Ask Profit | Voltas In Focus | NDTV Profit
-#Voltas shares rally as Q1 profit rises 160%
-#Nifty, #Sensex recovers from day's
Get all your stock-related queries answered by our technical and fundamental guests with Alex Mathew on Ask Profit. #ndtvprofitlive
-#Nifty, #Sensex recovers from day's
Get all your stock-related queries answered by our technical and fundamental guests with Alex Mathew on Ask Profit. #ndtvprofitlive
Transcript
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01:30Hi, good morning. Thanks so much for joining in.
01:33You're watching Ask Profit on NDTV Profit,
01:35and my name is Alex Mathew.
01:37This show gets you answers to all of your stock-related questions,
01:40and to that end, if you've got them for us,
01:42either short-term or long-term,
01:44you can send it to us on that number that you see flashing on your screen.
01:47Let's very quickly take you through what's happening with the equity markets,
01:50and there were some murmurings
01:54that there could be a little bit of volatility to deal with
01:58because of the Hindenburg report that came out over the weekend,
02:02but it seems at this juncture that that was largely hot air,
02:07and that's what the market has taken from it as well.
02:11As you see on your screen, the Nifty 50 is trading with gains of about 0.4%,
02:15and has recovered all of the gains, all of the losses, rather,
02:18from earlier on in the session.
02:20It is now trading in the green.
02:22The broader market's also looking sanguine.
02:24You have the mid-cap index that's trading with cuts of just about a tenth of a percent right now,
02:27and you have the small-cap index that's trading in the green up as much as 0.4%.
02:31Market breadth, as a result of all of that, is in favor of the advances, I would think,
02:36and it is more or less a vote of confidence in the regulatory system in India.
02:44The allegations that were made against the SEBI as well as the SEBI chairperson
02:47have been ignored summarily.
02:50It's not just the leading market participants that have spoken to you on this platform
02:55and multiple platforms and have said as much.
02:58It is also the investing community that has rubbished these claims.
03:02Let's talk about a few stocks that are in focus.
03:04In fact, actually, let's give you the sectoral breakup
03:07because earlier on in the session, you had most sectors in the green.
03:10That picture has changed quite substantially as things stand,
03:13and it's more or less even Stevens.
03:15You have Realty as a pack that's doing quite well, up as much as 1%.
03:18You have Metal, you have Finance, you have Services.
03:20You have the Nifty Bank, which has recovered from the low point of the day.
03:23It's now trading with gains of about 0.4%.
03:26What's not doing too well is the PSU Banking Pack, which has also recovered, I might add,
03:30but you have the Media Pack that is not doing particularly well.
03:33That's down about 1.2% or thereabouts.
03:36But let's talk about Voltas, which, according to me, is a stock of the day
03:39because it's gaining about 8% on the back of strong results.
03:42We've got Mahima joining in to tell you about what stood out
03:45and why investors are positive on the stock.
03:48Mahima, what are the key highlights?
03:50Right, Alex. So, you know, strong set of numbers for Q1 FY25
03:55and all the numbers have beaten analyst estimates.
03:58Now, in terms of the numbers itself, revenue is up around 46%.
04:02EBITDA has significantly improved from that 185 crore mark to a 424 crore mark,
04:07which is almost three times.
04:09Margins have improved from 5.5 to 8.6
04:12and net profit has more than doubled from 129 crore to 335 crore.
04:18Now, a couple of highlights.
04:20Well, they sold around 1 million ACs this particular quarter.
04:24Overall volume growth was approximately 67% YOY
04:28and changes in inventory was up by 10 times.
04:31And overall revenue from their unitary cooling product was up around 51%.
04:36And revenue from their electromechanical products and services was up around 40%.
04:41And, of course, this kind of growth in terms of volume and revenue
04:44was on the back of extreme heat waves that we have witnessed.
04:47And that is why there was a significant uptick in the sale of ACs
04:51that Voltas has witnessed.
04:53Now, in terms of the stock performance, well,
04:55one month the stock has been roughly up 1.5%.
