Godrej Agrovet Ltd
NSE:GODREJAGRO
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Godrej Agrovet Ltd
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Ladies and gentlemen, good day, and welcome to the Godrej Agrovet Limited Earnings Call. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Probal Sen from ICICI Securities. Thank you, and over to you, sir.
Thank you very much. Good afternoon, ladies and gentlemen. Thank you so much for taking the time for joining us on this Godrej Agrovet Q2 FY '25 Earnings Conference Call. From the company, we have members of the senior management with us, including Mr. Nadir Godrej, Chairman of the company; Mr. Balram Singh Yadav, the Managing Director; Mr. S. Varadaraj, Chief Financial Officer; and we also have Mr. Arijit Mukherjee, the Chief Operating Officer of Astec Lifesciences, who is joining the call.
We would like to begin the call with a brief opening remarks from the management, following which we have a forum open for an interactive question and answer session. Before we start, I would like to point out that some statements made on this call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation shared earlier.
I would like now to invite Mr. Nadir Godrej to make his opening remarks. Over to you, sir.
Good afternoon, everyone. I welcome you all to the Godrej Agrovet earnings call. Godrej Agrovet continued to deliver improvements in profitability with the exception of Astec Lifesciences and the Poultry business. EBITDA margins, excluding nonrecurring items, improved in quarter 2 fiscal year '25 by 17 basis points, and 130 basis points excluding Astec, as compared to quarter 2 fiscal year '24.
Coming to the key financial and business highlights of each of our business segments. In Animal Feed, the segment margins improved sharply from 4.6% in quarter 2 fiscal year '24 to 5.9% in quarter 2 fiscal year '25 on account to favorable commodity positions and cost optimization measures. Further, our EBIT per metric tonne improved significantly from INR 1,531 in quarter 2 fiscal year '24 to INR 1,953 in quarter 2 fiscal year '25. While there was a marginal degrowth in volumes of cattle feed due to subdued milk prices, the layer and broiler feed volumes grew sequentially and also year-on-year.
Our Vegetable Oil segment revenues in quarter 2 fiscal year '25 were flat as higher realizations of end products were offset by lower fresh fruit bunch arrivals. Segment margins improved on account of better oil extraction ratio, OER, and accretive downstream value addition. The stand-alone Crop Protection segment results witnessed strong growth in quarter 2 fiscal year '25. Our segment margins improved significantly from 30% in quarter 2 fiscal year '24 to 43% in quarter 2 fiscal year '25, primarily due to lower doubtful debts and control over fixed costs. However, segment revenues were lower by 24% due to the erratic rainfall in 2 states, which reduced training opportunities and resulted in higher sales returns in the herbicide category.
Astec Lifesciences continue to experience pricing pressure in the enterprise products business and lower-than-expected volumes in the CDMO category due to a cautious approach adopted by our CDMO customers. This adversely affected both revenue and margins. In quarter 2 fiscal year '25, our Dairy segment continued to demonstrate margin expansion, with EBITDA margins improving by 140 basis points. This enhancement was primarily driven by operational efficiency at gains and improved milk spread despite a flat top line.
In a seasonally weak quarter, the Poultry segment recorded a decline in revenue, primarily due to lower volumes in the live bird business as we continue to focus on branded business and reduce our exposure to the live bird business. Segment margins were adversely impacted due to unfavorable channel and product mix. GAVL's joint venture in Bangladesh ACI Godrej recorded a decline in revenues of 6% year-on-year in quarter 2 fiscal year '25 due to volume contraction and pricing pressures in the backdrop of a challenging political and economic environment.
That concludes our business and financial performance update for the quarter. With this, I close my opening remarks. We will now be happy to answer your questions. Thank you.
We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Abhijit Akella from Kotak Securities. Mr. Abhijit?
So my first question is actually with regard to the management -- the senior management position. I understand that Mr. Balram Yadav's retirement is scheduled towards the end of this financial year. In that context, if you could help us understand the company's plans for succession and for the terms of retirement?
Do you have a second question as well?
Yes. That's more on the Astec side, but if you could please start with the [indiscernible].
In that case, I'll answer the first question. We have good processes in place for succession planning, and we are actually interviewing candidates. And they are being examined and we will soon come to a conclusion, and we expect a smooth transition. We had other CEO transitions in the group in recent years in GCPL and GIL and Godrej Properties, and all of them have gone very smoothly, and we expect that this will also take place smoothly.
