Control Print Ltd
NSE:CONTROLPR
| US |
|
Johnson & Johnson
NYSE:JNJ
|
Pharmaceuticals
|
| US |
|
Estee Lauder Companies Inc
NYSE:EL
|
Consumer products
|
| US |
|
Exxon Mobil Corp
NYSE:XOM
|
Energy
|
| US |
|
Church & Dwight Co Inc
NYSE:CHD
|
Consumer products
|
| US |
|
Pfizer Inc
NYSE:PFE
|
Pharmaceuticals
|
| US |
|
American Express Co
NYSE:AXP
|
Financial Services
|
| US |
|
Nike Inc
NYSE:NKE
|
Textiles, Apparel & Luxury Goods
|
| US |
|
Visa Inc
NYSE:V
|
Technology
|
| CN |
|
Alibaba Group Holding Ltd
NYSE:BABA
|
Retail
|
| US |
|
3M Co
NYSE:MMM
|
Industrial Conglomerates
|
| US |
|
JPMorgan Chase & Co
NYSE:JPM
|
Banking
|
| US |
|
Coca-Cola Co
NYSE:KO
|
Beverages
|
| US |
|
Target Corp
NYSE:TGT
|
Retail
|
| US |
|
Walt Disney Co
NYSE:DIS
|
Media
|
| US |
|
Mueller Industries Inc
NYSE:MLI
|
Machinery
|
| US |
|
PayPal Holdings Inc
NASDAQ:PYPL
|
Technology
|
If you don’t study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards.
Utilize notes to systematically review your investment decisions. By reflecting on past outcomes, you can discern effective strategies and identify those that underperformed. This continuous feedback loop enables you to adapt and refine your approach, optimizing for future success.
Each note serves as a learning point, offering insights into your decision-making processes. Over time, you'll accumulate a personalized database of knowledge, enhancing your ability to make informed decisions quickly and effectively.
With a comprehensive record of your investment history at your fingertips, you can compare current opportunities against past experiences. This not only bolsters your confidence but also ensures that each decision is grounded in a well-documented rationale.
Do you really want to delete this note?
This action cannot be undone.
| 52 Week Range |
681.45
1 057.9
|
| Price Target |
|
We'll email you a reminder when the closing price reaches INR.
Choose the stock you wish to monitor with a price alert.
|
|
Johnson & Johnson
NYSE:JNJ
|
US |
|
|
Estee Lauder Companies Inc
NYSE:EL
|
US |
|
|
Exxon Mobil Corp
NYSE:XOM
|
US |
|
|
Church & Dwight Co Inc
NYSE:CHD
|
US |
|
|
Pfizer Inc
NYSE:PFE
|
US |
|
|
American Express Co
NYSE:AXP
|
US |
|
|
Nike Inc
NYSE:NKE
|
US |
|
|
Visa Inc
NYSE:V
|
US |
|
|
Alibaba Group Holding Ltd
NYSE:BABA
|
CN |
|
|
3M Co
NYSE:MMM
|
US |
|
|
JPMorgan Chase & Co
NYSE:JPM
|
US |
|
|
Coca-Cola Co
NYSE:KO
|
US |
|
|
Target Corp
NYSE:TGT
|
US |
|
|
Walt Disney Co
NYSE:DIS
|
US |
|
|
Mueller Industries Inc
NYSE:MLI
|
US |
|
|
PayPal Holdings Inc
NASDAQ:PYPL
|
US |
This alert will be permanently deleted.
Control Print Ltd
You don't have any saved screeners yet
Ladies and gentlemen, good day, and welcome to Control Print Limited Investor Call for Results Discussion of 1Q FY '24 Conference Call, hosted by Asia Market Securities Limited.This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. The statements are not guarantee for future performance and involve risks and uncertainties that are difficult to predict. Actual results may differ from [indiscernible], projection, et cetera, wherever expressed or implied. Participants are requested to express caution while referring to such statements and remarks. [Operator Instructions] Please note that this conference is being recorded.I now hand the conference over to Mr. Karan Bhatelia from Asia Market Securities Limited. Thank you, and over to you, sir.
Hi, all. Very good afternoon, and welcome on to the Control Print Limited 1Q FY '24 Earnings Conference Call hosted by Asian Market Securities Private Limited.From the management side, we have with us Mr. Shiva Kabra, Joint Managing Director; and Mr. Jaideep Barve, CFO. Now I would like to hand over this call to Jaideep Sir for his opening remarks following that we will open up for floor for Q&A. Over to you, Jaideep. Thank you.
Yes, hi. Good evening, everybody. I'm Jaideep Barve, the CFO of Control Print Limited. Welcome, everybody, to the earnings conference call for the first quarter of the financial year '23-'24. We appreciate that you have taken out time from your busy schedule to attend to this call.Mr. Shiva Kabra, the Joint Managing Director of Control Print Limited also joins me on this call. The detailed presentation has already been put up on the website as well as in the Investor Presentation notification on the exchanges for this call. So I would imagine that all the people who are on the call would have gone through presentation. So we are open for the Q&A at the moment.
Yes, start the Q&A session.
Yes.
Operator, please announce.
[Operator Instructions] The first question is from the line of Naysar Parikh from Native Capital.
The first one was on the new initiatives that we have. So can you just talk about Markprint, [ track and trace ] as well as the packaging JV, [indiscernible] what is the update and status on that? That would be helpful.
Let me answer this question for us. So the first thing is on the update for Markprint. Markprint BV was a company which we have acquired in the mid of 2022. And as such, what we are going to do is that we have reported the machines over here, we are studying the technology. And in the due course of time we will be able to launch their machines, their technology in the domestic [indiscernible] market. So that's the current status of Markprint. We have also begun work on the Track and Trace. So Track and Trace is a feature or functionality which has actually been mandated by the Board for the Pharmaceutical division and about 300 [indiscernible] companies have been mandated to use the Track and Trace mechanism for the packing. Currently, we are in the [indiscernible] doing the development for a large pharmaceutical company in India. And hopefully, we'll be able to build upon that, capitalize on the current opportunity and spread our wings in the domestic market. Regarding the packaging company, we have already entered into a JV with V Shapes SRL way back in December. In [indiscernible] to the JV, we have incorporated a private [indiscernible] company in March 2023. Currently, as of now, nothing much is happening, we are just waiting for the clearances from the overseas investors. And once we are like having all the clearance from them, so we'll begin the operations over here. So we intend to manufacture and sell those single-dose single-pack deliverables, what would come out of the machine. So as of now there is nothing much to share about the packaging division.
[Indiscernible] what would be the revenue for the quarter?
Can you just repeat the question you had told now?
Sorry, I was asking what would be the revenue for the quarter for Markprint?
You want it in rupees or what it in euros? I'll tell you in rupees, it's about INR 2.35 crores.
Yes, got it, got it. And my second question was that you've spoken about dairy and that the traction that you were getting on the dairy side. So can you just talk a bit about that? Like what kind of clients do you have there or any of the larger players in your plans? And what is the traction that you're seeing? And also any other sectors or segments that you're seeing traction in?
