ii) During the year ended 31st March, 2021, the Company had undertaken a buy back of 53,32,500 equity shares of H 10/- each at face value in accordance with the provisions of the Companies Act 2013 (as amended) and rules made thereunder.
iii) Pursuant to a resolution passed by the Company's equity shareholders in the Extra -ordinary General Meeting held on December 8, 2021, the Company has allotted of 23,53,00,000 bonus equity shares of H 10 each in the ratio of 10 (ten) fully paid-up bonus share of the face value of H 10 each for every existing 1 (one) fully paid-up equity share of the face value of H 10 each held by the members as on December 4, 2021, the Record Date as approved by the members at the aforesaid Extra -ordinary General Meeting, by capitalizing the sum of H 53.33 million from the Capital Redemption Reserves, H 567.88 million from the Securities Premium Account and H 1731.80 million from Retained Earnings/ Free Reserve.
iv) The Board of Directors of the Company at its meeting held on May 23, 2024 had proposed to issue up to 5,99,54,996 equity shares of H 10/- each at an offer price of H 122/- each (including securities premium of H 112/- per equity share) to certain non-promoter individual and entities on private placement basis. Same was duly approved by the shareholders of the Company in the ExtraOrdinary General Meeting held on June 18, 2024. Pursuant to above, the Company has issued and allotted 5,77,06,309 equity shares of H 10 each at a premium of H 112 per share on June 25, 2024
v) During the year, the Company has completed its Initial Public Offer (IPO) of 6,26,31,604 equity shares of face value of H 10 each at an issue price of H 332 per share (including a share premium of H 322 per share). The issue comprised of a fresh issue of 4,51,80,722 equity shares aggregating to H 15,000 million and offer for sale of 1,74,50,882 equity shares by the selling shareholders aggregating to H 5,793.69 million, totalling to H 20,793.69 million. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE limited (BSE) on August 26, 2025.
vi) During the year, 6,13,150 equity shares of face value of H10 each at an issue price of H 173.8 per share (including a share premium of H 163.8 per share) were issued and alloted under the Company's Employees Stock Option schemes.
ix) Rights, preferences and restrictions attached to shares
The Company has only one class of equity shares having par value of H 10 each. Each holder of equity shares is entitled to one vote per share. Company declares and pays dividend in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the general meeting. The above shareholding represents legal ownership of shares.
In the event of liquidation of the Company, the equity shareholders shall be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
x) Shares held under employee stock option plan (ESOP):
The Company has created an employee stock option plan for providing share based payment to its employees.
For details of shares reserved under the ESOP of the Company refer to note 43.
Nature and purpose of reserves
Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement (toss)/gain on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss. Retained earnings is a free reserve available to the Company and eligible for distribution to shareholders.
Securities Premium: The amount received in excess of face value of the equity shares is recognised in Securities Premium as per the provision of Companies Act, 2013. This reserve is utilised in accordance with the provisions of the Act.
Share based payment reserve: The Company offers Employee share option plan (ESOP), under which options to subscribe for the Company's share have been granted to certain employees and senior management including those of Group Companies. The share based payment reserve is used to recognise the value of equity settled share based payments provided as part of the ESOP scheme.
Other Comprehensive Income: It represents the cumulative gains/ (losses) arising on the revaluation of investments in subsidiaries which are measured at fair value through OCI.
19.1 For the year ended March 31,2026
During the year ended March 31, 2026, the Company has repaid the outstanding term loans. Accordingly, no balance remains outstanding under term loans as at the reporting date.
The payment has been carried out in accordance with the terms of the respective loan agreements. No defaults or delays in repayment of principal or interest existed as at the date of closure.
19.2 For the year ended March 31,2025 Nature of security
Term Loans aggregating to H 178.66 million are secured by first charge on property, plant and equipment (except specifically charged assets) of company's solar PV module manufacturing unit at Falta SEZ, South 24 Parganas.
Term Loan amounting to H 163.56 million are secured by first charge on other financial assets i.e. 10 MW Solar Power Plant at village Kosuvaripalli, Chittoor District, Andhra Pradesh.
The above loans are also secured by second charge on current assets of the company and personal guarantee of some of the promoters and one of the shareholder of the Company.
Term loan of H 43.30 million is secured by hypothecation of property situated at Kolkata.
