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Himatsingka Seide Ltd
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Ladies and gentlemen, good day, and welcome to the Himatsingka Seide Q1 FY '24 Earnings Conference Call hosted by Elara Securities Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] Please note that this conference is being recorded.I now hand the conference over to Ms. Prerna Jhunjhunwala from Elara Securities Private Limited. Thank you, and over to you, ma'am.
Thank you, Melissa. Good evening, everyone. On behalf of Elara Securities India Private Limited, I would now like to welcome you all for Q1 FY '24 Post Results Conference Call of Himatsingka Seide Limited.Today, we have with us the senior management of the company, including Mr. Shrikant Himatsingka, Managing Director and CEO; Mr. Senthilnathan, Senior VP and CFO, Operations; and Ms. Shilpa Shanbhag, VP, Strategic Finance.I would now like to hand over the call to Mr. Shrikant Himatsingka for opening remarks. Thank you, and over to you, sir.
Thank you very much, Prerna, and thank you all for taking the time this afternoon. I trust you have seen the numbers and what I do is take you through a business update and then open the floor to Q&A.So the Q1 FY '24 operating performance continued to demonstrate progress with the improvements on the back of improved capacity utilization levels, softening raw material prices and the marginal leasing of energy costs. As a result, we've also seen some positive traction on the capacity utilization [indiscernible] fronts and plants continue to see improved capacity utilization during the quarter. The utilization levels at our Sheeting division stood at 66%. Our Terry Towel division stood at 67%, and our Spinning division came in at 99%. We continue to see a stable demand environment and clocked some progressive improvement on the demand front driven by our expanding client base and growing presence in new markets. Key raw material prices did soften marginally during the quarter, as I mentioned earlier and have contributed to better operating margins. Himatsingka continues to remain focused on deleveraging and we have reduced our net debt to INR 2,512 crores at the end of June versus INR 2,797 crores during the same period last year.These were some of the key updates that we wanted to share with you, but I'm happy to take any questions that you might have.
Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] We have the first question from the line of Riya from Aequitas Investments.
My first question is in regards to the CapEx. We had kept in hold some part of the CapEx. So when are we planning? Are we thinking on those lines to restart that part of the CapEx?
Yes, we did put some of our CapEx initiatives on hold. At this point, they continue to be on hold. We would like to make sure that we're focused on delivering operating performance before reinitiating those initiatives. So we will continue to monitor performance for a little longer before taking a call on beginning those initiatives. We have adequate headroom on capacity at this point. And we thought it will be prudent to wait a little longer before continuing with our capital expenditure initiative. I hope that answered your question.
We'll move to the next question from the line of Mr. Kaustubh Pawaskar from Sharekhan.
Sir, I just want to understand on the demand environment a bit like, are you seeing any improvement in the order booking from your [indiscernible] for the quarters ahead, and we have seen sequential improvement in the capacity utilization, so whether that trend will continue. On the margin trend, this quarter, we have seen margins in the upwards of 20%. So whether that will continue in the quarters ahead or we would be looking at rationalizing some of the product sizes so that could help you to clog-in better order of competitive advantage in the markets in before the quarters ahead?
So as far as the margins are concerned, we've typically stated that in stable conditions, our EBITDA margins would be in a band of 18% to 22%. So we are in the upper-end of the band for the last quarter. But I must say that these margins can fluctuate in this band between quarters depending on the product mix and things of that nature. On the demand front, we are seeing a stable demand environment. We continue to take a lot of initiatives to enhance our market share by leveraging initiatives on expanding our product offering, expanding our channel reach and diversifying our market presence. These are the 3 initiatives that we are constantly taking to ensure that we get larger market share and feed into the demand across these markets. So that's on the demand front and on the margin front.
So earlier, you have alluded that fourth quarter revenue trajectory would be around INR 650 crores to INR 700 crores. So do you foresee that to happen in the quarters ahead? And on the CapEx front, as you mentioned that you have put it on hold currently and what kind of utilization rate do you expect to relook at those CapEx plans?
So normally, we don't give revenue guidance, but in a stable demand environment, I think it's reasonable to assume, given the visibility we have, we should be fairly stable on the revenue front. And on the CapEx front, we did put it on hold. I thought that it's prudent for the company to watch global market conditions for a little longer before enhancing capacity. So with a further increase in capacity utilization, we will reconsider an appropriate time to begin those initiatives once again. But right now, our focus is getting our operating performance driven back on track and deleveraging. That's really our focus. Delivering on these 2 fronts is our highest priority. And I think we will wait a little longer before taking a call on the CapEx front.