Yes. So we do not…
I'll try to answer that question.
So definitely we've seen a good amount of -- or at least increased our size of the [indiscernible] in dairy, so that business has grown, and that has -- that sectoral focus has helped us in that specific space. As you know, obviously we can't share specific clients, but largely we obviously work with some of the biggest dairies in India. [Indiscernible] of the largest ones, [indiscernible] largely in India. And we do have some of the big ones also. But of course it's something that [indiscernible] we are increasing our share, and we have [indiscernible] and we're definitely trying to also work on some more targeted applications we can get an edge and we actually do have a technology edge in some applications over our competitors. So I think that, that segment is also going to keep growing because there's a small increase in [indiscernible] packaged milk products like [indiscernible] all types of derivatives like ice creams and what not from milk. So that's worked out quite well for us. And we [indiscernible] a fair amount of references. So I wouldn't say we are the leader in that sector as yet, but we definitely come to like maybe a pretty good stage.
Got it. And Shiva, which other sectors are you seeing some traction in terms of performance, either printer sales or consumable sales?
Yes. Overall, I think it seems, frankly, like a good market in the last year in a bit. Obviously we've always had our strength in the industrial segment. So the overall ratio between industrial and packages are not same because maybe that -- those sectors are more cyclical because the industrial sectors are based around building materials. And right now I think [indiscernible] housing is doing okay. So I'm not a big macro India economy type expert, but I think the overall housing sector seems to be doing okay which means someone buys a house, they don't need cables, they don't need lights, they can need pipes, the don't need paints, they don't need wood like plywood or MDF or almost whatever to make furniture or even if they buy furniture. So we print [indiscernible] types of materials. So that's been a good driver for us. But at the same time, I think our focused effort in 2, 3 sectors, like in pharmaceuticals, like I said, we have a focused approach. We've got some traction. Again, we are focusing more on the track and trace. And like I said, Jaideep, you also asked that question earlier. So I think like whether it's [indiscernible] print, it's something that we are [indiscernible] trying to use that to upgrade some of our printers, some of their printers you sell as is, in specific segments. So that's still a work-in-progress. [Indiscernible] benefits of that frankly speaking so far. It's also a little bit slow from our side. So I'm not saying anything to anyone. We've had a lot of other projects going on and we have a limited amount of resources on the development side. The second thing is also as far as the tracking [indiscernible]. And we have some orders in hand but you should like to execute them. So there's no billing on that side as yet like in a large way. Of course, we've supplied some systems in the past, but now at the next level in the pharmaceuticals that's still working. Or it's still -- you can see like a negligible revenue contributors yet, but it's something we're expecting to build up over a period of time. And that's the second potential or thing that can happen. And of course, the third area, which is the packaging is something that we are working with V Shapes. [Indiscernible] longer and more difficult process because especially the materials that we supply are a -- there was an issue because to import them from Italy was frankly too expensive for the domestic market. So we've been working on a couple of guys out here to help develop a local source for the materials, which will be significantly cheaper than importing it from Italy. And that should hopefully not only get the cost down, but decrease the turnaround time because obviously it will be printed with some material and then to get something from there it's a cumbersome process because it's months. And then in the meantime if any information changes on the pack, then it's not possible to coordinate. So because of all those, 3 things, those are like still what I'd say future sectors and the gain in the future it wouldn't be like nuclear fusion. That shall always be the power source of the future but like, yes, we are still -- I think for it to be honestly contributing to the top line and the bottom line meaningfully we are like about 12 months away from that is what I will. Like that's a very minimum. But it meaningful. We'll see something coming in, but for it to be meaningful let's take it as 12 months at least. Now and getting back, like I said, our sectors, we've got a good growth overall. In personal care we are very strong. We have actually increased our market share there further. But in food, still we are the smallest of the 4, the big 4 and of course that's the biggest market in India. So that's been a problematic pace for us. But we picked up a bit of share in [indiscernible]. We have picked up a little bit of share in dairy, of course in dairy we actually picked up a good amount of share. And in pharmaceutical, we are getting some traction, but we [indiscernible] real sales. So that's the overall picture. But so like on the packaging side, we're increasing the types of projects we're doing, we're definitely doing very well in personal care, which we're already doing well in before. We further increased that part of the business. And in food, we're getting some benefit and especially [indiscernible] led by dairy in Bakery. But yes, I would say like this will [indiscernible] weakest in that specific industry, not the biggest industry. So that's where we will need to look at in the future. But we've got our pockets of strength in the business.
Got it. No, that's very helpful. Just one last question. This quarter, how many printers did we sell? Last year, it was 3,200 or something which we sold in the full year. So it seems like on a quarterly run rate basis we are like kind of lower than what we did last year.
Yes. We sold about 650 printers this quarter. And versus last year Q1, that would be -- it was a higher number, I mean, close to about 775.
So what would be the reason for the decline?
So, yes, I'll just [indiscernible], we are having some technical problems right now with some of our printers, with one of our printers [indiscernible] so that's slightly lower in production because we switched models from the previous model to the current model. Now we don't have certain electronics for the previous model, it's taken some time for the delivery. And we have some orders which we are not able to execute as a result. And we have sufficient stock of the newer printer. We see a lot of customers, they go slower because something is only qualified on the previous print or we have to test each and everything it takes months like to be checked for stability. We are having some more technical issues in the newer print we still trying to resolve and we're working on it very actively. And so there's some stuff like that. But also the other big factor that happened is, we have a limited resources and manpower. So what we did do was we asked that for all our -- so what happens is a lot of sales guys, they tend to make sales to a lot of [indiscernible] accounts. And that takes a lot of time and energy. But what we've been doing is because we have a limited amount of resources available, we want to focus on the [ C&V ] accounts specially only with our inside sales team [indiscernible] and they generate the inquiries. And we don't want to sign more than one sales call for the printer sales to our sales of the actual sales person. So that's the basic idea. And obviously, so it's obviously like there is a little bit of [indiscernible] there because we're getting better quality of sales. And because we're getting more in the A-plus category of customers, which is our main target market definitely we're slightly struggling in the [ CMD ] because it's still not so easy to sell over the phone [ VC ] and set up 90% -- 80% of the work before the guy goes to finalize the thing. So that's where the issue is. Obviously, this is something that's also like an issue with our own sales team because they feel like [indiscernible]. But this is what we have to do with what we have.
So, I think decline is like volume terms greater than 15%. So I just want to like understand that. Because of technical issues we will be losing market share or because the market is definitely growing and we are declining, so --
So I can't --
-- continuing in your view or like in this [indiscernible] 1.5 months in July, August, do you think we are over that and we are seeing growth year-on-year.
