Forward Looking Overview Statement:
The report contains forward-looking statements, identified by words like ‘plans,
‘expects, ‘will, ‘anticipates, ‘believes, ‘intends,
‘projects, ‘estimates and so on. All statements that address expectations or
projections about the future, but not limited to the Companys strategy for growth,
product development, market position, expenditures and financial results, are forward
looking statements. Since these are based on certain assumptions and expectations of
future events, the Company cannot guarantee that these are accurate or will be realized.
The Companys actual results, performance or achievements could thus differ from those
projected in any forward-looking statement. The Company assumes no responsibility to
publicly amend, modify or revise any such statement based on subsequent developments,
information, or events. The Company disclaims any obligation to update these
forward-looking statements, except as may be required by law.
World Economy:
Inflation has declined as central banks have raised interest rates and food and energy
prices have come down, with some price pressures and labor markets tight in a number of
economies. The other major forces that shaped the world economy in 2022 seem set to
continue into this year. Commodity prices that rose sharply have moderated. The baseline
forecast, which assumes that the recent financial sector stresses are contained, is for
growth to be 2.8 percent in 2023, before rising slowly and settling at 3.0 percent five
years out. Global headline inflation is set to fall from 8.7 percent in 2022 to 7.0
percent in 2023 on the back of lower commodity prices. Once inflation rates are back to
targets, deeper structural drivers will likely reduce interest rates toward their
pre-pandemic levels. Policymakers have a narrow path to walk to improve prospects and
minimize risks. Central banks need to remain steady with their tighter anti-inflation
stance, but also be ready to adjust and use their full set of policy instruments based on
emergent needs/requirements.
(Source: IMF)
Indian Economy:
Growth in India has been resilient in the face of a challenging global economic
environment. India has been the fastest growing large economy in the world, supported by
robust investment growth. Domestic conditions are supportive for private investments.
Indias financial sector is stable, underpinned by well capitalized banks.
According to the provisional estimates released by the National Statistical Office
(NSO) on May 31, 2023, Indias real gross domestic product (GDP) growth accelerated from
4.5 per cent (year-on-year, y-o-y) in Q3:2022-23 to 6.1 per cent in Q4, supported by fixed
investment and higher net exports. Real GDP growth for 2022-23 was placed at 7.2 per cent,
higher than the second advance estimate of 7.0 per cent.
In the first quarter of the fiscal year 2023-24, the domestic economy demonstrated its
strength, as evidenced by various indicators. Both the manufacturing and services sectors
experienced continuous growth, with the manufacturing sector reaching its highest point in
31 months in May, and the services sector achieving a 13-year high in April-May. Key
indicators in the services sector, such as domestic air passenger traffic, e-way bills,
toll collections, and diesel consumption, showed a positive trend during April-May. In
April 2023, the Consumer Price Index (CPI) inflation experienced a significant decline to
4.7 percent, down from 6.4 percent in February. It further went down in May 2023 to 4.3
percent. This decline was primarily due to favorable base effects, resulting in a
softening of inflation across all three major groups. Within the food group, inflation
eased as there was a moderation in prices of cereals, eggs, milk, fruits, meat and fish,
spices, and prepared meals. Additionally, deflation in edible oils deepened during this
period. In the fuel group, inflation in LPG, firewood, and chips prices decreased, and
kerosene prices slipped into deflation. Core inflation, which excludes food and fuel, also
dipped. This was driven by lower inflation in clothing and footwear, household goods and
services, health, transport and communication, personal care and effects, as well as
recreation and amusement sub-groups. CPI inflation is projected at 5.1 per cent for
2023-24, with Q1 at 4.6 per cent, Q2 at 5.2 per cent, Q3 at 5.4 per cent and Q4 at 5.2 per
cent.
The Real GDP growth for 2023-24 is projected at 6.5 per cent with Q1 at 8.0 per cent,
Q2 at 6.5 per cent, Q3 at 6.0 per cent, and Q4 at 5.7 per cent, with risks evenly
balanced.
(Source: RBI)
Power Sector and Power Market Scenario:
An efficient and flourishing electricity industry plays a vital role in driving the
economic progress and well-being of a country. In India, the power sector is characterized
by a diverse range of power generation sources, including conventional options like coal,
lignite, natural gas, oil, and nuclear power, as well as nonconventional sources such as
wind, solar, hydro, and electricity generated from agricultural and domestic waste.