Term Loan amounting to H 540.54 million are secured by exclusive charge on property, plant and equipment of the solar module unit at Indospace Industrial Park, Oragadam, Village Panaiyur, Kanchipuram district, Tamil Nadu, second pari pasu charge on current assets of the Company and personal guarantee of some of the promoters and one of the shareholder of the Company.
Term Loan amounting to H 208.23 million is secured by exclusive charge on certain specific fixed assets at our Chennai facility. The facility is also secured by personal guarantee of one of the promoter of the Company.
Terms of repayment
Term Loan aggregating to H 100.50 million is repayable in equal quarterly instalments ending in December, 2025
Term Loan of H 78.16 million is repayable in equal quarterly instalments ending in September, 2027
Term Loan aggregating to H 540.54 million is repayable in equal quarterly instalments ending in March, 2029
Term loan aggregating to H 163.56 million is repayable in equal quarterly instalments of H 6.32 million ending in September, 2031
Term loan aggregating to H 43.30 million is repayable in equal instalments of H 0.65 million ending in April, 2033
Term Loan amounting to H 208.23 million is repayable in Equated Monthly Instalments (EMIs) of H 6.93 million ending on 6th March, 2028.
24.1 Payment of safeguard duty amounting to H 1,485.20 million which has been considered as claim receivables in the standalone financial statements (as stated in Note 57) have been considered as allowable expenses on payment basis in the Income Tax returns. Hence, deferred tax liabilities for the above amount is recognized and included above in note 24.
24.2 The Company has decided to opt for the concessional tax regime under Section 115BAA of the Income-tax Act, 1961 effective from the next financial year. Accordingly, the Company has remeasured its deferred tax assets and liabilities as at the balance sheet date using the tax rate prescribed under the said section, being the rate expected to apply when the temporary differences reverse.
The current tax expense for the year has been computed at the applicable rate under the existing tax structure.
The impact of remeasurement of deferred tax balances due to the change in tax rate has been recognised in the Statement of Profit and Loss and is included under deferred tax expense for the year.
26.1 Working capital Loans are secured by first pari-passu charge on current assets of the Company and first pari-passu charge on property, plant and equipments of Company's solar PV module manufacturing units at Unit I, Falta SEZ and Unit II, Falta SEZ, South 24 Parganas, West Bengal.
The working capital loan is also secured by first pari-passu charge on plant and equipments of Company's solar PV module manufacturing units at Oragadam Industrial Estate, Tamil Nadu and Vallam unit, Tamil Nadu.
The working capital loan is also secured by personal guarantee of one of the promoter of the Company and corporate guarantee of one of the shareholder of the Company.
Unsecured working capital loans are payable within 90 -180 days from the date of disbursement.
Applicable interest cost is in the ranges of 6.95% p.a. to 12.10% p.a.
42 Employee benefits
(I) Defined contribution plan
The Company has provident fund plans for all the employees of the Company. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary subject to statutory limits. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the year towards defined contribution plan is H 36.71 million (31 March 2025- H 29.23 million).
(II) Defined benefit plan - Unfunded
(a) Leave Obligations
The Company provides for the encashment of Leave or Leave with pay subject to certain rules. The employees are entitled to accumulate leave subject to certain limits, for future encashment. The liability is provided based on the number of days of unutilised leave at each balance sheet date on the basis of year-end actuarial valuation using projected unit credit method. The scheme is unfunded.
Based on past experience and in keeping with Company's practice, the Company does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months and accordingly the total year end provision determined on actuarial valuation, as aforesaid is classified between current and non current.
(b) Gratuity
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to Gratuity on terms not less favourable than the provisions of the Code on social security, 2020. The scheme is unfunded.
The above sensitivity analysis may not be representative of the actual benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
In presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using the projected unit credit method at the end of reporting period, which is the same as that applied in calculating the defined obligation liability recognized in the balance sheet.
D Risk analysis
The Company is exposed to a number of risks in the defined benefit plans. Most significant risks pertaining to defined benefits plans and management estimation of the impact of these risks are as follows:
(1) Salary growth risks
Higher than expected increases in salary will increase the defined benefit obligation.