I mean I think that we're not losing any market share meaningfully if that's what your concern is of our momentum. As of right now, I can only say for the first 3 months and the middle part of July that went by. So I don't mean meaningfully we've lost any market share or we're losing any customers. In fact, we're getting I think some good key customers. Like I said, there has been a change in sales strategy. So it's not possible for us to be recruiting so many sales and service engineers and [indiscernible] a lot of small customers who have marginal revenues although that is very important for the numbers. And that's been a major change of our strategy in the last 6 to 8 months. So that has led to like a sort of decline of, relatively speaking, lower value or lower value sales of printers. Second, the mix, which we have not disclosed exactly between different types of printers. So like I said, the thermal inkjet or something has a relatively lower value for printer of the type of revenue we get. Inkjet printers have a relatively higher value. So there are different types of printers. But I think that the sales cycle, if someone asked me, is reasonably good overall. Like I mean not -- as of right now it's not [indiscernible] mistake by changing our strategy WE'VE got to go back and target all the smaller customers when they talk to number. I wouldn't say that. Then of course the technical [indiscernible] these are things in our business that they just keep coming in like it's one of those things we just have to deal with.
The next question is from the line of [ Tanika Aggarwal ] from [ Green Portfolio ].
Sir, I have a couple of questions. Like I was going through the presentation [indiscernible] this morning. And the company has maintained or moving forward of way of new product launches and you know also through the organic and inorganic tools. So if you can [indiscernible] a bit on this.
[indiscernible].
Yes. I was saying that the company has mentioned in the presentation about moving forward by way of new product launches and also following the organic or inorganic [indiscernible]. So if you can talk about this in brief.
Okay. So the organic route is quite simple. I think we've said it in some past calls that we believe the market is going to grow at about 1.5x GDP. That's the [indiscernible]. So it will be about $5,000 to $6,000 per capita. So if India is doing a 6%, 7%, the market is going to grow by 9%, 11% approximately. Beyond that, what we've grown our [indiscernible] business is going to depend on our performance compared to our competitors. And obviously that's -- so that's down to what sort of products we are focusing on, our sales strategy, our service [indiscernible] our technical satisfaction and reliability of our customers and those will play roles or variations between others and our competitors. But the core market is going to grow approximately 1.5x GDP. It also depends on how India's GDP is going overall. So just assuming that India is growing at 6%, 7%, someone can multiply between like 9%, 11% is the core market growth. That's the organic growth which we said that we can provide without requiring any capital investments or any other type of fundamental change in our business. Then the second part obviously is that we've taken some new initiatives. I think the previous they talked about the packaging that we try to -- it's an allied business, we've taken the first call with V Shapes to get into. One was a Markprint. One is that we also started a subsidiary called ICIPL or rather we purchased the company [indiscernible] company called ICIPL, which is targeted more at the C- and D-grade customers where we are not able to -- we don't have that type of level of resource that we can allocate to every single customer. And the thing what we've seen is in India is that the smaller customers are less sensitive to reliability and breakdowns. So they're more cost-sensitive rather than focused on purely on reliability and productivity. And like the [indiscernible]. So it works better for someone like ICIPL, but honestly to target them to some extent. And so those are the situations that are [indiscernible]. And so that's where the growth is. And of course, so this is where the organic growth elements are. And then the inorganic elements are like we purchase Markprint. And obviously we're looking at developing that business. We're looking at [indiscernible] we're looking at supporting them in their growth journey. And of course we started V Shapes as a partnership. So I don't know whether it comes as organic or inorganic or I guess it comes as organic. Yes, so the idea is we're still looking. It's a bit slow obviously because we've already taken 3 or 4 initiatives and the track and trace [indiscernible] organically in-house through our development. So we're taking some initiatives to see if we can grow beyond our core market growth rates. So obviously one is that what is our [indiscernible] marketing strategy [indiscernible] 9% to 11%. How do we talk to the market, what do we do to keep our customers satisfied. Can we do something that can give us something beyond that? That's one part of our strategy. And that's the organic growth. And we've taken some other initiatives like I just discussed right now, which would hopefully help us grow faster than the market rate. But I do want Jaideep, mentioned clearly in terms of organic. If something comes up in packaging of the digital [indiscernible] marketing space, which could fit well with us. Obviously we would be interested in taking a look at it. I think that's the situation in terms of [indiscernible]. So nobody can predict because nobody knows what sort of come up. But if something comes up, we would definitely be open to it.
Okay. Perfect. So basically, we could say that we do not have any proposals on line for acquisition going for some inorganic growth right now. But we frankly, can I then in future, as you mentioned, especially for the packaging and [indiscernible].
So I mean, I can't say what we're doing right now or not [indiscernible]. But yes, that's -- but I think that we are open, like I said 2 inorganic opportunities for sure. But obviously, what we are focused on is what is under our control right now. But we have, I think, some amount of capital available to deploy if that situation arises. And if the right opportunity comes, we'll take. And otherwise, I think in the previous call we mentioned we distribute to shareholders at a higher rate. So that's [indiscernible]. But I mean, nobody can assume what I'm saying right now in [indiscernible] confidential. And if anything ever happens, which is significant, we will announce it in the due course.
All right. And sir, my another question was around if you can tell a little bit about what would be the addressable market size for our products in India as the overseas market?
[indiscernible] you mentioned in this con call [indiscernible] along with the other 3 major competitors in India are about I think the 4 of us will be about INR 1,400 crores to INR 1,500 crores and the market will be about 20%, 25% bigger than that. So maybe somewhere between INR 800 crores and INR 1,000 crores would be the market, out of which the [indiscernible] between 1,400 to 1,500. We get the figures for our competitors significantly later because of the ROC filingand all stuff done later. So that's the idea of the market size in India. Worldwide is about $7 billion when I last checked, was like about 1 or 2 years ago.
All right, sir. And the last question from my side. [Indiscernible] if you can give what would the average realization for consumables like per printer per annum basis?
Yes. I think Jaideep would have shared those figures, but [indiscernible].
Yes. Hello. Yes, can you just repeat your question?
Sir, what is the average realization for consumables like on a per annum basis for printers?
See, we cannot give you the figures of the average realization. But what I can say is that once we sell a printer, I mean, it lasts for at least about 5 to 8 years depending on the operating conditions in any company. So the consumables [indiscernible] that period of time.
Okay. But like a ballpark number, I know the average realization will differ from model to model like for different printers it would be slightly different.
We will not be able to disclose that, that's a confidential matter [indiscernible].
The next question is from the line of [ Ruben P ] from [ RN Associate ].
