Q1 2027 Mold-Tek Technologies Ltd Earnings Call

August 6, 2026

Speaker #2: Ladies and gentlemen, good day and welcome to the Mold-Tek Technologies Ltd. Q1 FY27 earnings conference call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Operator: Ladies and gentlemen, good day and welcome to the Mold-Tek Technologies Limited Q1 FY 2027 Earnings Conference Call. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Taparia from Emkay Global Financial Services Limited. Thank you, and over to you, sir.

Speaker #2: Should you need assistance during this conference call, please signal and operate by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded.

Speaker #2: I now hand the conference over to Mr. Abhishek Taparia from MK Global Financial Services Ltd. Thank you, and over to you, sir.

Speaker #3: Good afternoon, everyone. I would like to welcome Mr. Lakshmana Rao, Chairman and Managing Director, and thank him for this opportunity. I shall now hand over the call to him for his opening remarks.

Abhishek Taparia: Good afternoon, everyone. I would like to welcome Mr. Lakshmana Rao, Chairman and Managing Director, and thank him for this opportunity. I shall now hand over the call to him for his opening remarks. Over to you, sir.

Speaker #3: Over to you, sir.

Speaker #4: Thank you, Raj. MK, for leading this call. Thank you all for participating in our Q1 performance review. I am very glad to inform you that the company has come out with a stellar performance.

Lakshmana Rao Janumahanti: Thank you, Emkay, for arranging this call. Thank you all for participating in our Q1 performance review. I am very glad to inform you that the company has come out with a stellar performance, by increasing the revenues, improving the operational efficiencies, and controlling the cost, thereby, giving almost a four times jump over the Q4 profitability, and 12 times compared to the Q1 last year. Another very important point to note here is, this is without Beryl really contributing anything to the bottom line. Maybe on the top line, there was some addition, but the process of integration has started because the design team has to be created in India. That is what we are doing in the last six, seven months. Now the design team is able to contribute, started executing projects for Florida clients. That will become positive from maybe Q3 onwards.

Lakshmana Rao: Thank you, Emkay, for arranging this call. Thank you all for participating in our Q1 performance review. I am very glad to inform you that the company has come out with a stellar performance, by increasing the revenues, improving the operational efficiencies, and controlling the cost, thereby, giving almost a four times jump over the Q4 profitability, and 12 times compared to the Q1 last year. Another very important point to note here is, this is without Beryl really contributing anything to the bottom line. Maybe on the top line, there was some addition, but the process of integration has started because the design team has to be created in India. That is what we are doing in the last six, seven months. Now the design team is able to contribute, started executing projects for Florida clients. That will become positive from maybe Q3 onwards.

Speaker #4: By increasing the revenues and improving the operational efficiencies, and controlling the costs, thereby giving an almost four-times jump over the Q4 profitability, and 12 times compared to Q1 last year.

Speaker #4: And this is another very important point to note here: this is without really contributing anything to the bottom line. Maybe on the top line there was some addition, but the process of integration has started.

Speaker #4: Because the design team had to be created in India, that is what we have been doing for the last six or seven months. And now the design team is able to contribute and has started executing projects for Florida clients.

Speaker #4: And that will become positive from maybe Q3 onwards. Q2 and Q3 will be the time frames when they will start contributing to the bottom line also.

Lakshmana Rao Janumahanti: Q2, Q3 will be time frames when Beryl will start contributing to the bottom line also. I think the future is going to be bright for the company with more automation being used to enhance the productivity, thereby reducing the employee costs or increasing the per employee revenues. Either way, it is beneficial to the company. Another positive note is in MES power and distribution due to the data centers happening all over the world. There is a lot of demand for power transmission distribution work, and there we got into a contract with the number one power distribution company in USA, and the team is being formed for them. About 10 people have already started working, and the team may grow up to 20, 30 people center for that company in the coming months.

Lakshmana Rao: Q2, Q3 will be time frames when Beryl will start contributing to the bottom line also. I think the future is going to be bright for the company with more automation being used to enhance the productivity, thereby reducing the employee costs or increasing the per employee revenues. Either way, it is beneficial to the company. Another positive note is in MES power and distribution due to the data centers happening all over the world. There is a lot of demand for power transmission distribution work, and there we got into a contract with the number one power distribution company in USA, and the team is being formed for them. About 10 people have already started working, and the team may grow up to 20, 30 people center for that company in the coming months.

Speaker #4: So, I think the future is going to be bright for the company, with more automation being used to enhance productivity, thereby reducing employee costs or increasing per-employee revenues.

Speaker #4: Either way, it is beneficial to the company. And another positive note is in MES, power, and distribution, due to the data centers happening all over the world.

Speaker #4: There's a lot of demand for power transmission and distribution work, and we've entered into a contract with the number one power distribution company in the USA.

Speaker #4: And the team is being formed for them. About 10 people have already started working, and the team may grow up to 20 or 30 people at the center for that company in the coming months.

Speaker #4: So, in all areas, there is a significant increase in the demand for our services, and I hope the future will be much brighter. We can share more information through questions and answers.

Lakshmana Rao Janumahanti: In all areas, there is a significant increase in the demand for our services, and I hope the future will be much brighter. We can share more information through question and answers. Over to the operator, please.

Lakshmana Rao: In all areas, there is a significant increase in the demand for our services, and I hope the future will be much brighter. We can share more information through question and answers. Over to the operator, please.

Speaker #4: Over to the operator, please.

Speaker #2: Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone.

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, please press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kiran Gaj from Knightstone Capital Management LLP. Please go ahead.

Speaker #2: If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question.

Speaker #2: Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kiran Gaj from Knightstone Capital Management LLP.

Speaker #2: Please go ahead.

Speaker #5: Hi, good afternoon, and congratulations on a good set of numbers. I have two questions. What is your work on and for MES?

Kiran Gaj: Hi, good afternoon and congratulations on good set of numbers. I have two questions. What is your work on hand for MES?

Kiran Gadge: Hi, good afternoon and congratulations on good set of numbers. I have two questions. What is your work on hand for MES?

Speaker #4: MES work on hand is just like last year. It's about $1.15 million. Whereas the civil work on hand is $4.4 million, as against $2.7 million last year.

Lakshmana Rao Janumahanti: MES work on hand is just like last year, it's about INR 1.15 million, whereas the civil work on hand is INR 4.4 million as against INR 2.7 last year. Civil continues to have strong traction on demand.

Lakshmana Rao: MES work on hand is just like last year, it's about INR 1.15 million, whereas the civil work on hand is INR 4.4 million as against INR 2.7 last year. Civil continues to have strong traction on demand.

Speaker #4: So, civil continues to have strong traction on demand.

Speaker #5: Okay. And does the incremental annual revenue of $2 million for Beryl include the $1 million purchase orders from Pittsburgh County?

Kiran Gaj: Okay. Does the incremental annual revenue of $2 million for Beryl includes the $1 million purchase order from Hillsborough County?

Kiran Gadge: Okay. Does the incremental annual revenue of $2 million for Beryl includes the $1 million purchase order from Hillsborough County?

Speaker #4: Yes, that is where we anticipate going forward in the next 12 months. Their run rate revenue will increase because of these master purchase orders they received from that county.

Lakshmana Rao Janumahanti: Yes. That is where we anticipate, going forward in the next 12 months, their run rate, revenue rate will increase because of this master purchase order they received from that county. Also they are entering into Georgia now because earlier they had restricted themselves to only Florida. Now with our Atlanta office is being in Georgia, we have initiated their registration in Georgia also. Thereby they will be able to get the inspection and permits work from Georgia also. This is the second step we have taken, team creation here also has come to eight members now. That team has to grow up to another 15 to 20 people, by at least October, November. Then, most of the design work can be handled from India. Thereby, you can see the profitability improvement from Q3.

Lakshmana Rao: Yes. That is where we anticipate, going forward in the next 12 months, their run rate, revenue rate will increase because of this master purchase order they received from that county. Also they are entering into Georgia now because earlier they had restricted themselves to only Florida. Now with our Atlanta office is being in Georgia, we have initiated their registration in Georgia also. Thereby they will be able to get the inspection and permits work from Georgia also. This is the second step we have taken, team creation here also has come to eight members now. That team has to grow up to another 15 to 20 people, by at least October, November. Then, most of the design work can be handled from India. Thereby, you can see the profitability improvement from Q3.

Speaker #4: And also, they are entering into Georgia now because earlier they had restricted themselves to only Florida. Now, with our Atlanta office being in Georgia, we have initiated the registration in Georgia also.

Speaker #4: So thereby, they will be able to get the inspection and permits work from Georgia also. So, this is the second step we have taken.

Speaker #4: And the team creation here has also grown to eight members now. That team might grow and has to grow up to another 15 to 20 people by at least October or November.

Speaker #4: And then most of the design work can be handled from India. Thereby, you can see the revenue improvement—I mean, profitability improvement—from Q3.

Speaker #3: Hello?

Kiran Gaj: Hello?

Kiran Gadge: Hello?

Speaker #5: Hello?

Lakshmana Rao Janumahanti: Hello.

Lakshmana Rao: Hello.

Speaker #2: Mr. Kiran, can you hear me?

Operator: Mr. Kiran, can you hear me?

Speaker #5: Yes.

Speaker #3: Yeah, yeah.

Kiran Gaj: Yeah.

Kiran Gadge: Yeah.

Speaker #5: Sorry, what was the EBITDA for Beryl in Q1?

Lakshmana Rao Janumahanti: Sorry.

Lakshmana Rao: Sorry.

Kiran Gaj: What was the EBITDA for Beryl in Q1?

Kiran Gadge: What was the EBITDA for Beryl in Q1?

Lakshmana Rao Janumahanti: Beryl is just around breakeven now. EBITDA margin, we have to, for Beryl, I'll let you know later. We'll work out.

Lakshmana Rao: Beryl is just around breakeven now. EBITDA margin, we have to, for Beryl, I'll let you know later. We'll work out.

Speaker #4: Beryl is just around break-even now. So, EBITDA margin we have to — for Beryl, I’ll let you know later. We’ll work it out.

Speaker #5: Okay, thank you, and all the best.

Kiran Gaj: Okay, thank you. All the best.

Kiran Gadge: Okay, thank you. All the best.

Speaker #4: Yeah. Any other questions?

Lakshmana Rao Janumahanti: Yeah. Any other questions?

Lakshmana Rao: Yeah. Any other questions?

Operator: Thank you. The next question is on the line of Praneet from SJ Investments. Please go ahead.

Speaker #2: Thank you. Thank you. The next question is from the line of Sameer from SJ Investments. Please go ahead.

Speaker #5: Hi, sir. Thank you for the opportunity, and congratulations on your very great results. I wanted to start with one of the remarks you mentioned—that you have reduced all our other expense costs.

Praneet: Hi, sir. Thank you for the opportunity and congratulations on your great results. I wanted to start with one of the remarks. You mentioned that you have reduced all of our other expenses costs. As a result, they reduced our profitability. Could you give some insight into what costs did we reduce and how many of them are sustainable?

[Analyst] (SJ Investments): Hi, sir. Thank you for the opportunity and congratulations on your great results. I wanted to start with one of the remarks. You mentioned that you have reduced all of our other expenses costs. As a result, they reduced our profitability. Could you give some insight into what costs did we reduce and how many of them are sustainable?

Speaker #5: As a result, we are able to grow our profitability. Could you give some insight into what costs we reduced and how many of them are sustainable?

Speaker #4: Yeah. As mentioned in the previous quarters, we have taken a call on MES division downsizing of the automobile. That is one of the major reasons for the reduction in employee costs and also other expenses.

Lakshmana Rao Janumahanti: As I mentioned, in the previous quarters, we have taken a call on MES division downsizing of the automobile. That is one of the major reasons for the reduction in employee costs and also other expenses. Like the very expensive software costs and other costs have been now reduced in MES. That is one of the reasons why the other expenses dropped. There were some MTM losses last quarter. This quarter, there is no loss. That is another reason for the reduction in the other expenses.

Lakshmana Rao: As I mentioned, in the previous quarters, we have taken a call on MES division downsizing of the automobile. That is one of the major reasons for the reduction in employee costs and also other expenses. Like the very expensive software costs and other costs have been now reduced in MES. That is one of the reasons why the other expenses dropped. There were some MTM losses last quarter. This quarter, there is no loss. That is another reason for the reduction in the other expenses.

Speaker #4: Like the very expensive software costs and other costs have now been reduced in MES. So, that is one of the reasons why the other expenses dropped.

Speaker #4: And there were some MTM losses last quarter. This quarter, there is no loss, so that is another reason for the reduction in other expenses.

Speaker #5: Understood, sir. And you also mentioned a large pipeline as a result of data center build-out. So, are the orders already in place for other design firms?

Praneet: Understood, sir. You also mentioned a large pipeline as a result of data center build-out. Are the orders already in place for other design firms, or do we expect the next one year to also get more orders in this space? There's a lot of CapEx that already has been done in the country, I'm wondering how much more CapEx is going to be there.

[Analyst] (SJ Investments): Understood, sir. You also mentioned a large pipeline as a result of data center build-out. Are the orders already in place for other design firms, or do we expect the next one year to also get more orders in this space? There's a lot of CapEx that already has been done in the country, I'm wondering how much more CapEx is going to be there.

Speaker #5: Or do we expect to take one year to also get more orders in this case because there are a lot of gaps that have already been filled in the country.

Speaker #5: So I'm wondering, how much more of a gap is there going to be?

Speaker #4: No, I'm talking about power distribution for the data centers that is happening across the USA. So there will be huge investments in power poles, laying of lines, distribution, transformers, and substations.

Lakshmana Rao Janumahanti: No, I'm talking about power distribution for the data centers is happening across USA. There will be huge investments on power poles, laying of lines, distribution, transformers, and substations. Where we are, the expertise. For the last seven, eight years, we have a team of about 50, 60 people. We are doubling that team now. In the last couple of months, we are aggressively shifting some of our automobile people into poles and towers design, also substation design. All these changes are going to contribute in the coming quarters. Already, some change has been done in the last two quarters, and some more teams are being added for a couple of big distribution companies in USA.

Lakshmana Rao: No, I'm talking about power distribution for the data centers is happening across USA. There will be huge investments on power poles, laying of lines, distribution, transformers, and substations. Where we are, the expertise. For the last seven, eight years, we have a team of about 50, 60 people. We are doubling that team now. In the last couple of months, we are aggressively shifting some of our automobile people into poles and towers design, also substation design. All these changes are going to contribute in the coming quarters. Already, some change has been done in the last two quarters, and some more teams are being added for a couple of big distribution companies in USA.

Speaker #4: So, where we are, the expertise for the last seven or eight years, we have a team of about 50 to 60 people. We are doubling that team now in the last couple of months.

Speaker #4: We have aggressively shifted some of our automobile people into poles and towers design, as well as substation design. So, all these changes are going to contribute in the coming quarters.

Speaker #4: Already, some changes are being made in the last two quarters, and some more teams are being added for a couple of big distribution companies in the USA.

Speaker #5: Understood, sir. And could you also give—you mentioned that Beryl is expanding to other countries. So could you explain the synergies? I think we had US offices also, right?

Praneet: Understood, sir. You mentioned that Beryl is expanding to other counties. Could you explain similarly? I think we had US offices also, right? How are they exactly helping with Beryl? Are we mixing the offices together and employees together? How is it working there?

[Analyst] (SJ Investments): Understood, sir. You mentioned that Beryl is expanding to other counties. Could you explain similarly? I think we had US offices also, right? How are they exactly helping with Beryl? Are we mixing the offices together and employees together? How is it working there?