And then moving on to Astec. So for Astec, have you already found a replacement for Mr. Anurag, right? That was one. And with regard to the CDMO business, which is under pressure at present, we've previously guided to something like a 50% plus revenue CAGR over the next 2 or 3 years. So is that something that's still visible for this year at least? And how do you see the outlook for that business from 3Q onwards?
So I'll answer about [ Mr. Anurag's ] successor [indiscernible] Yes, definitely, I think we will have to find our new CEO eventually. But at present, we are more focused on augmenting the team with CDMO specialist talent on our roles and all to consultants overseas because we want to push this. Recruitment and hiring of the CEO will take some time. But I think our priority is to develop this CDMO team and get -- give them some experience into this [ conference ]. For the meantime, Mr. Arijit will take care of the business, and I will oversee this business.
Regarding the CDMO question, year-on-year, we see a 50% growth over last year in terms of revenue. Only [indiscernible] you will find that H1 last year had a little bit higher revenue in comparison to this year, but then we'll catch up in the H2 because a little bit change in terms of the cropping [indiscernible] and the buyers [indiscernible] buying the area if we shifted towards H2.
But overall, the [indiscernible] items, we'll [ definitely ] see a 50% growth over last quarter.
Okay. So sorry, just to clarify, so last year CDMO revenue was about INR 270-odd crores. You're still expecting north of [ INR 440 odd crores ] for this year. Is that right?
Yes. Yes. [indiscernible] should be in that [ INR 400 crores ].
Okay, okay. And maybe one last thing here. Could you please help us understand the size of the order book at Astec. Any metrics you could share in that regard, just to help us understand how the order book is positioned and what sort of visibility you have with regard to the CDMO ramp-up. And also the herbicide plant that has just been commissioned, is that going to be a major contributor to revenues in the second half of this year?
Usually, we do not share the order book position, but I can say that we are confident enough in terms of achieving the target. So the discussions are ongoing, and some are closing and some will take a little bit time to close. Herbicide too, yes, it has been commissioned on time, and that will play one role in terms of achieving this target.
So Abhijit, I'll add one thing is that definitely, it's not like all time that at the beginning of the year, we ended up selling at 80%, 85% of our capacity. So I think the times are very different now.
The second thing is [indiscernible] definitely, I think the assumption for that [indiscernible] utilization are definitely put back a year or 2, so a year or 2. And I feel that probably it will be only in FY '26 that we will see upwards of 60%, 70% utilization of this plant.
The next question is from the line of [ Nandita Argenta ] from [ Marsulis ] Investment Managers.
So I have a couple of questions. One is around Animal Feed and the second one is around Dairy. So in terms of Animal Feed, what is the progress with the fish feed segment? Because in the presentation, you did not get any color on how that segment grew in this quarter. On the Dairy business, I wanted to understand why the value-added product savings, that is lapped savings, called down from 42% last quarter to 32% this quarter, if the management can give some color on that.
So fish feed is having a tough time in this year in the whole country. If you see, fish production has taken a hit because of very erratic rainfall and then towards the end of the season, lots of rainfall. So we have degrown in fish feed in the first half of the year really because the season expected because the positive side of rainfall is also that you have [indiscernible] until longer time. So it will be some kind of [indiscernible] will come, but I don't think that we will be able to achieve last year's [ digits ] in the fish feed. But this is the sentiment known of in this industry. It is typical of every 2 years, we have it 4 years, but the fish prices go up like they have gone now. We believe that the stocking [indiscernible] will be good, and we will be -- [indiscernible] in fish production sometime early year.
On Dairy, yes, value-added product contributed 22% of total sales. But one of the reasons why Q2 is less than Q1 is because of seasonality. You know that when it rained, it rained a lot in [indiscernible] this year because the [indiscernible] industry, the holdings, et cetera, the sales go down. But I can definitely say that it was much higher than Q2 of last year. [indiscernible], yes.
Right. So that sales, on that sales is expected to go up and then [indiscernible]?
Yes, yes. I think that it will go up again and we'll finish the year about 40% [indiscernible].
[Operator Instructions] The next question is from the line of Sirvan Royal ] from Premier Capital.
My first question is [indiscernible]. So we've been discussing in the prior calls about the structuring of the business. Any update the management can give or have for sharing with us?