My question is to Mr. Shiva Kabra. Basically, as you alluded many times in your past calls and even today that if one were to establish a core relation between GDP growth in real term vis-a-vis the growth of industry, according [indiscernible] approximately 1.5x. But considering the regulated tailwinds, like the compulsory marking on top 300, the pharma drug and other regulatory tailwinds, plus you're foraying into adjacent categories of contracting and [indiscernible] inorganic growth initiatives, be it in the form of smart print acquisitions [indiscernible]. So going forward, I mean, not immediately, but say, over the next couple of years, maybe 3 to 5 years' time frame, would it be fair to presume that Control Print can outperform the industry growth by a wide margin? So your perspective, Mr. Shiva --
No, I think we've given an idea what the industry [indiscernible] outperform. I mean everyone thinks that they're going to outperform. But I mean I'll just be very honest, like nominal especially, but even [indiscernible] great competitors, there are smaller guys who want to try to maybe break into the big leaguer, it's still not that far away from happening. But so nobody can predict obviously how things are going to go down the line. Whoever is there is optimistic. One day, if we have some issues we are down and one day we re doing well, like you have some big sale, you feel very optimistic. So like really like my view is the most frequent view to take. So I don't think that there's any function dating -- getting functionality in my view. I think really it's for each person to do their own level of research, like all these other ideas that are there and what we're doing, we're transparent about what we are doing, whether these things are going to be successful, whether they'll bring scale, whether [indiscernible] how profitable they will be, you don't know. We're just trying to do our best given that given situation that is there. So that's what the thing is. I can't give any assurance to anyone as to where we're going to be 5 years down the run because I don't know if it will be 5 months down the line, so 5 years [indiscernible] approximately this is what a historical [indiscernible] business and GDP growth has been. Second thing you had asked some [indiscernible] definitely when the government or the regulatory standards change, it can be positive or negative. So for example, right now, I don't know if some of you have noticed like you have to print the price per gram or per 100 ml or something on a lot of packs. So that's increased the amount of ink that's been used suddenly. So that type of thing is positive for us. There was the track and trace regulation for pharmaceutical. And that was actually made because you're not [indiscernible] track and trade that goes from some business to competitors. And then now we are ready with it, but the overall size of the end-market has increased as a result. So now we're getting back into it, we are gaining some traction there. So yes of course the regulatory reasons will obviously be a driver. So if the regulation increases, that will increase the market at a fast rate. If the regulation decreases, the market could also get affected. So we just believe that at the rate [indiscernible] these other things will always be required, but nobody knows because it's obviously up to the government to reach that goal.
Yes. Okay. And second question is regarding Sri Lankan business. So any update on Sri Lanka's operations?
Which operation?
I think you have some operations in Sri Lanka. So any update on that?
Yes, Jaideep can give you an update on that [indiscernible].
Yes. About the Sri Lanka operations, as you are aware that the country was in a turmoil. Slowly and steadily things are improving in the country, not much of economic development happening, but the stability is happening. So what we have done is that since we have already have an installed base of few printers over there, and they would require a regular servicing as well as consumables, so what we are doing is that we are just trying to revise the operations over there. It would take about 2 to 3 years for the operations to be in full swing. But we are hopeful that with the economic turns, our Sri Lankan branch also will do good business. Right now it is too early to say. We just started the devices operations over there. So we are hopeful of doing a U-turn which is complemented by the economic upturn in the country.
Okay. And would you be interested in foraying in, say, other countries in Southeast Asia, say for example, Bangladesh. So I mean, your perspective on that.
We're already working on Bangladesh [indiscernible].
Okay. Okay. And how is the business progressing over there? And what is the potency of that market?
So definitely the market has potential. We are not there directly. So it could be a bit faster growth, but we have -- like I said, we only have a limited amount of that we can handle ourselves. So because right now we've got so many new initiatives we've taken and even some of our existing products where we have to increase the [indiscernible], like I mentioned earlier that we will -- because of the amount of -- the amount of effort it takes to hire sales and service people and train them [indiscernible] we can't service [ CMD ] customers at that same level or rather we are servicing them, but we can't afford to do it at that same level. So I think like right now our focus is a lot more on India is what I will say. And at least for the next year or 2, I think the idea would be to focus more on India and develop some of the other initiatives, hopefully, so that yes, there are not theoretical initiatives, but actually like revenue-generating. And to some extent obviously for the next 2 to 3 years, the [indiscernible] business will be the main business, the only -- the primary driver of the revenue and profitability, especially on the profitability side. So that's [indiscernible] situation is. But like, yes, other countries [indiscernible] no business, you have to develop a sales and service network, and it takes time to be in the market before you develop customers [indiscernible] large customers who have a lot of business go for you because for large customers, productivity and reliability are the key aspects. And that comes with time. It doesn't come just by going there and selling something [indiscernible].
The next question is from the line of Alisha from Envision Capital.
So the first question, earlier in the call you mentioned that there was some technical difficulties we were facing with some new printers and the older version there was some electrical component shortage. What is the update on that? [Indiscernible] are we expecting this to continue into the next couple of months?
So I think -- I mean, obviously, nobody knows how long it's going to take to resolve these issues. So there are taking some technical issues that popped up recently when we upgraded the software, but it's causing some bugs in some other things. So obviously we are working on debugging some things. So it's a pretty technical thing. I can't answer it [indiscernible] it could take like up to 15 days to a months [indiscernible]. But yes, we should be able to manage. In the meantime, we should have enough stocks to [indiscernible] not lose sales because we can't send it out, we can bill immediately. As far as the older printers go, there's definitely a time lag. I think Jaideep know, but at least it's a few months before we'll have those components available. Jaideep if you want to please give a slight update on that. We do have a order pipeline which we can definitely execute in the Q2. So the shortages of sales will be definitely complemented by the increased sales in this quarter.
Sorry, I didn't get that. You don't -- the new product [indiscernible] technical issue is not --
Yes, we are on the line. We can hear you.
Okay. Yes. I'm thinking the issues with the new product is not resolved and for the early product we still have component shortage. So how are we expecting a pickup from Q2?
So it's like we do have robust procurement strategy. So like the shortages in stock is an issue which is not material anymore. Thus, we've got an order pipeline which we can deftly execute and make up for the shortages in sales as well.
Okay. So on the printer side of our business, and I know it's a smaller part of our business, but nonetheless, will we be able to do any volume growth on a full year basis?
I didn't give the last line, Alisha.
I just wanted to know on the printers like there is about a 15% volume degrowth in this quarter, and you have mentioned the reasons. Just wanted to know on full year basis, will we be able to [indiscernible] growth on the printer business.
See, as of now it's too early, there are 3 more quarters to go. So it's too early to say as of now. It also depends upon on the product mix and conditions [indiscernible]. So we cannot say anything as of Q2, Q3, Q4 [indiscernible]. But yes, we are quite hopeful of [indiscernible] that's not an issue.
Okay. And for [indiscernible] the bar coding has to be applicable to 1st August. So whatever inroads we have to do with clients will have to meet the next 1 month?
Yes, it is up from 1st August, I think there is a [indiscernible] I don't know what the final result is, although lot of companies are not ready to go live at all, the 300 main products, but maybe they will supply right now from some of the stocks that they've already made prior to August cost. But yes, definitely, it's something that's there. And obviously, we are working to execute those things up the earlier. But in the [indiscernible] sales, you get some advance in some stuff. But you need to -- it needs to run for some time and for the customer accepts that everything is running because each client is a bit different. There's a lot more integration more rather than just setting up a printer and getting out of the factory or giving some training. So yes. So the pipeline is there, but I think right now, like I said, it's a longer-term gain [indiscernible] compliance as of right now. But in the longer term, because the infrastructure is there, we believe the people will start using that infrastructure to actually improve their business?