04:58Today the stock is doing very well. It's up around 8.4%.
05:02And six months it's been up around 44%.
05:04And one year it's been up around 87%.
05:06So, we're yet to receive the investor presentation and press release for more details.
05:12But, overall, this is the view of what Q1 FY25 for Voltas looks like.
05:17Absolutely. Thanks so much, Mahima, for getting us those details.
05:20Now, several companies have complained about the heat wave
05:23that has affected sales and footfalls.
05:25That hasn't been the case, of course, for an air conditioner manufacturer.
05:30It is the opposite, in fact, and they've had a great quarter.
05:32Sameer Dalal, Natwar Lal & Sons, stockbrokers,
05:35as well as Rajesh Palviya, Senior Vice President,
05:38Technical and Derivatives Research at Axis Securities,
05:40joining me this morning.
05:41Thank you so much, gentlemen, as always, for taking the time.
05:43And good morning to you.
05:44I normally go to Sameer for a fundamental check of the stock that we've chosen.
05:48But today, as an exception, I will go to you, Rajesh,
05:51just to talk about the texture of the market as things stand.
05:54We've seen quite a bit of news flow over the weekend.
05:57And we've spoken at length about the allegations that have been made
06:00about India's institutions, India's regulator.
06:04That seems to have been ignored by the market.
06:08And the texture has changed quite substantially
06:10over the last hour and a half or hour or so.
06:13How does it look right now?
06:15Good morning, Alex.
06:16So, yes, the investor of Indian market has ignored the allegations
06:21which was made by the Hindenburg.
06:23And the prices are clearly giving them reply.
06:27Nifty is comfortably holding about $24,400,
06:30initial dip of $24,200 bought by the market participant.
06:35And now we are back about $24,400.
06:38So put-based concentration has acted as a good support area,
06:42even for the Bank Nifty, $50,000 acted as a good support area,
06:45which was the previous put-based concentration.
06:48So there is no further more short addition,
06:51despite of these kind of news flow, which has surfaced on the weekend.
06:56So I think this is the clear confidence on the street.
06:59And we believe that in a way, a market is holding about $24,400.
07:03I think there is a possibility, you know, in the second half,
07:06again, we could see breakout about $24,500.
07:10If that happened, then there would be a short covering action
07:14we can witness in the market.
07:17And then possibly Nifty can move further higher.
07:19So $24,500 is the immediate level where we are focusing now
07:23on the Nifty spot.
07:24If it's crossed, then another round of short covering would trigger on the Nifty.
07:29And for Bank Nifty, $51,000 is the immediate level to watch for.
07:33If it crosses, then here also we could see a short covering action to trigger.
07:37So I think texture is still looking on the bullish side only.
07:40There is no dent, despite of this news flow.
07:43I think that clearly shows the confidence on our regulators,
07:47as well as on the growth trajectory of our Indian market.
07:50Absolutely. Couldn't have said it better.
07:52Thanks so much for that view, Rajesh.
07:54Coming to you, Sameer, on Voltas.
07:56What did you make of the results and would you buy it?
07:58It's 8% up and it's had quite the run in 2024.
08:03Absolutely. You know, the results were fabulous.
08:05I mean, if you look at it, because of the heat wave,
08:08they got a huge bump up in sales.
08:10They were even able to, I think, garner a little bit extra market share.
08:14So that is a big positive that came out from the numbers.
08:16If you ask me, the cooling units is where they did the big amount of growth.
08:20But you've got to remember that these are cyclical businesses to some extent, right?
08:23So now you're going to go into another period for them where sales will not be the greatest.
08:28You know, so you can't extrapolate that what they did in Q1 will be something
08:33that they will be able to replicate all throughout the year.
08:36That's the period when you have the summers where you have the highest sales.
08:40So I do believe that the stock has probably done a lot already
08:45and captures in most of the positives that are there.
08:48Although we believe that India still has a huge opportunity to grow over the long term
08:52when it comes to AC sales and cooling units and all of these products that they have.