However, due to the extensive geographical coverage and a regulatory framework involving
both the central and state governments, there are inherent challenges in ensuring
widespread access to high-quality electricity for the countrys population of over 1.43
billion people. Balancing the interests of various stakeholders while maintaining the
availability and reliability of electricity presents a complex task for the sector.
Policy initiatives during the year:
During the fiscal year 2022-23, numerous policy initiatives and measures were
implemented with the aim of reinforcing the financial sustainability of the electricity
sector, while also guaranteeing uninterrupted and high-quality electricity for all
consumers. These initiatives include not only procedural guidelines but also structural
changes that have significant implications. Some regulations and policies, initially
introduced as draft versions in FY23, were officially notified in FY24 after thorough
consultations with stakeholders. As a responsible stakeholder, your Company actively
participated in these discussions and provided suggestions at appropriate forums.
1) The Electricity Rules (Late Payment Surcharge and Related Matters), 2022 Ministry of
Power (MoP) notified these rules vide gazette Notification on 3rd June, 2022.
These rules provide a mechanism for settlement of outstanding dues of Generating
Companies, Inter-State Transmission Licensees and Electricity Trading Licensees. The rules
provide for clubbing of all outstanding dues including Principal, Late Payment Surcharge
etc. into a consolidated amount which can be paid in interest free Equated Monthly
Instalments (EMI).
2) Electricity (Amendment) Bill, 2022 -
The Electricity (Amendment) Bill, 2022 were introduced to amend the Electricity Act,
2003. Some of the key features of the Bill include More than 1 power distributor can
operate in an area, increasing the choices to the consumers; Mandatory fixing of minimum
and maximum tariff ceilings to avoid predatory pricing by power distribution companies;
Renewable Purchase obligation should not be below a minimum percentage; Strengthen payment
security mechanisms by giving more powers to regulators, etc.
3) CERC (Connectivity and General Network Access to the Inter-State Transmission
System) (GNA) Regulations –These Regulations reflect a shift in approach where
setting up of a new transmission infrastructure is no longer thought of as a prerequisite
for a new generation capacity superseding the earlier regime of point to point access.
These Regulations necessitate generators to take connectivity and ask the drawees to
obtain the General Network Access (GNA). They seek to change the modus operandi of booking
the transmission corridor.
4) Introduction of High Price Day Ahead Market (HP-DAM) in Integrated Day Ahead Market
Segment (I-DAM) -Post the Honble CERCs order dated 16th February 2023 in Petition No.
359/MP/2022, a High Price Day Ahead Market (HP-DAM) contracts in the Integrated Day Ahead
Market Segment (I-DAM) was introduced from trade date 10th March 2023. It is a
segment where expensive electricity from sources such as imported coal-based plants,
gas-based plants and battery storage systems can be traded between power utilities. Bid
Price Range lies between INR 0/kWh to INR 20/kWh.
Snapshot:
Total installed capacity of power stations in India stood at 417.67 GW as on 31st
May 2023. The total energy generation including renewable energy sources for FY23 stood at
1624.158 BUs. There was a growth in generated energy of 8.87% over the previous year.
Total generation for the current financial year (FY 2023-24) has been 286.176 BUs (till 31st
May 2023). The energy deficit IN FY 2022-23 increased from 0.4% to 0.5% compared to the
previous year and the peak power deficit increased to 4% IN FY23 from 1.2% in FY22.
In the major initiative towards reducing the environmental impacts arising out of
utilizing conventional (primarily fossil fuel based) sources as well as the countrys
transition to a Net Zero Carbon regime, policy frameworks were put in place to enable the
growth of renewable energy sources in our overall generation portfolio. With the policy
support from the Government and market interventions, the renewable capacity reached
179.32 GW as on 31st May 2023.
(Source: Ministry of Power)
In the overall context, PTC recorded traded volume of 70.61 BUs. Given the shift in
buyer demand to short-term procurement, your Company pivoted itself and actively
participated in the short-term segment.
Under its role as an aggregator, PTC signed 820 MW of Medium Term PPAs and PSAs under
Pilot Scheme -2 for 3 years. A supply of 270 MW under this scheme from JITPL to KSEB
Limited started on 1st January 2022. That was the first power supply under the Scheme.
