Suyog Telematics Ltd (NSE: SUYOG) Q2 2025 Earnings Call dated Nov. 15, 2024
Corporate Participants:
Tushar Shah — Business Head (India)
Shivshankar Lature — Co-Founder & Managing Director
Ajay Sharma — Chief Financial Officer
Analysts:
Darshil Pandya — Analyst
Naman Parmar — Analyst
Guddu Singh Rajput — Analyst
Deepak Poddar — Analyst
Kunal Tokas — Analyst
Shaket Kapoor — Analyst
Bhavya Doshi — Analyst
Mahek Talati — Analyst
Varun Ghia — Analyst
Chandan Mishra — Analyst
Raj Saraf — Analyst
Deepak Pandey — Analyst
Vinay Pandit — Investor Relations Specialist
Presentation:
Operator
Ladies and gentlemen, I welcome you all to the Q2 and H1 FY25 Post Earnings Conference Call of Suyog Telematics Limited. Today, on the call from the management, we have with us, Mr. Shivshankar Lature, Managing Director; Ms. Subhashita Lature, Whole Time Director; Mr. Tushar Shah, Business Head (India); Mr. Ajay Sharma, Chief Financial Officer, Mr. Suyash Lature, Business Development Manager; and Ms. Aarti, Company Secretary and Compliance Officer.
As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements which may involve risks and uncertainties. Also, a reminder that this call is being recorded.
I would now request the management to quickly run us through the presentation for the quarter, business and performance highlights, as well as the growth plan and vision for the coming year, post which we will open the floor for Q&A. Over to you.
Tushar Shah — Business Head (India)
Thank you, Viren [Phonetic]. Hi, everyone. Our new presentation aligned with our new attitude, which will be there for next few years in market. A new presentation also denotes the aggressiveness and passion, which we are going to show in market for next two, three, four years. And now, the way we have wanted the business opportunity, sky is the limit for us.
Kamlesh, we can go to next slide. So, before we’re starting the presentation, I think this is third or four quarterly call. I’ll be more focused on what happened in Q2 and going forward rather than history of the company. Because I do all the investors are more or less aware about the Suyog history.
So, this is what we are directing Q2. We have increased the tenancy by 102, where we have already started our billing. 102 tenants has been added. 80 new towers is, that which means we have created 80 towers on which we have got 102 tenancy, that has been added in the billing system. Other than that, we have added another 100 kilometres of fiber. Plus our 450 sites are ready for multiple operators, where we have received service order from mobile operators and we have kept our site ready as and when they get the material, they’ll accept it and our billing will start.
So at order level, we have done 652 sites in Q2, which is a great launch pad for us to take a maximum share of a business opportunity in coming quarters.
Like I always said, when we have also started adding government sites, we have added seven tenants in government, and we’ll keep adding more in government category also.
We can skip this. Skip all these management slides. So, business overview — we can skip this also. Skip this. Skip this also. Skip everything. So what we are going to tell — previous slide, company — So we also want to update you about what we are doing in the operations and R&D. So, we have created an entire in-house team, which is maintaining my tower and fiber, which has improved our perception and a performance among the operator.
We have improved up time greatly, which is enabling us to get more and more repeat orders. We have also started replacing our VRLA battery with lithium battery, which gives us a better battery life and then cost-efficient batteries. Along with that, we are doing a lot of automation. We have completed our automation of warehouse management, vendor management. We are working on billing systems. We have created a network operating system, for which we’re able to monitor all these sites across India sitting in Bombay office.
So, we’re also working in a big way on operation structure. We have an actually best up-time in market, which will ensure more and more repeat orders from all the operators to us.
In terms of R&D, we have also started investing time and money both in R&D initiatives. Currently, we are working on multiple initiatives like windmill or you can say solar, where we are trying to reduce our electricity bill. If we’re able to reduce our electricity bill with the good substantial amount, it will again, give us edge or a competitor, where we’ll get more orders from operators.
In terms of — we are also starting working on initiatives in FTTH like how can we do last mile of FTTH without laying a fiber cable. Can we — so, trials are going on for multiple things.
In terms of satellite, we are specially towards the satellite companies, where we want to do trials on the last mile connectivity, which I always said, will get complement business for us other than this tower business. So, we are already discussing and we are on a advance stage to do trial. We have already spoken with some of the US-based battery companies.
And in Q4, we are going to do trials of zinc battery, which will give the same efficiency of lithium, but it will be a much cost efficient. Zinc is already the abundance while Lithium is a scarce resource. So, we already done some demos in office and some trial on-field will happen in Q4. So, we are working on a lot of initiatives to improve operations along with cost and efficiency both.
I think we skip — once I — so in ter — go to the next slide. Go previously. So, in terms of business opportunity, we are 100% sure we will deliver 5,000 tenancies in FY25 and same in FY26. We have enough business from Vodafone, BSNL. Airtel’s starting users upgrade and few sites are coming from Airtel. We are speaking on Jio and we have already done 600 sites — 550 sites in Q2. We have more than 10 sites already ready for Q3 and we have orders in hand. We ensure that we have 5,000 tenants in Q4. So, we are going to achieve a target of 3,000 sites in FY25, 500 — out of which 500 plus will be Mumbai and we are sure of achieving 10,000 tenancies in next two financial year, FY25 and FY26.
In terms of way forward, like I said earlier, we are working on FTTH and we’re working on fiber. We have added one more thing in a way forward is an inorganic growth. So, inorganic growth is a very, very strategic decision, which we have taken. So, we are not going to go blindly market and acquire any company. We have strategically decided three or four points, basis on which we’ll select that company in market and we are going to acquire them.
So first, most important point in inorganic growth is we are targeting a company, who has an Airtel and Jio tenancy right now, which one to target, because we’ll get, like tenancy readily. And one and above that, we will be able to add Airtel and Vodafone as an additional tenancy. So, I can increase tenancy drastically if I’m able to get a company who has Airtel and Jio as a tenant, and Vodafone and Airtel, I can bring as an additional tenant on the same site.
Second, we’re targeting a regional growth. So, we are focusing on specific region like Delhi Circle, or circle which we have not done much till now. So, it gives me a straightaway startup on day one that suppose I acquire a site in Delhi. Right now, I have hardly any sites. On day one, I’ll get a 100 plus, 200 plus sites in Delhi. So, entire acquisition of a company would be depending on the tenancy, which they’re having right now. What is the growth potential in that company? And second, how it will improve by geographical spread.