(2) Life expectancy / Longevity risks
The present value of the defined benefit plan liability is calculated by reference to the best estimates of the mortality of plan participants both during and after their employment. Mortality tables as per Indian Assured Lives Mortality (2006-08) Ultimate. is used for during the employment and post retirement respectively. An increase in the life expectancy of the plan participants will increase the plan's liability.
(3) Interest rate risks
The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.
(4) Inflation risks
A decrease in the inflation rate will increase the plan's liability.
F During the year ended March 31 2026, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code,2020, ('LabourCodes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment.
The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave. The Company has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability aggregating to H 56.15 million.
In accordance with Ind AS 19, the past service cost has been recognised in the statement of profit and loss as an exceptional items in the current year in which the plan amendment became effective.
43 ESOP Scheme 2021
An employee stock option scheme has been approved for issue of options to eligible employees (as defined therein) pursuant to the resolution passed by our Board on December 12, 2021 and by Shareholders on February 24, 2022 (the “ESOP Scheme 2021"). The ESOP Scheme 2021 is administered by the NRC Committee in accordance with the SEBI SBEB Regulations. The objectives of the ESOP Scheme 2021 include: i) creating sense of ownership of the business to the employees; ii) driving performance of employees; (iii) attracting premium talent to join the Company; (iv) sharing of risk between employees and the Shareholders; (v) retention of key talent within the Company; (vi) commonality of interest between employees and shareholders; and (vii) wealth creation and sharing with employees.
Under the ESOP Scheme 2021, the Board and/or the NRC Committee is authorised to issue Equity Shares of the Company pursuant to exercise of options granted under the ESOP Scheme 2021 not exceeding 13,000,000 Equity Shares of face value of H 10 each to the eligible employees in one or more tranches, from time to time. During any one year, no employee shall be granted options equal to or exceeding 1% of the issued share capital excluding outstanding warrants and conversions of the Company at the time of grant of options, unless an approval of the Shareholders of the Company is taken by way of special resolution in a general meeting. The options granted to each employee pursuant to the ESOP Scheme 2021 shall be exercisable into not less than 1,000 Equity Shares of
D Transaction Price - Remaining Performance Obligation
The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognised as at the end of the reporting period and an explanation as to when the Company expects to recognise these amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the remaining performance obligation related disclosures for contracts as the revenue recognised corresponds directly with the value to the customer of the entity's performance completed to date.
Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract liability is the entity's obligation to transfer goods or services to a customer for which the entity has received consideration from the customer in advance. Contract assets are transferred to receivables when the rights become unconditional and contract liabilities are recognized as and when the performance obligation is satisfied.
F The Company had entered into Power Purchase Agreement with Tirumala Tirupati Devasthanams (Grantor) for installation and operation of Solar power plant under Build Own Operate and Transfer (BOOT) system, under which the Company shall be entitled to income from sale of power generated from such plant at an agreed per unit rate. The Company shall transfer the plant to the grantor at the end of the operation period. Above arrangement classifies as service concession arrangement under Ind AS 115 and hence has been accounted for as financial asset model.
Key details of the agreement are given below:
Construction period 1 year
Operation period 21 years
Capacity of Solar Power Plant 10 MW
There are no revenue and profit recognised towards above construction services during the year ended March 31, 2026 and March 31,2025
49 Financial Risk Management
The Company is exposed through its operations to the following financial risks: (i) Market risk comprising of interest rate risk, foreign exchange risk and price risk; (ii) Credit risk; and (iii) Liquidity risk.
This note describes the Company's objectives, policies and processes for managing those risks and the methods used to measure them.
There have been no substantive changes in the Company's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.
The Board of Directors reviews and sets out policies for managing these risks and monitors suitable actions taken by management to minimise potential adverse effects of such risks on the company's operational and financial performance.
Further details regarding these policies are set out below.
A) Market Risk
Market risk is the risk that the fair value of future cash flow of financial instruments may fluctuate because of changes in market conditions. Market risk broadly comprises three types of risks namely currency risk, interest rate risk and price risk (for commodities). The above risks may affect the Company's income and expenses and / or value of its investments. The Company's exposure to and management of these risks are explained below-
(i) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company exposure to the risk of changes in market interest rates relates to the Company's debt obligations with floating interest rates.
