Orient Green Power Company Ltd Management Discussions.

Company Overview

Orient Green Power Company Limited (OGPL) is Indias leading listed Renewable Power producing company focused on developing, owning and operating a diversified portfolio of wind energy power plants.

The Companys portfolio as of March 2020 stands at 421 MW comprising fully operational capacity.

Headquartered in Chennai, Tamil Nadu, OGPLs assets are spread across Tamil Nadu, Andhra Pradesh, Gujarat, and Karnataka. In addition, it also owns and operates a 10.5 MW wind power plant in Croatia.

Further, the Company has diversified off-take agreements and supplies the power generated to SEBs, Group Captive Customers, Merchant Power as well as through open access. Its customers enjoy attractive tariffs with periodic upward revisions.

OGPL is promoted by M/s SVL Limited, which has diversified interests in financing, engineering & construction, software and technology services and wind turbine manufacturing.

Global Economy Overview

The Global economy is expected to have grown at a modest pace of 2.4% during 2019, the slowest since the global financial crisis, amidst benign global trade and investments. The weakness was largely broad based impacting both advanced as well as emerging markets and developing economies. Global trade for the a large part of the year remained stagnant, amid the uncertainties surrounding the trade war between USA and China. Further, manufacturing along with services activities, remained relatively weak during the year. Within the developed economies, United States experienced higher consumer spending and a buoyant housing market on account of lower interest rates, while business spending softened. Economic activities in European regions though, deteriorated significantly during the year, with several economies teetering on the brink of recession. Taking cognizance of the on ground challenges ECB restarted quantitative easing, pushing its policy rates deep into the negative territory. The Japanese economy remained under pressure with activities declining sharply following the impact of Typhoon Hagibis and increase in the value-added tax (VAT). Further, manufacturing and exports as well were largely lower during the year.

The growth rate of the Chinese economy decelerated to an estimated 6.1 per cent during the year amid heightened trade uncertainties and weak domestic demand. Industrial production plummeted to multi year low, while circumspection surrounding trade policy weighed in on investor sentiments. A number of monetary and fiscal measures though were announced during the year including tax cuts to deal with the economic deceleration.

Closer home, the Indian economy is expected to have grown at 4.8 per cent during the year and is the only large economy other than China which is expected to deliver positive growth in 2020. The growth was largely attributable to accelerated Government spending and improvement in the performance of the Agriculture sector as Private consumption and investments continued to remain soft, decelerating 5.8 per cent and 1 per cent respectively during the fiscal. Manufacturing activities too were subdued during the year. The Government implemented several measures towards improving the ease of doing business & even announced a reduction in the corporate tax rates.

Even as the first phase of the trade agreement between USA and China was inked and economies around the world began to witness stabilization, albeit at lower levels of growth, the outbreak of the Covid-19 pandemic caused unprecedented economic disruption.

The global spread of COVID-19 may require the imposition of tougher and longer-lasting containment measures— actions that may lead to a further tightening of global financial conditions, should they result in a more severe and prolonged downturn.

Both monetary and fiscal measures should aim towards cushioning the impact of Covid-19 to ensure that a steady and sustainable recovery persists post the containment of the pandemic. Coordinated actions across nations are pivotal towards restoring market confidence, containing financial risk and supporting the vulnerable countries.

Power Sector

The Indian power sector has played a pivotal role in countrys socioeconomic growth since independence.

With a customer base in excess of 200 Million and service outreach spanning over nearly 3.28 Million sq.km the Indian power system is one of the largest and most complex power systems in the world.

The Government has made significant progress in recent years towards increasing citizens access to electricity and clean cooking. Around 750 million people in India gained access to electricity between 2000 and 2019. Acceleration of structural reforms, shift towards a rule based policy framework and a benign commodity prices provided a strong growth impetus. Further, deregulation measures, coupled with efforts towards improving the ease of doing the business attracted huge investments towards the sector, which subsequently resulted in India witnessing a sizeable growth in its generation, transmission and distribution capabilities in recent years.

Further, the Government is also making energy security its priority area - the overall security level has improved markedly especially post the creation of a single national power system. Also, the growing share of renewables in the overall energy mix is accelerating the process towards prioritizing system integration and flexibility. Lastly, the Government is also promoting affordable battery storage. India has taken significant steps to improve energy efficiency, which have avoided 300 million tonnes of CO2 emissions over the period 2000-18, according to IEA analysis.