So, based on these two points, we are going to acquire site and it will give me a great startup in other region, where I notice strong presence. We are already in the advanced stages of — we have identified a company, four, five companies. We are in advanced stages of negotiation. As and when we’re able to acquire some company, it will give you notification on exchanges.
In terms of BSNL, we are working — BSNL project is going actually in a great way. So, we are, I think, one of the fastest IP company who has completed maximum sites of BSNL in Mumbai and other circles. As of now, we are the biggest company to deliver sites on IP model to BSNL, even much faster than any other competitor in market.
Growth driver, I have discussed multiple times. I’ll skip this. So, we get more and more type of question and answers.
In terms of financial highlights, we have shown Q2 results, I hope all of you have seen the Q2 results. We have shown a 16.9% year-on-year growth on revenue, which is INR477 million. EBITDA has grown by 24.8%, which has reached INR350 million. EBITDA percentage is 73.2%, which is, I think, one of the best in recent time.
Our net profit has reached INR203 million, which is 24.7% growth year-on-year. Our net profit percentage is 42.5%, which is much better than I think expected and our EPS is now INR34.40.
In terms of quarterly financial statement, our revenue from operations was INR477 million in Q2. Our total expenditure was INR127 million. EBITDA has reached INR349 million. PAT is INR247 million and profit after tax is INR202 million.
I think we can skip this. So, I think I’ll end this presentation. We can open for Q&A sessions. So, we have more time to answer the questions of the investors.
Operator
Sure. Thanks, Tushar.
Tushar Shah — Business Head (India)
Thank you, everyone.
Questions and Answers:
Operator
We’ll take the first question from the line of Darshil Pandya. Darshil, you can go ahead, please.
Darshil Pandya
Thank you so much for the opportunity. Sir, my first question would be on what is the capex spent for H1 FY25?
Tushar Shah
So, we have done INR65 crores capex in H1 till now.
Darshil Pandya
And we will be doing, because I heard you saying INR450 odd crores of capex will be required for FY25, so.
Tushar Shah
So, we will be doing another 300 — INR400 crores plus capex by March.
Darshil Pandya
Okay. So, rest will be spending up in the H2. Right?
Tushar Shah
Right.
Darshil Pandya
Right. Right. Got it. Okay. And sir, the number of towers that we added is 80 towers. Right?
Tushar Shah
Darshil, I did not got. Can you repeat? I was not able to hear you.
Darshil Pandya
Hello.
Tushar Shah
Yeah, Darshil.
Darshil Pandya
Sir, what is the number of towers that we added in this fiscal?
Tushar Shah
In Q2, we have added 80 towers. Overall, we have added 100 plus towers.
Darshil Pandya
100 plus towers.
Tushar Shah
Right.
Darshil Pandya
Okay. And, sir, on the electricity bill reduction, so I just wanted to understand the electricity bill is any which way paid by the customer, if I’m not wrong.
Tushar Shah
Right.
Darshil Pandya
So, why are we taking the steps to put up solar and wind turbines to…
Tushar Shah
So, there are two things, Darshil. One is, if I’m able to reduce the EB bill, my cash flow improves because my cash flow cycle is two months to three months. So, my cash flow will improve.
And second, obviously, see, there are three or four big player in market with whom we are fighting. So, if my EB bill is lower compared to my competitor, obviously, operator will be more keen to give me business compared to my competitor. But it’s a business edge, which we want in market.
Darshil Pandya
Correct. So that will eventually help us in the cash flow. That’s what the main purpose is.
Tushar Shah
Right.
Darshil Pandya
Okay. And, sir, by March, we will be having 9,000 towers. That’s what we have been guided. Right?
Tushar Shah
In overall portfolio, yes. We’ll have around 9,000 towers by March.
Darshil Pandya
Okay. And majority of that revenue will be coming in from FY26?
Tushar Shah
Yes, we’ll get a revenue from FY26.
Darshil Pandya
Okay. So in this year, what we have just added is, in this first half is 100 plus towers of that revenue we have already started recognizing.
Tushar Shah
I have to clear we have added 100 plus towers, which has gone to our billing.
Shivshankar Lature
Tushar, your MTNL 500 sites are also added.
Tushar Shah
[Foreign Speech] So, Darshil, what we have added is 102 tower, for which billing has been started. And another 450 sites we have deployed, We have invested capex and sites are ready. So, as and when MTNL is getting done. they’ll be integrating that site. So, if you see from that perspective, overall, we have added 600 plus sites in H1.
Darshil Pandya
Okay. Got it. Got it. I’ll fall back in the queue, sir. Thank you so much.
Tushar Shah
Thank you.
Operator
Darshil. We’ll take the next question from Naman Parmar. Naman, you can go ahead, please.
Naman Parmar
Thank you so much for the opportunity. So, firstly, I wanted to understand, out of the 80 tower you added in the first quarter, how much was the macro tower and small cell tower?
Tushar Shah
So, out of that, 60 were macro tower and 20 were small cell tower.
Naman Parmar
Okay. And secondly, on the fiber side business, how big will be the opportunity on that side and what we are going to do on the FTTH?
Tushar Shah
So, in terms of fiber, it’s a huge opportunity. If you’ve seen a scenario of 5G and 6G, fiber is a backbone of any network. So right now, we are working with all the operators to lay aerial fiber. We are sure that MTNL is going to open tender of fiber right now.
In terms of opportunity, Jio is around 75% sites on fiber. Airtel is around 40 — 50%, 55% of sites of fiber. Vodafone and Airtel are not even in picture of fiberization. And once they launch 6G, 5G, it’s mandatory to have fiber on-site. You cannot survive without fiber. So, in terms of, — it’s lakhs of kilometer opportunity available in market for fiberization of site and we will be one of the biggest player, to lay fiber.
In terms of FTTH, right now it’s a stepping stone. We are taking small, small steps in FTTH. But going down the line, say, four years to five years, will have lakhs of homepass and we’re expecting a 15% of revenue will come from fiber and FTTH down the line four to five years. And it’s a huge opportunity. FTTH will do wonders in an urban and semiurban cities. And we want to grab that opportunity as and when market become mature enough for FTTH.
Naman Parmar
Okay. Yeah. That was very helpful. And lastly on the, if you get an order from a VI or a BSNL, after getting an order, how much time you use to take to erect the tower?
Tushar Shah
If it’s GBT site, it will take around 30 days. If it’s RTT site, it will take 15 days to 20 days.