Speaker #5: So how are they exactly helping with Beryl? Or are we mixing the offices together and employees together? How is it working there?

Speaker #4: No, Beryl has limited its operations to only Florida all these years. They have never gone beyond Florida. Now we have introduced them in Georgia, in Atlanta City.

Lakshmana Rao Janumahanti: No, Beryl has limited its operations to only Florida all these years. They've never gone beyond Florida. We introduced them in Georgia, in Atlanta, and they have already introduced and getting their name listed as approved engineering service provider for the county. That will start giving them work, because any citizen anywhere in that particular county or state can approach Beryl for various works they require for their residential buildings, additions, annexures or permits, insurance claims. Anything to do with their residences, they can make use of Beryl, also one of the listed entity. It is listed only in Florida. It is recently getting listed in Georgia. One more state work also can start coming in. Probably it will start as a trickle now, but will pick up speed by end of this year. Their number of contracts they received now can double.

Lakshmana Rao: No, Beryl has limited its operations to only Florida all these years. They've never gone beyond Florida. We introduced them in Georgia, in Atlanta, and they have already introduced and getting their name listed as approved engineering service provider for the county. That will start giving them work, because any citizen anywhere in that particular county or state can approach Beryl for various works they require for their residential buildings, additions, annexures or permits, insurance claims. Anything to do with their residences, they can make use of Beryl, also one of the listed entity. It is listed only in Florida. It is recently getting listed in Georgia. One more state work also can start coming in. Probably it will start as a trickle now, but will pick up speed by end of this year. Their number of contracts they received now can double.

Speaker #4: And they have already introduced and are getting their name listed as an approved engineering service provider for the county. So that will start giving them work, because any citizen anywhere in that particular county or state can approach Beryl for various works they require for their residential buildings, additions, annexures, or permits, insurance claims—anything to do with their residences.

Speaker #4: They can make use of Beryl also, one of the listed entities. So, it is listed only in Florida. Now, it has recently gotten listed in Georgia.

Speaker #4: So, one more state work can also start coming in. Probably it will start as a trickle now, but it will pick up speed by the end of this year.

Speaker #4: So their number of contracts they received now can double. So, from one state, they can get from another state. So, these benefits will accrue in the coming quarters.

Lakshmana Rao Janumahanti: Instead of from one state, they can get from other state. These benefits will accrue in the coming quarters, maybe from the Q3, Q4 onwards.

Lakshmana Rao: Instead of from one state, they can get from other state. These benefits will accrue in the coming quarters, maybe from the Q3, Q4 onwards.

Speaker #4: Maybe from the Q4 onwards.

Speaker #5: Got it, sir. And what kind of growth do we expect from these other states? Because you might have some assumption, and that's how you're building the team, right?

Praneet: Got it, sir. What kind of growth do we expect from these other states? Because you might have some assumption and that's why you're building the team, right? What kind of expectation can we make?

[Analyst] (SJ Investments): Got it, sir. What kind of growth do we expect from these other states? Because you might have some assumption and that's why you're building the team, right? What kind of expectation can we make?

Speaker #5: So what kind of expectation?

Lakshmana Rao Janumahanti: Yes. We are assuming that till Q2, it may break even in Q2. Beryl may break even in Q2. From Q3 and Q4 onwards, the numbers should be positive quarter on quarter. Hopefully, if not this year, next financial year, Beryl will be in a position to add at least $0.5 to 0.75 million to the bottom line.

Lakshmana Rao: Yes. We are assuming that till Q2, it may break even in Q2. Beryl may break even in Q2. From Q3 and Q4 onwards, the numbers should be positive quarter on quarter. Hopefully, if not this year, next financial year, Beryl will be in a position to add at least $0.5 to 0.75 million to the bottom line.

Speaker #4: Yeah, they're assuming that till Q2, it may break even in Q2. Beryl may break even in Q2. And from Q3 and Q4 onwards, the numbers should be positive quarter-on-quarter.

Speaker #4: So hopefully, if not this year, next financial year, Beryl will be in a position to add at least $0.5 to $0.75 million to the bottom line.

Speaker #5: Got it, sir. And in terms of onboarding more professional engineers, where are we at today? Because we had plans of expanding the number of people we have in PE, right?

Praneet: Got it, sir. In terms of onboarding more professional engineers, where are we at today? Because we had plans of expanding the number of people we have in PE, right? Where are we?

[Analyst] (SJ Investments): Got it, sir. In terms of onboarding more professional engineers, where are we at today? Because we had plans of expanding the number of people we have in PE, right? Where are we?

Speaker #5: So where are we?

Speaker #4: Yeah, we have only a couple of PEs as of now on our board who are US-certified PEs, and we are now in talks to acquire another factory engineering company with mainly PEs on board.

Lakshmana Rao Janumahanti: Yeah, we have only couple of PEs as of now on our board, who are US-certified PEs. We are now in talks to acquire another structural engineering company with mainly PEs on board. Because Beryl is more into residential permitting and government work. It is not much into design. A good design company can make this total team well integrated, because today Mold-Tek is very strong in detailing and the connection design. Beryl is very strong in government permits and residential work, but not in design. We are now talking to a design firm which has both structural steel and residential background with about seven, eight PEs. If the deal gets through, this combination can be really what makes us a complete civil engineering service provider.

Lakshmana Rao: Yeah, we have only couple of PEs as of now on our board, who are US-certified PEs. We are now in talks to acquire another structural engineering company with mainly PEs on board. Because Beryl is more into residential permitting and government work. It is not much into design. A good design company can make this total team well integrated, because today Mold-Tek is very strong in detailing and the connection design. Beryl is very strong in government permits and residential work, but not in design. We are now talking to a design firm which has both structural steel and residential background with about seven, eight PEs. If the deal gets through, this combination can be really what makes us a complete civil engineering service provider.

Speaker #4: Because Beryl is more into residential permitting and government work. It is not much into design, so a good design company can make this total team well integrated.

Speaker #4: Because today, Mold-Tek is very strong in detailing and connection design. Beryl is very strong in government permits and residential work, but not in design.

Speaker #4: So, we are now talking to a design firm which has both structural steel and residential background, with about seven or eight PEs. And if the deal goes through, this combination can really be what makes us a complete civil engineering service provider.

Speaker #5: Understood, sir. What is the size of the probable firm we will be acquiring, sir? In terms of revenue and the cost price?

Praneet: Understood, sir. What is the size of the probably firm will be acquiring, sir, in terms of revenue and the cost price?

[Analyst] (SJ Investments): Understood, sir. What is the size of the probably firm will be acquiring, sir, in terms of revenue and the cost price?

Speaker #4: Yeah, we are discussing with them today. It may be too early to give the details, please.

Lakshmana Rao Janumahanti: Yeah, we are discussing with them. Today, it may be too early to give the details, please.

Lakshmana Rao: Yeah, we are discussing with them. Today, it may be too early to give the details, please.

Speaker #5: Got it, sir. But have you seen any inflation in these prices? Because if the capex started, they also must be getting more work. Did you see, are you noticing any people asking for higher premiums than they used to in the last few months?

Praneet: Got it, sir. Have you seen any inflation in prices? With the traffic side, they also must be getting more work. Are you noticing any people asking for higher premiums than they used in the last few months?

[Analyst] (SJ Investments): Got it, sir. Have you seen any inflation in prices? With the traffic side, they also must be getting more work. Are you noticing any people asking for higher premiums than they used in the last few months?

Speaker #4: Do you mean asking for higher premiums?

Lakshmana Rao Janumahanti: You mean asking for higher PE-

Lakshmana Rao: You mean asking for higher PE-

Praneet: Valuation, you mean. Yeah.

[Analyst] (SJ Investments): Valuation, you mean. Yeah.

Speaker #5: Valuation, you mean. Yeah, yeah.

Lakshmana Rao Janumahanti: Not really. It is similar. There's not much change in the valuations.

Lakshmana Rao: Not really. It is similar. There's not much change in the valuations.

Speaker #4: Not really, not really. It is similar. There's not much change in the valuations.

Speaker #5: Got it, sir. And one more question regarding MES—just to understand the trajectory and what happened over the last few years. Because on your website, you mention that in 2022 or 2023, you finally reached profitability in MES, the mechanical division.

Praneet: Got it, sir. One more question. You had an MES, like just to understand the trajectory and what happened over the last few years. Because in your website, you mentioned that in 2022 or 2023, we finally reached profitability in MES, like mechanical division. Till then, were we accruing any losses in this division, till 2023?

[Analyst] (SJ Investments): Got it, sir. One more question. You had an MES, like just to understand the trajectory and what happened over the last few years. Because in your website, you mentioned that in 2022 or 2023, we finally reached profitability in MES, like mechanical division. Till then, were we accruing any losses in this division, till 2023?

Speaker #5: So, till then, were we accruing any losses in this division till 2023?

Speaker #4: Yeah, in the last couple of years, MES has been bleeding, especially last financial year. MES work flow was very low. It's almost ₹7–8 crore overall that they lost in MES last year.

Lakshmana Rao Janumahanti: Yeah, in the last couple of years, MES has been bleeding, especially last financial year, MES workflow was very low.

Lakshmana Rao: Yeah, in the last couple of years, MES has been bleeding, especially last financial year, MES workflow was very low.

Praneet: Okay.

[Analyst] (SJ Investments): Okay.

Lakshmana Rao Janumahanti: It's almost INR 7, 8 crores overall year loss in MES last year. We are holding the people and software, hoping that the EV market will revive. There seems to be no real turnaround for EV market as of today. Instead of keeping those people idle, we are shifting some of them into poles and towers design, substation design, and some people we let go. The extensive software for automobile, those costs have come down, and some of the extensive resources who are only suitable for automobile design and in EV robotic design, they've been let go. These are the drains. It was happening last two years, especially last year, the workflow in EV section was very low.

Lakshmana Rao: It's almost INR 7, 8 crores overall year loss in MES last year. We are holding the people and software, hoping that the EV market will revive. There seems to be no real turnaround for EV market as of today. Instead of keeping those people idle, we are shifting some of them into poles and towers design, substation design, and some people we let go. The extensive software for automobile, those costs have come down, and some of the extensive resources who are only suitable for automobile design and in EV robotic design, they've been let go. These are the drains. It was happening last two years, especially last year, the workflow in EV section was very low.

Speaker #4: Because we are holding the people and software, hoping that the EV market will revive. But there seems to be no real turnaround for the EV market as of today.

Speaker #4: So instead of keeping those people idle, we are shifting some of them into poles and towers design, substation design. And some people we let go.

Speaker #4: So the expensive software for automobile, those costs have come down. And some of the expensive resources who are only suitable for automobile design—I mean, EV robotic design—they have been let go.

Speaker #4: So these are the drains it was happening last two years, especially last year. The workflow in EV section was very low. So starting this year, we have started with a thin small team of we want to continue in EV because once it comes back, maybe after two, three years, we should not be lagging in knowledge.

Lakshmana Rao Janumahanti: Starting this year, we have started with a thin small team of. We want to continue in EV because once it comes back, maybe after two, three years, we should not be lacking in knowledge. We have kept a team of 50, 60 people who are relatively busy now. The team was 125, 130 people a year ago. At that time, they were mostly idling. Some people were shifted to electrical poles and towers, and some people were let go. Now the team is 50 and reasonably occupied.

Lakshmana Rao: Starting this year, we have started with a thin small team of. We want to continue in EV because once it comes back, maybe after two, three years, we should not be lacking in knowledge. We have kept a team of 50, 60 people who are relatively busy now. The team was 125, 130 people a year ago. At that time, they were mostly idling. Some people were shifted to electrical poles and towers, and some people were let go. Now the team is 50 and reasonably occupied.

Speaker #4: So, we have kept a team of 50 to 60 people who are relatively busy now. But the team was 125 to 130 people a year ago.

Speaker #4: So at that time, they were mostly idling. Some people were shifted to electrical poles and towers, and some people were let go.

Speaker #4: So now the team is 50 and reasonably occupied.

Speaker #5: Okay, sir. So usually, sir, when do these people give you orders? Is it during the erection phase of the plant, or is it from time to time after erection also that you guys get orders in terms of design?

Praneet: Okay, sir. Usually, sir, when do these people give you orders? Is it during the erection phase of the plant or is there time to time after erection also you guys get orders in terms of design? Just trying to understand the life cycle of design while you're doing this mechanical division. Could you explain that?

[Analyst] (SJ Investments): Okay, sir. Usually, sir, when do these people give you orders? Is it during the erection phase of the plant or is there time to time after erection also you guys get orders in terms of design? Just trying to understand the life cycle of design while you're doing this mechanical division. Could you explain that?

Speaker #5: Because I'm just trying to understand the lifecycle of design while you're doing this mechanical division. Could you explain that?

Speaker #4: In mechanical, see, what now currently, majority of our mechanical work is coming from poles and towers and substations. Right when they start laying of the line, they decide the route.

Lakshmana Rao Janumahanti: In mechanical, currently majority of our mechanical work is coming from poles and towers and substations. Right when they start laying of the line, they decide the route, then they start using our services until the lines are laid. If it's a substation, they give the substation locations, and then we design the structural frames, structural dimensions, and detailed drawings to them. The process will go on from the beginning of the project execution till end, we'll be working with them. The initial contract will be after the design is completed. Generally, some part of the design they let Indian teams do. The basic design is generally done based on site conditions. Hence, the design team in America will be doing this base design. Detailed design and detailing will be done from India.

Lakshmana Rao: In mechanical, currently majority of our mechanical work is coming from poles and towers and substations. Right when they start laying of the line, they decide the route, then they start using our services until the lines are laid. If it's a substation, they give the substation locations, and then we design the structural frames, structural dimensions, and detailed drawings to them. The process will go on from the beginning of the project execution till end, we'll be working with them. The initial contract will be after the design is completed. Generally, some part of the design they let Indian teams do. The basic design is generally done based on site conditions. Hence, the design team in America will be doing this base design. Detailed design and detailing will be done from India.

Speaker #4: Then they start using our services until the lines are laid. If it's a substation, right, they give the substation locations, and then we design the structural frames, structural dimensions, and detail drawings for them.

Speaker #4: So, the process will go on from the beginning of the project execution till the end. We will be working with them. The initial contact will be after the design is completed.

Speaker #4: Generally, some part of the design they let Indian teams do. The basic design is generally done based on site conditions. Hence, the design team in America will be doing this base design.

Speaker #4: Then, detailed design and detailing will be done from India.

Speaker #5: Got it, sir. The American team is also our team based in the US. It's not someone else's subcontract.

Praneet: Got it, sir. The American team is also our team based in the US. It's not someone else's subcontract?

[Analyst] (SJ Investments): Got it, sir. The American team is also our team based in the US. It's not someone else's subcontract?

Lakshmana Rao Janumahanti: Not really our team. We don't have team in mechanical design there. We have team in structural side. We don't have a team in mechanical design. Today, mechanical design or even structural design, base design is not done by us. That is why we are still looking for a structural designing company acquisition. Once we make that acquisition, then the team in US itself will be able to take right from the general contractor the work, rather than our taking the work from the erectors and fabricators. Today, our main clients are still erectors and fabricators. The real general contractor is where we have to target. There we require structural designing capabilities. We have the capabilities, but we need a bigger team in US, which can bring the general contractors into the picture, and then that work can be outsourced from India.

