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Good afternoon Vas,

A very good report Vas, I feel, with some interesting information included.

Good Luck Vas and all.

LTI.

........ sets out very well I feel, the negotiation stance that CyanConnode have taken and the consequences for short-term gains over long-term objectives.

From the report:-

" In India's ambitious journey towards revolutionizing its energy sector, particularly under initiatives like the Revamped Distribution Sector Scheme ( #RDSS ), the selection of technology for smart metering infrastructure emerges as a pivitol decision. With Advanced Metering Infrastructure Service Providers ( AMISP's ) vying for contracts, a concerning trend towards priortizing lower upfront costs over quality and long-term reliability has surfaced. This short-term gain philosophy over-looks the potential long-term repercussions, including higher operational costs, reduced system reliability and failure to meet stringent Service Level Agreements ( SLA's ).

" As India stands at this crucial juncture, understanding the technological foundations and their implications for the nation's energy future is vital. Among the miriad of options, RF technology emergies not just as a solution, but as a strategic advantage in addressing the unique challenges posed by India's vast and varied landscape."

At the moment, CyanConnode are reported to be involved in between 20% and 25% of the installed smart electric meter base in India, at the moment. Which means dicisions are being made on between 75% and 80% of smart meters that do not involve or include CyanConnode.

The report is very clear to me. But others may have a different point of view and need further explanation.

Good Luck all.

LTI.

Sorry, should read " ...... over the coming quarters ..... "

LTI.

Good morning Vas,

In reply to your post on 3rd April 2024, at 21:31, I believe you are correct, in my opinion, in your observation about the " ..... lack of smart meter news ..... " and " If I am right , this is going to reduce news-flow to Cyan and other Indian sub-contractors and from Cyan to us also."

I would say that is a reasonable position to have.

But I am encouragingly optimistic that as pointed out in the latest Zeus report, published on 2nd April, 2024, that " We expect these large numbers of sanctioned and awarded meters to lead to significant sub-contracts for CyanConnode over the coming quarters, supported by its high win-ratio in India of approximately 25% by volume."

So maybe not long to wait " .... over the coming quartes ........ "

Good Luck Vas and all.

LTI.

...... from the beginning of the Zeus report:-

" This month we screen for tech companies with the highest EBIT growth. Calnex, Xaar, CyanConnode and Corero Networks Security, offer the potential for 2025 EBIT to 24x, 7.3x, 2.5x and 1.6x, respectively. Among these, we highlight Corero Network Security, for its high revenue growth, operating leverage and cash conversion and CyanConnode for its high revenue growth and attractive valuation. We review sector performance as well as best and worst price performers further below."

The last paragraph from the report gives some more information and discloses the reasons for the Zeus Monthly Sector Update:-

" Worst price performance:- CyanConnode ( -27% ) and Calnex ( -26% ) did not have any news-flow in the month and their shares remained illiquid. CMI. Micrisystems ( -24% ) disclosed that core shipments were lower than previously expected due to extended de-stocking in the sector. Ensilica ( -19% ) raised £1.1m at a significant price discount at the end of February. Smarttech247 ( -18% ) shares fell from a recent high at the beginning of the month."

So the Zeus small-cap technology sector update seems to put the recent drop in the CyanConnode share-price down to CyanConnode " ...... did not have any news-flow in the month and their shares remained illiquid."

Not forgetting of course, it is the end of the Financial Year when some investors move their money around, which can make it an ideal buying opportunity for others. So let's hope that the CyanConnode " news-flow " situation is a bit more cheerful, over the coming days/weeks/month's.

Good Luck all.

LTI.

From the report:-

" CyanConnode provides end-to-end communications modules and platforms that connect smart meters to a utilities billing system. The company is a market leader in India, where the government's Revamped Distribution Sector Scheme ( RDSS ) mandates the procurement of 250m meters by March 2025. 198m RDSS-related meters (222m total ) have already been sanctioned and 88m RDSS-related meters ( 108m total ) have been awarded. We expect these large numbers of sanctioned and awarded meters to lead to significant sub-contracts for CyanConnode over the coming months, supported by its high win-ratio in India of approximately25% by volume. As a result, revenue is expected to grow 61% CAGR 2023-2025, resulting in EBIT multiplying from £2.8m in 2024 to £9.7m in 2025, based on calendar year FactSet consensus estimates. Despite the company's high growth profit potential, shares trade at only 9.5x EV/EBIT for calendar year 2024."

