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Dollar Industries Ltd
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Ladies and gentlemen, good day, and welcome to Dollar Industries Limited Q1 FY '24 Post Results Earnings Conference Call hosted by SMIFS Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Saurabh Ginodia. Thank you, and over to you, sir.
Yes. Thank you, Libah. Good evening, everyone present on the call today. On behalf of SMIFS Limited, I welcome you all to Quarter 1 FY '24 post results earnings conference call of Dollar Industries Limited. We are pleased to host the senior management of the company today, and we have on the call Mr. Ankit Gupta, President, Marketing; and Mr. Ajay Patodia, Chief Financial Officer of Dollar Industries Limited. We will start the call with some initial comments on the results from the management side and post which we will open the floor for question and answer. I will now hand over the call to the management. Over to you, sir.
Good evening, ladies and gentlemen. Thank you for joining us today to discuss the financial results for the Q1 FY '24. I stand before you to provide an update on our company's performance amidst the current conditions impacting the hosiery industry. The financial results for the first quarter of FY '24 indicates that the company has given favorable margins as compared to previous quarter, Q4 FY '23.
The year '22, '23 was very challenging for hosiery industry due to volatile raw material prices and high cost inventory. And it had a domino effect on our Q1 FY '24 financial results as well. But thing has started to stabilize now, and the effect of the same can be seen in our margins which has improved and will be improving further in the coming quarters. Despite these challenges, the company showed improvement in GP margin of 2.72% in Q1 FY '24 as compared to FY '23, which was around 29.63%.
On a year-on-year basis, GP margin is down by 1.5%. In terms of volume, year-on-year basis, the growth was 4%, which helped us in maintaining EBITDA margin and PBT margin, but overall ASP has declined by 15% year-on-year. We expect FY '24 to be good with good demand for us for the product and controlled raw material prices, which will help us maintain our net margins.
Our strategic move to rope in Saif Ali Khan as brand ambassador for Dollar Always, which is economy range of product helped us in getting 11% volume growth in Q1 FY '24. The newly launched product Dollar Rainguard has received good response from the market and has given sales contribution of around 2.8% of our total domestic sales in Q1 FY '24.
Further, we have started the supply of Force NXT activewear and women's athleisure in Q1 FY '24, for which we have received overwhelming response from the market. We are sure that this will help us in gaining more shelf space in the market. Our advertisement expenses for the Q1 FY '24 stood at INR 26.53 crores whereas it was INR 34.89 crores in Q1 FY '23.
However, our early target for advertisement stands at around 6% to 6.5% on an yearly basis. Our premium segment brand, Force NXT gave a volume growth of 52% for Q1 FY '24. We are confident that premium segment will help us in achieving the volume growth in future as well.
Now coming to project Lakshya. So Q1 FY '24, we have added 20 distributors under this particular project. And currently, we are sitting with 249 distributors, which were 229 distributors in FY '23. We are happy to share that project Lakshya contribution in company's domestic sales increased from 19% in FY '23 to 27% in Q1 FY '24. Company has already started rolling out of distributors in the state of Tamil Nadu. Till date company has opened 17 EBOs and company aims to have 125 EBOs by FY '25 to cater the demands of consumers and generate sales, increase the brand awareness at the same time.
Our consistent efforts and strategy to grow modern trade and e-commerce sales has proved to be successful as we have seen continuous growth in this channel. In Q1 FY '24, we have seen a growth of 10%. Currently, our modern trade and e-commerce sales contributes around 4% to our total sales, and we aspire to take this number to around 7% to 8% in a period of 2 years. Our commitment to sustainability remains a top priority.
We continue to implement environmental-friendly practices throughout our operation focusing on reducing our carbon footprint and promoting responsible manufacturing processes. For this, company has planned a capital expenditure of INR 35 crores towards power generation capacity through solar power which would generate 6 megawatt of power. This capital expenditure would help us in reducing our overall operational cost and will also help us in improving margins. We are confident of our long-term growth on the back of project Lakshya technology, launching of new products, industry and economic growth drivers.
Thank you all. Now I would hand over the call to our CFO, sir, Mr. Ajay Patodia.