So I think the idea is to clean up the portfolio because there are so many joint ventures, et cetera. Because of that, we have already taken by 48%, 49% ] sales [indiscernible] that opportunity from I'm sure that we'll [indiscernible].
Right. And in this quarter, we mentioned that there have been an import duty that has been put on farmers. So what is the outlook for the business for the second half of the year?
So I think the second half will probably -- should be better than last year's second half because the oil palm season in the country has been postponed a little. And it happens whenever there is a long tail of [ monsoon ]. For the October, November, December, the tapering is much, I would say, slower than used to happen earlier. So we believe that the second half is going to be very good. We also believe that in spite of that going to prevail because [indiscernible] both in [ agriculture ] in Indonesia and Malaysia. And you also have seen that market around higher. Even so, everything is not relating to India, but we believe these marked prices are going to be higher and the margin will be more. [indiscernible] remember that all the [indiscernible] [ 70%, 80% ] [ is share to the bar ], that is [indiscernible]. So we're expecting an upside of [ INR 13 or INR 14 crores ] [indiscernible] prices in the second half.
Right. And how much [indiscernible] on asset licenses? So do you saying that this year, we hold our guidance of a 50% growth in the CDMO side? Right now commentary also in the press release mentioned that on the enterprise side also, we are seeing some early improvement. So is this business now looking upwards in -- for the second half and going into '26?
In terms of enterprise business, yes, the demand is really picking up, but the prices are much lower because of the Chinese pressure and a little bit of inventory [indiscernible] that the Latin American countries have. Prices are not picking up yet, but overall, it is slightly better than, say, last 4 or 5 quarters. CDMO, we have till now we stick to that [indiscernible] pick up and go to the last year.
Right. And sir, like -- so you're saying that Mr. Yadav mentioned that [indiscernible] the plant decommission this quarter. The full capacity utilization is paused by a little time because of overall slow demand. So what capacity would be used to achieve this INR 400 crores [indiscernible]?
[indiscernible]
So normally it takes around 3 years to have a full capacity. This year, we'll be using around 50% of the capacity. And one of the reasons for this -- one of the improvement reasons for H2 is this added capacity also. That's why H2 is looking much better than H1.
Right. Right. And just one last question, sir. So debt level at a state level increased due to subdued performance for some time. So any thoughts around that, that the management can share?
So not yet. We are still hopeful that things will start improving, so we do not want to do any capital days or anything for some time. Let us see. But having said that, I'm not [indiscernible] even though we see some of the [indiscernible] assets, but we have got this feeling several times in the last few quarters. I would not say [indiscernible] things, we really don't know. And I must tell you that China is helping us very widely in several categories, not only [ asset-light centers ], but a lot of our companies in the sector. I think other [indiscernible] driving out is product is not really easy to say [indiscernible] It's not easy to say we will be out of the woods in the next quarter or 2 quarters.
One feedback, sir. Because the Board expects results 5 or 6 days before the Agrovet results only combined the call, it will be very helpful if we can do a little more detailed press release or maybe we call earlier calls for [indiscernible] 5 or 6 days, it adds to [indiscernible]. So just to appreciate on my part.
Sure. I don't really think [indiscernible].
The next question is from the line of Rikin Shah from the [ Boring AMC ].
My question is on the Astec side. So in terms of the discussion that was had last quarter's con call, it was mentioned that the Board was reviewing some of the life cycle of the other guys' products where they lost to that markets. And there was a talk on some capacity being retaken there on the [ drive ] side so that turnaround could be shaped up around that. So is there any development on that side?
So there have been 2 efforts to the solution. One, yes, some of the capacity is already [indiscernible] we are using for new products or new product works which have happened in last -- in these 2 quarters using existing capacity. Second, we get some of the lines that we are trying to manage, in terms of we'll be reducing some of the capacity and using it for some other products. So it will take some time because to materialize because that [indiscernible] to this [indiscernible] takes time, but on both [ that account we are hoping ].
All right. And [indiscernible] so all the contracts that we have signed or potentially putting to sign, does it affect anything in terms of potential clients that might be affected after you exit, or anything which you choose to?
[indiscernible].
The next question is from the line of [ Hitesh ] from [ Kosha ] Capital.