08:57We believe all of that for the next maybe two years of expected growth is factored into the price.
09:02So would I be a buyer today? No, I would not. Results are good.
09:06But valuations are extremely expensive.
09:09Based on what we have projected, I think it's trading at about 56 times one year forward
09:15and four times two year forward, which tells me that the upside is factored in.
09:19So I would not be buying. No, I'd wait for corrections, sharper corrections to buy the stock.
09:24Okay, fair point. That's a view on Voltas.
09:26I'm coming back to you on the first question that we've got today.
09:29And incidentally, just a quick reminder, if you're tuning in right now,
09:32the number that you see on your screen, that's where you send your questions to me.
09:35And we've got the first question from Pankaj.
09:37He's asking about the cement space and specifically about JK Lakshmi Cement.
09:41It is not done particularly well in the year to date. I'm talking about 2024.
09:45It's down over 9% or thereabouts.
09:47But he's wondering whether to buy in the context of consolidation in the cement space.
09:53Sameer, what's the view here?
09:55So if you're only wanting to buy in the view of consolidation,
09:59I don't know if JK Cement is one of the target companies that are probably there for a consolidation.
10:04If you ask me, is cement in a good space? Yes, I do believe cement is in a very good space.
10:09Why? Because India is working on a massive infrastructure expansion,
10:14which is being driven by the government of India.
10:16Then apart from that, the real estate sector,
10:18which is the largest consumer of cement in the country, is doing extremely well.
10:23And when real estate does well, one of the easiest ways or proxy play to play the real estate industry,
10:29if you don't want to play a particular real estate company because you don't know what projects are there
10:33and whether they'll be able to complete in time and, you know, all of those issues.
10:38Then the best way to play is the cement space.
10:40So we do believe that cement is in for the next two years of a good growth.
10:45So if you're looking to buy a cement company, I mean, just purely for the consolidation, JK,
10:52I don't know if it becomes a play, but I am positive on the cement space.
10:56Ultratech is one of the companies that we look at.
11:00Shree Cement, yes, valuations are expensive, but they've come off a bit.
11:03They had a poor quarter last quarter, but we believe the longer term for Shree Cement remains good.
11:08So those would probably be our top two picks and not JK.
11:10OK, that's a fair point. I'm coming to you, Rajeshwan Gale.
11:14And we've got Abhilash, who's bought at levels of 242.
11:18The stock is currently trading up, but at 230.
11:21And he's he's not been receiving the price that he's looking for.
11:26So he's it's not moved. The price has not moved the way that he anticipated that it would.
11:30Abhilash, he's wondering whether to hold or sell his position right now.
11:35My advice would be to hold the position.
11:38Though the stock has not moved, it's still in the consolidation.
11:42But the overall structure for Gale is on the bullish side.
11:45I think if he can hold the position for some more couple of weeks,
11:49the stock is ready to show good up from here on after this consolidation.
11:55The stock is almost holding its 20 to 50 day moving average.
11:58So I think once the stock manages to cross about 240, we are bullish on the stock.
12:03At this juncture also, even about 240, there would be a breakout.
12:07And then a possible target for Gale would be around 265 to 270.
12:11But he has to hold it for a positional perspective.
12:14At this level also, he can add on some more position also with stock loss of 220.
12:19OK, coming to you, Sameer on Ola Electric.
12:22And this is a question from Rajkumar in Bengaluru.
12:25Rajkumar, I'm not sure if you had a view on the IPO and what your recommendation at the time was.
12:30But the stock has been stuck in upper circuit.
12:32It is, if I'm not mistaken, stuck today as well.
12:35And there's quite a considerable amount of volume in the stock right now.
12:40It is at 100 plus, 109 or thereabouts.
12:43He's wondering whether to buy if he gets the opportunity.
12:46What's the view?
12:48So if you're investing for a short-term period, I wouldn't be buying.
12:51If you have a long-term view on the, I mean, maybe a three or four-year horizon,
12:56Ola Electric is definitely an interesting company because I believe the shift to electric vehicles that is happening is taking time.