Furthermore, a supply of 100 MW from DB Power to TANGEDCO, and 50 MW from JPVL to TANGEDCO
also started under this scheme.
Volumes on the power exchanges (dominated by day ahead markets" DAM"
contracts) decreased during the year as the unusual circumstances brought on by the
geopolitical tensions affecting the global fuel supply chain (elevated coal and gas
prices) resulted in pushing the prices significantly higher. Consequently, it was a
Sellers market. While PTC continued to contribute significant volumes to this segment, it
did so in a calibrated fashion ceding negative carry volumes and discouraging market
distortions brought on by the unusual combination of demand and supply variables. Real
time Markets, wherein buyers and sellers have freedom & flexibility to buy and sell
power as per changing demand & supply with an hours notice, Term Ahead Markets, Green
Day Ahead and Term-Ahead Markets (GDAM and GTAM) are all active segments of the market
with varying degrees of liquidity. PTC is a significant market participant in all these
segments.
New Initiatives:
Your Company recently inaugurated its Innovation and Data Analytics Lab. We believe
that with the help of data analytics and data sciences, informed decisions can be made
based on data-driven insights. This can help your Company identify patterns, trends, and
opportunities that may not be apparent through manual analysis. The use of data analytics
can lead to better decision-making and more accurate predictions of future trends and
market behaviour.
In todays data-driven business environment, companies that leverage data analytics and
data sciences have a significant advantage over their competitors. By analyzing data in
real-time, your Company can respond quickly to changes in the market and make better
trading decisions. This can give PTC a competitive edge and help it stay ahead of the
curve in terms of the evolving market.
Opportunities and Threats:
A Trading Licensee (over the counter or OTC) plays a vital role in Indias power market
by providing customized solutions that cater to changing consumer needs and the
requirement to balance demand and supply across different geographies and time periods.
Over the past two decades, Trading Licensees have made significant contributions to the
Indian power sector by offering tailored solutions for various market participants. Such
market makers also address market distortions through interventions based on market
principles. Moving forward, the challenge and opportunity is in developing innovative
solutions within an evolving market framework that encompasses power generation,
transmission, distribution, and trading. The market design is expected to undergo
transformation, with short-term spot markets taking on a prominent role in power
procurement and market participants will be expected to assume market and price risks,
along with diverse contracts for procuring renewable energy. Electricity derivatives are
anticipated to be introduced adding a new dimension to the power market. Regulations
related to Ancillary Services have already been enacted. Additionally, new elements such
as Battery Energy Storage Systems (BESS) capable of interacting with the grid, Green
Hydrogen with considerations for demand aggregation and the hydrogen supply chain,
Electric Vehicles and associated charging infrastructure, and their respective
requirements are set to impact the power markets design. Going forward, technology will
become an integral part of delivering solutions for the power market, including aspects
such as predicting and forecasting demand, supply scenarios, and price forecasting, which
will be crucial for solution providers.
India has set its sight on becoming energy independent by 2047 and achieving Net Zero
by 2070. To achieve this target, increasing renewable energy use across all economic
spheres is central to Indias Energy Transition. Green Hydrogen is considered a promising
alternative for enabling this transition. Hydrogen can be utilized for long-duration
storage of renewable energy, replacement of fossil fuels in industry, clean
transportation, and potentially also for decentralized power generation, aviation, and
marine transport. The National Green Hydrogen Mission was approved by the Union Cabinet
last year with the objective of making India, a leading producer of Green Hydrogen in the
world and create export opportunities. This will lead to a reduction in dependence on
imported fossil fuels and feedstock. It is projected to develop Green Hydrogen production
capacity of at least 5 MMT (Million Metric Tonne) per annum with an associated renewable
energy capacity addition of about 125 GW in the country.
The electricity distribution sector, which has a significant impact on the entire
electricity value chain, continues to face numerous challenges. Given the critical nature
of electricity as an essential commodity/service, it becomes essential for consensus to be
reached within the federal structure to initiate structural reforms. Policy actions to
address sector-specific challenges have been evident at all levels for some time. Efforts
have focused on enhancing service levels by distribution companies and alleviating stress
in generation assets. Creating a favorable investment environment by providing regulatory
and policy certainty has also been a key objective for policymakers in the sector. For
example, the Late Payment Surcharge 2022 Rules in facilitating receivable reduction for
power suppliers. These rules provide for clubbing of all outstanding dues including the
principal and late payment surcharge, etc. into a consolidated amount which can be paid in
interest fee EMI (maximum 48, based on the quantum). These rules have brought in greater
discipline from the state electricity distribution companies in making timely payments.