Lakshmana Rao: Not really our team. We don't have team in mechanical design there. We have team in structural side. We don't have a team in mechanical design. Today, mechanical design or even structural design, base design is not done by us. That is why we are still looking for a structural designing company acquisition. Once we make that acquisition, then the team in US itself will be able to take right from the general contractor the work, rather than our taking the work from the erectors and fabricators. Today, our main clients are still erectors and fabricators. The real general contractor is where we have to target. There we require structural designing capabilities. We have the capabilities, but we need a bigger team in US, which can bring the general contractors into the picture, and then that work can be outsourced from India.

Speaker #4: Oh, not really our team. We don't have a team in mechanical design there. We have a team on the structural side. We don't have a team in mechanical design.

Speaker #4: Today, mechanical design or even structural design, base design is not done by us. That is why we are still looking for a structural designing company acquisition.

Speaker #4: Once we make that acquisition, then the team in the US itself will be able to take, right from the general contractor, the work, rather than our taking the work from the erectors and fabricators.

Speaker #4: Today, our main clients are still contractors and fabricators. The real general contractor is where we have to target. There, we require structural designing capabilities.

Speaker #4: We have the capabilities, but we need a bigger team in the US, which can bring the general contractors into the picture. Then that work can be outsourced from India.

Speaker #4: So that benefit is yet to accrue, but our next step will be in that direction—next acquisition.

Lakshmana Rao Janumahanti: That benefit is yet to accrue, but our next step will be in that direction. Next acquisition.

Lakshmana Rao: That benefit is yet to accrue, but our next step will be in that direction. Next acquisition.

Speaker #2: Sorry to interrupt you, Mr. Pranit. I would request you to rejoin the queue for a follow-up question. The next question is on the line of Mr. Dhruv Bajaj from Growth Spear Ventures.

Operator: Sorry to interrupt you, Mr. Praneet. I would request you to rejoin the queue for a follow-up question. The next question is from the line of Dhruv Bajaj from GrowthSphere Ventures. Please go ahead.

Speaker #2: Please go ahead.

Speaker #4: Sir, thank you so much for giving me this opportunity. Sir, firstly, we did mention in our previous call regarding this master service agreement, wherein we would be working with this power plant here.

Dhruv Bajaj: Sir, thank you so much for giving me this opportunity. Sir, firstly, we did mention in our previous call regarding this master service agreement, wherein we would be working with this power plant player. Has that execution started from this particular quarter? Or will it start coming from.

Speaker #4: So, has that execution started from this particular quarter, or will it start coming from—we had some master service arrangement with a client in the USA for the next two to three years.

Lakshmana Rao Janumahanti: When?

Lakshmana Rao: When?

Dhruv Bajaj: We had some master service agreement with a client in US for next 2, 3 years.

Speaker #4: And that is where we started. We started with a team of 10 people. Now, five people are already being built from July, and from August and September, it will be 10.

Lakshmana Rao Janumahanti: Yeah, that is where we started. We started with a team of 10 people now. 5 people are already being billed from July, from August, September, 10, by October, November, 20 people will be working. That is outcome of that agreement.

Lakshmana Rao: Yeah, that is where we started. We started with a team of 10 people now. 5 people are already being billed from July, from August, September, 10, by October, November, 20 people will be working. That is outcome of that agreement.

Speaker #4: And by October, November, 20 people will be working with us; that is the outcome of that agreement. Okay. And then, how big can this be on an annualized basis?

Dhruv Bajaj: Okay. How big can this be? Guide me on an annualized basis, considering this was a very Q1.

Speaker #4: I think this was the very first quarter of this. At this stage, for the next 12 months—that is, starting, let's say, from August.

Lakshmana Rao Janumahanti: At this stage, for the next 12 months, that is starting, let's say from August, it can be a $1 million per annum activity with very good margins. With them taking us into other lines of activity, it can even grow in the coming years. Currently, you can factor about $1 million from this contract.

Lakshmana Rao: At this stage, for the next 12 months, that is starting, let's say from August, it can be a $1 million per annum activity with very good margins. With them taking us into other lines of activity, it can even grow in the coming years. Currently, you can factor about $1 million from this contract.

Speaker #4: It can be a million-dollar-per-annum activity with very good margins. And with us taking this into other lines of activity, it can even grow in the coming years.

Speaker #4: Currently, you can factor about $1 million from this contract. Very nice, sir. And sir, like you did mention, because of this data center implementation, there is a lot of requirement for these power transmission and power generation projects.

Dhruv Bajaj: Fair enough, sir. Sir, like you did mention, because of this data center implementation, there is a lot of requirement of this power transmission and power generation projects.

Lakshmana Rao Janumahanti: Yeah.

Lakshmana Rao: Yeah.

Speaker #4: So, we are already working in the USA with this particular order, and that was on that front only. But incrementally, what type of demand scenario are you seeing on that front?

Dhruv Bajaj: That they are working already on the US. I think this particular order was on that front only. Incrementally, what type of demand scenario are you seeing on that front? Because based on our understanding, the bottleneck is huge on that side, that should give you multi-year visibility. Can that visibility

Speaker #4: Because these are our understanding, the bottleneck is used on that side, so that should give you better visibility. Can that be the problem in this area?

Lakshmana Rao Janumahanti: The problem in this field, the opportunity is big. I wouldn't say it is INR 100 million opportunity. It can be altogether, it can be almost INR 8 to 10 million opportunity for our part of the business. Finding people and training people in that line is becoming challenging. We have just now started a team for this new client, and created the content, created the videos, so that our engineers can be trained in the American way of electrical design. The electrical line and distribution design. That work, that will initiate us to ramp up little faster in future. I wouldn't call this line as a INR 100 million opportunity. It will still be INR 5 to 10 million per annum opportunity, but with a good profit margin.

Lakshmana Rao: The problem in this field, the opportunity is big. I wouldn't say it is INR 100 million opportunity. It can be altogether, it can be almost INR 8 to 10 million opportunity for our part of the business. Finding people and training people in that line is becoming challenging. We have just now started a team for this new client, and created the content, created the videos, so that our engineers can be trained in the American way of electrical design. The electrical line and distribution design. That work, that will initiate us to ramp up little faster in future. I wouldn't call this line as a INR 100 million opportunity. It will still be INR 5 to 10 million per annum opportunity, but with a good profit margin.

Speaker #4: The opportunity is big. I wouldn't say it is a $100 million opportunity. Altogether, it can be almost an $8 to $10 million opportunity for our part of the business.

Speaker #4: But finding people and training people in that line is becoming challenging. We have just now started a team for this new client and created the content, created the videos.

Speaker #4: So that our engineers can be trained in the American way of electrical design—specifically, electrical line distribution design. So that work will help us ramp up a little faster in the future.

Speaker #4: So, I wouldn't call this line a $100 million opportunity. It will still be a $5 to $10 million per annum opportunity, but with a good profit margin.

Speaker #4: Very nice, sir. And sir, in this particular quarter, we surprised, I think, everyone in terms of the margins that we clocked in—19%.

Dhruv Bajaj: Fair enough, sir. Sir, in this particular quarter, we surprised, I think, everyone in terms of the margins that we clocked in of 19%, whereas we guided, I think, in the previous call that we will be achieving somewhere around 15%. I'm just trying to understand, I do understand there was a very decent restructuring exercises which ultimately led to higher margins. Is there some sort of seasonality involved here, considering Q1 is generally one of our better quarters? Or is there some product or service mix change which is leading to such higher margins versus what we guided? If you can help us understand the sustainability on that front.

Speaker #4: Whereas we guided, I think, in the previous call, that we would be achieving somewhere around 15%. So we're just trying to understand why. I do understand there was a very decent restructuring of exchanges, which ultimately led to higher margins.

Speaker #4: But is there some sort of seasonality involved here, considering Q1 is generally one of our better quarters? Or is there some product and service mix change which is leading to such higher margins?

Speaker #4: Which is what we guided. So if you can help us understand the sustainability. Actually, yeah, yeah. Actually, last Q1 was not so good.

Lakshmana Rao Janumahanti: Actually, last Q1 was not so good. Actually, we made only INR 78 lakhs profit and a very low EBITDA. That way, there is nothing called seasonality. The real seasonality comes in terms of workflow. Like in packaging, we talk about EBITDA per kg, but here in technologies, what I would look at is what is the work on hand at the end of the quarter. Today, it is INR 4.5 million in civil, as against INR 3.7 million last year. We are confident that the next quarter also is going to be good. The work on hand is a very important measure for us because if the project flow is coming down Even if you have the team, like in EV case, that's what happened.

Lakshmana Rao: Actually, last Q1 was not so good. Actually, we made only INR 78 lakhs profit and a very low EBITDA. That way, there is nothing called seasonality. The real seasonality comes in terms of workflow. Like in packaging, we talk about EBITDA per kg, but here in technologies, what I would look at is what is the work on hand at the end of the quarter. Today, it is INR 4.5 million in civil, as against INR 3.7 million last year. We are confident that the next quarter also is going to be good. The work on hand is a very important measure for us because if the project flow is coming down Even if you have the team, like in EV case, that's what happened.

Speaker #4: Actually, we mainly made a profit of 78 lakhs and a very low EBITDA. So in that way, there is nothing called seasonality. The real seasonality comes in terms of workflow.

Speaker #4: You know, always in packaging we talk about EBITDA per kg, but here in technologies, what I would look at is: what is the work on hand at the end of the quarter?

Speaker #4: Today, it is 4.5 million in civil, as against 3.7 last year. So, we are confident that the next quarter also is going to be good.

Speaker #4: The work on hand is a very important measure for us, because if the project flow is coming down—even if you have the team, like in the EV case—that's what happened.

Dhruv Bajaj: Right.

Speaker #4: In EV, we have created a big team of 150 to 130 people. But the workflow used to be $100,000 to $50,000 per month, and the accumulated work at any given time was less than a quarter million.

Lakshmana Rao Janumahanti: In the EV, we have created a big team of 150, 130 people, but the workflow used to be 100,000, 50,000 per month.

Lakshmana Rao: In the EV, we have created a big team of 150, 130 people, but the workflow used to be 100,000, 50,000 per month.

Lakshmana Rao Janumahanti: The accumulated work at any given time was less than a quarter million. That is not a good indicator. Here in civil now, we have INR 4.5 million work on hand as on today. That's a good indicator for me to see the next quarter also with a positive optimism. One more thing that adds to my optimism is Beryl, which has not contributed in this quarter, rather it is small losses, would definitely become break-even next in Q2, and from Q3 it will start contributing because our design team will be ready.

Lakshmana Rao: The accumulated work at any given time was less than a quarter million. That is not a good indicator. Here in civil now, we have INR 4.5 million work on hand as on today. That's a good indicator for me to see the next quarter also with a positive optimism. One more thing that adds to my optimism is Beryl, which has not contributed in this quarter, rather it is small losses, would definitely become break-even next in Q2, and from Q3 it will start contributing because our design team will be ready.

Speaker #4: So that is not a good indicator. Here in civil, now we have $4.5 million work on hand as of today. That's a good indicator for me to see the next quarter also with positive optimism.

Speaker #4: And one more thing that adds to my optimism is Very, which has not contributed in this quarter; rather, it is a small loss. It would definitely become break even in the next, in this Q2.

Speaker #4: And from Q3, it will start contributing because our design team will be ready. Makes sense. Sir, is it fair to say, like we earlier guided, for some ₹250 crore kind of budget for FY27?

Dhruv Bajaj: Makes sense. Sir, X Beryl, it is fair to say like we earlier guided for some INR 250 crores kind of revenue for FY27, and given the volumes of order that we are receiving at the moment, it is fair to think that we will definitely achieve on that front? I think we already achieved that year in this particular-

Speaker #4: And given the volumes of orders that we are receiving at the moment, is it fair to say that we will definitely achieve on that front?

Speaker #4: I think we already achieved in this particular. Yeah, possible. 240, 250 is possible because we have done our own 61 crores now. And I think this trend in the Q2 also gives me confidence.

Lakshmana Rao Janumahanti: Yeah. INR 250 crores is possible, INR 240, INR 250 is possible because we have done around INR 61 crores now. I think this trend in the Q2 also gives me confidence similar level of achievement is possible going forward.

Lakshmana Rao: Yeah. INR 250 crores is possible, INR 240, INR 250 is possible because we have done around INR 61 crores now. I think this trend in the Q2 also gives me confidence similar level of achievement is possible going forward.

Speaker #4: A similar level of achievement is possible going forward. And sir, on the margin front, do we want to revise that guidance from the earlier 51% to 15% level?

Dhruv Bajaj: Sir, on the margin front, do we want to revise our guidance from the earlier 15% level, or will we stand with that level and hopefully over-deliver? What's your take on that front?

Speaker #4: Or will we stand with that level and hopefully overdeliver? What's your take on that front? I think, the trend the way it's going on, the EBITDA margins can even reach at least 20%, if not 23%, which we achieved in the current quarter.

Lakshmana Rao Janumahanti: I think the trend, the way it's going on, the EBITDA margins can even reach at least 20%.

Lakshmana Rao: I think the trend, the way it's going on, the EBITDA margins can even reach at least 20%.

Dhruv Bajaj: Okay

Lakshmana Rao Janumahanti: 23%, what we achieved in the current quarter.

Lakshmana Rao: 23%, what we achieved in the current quarter.

Speaker #4: So, last year, it was around 16% EBITDA. So, it should at least cross the 2023 level. Sorry, last year it was 11%. So, it should reach at least 20% plus.

Lakshmana Rao Janumahanti: Last year, it was around 16% EBITDA.

Lakshmana Rao: Last year, it was around 16% EBITDA.

Dhruv Bajaj: Right.

Lakshmana Rao Janumahanti: It should at least cross 20-23 level. Sorry, last year it was 11%.

Lakshmana Rao: It should at least cross 20-23 level. Sorry, last year it was 11%.

Dhruv Bajaj: Right.

Lakshmana Rao Janumahanti: It should reach at least 20-plus ending.

Lakshmana Rao: It should reach at least 20-plus ending.

Speaker #4: Sir, historically, we have always done, I think, 20-25 percent kind of EBITDA margin. But due to the large pressures in certain segments, we were earlier having all these issues.

Dhruv Bajaj: Sir, historically, we have always done, I think, 20% to 25% kind of EBITDA run rate, but due to our struggles in certain segments, we were earlier having all these issues. Now, directionally speaking, sir, how confident are you about this business? Because, even in your voice, we could see a lot of optimism versus the previous quarter's concall. What are you seeing on ground that gives you so much confidence in the business?

Speaker #4: But now, directionally speaking, sir, how confident are you about this business? Because even in your voice, we can hear a lot of optimism compared to the previous quarter's phone call.

Speaker #4: So what are you seeing on the ground that gives you so much confidence in the business? Yeah, two things. One is the workflow is increasing.

Lakshmana Rao Janumahanti: Yeah, two things. One is, the workflow is increasing. The projects are taking off more and more in civil. Second thing is, Beryl is going to start contributing from next quarter. At least Q2, Q3 onwards, it will certainly start positive contribution. The third thing is, our power and transmission line business is increasing with a strong leader giving us that MSA, and work started for them. This will be a very good referral point for us to showcase our abilities in US for the other clients also. With all this gives me confidence, and our new productivity drive through automation is improving the output per person. Without increasing our employee cost, proportionately, with a less increase in the employee cost, revenue growth can be better, higher. That is what gives me a confidence on the overall performance.