13:03But it will only accelerate as it goes forward and you get more charging stations and, you know, more infrastructure that supports this entire ecosystem.
13:12So I believe there is a great opportunity.
13:14Now, they are also backward integrating where they're going to be making their own batteries.
13:18And the minute they start getting back into the system, I think they will have a price advantage over a lot of the competitors in the space.
13:24And when you have pricing power in your hand, you can probably capture a larger share of the market.
13:29So I do believe that Ola is something that one should look at.
13:33It is at the moment loss-making.
13:35There's no questions asked and probably will have another year, year and a half before they can get profitable.
13:40I mean, if you look at the Zomato story, it's a similar kind of situation, you know, where they were making losses.
13:45The stock's actually corrected because at some point people do look at fundamentals and valuation and all of those factors.
13:51So you might get an opportunity where the stock does dip.
13:54I would definitely recommend for a long-term investor to buy on corrections.
13:58If you're a short-term trader, I mean, I don't have a view on that at the moment because the stock is maybe in short supply and there's a lot of demand.
14:06But long-term, I'm definitely a buyer.
14:08So, but why don't you specify what level would be good to accumulate?
14:12Because we've got another viewer, Geeta, who's also asking a similar question from the perspective of five years,
14:18which I guess would be the definition and you would probably agree of long-term.
14:23Would you buy? What level would you buy at?
14:26So you can probably even buy a little bit here at a 110 odd level.
14:31But ideally, I would like to say that the price of maybe 80 would be the absolute right price.
14:37So they came out with a good price on the IPO, on their pricing.
14:40I think if it comes around that level, I would definitely go out and buy.
14:44I wouldn't wait for corrections more than that.
14:46Because like I said, I'm more bullish longer term.
14:49And I mean, I can't predict where the exact bottom of the stock would come, but I would be a buyer around the IPO price.
14:54And let me also put in a disclaimer, we did apply the issue and we are holding the stock.
14:59Okay, thanks for that view.
15:02BSE Limited is the stock that we're talking about next and Thomas is asking about this counter.
15:06He's talking about the intraday move.
15:08He's bought at level of 3048 and he's asking why the stock is declining.
15:12I'm not very sure whether he's talking about the long-term trends because I see over the last five days or so,
15:17it's up as much as 6.5% over the last month.
15:20It's getting about 9.8% and the year-to-date period has also been positive.
15:25It's up as much as 18% or thereabouts.
15:28Rajesh, does the trend hold and is he likely to get his buy price?
15:35I think he has to wait for a couple of months to get his price.
15:39Though long-term structure is bullish, but since last three, four months,
15:43we are seeing some supply pressure in the stock prices.
15:46But still, the stock on the long-term chart is holding the ground around 2200.
15:50That's the important support area for the stock.
15:52I think till the stock continues to hold about 2200,
15:56we may see some buying action remain in the BSE stock.
16:01And once the stock crosses about 2650-2700 kind of zone,
16:06I think there will be another round of buying action can trigger in this stock
16:11and then possibly the stock may attempt to move further higher towards 2900-3000 kind of level.
16:17But for a long-term perspective, I think he may hold on to the position.
16:21I think there is a potential in the stock and then possibly 3400-3500 would be the next target,
16:27but on the long-term perspective.
16:29That's quite the upside that you are suggesting.
16:32We have to slip into a very quick break.
16:34Do stay with us.
16:35We will be back before you know it to take more of your questions.
19:21All right, welcome back.
19:22You are watching Ask Profit and we are in the midst of taking all of your questions.
19:25This next one is quite an interesting one.
19:27In fact, it's from Abhinandan Prasad.
19:29He is writing in from Patna.
19:30He is asking about arguably one of the stocks of the year.
19:33If you go back into 2023, this is also going to be the case.
19:37Suzlon.
19:38It's trading at…
19:39Is that an upper circuit?
19:40I would think so.
19:4180.36.
19:42He has bought at levels of 36 and 45 and he is wondering how far it will go.