Naman Parmar
Okay. Yeah. That’s it. Thank you so much for answering the questions.
Operator
Thanks, Naman. Next question, we will take from the line of Guddu Singh Rajput. Guddu Singh, you can go ahead, please.
Guddu Singh Rajput
Thank you for the opportunity. Sir. First of all I wanted to congratulate for the good number, sir, and my question is.
Tushar Shah
Guru, you’re not audible. Can you maybe keep your speaker away or something?
Guddu Singh Rajput
Sir, I’m audible now.
Operator
Yeah, you’re audible now.
Guddu Singh Rajput
Sir, actually, I want to ask regarding BSNL orders. Actually, we have been talking from past two PPTs that there have been a big allotment by the government that is at now INR89,000 crores from — for the BSNL rollout. Then, I want to just know that what amount and what percentage of orders we are getting from BSNL. We are erecting towers, but I just wanted you to please quantify the numbers that what number of towers we are making for BSNL and what revenue we are going to generate from the BSNL part. Because the revenue part, sir, if we see then from the past quarters also, it is same actually. BSNL revenue is not increasing.
Tushar Shah
Guddu, the first thing, right, it’s an ongoing business. We’ll keep adding towers for BSNL on month-on-month basis. It’s not that will limit to a certain number.
In terms of order, we already have more than 2,500 – 3000 towers list from BSNL, which we want to erect from them.
In terms of fiber, well, we will not spell the exact number what we are targeting. But I want this that in my presentation that we are targeting around 2,500 – 3000 towers of BSNL in FY25 and same in FY26.
In terms of revenue, the revenue is same for all the operator. Percent, my average revenue is same for all the operator. It’s very easy to calculate. So right now, it’s not increasing, because these are — we started ruling out tower for BSNL only from the month of September and October. So, actual benefit in terms of revenue, only able to see in FY26.
See, because, one or two-month revenue will not change the overall percentage right now. But in FY26, there will be a drastic change in percentage of revenue from BSNL.
Guddu Singh Rajput
Okay, sir. Okay. Thank you, sir. And actually, I want to give a follow-up question, same, sir. You have just told to the last man that you take only 15 days to 20 days for erecting that tower. That period is taking you all, take the clearances, and what is your process for that tower, which you gave in PPT. You take only 15 erecting to 20 days to follow all that and erect the tower, or it is the time for only, just after getting all the clearance to put that tower?
Tushar Shah
So, in terms of clearance, we do parallel work. For actual service order to RFI, it’s 15 days to 20 days for RTT and around 30 days for GBT. Before service order, there are a lot of process like survey, which happens at operator end, site aquisition all that are separate. This is after getting order, which is after getting service order, wWe take 20 days for RTT, 30 days for GBT.
Guddu Singh Rajput
Okay, sir. Okay. Thank you, sir. I’ll go in the queue. Thank you so much.
Operator
Thanks, Guddu Singh. We’ll take the next question from Deepak Poddar. Deepak, you can go ahead, please.
Deepak Poddar
Am I audible?
Operator
Yeah, you’re audible.
Deepak Poddar
Okay. Thank you very much for this opportunity. So just, first of all, just data keeping question. So, what’s the average revenue per tower we get on an average per annum?
Tushar Shah
It should be around INR35,000, but it will vary from subject to subject. Bombay, I would get around INR40,000, INR45,000. Rest of the India can be around INR25,000, INR27,000. But on an average revenue, it should be INR35,000 to INR40,000. The revenue per tower per month.
Deepak Poddar
INR35,000 to INR40,000 per month. Right?
Tushar Shah
Right.
Deepak Poddar
Okay. Okay, understood. And you had mentioned that our tenancy target for FY25 and is about 9,000. Right?
Tushar Shah
Right.
Deepak Poddar
And what about FY26?
Tushar Shah
Same. Another 5,000 addition. So, by FY26 end, we should have had 15,000 tenancy in our portfolio.
Deepak Poddar
15,000 tenancy. Right? And that will also be back ended, or will it be adding the similar, the trend that we have seen this year, because you started only in September, October. Your majority of this incremental towers will be coming in the second half. So, how should we see this spread or trajectory over FY26? Will it be faced over the entire year or will it be second half?
Tushar Shah
FY26 will be over the entire year. The only thing, Q2 can be a little bit slower, because of rainy seasons and everything. Otherwise, it should be same for Q1. Q3 and Q4 will be more aggressive. But Q1 will also be very good. Only Q2 can see the drop.in numbers, because of rainy season.
Deepak Poddar
Yeah. Because of the rainy season. And I mean, what is number of — I mean, multiple tenancies per tower on an average?
Tushar Shah
Tower goes up to four tenancy, but my current average for macro tower is 1.8 and for small cell is around 1.1.
Deepak Poddar
1.8. Okay. And 1.1 is a small cell. Right?
Tushar Shah
Yeah.
Deepak Poddar
Okay. Okay. Okay. Okay. I think that’s it from my side. All the very best. Thank you.
Operator
Thank you, Deepak. We’ll take the next question from Kunal Tokas. Kunal, you can go ahead, please.
Kunal Tokas
Hello, I’m audible.
Operator
Can you be a little bit louder?
Kunal Tokas
What about now?
Operator
Yeah. Yeah. Yeah.
Kunal Tokas
Okay. So, my question is that, a few years back, there was talk of monetizing the telecom towers of BSNL which I did not think go through. So, is there any updates on that like how many towers that BSNL has, which it does not share with other tenants, which can potentially come into the market?
Tushar Shah
Can you just repeat again, I was not able to get you. What is your question?
Kunal Tokas
My question is the monetization of BSNL’s towers. There was talk sometime — some years back that the government is looking at monetizing BSNL’s telecom towers. But there was not much progress on that, I think.
Tushar Shah
So, those are two things, I think BSNL monetization has nothing to do with us, because it’s their tower. And second, I believe we are a little bit confused, because they were talking of monetizing of their assets, which was other than tower. They have a lot of land assets, lots of building assets, which they’re trying to monetize. And that — I think that’s going on, but obviously we are not aware as we are not part of that.
But there’s a talk of monetization of assets and not tower. Because towers they themselves are occupying it. And they’re planning of monetizing their fiber assets also, which is going on. But we are not sure, because nowhere we are into it. We want to sell our own tower rather than being participant in BSNL towers.
Kunal Tokas
What I was concerned with was that BSNL has many towers on which it is a single tenant which is not shared with other people and which can come into the supply, if they are monetized. Is that understanding wrong or?