Lakshmana Rao: Yeah, two things. One is, the workflow is increasing. The projects are taking off more and more in civil. Second thing is, Beryl is going to start contributing from next quarter. At least Q2, Q3 onwards, it will certainly start positive contribution. The third thing is, our power and transmission line business is increasing with a strong leader giving us that MSA, and work started for them. This will be a very good referral point for us to showcase our abilities in US for the other clients also. With all this gives me confidence, and our new productivity drive through automation is improving the output per person. Without increasing our employee cost, proportionately, with a less increase in the employee cost, revenue growth can be better, higher. That is what gives me a confidence on the overall performance.

Speaker #4: The projects are taking off more and more in civil. And the second thing is Beryl is going to start contributing from next quarter, at least Q2, Q3 onwards.

Speaker #4: It will certainly start a positive contribution. And the third thing is, our power and transmission line business is increasing, with a strong leader giving us that MSA.

Speaker #4: And work has started for them. So, this will be a very good referral point for us to showcase our abilities in the US for other clients also.

Speaker #4: So with all this, it gives me confidence. And our new productivity drive through automation is improving the output per person. So without increasing our employee cost—or rather, with a less than proportional increase in employee cost—our revenue growth can be better.

Speaker #4: Higher. So that is what gives me confidence in the overall performance. Makes sense. Sir, just one last question from my end. Sir, we did mention in one of our previous calls that in Beryl, I think the original promoters were also supposed to subscribe to some warrants in the business.

Dhruv Bajaj: Makes sense, sir. Just one last question from my end. Sir, we did mention in one of our previous calls that in Beryl, I think the original promoters were also supposed to subscribe some warrants in the business, but due to fall in the share price, they couldn't. Sir, any incremental inclusion is planned on that front from their end?

Speaker #4: But due to the fall in the share price, they couldn't. So, is any incremental infusion planned on that front from their end? See, it was part of the understanding—MOU—at the time of the acquisition.

Lakshmana Rao Janumahanti: See, it was part of the understanding MOU at the time of the acquisition within a timeframe of six months. The six-month time lapsed in April.

Lakshmana Rao: See, it was part of the understanding MOU at the time of the acquisition within a timeframe of six months. The six-month time lapsed in April.

Speaker #4: Within a time frame of six months. So the six-month time lapsed in April. At that time, the six-month average price was coming much higher than the current market price.

Dhruv Bajaj: Right. Okay.

Lakshmana Rao Janumahanti: At that time, the six months' average price was coming much higher than the current market price.

Lakshmana Rao: At that time, the six months' average price was coming much higher than the current market price.

Speaker #4: It is normal for any human being to think, why should I buy at a 30% higher price when the share price is 130? He was offered at 165, I think, according to the six months' average.

Dhruv Bajaj: Right.

Lakshmana Rao Janumahanti: It is normal for any human being to think, Why should I buy a 30% higher price when the share price is 130? He was offered at 165, I think, according to the six months average.

Lakshmana Rao: It is normal for any human being to think, Why should I buy a 30% higher price when the share price is 130? He was offered at 165, I think, according to the six months average.

Speaker #4: So he didn't show interest, and we didn't press up on it. Everybody has to make their own investment decisions. We can't push people with their own money.

Dhruv Bajaj: Right.

Lakshmana Rao Janumahanti: He didn't show interest, and we didn't press upon it.

Lakshmana Rao: He didn't show interest, and we didn't press upon it.

Dhruv Bajaj: Okay.

Lakshmana Rao Janumahanti: Everybody has to make their own investment decisions. We can't push people.

Lakshmana Rao: Everybody has to make their own investment decisions. We can't push people.

Dhruv Bajaj: Right

Lakshmana Rao Janumahanti: invest their money. They cannot.

Lakshmana Rao: invest their money. They cannot.

Speaker #4: They cannot, and there won't be any incremental excuses from their end. I was just trying to get an answer because the six-month period has already lapsed, as you are saying.

Dhruv Bajaj: There won't be any incremental exclusions from their end? I was just trying to get a reference because the 6 months period has already lapsed, as you are saying.

Speaker #4: Yeah, in the six months, they have just a small negative. For the eight months, what they concluded was some five, six thousand dollars loss in the eight months.

Lakshmana Rao Janumahanti: Yeah, in the 6 months, they have just a small negative for the 8 months, what they concluded, some INR 5,000, INR 6,000 loss in the 8 months, which is not a big deal.

Lakshmana Rao: Yeah, in the 6 months, they have just a small negative for the 8 months, what they concluded, some INR 5,000, INR 6,000 loss in the 8 months, which is not a big deal.

Speaker #4: Which is not a big deal. And you can expect that while the integration is taking place between the Indian and American company, there will be some people who leave the company.

Dhruv Bajaj: Okay.

Lakshmana Rao Janumahanti: You can expect that while the integration is taking place between an Indian and American company, there'll be some people who leave the company, and that skill set has to be created. That challenges have been now overcome, and the team is slowly gathering pace, and the communication between Indian team and their American counterparts is pretty good. We just lost two out of the 38 people when we acquired. Those two both belong to design, unfortunately. That is what has given a little setback to them. These six people team in design, what we created now, are catching up with the domain knowledge. Now I think going forward, our support to Beryl in design will be strong enough for them to go aggressively in the market.

Lakshmana Rao: You can expect that while the integration is taking place between an Indian and American company, there'll be some people who leave the company, and that skill set has to be created. That challenges have been now overcome, and the team is slowly gathering pace, and the communication between Indian team and their American counterparts is pretty good. We just lost two out of the 38 people when we acquired. Those two both belong to design, unfortunately. That is what has given a little setback to them. These six people team in design, what we created now, are catching up with the domain knowledge. Now I think going forward, our support to Beryl in design will be strong enough for them to go aggressively in the market.

Speaker #4: And that skill set has to be created. So those challenges have now been overcome, and the team is slowly gathering pace. The communication between the Indian team and the American counterparts is pretty good.

Speaker #4: We just lost two out of the 38 people when we acquired. But those two both belonged to design, unfortunately. So that is what has given a little setback to them.

Speaker #4: But these two six-person teams in design, what we created now, are catching up with the domain knowledge. So now I think, going forward, our support to Beryl in design will be strong enough for them to go aggressively in the market.

Speaker #1: Mr. Dhruv, I would request you to rejoin the queue for a follow-up question. The next question is on the line of cost of Pubna from Kamana Holding.

Operator: Mr. Dhruv, I would request you to rejoin the queue for a follow-up question. The next question is on the line of Kaustubh Pabna from Kaman Holding. Please go ahead.

Speaker #1: Please go ahead.

Speaker #4: Yeah, hi. Thank you for taking my question. So, you know, in your presentation, you have in the growth opportunities in the civil and structural division business, you said rising investment in data centers.

Kaustubh Pabna: Yeah, hi. Thank you for taking my question. In your question is, you have in the growth opportunities in the civil and structural division business, you said rising investment in data centers. Right? I want to understand

Kaustav Bubna: Yeah, hi. Thank you for taking my question. In your question is, you have in the growth opportunities in the civil and structural division business, you said rising investment in data centers. Right? I want to understand

Speaker #4: Right? So I want to understand right now, what are we right now? I don't think the company is doing much in data centers in the civil and structural division.

Kaustubh Pabna: Right now, I don't think the company is doing much in data centers in the civil and structural division. Is there any plans over the next one to two years to enter the space, and how, in the civil and structural division? That's the first question.

Kaustav Bubna: Right now, I don't think the company is doing much in data centers in the civil and structural division. Is there any plans over the next one to two years to enter the space, and how, in the civil and structural division? That's the first question.

Speaker #4: Are there any plans over the next one or two years to enter the space, and how? In the civil and structural division, that's the first question.

Speaker #4: No, we have already done a couple of data center structural projects in the last one, one and a half years. And now, with that background and showcasing that, our team is aggressively marketing for more and more data center structural work.

Lakshmana Rao Janumahanti: No, we've already done a couple of data center structural work in the last one and a half years. Now with that background and showcasing that, our team is aggressively marketing for more and more data center structural work. We have already done a couple of them.

Lakshmana Rao: No, we've already done a couple of data center structural work in the last one and a half years. Now with that background and showcasing that, our team is aggressively marketing for more and more data center structural work. We have already done a couple of them.

Speaker #4: We’ve already done a couple of them. So, with this new acquisition that you're talking about, which you’re planning to do now to add design capabilities, will your value proposition and offerings improve for data centers?

Kaustubh Pabna: With this new acquisition that you're talking about, which you're planning to do now, or to add design capabilities, will your value proposition and offerings improve for data centers?

Kaustav Bubna: With this new acquisition that you're talking about, which you're planning to do now, or to add design capabilities, will your value proposition and offerings improve for data centers?

Speaker #4: Not only for data centers—any project, any commercial or residential building—when one company is giving both structural design, detailing, connection design, and the whole thing, including permits and all, obviously you can't charge hourly rates.

Lakshmana Rao Janumahanti: Not only for data centers, any project, any commercial or residential building. When one company is giving both structural design, detailing, connection design, and the whole thing, including permits and all, obviously you can charge not hourly rates, you can charge a percentage of the project cost, which we can't do when you're doing in bits and pieces. Once we have a structural designing company in hand, which is an American company representing by American PEs, then we talk the fee as the cost of the project. Let's say the cost of the project is INR 100 million. Probably we can charge 3% to 5% for the entire structural design, connection design, drafting. Maybe architectural will be left over. Probably, together, structural and architectural, the general fees are 3% to 5%.

Lakshmana Rao: Not only for data centers, any project, any commercial or residential building. When one company is giving both structural design, detailing, connection design, and the whole thing, including permits and all, obviously you can charge not hourly rates, you can charge a percentage of the project cost, which we can't do when you're doing in bits and pieces. Once we have a structural designing company in hand, which is an American company representing by American PEs, then we talk the fee as the cost of the project. Let's say the cost of the project is INR 100 million. Probably we can charge 3% to 5% for the entire structural design, connection design, drafting. Maybe architectural will be left over. Probably, together, structural and architectural, the general fees are 3% to 5%.

Speaker #4: You can charge a percentage of the project cost, which we can't do. And you're doing it in bits and pieces. So once we have a structural designing company in hand, which is an American company represented by American PEs, then we talk about the fee and the cost of the project.

Speaker #4: Let's say the cost of the project is $100 million. Probably, we can charge 3 to 5 percent for the entire structural design, connection design, drafting—maybe architectural will be left over.

Speaker #4: So probably, together, structural and architectural, the general fees are 3 to 5 percent. So at least 2 to 3 percent can be charged on the project cost.

Lakshmana Rao Janumahanti: At least 2% to 3% can be charged as a project cost, on the project cost, which we can do only if we have a strong design team representing the whole company.

Lakshmana Rao: At least 2% to 3% can be charged as a project cost, on the project cost, which we can do only if we have a strong design team representing the whole company.

Speaker #4: Which we can do only if you have a strong design team representing the whole company, fair enough. And you had said earlier, on the power side of the business—where substation poles, etc. designing we are doing—the opportunity size is $5 to $10 million.

Kaustubh Pabna: Fair enough. You had said earlier on the power side of the business, where substation poles, et cetera, designing we are doing, the opportunity size is INR 5 to 10 million. Is that opportunity size the sector opportunity size?

Kaustav Bubna: Fair enough. You had said earlier on the power side of the business, where substation poles, et cetera, designing we are doing, the opportunity size is INR 5 to 10 million. Is that opportunity size the sector opportunity size?

Speaker #4: So is that opportunity size the sector opportunity size or the opportunity? No, no, the sector of the company. No, no, no. Sector is much more than $200–300 million.

Lakshmana Rao Janumahanti: No, the sector.

Lakshmana Rao: No, the sector.

Kaustubh Pabna: For each company?

Kaustav Bubna: For each company?

Lakshmana Rao Janumahanti: No, sector is much more than INR 200 million, INR 300 million. What we can deliver in that is what I'm saying, INR 10 million. The sector is more than INR half a billion maybe.

Lakshmana Rao: No, sector is much more than INR 200 million, INR 300 million. What we can deliver in that is what I'm saying, INR 10 million. The sector is more than INR half a billion maybe.

Speaker #4: What we can deliver in that is what I'm saying—10 million. So the sector is half a billion, maybe. So you can deliver... it's more than, more than half a billion.

Kaustubh Pabna: You can.

Kaustav Bubna: You can.

Lakshmana Rao Janumahanti: More than half a billion, majority of that main design is done in America. Substation part design and detailing is what outsourced. Out of $0.5 billion or even $1 billion, maybe $100 million may go out of America for substation design and detailing. In that, I'm hoping $5 to 10 million for Mold-Tek.

Lakshmana Rao: More than half a billion, majority of that main design is done in America. Substation part design and detailing is what outsourced. Out of $0.5 billion or even $1 billion, maybe $100 million may go out of America for substation design and detailing. In that, I'm hoping $5 to 10 million for Mold-Tek.

Speaker #4: But the majority of that main design is done in America, so the substation part—design and detailing—is what’s outsourced. So, out of $0.5 billion or even $1 billion, maybe $400 million may go out of America for substation design and detailing.

Speaker #4: In that, I'm hoping for $5 to $10 million for Mold-Tek. So, sir, let's say we had $10 million. If you're hoping for $10 million, let's say, where are we right now?

Kaustubh Pabna: Sir, let's say if you're hoping for $10 million, where are we right now? What's the revenues right now from that business? I mean, it can get to $10 million.

Kaustav Bubna: Sir, let's say if you're hoping for $10 million, where are we right now? What's the revenues right now from that business? I mean, it can get to $10 million.

Speaker #4: What are the revenues right now from that business? I mean, we can get to $10 million. Right now, probably we are around $1.2 million. How much is our Pole Centers?

Lakshmana Rao Janumahanti: Right now, probably we are around $1.2 million. How much is our pole center?

Lakshmana Rao: Right now, probably we are around $1.2 million. How much is our pole center?

Prasad Raju Kosuri: About $1.5 million.

Speaker #4: This is one and a half, and this is about 500. So, about 2 million now. So you're saying it can become 5x in about 3 years.

Lakshmana Rao Janumahanti: This is INR 1.5, and this is about INR 500. About INR 2 million now.

Lakshmana Rao: This is INR 1.5, and this is about INR 500. About INR 2 million now.

Kaustubh Pabna: You're saying it can become 5x in about three years?

Kaustav Bubna: You're saying it can become 5x in about three years?

Speaker #4: Oh, yeah. It can at least 3x, 4x, or 5x in the next 2 to 3 years. And you're saying this is a high-margin business.

Lakshmana Rao Janumahanti: Yeah. It can at least 3x to 4x or 5x in next two, three years.

Lakshmana Rao: Yeah. It can at least 3x to 4x or 5x in next two, three years.

Kaustubh Pabna: You're saying this is a high-margin business?

Kaustav Bubna: You're saying this is a high-margin business?

Speaker #4: It is a high margin. Okay, sir. Best of luck. I hope you continue to, you know, deliver this good performance with higher margins, and I hope the performance isn't volatile like how it used to be. Best of luck for the future.

Lakshmana Rao Janumahanti: It is high margin.

Lakshmana Rao: It is high margin.

Kaustubh Pabna: Okay. Best of luck. I hope you continue to give this good performance with higher margins, and I hope the performance isn't volatile like how it used to be. Best of luck for the future.

Kaustav Bubna: Okay. Best of luck. I hope you continue to give this good performance with higher margins, and I hope the performance isn't volatile like how it used to be. Best of luck for the future.

Speaker #4: Thank you. Thank you, Vishwak.

Lakshmana Rao Janumahanti: Thank you, Vishal.

Lakshmana Rao: Thank you, Vishal.

Speaker #1: Thank you. The next question is from Maneesh of Swastik Investments. Please go ahead.