So on the pharma side, have we made any inroads? We have the technology, right?
Yes. We do.
We have the technology.
[indiscernible] that's right, so yes.
Okay. And on [indiscernible] you mentioned that you've done INR 2 crore-odd revenue for the quarter. What is our outlook? How big do we think this market can be in India? When will we see this probably contributing significantly? Or what is the kind of outlook that we have.
Jaideep, are you -- okay, so I think that Markprint does about EUR 2-odd million of revenue a year or something approximately. And looking at the Indian market, like I said, no, it was something more for future strategic growth. So sometimes we might not see the results depending on what we are purchasing from Markprint because you might use some of that technology to upgrade our own products rather than buy it completely from them. But some of the markets they are targeting, we don't target in India, that's something we should have to explore because some of that sales are on the print [indiscernible] and some specialty type applications because we are more focused on the packaging side. So we start to develop some specific solutions in conjunction with them or rather we are working on that. So I think the types of products that we believe which will be more suitable for India, yes, and I know we said that it will be available some time at the end of this financial year last year. But frankly, we were still I think like 6 months away from things coming, probably towards the end of this calendar year is what I'd say in fact. Yes, so like, yeah, about 6 months for those things are actually completed and tested at customer site. And we are ready to actually start generating revenue of course. In the meantime of course we're looking at selling some of their products as from the Europe. But the things that we feel we should be more like more the revenue generators in the long term, which is like some [indiscernible] we cooperated together to get some products which we believe right for certain market segments in India still at least 6 months old.
Okay. So it will be part of the future strategy. Got that. And just one last question. Any outlook you'd like to give for this year's revenue growth or margin?
No, we don't know what's going to happen, one [indiscernible], one was okay. So we'll hope for the everything keeps going okay.
The next question is from the line of [ Himanshu Vitani ], an individual investor.
So my question is what could be our max revenue potential at current capacity?
Yes. I think this -- Jaideep, you want to take this?
Yes, I'll take this call. I'll take this call. See, for Q1, for the standalone we've already done about INR 79 crores. And so going by this, as Shiva explained, we follow the industry trend, so like this is about 1.5x the GDP growth. So by and large, you can calculate it [indiscernible] the kind of revenue what we will expect. Q1 is very good. As of now we've outperformed. But Q2, Q3, Q4, definitely we will try to do better and we'll try to cross [indiscernible] what we did for '22-'23.
Sorry, sir, if I wasn't clear [indiscernible].
Yes, Q1, we did about INR 79 crores. And Q2, Q3 --
Jaideep, I think he is asking about factoring capacity, I think. So I think like, Himanshu, we covered that before in some earlier calls. I think we said that in Guwahati we can do about INR 300 crores worth of -- like INR 300 crores [indiscernible] like maybe another -- maybe we're operating at [indiscernible] right now. And we have to get [indiscernible] if we need to debottleneck to do anything. And in Himachal Pradesh, we already did some expansion of capacity. You might have to add a few people if the sales of printers increases at a faster rate than expected. But we are obviously trying to optimize the supply chain. So yes. And yes.
So my second question would be, sir, on that Markprint that we are kind of understanding about the technology and trying to bring a similar product into the Indian market. So what kind of product if you could throw some light on that. Will it be a premium product? And is there enough price sensitivity in the industry?
So, I can't tell you exactly what we're going to do, but it's -- we expecting to target some segments or do some stuff, obviously, that doing -- was not able to do with our current [indiscernible]. So yes, that's the idea, it's more to -- so obviously, if you're already doing it [indiscernible] printers, then we wouldn't need to upgrade our technology with Markprint and stuff. So it's a more niche market that we're talking about. It's more about helping customers who need to -- who have more variation in the SKUs. So it could be someone like I said, making like [indiscernible] or something like that. And then making a idli batter than a dosa batter than a rawa dosa batter [indiscernible] something like that. So he's making a similar type of packaging for like 12 different variants or 15 different variants and it could help him [indiscernible] online and some other stuff. So the idea is more to work on those customers who have a high number of SKUs. And obviously the people who have something like [indiscernible] a product like that because they've got huge volumes in the existing products [indiscernible]. So it's for certain customers who -- so that's what our target segment is. But again, like -- so the first risk is the development risk, are we actually going to develop this product. It's still -- that's the first thing that's there, are we be able to develop at a certain price and efficiency and reliability. So I think obviously those are like all big factors [indiscernible] themselves. The second part is it cost efficient [indiscernible]. And the third thing is there really a market there. So we can only process [indiscernible] the product is there, and then we know how expensive it is to run if we have some ideas. And so it's like there's no like formal market survey because everyone -- everything seems interesting until you go out and [indiscernible] develop the product. Like I said, sometimes these things work, sometimes these things don't. And then whether there's actually a market for it, we can only find out what we actually have a product basically [indiscernible].
Okay. Got it. So do we have like a target in our mind that by the third quarter or the end of this year, we want to develop something, we'll look something for marketing?
Yes. I think so maybe someone had asked this in the beginning. But I said, like according to, everyone should take like I think for this year and even the next year, I think the [indiscernible] 12 months before we see starting some significant or not significant, some semi-reasonable revenue contributions like that actually are somewhat meaningful from other initiatives. And obviously, in the Markprint, I think [indiscernible] but honestly [indiscernible] based on the development fees, it's taking longer than what we expected. And for whatever I see the 6 months because we have too many other things going on right now. So we're not able to focus the limited resource we have on that [indiscernible].
The next question is from the line of Devanshu Sampat from Avendus Wealth.
Sir, 3 questions from my side. So as you scale up, should your inventory days come down because I would assume that the requirement for storing consumables and parts will be less. And as a result would free up capital as we go along. So where do you see this inventory number going today once you touch upon [indiscernible].
I didn't hear that question clearly at all. Can you just repeat that, please?
Sorry, sorry, I'll repeat this again. So I'm asking, as you scale up, should your inventory days come down as the requirement for storing consumables and parts would be less -- and as a result, it will free up capital as we go along. So can you give a sense, once we reach our INR 400 crore top line, what can the inventory number possibly be?
Yes. So there are 2 parts of that equation. One is that obviously in our core business [indiscernible] business, as we increase turnover, you'll see that inventory is not increasing at anything at the same rate. So obviously out there we don't see that the overall [indiscernible] inventory. Of course, there might be some increases, but at a significantly slower than [indiscernible] than the rate of revenue growth. Now what happens is -- so go to INR 400 crores, which is doing on existing business, maybe I don't know if you're doing revenue [indiscernible] from 100 to 110, 115. So that's not a big concern. It might just increase 10%, 15%. The revenue increased like 33% from INR 300 crores to INR 400 crores. But the -- if we add more products, like we were talking of Markprint, we were talking on the [indiscernible] obviously all these things are huge inventory increase type of situations because although we're not investing in factories and capital, there is a working capital because you need to have the systems ready and sell something [indiscernible] like 4 different types of vision systems and things and conveyors and rejection mechanism. And obviously, [indiscernible] we have to keep everything in stock because if there's a blowout of any one part, anything happens, it has to be replaced immediately and all those sorts of good and bad things happen. So it's a mix. In the core business, we are reducing inventory as a percentage of sales as we add other things like V Shaped and add things like track and trace, some Markprint and certain more other products which would hopefully add to a longer-term revenue potential, but at the same time, in the short term, they're definitely going to increase the inventories. So I can't predict where things are going to happen because it's a balance of how fast each business scales up and obviously the complexity which we still understand still in that process. Yes, if you look at it purely from the core business, it's decreasing.