Tushar Shah
So, Kunal, we keep trying to explore some new ideas. So, one of the idea was that if we can sync with BSNL and we can try to market their towers also and bring tenancy. But that’s at a very initial stage. We are just exploring it or nothing much on that part.
Kunal Tokas
Sir, got it. And the next question would be, you gave us the tenancy ratio numbers for both GBT and small cell towers. Small cell, you said it was 1.1. And why is it so low compared to the other towers? Is it because of the different positions that the telecoms are at with respect to 5G or 4G deployment?
Tushar Shah
Can you again repeat? I was not able to hear. You’re not clear.
Kunal Tokas
The question relates to your tenancy ratio for small cell towers.
Tushar Shah
Right.
Kunal Tokas
And why is it 1.1 when the other GBT ratio is 1.8?
Tushar Shah
Kunal, small cell came into picture, only post launch of 5G. Initially, it was all macro sites. So even if you see, right now BSNL is not doing 5G. They’re doing only macro, because they’re into 4G. So, if you see effectively, small cell has been brought up only by three operator, which is Airtel, Jio and Vodafone. Vodafone has also started in few months back.
So, if you see, we are — we were having only two operator, which was Airtel and Jio. So, with two operator, we’ll not get 1.8 or two tenancy in small cell. But yes, that 1.2 we will see a sharp increase right now, when we are still in Vodafone both start rolling out, make the small cell tower aggressively.
Right now, we have only three customer. That tenancy will gradually improve and all the four customers starts rolling out small cell tower. While macro was rolled out from six years and all operators are doing macro from many years now.
Kunal Tokas
And I assume that more tenancies in the small cell tower will lead to the same jump in ROCE as compared to the macro towers?
Tushar Shah
Will lead to?
Kunal Tokas
Lead to the same jump in return on capital for the towers that we see in macro towers.
Tushar Shah
Yes. Yes.
Kunal Tokas
Okay. Thank you, sir. That was all.
Tushar Shah
Thank you.
Operator
Thanks, Kunal. We’ll take the next question from Saket Kapoor. Saket, you can unmute and go ahead, please.
Shaket Kapoor
Thank you, Vinay Bhai. Namaskar. sir/ Thank you for the opportunity. Firstly, sir, if you could provide us with the breakup of the INR350 crore to INR400 crore capex, which you envisage for H2, sir?
Tushar Shah
Right. So Saket, what we have declared is that up to INR350 crores preferential which we are doing. So, we are very sure of rolling up 5,000 towers in up to March. And this entire capex will be utilized by March.
In terms of INR350 crores capex, what we are planning around INR250 crores will be done with the investors, plus INR100 crores will do warrant with the promoter. Promoter themselves are very keen in investing in the preferential issue, because there’s a huge growth in company and there are a lot of business available in market. So, INR250 crores from investor and INR100 crores from promoter.
And in terms of utilization, most of them will be — go in an organic growth, plus, in inorganic growth, we are planning very strategically. Like, inorganic growth, we are planning in the circles, where we are not very strong and want to improve our presence in inorganic growth. Plus only for the companies, which has Airtel and Jio tenancy and where we can bring additional tenants of Airtel and Vodafone. So this entire preferential — this entire rollout, we are planning to utilize by March.
This will also help us in next year capex. Because with the INR250 crores, INR350 crores preferential will be in a much better position to go for an additional debt, which will be required for an extra huge rollout. Because right now, our rollout plans are very huge and this money would not be enough to cater to my entire capex plan, which is around INR800 crores to INR1,000 crores.
But if we’re able to invest this, say, INR350 crores by March, it will give me really a great portfolio to get another debt. And with the more debt and obviously, promoter will — the promoters get conversion in next year plus with internal accrual, we’ll be able to also roll out the next year capex of 5,000 sites.
Shaket Kapoor
Sir, you were speaking about fiberization of towers and then laying of fibers. So, if you could just explain us the scope of work, in terms of you speaking about the sales?
Tushar Shah
See, every tower will need fiber once 5G is completely rolled out in India with a new technology like 6G and 7G. So, if you see, every tower is around 500 or 700 meter of last mile connectivity on fiber. As of now, Airtel, Jio is around, say, 2 lakhs tower, out of which only, it’s around 1 lakh 70 towers are fiberized, around 30,000, 35,000 of Jio are then non-fiberized. Airtel would have total same number of tower, out of only 50% are fiberized. We have another 1 lakh tower of Airtel. Vodafone and MTNL don’t have any fiberized, a big number of fiberized towers.
So, on an average of two, two and a half lakhs tower, plus an upcoming towers of say another two lakhs, which will need fiberization of tower. So, just calculate the opportunity market. Three, three and a half, four lakhs tower into 500 meter, which is a business opportunity in market. That’s up to us, with the financials, which we have, what maximum share we can take out of it.
Shaket Kapoor
So, we will be sourcing OFCs from the OFC player and laying it up. That is the EPC work we will be doing.
Tushar Shah
Oj, it would not be EPC. We’ll be sourcing fiber from the manufacturer. We would be giving it to mobile operators on an IP-1 model that will be laying the fiber and maintaining the fiber. It will be a recurring model like IP what we are doing for our same. We only do IP-1 model. We don’t do EPC work anymore.
Shaket Kapoor
Sir, come again, please.
Tushar Shah
So, it will not be an EPC model. We will be sourcing fiber from the manufacturer. We’ll lay our own fiber into the our asset and we’ll also maintaining for operator. So, it will be an IP-1 model, where we’ll get in monthly revenue from operator for last-mile connectivity.
Shaket Kapoor
So, it will be the large fiber we’ll be holding. It will be the dark — the dark fiber — the duct and the dark fiber, which will hold under the IP-1 asset.
Tushar Shah
Yes. Yes.
Shaket Kapoor
As per the network requirement, we will lead the same.
Tushar Shah
Right.
Shaket Kapoor
Okay. Sir, there are other players also in the same domain. Can you name?
Tushar Shah
I can say Dinesh Engineering is one of the player. So, one of the bigger competitor would be Dinesh Engineering. Then, there are a few more, like, the SAR is I think, doing some fiber, then there is Kode. So let’s see. But market is very big enough. We can accommodate easily eight to 10 player also. It’s that big enough.
Shaket Kapoor
Okay. We have also heard IP-1 asset of Vindhya Tele being also on block. They were also looking to monetize and I think so they have 50,000 root kilometers of asset under IP-1.