Thank you, Ankit Ji. Good evening, everyone, and thank you for joining the call. I hope all of you are well. I will detail the financial performance starting with Q1 FY '24. The revenue are, as you -- now some of you would have in read that it is around INR 320 crores compared with year-on-year basis is INR 364 crores, a degrowth of 12.26%. Our EBITDA stood at INR 25.45 crores as compared to INR 39.77 crore in Q1 FY '23. A degrowth of around 36%. Profit after tax for the quarter stood at INR 14.09 crores as compared to INR 27.87 crores, a degrowth of 49.43% year-on-year basis.
Coming to quarter-on-quarter performance, our revenue declined by 21.59% but our gross margin we improved -- as compared to quarter 4, FY '23. Our gross margin is improved from 25% to 32.5%, a growth of around 7.7%. And our EBITDA margin stood at 8% in Q1 FY '24 as compared to 3.15% in Q4 FY '23, a growth of 98%. In Q1 FY '24, our PAT margin stood at 4.41% as compared to 0.90% in Q4 FY '23, a growth of 283%.
Now moving on to the brand-wise contribution. In Q1 FY '24, Big Boss contributed around 42%. Our economy segment Dollar Always contributed around 42%. Our premium segment Force NXT around 4.19%. Our women segment, Dollar Woman around 10.18% and Dollar Socks around 1.92%. In compared to in quarter 1 FY '23, Big Boss contributed around 46%, Dollar Always 39.1%, Dollar Woman segment 9.29% and Dollar Socks 1.27%, and our premium segment Force NXT around 3%.
With this, we will now open the floor for the question and answer.
[Operator Instructions] The first question is from the line of Ankush Agrawal, Surge Capital.
Firstly, have you taken any price cuts during the quarter?
Sorry, we didn't get your question.
Did we take any price cuts in the quarter?
No, we didn't take any price cuts in the Q1 FY'24.
Okay. So compared to last year and last 4 quarters, what would be the kind of price cuts that we would have taken, like Q1 FY '23 versus now?
So Q1 FY '23 versus Q1 FY '24, if you see the overall ASP degrowth that we have seen is around 15%. So it's majorly contributed because of the price cuts that we have taken.
Okay. And sir, for the Lakshya project, can you give absolute revenue for the quarter? And what was the like-for-like growth?
So overall, at the company level, we have done a volume growth of 4%, whereas if we see a like-to-like basis, for the Lakshya project, we have done a volume growth of 13%. So the distributors who were present in the first 3 months of the last year -- last fiscal versus this fiscal, they grew by 13% in terms of volume.
Okay. And what would be the revenue growth? Like, [indiscernible] at the certain geographies?
Revenue growth was 4% overall, whereas at a company level, if you see, we have a degrowth of 12.26%. But in Lakshya project, there was a revenue growth of 4%.
The next question is from the line of Anik Mitra from Finastra.
Am I audible, sir?
Audible sir, please.
Yes. Sir, my question is last year same quarter, means Q1 FY '23, we have seen like cotton prices was almost at the highest level at that point of time. And this quarter, it has come down from that level quite a lot. But while -- like when we are checking your raw material consumption cost, that remains almost at the same level with the previous year. So what is the reason behind?
Sorry, I didn't get your question. What do you meant to ask, I'm unable to understand that.
Okay. No, see, basically, last year same quarter, raw material consumption cost was at the highest level -- sorry, raw material -- cotton prices was at the highest level. It was historically highest level during, like April to June 2022. But by June '23, raw -- cotton prices have come down quite a lot. But there is no reflection in the raw material consumption cost in the company. So that I want to understand like why it is not getting reflected so far.
Actually, you see just before this question, we are -- Mr. Ankit Ji replied that our ASP from quarter 1 FY '23 to quarter 1 FY '24 is down by 15%. So in FY '23 quarter 1, raw material prices of cotton is around INR 1,10,000 per candy, which is now INR 55,000 to INR 60,000 per candy now. And during FY '23, quarter 2, quarter 3 and quarter 4, we had -- there is a volatility in the raw material prices. And due to decrease in the raw material prices, we have to pass on the benefit to the consumer by way of reducing the prices. So actually, it is affected due to ASP cut, the same cost is -- the same GP margin is reflecting in our accounts, actually.
So that is getting reflected in your top line, right, sir?
Yes. top line. There is volume growth of 4%, but there is value degrowth of 12%. If the price is same, then we have the total growth of around 16%.
Okay. Got it, sir. Sir, my next question is what is the current condition of channel inventory.