Segment wise/ Product wise Performance:
PTC achieved trading volume of 70.61 BUs during FY23. PTC achieved short-term trading
volume of 37.69 BUs during FY 23 with a drop of around 27.4% over the previous year, which
was due to a reorientation of the business model and ceding low margin power exchange
volumes to avoid the negative impact on net realizations. PTC achieved long &
medium-term trading volumes of 32.91 BUs during FY 23 (Pervious year 35.58 BUs) with a
drop of around 7.5% over the previous year volumes, which was primarily due to the
maturity of Pilot Scheme-I contracts. PTC has retained its leadership position in terms of
the overall trading volumes in the Indian power trading market.
In the business mix, short-term contributed around 53.4% (previous year around 59.3%)
whereas long and medium-term contributed around 46.6% (40.7% in
FY22) in the total traded volume. PTCs volume traded on power exchanges during FY23
was 29.5 BUs.
The transaction margin on a volume weighted basis showed marked improvement at 3.20
paise/unit as compared to 2.82 paise/unit for the last FY. This was primarily due to
ceding low margin power exchange volumes and the increase in share of long & medium
volumes, which was 40.7% of the overall annual traded volumes in the previous year and
increased to 46.6% of overall annual traded volumes in the current year (FY22-23).
Cross-border trades are of a strategic importance to your Company. Cross-border trade
with Bhutan were to the extent of 6,993 MUs for FY23 (previous year 7,676 MUs) primarily
due to lower supply from Bhutan. PTC has continued to facilitate Bhutan Druk Green Power
Corporation Ltd. for procurement of power on the power exchanges and supplied 318.8 MUs to
Bhutan in FY23 (Jan to 30th April 2023). PTC has also supplied a total of 1657
MUs in FY23 (previous year 413 MUs) to Bangladesh Power Development Board (BPDB) under the
Long-term contract for 200 MW capacity. So, PTC currently maintains a trading partnership
with strategically located neighbouring nations, and our objective is to enhance and
reinforce this collaboration in the future.
PTC Retail, set up to facilitate power supply to the industrial and commercial
consumers on the power exchanges, has seen considerable growth this year. With the
value-added services, fuelled by data analytics, our clientele is growing and has crossed
a number of 837 clients out of which 478 are presently active in Power, REC and ESCerts
Segments. It is worthwhile to mention that PTC concluded its 1st REC Bilateral
Trade in the month of March2023. PTC has a diversified and strong client base comprising
of prominent entities like Central Government Owned Administrative and Operative Authority
(s), Public Sector entities who are leaders in oil refining and in transportation, leading
multinational companies engaged in the manufacture and sale of Fast moving consumer goods
(FMCG) and Pharmaceuticals, leading Cement manufacturers etc. Further, PTC has recently
acquired large corporate customers like State Utilities engaged in transportation, a
leading manufacturer of tyres for the Passenger Car market, a public sector undertaking
engaged in oil refining and manufacture of petrochemicals, a leading cement manufacturer,
a steel and alloy manufacturer, sugar manufacturers, an industrial gas manufacturer, a
beverages manufacturer, and other such entities Your Company has maintained its leadership
position in the exchange products of RTM, G-DAM and G-TAM.
The state utilities have continued to repose their faith in PTCs service offering of
energy portfolio management (EPM). At the end of last year, your Company was awarded an
Energy Portfolio Management (EPM) assignment by the Electricity Department Puducherry for
3 years. The service offering from your Company will include Demand Forecasting, Sales
Planning and Power Scheduling for the UT of Puducherry.. Also, your Company has been
awarded/ renewed utility contracts for trading of power on Power Exchanges for Mizoram,
Chhattisgarh, Haryana, Bihar, Dadra and Nagar Haveli, Tripura, Pondicherry, Jharkhand and
Jammu & Kashmir.