Tushar Shah
Right. But as of now, we don’t want existing fiber, because they are not being maintained properly and rectification take huge amount. So, what we are planning to do is their new last-mile connectivity and building towers. So, we’re working on the new routes and as per the new last-mile connectivity for all the towers.
Shaket Kapoor
So, two small points. Sir, as we have seen that, BharatNet 3, financial bids have opened up. So, what is Suyog Telematics TAM in this or what kind of work can we garner from this project from BharatNet?
Tushar Shah
We are not participating in BharatNet as of now. But more or less, they were first thing or two-layer exit. The first criteria of tenders, they have to repair their existing fiber network. Second, we have to maintain.
In the current condition of fiber of BharatNet are in not good shape. Second, we are very keen on going with a fresh route rather than existing route. So, we are not very keen on BharatNet as of now. And we are not participating in any of the tender of BharatNet till date.
Shaket Kapoor
Correct, sir. Sir, any comment on your trade receivables? We find them at significantly high level. So, what are our receivable days?
Tushar Shah
Basically, the two points in trade recievables. One is an electricity trade receivables, which is a three months’ normal cycle. One is that, electricity is not part of my top line, but it’s part of my trade receivables. So, you normally find the number of days, which are higher. And it’s actually not that number of days. Second, yes, there is some delay from Vodafone. So, instead of monthly advance is we are getting money in around 90 days from Vodafone. So that’s the second impact on trade receivables.
Shaket Kapoor
Correct, sir. Sir, I’ll join the queue. Sir, thank you, sir, and all the best.
Operator
Saket. We’ll take the next question from the line of Bhavya Doshi. Bhavya, you can go ahead, please.
Bhavya Doshi
Hi, good afternoon. Am I audible?
Tushar Shah
Yeah.
Bhavya Doshi
Yeah. Congratulations on great set of number. I just had a question around the margin. So, we’ve seen margin expansion this quarter both on EBITDA and the net profit level. Is it a sustainable one or what is your guidance going forward? If you can give some bit of color on that. And is there a component of seasonality that we are seeing into it?
Tushar Shah
We’ve seen sustainable model throughout the year. In terms of guidance, what we have been saying all along right now that we’ll do another 5,000 tenancies for FY25, 5,000 tenancies in FY26 with the same EBITDA percentage of around 70%, 75% and PAT of around 35%. So that will continue even for FY26 and going forward.
Bhavya Doshi
Okay. So, additional capex, which is going to come in, it’s not going to weigh down on our margins. Right?
Tushar Shah
No.
Bhavya Doshi
So, we expect the margins to remain at this level. Right.
Tushar Shah
Right. It will get the same level. It will not break down our margins.
Bhavya Doshi
Okay. Okay. That’s all. That’s all. If I have anything I’ll join the queue. Thank you.
Operator
Thanks, Bhavya. We’ll take the next question from Mahek Talati. Mahek, you can go ahead, please.
Mahek Talati
Hi. Am I audible?
Tushar Shah
Yeah, Mahek. You are audible.
Mahek Talati
Yeah. So sir, first of all, some clarification. So, you mentioned that we have added around 600 towers in this — in H1. But if we check our PPT, so the calculation, which I have and is close to 550 towers. So, there’s some discrepancy. Can you please clarify that?
Tushar Shah
So, if you see, what we have added in the last H1, Q2 itself is 550. If you see Q2, in q2, I’d tell you, you have compared a presentation from Q1 and Q2. So, in Q2, we have added 102 tenancies and 450 towers are ready. So that’s what makes to 550. And we had added another around 50 plus tenants in Q1. So, it came to 600. And what I’m saying, 450 is only a number of towers. So, with tenancy, it will be higher.
Mahek Talati
Okay. So, we should see in terms of tenancies. Correct? And not in terms of towers — so the 5,000 tenancies, which we are targeting in FY25, that is number of tenancies and not the number of towers. Correct?
Tushar Shah
Right.
Mahek Talati
Okay. And sir, if you could give order book breakup from VI and BSNL, so how many towers are we expecting in H2 for VI and for BSNL?
Tushar Shah
So Mahek, basically, order book is not fixed. It keeps changing every month. We keep additional loading every month.
But what I can give you lum-sum visibility which we have as of now today. We are on 3,000, 3,500 towers loaded by Vodafone and another 2,500 towers loaded by BSNL. That’s in current visibility, which keep adding month-on-month basis as and when we get a new requirement from operator.
Mahek Talati
So, this 5,500 will be added in H2 FY25. Right? Or this will go to FY26 as well?
Tushar Shah
So, we are trying and we are 99% sure we’ll add another 5,000 tenancy. So, another 4,500 tenants, 5,000 tenants will be added in H2.
Mahek Talati
Okay. And sir, they have mentioned about the inorganic growth possibilities. So, can you please clarify more on that? How many towers are we targeting from which area? Which circles? If you could clarify more on that, that would be very helpful. And what is the capex once the portal opportunity, I mean, how much are we paying for that opportunity?
Tushar Shah
First in two points I’ll clarify again, that how we’re looking at inorganic growth. I said not a blind inorganic growth, where you’re going to acquire any company, which is a available in market. Most important, it is a tangible company, where I can bring Airtel and Vodafone as a tenant over there. So that my tenancy, I can grow on that company rather than having a stable company or stagnant company.
So, a company, which will have Airtel and Jio tenancy and where we can see an opportunity that Vodafone and Airtel can come in as a tenant, we’ll go for that company.
Second, in terms of, we are seeing a region. We want to go in a region, where we are not strong right now. Because if I start a new circle, like, it will take me six months, eight months, one year to stabilize that circle. If I go ahead and acquire a company, I become stable from day one. So, that are the two criteria, to acquire any company.
In terms of amount and quantity, I’ll not be able to in a position to comment right now. But we’re in the advanced stages of negotiation. But yes, very soon to start with some declaration from us, which company you acquire at what price and everything. Because that’s anyways, compulsory as per exchange rule. So, you’ll get all the updates as and when it’s the right time.
Right now, we are in advance stages. We have obviously identified multiple companies, which we are eyeing in market. Okay. But saying that whatever price I’m going to give that company, it will not impact the current percentage of my EBITDA or PAT. We’ll maintain the same ratio. So, whatever capex I do, even in organic growth, we’ll be maintaining the capex — percentage of EBITDA impact as it is.