So it's been good, like if you would have seen our Q4 FY '23 was really good as compared to the Q2 and Q3 of last fiscal and this year, first quarter also, the sales were not up to the mark, I would say, but still we managed to do a volume growth of 4%. So overall, we see that channel is -- now has started buying the product, and it is going in the market. Overall, the consumer demand is also not that affected which was a bit muted. If you see -- if you talk about maybe for the month of February or March, it was a bit muted at that point of time at a consumer level. But yes, the demand has been picking up in the market.
Sir, a couple of days back, one of our peers Page Industries have conducted their con call. And the management said, they are carrying 100 days of inventory. And their peers -- I don't know to whom they have referred to -- so they are saying their peers are carrying 10 to 12 months of -- sorry, 9 to 12 months of inventory. So sir, what is your opinion in this context? Like, are they referring premium segment or what is the current channel condition, inventory condition in the premium segment, what is your take?
Can we reply the question asked by the caller?
Yes. So the thing is that Page operates in a very different market segment. The consumer segment is very different. It's into the premium market, and we are into mid-premium and masses. So I don't know to which player he was referring to as his peers or not performing for the market or carrying 10 to 12 months of inventory. As you can see, our balance sheet in March '23, we were carrying the -- our overall inventory days was 108 days. So it is like 3, 3.5 -- almost 3, 3.5 months inventory that we were carrying. And in June as well, we are carrying a similar amount of inventory till now. So I don't know to whom he was referring to, but it was definitely not us.
Okay. Got it, sir. Sir, my final question is, in the overall innerwear market in India, what is the contribution of organized share -- means, what is the size of the pie of the organized sector.
So it's really very difficult to estimate the overall size and give a particular number.
Sir, your line has been connected back. Please go ahead.
Yes. So as I was saying that no proper study has been done with respect to the size of the market organized versus unorganized. But what we feel is that in men's innerwear market, 50% is still unorganized and 50% is organized.
Ladies and gentlemen, we got the management line connected with us back. Please go ahead, sir.
Yes. First of all, we are extremely sorry about the technical glitch, which is happening. I don't know what's causing it. Yes, coming to the question that men's 50% is unorganized and 50% is organized. That's what we feel. And if we talk about women's segment, it's about 60%, 65%, which is unorganized, and the rest belongs to the organized sector.
The next question is from the line of Akshat from Sameeksha Capital. Please go ahead.
Yes. I just wanted to understand, as the unorganized sector gain share in the last 6 to 8 months, if there's a decline in cotton pricing.
Not really. We don't think that the unorganized sector has declined a lot. But yes, we have seen some movement, which happened last year, like maybe they have curtailed their overall operations. And that's what helped us gain the overall volume. But overall, we don't think that the number of players have reduced in the market.
And I [indiscernible] this decline we have seen in cotton prices? Do you see them coming back and gaining share because of the decline in cotton pricing.
So cotton prices started increasing from a point of -- when it was INR 40,000 per candy. And currently, it is at somewhere around INR 55,000 to INR 60,000 per candy. We don't really think that it will go to INR 1 lakh per candy again, like it was last year first quarter. And currently, we feel that the cotton prices are not moving much and -- now we really don't know how the new crop will pan out in the month of October.
Okay. And sir, secondly, on the CapEx plan, what is the status of the CapEx plan?
Sorry?
CapEx -- what could be the current status of our CapEx plan. Capital expenditure.
With regard to our CapEx plan, our investment in warehousing project is already completed and we get the completion certificate within 1 or 2 months. And with regards to our spinning plant in Tamil Nadu, by March, it has commenced and starting commercial production.
And sir, lastly, on the EBOs. What has been the performance of these 17 EBOs, in terms of -- if you can share any numbers there on revenue.
Yes. So we have 17 EBOs at the moment. And for a company like us who have always been into distribution model, general trade, it's really difficult in the initial stages to come to proper retail channel or a modern retail channel. So yes, over -- since our overall ASP is also low -- we are seeing a good traction. The footfall has been good in the stores.
And even the average ticket value is coming to around INR 1,200 per bill. So we are very hopeful about the project. But yes, it will take some time to actually come to a proper result because of the -- since we have always been known a brand for general trade and not EBOs, people are not expecting that. And slowly and steadily, the business is growing.
All right, sir. And initially, you mentioned that the [indiscernible] from the raw material side is over. I just wanted to understand, overall, on the ASP side, if we have some more decline less because raw material price is down 50% and the ASP similar to last 2 quarters. We've seen fourth quarter and this quarter is around 40%, so it's been more or it's been less.