Sure, sure. Sir, second question I have is, can you give your comment on the business that we're getting from the packaging space, right? So I mean, I would -- I would expect the business to have been quite good in this packaging segment given the increased usage because of regulatory angle which you mentioned earlier. And now possible in an inflationary environment, the small pack consumption goes up, so I suppose there will be a lot more usage. I mean the amount of print on each packet would be the same, but I'm guessing smaller package being used or you're using more ink. So can you give your comment on that and build a packaging segment as a result, continue to grow faster and have higher saliency in your overall mix going ahead?
I mean it's difficult to say. Obviously we are focused on increasing our packaging space [indiscernible]. But of course, our competitors are more entrenched in some of these spaces. So I don't want to lie about it. In some cases, we've got traction, in some cases we've not got that same type of traction. If we have to -- in our type of business we have to like wait for spaces to open up where either they screw up or there's some different type of requirement that we could push through the different type of technology of -- so that situation that's there. And -- yes, but the cost package, the food is packaging is growing and industrial is growing. And I would actually say right now industrial is growing faster. But as I discussed earlier, it's a slightly more structural cyclical business. So because it depends -- a large part of it is developed around building materials, construction materials. And of course right now housing, housing can also go up and down. So I don't like -- I don't know of macro export and all of that. But some of those things go up and down a little bit faster is what I feel. The packaging businesses is relatively more stable. You're going to buy milk every day whether the market is up or down. When the market is up, you're going to say, okay, I want to invest in a new house or redo my entire house and buy new furniture or to do something like that. Those are the types of situations you can imagine. So the second thing, yes, there is some growth in volumes probably in packaging. At the same time, there is a lot of growth being driven by like the A+ customers in premiumization. So that doesn't help us. But I don't know specifically if I'm seeing any smaller-sized tax increase or not, like, to be honest, not really. If anything, whenever I go to most customers, I feel that they are focused more and more on increasing their premium products, and that's where they seem to be investing a lot of their packaging money in terms of development and other marketing resources. So [indiscernible] from my own visits to most of these customers. So yes, I mean, like I said, you've got an idea what the overall market growth is. It's like about 1.5x. And that sort of remains reasonably consistent, of course [indiscernible] slightly, it increased slightly, but that's what we've seen. And so yes, it's -- that's the situation that's there. And how we grow, like someone asked me and I said, in the end, we have ambitions, but even our competitors have ambitions, and it's all going to come down to everyone's execution [indiscernible]. I think that I don't have that leading to say that we were smarter than [indiscernible] much better than them. We'll obviously try, but we'll see. It depends on [indiscernible] 3 years ago, 5 years ago, which will give us this benefit now. It's not just what we do today.
So sure, sir. But just in relation to this response you just gave, right? So if you look at the entire industry, if I talk [indiscernible] all of them are look -- all of you players, all the players are looking at about 16%, 17% kind of a CAGR growth. If I look at --
I couldn't hear that clearly actually. So what happened out there? Okay. Please continue.
The next question is from the line of Richa from Equitymaster.
So sir, my question is related to the consumable side of business. So I've seen the margins grading from 30%, 35%, 30% to 29%, 24%. I just wanted to understand what is our ability to pass on the prices whenever they go up. Are consumers receptive to a price increase? And if it also depends upon the sector that we are exposed to as compared to competitors?
So just to answer that question, I think our consumables margins have been quite steady over the years. Definitely, I mean, when there's a raw material cost increase or something justifiable, we increase our cost to the customers. So, yes, it can happen with a slight lag or something. But the consumable margin will not stay different, but what happens is certain types of consumables like ribbons or thermal inkjet cartridges might have a different margin than, say, some of our different inks or something else. So we don't give that exact breakup, but the mix can change the margins overall of those products. But our overall gross margins as a company, I think they've been reasonably consistent [indiscernible] the numbers right in front of me. But I mean, overall, on a standalone basis, when we talk of the coding and [indiscernible] part, again, I don't know which numbers you all are seeing versus what we see. It's quite consistent. If anything, we're quite comfortable where it is. And obviously, depending on where we need to, we can try to increase that or decrease that. But we are still in a phase where we are trying to make sure that everything runs as smoothly as possible for all of us [indiscernible] not really on [indiscernible] but more on sales expansions.
Okay. And sir, this tax rate, effective tax rate, whatever exemptions we are getting from the Guwahati plant, over 3 to 5 years, do you expect the tax rate to remain the same? Or are they going to change it?
Yes. Over the next 2 years, our taxation rate would be around 7%, 8%. Okay. And sir, if you could also talk about any new clients that you have added during the quarter? And if not the names, what sectors they are from.
I can't hear you very clearly unfortunately.
Sir, the new [indiscernible] lines which you might have added during the quarter and the -- not their names, but maybe the sectors, key sectors that you have added new clients from.
No, I think whatever product line we have had, we've put it up. It's all on our website actually. So I don't think -- like if you keep changing models and we keep upgrading stuff, we don't fundamentally change the product lineup.
No, no. My question is on clients, the new clients that you've added during the quarter, and what sectors [indiscernible].
Yes [indiscernible] the clients, Richa. We can't give the names to the clients what we have taken. But I mean, we've done considerable growth in pipes, food, daily, wood, FMCG. But on [indiscernible] we would not be able to give you the names of the new acquisitions of clients.
The next question is from the line of Saket Kapoor from [ Kapoor Company ].
[indiscernible] if time permits. Sir, firstly, sir, you did mentioned about we growing at 1.5x than what the GDP growth would be. So, this is factoring into the consumable segment growth. Is that understanding correct, that growth in the consumable segment?
Yes, definitely, the overall revenue increases in the consumer revenue would also increase [indiscernible]. But that proportion, I cannot tell you between the printer and the consumers. It depends on the mix of printers and the exact area where the new lines are being added. But in general, the consumables business is growing slightly faster than the printer business because obviously the stock of active printers increases and our printers have a 8- to 10-year life.
And sir, if we take this quarter number, I think the Q1 generally we start with a slightly lower revenue, but I think in the presentation also it was mentioned that this is the highest revenue ever posted. So definitely the factors that are contributing towards the growth are having strong tailwinds. So we can look forward to these as the base number going ahead, at least that this should be the parameters on the basis of which we can work out the current year numbers.
