Suyog Telematics Ltd (NSE: SUYOG) Q3 2025 Earnings Call dated Feb. 12, 2025
Corporate Participants:
Tushar Shah — Business Head, India
Unidentified Speaker
Ajay Sharma — Chief Financial Officer
Shivshankar Lature — Managing Director
Analysts:
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, I welcome you all to the Q3 and 9 months FY25 post earnings conference call of Suyok Telematics Limited. Today on the call from the management team we have with us Mr. Shiv Shankar, Lature Managing Director. Mr. Tushar Shah, Business Head India Mr. Ajay Sharma, Chief Financial Officer. Mr. Suyesh Lature, Business Development Manager and Ms. Aarti Shukla, Company Secretary.
As a disclaimer I would like to inform all of you that this call may contain forward looking statements which may involve risk and uncertainties. Also a reminder that this call is being recorded.
I would now request the management to quickly run us through the investor presentation for the quarter and nine months ended December 24th. Sharing the performance highlights and their growth plan and vision for the coming year. Post which we will open the flow for Q and A over to the management team.
Tushar Shah — Business Head, India
Good afternoon everyone. I am from Heading business for Studio. So for presentation we are only displaying key slides for this fall because we believe there will be a lot of questions coming on. So to have more time for Q A we have. We are discussing only the key size which matters to investor for. A presentation. We can start the presentation. So again we have even in Q3 50% of revenue came from R, 22% from Jio, 27% from UI and 0.4% from others. As mentioned earlier we have 26 states which are operational with us. Total tower count is 5500 plus towers and we have 6400 plus tenancy as of Q3 exit.
So to be accurate in numbers we have 5517 unique towers with 6461 tenancies as of Q3 exit. Out of 6461, 3989 or a sponsored tenancy we have crossed thousand tenancies for government sites this final this quarter we have added around 350 kilometers or fiber network and we’ve reached 5561 as a fiber kilometer network and we have another 455 sites ready which are yet to be built which will be building in subsequent quarter.
So if you see a Q3 performance we have added 1091 unique towers which are built by us in this quarter along which has added 1215 tenancy and 341 fiber kilometer. So as committed we have started a full fledged rollout from Q3 based on the operator equipment ability and now this field will continue going forward and we are getting more and more business opportunity in coming quarters.
The way we are discussing with operators we may even cross our targets of the rollout is a managing director and co founder in terms of business like earlier mentioned in earlier quarters we have master service agreement with all the four operators. Recently we signed amendment with BSNs for 10 years locking period and same payment terms continue with all the telco with 2.5% aspiration every year. The best news of this quarter is we have crossed thousand tenancies on government land so we are continuing our strength and we have been market leader in government tendencies.
Again, all the rollout what we are doing exam is coming in a slum site area which is our strength. So we are playing with our strength and we’ll continue playing the same across India for coming quarters. Also my 70 80% sites which we are rolling out in Q3 have come from slum sectors where we are very strong even compared to our biggest competitors.
We are also doing small rollout but as the volume bifurcation between micro and small cell has changed, my 70 to 80% sites which we are rolling out are coming from macro and around 2030% is from small cell. Major reason being my major product is happening for BSN Vodafone so BSN 100% sites are macro site says that are doing 4. 40 and Vodafone is doing sponsors majorly in cities like Mumbai or other are coming as a micro site. So advantage of is that my revenue per site increases since micro give me a major higher revenue compared to small. We build a strong and stable team in operations. We continuing investing in operations. We are doing many new things like we are installing DC energy meter that’s planned for next quarter going onwards. So we’ll keep updating our operations and we’ll ensure that we have one of the best uptime in the industry.
Like earlier mentioned we have and everything in our portfolio we are like a one stop player for all the mobile operator from ground based tower to rooftop macro, small cell fiber, ftth whatever operator demands we can deliver to them across India on the fastest possible time. We work with all the four operators. So in terms of tower industry tower industry is going very strong. You have seen many mergers and equation. Now Indus has gone ahead and taken over Bharti exam sites and acton. And the way Vodafone and BSN is when we expecting BSL to be more very more aggressive in coming quarters. And They’ve got additional 6,000 crore approvals from cabinet. So.
So Vodafone and BSS are doing a great job in terms of new product. They have been very aggressive and this aggressiveness from Vodafone and JIO will Vodafone and BSN will surely benefit the entire industry. And in a maybe couple of years we’ll see the more than 50% of increase in power count as a overall industry level. So our targets are same. Like I have committed we were planning around 3000 macro size plus 500 for M in movement thousand plus process. In FY25 we have already crossed 1800 plus 10 up to Q3 we have same order book, we have achill much higher order book than what I’m showing here. But only thing this target may get speed over in coming quarters due to based on the funds availability.
Otherwise what I have committed was around 8,000 towers in FY25 plus FY26 put together we can easily cross that number. The way we are speaking with Vodafone and BSN they are increasing their rollout. Vodafone is standing around 10,000 towers every quarter. You must also see in the air of Vodafone where they’re adding 600 towers, 500 towers on every hourly basis. Plus one of the BSN has already started readiness for us for sale out incoming quarters or maybe next financial year. So we will see a huge upside in terms of a business opportunity and a roll out, which we will do. So we are we have already closed 1800 tendency and Q4 will try to best them to go closer to a target. But surely all this will be achieved in coming quarters along with the next day target.
In terms of where we. For we are ready for macro sites. We are rolling out in huge numbers. We are going very aggressive on small cell fiber. We are very positive that very soon we’ll start fiber work even for government, government backed operator and ftth.
We are ready and we are deploying it. Even FTTH will grow in terms of inorganic growth. We have already declared that we are eyeing one of the company whom we are planning to close in Q3. But maybe we will close all the equation. There will be few delays in terms of closure of acquisition of a company. Because first priority would be to put funds available funds in an organic growth. And based on that we may delay acquisition by some quarters. Otherwise we are we are sure on an inorganic growth target also in organic we will achieve all of them 100% or we will also cross our targets.
BSN is going very aggressively. They will be more aggressive in coming quarters. You must have heard about 6000cr which BSN plus M10 has got from very recent approval from cabinet. So they are going to increase their rollout and they are also going to open new circles like ODA West Bengal as per discussion with bsnl. So it will be much more aggressive target from us in coming quarters. Our growth driver remains same. We are going to do Pan India rule out of macro and small cell along with fiber.