So overall, if you see the cotton has been -- the cotton gets transformed to yarn and then we use -- we purchase yarn from the market, right -- from the spinning mill. It's not that we take 100% of the cotton and then transform it to the yarn. So we purchase yarn. So the yarn rates have been down by somewhere around 30-odd percent in the market.
Ladies and gentlemen, the line of the management is connected. Sir please go ahead.
So yarn prices have been down by somewhere around 30-odd percent. And it only contributes 50% of our total cost -- 45% to 50%. So if you go by that calculation, it's getting matched. So I don't see there's any kind of difference over there on that part.
And sir, how has been the performance of the month of July on the volume growth side? Is it picked up further?
Yes, we are getting good traction in the market. And like we had our winter conference also where we did a good booking for our thermals also. And we are hoping for a good winter -- good winters also. Because last year, as you see, our thermal sales were down by somewhere around 25% to 30%. And this year, the channel is also empty. It's not that they are overloaded with the inventory of thermal. So we will see a good traction for thermals also this year.
Just lastly, on the outerwear segment that seems to be another shift is the women's -- like part of premiums that 10%, 15% of the revenues, that shift seems to be a bit slower. Any particular -- would we have more ad campaigns on that side? Can we see a shift in the advertising budget more to the outerwear or something else.
So during the IPL, we have already advertised about our athleisure product, outerwear product and we use the Rajasthan Royals team players for the advertisement for the TBC, which is there. And overall, athleisure is contributing 12% to 13% of our total sales, which has been good. The growth has been good in the athleisure segment as well.
And yes, maybe going forward, when it comes to a particular level at a certain level, will start advertising it more. But overall, we have started rationalizing, like initially, we used to spend 90% on our flagship brand, Big Boss. But now we have started rationalizing towards Dollar Always, Dollar Woman, Force NXT and athleisure segment as well. So yes, a bit of rationalization is happening.
The next question is from the line of Nirvana Laha from Nirvana Capital.
So my question is, this quarter, the sales dropped a lot compared to Q4 and sales growth you're saying at a Y-o-Y level was around 4%. If I remember correctly, your guidance was that we should be able to do a double-digit volume growth this year. So what exactly happened in this quarter in terms of volumes? And how do you see it in the next 9 months?
See, generally, in our industry, Q4 is a bit heavy. So it would be unwise to compare Q4 versus Q4 in terms of revenue. And also, what happened was the -- due to the festival of Eid, which shifted to 20th April instead of the month of May, which used to happen in the month of May. That was one of the reasons why most of the sales got shifted to the March month instead of April and May, which we used to see years before, like in FY '23, also the Eid was in the month of May.
So it constitutes a good volume, basically, this particular festival wherein people do buy new vests and vest sales really boom during this period. So that was one of the reasons why it happened. And overall, in our industry, Q4 is actually heavy than the other quarters. And for this particular fiscal also, our guidance does not change. We'll do a double digit -- somewhere around 13% to 14% kind of a volume growth and overall 11% to 12% growth. We are trying to achieve that, we really aspire to achieve that by the end of the year.
Okay. And in terms of the high-cost inventory that was hitting us in the previous quarters, has that problem now gone away or all the inventory in our books is at the lower cotton or yarn prices?
Yes. With regard to high cost inventory, it is lengthy -- completely out in from the system. And due to this reason, our gross margin level is also increased. From quarter 4 FY '23, our gross margin increased from 25% to 32.5%. Growth around 7.71%. So now it is stable and cotton prices is also stable. So we'll look for the good demand and good attraction in the current financial year.
Right. So one follow-up question on that. So -- since you're saying that gross margins will now normalize, what kind of EBITDA margins can we see? I'm not asking for a guidance, but because it's been very topsy-turvy for the last few quarters. So it will be helpful, if you can comment on what kind of EBITDA margin one can expect, maybe on a normalized basis, if cotton prices or yarn prices don't go down further?
So if there are no external factors affecting the gross margins or anything, at a normal situation, we think that 13% to 14% gradually is very much doable. But for this particular fiscal, what we are aiming for is 10% to -- 11% to 12% EBITDA.
For the full year?
For the full year.