So, Saket, you will know what's going to happen. So I mean obviously we are happy with what happened in Q1, but in the end it depends on [indiscernible]. We're a secondary business. Should we depend on someone like [indiscernible] Surf Excel or Marico making Parachute and then we are just printing on that. So it depends on how much they are selling and so many factors, so we cannot foresee anything. So it is going to depend on the market, overall market growth. If someone is selling pipes, then only we can print on it, no? Even if the printer is there. So we don't know because -- so what I'm trying to say is overall it's going to depend on the overall market growth. And then our secondary, it depends on our performance within that market. So for more time [indiscernible].
Okay. But we do generally get the fillers from the people as the stock of consumable is getting exhausted. We know the time line or the return time like the time by which they get refilled. So that gives us a sense how the utilization levels for them are shaping up? The turnaround time.
Definitely, I think [indiscernible] that the printers we have sold last year are giving us revenue. And further, it seems that the utilization rates of some printers, at least in some industries like around construction and building materials has increased, it seems. But we'll see how it continues.
Okay. Sir, 2 small points. Firstly on the consumables, what is the utilization levels for the consumable segment? Or what kind of growth can we [indiscernible] what kind of growth can we factor in for the next capacity expansion in the consumable segment?
Saket, we are probably operating about 60% of our capacity in Guwahati. So we could grow substantially. We might have to do some debottlenecking here and there. The main issue is a lot of the production capacity is in the storage of the raw materials because we have, everything of ours comes under chemicals and explosives licenses. So we have some very specific storage. So the -- depending on how many days of material we can store, we have some limitations. So if we need to do it, yeah, we have to do it a bit early. But it's not a huge cost. Like I said, even if we have to have a brownfield expansion of some [indiscernible] I don't think it should cost more than INR 10 crores --
Correct, sir. And lastly, sir, I congratulate the Board on the buyback part. And I think so 18th August has been kept recorded for -- and also adopting the tender route, so it would give us equal opportunity to participate. So in conjunction to that, sir, if you could answer, sir, the point. So when we have looked at the number of, say, INR 800, how did we arrive at INR 800? And how did we put forward that we would be putting it at INR 27 crores. And if you could give us some more understanding how did we came to this conclusion because for the buyback part, it was -- you did [indiscernible] keeping aside INR 50 crores as a buffer for expansion and also for inorganic activity, you would be sitting at less than that, you would be giving -- returning back to your shareholders. And a small point also here is that, see, sir, buyback happened in companies in 2 -- in 2 reasons -- for 2 reasons, I think so. Firstly, if the valuation which the market is giving is lower than what the management or the Board feels. And secondly, if they don't have a sufficient visibility for growth because they are unable to deploy the additional cash generated from the business to grow more of the business. So which criteria have fulfilled that has resulted in this buyback part? If you could speak something more on the buyback, that would suffice it.
Okay. Saketji, I'll try to answer best as I can. So the first point is that the reason for the buyback, actually, we've communicated from some time ago that we had a certain cash balance available with us. And I think obviously right now we have a -- we have a lot of money like around, some [indiscernible] something like that. So obviously we're giving out the money as dividend. And the problem with increasing the dividends was that, A, it was not tax-efficient. And B, the problem in increasing the dividends was that sometimes people take it that you always keep that same dividend going. There is a [indiscernible] for psychological reasons it's considered as like you can start it and you can stop it for whatever reason. So the purpose of the buyback is, frankly, it was just to turn cash beyond what was necessary for -- obviously, we also have a facility with [indiscernible] and HDFC for our banker who borrow. But since we've taken 2, 3 initiatives right now [indiscernible] but we also don't want to take something that's beyond our capability in terms of execution. So between the amount of money we have and the amount of banking facilities we have, we felt that we don't want to invest more than this in an acquisition because it can also be risky. So beyond that, like I said, it was more returning money to the shareholders. And so the buyback should be viewed frankly as a dividend replacement or a supplementary dividend. That's our view. I don't know if we have communicated that to the shareholders or not, but that's the experience they should go with. Secondly, we have always communicated what the market growth is approximately. And obviously, it depends, like I said, on how good we are, our execution capabilities, and that everyone has to their own [indiscernible] where the company is heading. But I think at the same time, you said that there's no major capital expansions on the horizon. And that's what, our capability is not there in running. And obviously, we admire a lot of companies like Cosmo, Polyplex and even guys like [ SRS ], even stuff in the packaging films and those types of boxes and all in the bulk of packaging. But that's not where we feel that we'll be successful. Our type of things is more around the technology angle rather than in high levels of production and high levels of capacity utilization and inventory terms. So we also admire these companies a lot, but we are not -- we don't have the belief that we can compete with them in those types of spaces. So obviously, that large area of packaging is not open to us. So we don't have like large capital needs in our business. And so the cash is available. And like I said, so for us, the view as the picture Board communicated maybe not very clearly, is that this is truly a supplementary dividend of sorts, which could be considered as more tax efficient for some shareholders than the [indiscernible] so that's the situation. As far as the pricing and the rest of it goes, so I can tell you, I know Jaideep will give you the same, but the actual value and the price because Mr. Kabra and me and the 2 were interested shareholders, we we part of that [indiscernible]. That was decided by the independent directors and Jaideep might be able to give you some update on that.
See, Mr. Saket, as would be others, we are going -- we are taking the tender route, and we are bound by the relevant sections of the companies act. So whatever was available, up to 10% of the capital increase is -- we have tried to use that balance and announce the buyback. And of course, we could have -- we have made sure that it is well within our budget and available cash flow. So that was the main thing. So we've compared with all the legal requirements as well.
The next question is from the line of [ Harsh ] and individual investor.
My question is regarding consumables business. So I just wanted to understand like what is the mode around this consumable business? Like are we the lowest-cost producers compared to our peers and even unorganized in players? And I know we have some RFID solutions for our products. Does that give us confirmed consumable business? Just wanted your views on that.
Yes, Harsh, all our consumables are only for our printers. And all our printers are proprietary smart card or RFID, so they're locked into our consumables only. So our consumables [indiscernible] exclusively for our printers only. And all our printers are locked at least since 2016, end of '17 sometime? And they only run with our consumables and nobody else's [indiscernible] will work. So that's the situation. Yes. I will say that on a separate note of course consumables are very complex to manufacture, very specific reliability and the [indiscernible] with the printer. But, yes, irrespective of that, it's not possible for anyone else to sell consumables on our printers [indiscernible].
Makes sense. Okay. And also one more question around this. So does that even apply it vice versa to our competitors? Do they also use the same policy for their printers or we have the opportunity to trap -- like to share the -- like do more business and consumables for their printer from their client?
So we don't sell consumables on our competitors and neither do they. So it's an OEM business for all of us. That would get into some gray areas where serious people want to [indiscernible] consumer protection. But yes, [ Domino ] and [ Abarth ] have also [indiscernible] I think since 2019, 2020. And we did have a consumer protection system, which was earlier than all of us. But I believe that's more of a mechanical type of protection with some basic electronics, which was cracked, but then they come out with something new, I believe, in the last year or 2. So as of the present moment, I think everyone is protected.