PTC was awarded the contract by a public sector utility involved in manufacturing steel
for providing assistance in supply of 12 MW Bagasse based Renewable Energy in one of the
southern states under short-term open access (STOA). PTC has received a letter of award
(LOA) from a renewable energy developer for providing consulting services in carrying out
feasibility study to set up Renewable Energy Projects for power sale to Commercial and
Industrial (C&I) Customers and state utilities. PTC has received a Consultancy
assignment from a leading multinational knowledge process outsourcing entity for
facilitating the sourcing of Renewable Energy for its facilities in multiple (three)
cities. Major utilities were added to PTCs growing clientele for sale/ purchase of
renewable power to cater to the growing market demand for clean energy sources. Your
Company has supported various corporates in reducing their carbon footprints. Renewable
Energy PPAs / PSAs were executed with clients in states like Gujarat, Delhi, Odisha, Tamil
Nadu, etc. helping these clients in their de-carbonization initiatives.
With increased focus on power distribution performance improvement and reforms, your
Company is providing a bouquet of services under power distribution management business
which includes power portfolio optimization
(power trading and scheduling), commercial optimization (metering and billing), network
operations and maintenance, and regulatory support. Under this domain, PTC is supporting
large government institutions in Madhya Pradesh, Gujarat, Maharashtra and Orissa and is
continually trying to replicate the success for other identified customers.
Your Company is also promoting the activities for optimization of cost of energy for
the large maritime ports, Special Economic Zones, select Industrial Areas in some of the
states under the existing regulatory framework of power distribution. Your Company is
actively pursuing various opportunities and is in discussions with diverse institutional
stakeholders for facilitating them in implementing suitable models in Smart Cities,
Integrated Power Development Schemes (IPDS), Energy Efficiency Programs, Renewable Energy
Programs, etc.
Your Company is also actively rendering advisory services for development of
transmission and distribution (T&D) infrastructure by supporting key customers in
preparation of detailed project reports (DPRs), engineering and estimation, bid process
management and project supervision. Your Company has extended its portfolio to industries
of Oil & Gas, Heavy Industries, and Special Economic Zones. Further, the consultancy
business also continued to receive assignments for supporting clients in regulatory
aspects, conducting feasibility studies, open access and support in procurement of
renewable energy, etc.
Your Company is actively pursuing various opportunities and emerging areas in power
sector and is in continuous touch with diverse institutional stakeholders for facilitating
them in implementing suitable models in Smart Cities, Energy Efficiency Programs, Green
Hydrogen, Renewable Energy Programs, etc.
Subsidiary companies of PTC India Limited:
PTC India Financial Services Limited (PFS), an infrastructure finance company (IFC),
recorded total income of INR 797.08 Crores during FY23. Interest income for the FY23 was
INR. 766.57 Crores. The profit before tax and profit after tax for FY23 stood at INR
232.37 Crores and INR 175.81 Crores respectively. Earnings per share for FY23 stood at
INR. 2.74 per share. PFS has declared a dividend of INR 1 per share.
PTC Energy Limited (PEL), a wholly owned subsidiary of your Company, has a renewable
energy portfolio of 288.8 MW consisting of 50 MW wind power projects in Madhya Pradesh, 50
MW wind power project in Karnataka and 188.8 MW wind power projects in Andhra Pradesh. The
projects use leading edge wind turbine technologies from reputed original equipment
manufacturers (OEMs). PEL has entered into firm long term power sale agreements for all
its projects with respective state utilities (Discoms). PEL has recorded revenue from
operations of INR 296.77 Crores during FY23 as compared to the previous years revenue of
INR 280.67 Crores. The profit/(loss) before tax and profit/(loss) after tax for FY23 stood
at INR 18.83 Crores and INR 13.88 Crores respectively.
Associate company of PTC India Limited:
PTC is a sponsor of Hindustan Power Exchange which has been set up with the
best-in-class technology and seeks to offer a credible alternative in the power exchange
segment of the Indian Power Market. Since its launch in July 2022, it had already added
536 active members and introduced trading in all segments. With twelve months of
operation, HPX has already facilitated trades of more than 5 billion units. The business
traction is increasing in momentum and HPX has captured a third of the Term-Ahead Market
in the initial months of FY 24. With more structural reforms underway, we expect HPX to
multiply the value for all its stakeholders manifold.
Outlook:
Going forward, your Company intends to consolidate its core trading business and
include newer business models, especially in new and renewable energy. The Company is also
seeking to expand its value added services as an integrated energy solutions provider.
