Jindal SAW Ltd

NSE:JINDALSAW

Earnings Call Analysis

Jindal Saw Reports Strong Growth in Q1 FY '25

Jindal Saw Limited reported a robust first quarter for FY '25, with standalone revenues reaching INR 4,417 crores, marking a 15% increase. EBITDA rose by 37% to INR 842 crore, while PAT surged 60% to INR 446 crore. On a consolidated basis, revenues were INR 4,985 crore, up 12%, with EBITDA increasing by 37% to INR 885 crore and PAT by 70% to INR 416 crore. The company is confident of exceeding 2 lakh tonnes in dispatches and anticipates annual revenues to surpass $200 million. The current order book stands at $251 million covering 225,000 tonnes.

Strong Financial Performance

In the first quarter of FY '25, Jindal Saw Limited reported impressive financial results. Their standalone revenue reached INR 4,417 crores, marking a 15% increase year-over-year. They also achieved an EBITDA of INR 842 crores, a significant rise of 37% from the previous year, with a net profit (PAT) soaring by 60% to INR 446 crores. Consolidated figures showcased a similar growth trajectory, with total revenue reaching INR 4,985 crores, up 12%, and an EBITDA of INR 885 crores. This strong performance indicates a consistent trend of growth, surpassing previous records.

Strategic Shift to Value Addition

Management emphasized a strategic shift towards value-added products, which is beginning to reflect positively in their financial metrics. The company aims at improving its EBITDA to sales ratio, which has shown upward movement, signaling better operational efficiency and profitability.

Market Outlook and Government Support

The management expressed optimism regarding government support for infrastructure spending, citing a substantial budget allocation of INR 11 lakh crores, which is viewed as a favorable indicator for the sector. They noted that current government policies are sustaining progress and not indicating any slowdown, which further supports Jindal Saw's growth aspirations.

Debt Management and Working Capital Changes

There was an increase in standalone debt from INR 3,200 crores to INR 3,900 crores. This rise was primarily attributed to increased working capital requirements, which moved to INR 2,500 crores from INR 1,500 crores. The company is strategically preparing for improved performance throughout the year while managing its term loans effectively.

Operational Highlights and Capacity Expansion

The company reported that their joint venture, focused on premium segments, is operating at over 80% capacity and is profitable. They are exploring new avenues to expand their product offerings further. For their stainless steel segment, they initiated production of high-value instrumentation tubes, enhancing their competitive position in that market.

Healthy Order Book and Future Prospects

Jindal Saw is witnessing a robust order book, currently exceeding 6.5 lakh tonnes for large diameter pipes. The management is optimistic about future growth, projecting a crossing of over 2 lakh tonnes in dispatches this year alone, which suggests continual demand and market stability.

Focus on Cost Management and Dividends

While the dividend distribution has improved, the management stressed their strategy of conserving capital to build reserves. This approach allows for flexibility in potential future investments without compromising on shareholder value. The clear stance on maintaining expenses responsibly bodes well for long-term sustainability.

Earnings Call Transcript 2025-Q1

[Operator]

Ladies and gentlemen, good day, and welcome to Jindal Saw Limited Q1 FY '25 Conference Call hosted by PhillipCapital India Private Limited.

[Operator Instructions]

Please note that this conference is being recorded. I now hand the conference over to Mr. Vikash Singh from PhillipCapital India Private Limited. Thank you, and over to you, sir.

[Vikash Singh, analyst]

Good afternoon, everyone. I warmly welcome everyone on Jindal Saw Q1 FY '25 results con call. From the management side today, we have with us Mr. Neeraj Kumar, Group CEO and full time Director; Mr. Vinay Kumar Gupta, President and Head President; Mr. Narendra Mantri, President, Head Commercial and CFO; and Mr. Rajeev Goyal, Vice President, Group Corporate Financial Treasury.

Without taking any much time, I'll hand over the call to Mr. Neeraj Kumar for his opening remarks. Over to you, sir.

[Neeraj Kumar, executive]

Thank you, investors. Today, what I propose to do is probably I'll keep my initial introduction a little short and would take more questions. My only request to all the participants are, please keep all your granular-level questions for the site that may not be relevant to the entire audience because where I would like all my stakeholders, all the people who are on the call, who are taking interest in Jindal Saw, to look at the broader picture on where we came -- for where we arrived 31st March '24. And what is the journey now we have set ourselves up for.