Operator: Thank you. The next question is on the line of Manish from Swastik Investments. Please go ahead.

Speaker #3: Yeah, thank you for the opportunity, and congratulations on the very good set of numbers, sir. Sir, I had a question. One, will you increase employees in your design team in the US, since you've said you've expanded to one more state or county, which is Georgia?

Manish: Yeah. Thank you for the opportunity, and congratulations on the very good set of numbers. Sir, I had a question. One, will you increase employees in your design team in US, since you've said they've expanded to one more state or county, which is Georgia?

Manish Jain: Yeah. Thank you for the opportunity, and congratulations on the very good set of numbers. Sir, I had a question. One, will you increase employees in your design team in US, since you've said they've expanded to one more state or county, which is Georgia?

Lakshmana Rao Janumahanti: There's no need. The design team is being created in India. One or two people there is good enough to take care. One PE is going from India to settle down in Florida from October onwards, maybe October, November, once he gets his L1 visa. That will be enough with the current another four-member design team available in Beryl. They will be able to do the front ending. The back end team, what I said now, six to eight people here, will be ramped up to 15, 20 people as the growth comes in. There will not be any much addition of American staff in this domain.

Lakshmana Rao: There's no need. The design team is being created in India. One or two people there is good enough to take care. One PE is going from India to settle down in Florida from October onwards, maybe October, November, once he gets his L1 visa. That will be enough with the current another four-member design team available in Beryl. They will be able to do the front ending. The back end team, what I said now, six to eight people here, will be ramped up to 15, 20 people as the growth comes in. There will not be any much addition of American staff in this domain.

Speaker #4: There is no need—the design team is being created in India. One or two people there is good enough to take care. One PE is going from India to settle down in Florida from October onwards.

Speaker #4: Maybe October or November, once he gets his L1 visa. So, that will be enough with the current three-member or four-member design team available in Beryl.

Speaker #4: They will be able to do the front-end work. And the back-end team—what I said now, six to eight people here—will be ramped up to 15 or 20 people as the growth comes in.

Speaker #4: So there will not be any much addition of American staff in in this domain.

Speaker #3: Okay. I asked this question yes, go ahead.

Manish: Okay. I ask this question.

Manish Jain: Okay. I ask this question.

Lakshmana Rao Janumahanti: Yes, go ahead. No, even if we go with the structural designing company, which we are in talks with, we will be expanding the team here in India, not in US.

Lakshmana Rao: Yes, go ahead. No, even if we go with the structural designing company, which we are in talks with, we will be expanding the team here in India, not in US.

Speaker #4: No, even if we go with the structural designing company, which we are in talks with, we will be expanding the team here in India, not in the US.

Speaker #3: Yeah, I understand that. But the acquisition that you've been talking about—I know we've been talking about it since long—and fortunately, Beryl happened.

Manish: Yeah, I understand that. The acquisition that you've been talking about, I know we've been talking about it since long, and fortunately Beryl happened. Beryl, like you highlighted sometime back, has not given us the end-to-end expertise, right? Maybe in the residential segment, yes. There are a few open gaps, which maybe one other acquisition can add. Now, my question was more in the context that you highlighted in the previous calls, that there are so many counties in the US, and the opportunity to expand to those counties is definitely there. Because you also highlighted that you guys have expanded into Georgia this quarter, that was the reason as to why I was asking if it makes sense that we increase the design team in US so that we can expand to maybe more counties or maybe take more work coming our way.

Manish Jain: Yeah, I understand that. The acquisition that you've been talking about, I know we've been talking about it since long, and fortunately Beryl happened. Beryl, like you highlighted sometime back, has not given us the end-to-end expertise, right? Maybe in the residential segment, yes. There are a few open gaps, which maybe one other acquisition can add. Now, my question was more in the context that you highlighted in the previous calls, that there are so many counties in the US, and the opportunity to expand to those counties is definitely there. Because you also highlighted that you guys have expanded into Georgia this quarter, that was the reason as to why I was asking if it makes sense that we increase the design team in US so that we can expand to maybe more counties or maybe take more work coming our way.

Speaker #3: But Beryl, as you highlighted some time back, has not given us the end-to-end expertise, right? Maybe in the residential segment, yes. But there are a few open gaps, which maybe one other acquisition can add.

Speaker #3: Now, my question was more in the context that you highlighted in the previous calls that there are so many counties in the US, and the opportunity to expand to those counties is definitely there.

Speaker #3: So, because you also highlighted that you guys have expanded into Georgia this quarter, that was the reason as to why I was asking if it makes sense to increase the design team in the US so that we can expand to maybe more counties, or maybe take more work coming our way.

Speaker #4: No, I understand your question now. See, if we expand Beryl's operations further beyond Georgia, yes, we'll be needing people there. But currently, this is the first step we have taken to start in Georgia.

Lakshmana Rao Janumahanti: No, I understood your question now. See, if we expand Beryl's operations further beyond Georgia, yes, we'll be needing people there. Currently, this is the first step we have taken to start in Georgia because of our offices there in Atlanta to coordinate and make it easier for Beryl to communicate and take up the work of Atlanta County jobs. Once we see merit in that, we will certainly go aggressively across some more states. Then we need to add people, because the work, what they do is more permits and inspections, which require a physical presence. Design work can be done from anywhere. There will be a need for increasing the team there, only when we move to other states.

Lakshmana Rao: No, I understood your question now. See, if we expand Beryl's operations further beyond Georgia, yes, we'll be needing people there. Currently, this is the first step we have taken to start in Georgia because of our offices there in Atlanta to coordinate and make it easier for Beryl to communicate and take up the work of Atlanta County jobs. Once we see merit in that, we will certainly go aggressively across some more states. Then we need to add people, because the work, what they do is more permits and inspections, which require a physical presence. Design work can be done from anywhere. There will be a need for increasing the team there, only when we move to other states.

Speaker #4: Because of our offices there in Atlanta, to coordinate and make it easier for Beryl to communicate and take up the work of Atlanta County jobs.

Speaker #4: So once we see merit in that, we will certainly go aggressively across some more states. And then we need to add people, because the work that they do is more permits and inspections, which require a physical person’s presence.

Speaker #4: So, design work can be done from anywhere. So, there will be a need for increasing the team there only when we move to other states.

Speaker #4: In Atlanta, currently, we have a staff of five or six people who can help Beryl in executing the work once it starts from the Atlanta County.

Lakshmana Rao Janumahanti: In Atlanta, currently, we have a staff of five, six people who can help Beryl in executing the work once it starts from the Atlanta County. I'm not looking at that as a permanent, immediate goal, because immediate goal is to set the Beryl's design team in place and start executing the Beryl's design work, which we are losing now. That is the step one, and step two is Georgia County addition to Beryl's operations, where our current office people will be enough to take care, and once this success comes in, probably it will at least take a year to see some good traction in a new county. Then probably we will be looking at expanding the team there also, as per the business needs.

Lakshmana Rao: In Atlanta, currently, we have a staff of five, six people who can help Beryl in executing the work once it starts from the Atlanta County. I'm not looking at that as a permanent, immediate goal, because immediate goal is to set the Beryl's design team in place and start executing the Beryl's design work, which we are losing now. That is the step one, and step two is Georgia County addition to Beryl's operations, where our current office people will be enough to take care, and once this success comes in, probably it will at least take a year to see some good traction in a new county. Then probably we will be looking at expanding the team there also, as per the business needs.

Speaker #4: But I'm not looking at that as a permanent, immediate goal, because the immediate goal is to set the Beryl's design team in place and start executing Beryl's design work, which we are losing now.

Speaker #4: So that is step one. And step two is the Georgia County addition to Beryl's operations, where our current office people will be enough to take care.

Speaker #4: And once this success comes in, it will probably take at least a year to see some good traction in a new county. Then, we will probably be looking at expanding the team there also.

Speaker #4: As per the business needs.

Speaker #3: Yeah. Thank you, sir. That answers my question. And best of luck for the subsequent quarters.

Manish: Thank you, sir. That answers my question, and best of luck for the subsequent quarter.

Manish Jain: Thank you, sir. That answers my question, and best of luck for the subsequent quarter.

Lakshmana Rao Janumahanti: Thank you.

Lakshmana Rao: Thank you.

Speaker #4: Thank you. Thank you.

Operator: Thank you. The next question is in the line of Preet Sha from Blue Star Capital. Please go ahead.

Speaker #1: Thank you. The next question is from the line of Preet Shah from Blue Star Capital. Please go ahead.

Speaker #3: Am I audible, sir?

Preet Sha: Am I audible, sir?

Preet Shah: Am I audible, sir?

Speaker #4: Yeah.

Lakshmana Rao Janumahanti: Yeah.

Lakshmana Rao: Yeah.

Speaker #3: Yeah, first of all, congratulations on the good set of numbers. Sir, as I am new to your company, I just want to understand what was the reason for the big jump in the margins.

Preet Sha: Yeah. First of all, congratulations for good set of numbers. Sir, as I am new to your company, sir, I just want to understand what was the reason for big jump in the margin and are these margin sustainable? If you please help me with that.

Preet Shah: Yeah. First of all, congratulations for good set of numbers. Sir, as I am new to your company, sir, I just want to understand what was the reason for big jump in the margin and are these margin sustainable? If you please help me with that.

Speaker #3: And are these margins sustainable? So, would this help me with that?

Speaker #4: Yeah. I was saying the same thing. Two things have helped us to improve the margins, and we'll continue to improve. One is our reduction in the non-performing division of automobile engineering, where we have reduced the manpower.

Lakshmana Rao Janumahanti: I was telling the same thing. Two things helped us to improve the margins and will continue to improve. One is our reduction in non-performing division of automobile engineering, which we have reduced the manpower and saved the cost. More than that, what real contributor is high automation, what we brought in in our operations and an incentive system which is driving the people towards higher productivity is visible in the last, at least last three to five months. These two are going to be long-term in nature. They are not one time. What is the point of indicator of the growth is work on hand at any given time. That looks very solid now, around INR 4.5 million as against INR 3.2 million last year same time.

Lakshmana Rao: I was telling the same thing. Two things helped us to improve the margins and will continue to improve. One is our reduction in non-performing division of automobile engineering, which we have reduced the manpower and saved the cost. More than that, what real contributor is high automation, what we brought in in our operations and an incentive system which is driving the people towards higher productivity is visible in the last, at least last three to five months. These two are going to be long-term in nature. They are not one time. What is the point of indicator of the growth is work on hand at any given time. That looks very solid now, around INR 4.5 million as against INR 3.2 million last year same time.

Speaker #4: And saved the cost. But more than that, the real contributor is high automation, which we brought in in our operations. And an incentive system which is driving the people towards higher productivity is visible in at least the last three to five months.

Speaker #4: So these two are going to be long-term in nature; they're not one-time. The point of the indicator of growth is the work on hand at any given time.

Speaker #4: That looks very solid now—around 4.5 million, as against 3.3 million last year, same time. So, it indicates that things are positive in the project flow.

Lakshmana Rao Janumahanti: It indicates that things are positive in the project flow, and now execution costs are now brought under control and they will be under control in future also. What is going to further improve is Beryl which is not contributing to the bottom line will start breaking even in Q2 and might start making profits from Q3. That is why we are confident that the margins are sustainable going forward.

Lakshmana Rao: It indicates that things are positive in the project flow, and now execution costs are now brought under control and they will be under control in future also. What is going to further improve is Beryl which is not contributing to the bottom line will start breaking even in Q2 and might start making profits from Q3. That is why we are confident that the margins are sustainable going forward.

Speaker #4: And now execution costs are brought under control, and they will be under control in the future also. So what is going to further improve is Beryl, which is not contributing to the bottom line, will start breaking even in Q2.

Speaker #4: And might start making profits from Q3. So that is why we are confident that the margins are sustainable going forward.

Speaker #3: Got it, sir. Sir, as you have given the guidance for FY27, is there any sort of guidance for FY28 that we should be looking for? A ballpark figure would also be helpful.

Preet Sha: Got it, sir. Sir, as you have given the guidance for FY27, any sort of guidance for FY28, what you are looking for? A ballpark figure would be also helpful.

Preet Shah: Got it, sir. Sir, as you have given the guidance for FY27, any sort of guidance for FY28, what you are looking for? A ballpark figure would be also helpful.

Speaker #4: Yes, I think we should at least do it the same way for the next four quarters. That is the minimum I expect.

Lakshmana Rao Janumahanti: Yes. I think we should at least do in the same way for the next four quarters is the minimum what I expect.

Lakshmana Rao: Yes. I think we should at least do in the same way for the next four quarters is the minimum what I expect.

Speaker #3: No, no, sir. For FY27, you have said 240 to 250. For FY28, for next year, what are you expecting?

Preet Sha: No, sir. For FY27 you have said INR 342 to INR 350. For FY28, for next year, what you are expecting?

Preet Shah: No, sir. For FY27 you have said INR 342 to INR 350. For FY28, for next year, what you are expecting?

Speaker #4: Oh, next 27, 28. See, our numbers are dynamic, because one thing is sure: we are on a strong wicket in civil engineering, and not so strong in MES.

Lakshmana Rao Janumahanti: Next, that's 27, 28.

Lakshmana Rao: Next, that's 27, 28.

Preet Sha: Yes.

Preet Shah: Yes.

Lakshmana Rao Janumahanti: See, our numbers are dynamic, because one thing is sure, we are on a strong wicket of civil engineering and not so strong in MES. In MES now we found a very good footing in the electrical distribution and substation work, which is becoming our forte. Automobile is there, but it's not a great reliable line. For the last several years it's been going up and down, which has now narrowed to a small team. Going forward, I would say wavering in the performance won't be there, I hope, as long as the civil work on hand is strong. Going forward, we'll be making definitely acquisition in the structural engineering side, which can add numbers beyond annual growth. I can't predict next year. Probably at least INR 300 to 350 crore should be our target for FY28, along with an acquisition.

Lakshmana Rao: See, our numbers are dynamic, because one thing is sure, we are on a strong wicket of civil engineering and not so strong in MES. In MES now we found a very good footing in the electrical distribution and substation work, which is becoming our forte. Automobile is there, but it's not a great reliable line. For the last several years it's been going up and down, which has now narrowed to a small team. Going forward, I would say wavering in the performance won't be there, I hope, as long as the civil work on hand is strong. Going forward, we'll be making definitely acquisition in the structural engineering side, which can add numbers beyond annual growth. I can't predict next year. Probably at least INR 300 to 350 crore should be our target for FY28, along with an acquisition.

Speaker #4: And in MES, now we have found a very good footing in the electrical distribution and substation work, which is becoming our forte. And automobile is there, but it's not a very reliable line for the last several years.

Speaker #4: It's been going up and down, which has now narrowed to a small team. So, going forward, I mean, I would say the variation in the performance won't be there, I hope, as long as the civil work on hand is strong.

Speaker #4: And going forward, we'll definitely be making acquisitions on the sectoral engineering side, which can add numbers beyond annual growth. So I can't predict next year.

Speaker #4: Probably at least ₹300 to ₹350 crore should be our target for FY28, along with an acquisition.

Speaker #3: Got it. Got it. Thank you, sir, and all the best.

Preet Sha: Got it. Thank you, sir, and all the best.

Preet Shah: Got it. Thank you, sir, and all the best.

Speaker #4: Thank you.

Lakshmana Rao Janumahanti: Thank you.

Lakshmana Rao: Thank you.

Speaker #1: Thank you. The next question is from Praneet of SJ Investments. Please go ahead.

Operator: Thank you. The next question is in the line of Praneet from SJ Investments. Please go ahead.