Mahek Talati
Understood. And, sir, last question was on the fiber opportunity. So, you mentioned that there is a fiber opportunity close to 2 lakh kilometers on an average from BSNL, VI and MTNL. So, I wanted to understand what is the capex, which you would be expected from the fiberization opportunity and additional revenue on per month and per tenant basis, any ballpark number or something like that. And what would be the margin profile of that opportunity?
Tushar Shah
Again, without disclosing numbers, what I can share is we’ll have a same margins in fiber business also. In terms of revenue, it will not be as high as tower revenue per site. But yes, margins will be same.
Mahek Talati
Okay. And how much are we targeting in that?
Tushar Shah
So, we are planning to add another 5 lakhs kilometre of fiber network in next two to three years.
Mahek Talati
Okay, understood. Thank you. Thank you. Thank you. That’s it from my side.
Operator
Thank you, Mahek. We’ll take the next question from the line of Varun Ghia. Varun, you can go ahead, please.
Varun Ghia
Hi, sir. I have two questions. Firstly, on the receivable, what were the receivable days for the first half, and where will it end for the full year? Because I’ve seen it is increasing. Is it because of Vodafone increasing share of revenues?
And secondly, any plans to increase the debt in next year or this year?
Tushar Shah
See, I’ll answer the second part. Yes. We’ll be going for an additional debt in next financial year. Because with the preferential, which you are doing in current year, we can get a good debt because of our better equity ratio and we have huge plans for capex rollout. So, current preferential amount will not suffice to my capex requirement. We’re going for a debt, to roll out our next year capex.
In terms of trade receivable, as I said earlier, Vodafone is impacting us slightly on trade receivable. Instead of monthly advance, they’re paying me 90 days, after 90 days. So that’s impacting my trade receivable.
Along with that, the number of days is not the actual number of days what you are seeing. Because it also has a part of an electricity debt, which we are supposed to record from operator, which is not part of my top line.
Varun Ghia
Okay. And out of this INR350 crores, how much would be used for inorganic if you can give an idea?
Tushar Shah
Right now, we are working on an inorganic growth. So, I can’t give the exact value. But substantial revenue will go on an organic growth. It will not be as substantial organic growth. My focus will always be on organic growth. So, most of the portion will go for organic growth. And whatever best we can do in inorganic growth, we’ll do it.
Varun Ghia
And lastly, there are no issues in payment from Vodafone. Right?
Tushar Shah
No. No issues in payment from Vodafone.
Varun Ghia
Okay. Thank you.
Operator
Thanks, Varun. We’ll take the next question from the line of Chandan Mishra. Chandan, you can go ahead, please.
Chandan Mishra
Good afternoon, sir.
Tushar Shah
Good afternoon.
Chandan Mishra
First of all, congratulation on good set of numbers, sir.
Tushar Shah
Thank you.
Chandan Mishra
As per, sir, your current PPT, you are saying that strategically pursuing acquisition to enhance next-gen connectivity solution and expand portfolio. My question is sir, what acquisitions you are eyeing for and how much inorganic growth we can expect from it?
Tushar Shah
In terms of acquisition, we are eyeing for a company where we can improve the tenancy from Vodafone and Airtel. So, we are eyeing any company which has Airtel and Jio as a tenant. Secondly, looking for a company that circles where we are not strong enough.
See, when I’m able to do organic growth easily, I’ll continue organic growth. Although there are few circles across India where I’m not that strong. In that circles, we are eyeing a company.
In terms of numbers, we are in advanced stages with multiple companies. So, as of now, I can’t give you any number. But yes, very soon we start getting declaration if we’re able to close any company.
Chandan Mishra
Do we expect, sir, to complete this acquisition by next quarter end?
Tushar Shah
Can you repeat.
Chandan Mishra
Sir, do we expect this this type of any acquisition in next quarter end?
Tushar Shah
Yes. Most likely, yes.
Chandan Mishra
Okay. So, sir, my next question is, sir, if you give some insight on order booking and in terms of towers and what’s its timeline?
Tushar Shah
So, like I said, we are planning to add another 4,500 tenancies in H2. We already have more than that as an order book. We are on 3,000 plus, 3,000 plus towers from Vodafone, 2,500 plus list from BSNL. So, in H2, we are going to add 4,500 tenancies.
Chandan Mishra
Okay. Thank you, sir. Best of luck for future, sir.
Operator
Thanks, Chandan. We’ll take the next question from Raj Saraf. Raj, you can go ahead, please.
Raj Saraf
Am I audible, sir?
Tushar Shah
Yeah, you are audible.
Operator
Yes, you are audible.
Raj Saraf
Sir, very good afternoon, sir. Our tier is big in size, sir, but having low margin compared to us. So, what we are doing different from our tier. This quarter, PAT margin is 38%. You are guiding for 35% going forward.
Tushar Shah
Raj, can you repeat?
Shivshankar Lature
Tushar, one minute. One minute. This is the what trend you have seen from our company. Our CFO is also there. The 70% EBITDA, between 65% to 70%, and margin is net profit in-between 25 to 30. This is the track record of Suyog from last four to five years. That the same model we want to go ahead and the agreements, if you see in the — all the operator are in a similar manner. So, this model is very similar for everything.
Raj Saraf
Okay. Sir, you have mentioned in one of the investors meeting, September this year that we’ll do more than what we have guided for FY26 that is INR320 crore organically.
Shivshankar Lature
Yeah.
Raj Saraf
If the company is targeting any ballpark number going forward for FY25 and ’26, keeping inorganic growth and find more of this opportunity in picture.
Shivshankar Lature
See, one thing is that when we are growing in — we are today speaking about ’24, ’25. Is it right? And the same rollout, which has been backlogged for this year will be continued to ’25, ’26. Okay? So, the requirement and operators, what they have ordered the material to Ericsson, Nokia, accordingly, their material receivable, another order of growth will be started. So, it will be double what we are predicting for this year.
Raj Saraf
Sir, any ballpark number for this year, sir?
Shivshankar Lature
What, once again.
Raj Saraf
Sir, any revenue ballpark number for FY25?
Shivshankar Lature
Sir, revenue is the ’24, ’25 you are saying?
Raj Saraf
Yes sir.
Shivshankar Lature
Sharma ji, let the answer.
Ajay Sharma
The revenue for ’24, ’25 projection — quarter-on-quarter, [Foreign Speech]. Percentage-wise, around 30% of growth overall.