I hope you guys have all seen our financials which were uploaded Yesterday. So our Q3 revenue was 488 million. And if you see nine months revenue it’s 14, 25 million. EBITDA again going very strong. We are continuing a strong percentage of EBITDA quarter on quarter. I see 41 million in Q3 and 1019 million in for nine months. Consolidated EBITDA percentage again remain same 69.9% which were going very strong. Net profit again. We have clocked 172 million in Q3 with 543 million in a year. YTD net profit percentage again going very strong with 35% of net profit and EPS strong as ever.
So in terms of delivery we have been delivering revenue as per commitment. We have been delivering EBITDA and PET as per commitment. And same trend will continue in coming quarters and coming years. I think you guys have all seen this. So I don’t need to repeat financial statements. We are what to give more time for Q and A. So we have kept the presentation limited to a key slides only. So this is all it from my side with it.
Now we can open floor for Q A.
Questions and Answers:
Operator
Sure sir. All those who wish to ask a question may use the option of raise hand. In case you’re unable to raise hand, you can drop your question in the chat box. We have our first question in the chat box. From our Dixit the question is the number of increase in tenancies and Macro Towers on Q1Q basis but revenue did not increase proportionately. Q1Q is there some lag in the billing?
Tushar Shah
So this question is from
Operator
R. Dikshit
Tushar Shah
So hi Dixon, you are right revenue does not increase proportionally because see my entire quarter whenever I say CYC it does not come from the first day of the quarter so you can take an average of 1.5 months and there is a delay of 30 to 45 days in billing as per the operator expectation because MTN was struggling with the equipments which they got now. So there was delay of say 30 to 45 days in maximum delay was 60 days in BSN case and Vodafone billing is happening as per the RFID to maybe are minor D of 60 days for BS mainly but as we’ll see entire 100% revenue impact from the next quarter onwards. Hope I have cleared this. So you have any more doubt on this?
Unidentified Participant
No, I’m good thanks. Thanks a lot for your clarification.
Operator
We’ll take the first question from Varun Guy Varun, you can go ahead please. Varun G.
Unidentified Participant
Hi sir, a couple of questions. So firstly you mentioned that there’ll be a spillover of the overall tendencies which we were trying to achieve 10,000 so. So this year end what would be the actual number which we can achieve? And secondly on margin side you mentioned in last quarter that 73% EBITDA margin should be which should be maintained. But there was again because of lower revenues the margins also went down. So what would be the sustainable level going forward?
Unidentified Speaker
[Foreign Speech]
Unidentified Participant
Quarter 2 Quarter 2
Unidentified Speaker
[Foreign Speech]
Unidentified Participant
Excluding that. Excluding that the margins are around 73% EBITDA. So right now it’s around 69.9
Unidentified Speaker
Excluding 4 4cr.
Unidentified Participant
Yeah,
Unidentified Participant
[Foreign Speech]
Tushar Shah
So Tower, we have already closed 1800 tenancy. We are trying to reach as closer to a target. So see when you started with 10,000 tenancy, 10,000 tenancy target remains same. We will deal with it in next. 10,000 tenancy was FY26X. Exit which we are not changing at all. Yes, the speed of FY25 will happen in 26. So suppose there’s a speed of say 1500 or 10. We’ll cover it along with the FY26 target. We are working on the finances. We are speaking few of them and it will soon be arranged. So my 10,010 see target of FY26 because FY26 is intact we will do 10,010 addition 10,010 by FY26 march exit. There’s no change in target for spillover. In that case only thing FY25 target will get spillover to 26.
Unidentified Participant
Okay, and what will be your fundraising plan since you have withdrawn the preference and warrants
Tushar Shah
Basically fund we are speaking with a few bankers. We are trying to get the maximum debt whatever possible which we are trying to close asset. And in terms of fundraising we now will wait for appropriate time and whenever there is an appropriate time we will again go for the same.
Unidentified Participant
And last question. What was the receivable amount as of Q3 December?
Tushar Shah
Can you repeat your question?
Unidentified Participant
Receivable amount as of December end
Unidentified Speaker
Receivable is around 45cr.
Unidentified Participant
Okay, thanks a lot.
Operator
We’ll take the next question from the line of Saket Kapoor Saket. You can go ahead please.
Unidentified Participant
Yeah [Foreign Speech] thank you for this opportunity. As you mentioned about the preference part [Foreign Speech] at an appropriate time. So that appropriate time is a very subjective matter. So if you could just give some more color what according to the management is an appropriate time to raise fund and and the way we have envisaged it earlier in terms of the capex and the amount to be spent. How are we going to realign that funding requirement going ahead and then I have a follow up for this preference part again please answer.
Tushar Shah
So we are still working on the finances as of now. We are very sure we’ll go ahead with that for timing where we are speaking a few bankers is very positive that we’ll be closing our fund requirement immediately. Maybe next month or so we’ll be closing with the bankers and we’ll get enough funds to complete our Q4 Q1 targets of next year appropriate. It’s very difficult right now to say when we’ll again go for fundraising.
You all know the market conditions, right? We don’t want to take risk for investors money like we come up with something and again investor gets impacted. That’s the only reason we withdrawn this. It was keeping the market scenario in mind and investor benefit. So let’s wait. This is not the right time and it’s not the right time to say by where we’ll do exact date, but yes, whenever there’s appropriate time, we’ll immediately come to market. Back to market for refunds.
Unidentified Participant
Okay, so sir, what kind of. Of debt arrangement in absolute number can you allude to for which will be we will be raising or tying up for March ending 25 and we will be spending yes sir
Unidentified Speaker
[Foreign Speech]
Unidentified Participant
[Foreign Speech]
Unidentified Speaker
[Foreign Speech]
Tushar Shah
It would be all Capex
Unidentified Speaker
Capex Nothing else [Foreign Speech]
Unidentified Participant
[Foreign Speech]
Unidentified Speaker
[Foreign Speech]
Unidentified Participant
[Foreign Speech]
Tushar Shah
[Foreign Speech] First it’s a Delhi based company [Foreign Speech]so it gives me an upset in Delhi where my organic growth was happening very slowly. Second [Foreign Speech]100 tenant was yo and actor who are not ruling of these sites and there are very high chance of increasing the tenancy immediately from Vodafone and bsn we are speaking both of them as soon as we complete the equation formula will bring Vodafone and BSNL on the same size and improve the tendency. So this equation was done actually as per the strategy which I declared on my earlier calls also that was acquirer site where organically I am not very strong. Second which gives me additional tendency for Modafil and BSL in under the same message we have done this
Unidentified Participant
In terms of revenue contribution [Foreign Speech]
Tushar Shah
Would be 66 crores per annum more or less. They are a current revenue generation so once we add tenancy it will increase much higher.
Operator
Thanks. I request all the participants to please limit yourself to two questions maximum since there are a lot of participants in line. We’ll take the next question from Mr. Maharaj. Mike Talati. Mike, you can go ahead please.