Yes. Okay. I just have one more question related to track and trace product, which we are working on. So I wanted to know by when this product would be ready on a high level, like some time duration? And also, wanted to know like are there any existing solutions for similar product which you are building on? And what is our right to win for the product we are working on?
Yes. Are these all questions only related to track and trace because.
Yes, those are related to track and trace.
Yes. So our solution is ready, and we are already deploying it in certain cases. But obviously -- so technologically, on the second note, we think we are superior than some of the other solutions in the market or they've been around longer and therefore because of your reference established parts they have. Obviously, the majority of sales, even these 300 brands, the vast major has gone to other competitors and we've got a relatively [indiscernible] Control Print share. And of course these [indiscernible] they are other people who specialize more on the software side. So we believe that our software stack right now is better than what theirs is, even though in a more software-based companies. And the second part is that we have an integration. The most difficult part of this whole business is setting up the printer. The printing part is the most difficult. And because -- so -- because we have that single point of contact for the customer, that is our software, our printer, our mechanical arrangements around the conveyors and ink blocks with their line systems and the rejection paths and the [indiscernible] systems. So the advantage for the customers, there's only one person. We can't go around saying that this didn't work or I got from that company, that didn't work which is [indiscernible] for the companies. But I think the most important thing is that for us, this is an entry point strategy into the segment. Our main focus is more to see how we can use the track and trace space and the software to be connected much more to our printers so that we can give -- right now what I say is the track and trace is basically used for compliance reasons because the government has said so. Company is not really getting a benefit from it. Our focus is at very different level because we focus more on the software part and how does the company get a benefit from implementing these situations. So I think that's where the long-term differentiation will come in. And obviously, we have to prove it in some of the companies that we're doing here.
Okay. So what I understand is maybe our top 3 peers which we have, they won't have a similar solution, and that would give an edge to Control Print, right?
Well, to be precise, all 4 of us were providing our printers to other software companies and the support to put our print in someone else's and the software person was proposing a full life. And he was already using our printers or in some cases [indiscernible] or in some same Domino's printers or some cases [indiscernible] printers [indiscernible] into the production line. So that's the thing. That's there. So those 3 people are participating in this business, but indirectly, the same way that we are over still 2 other software providers. Now we have taken a stance that we also want to give the entire stack to the customer because we believe that we can give a superior solution to the customer and that can give the customer some longer-term benefits. So it was already being done, and we were participating in it indirectly. And now we are participating indirectly, also in a direct manner with the customer, the option of buying the entire thing from us rather than buying our printer indirectly through someone who buy -- purchased our printer and then give the entire solution.
Understood. That clarifies. And if I can just slip in one more question. Just I was wondering in a long-term perspective, as a market like on the Indian market, if we think of it's like of a bit small market, don't we have good plans to increase our export business because that could like considerably increase our market opportunity, right?
Yes. So I think that was asked earlier, and I think I said that it's a lot of effort because we have to make sure that we set up a full sales and service infrastructure, then only will the top customers [indiscernible] productivity in those situations because that's what the A and A+ customers are looking for. But more than that, we don't have the bandwidth and resources right now to frankly target the many things we already like [indiscernible] with our current amount of manpower or capability.
The next question is from the line of Deepan Shankar from Trustline PMS.
Good evening, everyone, and thanks a lot for the opportunity. Sir, just wanted to understand now that the recent government announcement of this QR code implementation for 300, top 300 molecules. So what is the kind of market opportunity side for the industry? And what kind of market share we can gather on this pharma regulatory thing.
So, Deepan I think this question has been asked extensively earlier. And definitely the government has -- there was some view that the government will give a deadline, but they have not extended the deadline, which means everyone is now rushing to implement this. We have got some small part of the business, like I said, not what a Control Print market share should look like, but we have got [indiscernible] 300 top brands of India [indiscernible]. And we're busy implementing that solution and in fact taking a huge amount of resources of us because in the beginning it's always much more difficult. And obviously, the opportunity size is larger. In these 300, someone will implement something or the other, and we'll have to then look at how we can provide them a superior solution over the long term. So I think in a bare bone solution, which is what is required for compliance. That's the basic. And obviously that's interesting. It has a lot more revenue than just selling the printer and the consumables part. In the long term, as a company, like we want to do something, provide something that's technologically better for the customer, not just technologically but for their business. And that's what we'll aspire to. So these things can only be answered years down because in hindsight we'll understand whether we were actually better than, we were able to provide a better solution or not.
The next question is from the line of Alisha from Envision Capital.
Jaideep, do any supplies for track and trace in the current quarter?
Could you repeat the question, Alisha?
Just wanted to know if we did any supplies for track and trace in the current quarter?
So Alisa, we can't give you the exact breakup because, like I told you, of our revenue by product line, we should do that -- what I can say is like, as we've mentioned before that right now track and trace is a negligible part of our business. We have some stuff underway and maybe we supplied some stuff in the past, I can't tell you exactly what we've done. But right now, it's not a significant contributor to our top line, forget about our bottom line [indiscernible] right now.
The next question is from the line of Ashok Shah from LFC Securities.
Sir, does the promoter will be participating at full extent?
Yes, I believe it's declared. Jaideep?
Yes, yes, [indiscernible] participating to full extent, yes.
And, sir, second question is any development on the real estate side or the plot which we have?
Yes, Mr. Ashok, the status quo remains the same [indiscernible] so I would not be able to diverge any details.
The next question is from the line of Karan from Asia Market Securities.
Jaideep, if you can share the revenue breakup in terms of percentage?
Percentage of, in terms of the overall numbers, right?
Yes, yes, yes.
So as you would be aware, Karan, we have printer business, the consumer business, the spare parts and the service income. So for the Q1, the printers contributed about 17%, consumables about 63%, the spare parts about 7%, and the service income was 13%.
Okay. And spares? Sorry, sir, [indiscernible] business?
No, it was very viable.
Okay. Okay. That's it from my end. Sir, any closing remarks you want to make?
Yes. We are thankful to everybody who participated in the call. And keep up the continued support for our company.
Absolutely. And thank you, everyone. I think one special thanks to Mr. Saket Kapoor for participating in the AGM also. [Indiscernible] very happy that he was acknowledged. And so I think the Board was very happy with all the people who attended the AGM also. Thanks to all the people for taking this time out. I hope we've answered all the questions to the best of our ability. Again, I just want to point out that obviously we give some feedback, [indiscernible] to understand this to the best of their own extent. It's only to the best of our own idea of where the market is and where we see things are. And like I said, a lot of new initiatives, but it's too early to really predict how those things will work out, I think. So yes, that's the situation. Quite happy to have -- we have done our forced buyback to [indiscernible] all our shareholders. And I also want to thank you, Karan and AMSL for hosting this call and, of course, to all the investors for taking part. Thank you.
On behalf of Asian Market that concludes the call. Thank you everybody.
Thank you. On behalf of Asia Market Securities Limited, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.
Thank you.
Thank you. Thank you.