Over the past decades, energy demand has steadily increased across all sectors, including agriculture, industry, commercial and residential, and is expected to continue to grow. Based on current policies, Indias energy demand is likely to double by 2040, with electricity demand potentially tripling. However, despite the growth in power consumption, Indias per capita energy consumption stands at 30% of the worlds average (0.44 tonnes of oil equivalent [toe] per capita versus the global average of 1.29 toe and the International Energy Agency [IEA] average of 2.9).

Indias energy system is largely based on the use of coal for power generation, having met over half of the total growth in energy supply in the past decade. Out of the countrys total installed generation capacity (~370 GW), coal based installed capacity accounts for ~ 199 GW (~54%) as on 31 March 2020. In terms of number of units of electricity generated, coal-fired plants generated close to 71% of the total electricity generated in FY20. However, problems surrounding its availability and adverse impact on the environment has compelled the Government to focus on developing alternative sources of energy. The growing share of renewable energy in the overall energy mix is largely owing to the Governments attempt towards promoting clean and green energy along with lowering its dependency on coal based thermal energy. Sustained efforts by the Government have resulted in Renewables emerging as the second largest source of energy provider in the country today.

India now has the institutional framework for attracting further investment to meet its rising energy needs. Efforts are undertaken towards ensuring the long-term sustainability, security, affordability and inclusiveness of energy systems.

However, despite the above efforts, a lot more needs to be done especially in the area of Power Distribution, the most fragile in the entire value chain of the sector. A huge amount of investment and reform has already been undertaken in the generation and transmission business in India. However, unless the distribution sector is also reformed, power generation and transmission are increasingly at financial risk of becoming stranded, while stymieing much needed further investment and technology development.

One of the primary factors impacting the Distribution segment is the problem surrounding the Rs single-buyer model whereby the single buyer, the state discoms in this case, purchase electricity from generators and sell it to consumers. Further, the cohort of regional power distribution companies, in absence of major competition remains a problematic area. Also the non-separation of the distribution network as a whole from the electricity suppliers, with discoms currently being responsible for both network strengthening and supply of reliable power remains an area of concern. The above factors have largely contributed to the precarious financial health of the discoms - in turn impacting the performance of the power generating companies. The total outstanding dues owed by discoms to power producers have been increasing, doubling during the period FY2016/17 to FY2018/19. While the Govt. has announced financial support and restructuring programs, such measures have had limited effect in addressing the root cause of the rising debt burden of the discoms, thus requiring Govt. assistance on a recurring basis. More efforts are needed towards addressing the core of the issues impacting the discoms performance. Implementation of bold and innovative reforms is the need of the hour. Attempts must be undertaken which would increase the competitive intensity in the segment - possibly separation of carriage and content (C&C) could be part of the solution. Introduction of smart meters to help discoms manage the load better, while also reducing metering and billing losses and theft. Lastly, electricity tariffs also need to be viable, cost reflective. Introduction of such measures in the distribution sector, the backbone of the electricity industry are the need of the hour for a successful transition of energy sector to occur.

Renewable Energy Sector

Indias renewable energy sector has rapidly evolved over the past few years and is now home to some of the largest solar and wind installations in the world. A shift towards Green energy has been the prominent theme with the Power sector in recent years. Over the last 5 years, the share of renewable energy in installed capacity has increased from 11.8 % (32 GW in March 2015) to ~24 % (87 GW in March 2020). On the other hand, the share of thermal sources viz coal in installed capacity has been on the decline - from 61 % to 54 %.

The capacity addition of renewable energy sources has grown at a CAGR of 22% in the 5-year period to February 2020. Within renewable energy, the capacity addition by solar power has grown the fastest - at a CAGR of 67% during this period. It accounted for 47% of the new capacity addition in 2019-20, surpassing the 30% of conventional power sources such as coal.

The progressive shift towards green energy has also resulted in a shift towards structural changes in policy and regulatory landscape and in market design and instruments.

The Government in 2015-16 released its road map for achieving the ambitious target of 175 GW of renewable energy capacity by 2022.

As of March 2020, the total installed renewable capacity in India is approximately 87 GW or 24 % of Indias total installed capacity of around ~370 GW ( ).

