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Good evening Vas and all,

Some information on Bharti Airtel that I posted some time ago, that may be of interest in connection with your news report today, about IntelliSmart and Bharti Airtel.

http://airtel.in/bharti/about-bharti-airtel

http://bharti.com/our-company-india.html

LTI.

Good afternoon Vas,

Another excellent find and thank you for sharing. Bharti Airtel are one of the major tele-communications companies in India, I believe. So this news report about a tie-up between IntelliSmart Infrastructure and Bharti Airtel, is a major development, for many companies, I might suggest.

Thanks again Vas.

LTI.

Good morning Vas,

I don't take much notice of the of the trades that cancell each other out. " Minus 100,000 " followed by a possible " Buy 100,000 " both executed at the same time. And then there are the " Unknown " trades. Someone knows if its a " Buy " or a " Sell ". Surely?

LTI.

Good morning Vas and all,

Encouraging news from HPL Vas, with an order(s) for Rs 545 crore worth of smart meters, which may hopefully filter down to CyanConnode in some way, after the sub-contractor review. But we will have to wait and see.

From the report:-

" This accomplishment represents a significant advancement in HPL's trajectory, further consolidating its position in the fiercely competitive smart sector. The substantial order underscores the company's sustained growth and signals a promising future within the industry. It stands as a noteworthy milestone in HPL's journey, serving as a robust indicator of its prospective role in the smart meter domain."

A significant order for HPL, Vas, I might suggest and thank you for sharing the news report.

Good Luck all,

LTI.

Good afternoon tonyj,

In answer to your 10:04 post today, I think we have had this conversation before, but here goes.

IntelliSmart and Genus Power are important Partners to CyanConnode, of that there is no doubt. A partnership that has been built over many years with Genus Power and more recently with IntelliSmart.

But at the last count, there were 7 other Partners of CyanConnode, that were on the REC Empanelment List. In no particular order:- MonteCarlo Ltd, HPL Electric and Power, Tata Power Company Ltd, NCC Ltd, Schneider Electric India Pvt. Ltd, Alfanar Pvt Ltd and Capital Power Systems Ltd.. As well as IntelliSmart and Genus Power.

So I am not looking specifically at any one Company, to contribute towards CyanConnode's order intake, with substantial heavy-hitters already Partnered with CyanConnode, that as yet, have still to be Awarded a contract under RDSS. There may be other Partners that have yet to be revealed. Who knows.

But there is a long way to go.

You take care tonyj.

LTI.

Good afternoon all,

Knock, Knock. Who's there? It could be Mr. Opportunity, that's who. And it would seem that a few investors have taken advantage with some tasty trades today.

Good Luck all.

LTI.

...... " Valuation ":-

" The potential of the Indian smart meter market is far from being realised, particularly by sub-contractors. We believe CyanConnode will see many years of high double0digit revenue growth, before the market opportunity peaks. Shares trade at only 8x FY25 adjusted EBIT. Our DCF model, which goes out to only FY26, estimates equity value of 29p per share, based on a 14% discount rate."

" The potential of the Indian smart meter market is far from being realised, particularly for sub-contractors."

That's good to have confirmed.

Good Luck all.

LTI.

....... " awards already made to prime bidders should lead to large orders for cyanconnode ":-

" we expect the 98m smart meters awarded to prime bidders to filter down to orders for sub-contractors such as cyanconnode soon. there is typically a delay of a few months between the award of the contract to the prime bidder and the subsequent award to sub-contractors. based on cyanconnode's win ratio in india of approximately 25% , in terms of volumes, cyanconnode is well positioned to almost *****uple its current order book of 5.3m meters, over the medium term. cyanconnode looks forward to making further contract announcements in due course."

very bullish, indeed.

lti.

....... H1 FY24: On Track - 19th December, 2023:-

" CyanConnode's H1 results position the company to meet our full year forecasts. The company does not need to grow revenue yoy in H2, in order to meet full year estimates. The Indian smart metering programme appears on track, with 98m smart meters already awarded to prime bidders and these orders should soon filter down to competitively well positioned sub-contractors, such as CyanConnode.

" These market drivers position the company well to grow revenue 39% in FY24 and 111% in FY25 and for a £1.9m of operating loss, in FY24, to convert into a £3.3m operating profit in FY25. In our view, this growth potential is not factored into CyanConnode's share price. Shares trade at only 8x FY25 adjusted EBIT."

As you say Vas, a very bullish report.

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

Good Luck all.

LTI.

...... Uttarakhand seems to be the big winner in December, from the latest report, with all 1,584,205 Sanctioned smart meters now being Awarded. So far the December 2023 Achievement figure ( monthly installations ) stands at 187,262 with the total installation figure coming in at 7,926,469.

There are also multi-million RDSS smart meter projects that have been Sactioned but have yet to be Awarded in:-

- Himachal Pradesh - 2,800,945.

