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S.P.Apparels Ltd
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Ladies and gentlemen, good day, and welcome to the S.P. Apparel's Q2 FY '24 Earnings Conference Call hosted by Elara Securities Private Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Ms. Prerna Jhunjhunwala from Elara Securities Private Limited. Thank you, and over to you, ma'am.
Thank you, [ Lizan ]. Good afternoon, everyone. On behalf of Elara Securities Private Limited, I would like to welcome you all to Q2 FY '24 Post Result Conference Call and Business Update Call of S.P. Apparel Limited. Today, we have with us the senior management of the company, including Mr. P. Sundararajan, Chairman and Managing Director; Ms. S. Shantha, Joint Managing Director; Mr. S. Chenduran, Joint Managing Director; Mrs. S. Latha, Executive Director; Mrs. P.V. Jeeva, Chief Executive Officer; and Mr. V. Balaji, Chief Financial Officer of the company. Without taking much time, I would now like to hand over the call to the management for opening remarks. Thank you, and over to you, sir.
Thank you, [indiscernible]. Good afternoon to everyone here. I extend my warmest greetings to everyone joining us on this conference call to review our Q2 [indiscernible] FY '24 results. If you are [ happy ] [indiscernible] to everyone on this call.
Before we proceed, I would like to share some insight about the industry and business highlights. After which, Mr. V. Balaji will provide an overview of the financial performance. To begin with, I will take you through the industry overview, followed by our [ position-based ] performance.
The recent analysis [indiscernible] the Indian [ explained ] in the present market will achieve the comp annual growth rate of 10%, reaching a market size of $350 billion by 2030. Concurrently, the global apparel market is resisted to experience an approximate 8% CAGR, expanding to $2.37 trillion by 2030. These growth projections underscores a significant potential in our industry.
Moreover, the Indian government export demand may see and upstream this various macroeconomic developments. To extent, Bangladesh is considering a way to take off approximately 35% to 40%. Now we are demanding [indiscernible] years ago 55% of [indiscernible] due to high inflation, the potentially [ creating ] an opportunity to apparel players in India. This presents -- we have significant opportunity for us to capture a larger share of the global market.
Additionally, ongoing discussions about [ frustrate ] agreements and China [indiscernible] strategy are expected to play a critical role in shaping the dynamics of the apparel industry. We can observe a decline in India exports primarily due to reduced demand from international retailers who were [indiscernible] destock excess inventory.
Furthermore, the demand in the U.K. and European market were affected by discrete purchasing [ crores ], mainly due to [ railways ], interest rates and other inflationary factors. These external factors, which create [indiscernible] for our business but despite the talented cost, our performance during the second quarter of FY '24 remained relatively steady. One [ cost ] aspect worth noting is that [indiscernible], we currently have a backlog of orders that expense until February [ 2024 ]. This indicates [ discussed ] our customers have in our products and the robust demand that underline our business. We anticipate improved demand in the second half of the year as economic conditions are expected to stabilize.
With regards to the company's divisional performances. During [ division ] -- During the quarter, our segment witnessed the recovery on [indiscernible] [ same period ] last year. The margin for payment segments have stabilized largely on account of decreasing cotton prices. We had great [indiscernible] in this segments and [ delay ] to continue this trend in coming quarters, as confident that the strength of improved performance [indiscernible] purchased in the coming quarters as well.
With regards to garmenting division, our garmenting division experienced a relatively stable performance during the quarter. [indiscernible] per unit price realization of [ bonus ] has had an impact on the segment's overall revenue. However, we are diversifying by entering the manufacturing of ladies and men's wear where the unit prices are better and is expected to enhance the [ variations ] in the future. As of now, our order book stands at least INR 410 crores, representing year-on-year growth of around 20% and we have orders booked until [ February '24 ].
In Q2 FY '24, our quarterly revenue amounted to [ replace ] [ INR 246.1 ] crores compared to [indiscernible] [ FY '23 ]. We exported a total of 15.4 million pieces during the quarter, the adjusted EBITDA for our garment segment in Q2 FY '24, we [ released ] [indiscernible] EBITDA margin standing at 19.7%.
Our utilization level has improved, ranging from 72% in Q2 FY '23 to 76% in Q2 '24 primarily due to increased [indiscernible] and [ internet soft ] [indiscernible]. We have also initiated two ships operations in a few factories during the [ process ] and plan to extend to two more factories by December. Our goal is to have about 6 to 7 factories operating on a [indiscernible] basis by March 2024.