Praneet: Operator.

[Analyst] (SJ Investments): Operator.

Speaker #3: Hi, sir. Thank you for the follow-up. Sir, I wanted to understand—you mentioned the $4.5 million of work in hand, right, sir?

Praneet: Hi, sir. Thank you for the follow-up. I wanted to understand, you mentioned the INR 4.5 million of random work in hand there, sir. How much was it a contribution because of Beryl versus our regular course of business in terms of order book?

[Analyst] (SJ Investments): Hi, sir. Thank you for the follow-up. I wanted to understand, you mentioned the INR 4.5 million of random work in hand there, sir. How much was it a contribution because of Beryl versus our regular course of business in terms of order book?

Speaker #3: How much was the contribution because of Beryl versus our regular course of business? Order book?

Speaker #4: No. In this, we have not added the Beryl number at all. This is a Mold-Tek Inc.

Lakshmana Rao Janumahanti: No, in this we have not added Beryl number at all. This is Mold-Tek Inc. work on hand.

Lakshmana Rao: No, in this we have not added Beryl number at all. This is Mold-Tek Inc. work on hand.

Praneet: Okay. Beryl, does it have a work on hand basis or is it usually how it goes every month?

[Analyst] (SJ Investments): Okay. Beryl, does it have a work on hand basis or is it usually how it goes every month?

Speaker #3: Okay. So, Beryl, does it have a work-on-hand basis? Or is it usually how it goes every month that just—

Lakshmana Rao Janumahanti: Their work on hand is typically small in nature, because their work is more of residential in clients. Each may be $10,000, $5,000 projects, or maybe $20,000. Whereas in Mold-Tek Inc., where we do structural steel buildings, there the project sizes are anywhere from $20,000 to $500,000 each. Our work on hand is more of a measure for our future. Whereas Beryl's work on hand is immaterial. They keep getting daily orders or weekly orders, which are completed within a week or 10 days, whereas our projects last for six months to one year, or at least three months to one year. For us, work on hand is an important measure. For Beryl, being a retail kind of work, that's not a big deal, so we don't really monitor that.

Lakshmana Rao: Their work on hand is typically small in nature, because their work is more of residential in clients. Each may be $10,000, $5,000 projects, or maybe $20,000. Whereas in Mold-Tek Inc., where we do structural steel buildings, there the project sizes are anywhere from $20,000 to $500,000 each. Our work on hand is more of a measure for our future. Whereas Beryl's work on hand is immaterial. They keep getting daily orders or weekly orders, which are completed within a week or 10 days, whereas our projects last for six months to one year, or at least three months to one year. For us, work on hand is an important measure. For Beryl, being a retail kind of work, that's not a big deal, so we don't really monitor that.

Speaker #4: Their work on hand is typically small in nature, because their work is more on residential clients. So each, maybe $10,000, $5,000 projects, or maybe $20,000.

Speaker #4: Whereas in Mold-Tek INC, where we do sectoral steel buildings, the project sizes are anywhere from $20,000 to $500,000 each. So our work on hand is more of a measure for our future.

Speaker #4: But, whereas Beryl's work on hand is immaterial, they keep getting daily orders or weekly orders, which are completed within a week or ten days.

Speaker #4: Whereas our projects last for six months to one year, or at least three months to one year. So, for us, work on hand is an important measure.

Speaker #4: For Beryl, being a retail kind of work, that's not a big deal. So we don't really monitor that.

Speaker #3: Sir, sir, is this the highest work on hand we've ever had since the company's inception? Or how is it in terms of the size of work on hand?

Praneet: Sir, is this the highest work on hand we have had since the company's inception? Or how is it in terms of the size of work on hand?

[Analyst] (SJ Investments): Sir, is this the highest work on hand we have had since the company's inception? Or how is it in terms of the size of work on hand?

Speaker #4: The work on hand means this is a number of projects awarded to us, which are to be executed.

Lakshmana Rao Janumahanti: Does work on hand means this is the number of projects awarded to us?

Lakshmana Rao: Does work on hand means this is the number of projects awarded to us?

Praneet: Yes, sir.

[Analyst] (SJ Investments): Yes, sir.

Lakshmana Rao Janumahanti: Which are yet to be executed.

Lakshmana Rao: Which are yet to be executed.

Speaker #3: Excuse me. I'm asking.

Praneet: I'm asking in terms of.

[Analyst] (SJ Investments): I'm asking in terms of.

Speaker #4: But one good thing is one good thing in the case of Beryl that happened recently is that they received a one million dollar work master purchase order from the county.

Lakshmana Rao Janumahanti: One good thing in the case of Beryl that happened recently, is that they received a $1 million work master purchase order from the county, which is going to help them to have a steady flow of work from the county. That was not there three months ago. They got it just last month. This is apart from regular. That is apart from the regular day-to-day orders they receive from the residences and individuals.

Lakshmana Rao: One good thing in the case of Beryl that happened recently, is that they received a $1 million work master purchase order from the county, which is going to help them to have a steady flow of work from the county. That was not there three months ago. They got it just last month. This is apart from regular. That is apart from the regular day-to-day orders they receive from the residences and individuals.

Speaker #4: Which is going to help them to have a steady flow of work from the county. So, that was not there three months ago.

Speaker #4: They got it just last month. That is apart from the regular day-to-day orders they receive from residences and individuals.

Speaker #3: Understood, sir. Sir, one more thing I wanted to understand in terms of PAC margin. You mentioned that a lot of efficiencies are usually sticking in, in terms of reducing cost and all of it.

Praneet: Understood, sir. One more thing I wanted to understand in terms of PAT margin, sir. You mentioned that a lot of efficiencies that are usually sticking in terms of reducing cost and all of it. You also mentioned the productivity efficiency in terms of labor utilization. Do you think the margin of PAT can go above the 15% mark in the next one, two years? Or do you think that will still remain the highest level will probably be?

[Analyst] (SJ Investments): Understood, sir. One more thing I wanted to understand in terms of PAT margin, sir. You mentioned that a lot of efficiencies that are usually sticking in terms of reducing cost and all of it. You also mentioned the productivity efficiency in terms of labor utilization. Do you think the margin of PAT can go above the 15% mark in the next one, two years? Or do you think that will still remain the highest level will probably be?

Speaker #3: And you also mentioned the productivity efficiencies in terms of labor utilization. So, do you think the margin of PAC can go above the 15% mark in the next one or two years?

Speaker #3: Or do you think that will still remain the highest level we'll probably be able to do?

Speaker #4: I'll be glad to maintain this at 15, but it can move up once Beryl starts contributing a little bit. So, for the time being, we can keep 15–16% PAC margin as a target.

Lakshmana Rao Janumahanti: I will be glad to maintain this at 15%, it can move up once Beryl starts contributing a little bit. For the time being, we can keep 15% and 16% PAT margin as a target.

Lakshmana Rao: I will be glad to maintain this at 15%, it can move up once Beryl starts contributing a little bit. For the time being, we can keep 15% and 16% PAT margin as a target.

Speaker #3: But sir, is it possible for us to, let's say, go beyond 20%? Because our standalone business is anyway at that level. So is it possible, in terms of consolidated figures, for it to move to 20%?

Praneet: Sir, is it possible for us to, let's say, go beyond 20% because the standalone business is at that level anyway. Is it possible in terms of consolidatedly, it moving to 20%? The profit margins there are a little lower compared to our Indian business.

[Analyst] (SJ Investments): Sir, is it possible for us to, let's say, go beyond 20% because the standalone business is at that level anyway. Is it possible in terms of consolidatedly, it moving to 20%? The profit margins there are a little lower compared to our Indian business.

Speaker #3: Are their profit margins a little lower compared to our stand-in main business?

Speaker #4: Yeah, Beryl cannot have a 20% PAC margin. Probably they will, at the most, reach 10%. But our standalone can reach that. So let's see how it goes.

Lakshmana Rao Janumahanti: Yeah. Beryl cannot have 20% PAT margin. Probably, they will at the most reach 10%, our standalone can reach that. Let's see how it goes. With support from India, it will be very easy.

Lakshmana Rao: Yeah. Beryl cannot have 20% PAT margin. Probably, they will at the most reach 10%, our standalone can reach that. Let's see how it goes. With support from India, it will be very easy.

Speaker #3: Got it, sir. So, sir, one more thing in terms of just understanding our past. So you mentioned that mechanical, it's been there for the last 10–15 years, right, sir?

Praneet: Got it, sir. One more thing in terms of just understanding our past. You mentioned that mechanical, it's been there for the last 10 years, right sir? How many of them were profit-making, was non-profit making for mechanical division over the last decade?

[Analyst] (SJ Investments): Got it, sir. One more thing in terms of just understanding our past. You mentioned that mechanical, it's been there for the last 10 years, right sir? How many of them were profit-making, was non-profit making for mechanical division over the last decade?

Speaker #3: So, how many of them were profit-making versus non-profit-making for the Mechanical Division over the last decade?

Speaker #4: Yeah, two, three years of profitability—'22 and '23, I think. '22–'23 and '23–'24 to some extent. Only two, three years it was profit-making MES.

Lakshmana Rao Janumahanti: There are two, three years of profitability. 2022 and 2023, I think. 2022, 2023 and 2023, 2024, to some extent. Only two, three years it was profit-making, MES. For that, almost remaining five, six years, the team was not fully uniformly loaded. There were projects for three months and no projects at all for next three months. That kind of uncertainty was there in our particular domain for quite some time. That's why the call has been taken to come out of that and keep only a team of 45, 50 people who are getting regular work, and the redundancy has been removed.

Lakshmana Rao: There are two, three years of profitability. 2022 and 2023, I think. 2022, 2023 and 2023, 2024, to some extent. Only two, three years it was profit-making, MES. For that, almost remaining five, six years, the team was not fully uniformly loaded. There were projects for three months and no projects at all for next three months. That kind of uncertainty was there in our particular domain for quite some time. That's why the call has been taken to come out of that and keep only a team of 45, 50 people who are getting regular work, and the redundancy has been removed.

Speaker #4: But for that, for almost the remaining five or six years, the team was not fully, uniformly loaded. There were projects for three months and no projects at all for the next three months.

Speaker #4: That kind of uncertainty was there in our particular domain for quite some time. So that's why the call has been taken to come out of that and keep only a team of 45–50 people who are getting regular work.

Speaker #4: And the redundancy has been removed.

Speaker #3: Understood, sir. Sir, in terms of the work on hand, did we add new customers also? Or is it more work from our existing customers itself, most of it?

Praneet: Understood, sir. Sir, in terms of the work on hand, did we add new customers also? Is it more work from our existing customers itself, most of it?

[Analyst] (SJ Investments): Understood, sir. Sir, in terms of the work on hand, did we add new customers also? Is it more work from our existing customers itself, most of it?

Speaker #4: No, no. Both ways. We are getting more work from the existing clients, and also new clients are being added. Now, Beryl's BD team is also going to work for our regular core business.

Lakshmana Rao Janumahanti: No, no, both ways. We are getting more work from the existing clients, and also new clients are being added. Beryl's BD team is also going to work for our regular core business. They are being trained how to handle the business development for our structural designing and structural detailing operations. One person from Atlanta went and spent a month training them, and their contributions also will be start coming from maybe next year, a couple of quarters. We are making sure that their American presence and their contacts are also can be used for our core business. That is another delta that can happen from Q3.

Lakshmana Rao: No, no, both ways. We are getting more work from the existing clients, and also new clients are being added. Beryl's BD team is also going to work for our regular core business. They are being trained how to handle the business development for our structural designing and structural detailing operations. One person from Atlanta went and spent a month training them, and their contributions also will be start coming from maybe next year, a couple of quarters. We are making sure that their American presence and their contacts are also can be used for our core business. That is another delta that can happen from Q3.

Speaker #4: They have been trained on how to handle business development for our sectoral designing and sectoral detailing operations. So one team member from Atlanta went and spent a month training them.

Speaker #4: And their contributions also will start coming from maybe the next couple of quarters. So we are making sure that their American presence and their contacts can also be used for our core business.

Speaker #4: So that is another delta that can happen from Q3. They have started now, but for them to get used to the language and properly give a presentation might take a couple of months.

Lakshmana Rao Janumahanti: They have started now, for them to get used to the language and properly give a presentation might take a couple of months, once they do it, they can be much better because an American engineer talking about Mold-Tek will convince the contractors and fabricators to give the work to us. That can help our core business also. That also we initiated now.

Lakshmana Rao: They have started now, for them to get used to the language and properly give a presentation might take a couple of months, once they do it, they can be much better because an American engineer talking about Mold-Tek will convince the contractors and fabricators to give the work to us. That can help our core business also. That also we initiated now.

Speaker #4: But once they do it, they can be much better because an American engineer talking about Mold-Tek will convince the contractors and fabricators to give the work to us.

Speaker #4: So that can help our core business also. That we have also initiated now.

Speaker #3: So they are still training the salespeople already there for Beryl? To sell our products also, basically. That's it.

Praneet: Basically, we are training the sales people already there for Beryl to sell our products also, basically. That's it.

[Analyst] (SJ Investments): Basically, we are training the sales people already there for Beryl to sell our products also, basically. That's it.

Speaker #4: Yeah. They're already a three-member team, a strong team is there. And they're engineers, and they can easily catch up with what they are doing work for the residences and government projects.

Lakshmana Rao Janumahanti: Yeah. There are already three-member team, a strong team is there, and they are engineers, and they can easily catch up. They are doing work for the residences and government projects. They have to twist the story, and they have to catch the way of presentation of our services. That maybe couple of months it will take, then they can also contribute towards our core business.

Lakshmana Rao: Yeah. There are already three-member team, a strong team is there, and they are engineers, and they can easily catch up. They are doing work for the residences and government projects. They have to twist the story, and they have to catch the way of presentation of our services. That maybe couple of months it will take, then they can also contribute towards our core business.

Speaker #4: So they have to twist the story, and they have to catch the way of presentation of our services. That may take a couple of months.

Speaker #4: And then they can also contribute towards our core business.

Speaker #3: Understood, sir. Sir, and one more thing is in regards to our sectoral design firm acquisition. So, when do you think we can close by? Because I think in the past we got some delays because we were not able to identify the right company.

Praneet: Understood, sir. Sir, one more thing in regards to our structural design firm acquisition. When do you think we can close by? Because I think in the past we got some delays because we're not able to identify the right company.

[Analyst] (SJ Investments): Understood, sir. Sir, one more thing in regards to our structural design firm acquisition. When do you think we can close by? Because I think in the past we got some delays because we're not able to identify the right company.

Speaker #3: So, just wondering, when do you think...

Lakshmana Rao Janumahanti: Yeah

Lakshmana Rao: Yeah

Speaker #4: Yeah, I think, again, now also if I give a date and it fails, it will not look good. But there is a close proximity.

Praneet: When do you think?

[Analyst] (SJ Investments): When do you think?

Lakshmana Rao Janumahanti: I think again, now also, if I give a date and it fails, it will not look good. There is a close proximity. If it happens, it can happen within this calendar year. Let's see.

Lakshmana Rao: I think again, now also, if I give a date and it fails, it will not look good. There is a close proximity. If it happens, it can happen within this calendar year. Let's see.

Speaker #4: If it happens, it can happen within this calendar year. So, let's see.

Speaker #3: But there are options.

Praneet: There are options

[Analyst] (SJ Investments): There are options

Lakshmana Rao Janumahanti: I'm traveling in September end. I'm going to meet them in September end. Meanwhile, Prasad, who is here now currently in India, is going back. Our CEO, back to US on 16 August. From then, he will be interacting with them, and I'm going there in the second half of September. If things go well, we may either take the deal or drop the deal in October. It can happen in this year.