So there has been quite a few exits in the last 6 months at Astec. Even I guess in the month of August, that was an exit at the way senior level, [ now and beside ]. Any reason why there have been so many exits? And what are we doing to really have a control on this, or how are you looking to fill the gaps of these exits?
I think the good [indiscernible] the CEO and CFO. So the fact, the CFO has been recruited and already in place. And I will tell you that whatever [ delimiters ] have as some tough time and they go through their ups and downs, separately we have seen not only in this business but the development businesses also, that people leave. But the way we are structured is that neither power nor quality is concentrated only in one sector and [indiscernible] being part of the conglomerate [indiscernible] everywhere, and we look at the higher level.
I'm saying that such exits at certain levels which you call very high, not affect the business. That was because everything is very competent [indiscernible] in place in that place. And a question earlier that what will happen to the core Astec after Mr. Roy left it. I think the contracts are negotiated alone. There's a committee which negotiates the contracts and we do...
[Audio Gap]
Participants, the line for the management has disconnected. Please wait while I join them back.
Participants, Mr. Balram Yadav has joined again. Sir, you may go ahead.
But I think definitely it [indiscernible], but the business remaining unaffected as we recruited people, in the process of recruiting more people. So I think that we don't like these exits, but it's okay. We can manage.
Sure. Sure. And sir, my second question is on the CDMO side. I believe last year, we have introduced 8 new molecules. This year, I believe we [indiscernible]. What is the plan? Out of how many new molecule interactions we have in the current year? And also on the R&D side, because I think that there is a large investment we made and we have been quite a lot talking about the capabilities there, what are the new -- how many new programs are undergoing? I know not everything can [ fortify ], but at least how many new programs are undergoing there, just to have some visibility in terms of the entire piece [indiscernible]?
[indiscernible] CDMO?
Yes, that's right. So CDMO last year, we had about 8 new molecules introduced into the market.
You're talking about the [indiscernible] total?
I'm referring to the Astec CDMO business.
Total this year, we have introduced 1 new molecule and total molecules [indiscernible] part and 1 new molecule.
It was not [ 8 half period introductions], because [indiscernible] [ we have to re-add it ], not 8 new last year.
And in case of R&D, we are in discussions with several companies for new projects. So these [indiscernible] India, so would not be able to disclose the number. But I think this will be significant enough to run the R&D right now.
Okay, okay. And just the last thing. At least I know you don't disclose the margins, but...
But the one more addition which we are doing, we are now also working in the development field since we are working with the innovators during the development phase. The scale optimization, everything we are doing. These are better ship from [indiscernible]. Were only in terms of replicating for optimization. Therefore, this will involve more on the CDMO portion, more the development portion also. So that is a major development because of the new R&D investment.
No, no, sorry. So the 9 molecules that we have introduced that was basically replicating the existing molecule, the new projects that are under...
Nine is the total molecules. Line interaction is only one for this year. Development molecule factors but the development molecules are still in the R&D.
Sure. How many such molecules will be there in the development phase, at least the number if you can share?
It's difficult at this to state a number because these are the very new molecules. So we won't be able to share the numbers as such.
Okay. Sure, no worries. And just the last thing. I know you don't disclose the margins for CDMO and enterprise separately, but at least qualitatively, is the margin impact, what it was last year, in the CDMO for the current year FY '25? Or are we seeing pressures there?
Similar, yes.
Yes. The enterprise markets are [indiscernible] that because of the pricing pressures are extremely low. So we -- so I was going to add that in enterprise, there are lots of inquiries, but at very low price.
Sure. So the CDMO margins are still stable? Enterprise, we are seeing a sequential recovery, right?
CDMO is impacted.
The next question is from the line of Gunit Singh from Countercycle (sic) [ Counter Cyclical ] PMS.
I have a question regarding Godrej pricing. So even the share of [indiscernible] production has increased, our EBITDA margins have gone down, so EBITDA [indiscernible] year in the same for last year. And I think that the [ maize ] prices are lower in Q2 as compared to Q1, sequentially. So I mean what are the main reasons for the fall in EBITDA margins in [indiscernible]?
So input into the branded business, which is [indiscernible] is also [ chicken meal ]. So there has been 2 issues in quarter 2, what is that the chicken feed costs were very high because of a lot of disease incidents, et cetera. And [indiscernible] it was very unusual also.