So an encouraging forecast for potential growth I feel, over the next couple of years, with additional potential order growth, also, to add into the mix.

Good Luck all.

LTI.

..... has been published on the CyanConnode website:-

http://cyanconnode.com/investors/analyst-research/

LTI.

...... seems to be an electricity distribution network Company:-

http://gridspertise.com

http://gridspertise.com/about

LTI.

........ seems like an energy infrastructure Company:-

http://indigrid.co.in

LTI.

..... provides smart meters and has Tata Power, GMR, IntelliSmart and Adani listed as some of their Clients:-

http://aewinfra.com

http://aewinfra.com/smart-meters/

LTI.

Sorry, Just press " English " at the top of the list, as the report seems to have travelled in Hindi.

LTI.

.......... has been published and updated to include 3 additional companies, which are Allied Engineering Works Pvt Ltd - AEW , Indigrid 2 Limited and Gridspertise India Pvt Ltd.

All are listed as providing a Cellular " Type of Communication Technology."

http://recindia.nic.in/ami-test-demonstration

Good Luck all,

LTI.

Good afternoon Vas,

An interesting report and thank you for the information. It will be a welcome incentive to have the SMNP " ...... early revenue generation .... " business model in place, for all companies that are involved in the various projects.

A good find Vas, I would say.

Thanks again.

LTI.

...... has tweeted concerning CyanConnode's Partnership with Nanhi Kali to educate girls in Gurugram.

http://twitter.com/CyanConnode_Ind/status/1773336473409823202

Well done.

Have a great Easter all.

LTI.

..... was published on 20th March, 2024:-

http://nsgm.gov.in/en/sm-stats-all

There are no specific additions to the Sanctioned and Awarded columns, as we possible already knew, but there has been an additional 521,097 smart meters installed, in various states, bringing the total number of smart meters installed so far, to 1,02,23,455 ( 10,223,455 )

Good Luck all.

LTI.

Good morning Vas and all,

Thank you for the recent information from Genus Power Vas, it is appreciated.

I had noticed before, that the CyanConnode RNS's, for IntelliSmart and MonteCarlo, did not mention a specific meter manufacturer for their projects. So it is good to get some clarity on who the meter manufacturer is/might be, for these particular projects.

Thanks again Vas.

Good Luck all.

LTI.

Good afternoon Vas,

I haven't noticed any information about CyanConnode presenting at the ISGF, at this particular event. So connot help you there.

But thank you for the information.

Good Luck all.

LTI.

Good evening Traderz100,

Some valid points that you make. And no doubt if the Companies observations were not raised, there would be criticism on that score also, eventually.

At least they are tackling the problem head-on. So well done for doing that.

But it is good to see a bit of " blue " at the end of the day.

Good Luck Trader and all.

LTI.

Good morning Vas,

I asked this particular question some years ago, during one of the CyanConnode presentations, about what was the target penetration rate for CyanConnode's RF solutions. At the time, it was I seem to remember, between 5%/7%, in India, for electric smart meters.

So I look at the " 25% " as a success rate and an advancement on the original observations of the Company. As I have mentioned before, there is work to do on penetrating the " 75% ", but at the moment I will settle for the 25% we have.

There have been CyanConnode advances over the years since that original projection and also advances in the number of smart meters that have been tendered for and the number of smart meters Awarded to CyanConnode and Partners, has also increased. The CyanConnode Partner base has also got larger and more diverse, over the years.

Also we have the market opportunity of gas and water meters to tender for eventually and the expanding market of heat-pumps, street-lighting, smart cities and EV-charging, also in India and globally.

So what happens in the future, is still yet to be written.

Good Luck Vas,

LTI.

Good morning Vas and all,

Thank you for the report on the Wi-SUN & BIS Alliance Vas, it is appreciated. And I agree, that all Companies will/should have to go through the same process, to access BIS/Wi-SUN certification.

But whether all companies will have to comply to this certification, or whether there will be a two tier system for utilities that cannot afford/can afford to pay for the additional " smart " benefits, we will no doubt find that out eventually, I am sure.

But with an approximate 75%/25% split at the moment, with CyanConnode's contribution to the Indian Smart Meter installation programme, it would be interesting to know what specification/solution/price bracket the other " 75% " are working to.

Just a thought.

Good Luck Vas and all.

LTI.