This is expected to increase to 450 GW by FY 2030, which will be approximately 54% of the total installed capacity.

As of today, Indias levelized RE costs are among the lowest in the world and solar and wind technologies are economically competitive with coal. Between 2010 and 2017, the cost of renewables saw a massive decline, utility-scale solar cost reduced by 75% to less than USD 0.1 per kWh and onshore wind cost reduced by 16% to USD 0.04-0.05 per kWh on average. These costs are expected to further decline while prices of coal-fired generation are likely to rise in the years ahead.

Generation of renewable energy has also increased in tandem. Its share in total electricity supply which stalled at around 5.5 per cent during 2011-16, presently accounts for ~10% of the overall energy generated in the country. (Total generation 1389.1 Bu; Conventional sources 1250.784 BU; 138.316 BU - http://cea.nic.in/reports/monthly/ executivesummary/2020/exe_summary-04.pdf ; https:// powermin.nic.in/en/content/power-sector-glance-all-india)

Supportive policies of the Government in terms of offering lower import duties, payment security mechanism, efficient auction processes combined with a dip in PV prices drove bulk of the growth in Renewable Energy.

Wind Energy

Wind Energy has grown steadily over the past few decades to achieve a cumulative capacity of 37 GW, making it the fourth largest market globally. Various regulatory interventions and fiscal incentives have contributed to the overall growth of the segment. As a consequence of which the Wind Energy accounts for ~43% of the overall installed renewable energy capacity of the country.

States with high Wind Power Density like Tamil Nadu, Gujarat, Karnataka, Maharashtra, Rajasthan, and Andhra Pradesh have taken the lead with a cumulative installed capacity, accounting for more than 90 per cent of the total wind capacity in the country.

The sector benefited in the past on account of favourable policies - Growth began with the introduction of high feed- in tariffs (FiTs), which ensured long-term guaranteed sale of power at attractive tariffs. At the same time, accelerated depreciation (AD) and generation-based incentives (GBI) were employed to draw in investors.

The substantial growth of the sector has supported the countrys transition from fossil to clean and sustainable fuels. Despite, the recent progress, India still has huge amount of untapped potential - more than 300 GW at a hub height of 100m.

Solar industry

Taking benefit of its favorable position in the solar belt, India, one of the best recipients of solar energy, with relatively abundant availability, is the third biggest Solar market in the world behind China and United States of America. As of March 2020, Indias installed solar capacity stood at ~37 GW as compared to ~4 GW in 2015. Over the 2015-20 period installed capacities grew at a CAGR of 56%.

A number of factors have contributed to the stellar growth of the Industry. Continually falling cost of solar PV driven by overcapacity in China; supportive Central government policies and schemes such as the establishment of solar parks and the Solar Energy Corporation of India (SECI); introduction of competitive auctions and payment security mechanisms to offset discom risks; easy financing from banks, private equity and other investors.

Growth hurdles for the Renewable Energy sector

Despite its recent success, the sector continues to face multiple challenges, responsible for slower than expected development of the renewable energy sector. Renewable capacity addition dropped to ~9 GW in Fiscal 2019, compared to 11-12 GW over fiscals 2017 & 2018. Lower tariff rates, coupled with tax issues, inadequate availability of resources (land and connectivity), and imposition of safeguard duty has made developers a bit more circumspect and cautious.

Prominent among them being -

Lack of coherence between central and state governments on renewable energy projects

• Misperception, delay in auctions, transmission connectivity and land acquisition-related issues between central and state-backed projects are causing delays and cost overruns for renewable energy developers, jeopardizing their project economics

Payment delays from state-owned discoms

• Payment delays from debt-ridden state-owned discoms remain a major concern. Though enforcement of a new payment security mechanism from August 2019 is reportedly improving payments due, but government must ensure consistent governance of this mechanism

Counterproductive trade duties on imported solar modules

• The two-year trade import duty introduced in July 2018 to protect the domestic solar manufacturing industry has failed to meet its desired outcome. While shuffling the market share of exporting countries, the duty has neither reduced imports nor significantly improved the competitiveness of Indian manufactured solar cells. Instead, it has severely slowed down solar installs.

Business Overview

OGPL ranks amongst Indias leading wind energy generating company with portfolio aggregating 421 Mw as of March 31, 2020. With assets located across some of the best wind sites of the country, the Company has seen steady increase in its revenues and operating profitability over the years.