The second thing is that quarter 2 normally is a good quarter. Low conservative quarter in the country because of [indiscernible] that all the reasons are [indiscernible]. So the way to see all Q2s are going to be very, very tough for us. But having said that, I think we just come back to normal in the month of October, and you will see a secular increase in margins in this quarter and the next quarter.
You saying basically poultry prices were higher than usual in Q2? [indiscernible] [ 4 ] years...
One of the key reasons for cost increases is that this is the off season for the [indiscernible] prices are at the highest in quarter 2. And the second thing is that there were some disease incidences because of the general [indiscernible] and poor growth which added to the cost. In our business team, problem is that if the chicken dies after eating, it is a total loss, or if it eats and does not grow to the extent [indiscernible] it is also a loss. So I think both these things happened in the quarter.
All right, sir. And looking -- I mean going forward, currently, what does the situation look like?
[indiscernible] Q3 is always good. So you will see improved numbers in Q3.
[Operator Instructions] The next question is from the line of Abhijit Akella from the Kotak Securities.
On the working capital front, it seems as if receivables have increased significantly in the first half by about INR 200 crores versus March levels seen in the cash flow statement. So which business has this happened in? And what's the outlook there? Can we sort of reverse this in the second half?
So this is the season of our [indiscernible] business. And every year, the working capital goes up. I must also tell you that October [indiscernible]. And the way we are working in the kind of control we have, we will have a lower working capital in terms of the number of days [indiscernible] March [indiscernible] exit at about 40, 42 days of working capital, which is -- at the end of September was about 60 days. So specific kind of [indiscernible] but some of it has already happened, but we believe that it is further going to review.
So can we expect a commensurate reduction in debt, sir, in the second half? Which the debt levels has gone up...
Absolutely. I think debt equity will come down. I think by March, we'll get that [ 0.3 better ].
Got it. And what would the weighted average cost of debt be at present?
For H1, the average cost of debt was around [ 10.36 ].
Okay. Got it. Then just on the Animal Feed segment. Any pickup in the milk market that we are seeing, and therefore, in cattle feed demand for our products?
Cattle feed demand is big. I think when we -- as it aims we'll see receive things are improving. You will see what we are adding is that 10% count in cattle feed volumes in October [indiscernible]. So we probably believe that the growth will be back in cattle feed in the second half.
And in the oil palm business, you had mentioned last quarter that we do expect to match the previous year's volumes despite the fact that the first half has been soft because of weather issues.
We will grow over previous years. My sense is that I think just [indiscernible]. We're expecting growth.
So actually [indiscernible] depends on the FFB arrival which -- so as of now, we have -- we believe that the season has differed, and we could see a higher inflow of FFB in H2. But ultimately, this is -- these are all sort of depends on a lot of factors, and we can never be certain about the kind of increase in FFB arrival in H2.
Yes, but whatever past experience we have, we have never -- we have such a long tail of [indiscernible]. This thing is also very gradual. So we are hopeful that FFB arrival will continue at December till December.
Okay. Got it, sir. And maybe one last thing for me on the Astec side. We typically have take-or-pay clauses in our CDMO contracts which give us good visibility into the revenues over there. And also in the -- are we typically the [indiscernible] supply or 1 of 2 suppliers for the [indiscernible]?
So the first question, a few of the agreements, we have taken a pay clause there. But this really happens after certain aging of the CDMO say, after 3 or 4 years on that. Registration is over the -- we get a clarity of the volumes -- annual volume generally, then these clauses put into [ valuement ]. But yes, overall, slowly, we are having taken pay clauses.
Typically, CDMOs are not exclusive in nature. Mostly the buyer has 2 sources. It is currently, almost all the CDMOs will have at least 2 sources of. We will be one of those [ after tying in ] some other countries.
Okay. Okay. Got it. And also just to clarify one thing that was mentioned on the call, the total number of molecules at Astec right now is 9, which basically includes 8 older ones and 1 new molecule. This is in CDMO, I guess [indiscernible]?
Yes, [indiscernible].
The next question is from the line of Rikin Shah from the Boring AMC.
So I can see that the inventory positioning has lightened quite a bit from FY '23. It was INR 295 crores to INR 196 at the end of FY '24, and we're down to INR 150 crores. So now [indiscernible] situation, how much of the old [indiscernible] still left? Or is it out of the system now?
This is Astec you're talking about?
Yes, Astec.