Lakshmana Rao: I'm traveling in September end. I'm going to meet them in September end. Meanwhile, Prasad, who is here now currently in India, is going back. Our CEO, back to US on 16 August. From then, he will be interacting with them, and I'm going there in the second half of September. If things go well, we may either take the deal or drop the deal in October. It can happen in this year.

Speaker #4: I'm having it at the end of September. I'm going to meet them at the end of September. Meanwhile, Prasad, who is here currently in India, is going back—our CEO—back to ES on 16th August.

Speaker #4: So from then, he will be interacting with them. And I'm going there in the second half of September. If things go well, we may either take the deal or drop the deal in October.

Speaker #4: So, it can happen in this year.

Speaker #3: Got it, sir. But it is not easy. But can we not build our own team? Because we already have Beryl. And can we just expand the team?

Praneet: Got it, sir. Can we not build our own PE? Because we already had the relevance. Can we just expand the team?

[Analyst] (SJ Investments): Got it, sir. Can we not build our own PE? Because we already had the relevance. Can we just expand the team?

Lakshmana Rao Janumahanti: No. Building up a PE team in US is next to impossible. Finding PEs who are willing to come and work to an Indian company, and with a reputed 10, 20 years of experience is very difficult. We can find one or two people, but not a team. This one, what we are looking at is a team of about 15 engineers. Half of them are PEs and SEs. That kind of company with more than 20 years of existence. They will have very deep-rooted contacts and many projects to showcase, which you can't get by yourself. It will take another 10 years. We want to buy the time.

Lakshmana Rao: No. Building up a PE team in US is next to impossible. Finding PEs who are willing to come and work to an Indian company, and with a reputed 10, 20 years of experience is very difficult. We can find one or two people, but not a team. This one, what we are looking at is a team of about 15 engineers. Half of them are PEs and SEs. That kind of company with more than 20 years of existence. They will have very deep-rooted contacts and many projects to showcase, which you can't get by yourself. It will take another 10 years. We want to buy the time.

Speaker #4: No, no, no. Building up a PE team in the US is next to impossible. Finding PEs who are willing to come and work for an Indian company, and with a reputed 10, 20 years of experience, is very, very difficult.

Speaker #4: We can find one or two people, but not a team. So, this one we are looking at is a team of about 15 engineers.

Speaker #4: Half of them are PEs and SEs, so that kind of company, with more than 20 years of existence, will have very deep-rooted contacts and many projects to showcase.

Speaker #4: Which you can't get by yourself. It will take another 10 years, so we want to buy the time.

Speaker #3: So, but are there—so these kind of fixer, are there options to begin with? Because it seems like not that many companies will be available.

Praneet: Are there options? With these kind of fixes, are there options to begin with? Because it seem like not that many companies will be available. If this doesn't work out, do we have options, or we need to end up waiting for a while after?

[Analyst] (SJ Investments): Are there options? With these kind of fixes, are there options to begin with? Because it seem like not that many companies will be available. If this doesn't work out, do we have options, or we need to end up waiting for a while after?

Speaker #3: So, if this doesn’t work out, do we have options, or do we need to end up waiting for a while after?

Speaker #4: There are always options, but the time—you know, you will keep losing time. So let's keep that as an additional bonus if it happens.

Lakshmana Rao Janumahanti: There are always options, but the time. You will be keep losing time. Let's keep that as a additional bonus if it happens. I'm not concluding that it's already done. It has to happen. We have to find a correct fit, people who are willing to stay with us, people who have a similar mindset. All that need to be discussed. That's why these acquisitions, though small, take long time. There is a good probability. Let's see.

Lakshmana Rao: There are always options, but the time. You will be keep losing time. Let's keep that as a additional bonus if it happens. I'm not concluding that it's already done. It has to happen. We have to find a correct fit, people who are willing to stay with us, people who have a similar mindset. All that need to be discussed. That's why these acquisitions, though small, take long time. There is a good probability. Let's see.

Speaker #4: I'm not concluding that it's already done. It has to happen. We have to find the correct fit—people who are willing to stay with us, people who have a similar mindset.

Speaker #4: All that needs to be discussed. That's why these acquisitions, though small, take a long time. But this is a good probability. Let's see.

Speaker #3: Got it, sir. So, in terms of the number of PEs, sir, how many do you think there will be in the US combined? Because you’re saying it’s impossible to build probably a team by yourself.

Praneet: Got it, sir. In terms of number of PEs, sir, how many do you think there will be in the US combined? Because you're telling it's impossible to build probably a team by yourself. Do you think how many are the numbers to begin with in the US in terms of PEs certified?

[Analyst] (SJ Investments): Got it, sir. In terms of number of PEs, sir, how many do you think there will be in the US combined? Because you're telling it's impossible to build probably a team by yourself. Do you think how many are the numbers to begin with in the US in terms of PEs certified?

Speaker #3: But do you think, how many are the numbers to begin with in the US in terms of PEs to certify?

Speaker #4: You mean, throughout the entire USA?

Lakshmana Rao Janumahanti: You mean, in the entire USA?

Lakshmana Rao: You mean, in the entire USA?

Speaker #3: Yes, sir. Regarding the supply side, is it going to be more of a trend, or what are the exact numbers? I'm just trying to understand the market.

Praneet: Yes, sir. Like the supply-wise. Is it going to be a more trend or what are the numbers available, just to understand the market.

[Analyst] (SJ Investments): Yes, sir. Like the supply-wise. Is it going to be a more trend or what are the numbers available, just to understand the market.

Speaker #4: There may be thousands of PEs across the USA for sectoral design. Otherwise, you know, so many sectors cannot be designed and stamped. There'll be thousands of them.

Lakshmana Rao Janumahanti: There may be thousands of PEs across USA for structural design. Otherwise, so many structures cannot be designed and stamped. There will be thousands of them, but many of them are huge companies, construction companies, or very few of them practice. It's like our CA and CPAs. Many CAs work, and very few CAs start practice. Like that, many PEs work in companies, very few PEs start practicing. Even if they practice, if they have only 2, 3 people PE team, they can't execute big projects. We have to look at a team which is minimum 5 to 10 PEs. This is where it'll be difficult. In small towns, you'll find 3 or 4 people, 2 PEs, and 5, 6 engineers forming and doing their own work and making their own money, and be happy with it.

Lakshmana Rao: There may be thousands of PEs across USA for structural design. Otherwise, so many structures cannot be designed and stamped. There will be thousands of them, but many of them are huge companies, construction companies, or very few of them practice. It's like our CA and CPAs. Many CAs work, and very few CAs start practice. Like that, many PEs work in companies, very few PEs start practicing. Even if they practice, if they have only 2, 3 people PE team, they can't execute big projects. We have to look at a team which is minimum 5 to 10 PEs. This is where it'll be difficult. In small towns, you'll find 3 or 4 people, 2 PEs, and 5, 6 engineers forming and doing their own work and making their own money, and be happy with it.

Speaker #4: But many of them, or huge companies, construction companies—very few of them practice. It's like our CA and CPAs. Many CAs work, and very few CAs start practice.

Speaker #4: So, like that, many PEs work in companies, and very few PEs start practicing. Even if they practice, if they have only a two- or three-person PE team, they can't execute big projects.

Speaker #4: So, we have to look at a team which is a minimum of 5 to 10 PEs. This is where it will be difficult—small, small towns.

Speaker #4: You'll find three or four people, two PEs, and five to six engineers forming and doing their own work, making their own money, and being happy with it.

Speaker #4: But there are firms which have about 5 to 10 PEs and another 5 to 10 engineers, a 20-member team. That is what can add value to a company like us.

Lakshmana Rao Janumahanti: There are firms which have about five to 10 PEs and about another five, 10 engineers. A 20-member team, that is what can add value to a company like us. A small group is again, not so much valuable. We are looking at a sweet spot of 10 to 20 employees, half of them PEs as the guidance. That is what we are now talking with. Let us see how it happens.

Lakshmana Rao: There are firms which have about five to 10 PEs and about another five, 10 engineers. A 20-member team, that is what can add value to a company like us. A small group is again, not so much valuable. We are looking at a sweet spot of 10 to 20 employees, half of them PEs as the guidance. That is what we are now talking with. Let us see how it happens.

Speaker #4: A small group is, again, not so valuable. We are looking at a sweet spot of 10 to 20 employees, half of them PEs.

Speaker #4: The guidance—so that is what we are now talking with. So, let us see how it happens.

Speaker #3: Got it, sir. That's it from me, sir. Thank you so much.

Praneet: Got it, sir. That's it from my side. Thank you, sir.

[Analyst] (SJ Investments): Got it, sir. That's it from my side. Thank you, sir.

Speaker #4: Thank you.

Lakshmana Rao Janumahanti: Thank you.

Lakshmana Rao: Thank you.

Speaker #1: Thank you. The next question is from Bharat Sharma of Three Sigma Asset Managers LLP. Please go ahead.

Operator: Thank you. The next question is from the line of Bharat Sharma from Three Sigma Asset Managers LLP. Please go ahead.

Speaker #3: Thank you for taking my question, sir, and hearty congratulations on a good set of numbers. I just wanted to understand your, say, long-term vision.

Bharat Sharma: Thank you for taking my question, sir, and hearty congratulations on a good set of numbers. I just wanted to understand your long-term vision. Where do you see your company in, say, next 10 years? Also wanted to understand that you have been doing so much good work in US. Similar kind of, I'll say, developments are happening in Indian markets. What's your plan for domestic catering? Thank you.

Speaker #3: Where do you see your company in, say, the next 10 years? And I also wanted to understand—you have been doing so much good work in the US.

Speaker #3: Similar kind of, I'll say, developments are happening in the Indian market. So what's your plan for the domestic case study? Thank you.

Speaker #4: First, let me answer your second part. As of today, India markets and their rates are very, very low compared to what we can get from the USA.

Lakshmana Rao Janumahanti: First, let me answer your second part. As of today, India markets, rates are very low compared to what we can get from US. We are not aiming at Indian work, unless it is something exotic and needs good value addition. Coming to your first question, 10 years may be too long a period to anticipate, but in the next five years, I see that our company becoming a complete civil engineering. Of course, mechanical also will be there, but major, more is.

Lakshmana Rao: First, let me answer your second part. As of today, India markets, rates are very low compared to what we can get from US. We are not aiming at Indian work, unless it is something exotic and needs good value addition. Coming to your first question, 10 years may be too long a period to anticipate, but in the next five years, I see that our company becoming a complete civil engineering. Of course, mechanical also will be there, but major, more is.

Speaker #4: So we are not aiming at US-Indian work, unless it is something exotic and needs good value addition. Coming to your first question, 10 years may be too long a period for anyone to say.

Speaker #4: But in the next five years, I see our company becoming a complete civil engineering, of course, mechanical major.

Speaker #1: Ladies and gentlemen, the line for the management has dropped. Please stay connected. Ladies and gentlemen, thank you for your patience. The management line has been connected.

Operator: Ladies and gentlemen, the line for the management has dropped. Please stay connected. Ladies and gentlemen, thank you for the patience. The management line has been connected.

Lakshmana Rao Janumahanti: Oh, I'm sorry. There's a disruption. Are you online?

Lakshmana Rao: Oh, I'm sorry. There's a disruption. Are you online?

Speaker #4: I'm sorry, there is a disruption. Are you online?

Speaker #2: Yeah, sir, I'm online. I just wanted to understand, in terms of your maybe aspirations, in terms of how big a company you want to see yourself in 5 years from current, say. Yeah, yeah.

Bharat Sharma: Yeah, sir, I'm online. I just wanted to understand in terms of your maybe aspirations in terms of how big the company you want to see yourself in five years from current state.

Lakshmana Rao Janumahanti: Yeah.

Lakshmana Rao: Yeah.

Speaker #2: That's what I want.

Speaker #4: Yeah, that's what I'm answering. We want to show that we are a complete, total solution provider for civil projects—either commercial or residential, government, or funded, or, you know, either way.

Bharat Sharma: That's what I want.

Lakshmana Rao Janumahanti: That's what I'm answering. We want to see that we are a complete total solution provider for civil projects, either commercial or residential, government, or funded or either ways. I wish, because you're saying five years, not only structural engineering, we also want to have architectural services also in our gamut, going forward. That right from project inception till the end, our services are required for a general contractor or a builder. Adding architectural will be my next lookout. Once the structural engineering has been acquired, the next step, what we require is to become an architectural service provider also. That also we want to through acquisition only, because again, that also calls for reputation and deep experience in American ways of designing architectural design.

Lakshmana Rao: That's what I'm answering. We want to see that we are a complete total solution provider for civil projects, either commercial or residential, government, or funded or either ways. I wish, because you're saying five years, not only structural engineering, we also want to have architectural services also in our gamut, going forward. That right from project inception till the end, our services are required for a general contractor or a builder. Adding architectural will be my next lookout. Once the structural engineering has been acquired, the next step, what we require is to become an architectural service provider also. That also we want to through acquisition only, because again, that also calls for reputation and deep experience in American ways of designing architectural design.

Speaker #4: And I wish, because you're saying five years, not only structural engineering, we also want to have architectural services included in our gamut going forward.

Speaker #4: So that right from project inception till the end, our services are required for a general contractor or a builder. So adding architectural will be my next lookout.

Speaker #4: Once the structural engineering has been acquired, the next step we require is to become an architectural service provider also. That also we want to do through acquisition only, because again, that also calls for reputation and deep experience in American ways of designing architectural design.

Speaker #4: So, because you're giving me five years' time, my aspiration is to have even an architectural firm under our wings, so that A to Z, for both residential, commercial, or even industrial, we will be in a position to provide.

Lakshmana Rao Janumahanti: Because you're giving me five years time, my aspiration is to have even an architectural firm under our wings, that A to Z for both residential, commercial, or even industrial, we'll be in a position to provide and work on not on hourly rates, but on percentage of the project cost. That's what my aspiration.

Lakshmana Rao: Because you're giving me five years time, my aspiration is to have even an architectural firm under our wings, that A to Z for both residential, commercial, or even industrial, we'll be in a position to provide and work on not on hourly rates, but on percentage of the project cost. That's what my aspiration.

Speaker #4: And work not only on hourly rates, but also on percentage of the project cost. That's what my aspiration is.

Speaker #3: Thank you.

Bharat Sharma: Thanks. Sir, I also wanted to understand that your, I'll say, gauge of the capabilities or design capabilities of people who are available in US versus India. Are you going to primarily expand the US piece for sales purpose, or you plan to use there the differentiated engineering design ability, I'll say, capabilities also, which are there in US, which are now there in Indian cities?

Speaker #2: Sir, I also wanted to understand your, I'll say, view of the capabilities or design capabilities of people who are available in the US versus India.

Speaker #2: And are you going to primarily expand the USPs for sales purposes, or do you plan to—there is a differentiated engineering design ability, I'll say—capabilities also which are there in the US, which are now there in Indian students?

Speaker #4: See, what I am looking for through acquisition is their contacts with the general contractors and the local presence and proven track record. Otherwise, it is time-consuming to achieve that by an Indian firm, with a setup and office, and start practicing. Over a period of five to ten years, you execute some projects and then your name will be heard around.