Raj Saraf
And sir, now we are targeting inorganic opportunity, which is going to finalize within quarter you see the last…
Ajay Sharma
[Foreign Speech]
Raj Saraf
Yes sir. Yes sir. That I got, sir. But the long-term guidance of FY26 is INR320 crore when the inorganic opportunity was not in picture. So now, we are very ahead in acquiring the company. So, this INR320 crore guidance, what do you have to say about this, sir?
Tushar Shah
Raj, can you repeat again? We’re not able to understand your question.
Raj Saraf
Sir, the INR320 crore guidance of FY26.
Tushar Shah
Right.
Raj Saraf
Was there when the inorganic opportunity was not in picture. So now, we when we are ahead with this inorganic opportunity, what is our ballpark figure for FY26?
Tushar Shah
Raj, As of now, we’ll keep the same guidance. Since we have not completed any growth, we are eyeing multiple opportunity. So, once something get materialized, then only we’ll change our guidance. Currently, we will keep the same guidance of INR320 crores. [Speech Overlap] It’s something, which we are working on Trident. Nothing has been closed right now. So, let’s wait and watch for that.
Raj Saraf
Then, sir, INR320 crore guidance is organic guidance, sir.
Tushar Shah
What?
Raj Saraf
This INR320 crore guidance is organic.
Tushar Shah
Right. Organic.
Raj Saraf
Yes sir. And sir, the capex requirement for single tower is, sir?
Tushar Shah
Around 10 lakhs weighted average.
Raj Saraf
10 lakhs?
Tushar Shah
In terms of tower, it’s 10 lakhs as the weighted average
Raj Saraf
So, entire INR350 crore, which is being raised is for this only capital requirement, sir?
Tushar Shah
Yeah. Entire amount will go in capex.
Raj Saraf
Capex. So sir, for inorganic opportunity, sir,, what will be our funding [Speech Overlap]
Tushar Shah
Raj, can we go join in our next question, because the other people, who are waiting with you.
Raj Saraf
Yeah. Okay. Thank you. Thank you. I’ll join the queue back.
Operator
We’ll go to Saket Kapoor. Saket, please go ahead.
Shaket Kapoor
One point, you mentioned that the cable requirement for the industry as a whole would be 5 lakh kilometre. You mentioned some figures.
Tushar Shah
It will be much more than that, because 2 lakhs are the tower count. If you see with the new terminal 3 lakhs tower, then you need to be minimum 500, 200 meters per tower. So, overall industry could be 15 lakhs, 20 lakhs fiber requirement in next two, three, four years.
Shaket Kapoor
That is fiber cable requirement, OFC.
Tushar Shah
Fiber cable.
Shaket Kapoor
Okay. Because the fiber is OF and OFC. So, I just got confused here. You are speaking about OFC requirement for 5 lakh kilometre plus. That is all pertaining to when we are going ahead with 5G and 6G. That is what….
Tushar Shah
Right.
Shaket Kapoor
And sir, here also, this is on the basis of the existing tower and the new towers, which will be set over a period of time.
Tushar Shah
Right.
Shaket Kapoor
Fiberization of both. And the scope of work is only limited to the last mile connectivity, which you just spoke. When the…
Tushar Shah
We are in only last-mile connectivity right now as a business.
Shaket Kapoor
Okay, sir. Then sir, when you speak about IP-1 asset when you enter your portfolio, how will that asset be created when on the last-mile connectivity is your scope of work? In last-mile connectivity, how can IP-1 asset be created? I’m just missing that connection, sir.
Tushar Shah
Again, fiber or [Indecipherable] the operator would be my books as an asset. And I’ll sublease that fiber to multiple mobile operators. It’s the same IP-1 model. And under IP-1 license, we are allowed to lay dark fiber.
Shaket Kapoor
Sir, [Foreign Speech]
Tushar Shah
Right. So, IP-1 has multiple and one is new tower. Second sharing site. Third is upgrade. Fourth is fiber. So, everything is not linked to an additional tower. There are multiple verticals, multiple revenue stream, and one of this stream would be fiber.
Shaket Kapoor
[Foreign Speech] I will take off [Foreign Speech] Thank you once again, sir.
Operator
Thank you, Saket. We’ll take the next question from the line of Deepak Pandey. Deepak, you can go ahead, please.
Deepak Pandey
Good afternoon, Tushar ji. Congratulations on a good set.
Tushar Shah
Thank you.
Deepak Pandey
Sir, just want to understand INR350 Cr [Foreign Speech] preferential issue. how long do you see before we get the proceeds?
Tushar Shah
First thing, out of INR350 crores, INR250 crores, we are eyeing from investor that up to around INR100 crores promoters himself invest. So, we are seeing to complete this process by…
Ajay Sharma
Up to December.
Tushar Shah
Up to December.
Deepak Pandey
Okay. And we have around, sir, INR15 crores of cash in the balance sheet. Then, we have around three months, I guess, three months to implement INR350 Cr of capex. Is that doable?
Tushar Shah
Yeah. Yeah. 100% doable, because we are eyeing around 4,000 plus individual towers. So, if I’m able to do 3,000 towers, there also I’m close to complete my entire amount.
Deepak Pandey
Okay. Understood. And for the capex figure for FY26, could you just throw some light on that?
Tushar Shah
Again capex in FY26 would be around INR400 crores, INR450 crores. Out of which maximum will come from internal accruals. Because if I’m able to deliver 5,000 tenants in FY26, my internal accruals will be much higher in FY26, which will utilize.
Second, we would be in a better position in terms of getting debts from multiple financial insitution. So, INR450 crores, INR500 crores capex, which are planned for FY26 would be mixture of an internal accruals plus debt.
Deepak Pandey
And largely, that would be debt, I guess.
Tushar Shah
It should be. Let’s see how it works out. But it will not be very high debt also. But majorly, it will come from debt plus internal accruals.
Deepak Pandey
And the last question from my end is, sir, what is the revenue split between Maharashtra and rest of India for Q2?
Tushar Shah
Around 50%, 55% was from Maharashtra and balance 45% was from rest of India.
Deepak Pandey
Understood, sir. Best of luck for the future, sir. Thank you.
Tushar Shah
Thank you.
Operator
Thank you, Deepak. We’ll take the next question from Darshil Pandya. Darshil, you can go ahead, please.