Okay. And in terms of -- the last question from my side -- in terms of cotton candy and yarn prices, do you think as far as you have visibility right now that they have bottomed and that going forward, how do you expect your ASP to behave now on a Q-o-Q basis, because -- let's forget last year. Now you are saying that this year, there was a 15% Y-o-Y dip. Now from these price levels for the next 9 months, how do you see yarn prices? And how do you see your ASP moving?
See, given the current scenario, as of today, we don't see any price cut happening and we definitely don't see any movement in the raw material prices as well. But this thing happened very suddenly. So it really depends -- it might so happen that in next month onwards, the yarn prices have increased a bit by 5%. So we'll be increasing our prices by that percentage as well. So it might so happen that it gets decreased as well. And everything is dependent on the new crop that would be coming in the month of October. So currently, as of today, we don't see any movement happening in that aspect.
Okay. And one last thing, you said that you don't expect INR 1 lakh candy prices anytime soon. So just want to understand, was that price abnormal due to some supply situation and where do you see in that context, the price is settling? I know it's also a prediction thing for you. But just to help us understand what were the dynamics at that time? And how is it now? And where do you think it will settle down?
So at that point of time, there were a lot of exports that were happening in the market. And plus, there was a huge gap in the supply and demand. So that led to the increase in the prices of the yarn and the cotton candy, which went from INR 36,000 to INR 40,000, which was at a normalized state and moved up to INR 110,000. that was the peak. And it's one of a kind of a situation, which has happened. No one has seen such kind of increase in prices in decades. So this is a one-off situation which should not occur again.
Okay. So current prices are INR 55,000, and you expect prices to sort of -- so what is the normal price range? INR 55,000 to INR 70,000, just to help us out, like.
Yes. I think it's -- I think now the normal pricing would be somewhere around INR 55,000 to 65,000. It will range between that range only.
The next question is from the line of Subhankar Ojha from SKS Capital and Research Private Limited.
So 2 quick questions in terms of -- can you comment on the competitive intensity now?
Sorry.
Can you talk about the competitive intensity? And secondly, what is your target for addition of dealers for the project Lakshya in '24 and also for the channel financing.
The competition in our industry has always been fierce. And there are a lot of players in the market, whether it be unorganized, whether it be regional players, whether it be organized players. At our segment where we operate -- we have 5 different home grown companies at a similar kind of a level. And always aggressive for the gain of market share. So yes, the competition is always there and everyone wants a good amount of pie in terms of market share, right? So this is one part.
And the second thing, in Lakshya project, we have started rolling out in Tamil Nadu. We have started -- Odisha already going on, Northeast is going on. some amount of distributors have been enrolled in Bihar as well. So by the end of this fiscal, we see this number going to somewhere around 300 to 325 kind of a number.
Which is right now 250 -- 249.
Yes.
Okay. And finally, in terms of any guidance on the new product launches for this year?
Currently, we are working on some products, but I won't be able to comment right now. But yes, we have already launched -- in this particular fiscal year, we have already launched activewear for men in our brand Force NXT. We have launched women's athleisure. Last year, we launched brassiere segment, kurti for women. And raincoat -- this year, we launched raincoat also.
Yes. Actually asking about raincoat, how has the response been for that product?
So initial response was really good. In fact, in terms of repeat orders also, we got a very good response from the market. But yes, this year was the first year that we did and it contributed around 2.8% to our overall sales. Next year, it should be much, much better.
Great. And do you have any target for this new product, as in like basically in raincoat, as you said, you've got a great response. Are you setting a target for yourself?
So see, it's, again, a seasonal product, right? Just like thermals that we deal into, it really depends upon the kind of rain that we have. So this year, the rain was good, last year it was not good. So last year, a lot of companies who deal into raincoat suffered. Yes, the profit margins are good in this particular product range, and it is a very seasonal product. And whatever we did this year, next year we are trying to do 3x of that minimum.
[Operator Instructions] The next question is from the line of Trisha Poddar from [indiscernible] Capital.
Wanted to understand that we have seen a very good growth and volume growth of 11% in our Always segment. So how does this translate for the premium and the semi-premium segment? How has the volume growth and demand being there?
So we saw good volume growth in our economy range of product, which was to the tune of 11%. And apart from that in post-net due to new product launch of activewear, we saw volume growth of 52%. So yes, the growth has been good overall, like whether if you talk about economy range of product or premium product, the demand has been good in the market because this is the time when most of the purchases happen from the consumer side, like in the first quarter itself. Due to the summer being there everywhere and it is quite hot at this time, so, yes.