Unidentified Participant
Yeah, thank you sir. Am I audible?
Unidentified Speaker
Yes, you’re audible.
Unidentified Participant
Yeah. Thank you. So just wanted to understand more from the debt perspective. So we already have a debt of close to 100cr on our books as of H1FY25 and now we are planning for another 100cr of debt that so is our balance sheet supporting the same and what are our. What is our debt to equity target which we are planning going which we want to. Which is our target right now?
Unidentified Speaker
[Foeign Speech] Max to max 75
Unidentified Participant
In in the 100cr debt which we are planning for CAPEX how many new towers we can add with this
Unidentified Speaker
Here about 1,200 new towers. [Foeign Speech]
Unidentified Participant
1200 new towers so this will be done in entirely this quarter or there will be some spillovers for Q Q1 as well
Unidentified Speaker
March or June [Foeign Speech] target achievement.
Unidentified Participant
Okay, so we can add around 600 in this quarter on an average, right?
Unidentified Speaker
Yeah.
Unidentified Participant
And other than this from internal process are we also planning any new additions or. That is done by one more thing.
Tushar Shah
So when this. What when we are saying we are raising that it’s only stop gap arrangement because we are we have withdrawn from the preferential and then at an appropriate time whenever we raise the preferential again equity will improve in terms of repayment I think whenever I install this my revenue start immediately from the day of installation and a good cash flow so even repayment should not be an issue it’s just a stopgap arrangement which we are planning and soon will at an appropriate time will again cover the prevention issue.
Unidentified Participant
No, so my question was basically that this 1200 hours which you’re installing is on the debt by using the dead, Correct? I am asking that
Tushar Shah
Up to Q3 or you have a future tower.
Unidentified Participant
Yes, of you. So till date what we have installed is by.
Tushar Shah
No, it was all from internal.
Unidentified Participant
Yeah. So going forward also I will planning do we have the funds that along with the debt we can add more towers or only 1200 hours will
Tushar Shah
Not happen through that there will be internal accruals which because if I have done 1300 plus tenancy I will get full year benefit in next year so again we’ll get that internal accrual which will use for capex plus we’ll use that as a stopgap management
Unidentified Participant
Okay? Basically that will help us in adding new towers for the next two quarters at least. Right?
Tushar Shah
Right.
Unidentified Participant
And then we might go for a fundraise for addition of new towers.
Tushar Shah
Yes.
Unidentified Participant
Okay. And any specific number. How much are we. How much new tenancies we can. How. What could be the March ending in terms of tenancies and year of ballpark number
Tushar Shah
It should be six and a half to 7,000 currencies.
Unidentified Participant
So currently you are at 6,400. So around 7,007 500. Correct.
Tushar Shah
So it’s currently at 6, 6400 as of Q3 exit in next quarter. Next. See based on our financial working, we’ll try to add the B. So we should. We are trying to reach 7,000. Let’s see where we reach.
Unidentified Participant
Okay. And the last question was on the tax perspectives. Our tax is quite low at around 12% and in some quarters it’s around 11, some quarters it’s around 18%. So a reason for lower tax. And when can we are we expecting that to go to 25% of taxation,
Unidentified Speaker
[Foreign Speech]
Unidentified Participant
Okay, great. Okay, understood. Understood. Thank you. Thank you sir.
Operator
Thanks Mike. We’ll take the next question from the line of Shaman. You can go at this.
Unidentified Participant
Hello, Am I audible?
Tushar Shah
Yeah,
Unidentified Participant
Yeah. Thank you sir for giving me an opportunity. So I just wanted to understand like we have a target of 10,000 odd towers, right? In FY26 you said you are going to raise you know, debt of 100 crores. And that would kind of give us 1200 towers. So we will still be short of around 2500 towers going forward. So what are your plans with respect to that? How are we going to manage the funds for that?
Tushar Shah
What we said is again currently by using see we are planning funds from alternative routes. So that. And that would be inter or you can say timing arrangement, stop gap arrangement that is on the stock will again at the right time will come up with a preferential issue which will use for neuro.
Unidentified Participant
So. The only the concern is like say you said the market conditions are not correct and you kind of withdrew the preferential. Say assume the market condition remains like this for another six, eight months or a year forward. So how are we going to raise the funds?
Tushar Shah
We are working with the multiple alternative rules where we are planning to raise the funds even if market condition is not stable. We are speaking with multiple people. There are few rules which we will explore and will raise the funds. But as a management you are very confident that you’ll be able to raise the funds for an Entire rollout of FY25 spillover plus FY26 if market condition is very good. If it does not improve, we will use alternative rules.
Unidentified Participant
So just last question sir is is promoter planning on infusing the funds for the growth aspects of the company?
Tushar Shah
Yes 100 promoter is planning only thing this time we withdrawn because that was not solving our purpose because it was a warrant and it was only giving me 25% in current year which would have not helped my my deployment. So promoter is planning and even 100 infused first in the company.
Unidentified Participant
Okay. Okay. So the last question. So what percentage of revenue is coming from BSNL for now.
Tushar Shah
So as of now it’s only 0.4.5% because we have just started rollout from last quarter for BSNL and MTL put together. So it will slowly and steadily increase in coming quarters.
Unidentified Participant
So any, any number or any percentage we are looking from BSNL say in coming 2, 3 years
Tushar Shah
By FY26 should reach 15 of my revenue.
Unidentified Participant
All the best.
Tushar Shah
Thanks Mr. We’ll take the next question from Chinmayupadia. Chinmay, you can go at this.
Unidentified Participant
Yes. Am I audible sir?
Unidentified Speaker
Yes.
Unidentified Participant
Yes. Thank you for the opportunity. So one question was that we have written in our PPT that there are 455 sites which are ready for integration. So what does that exactly mean? Because in the 5,500 towers that we currently have there are also some towers for which you are saying that the billing has not happened. So can you differentiate between the two
Tushar Shah
Either? Basically whatever. Suppose we are talking about Q3 was October, November, December. So whatever site I personal building the late November or December, the sign off gets delayed by 30 to 45 days. Which building happens from RFI date but it happens on a pro rate basis in the coming quarter. So by Q3 we may not have built that 453Z which I’ll build in this quarter in Q4.
Unidentified Participant
But
Tushar Shah
We have got the orders from operator only thing they need around 15 to 20 days mainly BSL needs around 15 to 20 days to install their equipment and then there will be sign of to start the building. But it would be from a magnitude
Unidentified Participant
So this 4:55 towers. This is not the end. MTNL towers which we spoke in the last con call which were awaiting integration.