Darshil Pandya
Thanks for the opportunity again. So, just one question. I’d like to hear more from you, with regards to Vodafone Idea. How are the developments now? Since last we talked, there were some developments already started. How are things now and how are they…
Shivshankar Lature
Sure, I will tell you. Sir, this is a VIL position. If you’ve seen the last year quarter result of Vodafone, their losses has been reduced by near about INR1,100 crore. Okay? And in this our industry, the Vodafone Idea has already ordered for 4G and 5G for Nokia Siemens 50,000 small cell and full size.
So, looking to the second round of investment, it’s coming to VIL. And this quarter, we have increased the profit. Because last — our bad payment also came. So, they are in a very good position. ARPU also increasing.
Is it clear from Vodafone perspective?
Darshil Pandya
Yes. It’s clear. And just also wanted to understand, on the strategy side, since last time I had a word with you, Tushar, sir, you were saying that they have been getting very aggressive in ruling out.
Tushar Shah
Yes.
Shivshankar Lature
They are going aggressive.
Tushar Shah
They are going very aggressive in market. And in most of this sectors, they have started a huge rollout.
Darshil Pandya
Got it. Got it. All right, that’s it. Thank you so much and all the best.
Operator
Thank you, Darshil. We’ll take the follow-up question from Mahek Talati. Mahek, you can go ahead, please.
Mahek Talati
Thanks for the opportunity, again. Just one question. So, I just wanted to understand more on the accounting side. So, we are not recording revenue from the electricity. But we are recording that in the trade receivables. So, just wanted to understand how this accounting works.
Ajay Sharma
Electricity is a main component for towers. [Foreign Speech].
Mahek Talati
Okay.
Ajay Sharma
[Foreign Speech]
Mahek Talati
[Foreign Speech] Larger portion, or….
Ajay Sharma
[Foreign Speech]
Mahek Talati
Okay. So out of the current trade receivables of INR54 cr, INR12 crores is from the trade electricity. Correct?
Ajay Sharma
Yes.
Mahek Talati
Approximately INR10 crores. Okay, understood. Understood. Thank you.
Operator
Thanks, Mahek. We’ll take a follow-up question from Saket Kapoor. Saket, you can go ahead, please.
Shaket Kapoor
Yes. A very short point. Sir [Foreign Speech] They are not spending on the same. When we hear Airtel [Foreign Speech] And they have more other upgradation in the network other than fiberization. So sir, going ahead, [Foreign Speech] how do you think the things will happen the way [Foreign Speech] Because over the year and over the past as a precedent [Foreign Speech]
Tushar Shah
Well, Saket, you’re actually right. Currently, they’re not spending much on fiberization because of the monetization of existing capex what we have done. [Indecipherable] always maintained on my call that the revenue from fiber and FTTH will start flowing down like three years to four years, and not in immediate two years. If you see my any presentation or any call, we have actually maintained that factor. Revenue from fiber and FTTH will only grow down the line three years to four years.
Shivshankar Lature
Tushar, one minute, one minute. Sir, [Foreign Speech]
First is spectrum allotment. Second is equipment order. And third is the infrastructure creator. [Foreign Speech]. As an example, I want to tell you, BSNL has rolled out 50,000. They just get BSNL Make in India [Foreign Speech] So, whatever figures in our industry are coming are very honest industry. Don’t doubt on that. Okay?
Shaket Kapoor
[Foreign Speech] when will they
Shivshankar Lature
[Foreign Speech]
Shaket Kapoor
[Foreign Speech] they are on the lower side of the capex front. This is what…
Shivshankar Lature
[Foreign Speech] they are telling the comparatively them, their capex is less. Thats what he want to tell.
Shaket Kapoor
[Foreign Speech]
Shivshankar Lature
Yes sir. Yes sir. Thank you. Sir, can you wind up now?
Tushar Shah
There are two more.
Shivshankar Lature
Okay. Go ahead. Go ahead.
Operator
Thanks, Saket. So we’ll take last question from Mr. Raj Saraf. Raj, you can go ahead, please.
Raj Saraf
Audible sir.
Shivshankar Lature
Yes.
Tushar Shah
You are audible.
Raj Saraf
Sir, listening to some other company’s conference call, who are in optical fiber. So, they are seeing the trend not catching up. So sir, what is your view on the trend of optical fiber, sir?
Shivshankar Lature
Sir, fiber optical is a essential infrastructure in telecom. As good as tower, fiber, who told, sir, lot of order has Phonics and these all people have got. Even in UGO, 2 lakh kilometre BSNL has layed the fiber, 48. All the factories are full of orders. Nothing is less.
Raj Saraf
So, sir, we are catering to our market only, or are we looking to any export opportunity in fiber, sir?
Shivshankar Lature
Sir, we are looking, but still we are very busy in India. So, we are not looking out of India.
Raj Saraf
Okay. So, they might have — they are seeing export slowdown in their commentary, sir. Okay, sir.
Shivshankar Lature
The export, I don’t know. I can talk about India only. And what order and what I can deliver, that only I can speak.
Raj Saraf
Sir, so, how far we are seeing this optical fiber going for us in [Speech Overlap]
Shivshankar Lature
Sir, it is a fiber-to-home. FTTH is in one another market. Last-mile connectivity is the second market. And third is, IBS is also one another sector, where fiber requirement is there. Huge.
Raj Saraf
So, sir, our reason to scale up this, sir, how much percentage we can have in the next two, three years?
Shivshankar Lature
Sir, overall percentage, if you will see now, that is very — Suyog is capturing very 4%, 5% only, compared to other market.
Raj Saraf
Right now, 54%, sir. So scaling, sir, scaling ahead.
Tushar Shah
Raj, we are trying around to connect 5 lakh home passes. Every home is one pass. So, we are trying to connect 5 lakh home passes down the line three years to four years. That’s what the scalable market is and that’s what we like right now.
Raj Saraf
Yeah. Okay, sir. Okay. Thank you very much. So, on my side, sir, we are going very, nicely ahead, sir. And I’m very optimistic about our future, sir. Thank you very much, sir.
Tushar Shah
Thank you.
Operator
Thanks, Raj. Since this was the last question, now I hand over the call to Vinay sir.
Vinay Pandit
Thanks. Would the management like to give any closing comment before we end this call?
Tushar Shah
So further, I would like to thank all the investors, who has taken time on a holiday to come and join the investor call. And I assure all the investor that whatever guidelines we have shared or committed, we’ll 100% achieve it in next two years. Thank you, everybody.
Vinay Pandit
[Operator Closing Remarks]
Shivshankar Lature
Thank you, everyone.