 year to 2 years is where we would be bringing up the capacity as planned of these different lines and the different platforms. If I may speak.

And so Kolkata would be similar or Kolkata given it had breakers? I thought that might be faster?

Same, Saurabhji. May be here and there a few months. But otherwise, even there, there are certain breakers which may come up before. There are certain breakers which may take some time depending on the platform, as I said, again, even there. So it is all staggered. We are trying to come up in stages and we are trying to see as to how do we keep on serving the market without losing continuity.

Sorry to interrupt, but can you please rejoin for a follow-up?

It was the same question. Just one question about the capacity. Just a question about group sales. What percentage of your sales would be to the group companies? And do you expect that to change in the next 2, 3 years?

Suparna, this is for you if you can perhaps answer.

There's no change which we are expecting. Would be in the similar range as of now.

Which is how much?

15% plus/minus 2%, 3%.

It's about 18% of the group sales that we do of our total sales.

The next question is from the line of Ashish Golechha from Bee Ventures LLP.

Congratulations for a very good set of numbers. Sir, my first question was with respect to differentiations. In Elecrama you also highlighted and you said that you are focusing on various products with respect to competitors where currently Schneider management is focusing on that traction. If you could throw some light on that?

Sir, I'm sorry, I could not get your question. What did you say on Elecrama?

Sir, with respect to differentiation of the pr oducts, you said that Schneider management is currently focusing on various products with respect to the competitors where the traction is there. So if you could throw some light on where the current focus there and how are we doing about compared with respect to the competition from ABBs and Hitachi and other competitors with Schneider in the same product scheme, where the traction of the management is going currently?

Yes, I cannot comment about our friends but what I can perhaps speak about what we are trying to do in terms of really innovating and putting R&D efforts by stepping into over end-user shoes and trying to see as to what is that element of his day-to-day operation, which he is pained or is actually is on top of his mind, which we can resolve either by a product, either by your solution or by a software. So our -- I would say, our uniqueness is that with every passing time, we keep on enhancing more and more about what we can resolve when end user who is actually using our products. For example, if you have a blind product, you get nothing out of it, i.e. you slice it, you start seeing what is inside it, i.e. put that software you will start not only seeing what is inside it, but you also start realizing and knowing that what is going to be the future looking like for that product. So it's something which we are trying to -- has kept you at a centre, trying to see as to what ways can we benefit and support you in your own operatio n and scheme of things. So I would -- it would be unfair on my part to comment upon ABBs and Hitachi but this is what Schneider has been doing.

Sir, another question. Like out of 100%, what percentage of focus is now going towards data centre? Is it referred to the revenue part?

It's about 15%, plus/minus 3%.

Ladies and gentlemen, this was the last question. I now hand the conference over to Harshit Kapadia for closing comments. Please go ahead, sir.

Thank you, Saisha. We would like to thank the management of Schneider Electric Infrastructure for giving us an opportunity to host this call. We also thank all investors and analysts for joining for this call. Any closing remarks, Udai sir?

Thank you, Harshit. And I'm sorry, we overstepped by about three minutes. I would just like to thank all the investors in patronizing us and keeping faith in the company and hope you have a very great day, and thank you so much.

Thank you very much. On behalf of Elara Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.