Tushar Shah
453 would be the last is already part of bidding. Now this would be Q3 towers.
Unidentified Participant
Okay.
Tushar Shah
Q3 tower it. It would be between MT and mod put together. So whatever tower I may re in month of December, I cannot build it in same month. Right. They will ensure equipment it will take 15 to 20 days for sign off.
Unidentified Participant
Okay? Okay, got it. So my next question was on the acquisition that we have done of Lotus delay. So I understand that there is going to be some delay on the acquisition part. But how many? So I Understand they have 120 sites as per your press release. So how many tenancies do they currently have on them?
Tushar Shah
They have140.10 on 120 sites.140, 145. Some tenancy count is there and with 120 towers and see Lotus we may not design but other companies which we eyeing may get needed by few quarters.
Unidentified Participant
Yeah. Okay. And so how do we plan to source funds for the said acquisitions that we are planning going forward?
Tushar Shah
Obviously we are planning multiple routes. Like bank deck is one of these years internal acrosa, their promoter will invest once and then obviously try time will again come in preferential. But obviously our priority for deploying would be organic growth first and then with the will management and then we’ll go for inorganic growth.
Unidentified Participant
Okay, got it sir. So next question is how many towers have we currently installed for BSNL considering that they have given a rollout of 65,000 towers already on the 4G side.
Tushar Shah
No. So when you say BSL has done 65,000 4G it means that they are 50,000 plus or you can say 60,000 plus tower upgrade from the existing tower to 3G or 2G to 4G.
Unidentified Participant
Correct.
Tushar Shah
In terms of new tower they have deployed around 10,000 odd tower out of which we have done 500 plus towers.
Unidentified Participant
Okay sir. And what is the kind of number we are expecting from BSNL going forward in terms of the number of tasks, any visibility we have there.
Tushar Shah
So with the new approvals in place, we are in at least two two and a half thousand tenancy of BSNL in studio portfolio by end of FY26.
Unidentified Participant
Okay sir, and my last question sir, how much capex have we incurred till date on the number of towers we already have installed?
Tushar Shah
100 plus crores.
Unidentified Participant
100 plus. Yeah, okay, got it sir. And sir, what is the kind of capex we expect to incur in the in the last quarter of this year?
Tushar Shah
See, based on finances we are shaping banks. Once we get. So we are planning again. We are Planning say around 500 plus sites. So it should be around 50 crore plus
Unidentified Participant
Plus. Okay. So thank you so much. That’s all from my side. Thank you.
Operator
Thanks, Chinmay. We’ll take the next question from the line of Agastya Dawe Agasti. You can go ahead please.
Unidentified Participant
Yeah. Hi. Am I audible?
Unidentified Speaker
Yes, sure. For
Unidentified Participant
Thank you very much for the opportunity. Actually the previous participant asked a lot of questions but she was looking at different units. I’m looking at different units so very similar questions but number of towers and vice versa. So the first question is BSNL announced a lot of CapEx, right? In terms of the amount that was given to them by government and that was done last year and allocations were made in the budget and funds were infused in bsnl. So do you have an idea how much of those funds have been deployed by BSNL across various projects? Not just related to your company but just talking macro wise.
Tushar Shah
So we, we know the number of. But in terms of fund all and we are, we don’t have any information from BSN on the fund usage. That’s an internal issue which they don’t even declare. Right. So it’s very difficult to share that if I get that information from bs.
Unidentified Participant
But so you would have some idea right? What was the targeted number of towers and how much have they completed their target?
Tushar Shah
They have target of 1 lakh tower. In 18 months 60,000 towers were upgrade and 40,000 towers were new sites.
Unidentified Participant
Okay.
Tushar Shah
60,000 upgrade. They have done 40,45,000 upgrade till now. Okay. Thousand new towers, they done around 10,000 towers now
Unidentified Participant
So 3,000 new towers. And sir what was the previous number? Can you repeat that?
Tushar Shah
So out of 16,000 upgrades 40, 45,000.
Unidentified Participant
Okay so 15,000 upgrades and three and 30,000 new sites are remaining, right?
Tushar Shah
Correct.
Unidentified Participant
And so any, any problems on the payment side from. From bsnl?
Tushar Shah
No, no, no. We are getting.
Unidentified Participant
It’s coming in smoothly, right?
Tushar Shah
It’s coming properly then won’t be
Unidentified Participant
Okay perfect sir so then the previous participant was asking you about CapEx. So if I take the base of FY24 you had 5118, 10. And on top of that if I take your long term target of reaching like 15,000 so that’s a 10,000 difference. Now am I right in saying that you just mentioned to her that for 500,000 you require 50 crores. So would it be a right idea to extrapolate that number over the entire 10,000 sites? So would you require like thousand crore capex in total to reach 15,000? Yeah. Is it too simplistic? Simplistic from my side if I do that
Tushar Shah
For 15,000 tenancies 10,000 additional tenancy we have done 8,000 towers. So the CapEx plan is around 800 crores.
Unidentified Participant
800 crores so not 1000 crores. So 800 crores starting from the base of 24 is that right, sir? So this is the Capex, which I’ll see from the cash out on investments, right? And on the balance sheet, this is the sum total of the changes that we’ll see in the gross. Talk from PPE and also from. Right. Right of way, right?
Tushar Shah
Yes.
Unidentified Participant
That is exactly how it will work. Right. So no additions will be there. So the 800 crores is what I need to concentrate on.
Tushar Shah
Yeah.
Unidentified Participant
Okay. So then final question again on the funding part. Sorry to again repeat it. So again taking 2024 as the base this 800 crores. How do you plan to fund the entire amount? So you’ve talked in pieces that 100 crores from here. 100 crores from here. But if I look at the big picture. 800 crores rough breakup of this thing. Roughly [Foreign Speech] there will be times time limit, right? You cannot wait indefinitely. And then what is your comfort level in terms of debt equity for this incremental? 800 crores.
Unidentified Speaker
[Foreign Speech]
Unidentified Participant
Okay.
Unidentified Speaker
[Foreign Speech]
Unidentified Participant
Understood sir. Understood sir.
Tushar Shah
[Foreign Speech]
Unidentified Participant
Understood sir. And sir, just to be. Just to be clear. When you said key 250 is the maximum capex maximum debt that you’re comfortable with. That is the total amount even on the expanded equity base.
Unidentified Speaker
Expanded
Unidentified Participant
On. Expanded. Right. [Foreign Speech] So so sad. Pancho Cor should be equity raise plus internal accruals, right?
Unidentified Speaker
250. [Foreign Speech] Okay. Equity max to max 250.