(ii) Foreign currency risk
The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates as it undertakes transactions denominated in foreign currencies. Consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters through forward foreign exchange contracts. The Company enters into derivative contracts to hedge the exchange rate risk arising on the exports and imports.
Foreign currency sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant. The impact on the Company's profit before tax is due to changes in the fair value of monetary assets and liabilities. The Company's exposure to foreign currency changes for all other currencies is not material.
Commodity price risk results from changes in market prices for raw materials, mainly Solar celts which forms the significant portion of Company's cost of sales. Significant movement in raw material costs could have significant impact on results of Company's operations.
The Company endeavours to reduce such risks by maintaining inventory at optimum level through a highly probable sales forecast. Raw materials are purchased based on the sales order book and forecast of sales. The Company also endeavours to offset the effects of increases in raw material costs through price increases in its sales, productivity improvement and other cost reduction efforts.
B) Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is exposed to credit risk from its operating activities mainly trade receivables.
Credit Risk Management
The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors. Outstanding receivables are regularly monitored and an impairment analysis is performed at each reporting date on an individual basis for each major customer. In addition, small customers are grouped into homogeneous group and assessed for impairment collectively.
Trade receivables forms a significant part of the financial assets carried at amortised cost. The debtors do not have any concentrated risk and the Company does expect to recover these outstanding in due course. Further, adequate credit loss provision has been created based on the policy of the Company. Basis our internal assessment and provisioning policy of the Company, the management assessment for the allowance for expected credit loss is considered adequate.(Refer Note 10 for amount of trade receivable and allowance for expected credit loss in respective years).
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company's principal sources of liquidity are cash and cash equivalents, long term borrowings, working capital borrowings, the cash flow that is generated from operations and proceeds of maturing financial assets. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. Accordingly, no liquidity risk is perceived.
50 Capital Management
For the purpose of the Company's capital management, capital includes issued equity share capital, long term and short term borrowings, share premium and all other equity reserves attributable to the equity holders less reported cash and cash equivalents. The primary objective of the Company's capital management is to maximize the shareholder value and to ensure the Company's ability to continue as a going concern.
The Company's management reviews the capital structure of the Company on a need basis when planning any expansions and growth strategies.
The Quarterly statements submitted to banks were prepared and filed before the completion of alt financial statement closure activities including Ind AS related adjustments / reclassifications & regrouping as applicable, which led to these differences between the final books of accounts and the quarterly statements submitted to banks based on provisional books of accounts.
The stock statement for the quarter ended March 31, 2026 was not due for submission as on the balance sheet date and has a prescribed due date of May 15, 2026. Accordingly, the same has not been submitted as at the reporting date. The Company is in compliance with all related requirements in this regard.
*Working Capital Lenders are represented by Indian Bank, Indian Overseas Bank, IDBI Bank Ltd, Union Bank of India, Punjab National Bank, State Bank of India, Canara Bank, Bank of India, EXIM Bank, Bank of Baroda, Central bank of India, Axis Bank, HDFC Bank, ICICI Bank and Shinhan Bank.
52 Financial Instruments - Fair Value Accounting classification and fair value
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy.
The carrying amounts of financial assets and liabilities by categories as provided below:
53 Segment Reporting :
Operating Segment
The Company is a manufacturer of Sofar PV modules as well as in the Engineering, Procurement and Construction (EPC) and operation & maintenance of solar power plant.
Based on the 'management approach' as defined in Ind AS 108- Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Company's performance and allocates resources based on an analysis of the various performance indicators by the overall business segment.
As the allocation of resources and profitability of the business is evaluated by the CODM on an overall basis, with evaluation into individual categories to understand the reasons for variations, no separate segments have been identified. Accordingly no additional disclosure has been made for the segmental revenue, segmental results and the segmental assets & liabilities.