And one last one if I can. On the deleveraging front, any specific target that we have this year that you would like to reduce debt by a particular number?
Well, on a Y-o-Y basis, we have reduced close to INR 300 crores of net debt from June last year to this year. So of course, there will be some fluctuations between quarters, but we hope to continue deleveraging team. We have reduced approximately INR 70 crores from March. So it will be a little difficult for me to give you an accurate hold on what this year entails. Our principal outflow is pretty low this year. But nevertheless, we are working on becoming more efficient on our working capital cycles and things of that nature. So I think the theme of deleveraging will continue into FY '24. And we will hope to reduce that further this fiscal.
[Operator Instructions] We have the next question from the line of Ankur Kumar from Alpha Capital.
Sir, my question is on the margin side. So can you comment, please, it's very good compared to the last quarter's plus many quarters as well as compared to other players of the industry. Can you comment on that line, please?
Well, I can definitely comment on the last few quarters. I unfortunately won't be able to comment on our margin profile versus our peers. But if you look at, you think as margin profile during fiscal '17, fiscal '18, fiscal '19, first half of fiscal '20 before we really got into volatile period during the second half of '20 because of COVID and then there's been a fair amount of volatility in the external environment, which affected our operating performance. So unfortunately, our margin profile during the last several quarters have been impacted either on account of hyperinflation of raw material and energy and supply chain or extreme fluctuation in demand and things of that nature. So our operating margin band is consistent with what we have clocked in stable conditions in the past. And while we are subject to fluctuations between quarters, I maintain the fact that we operate in a band of 18% to 22%. And that's how I see the model going forward.
Got it, sir. And sir, on interest expense, can you please comment and it's quite varying? And can you comment on that, please?
Well, the last quarter, I did mention that there were some subsidies that we had to recognize during the fourth quarter. But what you see now is more the sustainable number vis-a-vis our current debt profile. Needless to say that interest costs have been impacted over the last year, 1.5 years because of interest rate hike, generally speaking. So that's been a contributor to higher interest rates and thereby higher interest costs. But what you see during this quarter is more like what you will see going forward, of course, corrected for any deleveraging that we might see. Some of the deleveraging we have done has not necessarily resulted in interest cost reduction because of the interest rate hikes that we witnessed during this period.
Sorry, I joined a bit later. I missed your comment on the outlook. Can you please share that again, sir?
Well, on the outlook front, Ankur, I think we have our areas of focus. We have to be mindful of the volatile operating performance that we clocked over the last few quarters. I did share with stakeholders that beginning the second half of fiscal '23 and going forward, we'll be focused on progressive improvement of performance, which is what we seem to be clocking. The demand environment remains stable, but we think we will be focused on enhancing its market share using its strong product portfolio and broadening product portfolio, diversifying market presence, diversifying channel presence. And you'll also hear from us shortly for our strategy for the domestic market. That's something that we will share with stakeholders shortly.
We have the next question from the line of Riya from Aequitas Investments.
My first question is in regard to the cotton prices. What kind of inventory are we holding right now? And is the cotton price currently sustainable?
So, current cotton prices seem to have settled down, Riya. As you know, for the most part of fiscal '23 cotton was, let's just say, at its highest ever and has been cooling down over the last 8, 9 months. It's presently at about INR 5,8000 it can be. And we think that it should be stable around these levels. Of course, there are various views on this matter, but it seems to be pretty stable at this point.
What kind of inventory do we hold for the full year, in terms of quarter?
We hold about a couple of months, nothing more than that in the pipeline.
Okay. And then in terms of the second question; the other expenses have increased this quarter. So what are they pertaining to? And are they sustainable?
I'd have to have a look at that, but we'll be happy to take that offline. Maybe ordinary cost movements. I don't think there's anything extraordinary, but we will be happy to circle back on that.
And are you having any strategy in terms of prepayment of debt since we will be doing a good amount of cash profit this year?
No. I think as I said earlier, our focus will be deleveraging. Our focus is not prepayment, but our focus is deleveraging.
What kind of payment schedule is for the current year?