The Company has good mix of renewable projects spread across several states - Tamil Nadu (306 Mw); Andhra Pradesh (74 Mw); Gujarat (29 Mw) & Karnataka (1 Mw). Further it also operates a 10.5 Mw asset in Croatia.

The Companys wind assets comprise some of the best assets in the business having being sourced from some of the leading Wind Turbine Generators such as Gamesa, Vestas, General Electric etc. A healthy mix of old and new assets ensures steady and consistent generation of units.

Further, the Company also has a healthy mix of off-take agreements - Group Captive, FIT, Third Party, REC etc. for its power projects thereby ensuring balanced and diversified revenue streams.

However, despite its strengths the Companys performance over the years has been largely sub-optimal owing to external challenges. Such factors weighed down on the business profitability in turn negating the first mover advantages. One of the primary reasons for the sub optimal performance in the past was the problems associated with frequent grid back down which had an acute impact on the operational and financial performance of the business. Recurring occurrences of grid back down resulted in lower transmission of the energy generated in turn affecting the project economics. As such, the Company revenues and unit generation remained more or less steady despite overall capacity addition and relatively stable tariff environment.

However, the problems associated with grid back down have now been resolved and the power plants continue to operate in an environment wherein grid availability continues to remain at elevated levels - excess of 90%.

The other important factor which the Company has been able to address relatively successfully has been its stretched balance sheet. Given that the revenues in early part of the business were impacted by grid unavailability the Company wasnt able to generate the revenues it has envisaged at the commencement stage of the project. With limited revenues the Company was largely unable to generate the requisite profitability needed to meet its debt commitments; as a result of which the business faced cash flows and liquidity mismatch problems. However, over the years the Company has been working diligently towards reducing its debt and has been successful in lowering it for six consecutive years. In addition to negotiating with the bankers towards refinancing its debt, the business has also deployed the proceeds from sale of its biomass business towards reducing its debt. A combination of such steps has been successful in lowering its debt burden and reducing its gearing ratio consistently over the years.

Lastly the revival in the REC market has also improved the overall liquidity position of the business. With volumes in REC markets remaining elevated, the Company has been able to liquidate its entire inventory and generate cash amounting to Rs. 49 crore during the year. Further, with the buoyancy in the REC trading expected to remain steady, the Company is hopeful of improving its liquidity position even further in the coming years.

REC Mechanism

Renewable Energy Certificate (REC) is a market-based instrument promoting renewable energy. The mechanism aims to enable obligated entities to meet their requirements of generating a percentage of power from renewable sources.

Where entities are unable to set up projects themselves to generate the required proportion of renewable power, they can purchase RECs for the shortfall. One REC certificate is treated as equivalent to 1 MWh. REC certificates are bifurcated into solar RECs and non-solar RECs. RECs are sold by entities by eligible renewable energy projects only.

The overall performance of the REC mechanism though had been somewhat lukewarm since its inception, largely in part to poor enforcement of the RPO obligations. Trading volumes remained minimal and RECs failed to draw investments. RECs were ideally the apt solution for discoms of states which didnt have sufficient renewable capacity within their borders for direct procurement of power. The Government even had to launch RPO compliance cell to coordinate with states, CERC and SERCs on matter relating to RPO compliance. However, the lax attitude on the part of the regulatory authorities towards discoms failing to meet their RPO obligations resulted in RECs losing its appeal in the eyes of the developers who then preferred to construct projects within the auction regime, wherein purchase are guarantees and payment are protected from defaults.

However, stringent action on the part of ERCs and CERC has revived the overall sentiments towards the REC mechanism in recent times. A direct impact of such efforts is now clearly visible on the power exchanges wherein the trading volumes for REC certificates have picked up sizeably. Prices of the certificates as well are getting traded above their floor prices, reflective of the strong underlying demand.