Initially, we are in [indiscernible] phase of the construction of our new factory at [indiscernible], which is expected to be operational by August '24. Furthermore, I would like to highlight that the [indiscernible] systems has increased between [ 0.5% to 0.7% ], our shipments starting from downward [indiscernible] [ up ] 2024. [indiscernible]
Regarding our [ sale ] and car subsidiary, we are making satisfactory progress and are engaged in discussions with various customers to the [ posting ] outlook for the future.
With regards to our S.P. U.K. division. Regarding our business in the U.K. recently [ undercut ] change. We are relocating our office from [indiscernible] to London with strategic move resulted in a 6 to 8 months of transitional period for the business, [indiscernible]. The quarterly revenue for S.P. U.K. amounted to GDP 1.4 million in contrast to GDP 2.1 million in the corresponding period last year. We are optimistic about our ability to onboard the additional [Audio Gap] 2024 and anticipate strong performance from this division in the coming years to come.
With regards to the retail division, [ concludes ] on FY '24, [indiscernible] interest reported revenue of [ INR 37.6 ] crores and an EBITDA loss of INR 1.19 crores for this quarter. [indiscernible] the [ oil brand ] continues to be profitable, the recent interaction of new brands, along with the associated [indiscernible] has had an impact on our profit margin.
Our regional division is currently undergoing a consolidation phase, particularly as we focus on stimulating new licenses and the brands. The oral outlook [indiscernible] processing landscape driven by key national economic factors such as China Plus One strategy, [ mission of duty ] and taxes on [ import ] [indiscernible] at the production rate incentive [indiscernible] similar to demand. However, recent developments in Bangladesh success expected increase in lower cost and versus [ enters ] impacting the industry [ published ] retailers to shift their focus away from Bangladesh and India is one of the way of entering into [indiscernible]. And this combined with other factors will position India as a strong [indiscernible] [ exportation ].
Within [ SG&A ], advanced operating leverage will make a significant contribution to the company's revenue. We ended up achieving utilization rate of approximately 90% by March 2024 compared with EBITDA margin of around 18% for the entire year. For [indiscernible] division our primary focus is on securing substantial orders from a major European player which has a potential to suspend [indiscernible] the division growth.
We have strong confidence in the [indiscernible] performance, and we are also keeping a keen eye on our retail operations as they will be critical in our strategy [ come the coming years ]. We are confident that these favorable macroeconomic trends are now [ with the ] commitment for improved operational efficiency will serve as the foundation for the company's future growth and profitability. Thank you. and also Balaji, our CFO.
Good afternoon, everybody. One greetings to you all.
Sorry to interrupt. Sir, your audio is sounding very low.
Is it [indiscernible] now?
So slightly. It's [ coming ] very distant.
So I will just brief you over the financial performance of the company. Consolidated revenue for the quarter stood at [ INR 83.87 ] crores as against INR 242 crores [indiscernible] quarters with a growth of 18 percentage. Consolidated adjusted revenue of INR 530 crores for the first half versus INR 567 crores year-on-year.
Adjusted EBITDA stood at [ INR 45 ] crores for the quarter and at INR 35 crores quarter-on-quarter. And adjusted EBITDA stood at INR 80 crores for the first half [indiscernible] [ over the INR 80 ] crores year-on-year. As for the quarter [indiscernible] [ INR 89 crores ] for the [ last ] quarter was INR 15 crores quarter-on-quarter. [ SPUK ] stood at INR 42 crores for the current quarter versus INR 48 crores year-on-year. EPS stood at INR 11.4 crores for the quarter versus [ INR 5.9 ] quarter-on-quarter.
I'll brief you about the [ gas continues ] performance. Adjusted revenues stood at INR 246 crores for the current quarter versus INR 212 crores quarter-on-quarter. Adjusted revenue stood at INR 458 for the first half versus INR 500 crores year-on-year. Adjusted EBITDA stood at INR 48 crores for the coming quarter versus [ INR 40 ] crores quarter-on-quarter. [ As per ] EBITDA stood at INR 88 crores for the most half and [ INR 82 ]crores year-on-year. [indiscernible] stood at INR 33 crores for the current quarter versus [ INR 82 ] crores quarter-on-quarter. [indiscernible] at INR 55 crores for the first half was INR [ 52 crores ] year-on-year.