57 The Director General of Trade Remedies (DGTR) had recommended imposition of safeguard duty on “Solar Celts whether or not assembled in modules or panels" imported from China and Malaysia on July 16, 2018 based on their final findings for a period of two years which has been further extended till 30th July, 2021. Certain Solar Companies had filed writ petition before the Hon'ble Orissa High Court against the recommendation of DGTR and Hon'ble Orissa High court has passed an interim order on July 23, 2018 whereby Government of India (GOI) was directed not to issue any notification in this regard. However, GOI issued notification dated July 30, 2018 confirming the imposition of safeguard duty ignoring the interim order passed by the Hon'ble Orissa High Court. In the meanwhile, the Company also preferred a Writ Petition before the Hon'ble High Court of Orissa challenging the recommendation of DGTR and the notification dated July 30, 2018 issued by GOI. Pursuant to the above, GOI issued instruction dated August 13, 2018 directing all the Commissionerates not to insist on payment of safeguard duty and to assess the import of solar cells / modules on a provisional basis. Subsequently, GOI has filed a SLP before the Hon'ble Supreme Court of India against the interim order of Orissa High Court.
The Hon'ble Supreme court has stayed the interim order passed by the Hon'ble Orissa High Court vide its order dated September 10, 2018. After this order, GOI issued instruction dated September 13, 2018 for withdrawal of earlier instruction dated August 13, 2018 and for finalisation of provisionally assessed bill of entries.
The Company has paid H 1,485.20 million till July 29, 2021 towards above safeguard duty on clearances for stock transfers/ EPC contracts, which has been considered as refundable and disclosed as receivable in these Financial Statements since the matter is pending before the Hon'ble Orissa High Court as well as the Hon'ble Supreme Court and based on legal opinion obtained by
the Company, the Company has an arguable case on merits. However, in case the matter is decided against the solar companies, the Company is entitled to receive H 461.03 million from EPC customers based on representation made by the Company to these customers whose acceptance is pending as on date.
Further, no safeguard duty was paid by the Company on clearances from SEZ from July 30, 2018 to September 13, 2018 as stated above and the clearances were made on undertaking furnished by the Company. Based on legal opinion obtained by the Company, no safe guard duty is payable on clearances from SEZ during the said period since goods were cleared out of imported materials lying in stock as on the date of which the safeguard duty was imposed i.e. July 30, 2018.
58 As on March 31,2026, H 528.09 million (March 31,2025 H 843.88 million) (included in Trade Receivables in the Financial Statements) has been withheld/recovered by certain customers related to EPC and other contracts on account of Liquidated damages, generation loss etc. which the Company has not acknowledged and the matter has been referred to Dispute resolution /Arbitration / Court as per the terms of the respective contracts. The management is hopeful of resolution of the matter in favour of the Company and necessary adjustments in the financials will be made based upon the outcome of the matter.
59 The Company has provided interest bearing (which is not lower than prevailing yield of related Government security close to the tenure of the respective loans) unsecured loans repayable on demand during the year aggregating to H 341.87 million (31 March 2025 : H 504.64 million) to its subsidiary companies for temporary financial assistance. Year-end balance of loan to subsidiary is H 9.02 million (31 March 2025 : H 9.02 million).
60 The Company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
61 The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (intermediaries), with the understanding that the intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (ultimate beneficiaries); or
(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding party), with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries); or
(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
62 The Company does not hold any Benami Property and hence no proceeding have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
63 The Company has not been declared as a wilful defaulter by any bank or financial institution or government or any government authority.
64 a) There has been no charges yet to be registered with ROC beyond the statutory period.
b) During the last quarter there was increase in working capital limits due to which the satisfaction of earlier charge is
pending for regularisation and will be satisfied once the NOC is received from the lenders.
65 The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered or
disclosed as income during the year (previous year) in the tax assessments under the Income Tax Act, 1961 such as, search or
survey or any other relevant provisions of the Income Tax Act, 1961.
66 The Company is in compliance with requirement with respect to the number of layers prescribed under clause (87) of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).
67 The borrowings obtained by the Company from banks and financial institutions have been applied for the purposes for which such borrowings were taken.
68 The Company has not entered into any scheme of arrangement which has an accounting impact in the current or previous financial year.
69 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year ended 31 March, 2026.
70 During the year, the Company had completed its Initial Public Offer (IPO) of 62,631,604 equity shares of face value of H10 each at an issue price of H332 per share (including a share premium of H322 per share). The issue comprised of a fresh issue of 45,180,722 equity shares aggregating to H 15,000 million and offer for sale of 17,450,882 equity shares by the selling shareholders aggregating to H 5,793.69 million, totalling to H 20,793.69 million. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE limited (BSE) on August 26, 2025.
71 Previous year figures have been regrouped / reclassified wherever necessary to confirm current year classification.
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