The principal outflow requirements for the current year is fairly muted. Again, we'll be happy to share more detail on that offline. But we'll be focused on keeping our working capital, getting our working capital cycles to be a little more efficient. As I said earlier, we have corrected about INR 300 crores of net debt from June last year. And so both on the working capital and on the term debt side, we'll be sort of focused on deleveraging.
Okay. And my question in regards to demand is, what kind of festive order are we seeing? And what kind of market share increase are we seeing in any of the categories?
The demand outlook looks stable, as I said earlier, and we are just focused on enhancing market share. Unfortunately, in this industry, percentage of market share numbers are not very accurate because of translucent data that's available. But expanding product portfolio, expanding our market reach and expanding our channel reach, this will essentially be the theme. As I said earlier, we have some new direction on our presence in India, which we will share with stakeholders shortly.
That would be more of margin accretive or similar to the export market?
I don't see any reason for it to be margin decretive. So I think it should be in line.
[Operator Instructions] We have the next question from the line of Rusmik Oza from 9 Rays EquiResearch.
Sir, I have 2 questions. One is on a sequential basis, sir, we have improved our utilization levels, both in Sheeting and Terry Towel, but the revenue on a sequential basis is almost flattish, like in Q4, we had INR 692 crores revenue, now at INR 686 million. So is it that inventories have gone up just to supply during this quarter for the coming festival season in the US? If you can just throw some light on this?
No, that's really not the reason. The reason is there are some products that the company does not manufacture and typically sources out. If you see our stand-alone numbers, you will see an uptick on revenues from INR 590, INR 1 crores INR 561 crores to INR 634 crores during this quarter. So that's where the capacity utilization numbers come through. But on the consolidated front, they remain flattish because some of the outsourced products that we've chosen to discontinue are not a part of our revenue streams.
Sir, second question actually was relating to your other income. Last year, I think we had INR 41 crores other income and has come down to INR 4 crores now. And for the full year last year, we had almost INR 75 crores of other income. It could be relating to export benefits or whatever it is. So if you can just give us some guidance this year, in the next few quarters, are you likely to get some extra benefits or how this other income will shape out in the next 3 quarters for this fiscal year?
The other income, we've last year included some assets, which we were sort of upgrading and so we decided to monetize some of our older assets and upgrade them. Other than that, the other income is most of the times to do with foreign exchange fluctuation, which is part and parcel of our business model because of the fact that over 98% of our revenue streams on a stand-alone basis are exported out. But we don't see any volatility on that front. And so other income will largely just reflect ordinary costs, other income and nothing else.
Okay. And on the export, is there any income that we will accrue in the next few quarters on this export incentives, the benefits which the company is likely to get?
First of all, these are not benefits. These are remission of duties and levies that an export-oriented company incurs during the journey of production, right? So yet there's a small portion of that, there is more like export incentives and benefits. So it's largely the mission of duties and levies. And that's an intrinsic part of our revenue stream. So it's not about us expecting any specific incentives. It's an integral part of the revenue model. So we will continue to recognize and receive the stated levels of reimbursements from the central government on exports as is the case with several sectors.
And my last question, sir, is on the utilization level now. On the Sheeting, you have gone to 66% and Terry Towel, 67%. For the rest of this fiscal year, how do you see this utilization level panning out? Will it go above 70% based on your assessment of the current demand that is there from your clients?
While there could be some fluctuation between quarters, I think our focus will be to enhance utilization. As I was saying earlier, our priority area is to enhance utilization and to deleverage and to focus and consolidate. That's really our current focus in the short term. That's why some of our CapEx proposals have been put on hold because we have headroom in capacity, and it will be our endeavor to increase utilization levels. So we have been seeing a steady increase in utilization and notwithstanding fluctuations between quarters. We will hope to continue to improve these utilization levels as we go forward.
Any guidance you would like to give for this fiscal year? What kind of utilization you would look at in Sheeting and Terry Towel business, sir?
Rusmik, unfortunately, I can't give you guidance on utilization. But I think there is a trend/pattern that's coming through. And if our focus is to enhance utilization and I'm seeing a reasonably stable demand environment at this point, and we are focused on enhancing market share. So we hope to improve on these numbers.
We have the next question from the line of Prerna Jhunjhunwala.
Could you give some color on this product expansion market and channel expansion that you were talking for, some color how will progress over the last 1 or 2 years on this front? And what we should look forward to?