Unidentified Participant
So 250 debt 250 equity 100 from the promoters. So that is 600 crores. And B[Foreign Speech] 200 crores comes from internal accruals. Thank you very much for clarifying, sir. All the best.
Unidentified Speaker
Thank you.
Operator
Thank you Agastya. I invite Mr. Dhruvajaj from the chat line to ask a question please.
Unidentified Participant
I just had a couple of questions. So my first question was that how many towers have we executed in the current quarter and was the slowdown on the revenue front primarily due to delay in the billing cycle and therefore we should see an uptrend in Q4 or did I miss something? Because we have guided for a much higher number in Q3 and Q4.
Tushar Shah
Q3 I think will be on the expected line only. We have done 1300 plus currency in Q3 with thousand plus powers. In terms of revenue upside you will always get a revenue upside of Q3 Q4 onwards. But even in Q4 will get only three months or two and a half months revenue upside. Next year we’ll get the full year impact of towns around in Q3.
Unidentified Participant
Got it sir. Got it. And my other question was regarding fundraise But I guess that has been answered. Thank you so much sir.
Operator
Thank you Mr. Dhru. We’ll take the next question from the line of Darshan Pandya Darshal. You can go ahead please.
Unidentified Participant
Ah, thank you for the opportunities sir. Just wanted to understand will any of our revenue be impacted as what we have guided for FY25 and 26
Tushar Shah
As of now we are on target. FY25 is also on target more or less. And FY26 would be 100% is on target. I can say vice versa. We are getting many more orders. We have been speaking operator so we are trying if we can further improve it. But yes, we on target.
Unidentified Participant
Okay. And sir, few days ago Indus Tower had one announcement. They bought some 16,000 odd towers from B Airtel around 330 odd crores. So I just want to understand that you know how how difficult or easy it is to you know get these towers from slum sale and either you know building that own towers just want to understand that.
Tushar Shah
So it’s a wrong comparison to be friends. See when you buy a tower obviously it’s easy. But when you buy a tower units from a Suyo perspective what do we. I don’t know what interesting but I can share about Suyok’s strategy. Whether I acquire a company it’s not only about buying the existing tower at what price. It’s more about how how many more tenants I can add on that tower. So if we feel that the tower is very lucrative and we can add another one one and a half tenancy on the existing tower and it’s in an area where we are not organic growth, I’ll 100 go for that.
Organic growth is 100 very difficult. We have been, you know, working day and night on field, entire team is on field and difficult. But then it also gives you much satisfaction and you’re able to achieve target. Your brand name improves. And because of organic growth, I get more and more business from operator because there are many locations where they want to put anchor sites where existing towns are not there. And I get more and more business of anchor site. My organic growth is very strong compared to competitor.
Unidentified Participant
Okay, got it, got it. And so just want to understand, you know in the previous calls we discuss about you know installing wind turbine, solar energy and something also about zinc batteries that you know might start in Q4. So where is all this know
Tushar Shah
Zinc batteries? On a track we expecting trials in Q4 of zinc batteries. Wing turbine I think was not found workable because of analysis or energy it was generating. Yeah but zigbetry is on track. We are trying. We’ll be soon doing a try some battery
Unidentified Participant
Any internally. Have you thought about what kind of savings can we do on this? Just a ballpark thing of what, what may, what today we might be you know giving and what we might save in future.
Tushar Shah
It’s very difficult to do right now unless we do trials, successful trials. There’s no point discussing them because we have to see what at what price will get battery because it take M volume to manufacture. Right. It’s very early stage of trials. Right now we are not even aware of the exact costing of zinc battery. But principally if you feel it will be a good saving because Rick is very scared resource while zinc is available in abundance. So it should give me good saving compared to lithium.
Unidentified Participant
Correct. One last question sir. Is there any update on you know the FTTH trials that were underway to you know that that they were exploring last mile connectivity through without laying fiber cables? Have any update on that?
Tushar Shah
No, it’s still team is working on it. They are finding various solutions. So nothing concrete has come out yet.
Unidentified Participant
Can we expect in this quarter?
Tushar Shah
Let’s hope.
Unidentified Participant
All right, thank you so much sir on all the best for your coming quarters. Thank you.
Operator
Thank you. Dar. We will take the next question from Yash D. Yes, you can go ahead please. Yes, you can unmute and ask your question please.
Unidentified Participant
Hello. Am I audible?
Operator
Yes.
Unidentified Participant
Yeah. Thank you for the opportunity. So I have just one question. I think we had raised some funds with regards to addition of towers from Vodafone and bsnl. So are the tower addition in place or has the plan been sanctioned for addition of those towers?
Tushar Shah
Understood your question but still we have been adding to whatever result I’m doing right now is 100 for Vodafone and BSN. We are rolling out huge towers that’s going on on quarter on quarter basis. We had planned 50 tension issue raise which we have withdrawn because of market condition. So as of now we have not raised any funds. But whatever rollout has been happening has been done with the internal accruals predict.
Unidentified Participant
So can you give just a timeline as to how this. When and how. When are these towers going to be added?
Tushar Shah
We have already added 1300 plus tenants in Q3. Overall in YTD it’s 1800 plus tenancy. We added in Q up to Q3 Q4. We are eyeing to get next year. We are again planning 5,000 tenancy addition. So FY26 end we are around 14 to 15,010 is by FY26 end.
Unidentified Participant
Okay. Further.
Operator
Thank you. Yes, we’ll take the next question from Vinit Katri. Vinit, you can go ahead please.
Unidentified Participant
Hello. Am I audible?
Tushar Shah
If you’re audible.
Unidentified Participant
So my question is with respect to the budget of this year like BSNL’s allocation was reduced, right? So do you see any type of impact on the growth of BSNL?
Unidentified Speaker
[Foreign Speech]
Tushar Shah
Additional 6,000 crore has been sanctioned by the cabinet for BSL rollout. So BSN has become more aggressive in market rather than what you are saying. So we are expecting more orders from bsn. We have been speaking with them on daily basis. They are being very aggressive. They have further improved their rollout numbers and we the 100% more orders will flow through from BSNL.
Unidentified Participant
Okay. So like what I had heard about was that 53% type of budget allocation towards BSNL was reduced.
Tushar Shah
So what they are only doing when you say budget as well. Rather than putting their own sites which is a capex they aim for more and more IP sites. So there’s the only change in strategy. What they are doing is they will IP site like sites from Suyoga Industries are much commercially viable for them. And they come at much faster pace. So that’s where they are changing the strategy. And their site route numbers remain same. There is no reduction in site the rollout numbers.
Unidentified Participant
Okay. And the funding to them is intact, right?
Tushar Shah
Yes,
Unidentified Participant
But. Okay. Thank you.