Secondly, also, athleisure has seen a fairly backseat, because obviously -- because of post COVID, where it has even gone down a bit. So how do you see the demand coming back or in the athleisure segment?
So we are seeing good growth in our athleisure segment as well. And last year also, the growth was really good. It contributed around 14% to our total sales. And this year, we are targeting to have a growth of somewhere around 30% to 35% as compared to last fiscal. So we are projecting a good growth in that particular segment as well.
And in the women segment, like you mentioned, new products have been introduced. So how has the response been? And how has the growth been in these new product segments that we have introduced?
So it is just the first lot which has went to the market for women's athleisure and [indiscernible] activewear, and the market response has been good. The feedback that we've got from the retailers, the distributors, it's really appreciable. Regarding the laundry segment, which we launched last year, is doing really well. And I think this year will see not less than 2, 2.5x kind of the sale. The Rainguard also is quite good. For its debut year, I think we did a good job in creating a good market awareness, and we did an interim branding with the movie Bholaa, where in Ajay Devgn also promoted this product and we really got a good response from the market, from the channel partners as well. And next year, we are seeing -- we are targeting at least 3x kind of a sale in this particular product range as well.
Okay. And lastly, sir, on the thermal segment. See, last year, due to delay and shorter winters, I believe there was a little channel inventory pileup there? So how is that currently? And how is the uptake and I believe that order would have started for the next season. So how is the demand and uptake on the thermal side for the upcoming season?
So last year was the period where all the distributors emptied their godowns or cleared their inventory and that's the reason why our sales were down by 30% in terms of thermal sales. So this year, we are very, very hopeful that our thermals will get back to its normal level. And we are hoping for a good growth in our thermal sales as well.
The next question is from the line of Kaustav Bubna from BMSPL Capital.
I was wondering what is your average raw material inventory days?
It is around 107 days.
So then is it fair -- so then is it fair to assume that -- and correct me if I'm wrong, is just for basic understanding that when price -- when cotton prices fell, you immediately passed on the pricing to consumers, but you were still holding high-cost inventory. So the actual effect of margins will come with a lag and is yet to come in the coming quarters? Or -- is that understanding correct?
Yes. So your understanding of having a high inventory on our books is correct. And that's the reason why our -- we saw a margin decline in last fiscal year and some of its effect was also there in Q1. But now going ahead, proceeding ahead if everything goes well, if there are no changes in the raw material prices, the margins should get better and better.
[Operator Instructions] The next question is from the line of Surya Narayan Nayak.
So just to understand, we have added the distributors along the states and -- added 2 states also. So despite volume growth of 4%, we saw the realizations are dropping and the revenue fell 21%, 22% Q-o-Q and 12.26% Y-o-Y. So in this context, have we dropped the prices to -- compared to the last year and Q-o-Q, what is the expense?
Yes. So we took a price cut over 2 to 3 quarters. So we took a price cut around 3 to 4x in last fiscal year. And that's the effect we are seeing. So in Q1 FY '23 -- towards the end of Q1 FY '23, we started taking the price cut. So the kind of ASP degrowth that you are seeing right now is the highest ASP degrowth that is there?
Actually, the ASPs bottomed in the March quarter itself. And in last year Q1 FY '23, we take the price increase in the month of April by 5% and after that, when the raw material price decreases, then we have to pass the benefit in quarter 2, quarter 3 and quarter 4 is the bottom out. Because in quarter 3, December, the cotton price was stable and it is bottomed out to INR 60,000 only. So the quarter 4 is the last bottomed out prices for our ASP. The same ASPs continued in our quarter 1. And we hope that now the price is stable, and it may be possible that we take the price hike in the next 1 or 2 months.
The next question is from the line of Nirvana Laha from Nirvana Capital.
Sorry, my question was just answered. I was going to ask the same question.
As there are no further questions, I would now hand the conference over to Mr. Saurabh Ginodia for closing comments.
Thank you, everyone, for joining the call and sincere apology for the line disconnection. Sir, would you like to add any closing comments?
So I take this opportunity to thank everyone for joining this call. I hope we have been able to address all your queries. For any further information, kindly get in touch with us. And thank you once again. And I'm extremely sorry for the technical glitch that happened today.
On behalf of SMIFS, that concludes this conference. Thank you for joining us, and you may now disconnect the lines.