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Good morning Vas and all,

As they mention a " Potential Opportunity : 25 crore meters " which equates to 250 million meters, I would say that, as I think you have suggested, that they are part of the overall RDSS project. Not additional to the RDSS project. But that is only my opinion, on the discription that you have given.

And the " 250 million " is the potential smart electricity meter market and does not include the potential gas and water meter market in India, at this time. Those smart meter markets are yet to be explored and cultivated.

But thank you for the PowerGrid report.

LTI.

Thank you for the heads-up gizmo, but I think that this particular project was covered by Vas previously, on the 13th and 15th July, 2023.

But I have provided the further update, to which I think you are referring, that may be of interest, that may contain some information relative to the latest NSGM report.

http://smart-energy.com/industry-sectors/smart-meters/indian-electricity-distributor-gsedpl-wins-order-for-7-6m-smart-meters/

Good luck all.

LTI.

Good afternoon all,

From the information I have from the update on June 2nd, 2023, when there were 36,507,877 meters that had been Awarded, there have now been 56,170,586 Awarded as of 14th July, 2023, an increase of 19,662,709 over the circa 6 week period.

So some advancement being made, with the Smart Meter roll-out, it would seem.

Good luck all.

LTI.

Good afternoon all,

I also notice that this information has been reported by stupidboypike, on ADVFN, who has kindly given a breakdown of some significant new Awards, that may be of interest, to some. So we will have to wait and see how long the " trickle-down " take's, to the winning sub-contractors.

LTI.

Sorry, should read, hopefully:-

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

LTI.

..... " sm-stats-all " page has been updated on 14th July, 2023.

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

LTI.

Good morning tonyj and all,

You are welcome tonyj. And as we understand it the " .... reference to Southern India ...... " being Tamil Nadu. So it is important to understand the way the original Tamil Nadu tender turned out, for Cyan, as it was known at the time and the persistance of the CyanConnode Senior Management to eventually turn that initial disappointment, into something entirely different.

It took many years to achieve the turn-around.

We understand that there are 30,000,000 meters that have been Sanctioned, for Tamil Nadu/TANGEDCO, under the RDSS . Which is far more than the original potential of 18,000,000, I seem to remember, the first time around.

So there may be further scope for the potential of the Hybrid RF Smart Mesh and Cellular communications platform,

within Tamil Nadu and potentially other States within India, also.

Enjoy the rest of your weekend, tonyj and all.

LTI.

.......... RF Mesh and Cellular communications network/platform has been available since April 2019, when CyanConnode received an order for " ..... the deployment of 3,000 smart meters will use a Hybrid RF Smart Mesh and Cellular communications network."

http://polaris.brighterir.com/public/cyan/news/rns/story/w3ok0jw

By December 2019 CyanConnode had received an order for 142,000 modules, also for the Hybrid RF Smart Mesh and Cellular communications platform.

http://polaris.brighterir.com/public/cyan/news/rns/story/wvkq8vx

Good evening tonyj and Vas,

I am hoping that at least some of your questions will be answered within my post. At least IntelliSmart have a connection with a Company that has the solution that they seemed to be looking for, in 2022.

LTI.

Good afternoon Vas and all,

Thank you for sharing the presentation from IntelliSmart. It is appreciated and gives an insight into IntelliSmart's achievements in the past and also their aspirations for the future.

Thank again Vas.

LTI.

Good evening gizmo and all,

Thank you for the heads-up gizmo. Very interesting the cluster of projects mentioned, especially the States that CyanConnode are involved with.

http://in.investing.com/analysis/smart-metering-under-rdss-to-benefit-these-set-of-companies-200591502

LTI.

Good morning all,

The recent smart meter order win by Tata Power in Chhattisgarh, for CSPDCL, is possibly an indicator of the size of " packages " that CSPDCL have allocated, on this particular project.

I/we understand that according to the recent NSGM report, that originally 59,62,115 ( 5,962,115 ) smart meters had been Sanctioned, with now 1.86 million smart meters being Awarded. Which is circa 30% of the total number for this particular CSPDCL project.

From the SEI report, dated July 12th, 2023, on the Tata Power smart meter order win:-

" The award to Tata Power is one of three smart meter tenders, covering different areas being made by CSPDCL, although the other two have so far not been publicised ".

So smaller " packages " seem to be the order of the day. However many multiple millions of smart meters are originally Sanctioned.

A little, but often, is good.

Good luck all.

LTI.

..... smart meter order:-

http://smart-energy.com/industry-sectors/smart-meters/tata-power-wins-1-86-million-smart-meter-order/

An interesting way that Tata Power have released the information to SEI for the press-release:-

" The contract, with a value of Rs17.4 billion ( $212 million ) also includes the operation and maintenance of the smart meters over a 10-year period ".

No breakdown of the contract price, so it is more difficult to calculate the individual smart meter price and also including the 10 year support and maintenance contract, within the overall contract price, also makes it more difficult to calculate each individual segment of the contract.

Who would have thought it and well done to Tata Power.

Thank you for the heads-up gizmo.

LTI.

Good morning Vas and all,

The news-flow about TANGEDCO, seems to be coming thick and fast during this particular period. And it is interesting to read Vas, that the reporting terminology has changed, in both reports, to include " procurement " instead of always using " installation ", which I mentioned a couple of month's ago.

The June 11th 2023 report comments:-

" Consumers will not be charged for the smart meters and Tangedco will also procure nearly 4 lakh additional smart meters to install for new connections in the coming years."