Lakshmana Rao Janumahanti: See, what I am looking through acquisition is their contacts with the general contractors and the local presence and proven track record. One, that is time consuming. To achieve that by an Indian firm, you have to set up an office, start practicing over a period of 5, 10 years, you execute some projects, and then your name will be heard around. The shorter way of doing this is acquiring a firm which has done it before. If the company is there for 15, 20 years, they would have spread their wings across the state at least, so that entire state knows some of the unique projects designed by an architect or a design engineer, and that preference gives a long way in getting new projects. It's like a doctor or a specialist. Anybody goes by reputation.

Lakshmana Rao: See, what I am looking through acquisition is their contacts with the general contractors and the local presence and proven track record. One, that is time consuming. To achieve that by an Indian firm, you have to set up an office, start practicing over a period of 5, 10 years, you execute some projects, and then your name will be heard around. The shorter way of doing this is acquiring a firm which has done it before. If the company is there for 15, 20 years, they would have spread their wings across the state at least, so that entire state knows some of the unique projects designed by an architect or a design engineer, and that preference gives a long way in getting new projects. It's like a doctor or a specialist. Anybody goes by reputation.

Speaker #4: So, what is the shorter way of doing this? It is acquiring a firm which has done it before. So, if the company has been there for 15 or 20 years, they would have spread their wings across the state at least.

Speaker #4: So that entire state knows some of the unique projects designed by an architect or a design engineer, and that preference goes a long way in getting new projects.

Speaker #4: It's like a doctor or a specialist—anybody goes by reputation. So, buying a firm gives you a long-term advantage. And the local presence of American PEs and SEs gives them confidence that, even if the work is done from India, there are people who are monitoring and checking in the US and ensuring everything falls as per codes of American standards.

Lakshmana Rao Janumahanti: Buying a firm gives you a long time advantage, and the local presence of American PEs and SEs gives them confidence that the work is done from India. There are people who are monitoring and checking in US and ensuring everything falls as per codes of American standards. This is a win-win for both sides.

Lakshmana Rao: Buying a firm gives you a long time advantage, and the local presence of American PEs and SEs gives them confidence that the work is done from India. There are people who are monitoring and checking in US and ensuring everything falls as per codes of American standards. This is a win-win for both sides.

Speaker #4: So, this is a win-win for both sides.

Speaker #2: Thank you, sir. And best wishes to you, sir.

Bharat Sharma: Thank you, sir, and best wishes to you, sir.

Speaker #4: Thank you.

Lakshmana Rao Janumahanti: Thank you.

Lakshmana Rao: Thank you.

Speaker #1: Thank you. The next question is from the line of Samarth Singh from PPS Capital. Please go ahead.

Operator: Thank you. The next question is on the line of Samarth Singh from PPF Capital. Please go ahead.

Speaker #3: Oh, yeah. Thank you for the opportunity. So, last year, last quarter, we had this FX M2M loss. Has there been either a loss or a gain in this quarter?

Samarth Singh: Yeah, thank you for the opportunity. Last year, last quarter, we had this FX M2M loss. Has there been either a loss or a gain in this quarter?

Speaker #4: This quarter, there is a gain.

Lakshmana Rao Janumahanti: This quarter, there is a gain.

Lakshmana Rao: This quarter, there is a gain.

Speaker #3: Oh, could you quantify that?

Samarth Singh: Could you quantify that?

Speaker #4: Because that has been more or less stable. Rather, the rupee has strengthened a bit, so there is some gain.

Lakshmana Rao Janumahanti: US dollar has been more or less stable. Rather, little Indian rupee has got strengthened a bit. There is some gain.

Lakshmana Rao: US dollar has been more or less stable. Rather, little Indian rupee has got strengthened a bit. There is some gain.

Samarth Singh: Could you give me the amount? Okay.

Speaker #3: Could you give me the amount? Okay.

Speaker #4: It's about a crore—11.2 crores.

Lakshmana Rao Janumahanti: It's about INR 1 crore, INR 11.2 crores.

Lakshmana Rao: It's about INR 1 crore, INR 11.2 crores.

Speaker #3: Okay. And the second question was on Beryl. This $1 million order that you got with Hillsborough County, is that a recurring order or is it just a one-time?

Samarth Singh: Okay. The second question was on Beryl. This $1 million order that you got with Hillsborough County, is that a recurring order or is it just a one-time?

Speaker #4: I don't have much knowledge about it. I will have to ask our CEO, Prasad. But this is something that will be completed within 6 months to 1 year.

Lakshmana Rao Janumahanti: I don't have much knowledge about it. I have to ask our CEO, Prasad. This is one thing which will be completed within 6 months to 1 year. It will be spread across a period of 12 months from July.

Lakshmana Rao: I don't have much knowledge about it. I have to ask our CEO, Prasad. This is one thing which will be completed within 6 months to 1 year. It will be spread across a period of 12 months from July.

Speaker #4: So, it will be spread across a period of 12 months from July.

Speaker #3: Okay. And in Beryl, I think last time you had mentioned that, you know, we need to do about $7 million of revenue—that would get us to about an 8% to 10% EBITDA margin.

Samarth Singh: Okay. In Beryl, I think last time you had mentioned that we need to do about $7 million of revenue that would get us to about 8% to 10% EBITDA margin. Is that still the number that you hold? By when do you expect to get that?

Speaker #3: Is that still the number that you hold? And, you know, by when do you expect to get that?

Speaker #4: See, last year they did about 5.4 million, Beryl, with a profitability of around 8-9%. So this year, I think again they will be able to sustain a similar number because their workflow has been impacted a little bit due to the disruption in their design team, which we are now building up.

Lakshmana Rao Janumahanti: See, last year, they did about $5.4 million, Beryl, with a profitability of around 8% to 9%. This year, I think again, they will be able to sustain similar number because their workflow has impacted little bit because of the disruption in their design team, which we are now building up. Hopefully, this full year, again, they will close somewhere close to INR 500 million with an EBITDA margin of around 8%. Currently, in the 8 months of our acquisition, they made a marginal loss of $5,000, $10,000. That might fill up in this current financial year, that is remaining 9 months. Hopefully it will go into positive terrain from Q3.

Lakshmana Rao: See, last year, they did about $5.4 million, Beryl, with a profitability of around 8% to 9%. This year, I think again, they will be able to sustain similar number because their workflow has impacted little bit because of the disruption in their design team, which we are now building up. Hopefully, this full year, again, they will close somewhere close to INR 500 million with an EBITDA margin of around 8%. Currently, in the 8 months of our acquisition, they made a marginal loss of $5,000, $10,000. That might fill up in this current financial year, that is remaining 9 months. Hopefully it will go into positive terrain from Q3.

Speaker #4: will close somewhere close to 500 million. With a EBITDA margin of around 8%. Currently they are just in the 8 months we acquisi of our acquisition they made a marginal loss of 5, 10 thousand dollars.

Speaker #4: So that might fill up in the remaining period of this current financial year, which is the next 9 months. And hopefully, it will go into positive territory from Q3.

Speaker #3: So the Beryl sales issue is an internal issue. It has nothing to do with the fact that Florida residential permits are, I think, down about 10% year over year.

Samarth Singh: The Beryl sales issue was an internal issue. It is nothing to do with the fact that Florida residential permits are, I think, down about 10% YoY.

Speaker #4: Which is 10% down?

Lakshmana Rao Janumahanti: Which is 10% down?

Lakshmana Rao: Which is 10% down?

Speaker #3: Florida residential permits—so it's not the residential permits. I'm just saying it's not a demand issue as far as Beryl is concerned; it was more of an internal issue, which led to the, you know, low sales growth.

Samarth Singh: Florida residential permits. It's the residential permits. I'm just saying sort of demand issue, as far as Beryl is concerned, was more of an internal issue, which led to the-

Lakshmana Rao Janumahanti: Yes.

Lakshmana Rao: Yes.

Samarth Singh: -slow things rolling.

Speaker #4: Yes, it is a little bit of a demand issue, to the extent that the government funding has been stopped, if you remember. The American government funding shutdown—government shutdown—has happened for four to five months in the beginning of the year.

Lakshmana Rao Janumahanti: It is a little bit of demand issue to the extent that the government funding has been stopped. If you remember, the American government funding shutdown has happened for four, five months in the beginning of the year. That has an impact because these guys do more mostly government-funded projects. They have some impact in the month from Jan to May. I think now it is again open. They're expecting the workflow to improve.

Lakshmana Rao: It is a little bit of demand issue to the extent that the government funding has been stopped. If you remember, the American government funding shutdown has happened for four, five months in the beginning of the year. That has an impact because these guys do more mostly government-funded projects. They have some impact in the month from Jan to May. I think now it is again open. They're expecting the workflow to improve.

Speaker #4: So that has an impact because these guys do mostly government-funded projects. So they have some impact in the months from January to May.

Speaker #4: I think now it is open again, so they are expecting the workflow to improve.

Speaker #3: Right. And last question on that—there was also a plan to sort of move some of their operations from the US to India to reduce costs. Is that still the plan, or is that no longer?

Samarth Singh: Last question. There was also a plan to sort of move some of their operations from the US to India to reduce costs. Is that still the plan or that is no longer?

Speaker #4: Yeah. No, that is the design part. That is the design part which we are planning to create here. And what is happening now is they are leaving the opportunity soon after the inspections and permits.

Lakshmana Rao Janumahanti: Yes. No, that is the design part. That is the design part which we are planning to create here. What is happening now is they are leaving the opportunity soon after the inspections and permits. In fact, the guy who is getting the permit and plan approvals, he can easily seek the design work also, which they're not able to do because of lack of manpower, which we are creating now in India. Going forward, what they're leaving the work, client at the permit level and approval level, they can continue to provide design level also once our team is in place. Going forward, we are positive about Beryl's contribution. It might take another year.

Lakshmana Rao: Yes. No, that is the design part. That is the design part which we are planning to create here. What is happening now is they are leaving the opportunity soon after the inspections and permits. In fact, the guy who is getting the permit and plan approvals, he can easily seek the design work also, which they're not able to do because of lack of manpower, which we are creating now in India. Going forward, what they're leaving the work, client at the permit level and approval level, they can continue to provide design level also once our team is in place. Going forward, we are positive about Beryl's contribution. It might take another year.

Speaker #4: In fact, the guy who is getting the permit and plan approvals, he can easily seek the design work also, which they are not able to do because of lack of manpower.

Speaker #4: Which we are creating now in India. So, going forward, what they're leaving at the work client at the permit level and approval level, they can continue to provide design level also, once our team is in place.

Speaker #4: So, going forward, we are positive about Beryl's contribution. It might take another year.

Speaker #3: So, so, so that 10% margin that you had put in as the ceiling, that would be just on what kind of work Beryl is doing today.

Samarth Singh: The 10% margin that you had put in, as the ceiling, that would be just on what kind of work Beryl is doing today. Once you start providing the design services as well, you expect that to go up.

Speaker #3: But once you start providing the design services as well, you expect that would go up.

Speaker #4: Once the design services start in a big way, that can improve—the 10% can slowly move upwards. But currently, why I'm saying this is, the majority of their revenues even today are from approvals, permits, and inspections.

Lakshmana Rao Janumahanti: Once the design services start in a big way, that can improve. The 10% can slowly move upwards. Currently, why I am saying is majority of their revenues are even today are from approvals, permits, and inspections. Nothing from design. Nothing means insignificant. So INR 20,000, INR 30,000 a month. Which can go up to INR 200, INR 300, INR 500 also per month once the team is in place, because they have the contact. A guy who is going to ask them for a permit approval and inspections and insurance claims and all that, he will also be happy to get the design done in case they have the capability.

Lakshmana Rao: Once the design services start in a big way, that can improve. The 10% can slowly move upwards. Currently, why I am saying is majority of their revenues are even today are from approvals, permits, and inspections. Nothing from design. Nothing means insignificant. So INR 20,000, INR 30,000 a month. Which can go up to INR 200, INR 300, INR 500 also per month once the team is in place, because they have the contact. A guy who is going to ask them for a permit approval and inspections and insurance claims and all that, he will also be happy to get the design done in case they have the capability.

Speaker #4: Nothing from design. Nothing means insignificant. So $20,000, $30,000 a month, which can go up to $200,000, $300,000, $500,000 also per month once the team is in place because they have the contact.

Speaker #4: A guy who is going to ask them for a permit approval, inspections, and insurance claims and all that—he will also be happy to get the design done in case they have the capability.

Speaker #4: Which they don't have. So that is what we have to fill in now. Once we fill it in, then their numbers will start going up.

Samarth Singh: Right.

Lakshmana Rao Janumahanti: Which they don't have. That is what we have to fill in now. Once we fill it in, their numbers will start going up.

Lakshmana Rao: Which they don't have. That is what we have to fill in now. Once we fill it in, their numbers will start going up.

Speaker #3: And that team is in place already, or the USB is still working on that?

Samarth Singh: That team is in place already, or they're still working on?

Speaker #4: Yes. We have seven people now here in India, and three there in the USA. But they lost two strong hands at the end of November.

Lakshmana Rao Janumahanti: Yes. We have seven people now here in India and three there in US. They lost two strong hands in the end of November. We are now filling up that gap from Indians and local outside work. When you pay a local outsider, you don't make any money because their costs are same.

Lakshmana Rao: Yes. We have seven people now here in India and three there in US. They lost two strong hands in the end of November. We are now filling up that gap from Indians and local outside work. When you pay a local outsider, you don't make any money because their costs are same.

Speaker #4: So we are now filling up that gap from Indians and local outsiders' work. So when you pay local outsiders, you don't make any money because their costs are the same.

Speaker #4: So, until a team from India starts executing, you will not see the cost arbitrage.

Samarth Singh: Right.

Lakshmana Rao Janumahanti: Until a team from India starts executing, you will not see the cost arbitrage.

Lakshmana Rao: Until a team from India starts executing, you will not see the cost arbitrage.

Speaker #3: Right. And you expect that to start from next year onwards.

Samarth Singh: Right. You expect that to start from next year onwards?

Speaker #4: Yes. Definitely.

Lakshmana Rao Janumahanti: Yes, definitely.

Lakshmana Rao: Yes, definitely.

Speaker #3: Okay, that's it from my side. Thank you.

Samarth Singh: Okay. That's it from my side. Thank you.

Speaker #4: Thanks.

Lakshmana Rao Janumahanti: Thanks.

Lakshmana Rao: Thanks.

Speaker #1: Thank you. You took time constraints. We take that as the last question. I now hand the conference over to management for closing comments.

Operator: Thank you. Due to time constraints, we take that as the last question. I now hand the conference over to management for closing comments.

Lakshmana Rao Janumahanti: I thank Emkay Global and also all the participants who shown interest in our company's quarterly performance. As we discussed, the future looks bright, and I hope things will fall in place as per our plans. Company is definitely working towards improved efficiencies and improving output of per employee through automation and other tools that are available, and definitely keep up the performance in the coming quarters. I hope so. I wish you all a great evening. Bye.

Lakshmana Rao: I thank Emkay Global and also all the participants who shown interest in our company's quarterly performance. As we discussed, the future looks bright, and I hope things will fall in place as per our plans. Company is definitely working towards improved efficiencies and improving output of per employee through automation and other tools that are available, and definitely keep up the performance in the coming quarters. I hope so. I wish you all a great evening. Bye.

Speaker #4: I thank MK Global and also all the participants who have shown interest in our company's quarterly performance. As we discussed, the future looks bright and I hope things will fall in place as per our plans.

Speaker #4: And companies are definitely working towards improved efficiencies and improving output per employee through automation and other tools that are available, and will definitely keep up the performance in the coming quarters.

Speaker #4: I hope so. And I wish you all a great evening. Bye.

Operator: On behalf of Emkay Global Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

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Q1 2027 Mold-Tek Technologies Ltd Earnings Call

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