Energy portfolio management services, trading & advisory services related business
opportunity towards resolution of stressed assets, services/solutions in renewable energy
space and operations and maintenance (O&M) services for SEZs/ Industrial Zones/
distribution utilities continue to remain our thrust areas. The Company is also foraying
in the emerging areas of Green Hydrogen, Battery Energy Storage Systems through
collaborations with global technology companies. The Company is also looking to expand its
technology vertical and develop solutions for the evolving energy market. PTC is a sponsor
of Hindustan Power Exchange which has been set up with the best in class technology and
seeks to offer a credible alternative in the power exchange segment. This new exchange has
already commenced operations in the FY23. To cater to the changing dynamics of an evolving
sector, expectations of customers and growth aspirations of your Company, we will keep on
developing solutions and augmenting offerings in the form of technology based solutions,
advisory, energy efficiency and other related services.
Risks and Concerns:
Your Company has been diligently following a structured and disciplined approach to
manage risk as outlined in its Risk Management Policy. Risk Reports and Risk Matrices for
every business are used to aid in decision making. Your Companys overall approach to Risk
Management is aligned with its business objectives to ensure sustainable business growth.
Your Company is committed to promoting a proactive approach in evaluating, resolving and
reporting risks associated with its businesses.
Internal Control System and their accuracy:
The Company has deployed robust internal financial controls under a framework adopted
by the Board. The Board has adopted the policies and procedures for ensuring the orderly
and efficient conduct of the Companys business, including adherence to the Companys
policies, safeguarding of its assets, the prevention and detection of fraud and errors,
the accuracy & completeness of the accounting records and the timely preparation of
reliable financial disclosures.
The Company has appointed M/s. Ernst & Young for review and validation of the
controls under this framework.
Discussion on Financial Performance with respect to Operational Performance
Your Company recorded trading volumes of 70.61 BUs during FY23. The Profit After Tax
stood at INR 369.74 Crores as compared to the previous financial years metric of 424.81
INR Crores. EPS was at INR 12.49 as compared to INR 14.35 in FY22. On a stand-alone basis,
total revenue (including other income) was at INR 14,909.57 Crores in FY23 as against INR
15637.62 Crores in FY22. The Return on Net Worth (RoNW) for FY23 was 9.19%.
On a consolidated basis, total revenue stood at 16,002.51 INR Crores in FY23 as against
16,879.77 INR Crores in FY22. Profit After Tax (after minority interest) stood at 445.60
INR Crores as against 506.16 INR Crores in FY22 and EPS stood at INR 15.05 as compared to
INR 17.10 in FY22.
Material developments in Human Resource / Industrial Relations front, including number
of people employed
Your Company recognizes that employees are vital stakeholders in the growth of the
organization. Given the transformative business environment and an evolving power sector,
human resources play a critical role in enabling prompt and effective implementation of
key strategic decisions. Your Company prides on a culture that enables continuous learning
to meet the changing demands and priorities of the business. Your Company also undertook
various initiatives for the health and safety of its employees including organizing
vaccination camps, arranging doctors and health professionals, flexi timing and Open door
protocols. Your Company has 113 employees with diverse competencies, skill sets who
continuously challenge themselves to achieve greater heights in organizational excellence.
Key Ratios
S. Ratios |
Numerator |
Denominator |
As on |
Remarks |
No. |
|
|
31.03.2023 |
31.03.2022 |
|
| 1 Return on investment- FDR & Mutual Fund |
Net Return of Investment |
Cost of investment |
6.11% |
3.09% |
Treasury yield improved on account of increase in RBI repo rate resulting
in better return on investment. |
| 2 Debt Equity Ratio |
Total Debt (including lease liabilities) |
Shareholders equity |
0.05 |
0.31 |
Decrease in Debt Equity Ratio is on account of utilization of realization
from Trade receivables mainly in repayment of working capital loans to banks. |
| 3 Return on Net worth |
Profit after tax |
Average shareholders equity |
9.19% |
11.15% |
Decease in Return on Equity Ratio is mainly on account of decrease in
surcharge income. Decrease in PAT on annualized basis |
|
Sd/- |
|
(Rajib Kumar Mishra) |
| Date: 12th August, 2023 |
Chairman & Managing Director |
| Place: New Delhi |
DIN: 06836268 |
+91-9892691696