The July 12th 2023 report comments:-

" Starting later this year and expected to conclude by March 2025, the R19,000 crore project aims to improve metering, billing and collection efficiency through IT-enabled services. Approved for all low-tension consumer categories ( except agricultural and hut services ) a total of 1.17 crore smart meters will be installed under the Revamped Distribution Sector Scheme.

" Tangedco has already initiated the procurement process, with tenders issued for two packages and contractors identified ".

So these particular reports are more in line with what John Cronin commented on, just before Christmas 2022, when he suggested that:-

" The really exciting moment that we are in now, is that India is rolling out over the next two years, 250 million smart meters. I should say, ordering 250 million smart meters and these smart meters are actually pre-paid smart meters, which is really important, as opposed to the post-paid that has been there to date ".

So good news I feel, from TANGEDCO, with more to follow and from other states also.

LTI.

Good evening Vas and all,

Thank you for the update on TANGEDCO/Tamil Nadu. It was appreciated.

Some other, complimentary news, concerning TANGEDCO/Tamil Nadu, can be found in the NSGM - Smart Meter all States Stats, which I have posted before and was last updated on 30th June, 2023.

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

At the moment there are 30m smart meters that have been Sanctioned, but non have been Awarded, as of 30th June 2023. Number 41 on the list. The other project for TANGEDCO, looks like it is the ongoing CyanConnode and Partners project, at number 98, on the list.

So maybe with the progress being made, from the report that you posted, for the further installation of smart meters in Tamil Nadu, that the Awarded column may start to be filled up, over the coming month's.

Let us hope so.

Thanks again Vas.

LTI.

Good morning Vas,

I was just about to post that particular report, but the one I was looking at did not have a date on it, so I did not know if it was related to your previous posts. So thank you for finding one.

I look at the links that you posted at 09:21, as pieces of a jigsaw. Hopefully they will be put in place eventually, to make up an overall picture, that most can be happy with.

But there has been quite a lot of press about the/a possible India/UK Trade Deal, that has been worked on for some time. It seems as though " the devil is in the detail " as the old saying goes.

And with any trade negotiation, there will be plenty of " detail ".

Thanks Vas.

LTI.

No problem Vas,

The companies that I think would be classed as AMISP's, although I do not know of a list yet, of companies that are specifically classed as AMISP's, you have mentioned two, Genus Power Infrastructure and IntelliSmart. Both have a business connection to CyanConnode.

Others that I would put in the same category, are HPL, Schneider Electric, Tata Power, Alfanar Power, MonteCarlo and Adani. All heavy hitters, in their own right.

There may be others that will eventually rise to the surface, but the ones that I have mentioned mostly have experience within the Indian Smart Grid market, with Alfanar and MonteCarlo being fairly new to CyanConnode, from our vantage point.

Although we do not know how long the relationship between Alfanar and MonteCarlo has been developing with CyanConnode, I would imagine that they have all done their homework on each other.

I am also quite relaxed about the Trading Update. A few creases have been left to iron-out in the Finals Results, at a later date. But nothing un-to-ward, in my view.

I hope this helps, Vas.

LTI.

" FY23 cash "

" Gross cash is expected to be £4.1m, in line with our estimate of £4.0m. Cash received from customers was approximately £10.7m, up 30% from a year ago. CyanConnode did not provide an update of debt and lease liabilities, which we estimate to be £1.4m and £0.1m, respectively. The company also did not provide an indication of EBIT loss, which we estimate to be £0.7m. We expect further details on EBIT, Adjusted EPS and net cash, when full results are released in July/August."

LTI.

Thank you for the heads-up with Adani, gizmo. It is appreciated.

LTI.

From the report:-

"FY23 revenue update."

" We expect revenue to be broadley in line with expectations. Between the time guidance was provided and the end of the financial year, the US dollar has depreciated from 1.15 to 1.25 and the Indian Rupee has depreciated from 95 to 103. The currency depreciations were particularly impactful since CyanConnode recognised a disproportionate amount of revenue in the last two months of the fiscal year, when the currencies were at a trough in the year. In addition, a small amount of revenue from the sale of headend software, was required to be recognised over the entire contract term since the company is being paid over that period, despite delivering the software upfront."

So currency fluctuations, as we know, affect CyanConnode's figures, because of its global trading reach.

No doubt we will get some further information/clarification within the Finals Results, due sometime in August, 2023.

LTI.

Good morning Vas,

Sorry for the delay, got distracted by the Trading Update. But with the scenario that you have laid out, initially, IntelliSmart and Assam come to mind.

- During November 2021, IntelliSmart were awarded a Letter of Award for 600,000 smart meters, for Assam.

- During April 2022, CyanConnode received a Letter of Intent, from IntelliSmart, covering 500,000 Omnimesh Modules.

- During May 2022, CyanConnode received an order for 100,000 Omnimesh Modules from IntelliSmart, for Assam, relating to the LOI.

- During June 2022, CyanConnode received a second order for 200,000 Omnimesh Modules from IntelliSmart, also for Assam, bringing the total so far, to 300,000 Omnimesh Modules.

So with the order originally awarded to IntelliSmart for Assam, for 600,000 smart meters, it seems that not all the subsequent orders have been distributed to any one meter manufacturer/solutions provider, that I can see.

So in answer to your question, I don't think we can assume that just because any one company gets a slice of a large overall contract, initially, that they will automatically get the rest.

I believe that smaller, multiple orders, will prove far more efficient to manage, handle and control, for everyone, than the large, multi-million smart meter orders that were awarded in the past. That is my opinion anyway. Whether it will pan-out like that, remains to be seen.

I hope this helps in some way.

LTI.