On the retail performance, revenue stood at [ INR 816 ] crores year-on-year and EBITDA stood at INR 1.1 crores as against a loss of [ INR 70 lahks ] toward year-on-year [ basis ]. SP U.K. revenue stood at GDP 1.4 million versus GDP 2.1 million, which has come down for the current quarter. After [indiscernible] positive EBITDA of GDP 100,000, we have made a loss of GDP 90,000 for the current quarter.
On the debt position, I would say that we have a gross debt of [ INR 160 crores ] on a standalone basis and on a net debt, we have INR 90 crores on a standalone basis. Our inventory level at INR 247 crores on a stand-alone basis, receivables at INR 91 crores on a stand-alone basis. [indiscernible] will add INR 62 crores on a stand-alone basis.
Our working capital cycle has increased due to the receivables [ of ] retailers, majorly due to increase in interest cost in U.K., where we are not disposing the [indiscernible] in our customers in U.K. Other information are available in the presentation. We can do the question and answer portion.
Should we open up for questions? Hello?
Yes.
[Operator Instructions] The first question is from the line of Aman from Carnelian Capital.
Thank you for the [indiscernible] excellent [indiscernible] margins we have delivered on the [indiscernible] [ catering ] to see the Q-on-Q improvement. So just wanted to understand what the [indiscernible] improvement in market.
Sorry to interrupt Mr. Aman. There's a lot of disturbance from your line.
Is it better now?
Much better, please proceed.
So my question was on the garment margins, like [ it is very exerting ] to see the Q-on-Q improvement in garment margins, but what has led to the [indiscernible] improvement? Because when I see financials of some of the years, they have not reported any improvement in margins, but we have improved our garment margins a lot. So if you can talk about that a bit.
Aman, you are talking about the improvement in the garment [ motion ], which includes the delivery also. For the current year, I think our preliminary plan is being placed earlier and we are not having any issues. Honestly, we are [ cotton stress ] was one [indiscernible] better this year. So that's why our margins have also improved.
Moreover, the pressure on the loan is not there. The [indiscernible] projects are corrected comparing last year. So we are meeting the EBITDA margins, whatever we plan with [indiscernible].
Great. So sir, can we expect similar kind of margins to continue for the next few quarters also like given how the [ yarn ] prices have basically moderated right now?
Yes, we always give you the [ daily ] line of always between [ 18 to 20 ], which we are able to so far [ 19 ] except for one quarter I think. Otherwise, on an average, we are able to maintain [ 80% to 20% ]. That's the [ gray ] line we are in because sometimes the policy might change sometimes the raw materials will go up or go down. The recession in the retail international market and exchange rate, there are so many variables. So in spite all these variable things, we are able to maintain [ 18 to 19 ]. Sometimes there are some advances, sometimes there are disadvantages. So we are able to balance both.
Understood. Sir, same question what was on the order book, like how much order book we would have right now? And also the realization for fees for that order book is [indiscernible]?
Our book [indiscernible] explain the [indiscernible] marks, the order books [indiscernible] crores. On the realization for fees on the order book should be close to [ 122 ] [indiscernible].
[indiscernible] subsidiary, right? We've been talking about this expansion on the Sri Lanka side. So if we can share any more updates like discussions with clients. Have we located the factories you might want to tie up [indiscernible] track manufacturing. So any update on that [ rate ], sir?
I think in your opening remarks is specifically that there is good amount of discussions that all happened with these retailers. And we are waiting for the retailers to start giving clearance in terms of factories. Those factories need to be audited and it needs to be completed [indiscernible].
Yes, 3 customers have shown interest [indiscernible] we have to undergo the procedure so the first thing that comes [indiscernible] and some sample development, [indiscernible] quality testing, and then they'll look for the company [indiscernible] [ factory ] and on again, they'll start placing the orders. So in principle, 3 customers have upgraded for the [ 3-month operation ]. So it's a matter of time til next timetable 2 to 3 months time probably by [ March ] [indiscernible] [ staff ].
The next question was on the retail side. So like we have seen some improvement in the EBITDA margins this time, right? So would it be possible to share the EBITDA profits we are making in [indiscernible] business and the losses you are taking from the new brands like that would give a very good idea to us that how the transition is basically happening in the newer brands, if that is possible.
Yes. [ Maybe ] going forward, we will include a slide on retail, [indiscernible] breakup on the contribution, sales and EBITDA contribution brand ways.