So majority of the high-cost inventories have moved out. So whatever remaining is there will be Q3, we will be moving out.
Okay. So like finally, like Q3 should be the last quarter of [indiscernible]. Okay. Sir, then after Q3, at what particular scale or sort of volume can we see an EBITDA breakeven in the enterprise side?
It is very difficult now to see because the demand position pricing, everything is changing so rapidly. We are not able to give certain for, say, 3 or 4 months. But only thing we are seeing, a little bit continuity in the market in terms of demand, but we have to get a feel of it because these are -- unless we have that concrete demand coming up, we go into negotiations, it is very difficult to say. Right now to the capacity utilization, EBITDA breakup, conservative EBITDA one.
The next question is from the line of [ Solvan Volah ] from Premier Capital. Sir, are you there?
Am I audible?
Yes, sir you're audible.
Sorry, my apologies. Thanks for a follow-up. For my question is again for Astec Lifesciences. So as the CDMO share gain salient this year again, so when as a consolidated entity do we start to see profit again?
Okay. I understand the question now. We are trying very hard, and with 1 or 2 more contracts if they come, which are under negotiation, we are hoping to break even in Q4 -- [indiscernible] H2, which means that we will be profitable in Q4.
Right. Got it, sir. And sir, when you say that you like as you mentioned that you are seeing a lot of inquiries on the enterprise side, but the realizations remain low. So any anecdotes you can share from the past where how much bank has taken when you start to see volume recovery and realizations also recover? Because any qualitative aspect you can share there?
I'll share a story with you. But what happened in this, and it was a great learning for us that when the prices fell 2 years ago, we used to have a sizable business in one of the East European countries. And we thought that we will not take this order, and that order went to China. And in spite of the fact that we are ready to do anything now, at any price we want that volume, but it is not coming.
So the point is in this, I think one of the things which we also realized that [indiscernible] because that was a sizable [indiscernible] book with an East European country. But I think that this was a little strange business. We just acquired this company about 7, 8 years ago, but this is the first time we were faced with a situation like this. So I think we have a lot of these types of learnings and probably taking the cost would have been better. Of course, when the markets go up, like they were going now, I think we could have definitely had at least 15%, 30% capacity utilization more as we head out to grow volumes.
So these are a few learnings we have. I think my sense is that next time when it happens, probably to -- better to take the hit, but [indiscernible]
Right. Right. Sir, and like Mr. Mukherjee mentioned that now earlier we were just doing kind of CDMO products. Now we are doing early stage development also. So any qualitative update now? It's been more than 1.5 years, about 1.5 years since we had that R&D center in place. So any qualitative aspect of how much benefits like in terms of what benefits you see accruing in this business over these 3 years?
So I'm saying that there are a few things which I wanted to talk about. One is the plain molecules which we develop and we sell. So that I think that continues in one of the molecules mechanism or the outcome of the R&D center, we did it at the record time. And we also have some volumes which added to the reducing the losses. But I must also say that this core development is a long-term process and even longer to process with even the innovators are having some tough times worldwide. So whatever it used to take, 2 days, 2 years, we take 3, 4 years now.
So that I think is the [indiscernible] result now. There are inquiries, there are collaborative efforts but they are a little sluggish. Some of the very big innovators, their plan is indirect to travel, so just because they are at a tremendous stress. So I think all this will take a couple of quarters to clear. But definitely, I must tell you that R&D center brought out this molecule, it is working with some innovators already on some of our development with [indiscernible], which we need to call on about is the kind of benefit it is bringing to our Crop Protection business by improving margins of the product [ feeds ] we make, and that is evident in our P&L and in the first half, we must see the Crop Protection business perform at a profitability.
And some of it has come around cost reduction initiatives that we have taken at the R&D center. Plus I think some of the back-end work also, we will start doing the Crop Protection business particularly in an [indiscernible] we can do an [ important substitution ] in times to come. So that will be a very big advantage in improving profitability for the Crop Protection business.
As there are no further questions, I would now like to hand the conference over to the management for closing comments.
Thank you. I hope I have been able to answer all your questions. If you have any further questions or would like to know more about the company, we would be happy to be of assistance. Stay safe and stay healthy. Thank you once again for taking the time to join us on this call.
Thank you, everyone. You can now exit the call. Thank you to members of the management as well as all the attendees.
Thank you. Bye.
Thank you. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.