Prerna, that will involve a fair amount of sort of backdrop and detailing. I will give you a summary, but I'll be happy to add more, let's say, dimension to what I'm saying offline. So the various channels we feed into, we feed into big box formats, we feed into department store formats, we feed into specialty store formats, we feed into e-com platforms and so on. So we are really focused on enhancing our presence across these platforms as and when opportunity presents itself. So that's what I mean by channel expansion. And by product expansion, with our new Terry Towel plant that was recently commissioned, we are armed with a fairly broad product portfolio in the home textile context. And so there are a lot of adjacencies within the world of home textile products, which we keep enhancing and sort of tapping into. So it's not the sheets and towels, there are various deliveries of products that exists. So when I talk about product expansion or portfolio expansion, that's what I mean, adding allied, adjacent, synergistic products to our portfolio, positioning us as a total solutions provider within this space. So that's on the product portfolio front and on the channel front for you.
Okay. And sir, on Europe, U.S. and other markets that you are venturing into, how are they shaping up? [Technical Difficulty]
So we are seeing a fair amount of traction in markets like EU and the U.K. And we have been studying and researching the potential that India has going forward. So we will be, as I said, sharing our thoughts with investors and stakeholders on this front pretty shortly. So there will be a new dimension to revenue streams going forward.
Sir, my last question on working capital cycle, Can you provide color on how we should look at working capital reduction? And where do you see it 2 years down the line?
Let me circle back on that one, Prerna. So thematically speaking, we have been focusing on improving our working capital cycle. But where we will see it 2, 3 years down the line, I'll have to give that more thought and shape before I circle back.
We have the next question from the line of Jayesh Lad from Centra Insights LLP.
So my question was, is it possible for you to give the revenue split between various segments like Sheeting and Terry Towel?
Jayesh, we don't do that. We look at it as home textiles.
Okay. So can you at least provide us with the information like which one is the higher margin segment?
Jayesh, it's fairly complex. There's no segment like the higher margin segment and so on. You have to look at it as a home textile segment. That's what at this point, we operate only in the home textile space. So all of our revenues on a consolidated basis reflect home textile products in terms of revenue streams. And products span the entire spectrum on pricing from opening price point products all the way to luxury products. But all-in-all, Himatsingka is positioned as a comprehensive player across price points and our sweet-spot will be really -- if you look at it from an overall standpoint, it's the mid-market. And margins are not necessarily better on the higher end or worse on the lower end, it's more to do with realizations and margins.
Okay. So can you at least provide us the volumes, like what was the volume for bed sheet or Terry Towels.
So the way you can decipher that is we have our capacity utilization numbers that are in front of you. And you know our installed capacities for those divisions. So Sheeting currently has an installed capacity is something that you know, is something that you know about. And so on the Terry, so it is easy for you to compute those numbers.
We have the next question from the line of Varun Gajaria from Omkara Capital.
Just I will start with a small question. So I suppose [Technical Difficulty]
I am sorry Varun. I can't hear you.
Plan earlier and how much of it has been put on hold? I suppose all of it but like what is the content.
What's your question? How much of our CapEx has been put on-hold? Was that your question?
Yeah.
So we had announced the fact that we want to debottleneck our Terry Towel capacities and our Sheeting capacities. And we put that on-hold. And so as I was saying earlier, we wanted to watch market conditions for a little longer before we reinitiate those capital expenditure programs of ours. We have adequate headroom on the capacity front. And so we thought it's a little premature under these conditions to press that button at this point. But we have been seeing progressive improvement on utilization. And if this continues and we'll reconsider looking at those initiatives.
Right. And what is the amount that you plan on spending on both of these?
So I said earlier that whatever we do, we will do in our annual maintenance CapEx and organic CapEx buckets. We will not be looking at spending anything beyond that in the near future because our focus remains to be getting our operating performance to the levels that we desire and continuing to deleverage. So whatever initiatives we take on the CapEx front will be within our annual maintenance and organic CapEx band, which is typically up to INR 70 crores.
We have the next question from the line of Rishikesh from RoboCapital.
Sir, firstly, on the international demand front, now that more or less the problems that are going behind us and things are improving. Can we say by -- in a couple of quarters, maybe in H2, we can go back to our previous level of revenue run rate per quarter, which was around INR 750 crores to INR 800 crores.