Yes, got it. And sir, last question was on the operations like we were trying to get into Google and [indiscernible] by looking for some factory near Bangalore or [indiscernible]. So like how are we progressing on that side? And like any update if they can share on that, sir?
[indiscernible] is still under the location, and we are looking for [ appreciation ] for the [indiscernible], we had some alternate plans also which should be -- we will be able to give a firm information in the month of April '24.
Understood, sir. And this will be mainly for the [Audio Gap]?
Sorry, can you come back again?
So both environments will be for the existing clients only or like are we looking to add new clients for [indiscernible]?
Existing clients only and [indiscernible], we will also take their customers as well.
The next question is from the line of Rehan from Equity Capital.
So first question would be on SP U.K. division. I mean any reason you see the decline year-on-year in operational revenue as well as EBITDA front? Any specific reason you guys feel the same?
Yes same. As I have been mentioning in the past quarter as well, there has been a major strategic change we are doing, it's a location is strategically is wanting us to move from [indiscernible] to London. The SP U.K. office used to operate from [indiscernible] where the customers were finding it difficult to visit them because the accessibility has been a problem. So we have [ shifted ] about a few months back to London, and now we are -- until then, we have not been able to book concrete businesses. And also the entire team, we are adding more new people [indiscernible] transferring some of the people from [indiscernible] also. So now the [indiscernible] has increased, and now our customers are very clear about what we are now doing, and we are very happy about the strategic location now, this is one point.
And another point, our main customer, key customer of SPUK we know there is a recession [indiscernible] because of the European [ efficient ] market due to less disposable income so that the retailers are sitting in a huge stock. That is -- so even the orders, which are supposed to be released last month was not happening because they are waiting for the stock to reduce, that is another reason. But going forward, having now seen FY '24, '25 is going to be -- I think we will be back on track, and we are having -- we are budgeting a very attractive number and we're adding another 3 more new customers. So I'm very confident that business model will have a great future.
Second question will be on your yarn business. Could you tell us more about it and the performance this quarter?
Yarn business. [indiscernible], last year, there was a huge loss due to increase in the current price and the derivation of the on price was very low. So it was not even the realization was not even to the level of cost of cotton. So there was a [indiscernible] gross building the last quarter and gradually now the cotton prices have come down and the on price is [ circulating ].
So this quarter, we have been able to maintain the breakeven level. So that is the reason why yarn division, [ spinning ] division is not making losses now. But slowly, I think EBITDA is becoming double-digit EBITDA slowly. And I'm sure this will continue for [indiscernible]. The good point is it will not pull down the profit of other divisions.
The next question is from the line of Prerna Jhunjhunwala.
Hi. Am I audible now?
Yes.
Sir, I just wanted to understand the customers in the U.S. and how you are improving your revenue mix there?
So now as we have been always mentioning, giving the orders, getting the business, getting the customers, it's not a big challenge as much as getting the workforce. That has been the challenges for [indiscernible] all this time. And as I mentioned last couple also, we have been able to turn around the manpower challenges. And that is one of the reasons why we are even going for [ 2 ships in ] to come out of the factories, which makes for a very clear message that we have been able to manage the complete [indiscernible] workforce.
So in our business, in terms of [ SPF ] businesses, the more of the capacity, the more the business. Because for us, the customers are very strong for us and only the capacity has been a challenge. Now we are going to [ inflate ] it, and I think year-on-year, the capacity will grow by 15%, 20% from [indiscernible].
So we have got [ one ] U.S. customer [ yesterday ] so we can increase on customers only when we have sufficient capacity.
Srilanka facility when [indiscernible]
Sri Lanka will [ gain ] additional business for the company because under the [indiscernible] factory businesses but that has nothing to do with the American customers because it is a [ duty free ] country to Europe and the U.K.
Our customers are all from Europe and the U.K., and we have already spoken to them. So they are showing their interest for basic commodities to the U.K. factories. So that's going in additional business from our existing customers.
Okay. And the product mix will remain similar or?
The product mix will increase. We will be doing some of the [indiscernible] and the other government out of state and [indiscernible]
Okay. And sir, what will be the contribution of men's and lady's were today in your revenue share?
Today it's early 2%. It's only 2% now. And we [indiscernible] over a period of time, over a period of years, we are planning at least 10%.
