Kedar Upadhye: Yeah, we believe so. I think you must have heard about several pronouncements from the regulators and which is helping us. See, two things are happening. One is the old deals are getting cleared and the current deals are getting strongly paid on time. And both these are helping us to get a reduction quarter-by-quarter in the DSOs. And second factor which we mentioned is the mix of off-takers is changing in favor of those who are paying much earlier. So the proportion of corporate off-takers, the proportion of central authorities like SECI, that is going up. And the proportion of DISCOMs is going down from 55 to 32. So both the LPS deal specifically and the change in mix of the off-takers is helping us. And we believe this is structural, and this will continue for some time. And compared to the December DSO, we do expect about 15 to 20 days further reduction as of March and similarly going forward as well.
Justin Clare: Got it. Okay, thank you. And then it looks like the ALMM was recently relaxed for a period of two years. Then we’ve also seen a decline in module cell and wafer pricing. So just given the changes that have happened here, can you talk through your module sourcing strategy, has there been any change, I think as of now, you’re planning to self-supply with about 60% of your projects from your own manufacturing, has that changed at all or are you thinking there, just any update would be helpful?
Sumant Sinha: Yes. So look, at this point in time, we — first of all, the ALMM has been an announcement by the minister as sort of — but it’s not really come out as official government policy yet. So we have to wait for that to happen and to see if it happens. So I think that’s number one. Number two is that we haven’t yet been able to make an assessment of how this change might impact us. Keep in mind that the customs duty of 40% on modules and 25% on sales is still there. That is not changing, which essentially means that imports from China, for example, are still not going to possible. From one or two other geographies like Southeast Asia, it might be. But it’s a question of finding out how much availability there is in those markets given that a lot of the modules from there are being shipped to the U.S. and to Europe.
So we’ll have to make that assessment, which we have not been able to do yet because this is obviously still not an official policy on the part of the government. And as far as our own supplier is concerned, look our module plants will be up and running in the next few months. And once it’s stabilized, then of course, we expect that to supply to us and for most of our supplies to come from there. But again, some of our projects are in fact grandfather because we have won them before this duty and the element got announced. And so therefore, for those projects, we are able to import modules from China or anywhere else for that matter. And so I think it will depend on really at what point does the plant get stabilized, what are the specific rules at that point in time and on basis of that we will take the most optimal decision.
I think behind all of this you have to keep in mind that the good news is that module prices and sell prices also have come down dramatically. And therefore, whichever way we look at it, I think our module costs are going to be lower than we had potentially sort of anticipated, and that’s going to be good for us. Now I can’t give an exact sense of how much will it come from our own supply versus how much will be imported and from which geographies because that’s still a little bit uncertain at this point in time, given the uncertainty a little bit around government policy and on supply sources.