- Jharkhand - 1,341,306.

- Kerala - 13,248,923.

- Punjab - 8,784,807.

- Rajasthan - 5,432,231.

- Rajasthan - 4,080,082.

- Rajasthan - 4,762,643.

- Tamil Nadu - 30,000,000.

With many other sub-million smart meter contracts, as yet to be Awarded. So plenty of opportunities going forward, for many Companies, I feel.

Good Luck all.

LTI.

Good afternoon Vas,

I agree. The win rate for tenders in India, is both impressive and encouraging. And hopefully, as the India Smart Meter Programme progresses, it will bode well for the future.

LTI.

Good morning tonyj,

Opinions differ, as we know. I thought the Interims were encouraging,. You may see them differently.

LTI.

Good morning all,

An encouraging set of Interim Results, I feel, covering the Financial/Operational and Post-Period Highlights.

India seems as though it will pick up a head-of-steam, in the near future, with an encouraging outlook for potential opportunity in APAC and Middle East and also Thailand.

So there seems to be plenty to look forward too.

LTI.

John Cronin commented:-

" The Indian smart meter market and the Revamped Distribution Sector Scheme ( RDSS ) continues to gather momentum with tenders for more than 220 million smart meters having been Sanctioned to date.

" CyanConnode is experiencing a period of rapid growth and has won orders for a total of 5.3 million Omnimesh modules to date in India alone, with a significant portion of these ( 4 million having been won during the past 18 months.

" Orders have continued to be won in other territories too, such as the order announced in October from MENA region, which was a follow-on order from the contract announced in April 2022.

" We confirm that revenue is expected to meet market expectations and look forward to updateing on further progress in due course."

Steady progress is being made, with other potential news to follow, it would seem.

http://polaris.brighterir.com/public/cyan/news/rns/story/xze2d7x

Good Luck all.

LTI.

....... has been published, upto December 13th, 2023:-

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

There has been no change in the number of smart meters Sanctioned, upto December 13th, 2023.

Good Luck all.

LTI.

Good afternoon Vas and all,

The only answer I can give is that we will have to wait and see and look out for any incations from Genus Power/The Platform or more importantly from CyanConnode.

But there are some indications of what will happen in the document/report that you posted.

The Investment Platform:-

- The Platform ( and not Genus Power ) would be the entity bidding for AMISP concessions.

- Genus Power will be the exclusive technical partner - supplier of meters and services - to the platform for AMISP projects, won by the platform.

So Genus Power is supplying the meters and services to the Platform, exclusively.

But also interestingly:-

- Currently, all SPV's are wholley-owned subsidiaries ( or step-down subsidiaries ) of Genus Power. However, given the way the investment platform is going to work, it is likely that there would be some ownership restructuring of these SPV's.

So this " ... ownership restructuring ...... " could be the reason for the delays over the last few months, from the smart meter contracts that Genus Power has won - namely the restructuring of the SPV's - in orders being passed down to sub-contractors, as quickley as they would have liked.

Good Luck Vas and all.

LTI.

Good afternoon Vas,

Thank you for the report on Genus, it is appreciated.

As you would expect, Genus, are taking a long-term view of the India Smart Meter Project for their financial projections.

But very interesting and thank you for sharing the report.

Good Luck,

LTI.

Good morning all,

As I understand it, the original Licencing Agreement with China, signed during December 2018, was a time-limited agreement, for a set number of modules and gateways, with a potential value of $4m, as long as Beijing Instruments could get the orders, from their clients.

In December 2019, COVID-19 began to take hold in China and unfortunately spread globally, as we know.

As the Licencing Agreement was for 2 years, from December 2018 and for half that period the world was in lock-down, with other things to contend with that probably did not include any smart meter contracts, when the December 2020 timeline was reached and the original conditions probably not met, that the original agreement would no longer be valid.

LTI.

Opinions have always differed on this bb and CyanConnode is continuing to progress steadily.

Good Luck all.

LTI.

..... of information that's out there - and as far as CyanConnode is concerned, CyanConnode have provided what it is able to provide.

Individual CyanConnode and Partners contracts, are spread over a possible overall 10 year contract period. Taking into account the original order, the installation period and the Support & Maintenance contract. So the market will not fully recognize what is going to happen in 2/4/6/8/10 years time, until it happens.

CyanConnode is also in the early stages of the Indian Smart Meter Project at the moment, with a limited number of contracts filtering down to the sub-contractors. As this progresses over time, with potentially more RF/RF-Cellular contracts being Awarded to CyanConnode and Partners, then the overall financial potential for CyanConnode, will/should be recognized.

But I have been encouraged by the number of contracts that have been Awarded over the last few months and look forward to the next round of sub-contract Awards being made.

Whenever that might be.

Good Luck all.

LTI.