Okay. Understood. And will there be any change in your debt profile given that you are expanding capacity and also looking at working capital requirements would increase going forward? Do you expect the debt to remain around current levels? Or do you see a substantial increase [indiscernible]?
We don't see any substantial increase in the debt profile line. I think we were moving towards a debt-free company. Our long term [indiscernible] close to only around [ INR 4 crores, INR 5 crores ] as of today. On the working [indiscernible] could be some increase in working capital requirements just because we are [indiscernible] capacity. I mean the [indiscernible] in line with the -- we'll also have the current approvals coming in. So I don't think there will be a big change in the [indiscernible].
The next question is from the line of [ Hemang Kotaria from Anvil ].
Right now, our utilize [indiscernible].
Sorry to interrupt Mr. Kotaria. Sir, can you speak a bit louder?
Hello. Am I audible?
Yes, sir, please proceed.
Yes. So right now, the factory is running at 76% utilization for the second quarter, and we are targeting 90% by fourth quarter, right?
At the end of March.
Sorry?
[indiscernible] '24, yes.
Okay. So the effective capacity of the company is what, [ 19 million ] basis per quarter?
We don't -- we have 5,000 issues as of today. And today, currently, I mean, not about Q2 current utilization has gone up and we have 82%, 83% as of today. So that's about -- we will definitely reach 90% by March.
Roughly in first quarter, 19 million pieces.
Sorry?
Fourth quarter, roughly [ 19 million pieces ].
[ 90. Not 19? ]
Yes, [ INR 1595 crores ].
Okay. Out of that by March, we will be able to reject 90% on the month of March, right? Okay.
And sir, on the [ spending ] side, so how is the cotton yarn situation right now? And the improvement in margin in the current quarter, mainly because of the improvement in the cotton yarn scenario or [ is this ] last quarter, that is first quarter or still there is some benefit will have to [ kick ] in for the coming quarters on the yarn side?
In terms of the quarter of the yarn spreads, I think comparing year-on-year to [ spread stock ] coming up, [indiscernible] right now. But if you look at quarter-on-quarter [indiscernible] improved in terms of the spread between [indiscernible] we are. But -- these both cotton and yarn are market-driven, we cannot have control over it, we cannot just give you how it can improve over next 2, 3 quarters. But [indiscernible] seen that going forward, that should not pulled down the overall margins.
We expect the EBITDA to be double digit.
Okay, right. And sir, what is the CapEx for the current year and next year?
Currently, we are looking at around -- we have already this close to [ INR 30 crores, INR 40 crores ] into the hospital facilities, which we have already planned, maybe under INR 10 crores towards the end of the year. So we are moving, I'm guessing [indiscernible] talking about 90% utilization and the second shift in the 6, 7 factories. We may have to invest more into the [indiscernible] facility. But maybe next financial year, we will do the project.
Okay. so this financially would be INR 50 crores for the full year and next probably?
[indiscernible] It would be [ INR 50 crores ] earlier. Yes.
Okay. And with INR 50 crores, we can -- it will increase our capacity by 10% to 15% every year if we want to?
Yes.
And sir, how is the situation on the getting the employment because I think we are kind of industry that requires a lot of female employees. So how you do -- how you get the first of the employees and how you train and how much time it will take to train them and get on more [ digitally ]?
[indiscernible] Yes.
How to train the [indiscernible]?
How much time it will take to train the employees and get on board?
Mostly, we get the employees from the preliminary institution across India, and we hear them out 2 days of intensive training, and then we will place them on the job and it will take about 30 days for them to reach a reasonable efficiency. So which means that there will be -- they'll leave it for production with a reasonable efficiency up, say, after 2 months of the recruitment of the work.
Okay. And [ our ] ability is not an issue, right?
That's not -- so far no.
The next question is from the line of Shital Keswani from Sriram Mutual.
Sir, I just wanted to understand how are we planning to expand the SPUK business? At what type of growth can this business be?
We have done all the shifting, everything from [indiscernible] to London. So now it's all up and running now, it's not an issue. But unfortunately, because of the recession in the U.K. and the European countries. So there is a little bit delay in getting the orders. But all still and then we have already spoken to all the registering one customer and another three customers. The order booking starts from end of [ November for December ] for the next [indiscernible] '24 will be a best-at definitely the new numbers because we are going to have four new customers, the big [indiscernible] U.K. and Europe. And we are very confident in all [indiscernible].