19:47He is asking what the danger level is.
19:50If you can call it that.
19:51Rajesh, on the charts.
19:53You know, this is I guess at some point one will have to ask the question.
19:59When can you call that run?
20:01So, very strong run up going on in this stock.
20:06Almost for this calendar year 110% up move we have already seen for the Suzlon.
20:13But the way stock has moved up in last couple of months, it's a long term.
20:19Breakout is already there on the stock prices.
20:22And I think the way buyers are confident on the stock to buy and hold on a week-on-week basis,
20:31that clearly shows that something turnaround kind of thing is happening in this stock.
20:37We believe that he should trail the stop-loss now towards 74 level.
20:41And I think if it's not breached below 74, there is still potential to continue upward journey.
20:48And possible target towards 95-100 would be there on coming weeks.
20:53Okay, that's a fair point.
20:55We got Mukesh Patel who is riding in from Vapi and he is asking about GET&E.
21:00He has not given us his buy price but he is saying that he is holding as many as 200 shares.
21:05He is asking for a fundamental view because he says that he is a long term investor.
21:11What's the view Sameer on the fundamentals?
21:14So we don't have coverage on this one.
21:17Okay, so not specific coverage but if you were to talk about the space and the fundamentals that could affect it, what would that be?
21:25So if you ask me, the power sector has been in deficit for some time.
21:30Not some time but maybe the last one odd year.
21:33And we are seeing a continuous increase in the demand of power.
21:36So anything that is in this kind of space which is catering to the power space would continue to do well, my guess is.
21:42But like I said, I don't know exactly the details of this company to really comment on it.
21:47But the power sector is in a sweet spot.
21:49Okay, that's a fair point.
21:51Alright, we have got a question on DCB Bank and this is coming in from Sulochana.
21:56She is asking this question from Vishakhapatnam and she has got 1000 shares at a price of 136.
22:02She is asking for a view on whether to hold this or not.
22:05The stock is currently trading at 119 or thereabouts.
22:08On the charts, Rajesh, what's the view?
22:11I would say she should switch to some other bank because still if we analyze the DCB Bank structure, it's in downtrend.
22:21And the way stock is trading below to all its important moving averages and now stock is trading near to its critical support area which is placed at around 115.
22:30I think if it breaks below 115, then there would be another round of supply pressure we can see in this stock.
22:36I think they can switch to Federal Bank.
22:40That stock is looking more attractive on a technical front.
22:43So, I think that stock can deliver good return from here onwards.
22:47So, try to exit in DCB Bank and shift into the Federal Bank.
22:52Technical structure for Federal Bank is quite bullish.
22:56And we believe that here we can see target towards 240 going forward.
23:01Okay.
23:02Alright.
23:03So, the next question.
23:04And by the way, try to avoid asking multiple stocks at once.
23:08We will only be able to take one.
23:10So, I will generally choose the first stock that you ask about.
23:12This is the question coming in from Mr. Dhansuklal Bharucha who is writing in from Valsad.
23:19And he is asking about ITD Cementation.
23:21He says that he is a long-term investor and he has got 3200 shares of ITD Cementation.
23:26He is asking what the view is on this particular counter.
23:29The stock is currently trading at just about 550.
23:32Sameer, what is the view on the fundamentals?
23:34The fundamentals are good.
23:36The construction space is doing well.
23:38So, from that point of view, everything looks hunky-dory.
23:40Their stock of ITD Cementation is actually up for sale.
23:45So, if that is the case and if the current existing promoters sell out and a new promoter comes in,
23:52what price gets done is going to be something interesting.
23:54Plus, there will be an open offer that follows.
23:57So, that could lead to some near-term upside.
24:00If you are in for the longer term, I mean, I don't see any problem on holding on to this.
24:05The company will do well.
24:07But the top pick for me in the construction space right now, the one I have been buying
24:11and I have actually suggested it on your channel before is PL Kashyap.
24:16I think the company is doing extremely well.
24:18The order book is growing.
24:19It is smaller in size.