For the year, the REC market continued to remain buoyant on the back of steady demand. January in fact witnessed certificates getting traded at Rs. 2,100 - a new high price after several years. Average price realizations for the certificate stood at Rs. 1,643 for the year as against average realization of Rs. 1,188 during previous year. OGPL sold approx. 3 lakhs certificates amounting to Rs. 49 crore during the year as against 2.41 lakh certificates worth Rs. 29 crore sold during previous fiscal. OGPLs share in trading on the exchange represents ~5% of trading volumes during FY20. The optimism in the market is expected to persist over the coming years on the back of robust demand. Hefty penalties on defaulting entities should help to maintain the momentum in demand. Consistent approach across all SERCs, smooth trading of RECs, clarity on the role of the RPO Compliance Cell, and stringent and uniform enforcement of RPO will help further drive the momentum and help meet the objective of REC mechanism.

Financial Performance

FY20 was a turnaround year for the Company, a year wherein it delivered strong operational and financial performance despite external challenges. OGPL delivered profit before tax of ~Rs. 20 crore as against loss of ~Rs.49 crore generated in previous years. The improved performance vindicates the success of the Companys recent strategic initiatives towards enhancing its efficiencies and lowering expenses. The performance during the year would have been even better had it not been for challenges surrounding covid-19 pandemic and irregular wind season.

The Company continued to make steady progress towards lowering its debt and gradually strengthening its balance sheet and liquidity position. The Company has now successfully lowered its debt level for 6 consecutive years and expect further moderation in the debt level going forward.

Revenues during the year amounted to Rs.369 cr. The revenues could have been higher during the year had it not been for delayed onset of wind season. While the wind pattern and intensity did gradually improve during the course of the year, on an overall basis though the unit generation remained relatively lower.

EBITDA for the year stood at Rs. 282 crore as against Rs. 246 crore reported during previous fiscal. Operating margins for the business remained same as compared to last year at 73% on revenue generated during FY19.

Depreciation for the year amounts to Rs. 92 crore as against Rs. 114 crore, lower by 19%.

Interest outgo for the year stood at Rs. 153 crore as against Rs. 165 crore lower by 7%. Our efforts in recent years have been largely directed towards addressing the liability side of the business. We have been in constant discussions with the bankers towards refinancing part of the debt - negotiating towards extending the loan tenure and lowering the interest rate. Further, we also utilized the proceeds from the sale of biomass business towards retiring part of our debt. Taking cognizance of the above efforts and in an attempt to further ease up the financial and liquidity position the promoters have decided to waive off the interest component on their loans extended towards the business. The Group has been supportive of the business and continues to offer timely guidance and assistance.

Profit after tax for the year stood at ~Rs. 20 crore as against loss of Rs. 49 crore generated during last fiscal. The business fundamentals are improving gradually, the balance sheet is in a relatively better position - liquidity profile of the business as well has been improving gradually. Cash profit of the Company has been steadily growing from Rs.25 crore in FY17 to Rs. 128 cr during the current year. The improvement largely stems from the companys initiatives towards reviving the business operations by driving down costs and enhancing its overall efficiencies. Further, the buoyancy in REC market also provided the Company with an ancillary source of generating cash.The business is gearing up to embark on a sustainable growth phase which will help create value for all of its stakeholders in coming years.

The Companys net worth stood at Rs. 502 crore as against Rs. 488 crore during March 2019. Long term debt of the Company stood at Rs. 1,351 crore of which Rs. 245 crore is Group debt. Debt - equity ratio as of March 2020 stood at 2.7.


The business continues to makes steady progress, both operationally and financially. Operationally the business continues to perform well, ranking amongst the top quartile of the industry in terms of margins benefiting from the fact that the Companys assets are placed across some of the best wind sites of the country. Steadily improving operating environment especially in terms of better grid availability has helped the business immensely in terms of transmission of greater unit of energy. The business continues to operate in excess of 95 % grid availability on a recurring basis now. Further, the integration of southern India to the national electricity grid completing the integration of the entire country into one seamless network has helped the business significantly. Not only has the Company benefited from the above developments but the industry in general has gained from it as the same has resulted in improved transmission but has also facilitated better management of electricity demand.

Also, MNREs recent decision to remove tariff ceilings from Renewable energy tender should help improve the sentiments towards the sector. The move is not only reflective of the increasing maturity of the sector but more importantly is reflective of the Governments belief that robust bidding process will ensure stable and viable tariff levels.

RECs as well have had strong couple of years on the back of stringent actions by the regulatory authorities. Trading activity has picked up pace - with high volumes and certificates getting traded above their floor prices. Buoyancy in the REC market has helped the business liquidate its entire REC inventory and garner revenue amounting to Rs. 49 crore under the REC mechanism for the year. Improvement in RECs has helped improve the liquidity position of the business. Also, with Government taking steps towards ensuring timely payment by the discoms to the power generators, the overall cash flow position of the business is likely to improve.