Okay. So sir, then we expect '25 and '26 to be stronger than '24 in that case?
Yes. '24, '25 will be back on track and '25, '26 will be much stronger.
Much stronger. Okay. sir, I just wanted to understand your outlook on the garment business. [indiscernible] the next one to two years.
The India [indiscernible] very -- the most preferred country globally because of China was reason they don't -- [ FDA ] will anticipate the rates are getting prepared for leveraging the orders to India, anticipating [indiscernible] any time and the [ bundalization ] as [indiscernible] the retailers to manage a certain level. And the cost of the labor is going to go up by 50%, negotiations going up on the labor costs. And even in [indiscernible] is also like -- they are also [indiscernible] very much business. So we stand to get here and today the most preferred vendors in India. So India in the next 2 to 3 years, we are very strong with [indiscernible] inflow of orders. And mobilization is I think most of the companies have been able to manage those challenges. And the raw materials are under control, there is no issue about this. And all the other ancillary [indiscernible] I think all big factories are ready and the [indiscernible] all the customers are happy to work with India [indiscernible] So there is a good opportunity for India in the next 3, 4 years.
Okay. Got it. So then since we are getting fortunately over [ and above ] Srilanka and Bangladesh, are we adding any new customers in the garment division?
Yes, of course, we are going to add one -- [indiscernible] we have resumed other new customers, those customers whom we used to do the business because of the capacity issues, we had to [ dequip ] them to give us a break and now we have [indiscernible] because of our capacity that is grown up.
So one customer has come back, they have already started the business [ right now ]. And there are going to be 1 or 2 new customers coming for SPUK business. And for SP Apparels, [indiscernible] we are planning one more [ year to day ] and one of the existing customer [indiscernible] they want to divert everything from other center to India. So [indiscernible] and other 3 customers.
Okay. Sir, incrementally, could you just quantify then how much will that help us grow the garment division?
It's still the early stage. I think -- overall 20% [indiscernible].
Overall, 20% will be the incremental. Was there any geographical new customers are we adding? Or is that the one part of the SPUK that you mentioned. I think [indiscernible] are we getting orders from what the Srilanka and Bangladesh would have gotten since India has got opportunity now, have you seen from anywhere else?
[indiscernible] Was talking about the customers from U.S. So we will always [indiscernible] compensation with geographic [indiscernible].
The next question is from the line of Akshay from JHP.
Sir, what would be the capital employed in each of the segments?
The total capital employed would be posted around INR [ 1,800 ] crores. And if you look at [indiscernible] we are still on INR 600 crores and under costs and INR 78 crores with [indiscernible] with the rest of the retail and the [indiscernible].
Okay. Yes, I got it. Sir, when do we plan to list SPUK Ventures because currently, it is loss-making. So in the annual report, you have mentioned that we will be able to raise capital and get listed as a company on its own.
Ultimately, we are testing for [indiscernible] retail [indiscernible] company is to raise capital in the company and listed [indiscernible]. So maybe once we target long and start doing consistently of the margins. Then the [indiscernible] investor or a strategic partner and then tries to look [indiscernible].
So we are [ standing ] for a [ few more years ] where we consistently mentioned the performance is [indiscernible] and then try to get listed by FY '26.
Okay. So on the children's garment side, who would be our competitors to the big names like [indiscernible] also there in the children segment?
That's very difficult to talk about that because everyone is doing more other products. So [indiscernible] customers more or less [indiscernible] say it's open competition. But with all our customers, we are #1 in the past. That's all I can talk about. But the other competition, I cannot comment on that.
Okay. Because as I see in presentation, there seems to be -- you have written that there is some entry barrier, which is associated when we go in the child segment. So just wanted to ask on that front, whether it's.
It's still true that is still correct, the statement. So that is the reason why we are #1 with all our existing customers. We are the #1 [indiscernible]. But there are always certain products which we cannot do. So those [indiscernible].
Thank you. Ladies and gentlemen, that is the last question. I now hand the conference over to the management for the closing comments.
Thank you. I'm sure we have been able to satisfy everyone's questions and if there is still anything to be clarified or not clear about the action, [ we would please ] call any of us who is from the management side, and we'll have to share the information and wish you all again. Happy [indiscernible], and thank you.
Thank you. Ladies and gentlemen, on behalf of Elara Securities Private Limited, that concludes this conference call. We thank you for joining us, and you may now disconnect your lines. Thank you.