24:21Scaling up operations, operating leverage is playing out.
24:24So, that is something that one can look at.
24:26And we have a target price of about 140.
24:29All right.
24:30Darshan Mandviwala from Surat, Gujarat is asking about IRFC, which he has at a price of 184.30.
24:39He is asking for a short-term view on this particular counter.
24:41The stock is currently trading just above his buy price at 185.
24:46Rajesh, what is the view on the charts?
24:49I think most of the railway stocks have witnessed some profit taking from higher level.
24:55But still, if we analyze on the long-term structure, short-term structure,
24:59still most of the stocks are holding the ground near to their support area.
25:03So, we believe that again the buying interest would come in all these counters after this corrective move.
25:09IRFC, if it continues to hold above 178, I think it should hold on the position.
25:15Structure is still bullish.
25:17And once the stock crosses above 195, then there is a possibility that the stock may exhibit a good amount of rally towards 150 to 220.
25:26So, I think with a stop-loss of 178, it should hold the position.
25:30All right.
25:31I am just pulling up the next question as I speak.
25:35And this is Veena's question.
25:37She is asking about SJVN.
25:39And she says that she has bought at levels of 155.
25:42And she has been holding for a few weeks, for three weeks.
25:45She is asking whether to hold on.
25:48She does not want to sell at a loss.
25:50And do you think that there is a possibility that she will recover her price in the next one month or so?
25:56Okay.
25:57So, she is also asking whether it is a good stock to have in the portfolio for the long term.
26:02I will ask you this, Sameer.
26:04SJVN, would you hold as a portfolio stock?
26:07No, I would not hold it.
26:09I think there are better opportunities in the power sector.
26:12So, I am not denying the fact that SJVN is also increasing the renewable energy capacity.
26:18They are putting in more of the solar plants, the wind plants and all of that.
26:22So, they are also going to grow.
26:24But a company that we are actually very positive on the space and where I would put more of my money is Tata Power.
26:29And if you want to be only in a government entity, then I think NTPC is something I would look at.
26:35From the reason that not only are they expanding on the renewable side, but also on the thermal side.
26:40And if they come up with the IPO, which there is a lot of talk around for their renewable business,
26:45that will lead to some amount of value unlocking.
26:47So, if you want a PSU, then NTPC.
26:51If somebody wants a leader in the space, not leader, but one of the stocks we are very positive on is Tata Power.
26:59Jai has got this next question.
27:00I thought he was giving me advice and that he was telling me to go long on Bank Nifty.
27:05I didn't really understand that he was asking a question.
27:07Rajesh, he is actually asking whether you would suggest going long on the Bank Nifty right now.
27:14I think from a trading point of view, yes, he can go long in Bank Nifty.
27:18And the way Bank Nifty has been above 50,400 in the initial day,
27:23almost Bank Nifty future has taken the support from those levels.
27:27So, I think the support area is very well defended by Bank Nifty in the initial day.
27:33I think there is a possibility that Bank Nifty might attempt to cross 51,000.
27:37That's the immediate challenging level based on the call concentration.
27:41And looking at the data during the day, we believe that there is a possibility
27:45that in the second half, Bank Nifty might attempt to cross 51,000 levels.
27:49So, I think at this level also, he can add the position with stop loss of 50,600 for Bank Nifty future.
27:55Upside target, immediate target is 51,000 followed by 51,300.
28:01We have got multiple questions on Olectra Green.
28:05Olectra Green, oh, actually no, this is, okay, just one question.
28:09And this is, I'm trying to pull up the name as well.
28:13This is from Shrikant Velpulla.
28:15And he has borrowed levels of 1842, if I'm not mistaken.
28:19He's looking for the view on this particular counter from the short-term perspective.
28:23Rajesh, what's the view?
28:26So, Olectra Green, overall structure for the stock is on the bullish side.
28:31But in the last couple of weeks, we have seen some profit-taking,
28:36but long-term structure is still bullish.
28:39I think the stock price is still far from its purchase price.