The existing financials though are largely reflective of the business environment of the past, discounting the above mentioned developments and their positive impact on the business going forward. Further, the current financials fail to capture the Companys recent strategic initiatives aimed towards reviving the business as well. Efforts towards lowering the business debt level, calibrated expansion of capacities, and exit from loss making biomass business are some of the key decisions undertaken by the management in recent years towards reviving the growth. The entity post the selling off the biomass business, has now emerged as a much more agile and a focused entity - with Wind energy generation the sole business. Further, by deploying the proceeds from monetizing biomass business, the debt level of the overall entity as well has now improved for the better and the business has now decided to keep its further expansion plans on hold and focus primarily towards sweating of its existing assets.

With adequate precaution and timely measures the overall impact on the economy and business can be reasonably managed. Further, given that demand for electricity is fairly ubiquitous in nature, one can expect the performance of the business to relatively steady. Reopening of the economy and resumption of industrial activities should revitalize the demand and help attain at least the pre-covid levels, if not the levels achieved in recent past.

That being said, the near-term outlook for the business remains challenging amid the outbreak of Covid-19. The pandemic besides inflicting human losses has also paralyzed economic activities across globe and industries. Challenges prevail across each step of the value chain right from demand to collections from customers.

Despite the fact that the Company along with its subsidiaries is into generation and supply of power, which comes under the purview of essential services and given that it has guaranteed off-take agreements with its clients, the business is still susceptible and dependent on the overall macro environment. Any adverse development at the economic level can have a cascading effect on the overall performance of the business. The Company is thus closely monitoring the situation and undertaking necessary steps accordingly to safeguard its business.

In the long term though, business fundamentals continue to remain strong. An improving operating environment coupled with our own internal strategic initiatives positions us well to deliver steady and consistent growth going forward.

Human Resources

Our employees are our most important assets. As of March 2020, OGPL has a workforce of 144. We believe the quality and commitment level of our professionals is on par / highest amongst the power generating companies. OGPL continues to focus on key drivers of employee engagement like career growth, learning opportunities, fair performance and rewards and employee well-being by enhancing its HR processes for scale, agility and consistent employee experience.

Further, it also organizes workshops enhancing the skill sets of its employees and promoting their overall involvement. Frequent and outcome oriented session has resulted led to superior employee experience. The Company also assigns individual goals to the employees, consistent with the overall objective of the business which not only acts as a strong motivator but also contributes towards improving the overall efficiencies of the business.

Lastly, the Companys transparent working environment wherein employees can raise their concerns and opinions results in high engagement levels and lower employee turnover ratio.

internal Controls and adequacy

The Company has an independent Internal Audit department with well-established risk management processes both at the business and corporate levels. Internal Auditor & Controller - Risk reports directly to the Chairman of the Audit Committee of the Board of Directors, which ensures process independence.

The Company believes that every employee has a role to play in fostering an environment in which controls, assurance, accountability and ethical behaviour are accorded high importance. This complements the Internal Audits conducted to ensure total coverage during the year.

The overall aim of the companys internal control framework is to assure that operations are effective and well aligned with the strategic goals. The internal control framework is intended to ensure correct, reliable, complete and timely financial reporting and management information.

Managements Responsibility Statement

The management is accountable for making the Companys consolidated financial statements and related information mentioned in this annual report. It believes that these financial statements fairly reflect the form and substance of transactions, and reasonably represents the companys financial condition and results of operations in conformity with Indian Generally Accepted Accounting Principles / Indian Accounting Standard.

Safe Harbour

Some of the statements in this Annual Report that are not historical facts are forward looking statements. These forward looking statements include our financial and growth projections as well as statements concerning our plans, strategies, intentions and beliefs concerning our business and the markets in which we operate. These statements are based on information currently available to us, and we assume no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from these forward looking statements. These risks include, but are not limited to, the level of market demand for our services, the highly competitive market for the types of services that we offer, market conditions that could affect our services, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and retain qualified personnel, currency fluctuations and market fluctuations in India and elsewhere around the world, and other risks not specifically mentioned herein but those that are common to any industry.