I can't tell you Rishi, whether we will or we will not. But I can only tell you that, that's what we are focused on doing, steadily increasing our utilization levels and steadily enhancing revenue streams and delivering on our margins and our overall operating performance, focus on deleveraging, focus on all of these initiatives. So that's where we are intended to hedge, and that is our focus. Whether we will achieve that or not, I mean, as you know, we don't give guidance. So I unfortunately won't be able to share anything beyond this. But this is really the internal thinking and theme that we are focused on.
Okay. Also sir, with respect to gross margins, the gross margins are looking very high in this quarter, Q1 FY '24. So do we see this normalizing in coming quarters or is it going to stay at the same level for a few quarters?
If you look at it in context to what we have clocked in stable conditions, it's within that band. But as I said earlier, it could fluctuate between quarters because gross margins emanate from product mix, it resonates from raw material prices and various other factors. So there could be fluctuations in this number between the quarters as we go along. But I think what's safe to assume is that it will move in a band.
[Operator Instructions] We have the next question from the line of Yash Tanna from iThought PMS.
So my first question was in relation to the previous participants only. So we are in the range of INR 650 crores to INR 700 crores. What are the factors that will lead us or moving -- breaking out from the INR 650 crore, INR 700 crore, maybe to INR 750 crore, INR 800 crore, maybe the U.K. FDA or if they are in talk with a few new clients or if you could highlight something on that front and talk with a few new plants or what will basically lead us to move into the next directorial?
So if you look at FY '22, for example, we did about INR 3,200 crores. And we were at a run rate of about INR 800 crores a quarter. We took a dip during the last year. And now while revenues remain range bound, the operating margins and performance is progressively coming back to normal. So the question about how do we get back to that run rate. That's really going to be driven by enhanced utilization levels at all our plants, and that's what we are focused on. I did mention to someone earlier during this call that we have done away with some revenue streams, which won't materially impact our operating performance, but will impact some of our -- will impact the revenue line a little bit. But notwithstanding that, I think the run rate will come back as we place higher capacities driven by our focus on enhancing market presence across geographies, tapping into more channels and continuing to broaden our product portfolio. So these strategies, which are currently playing out, will aid us to get back into that revenue orbit.
Right. And any new clients like we are in talks in the near term?
Yeah. We've added a substantial number of clients over the last couple of years because we have a new product portfolio to showcase, namely our box solutions vertical. So on the back of that, we've added several new clients, and we continue to add new clients. At a macro level, there is an angle of the China plus one that's playing out. It's obviously not limited to our sector. But vis-a-vis our sector, there is this angle, which is playing out. We are seeing interest in sourcing from India, and we are seeing potentially speaking, more ships that can happen from places like China. We're also seeing the fact that Pakistan is going through a lot of socio-political turbulence and economic turbulence and that's also sort of paving the path for India to look more attractive sourcing destination than Pakistan. I'm just highlighting some macroeconomic movements that could potentially impact our industry positively in this case.As far as FTAs are concerned, while there's no concrete news just as yet, but as is available in public domain, it's in the works. And if it were to happen, then that would again give a fillip to India as a more attractive sourcing destination for these kinds of products.
And the second question, also we said that we don't have a lot of principal payments in FY24. So maybe the interest cost will remain at a similar level to the previous year. But for the next year, that is FY '25, what sort of a payment plan do we have? So I'm trying to understand maybe by the end of FY '25, what will be our net debt situation.
We can circle back Yash on specifics of principal repayments and things like that. But Regardless of what our principal repayment outflow is, we'll continue to try to deleverage work on even working capital cycles, as I mentioned earlier. And so that's what we've been doing. But more specifically, if you need any data, we'll be happy to get in touch or do get in touch, and we'll take you through it.
Sure. And one last question, if I may. On the domestic front, you mentioned that you'll be sharing a strategy shortly. My question was, how significant will this opportunity be for us in relation to our current business? And if you could highlight the market size or competitive landscape or something like that.
You will hear from us very shortly on this front. And so I wouldn't want to say much more on that on this call. But as I said, you will hear from us. But generally speaking, India is a growing market, obviously. It's a consolidating market in many ways. It's evolving. It's very interesting for us and it's going to be substantial in the medium to long term as a consuming market. So in that backdrop, you will be hearing from us shortly as to what we have in mind.