28:43So, stock is now trading near to its important major support area of 1450, 1500 kind of zone.
28:49So, I think if it continues to hold above 1450, it's able to defend this level.
28:53So, I think there is a possibility that we could see some pullback action.
28:57If in pullback, if it crosses above 1700 mark,
29:00then I think there is a possibility again to move back to the all-time high trajectory also.
29:05So, at this juncture, 1450 should be your stop-loss.
29:08Above 1700, there is a possibility that in short period of time,
29:12we can see a target towards 2000 also.
29:14All right.
29:15Unfortunately, that's completely the end of this particular edition of Ask Profit.
29:19Sameer as well as Rajesh, thank you so much for taking the time.
29:22Always a pleasure.
29:23And viewers, that's all we have for you on this particular edition of Ask Profit.
29:26Do stay tuned, lots more coming up on NDTV Profit.
30:56Hello, you are watching NDTV Profit.
31:15We are now joined by the Executive Director of the INOX Group, Mr. Devansh Jain,
31:20to talk about the quarter gone by for INOX Wind.
31:22Good morning, Devansh.
31:25Hi, good morning, Meghita.
31:26Pleasure to be back.
31:27Yes.
31:28Congratulations on a strong set of numbers this quarter,
31:30net profit of 50 crores versus a loss a year ago.
31:33And margins have significantly expanded to over 21%.
31:37Is this the level the company expects to maintain or could we see some moderation?
31:41Look, I think it's been the best Q1 financial performance in the history of INOX Wind.
31:46Having said that, we've guided for 15% to 16% margins for the full financial year.
31:52So while Q1 we have been 20-21%, but overall we expect the full financial year to be close to about 16%.
31:59Okay, got it.
32:0015% to 16% of EBITDA margins.
32:02Let's also talk about your 2.9 gigawatt order book.
32:05How is execution set to take place?
32:07And could you also maybe give us, you know,
32:09the details on the per megawatt revenue run rate that the company is running at?
32:13Look, I think execution is continuously ramping up.
32:16I think every quarter over the past five quarters has been better.
32:20And I think every quarter going forward will continue to become larger and larger.
32:24Having said that, Q1 and Q2 typically are lower than Q3 and Q4 given the onset of monsoons in H1.
32:34I'm not saying it's skewed to the extent of 1090, but, you know, 35-65 skew is broadly what happens.
32:40So H2 is definitely going to be much larger than H1.
32:44I think execution continues to play out well for us.
32:47We are ramping up massively across the board.
32:50140 megawatts this quarter was almost about 90% more than, you know, the quarter of the previous financial year.
32:59And I think with respect to the 2.9 gigawatt order book which we have,
33:04I think that's something which will take care of the next two years.
33:08What we've guided for publicly is about 800 megawatts this year and 1,200 megawatts next year,
33:14with the caveat that there's a significant upside risk to the numbers in the next financial year.
33:21We'll talk about more of that as we move forward over the next one or two quarters.
33:25Yes. Gaurav Devanchan, what's the per megawatt revenue run rate that the company is running at?
33:29Look, we're running for about 6 crores per megawatt, which in the full financial year overall we'll end up achieving.
33:34You'll have sometimes commissioning happening in one quarter or shifting to the next quarter
33:39or sometimes some extra nacelles going or blades going.
33:42But broadly the thumb rule would be 6 crores per megawatt would be our guidance in terms of top line per megawatt for this financial year.
33:49Got it. And in terms of order mix, now 62% in end-to-end turnkey services balances equipment supply.
33:55Is this the kind of mix that the company is aiming at?
33:59Look, so we're running for about 50% of equipment supply and 50% of turnkey.
34:04In the last financial year we probably had about 80-85% turnkey and 10-15% equipment supply.
34:11We've now moved to about 60-40, 60 being turnkey, 40 being equipment supply.
34:16We are negotiating multiple deals at this point in time.
34:20A lot of them are equipment supply transactions.
34:23But yeah, I mean in such a large order book, whether it's 55, 45 or 60-40, it's not really going to make much difference.