Operator
We’ll take the next question from Deepak Pandey. Deepak, you can go ahead please.
Unidentified Participant
Good afternoon. Tusharji sir. Just I want to understand what is the revenue expected from lotus infra for FY25 and what sort of growth can we expect for FY26?
Tushar Shah
FY would be. It’s only 3 months revenue get from. Because we have still not complete the acquisition. We are in process of completing which we completing. F. So F there will be no impact in terms of revenue 101 month revenue in FY26. Their original revenue is 6cr plus. And we are a to add at least. 50% 10 on Lotus Infra. So target should be around 89 cr revenue in FY26 from Luteus.
Unidentified Participant
And on the margins front they are doing 50, 60% only.
Tushar Shah
Yeah. Margins are almost there.
Unidentified Participant
Got it. And once a tower, you know, addition order is provided by an operator. How much time do they give generally?
Tushar Shah
For normally a ground based tower it’s around 30 days. For roof of tower it’s around 15 days.
Unidentified Participant
And what happens if you are not able to deliver it in 30 days?
Tushar Shah
Finally they obviously we have meetings on daily basis. If I say I’m not able to deliver at all because of XYZ issue then they may opening for some other IP till the time I give them commitment that deliver it maybe with a DE of 10, 15 days, they accept it.
Unidentified Participant
Okay.
Tushar Shah
Only they will know when I see I’m not able to deliver.
Unidentified Participant
Okay. And they’ll take the whole order or specific location,
Tushar Shah
Specific tower. That specific tower will get open for other ips. If I say no to them, s
Unidentified Participant
Pecific location by site will get open for other ips.
Tushar Shah
Right.
Unidentified Participant
Got it. Got it. That’s it. Sir, good luck for the future. Thank you.
Tushar Shah
Thank you.
Operator
Thanks Deepak. We’ll take the next question from the line of. Rahul. Rahul, you can go ahead.
Unidentified Participant
Yeah. Hi sir, I just want to know a couple of things. How many tenancies are coming for renewal and over let’s say next six months. And what is our, you know, retention rate for these renewal of tenancies?
Tushar Shah
So 100%. We have been retaining the tenancies because any agreement what we are signing is for 10 years. Five to 10 years. We don’t sign a small contract. In terms of next six months we have around 150, 10 which are coming for renewal. And as of now my success rate is 100%. Unless there is a building which is in a red element or something, one or two sites may go. Otherwise we have been retaining 100% all these sites.
Unidentified Participant
Okay. Sir, these. When you in your PPT you mentioned that there are some thousand new small cell towers you’re planning for FY26 and 3500 from MTN. So these are confirmed orders or these are potential business opportunities.
Tushar Shah
These are as of now I have more than three and a half thousand confirm order in my hand. Plus it’s been adding on daily basis.
Unidentified Participant
Okay. And sir, your number of tenancies has gone up by almost thousand plus in on a quarter, on quarter basis. But the impact on the revenue is not visible in the Q3 numbers. So can you explain how does it work?
Tushar Shah
It will not come in Q3. Because when I say it has increased by thousand, that that does not mean that on first day of Q3 we have ruled out that side. Then thousand numbers come across three months. So we get hardly one month revenue or maybe less than that. So actual impact will come from next quarter and full year impact would be from next year.
Unidentified Participant
Okay, so thousand plus tenants in next quarter, how much potential additional revenue can we expect?
Tushar Shah
It’s normally around 25. 5,000 order revenue on an average basis per site per month.
Unidentified Participant
Okay. Okay. Thank you sir.
Operator
Thanks. Rahul, we’ll take the next question from Manish V. Manish, you can go ahead please.
Unidentified Participant
Hi, thank you very much. Can you hear me audible? Fantastic. Firstly thank you for explaining Capex your effect demonstrating your effective debt management. At the same time you talked about strong sales growth. I think what. What I really want to understand from you to me the area of concern is the increase in sales does not translate into proportionate profit growth. When I look at your last, I think I put that in the chat as well. Despite of the strong sales growth that you’ve mentioned, I’m seeing an NPAT drop by 10% year on year. How are you addressing this? Is this due to high cost, poor operational efficiencies or any other non operational expenses?
Tushar Shah
You know, as you mentioned, even in my earlier earning calls we are sure of maintaining EBIT of 65% and 32 35% off PET. Only thing you are seeing this difference one is because of ECL provision which we have reversed. We did not had any issue in Q3 when we had ECN reversal in Q2 and even in Q4 of last Friday Q3 of last financial year. That’s why you are seeing this drop. Otherwise we are absolutely maintaining EBITDA margins and only there was one because Diwali falls in Q3 there was a little bit increase in employee cost which wasn’t one time in a year cost. Other operational cost remains same throughout the year. And since my I.O. master Service Agreement only for operators, my input, my sales figure don’t change. It’s a fixed revenue which I get from operator year on year. My bank margins and EBITDA very stable and will continue at the same rate.
Unidentified Participant
Okay, that’s what I’m trying to understand. Is it the OPM which has gone down from 80% to 70%. Is it the increased expenses? What? I’m trying to also understand the investor sentiment here given the sharp decline in prices. Of course I take macroeconomic conditions into equation but at the same time I’m seeing a significant dip from highs of 1900 to almost a thousand which is a 50% diploma.
Tushar Shah
So in terms of market drop in share price, we are a company who focuses on business. We are very sure of performance. We don’t really what to say, we don’t see a market that much. I will not comment on the drop of share price but as in terms of EBITDA pet, we are. There was a only drop because there was an order full recovery if you compare. Compare my Q3 EBITDA with Q3 last year and Q2 of this year. There is a difference or there’s a. You can say drop only because in both that quarter there was an oracle recovery which happened like 3.5 crore recovery was we. We got 3.5 crore 5 crore recover in Q3 last year and we got around 4 crore recovery from Vodafone in Q2 this year. While in quarter three of this year which is a current quarter which we are discussing right now don’t add any Vodafone recovery and that’s the only reason you are seeing wager dropping EBITDA compared to that two years.
Unidentified Participant
Understood. My last question in terms of investor participation are we seeing an increase? Are we seeing people reducing their positions? Is it the promoters? Is it the retail investors? What sort of trends are you seeing over the last quarter?
Tushar Shah
When you say last quarter overall investment count fully if you see an increase. We are seeing lot of participation and we are getting lot of queries. We are meeting investors so in terms of interest in company we have found it increase. People are more and more interested in Suyo and they are very confident about our performance.
Unidentified Participant
Okay, thank you very much and good luck for the rest of the year.
Tushar Shah
Thank you.