We have the next question from the line of Dhruvish from Premji Invest.
So I have 2 questions. First is on the utilization. So when I look at the percentage increase and the utilization for the quarter, that's quite high for bed sheet when we compare that to towel. So are you seeing some good traction in bed sheet versus towel, maybe qualitative comment. So that's the first question.
So Dhruvish, vis-a-vis Q1, that's what we saw. So yes, sheeting saw a better traction than Terry Towels, but it fluctuates between quarters. But for the first quarter, that was the story, right?
Yeah. And do you think this trend should continue for the rest of the year.
I mean, we are seeing traction on both fronts. Between quarters, one could do better than the other and vice versa. But I think thematically, we are seeing improved traction on both fronts. And that's how we think it should pan-out for the rest of the year. Of course, there will be fluctuations between quarters.
Yeah, sure. And second is on the moderating CapEx which you have delayed it. So had it been done, how would it impact our capacity, which is like 61 million for Sheeting and 25,000 tonnes for Towels. So if this was done, then how would this 2 number look like? And what would be the amount of CapEx that would need.
So because a lot of our infrastructure and our major CapEx cycles, all our infrastructure is in place, so we were not looking at any big bang CapEx to debottleneck both these capacities. It would be within our annual maintenance and organic CapEx budgets. And we were looking to expand this to 9 million meters and 40,000 tonnes per annum, respectively, which we have put on hold, and we would have typically done that spread over 2 fiscals to make sure that we stay within budgets and so on. But that's how we would have probably looked. Again, as I was saying earlier, there are various product categories and adjacencies that we are in and so on. So that adds a layer of complexity in terms of deciding what the capacity that we're talking about means in various product categories, but broadly speaking, those were the numbers.
Sure. So just to understand it better, so this INR 70 crores, which you talked about will go to bottlenecking for this year, which would be considered as a maintenance and the 9 million and 40 million for towel, -- sorry, 40 tonnes, that will be maybe done in 2024 and 2025, right?
No. What I said was -- your question was what would it have looked like? And I said, I was answering what it would have looked like had we gone ahead with. Presently, we are on hold with this launching market conditions. As I said, we are focused on driving operating performance, our priorities to deleverage and deliver this performance. And once we feel comfortable with our performance, then we will reinitiate these capital expenditure programs.
We have the next question from the line of Rusmik Oza from 9 Rays Equiresearch.
Sir, my observation, as you mentioned earlier, the difference between your consolidated numbers for last year and this year and at stand-alone, it's come down from INR 176 crores to INR 56 crores. So last year, non-stand-alone was almost 26% of your overall consolidated revenue, which has come down to 8%. And you somewhere mentioned that you're coming off from the outsourcing to own manufacturing it seems. So does this also contributed to the improved margins? And if you can just share that how much is outsourced right now and how much it was last year?
So we are coming out of outsourcing. We are reducing certain product categories that we outsourced earlier, point number one. Point number two, yes, that's what is, for the most part, caused the delta between stand-alone and consol to diminish. Point number three, mathematically speaking, that would have an impact on margins. And to that extent, it has had an impact on margins in terms of a positive impact. And your fourth point on how much is outsourced and how much is not. I can't specifically comment on that, but it's a very small portion of what the outsourcing is vis-a-vis total revenue streams.
Related question sir, qualitatively, the outsourcing was earlier more in the Terry Towels or the Sheeting business which has got reduced, can you just share.
What I will do Rusmik is, it's in the home textile space, but it's not necessarily Sheeting or Terry, there were this other products that we operate in. But I'll be happy to sort of give you a clearer picture offline because it will be difficult for me to explain over the call.
Okay. A small last question, sir, if you can just quantify how much your EBITDA margins could have improved on account of the shift or reducing your outsourcing to own manufacturing?
I'll have to work that out. It wouldn't be very substantial. I'll have to work that out and get back to you, which we'll be happy to do, but it can't be very substantial.
Thank you. Ladies and gentlemen, due to time constraints, that was the last question. I would like to hand the conference back to the management for closing comments. Please go ahead.
Thank you all very much for taking all this time and asking all the questions that you did. I do hope I've answered most of your questions. If there's anything that you'd like to know more about or be more clear about to reach out to us, and we'll be happy to take you through it. Thank you again.
Thank you, members of the management. Ladies and gentlemen, on behalf of Elara Securities Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.