Operator
Thank you Mr. Manish we’ll take the next question from the line of Jay Arora. Jay, you can go ahead please Mr. Jay you can unmute and ask a question
Unidentified Participant
Hi, good afternoon. Last year we had completed we had achieved revenue of 174 crores and PAT Thamara 63 guidance for FY25 and FY26 FY25 revenue [Foreign Speech] and what could be the PAT [Foreign Speech] so just for my simple basic understanding [Foreign Speech] this financial year FY25 and FY26 [Foreign Speech] vision approximate revenue target and similarly for the path Last question [Foreign Speech] if I’m not [Foreign Speech] to reach 15,000 towers financial year May [Foreign Speech] we would want to complete this entire capex cycle [Foreign Speech]
Tushar Shah
How are you after long time I’m speaking yeah so. Will answer the second part first then first part Sarj will answer you. In terms of target 15,000 is tenancy count which we want to H5 the FY26 exit [Foreign Speech] capex would be utilizing it in FY20 already we have done 100 plus CR out of 800 crore so balance capex FY26 [Foreign Speech] consume which will enable us to reach the 14 15,000 tenancy in FY26 exit figures.
Unidentified Participant
Okay
Tushar Shah
100% confident about the same. We’ll anyways achieve it because the way we are getting business from Vodafone BSN 100% sure of achieving it.
Unidentified Participant
[Foreign Speech] Sorry 800 crores capex by F26 complete.
Tushar Shah
Yes
Ajay Sharma
[Foreign Speech]
Unidentified Participant
[Foreign Speech] I’m very excited. [Foreign Speech]
Tushar Shah
Basically we need to add 8,000 towers [Foreign Speech] which we are 100 capable. We have aligned all our resources and we’ll be doing it. So this is going to be 800 [Foreign Speech] books. [Foreign Speech] This will be additional 800 crores assets. This will we will from 484 to will reach 800 crores.
Ajay Sharma
[Foreign Speech]
Unidentified Participant
Beautiful beautiful.
Ajay Sharma
[Foreign Speech]
Unidentified Participant
[Foreign Speech] This financial year or [Foreign Speech] tenancy achieve [Foreign Speech] again to recognize all the tenancy
Ajay Sharma
[Foreign Speech] 570 plus 570 plus
Unidentified Participant
Beautiful. And we are going to have the Same kind of 32 to 35% Pat [Foreign Speech]
Ajay Sharma
By default in [Foreign Speech] Ind [Foreign Speech] extinct but large dose also. But I have reasoning Ret Hamara Kushtower upgrade our loading say Amara increase. Around 32%. 30. Say 32% or EBITA around 65%. [Foreign Speech]
Unidentified Participant
Okay understood. [Foreign Speech]
Ajay Sharma
[Foreign Speech]
Unidentified Participant
And this 250 crores of equity [Foreign Speech]
Ajay Sharma
Without promise.
Unidentified Participant
Okay got it. [Foreign Speech] That’s quite convincing. [Foreign Speech] What is this? I mean. I mean these are just. [Foreign Speech] And I will pay you rent on that network. Is it going to be of that kind of revenue?
Tushar Shah
Same IP1 model recurring revenue from Jio BSL both fiber room is nothing but you know doing vertical wearing of your building. Horizontal wearing from my bed box to your house [Foreign Speech] career they’ll build you. I’ll be sharing my vertical backbone vertical backbone of building with operators and you’ll be paying me.
Unidentified Participant
Okay understood. [Foreign Speech] infrastructure will be given on rent. Okay. That’s all from my side and it’s been a long time. [Foreign Speech] Definitely want to see you in person. So. And give my regards to everybody. Thank you.
Tushar Shah
Thank you.
Operator
Thanks. Thank you. Jay. We’ll take the next question from Mr. Yash. Yes, you can go ahead please. Mr. Yes you can unmute and ask your questions. We are not able to hear you. We’ll move to the next participant. We’ll take the next question from Mr. Rishi Kothari. Vishi, you can go ahead please.
Unidentified Participant
Yeah. Thank you so much for the opportunity. I mean we right now anyway cater to the targets that for 2527. Right. But still I’ll be probably more interested in the next quarter per so FY25 target and. As well 526 if at all ballpark numbers that you can give.
Tushar Shah
Number of towers
Unidentified Participant
In terms of no PAT level and revenue. Purely financials.
Unidentified Speaker
Rishi. We would like to avoid any quarterly direct guidances guidelines
Tushar Shah
On revenue and year.
Unidentified Participant
Okay. And for the whole year also you won’t be able to give.
Tushar Shah
It would be violation of policies. So not be able to give a proper numbers in. Because it’s a sensitive information. Market sensitive information.
Unidentified Participant
Not the proper numbers first but any growth targets or any expect.
Tushar Shah
What I can say is basically whatever guidance we have shared earlier remains intact and will achieve that.
Unidentified Participant
Okay, got it. And also in terms of the provisions that we discussed that this quarter we did not had any recovery from the VA for IDEA debt. Right. So is it purely very, very variable in nature? How exactly does that whole thing,
Tushar Shah
Whatever outstanding was there about 180 days has come down to less than 1. We need to do closure only for the recovery which is more than 180 days, which is not no value. Which is not the case anymore. That was a recovery. Now we are not providing it because we are getting the payment from missing 189.
Unidentified Participant
Okay. So what are the provisions that we have created anyway? We have already been, you know, reversed it on our pnl.
Tushar Shah
Yes.
Unidentified Participant
So the expenses that we right now see on the other as an other expense category is. Will be more or less in the same.
Tushar Shah
Yeah. Yes. Same levels.
Unidentified Participant
Same levels. That is around 3.303.5 crores.
Tushar Shah
Yes.
Unidentified Participant
Okay. Got it. Got it. Yeah. Thanks. Thank you so much for the update.
Operator
Srishi. Yes. You can ask the question.
Unidentified Participant
Am I audible right now?
Operator
Yes. Yes.
Unidentified Participant
Thanks for the opportunity. I have two questions. One is why is there an execution delay in the new tower rollout like you previously guided for 4500 towers in FY25 but you have only achieved almost 1100 or 1200 in the first nine months. What is preventing you from meeting the target? That is my first question. And the second one is that you mentioned that the rollout could spill over into FY26. So what gives you the confidence that the targets will be achieved then in FY26 given that they weren’t met in FY25?
Tushar Shah
Yes. Right.
Unidentified Participant
Yes. Yes. Yes.
Tushar Shah
What we have done was we have given a guidance of 400 tower for FY25. What we have achieved design is. Right level plus tower which is a build tower. There is one more 453 towers which are not part of building. So you know we have done the unit of 1500 plus tower. 1500 plus they have deployed in first nine months which has given me around 1800 plus 10C. Now why see if you see my entire year, entire year predictions it was same that Q1 and Q2 would be very slow. Q3 and Q4 would be very fast. So Q3 what we have targeted we have almost achieve it. Q4 gets infected because of the we planned preferential which you know which have withdrawn now based on market condition.
So if that’s why there is a delay in the project which will get spin over to a quarter or say a few quarter. Otherwise target remains same. How we are ensuring that we’ll achieve this target Index Financial as mentioned earlier on this call, we have been arranging funds from alternative routes and we are very confident of arranging funds from alternative routes to deploy this number of tower. Only thing there is a spillover is because of the funds management. Otherwise we have enough orders, we have enough team to deploy. There’s no concern at all in terms of performance. Once we arrange funds from the alternative routes, we will be deploying 100% of the committee target in FY26.
Unidentified Participant
Okay. Okay, that’s fine.
Tushar Shah
Thank you.
Unidentified Participant
Thank you sir.
Operator
Thank you. Yes, we’ll take the follow up question from Saket Kapoor. Saket, you can go ahead please. [Foreign Speech] metrics in terms of coming to the enterprise value for the.
Ajay Sharma
So probably I’ll not give you exact details but what we normally do is [Foreign Speech] secondly [Foreign Speech] we don’t want to impact a big time paint level at all organic growth say marginal high. Then we go ahead with the equation
Unidentified Participant
[Foreign Speech]
Ajay Sharma
[Foreign Speech] agreement which we signed with the acquiring company. So [Foreign Speech] map strategy. But company may acquire Garth. Our cost would be closer to my organic agar measure. Other good tower cost are there cost be near the same or little bit premium. You can.Pay because volume then we okay[Foreign Speech] with the acquisition of that one of acquisition you are also eyeing some more assets so in the Anvil or acquire interested 800 cross
Unidentified Participant
[Foreign Speech]
Unidentified Speaker
[Foreign Speech]
Unidentified Participant
[Foreign Speech]
Ajay Sharma
[Foreign Speech]
Unidentified Participant
[Foreign Speech]
Tushar Shah
No no not aware. And even we don’t discuss the market rumors,
Unidentified Participant
[Foreign Speech]
Tushar Shah
[Foreign Speech] It will be same model which we will follow. Only thing [Foreign Speech] we’ll see a major growth maybe post FY20 we’ll see a major jump in FTTH rollout by operators.
Unidentified Participant
Okay and this will be in line with the iP1 story only this will be the same
Tushar Shah
Model would be little bit different, but it would run the same lines and terms.
Unidentified Participant
[Foreign Speech] And we hope that we get an appropriate time going going ahead to raise funds. We were unlucky this time. Okay. Thank you sir.
Tushar Shah
Thank you.
Operator
Thank you. Saket. Since we are overshooting on time we’ll take one last question from Mr. Dashiell. Pandya Dash, you can go ahead please.
Unidentified Participant
Sir, just wanted to understand what will be the kind of tendencies by FY25 that will be having. FY26 will be having 14 to 15,000. What will be the FY25 number?
Tushar Shah
That’s a total exit number of FY26. If you say addition tenancy both FY25 should have around two and a half thousand or a tenancy addition. And FY26 will have around 7,000 order tenancy addition
Unidentified Participant
That will totally give us 14 to 15,000. If I’m right.
Shivshankar Lature
Right.
Unidentified Participant
The FY25 will be 4,500 plus plus.
Unidentified Participant
Okay. And sir, what will be the FTTH revenue per kilometer
Tushar Shah
Does not depend on pur home pass. So it depends from building to building. More the home pass the better is the revenue.
Unidentified Participant
Okay. Got it. Got it. All right. So thank you so much for the opportunity and all the best for the future. Thank you so much.
Operator
Since that is the last question for the day I would request the management to give us their closing comments.
Tushar Shah
Sir, we need your closing comments for me.
Shivshankar Lature
I am ready to speak.
Operator
Yeah, yeah. If you can give your closing comment sir, that will be very helpful. Sir.
Shivshankar Lature
Hello. I am audible to all. One minute please. One minute. Sorry for the interference. Good afternoon to everyone. I am very happy that all the participant and my team Tushar Sharmaji and all the directors are present. I want to mention here two thing. After listening all the people we have strong market orders in hand. And I have to do deliver the whatever commitment my team has given. And I am very much sure from past two years in the 4G rollout after 5G there is lot of requirement has came in the market. And the first the rollout of the other two nobody has asked. But I have to mention. Section here that two people of JIO and Airtel is also coming after March.
So looking to the all angle Whatever tower we are installing for BSNL is a rural area and Vodafone is a commercial area. So looking to this perspective they’re both another operator may be naturally come to our site. So revenue growth is whatever plan is achievable. First of all second regarding the funds lot of people ask about the fund arrangement. So my preferential and depth Whatever our CFO has told whatever permitted is there another people are also in line with us for the preferentials and qip. We definitely explore the things whatever possible and how the beneficial to my investors Because Suyog has always given the good return Also we have secured our ESOP and all this procedure for my staff also because this is a big task not a simple task.
So we are very systematically planning. We have deploy already all over India sites and our we have to addition we have to do this thing properly Only because operator have also trust on us that they are delivering. And even in Mumbai we are looking the two state with five state we are focusing Maharashtra, Mumbai, Delhi we have accusation done Gujarat and Rajasthan. So considering 5 state we whatever numbers are there they are actually orders are in double. But whatever Tushar and other people spoken is only about the what deliverable is there. If the funds will get to us we will definitely increase our capacity and deploy it. Because all our vendors suppliers are in well position to deliver us. Because last 6,500 sites is also a difficult task. But after 6,500 once the national highway come by the rural and we will close the 10,000 the more orders will be come and we are looking very positive to our growth of the Su Yok telematics with the interest protecting to this.
Tushar Shah
Hello. Hello. Hello
Operator
Sir I think there is some disturbance or issue in his line. Would you like to close the conversation
Shivshankar Lature
Possible due to rain season and other objective. All these things are been taken in the mind and now the working season is going on. So we will deliver our best to the investor protection as well as companies growth. This is the my last and final submission for all and thanks to everyone for joining and asking questions. Special thanks to asking question and giving answers to your team is also thanks. I think that we will. Will see the progress in the next quarter after March, our result. Once again we will meet. Thank you very much.
Operator
Thank you. Thank you, Lati. And thank you to the entire management team for joining on the call. And thank you to all the investors for participating on the call. This brings us to the end of today’s conference call. Thank you.
Shivshankar Lature
Thank you.