And therefore, after my initial observations or comments on the first quarter, I would like to spend some time giving you that broader picture, and then I'll stop to take some questions. Also, I would request the moderator that it's 04:40 now. Let's have a hard stop at 05:15 because today, we also had the Jindal Hunting Board meeting and the Chairman Hunting -- Global Chairman is down here from U.S. And therefore, I need to spend some time with him. So 05:15, we will put a hard stop for today's discussion. But obviously, we will be available. We can always exchange mails, have another round of discussions for others.

So with that, this quarter, stand-alone, we ended up with a top line of INR 4,417 crores, an increase of 15%. Straightaway, I'm jumping down to EBITDA, INR 842 crore as compared to INR 614 crore, 37%; PAT, INR 446 crore as compared to INR 279 crore, 60%.

Look at the trend. Top line 15%, EBITDA 37%, profit 60%. Together, let's look at the consolidated INR 4,985 crore as compared to INR 4,447 crore, 12%; EBITDA INR 885 crore compared to INR 645 crore, 37%; PAT INR 416 crore as compared to INR 245 crore, 70%. So the trend is similar, both places. And if you see the cascading something that I have been mentioning, many times, as a company is consciously moving towards value add, that's beginning to show up. And we are consistent in showing this up.

As I said, 31st March '24 was best ever after our best ever. So the previous year was the best ever, then we achieved the best ever. It looks like now we are in line to do it 3 times in a row. This should be, again, the best ever, one more benchmark that we will set for ourselves.

Plus, if you see the EBITDA to sales ratio has also moved -- improved upwards. The other important aspect -- so this is on the performance. The other important aspect that also I would like to point the attention of by stakeholders, shareholders. The debt on a stand-alone basis, June 30th, March 31st. INR 3,200 crore has gone up to INR 3,900 crore, primarily because the term loan has come down from INR 1,700 crore -- INR 1,600 crore to INR 1,400 crore, but the working capital has gone up from INR 1,500 crore to INR 2,500 crore, primarily because now we are preparing for -- we are building momentum. We are preparing for a better indication throughout the year. We are making sure that the commodity prices are moving within a reasonable range.

So we lock it. And therefore, there is a reasonable indication the way it is looking. We can see it in the first quarter itself that this year is likely to be, again, probably a new benchmark for best ever. Now look at the larger picture. Continuity in governess is there. Even though this is not an absolute majority government, but nothing is showing the government or indicating that the government is becoming deep, that the government has become compromising.

Obviously, they are doing a few things that they need to do to keep everybody happy. But slowdown or weakness or getting pulled in different direction is not indicated. Look at the capital spent for allocation for the budget, INR 11 lakh-odd crores. That's music for us. A lot of things that the budget has indicated is all music for us. And we are also seeing all of those translate into [ ground ]. So the first big picture, continuity and continued focus on infrastructure.

Second, important, our entry in premium segment, we are absolutely running full capacity. I would be very happy to let all of you know. I just attended the first quarter board meeting of the JHESL joint venture. They are profitable into one and itself operating at capacity of more than 80%, 85%. We are [indiscernible] block. In fact, this time, the Board was interested in even looking at what else we can do to cater to the market. So this JV may have the Board has assigned the responsibility to a small team constituted. The Board may have to look at some proposals and therefore do some announcements.

So team have been constituted to look at -- because already the order book is pretty full for the rest of the year. Productivity is good. Rejection has come down to less than 2%. So on all parameters, all boxes are beginning to get ticked. Likewise, in stainless, we have started the instrumentation tube, a huge high-value, good market, and we are beginning to do that. We are also looking at a few other value-add. So those businesses are beginning to provide value to the company.

Sathavahana, again, has turned profitable, very high capacity, we are doing debottlenecking where the capacity is going to go up by 10%, 20% at least. We are creating a special niche for lower diameter, which has a very high demand and a high value, also export unit is being looked at because they have some special requirement of coating, et cetera. So all these new areas where the company has gone in, they are all beginning to do well or they have already started doing well.

Our traditional business, we continue to do a good job in terms of quality, delivery, service, demand is already there, we have a very healthy order book. If you see at this point of time, the order book continues to grow. Whatever we had a quarter, we have added something more to it, and the execution is also handy. So on all fronts, Jindal Saw is doing reasonably well as is expected. And we are committed. We will continue to stay focused.

So with this, let me thank all of you for your interest. I keep on saying this and all of you had to be a lot patient. But now, we are happy that we are doing well. And also, we are being seen as doing well, which is reflected in the market cap. The rating agencies, the banks, everybody is with us and they are appreciative of all our great efforts that we have had, the whole team has done over the last 1 year.

So let me stop here. Thank you very much. Let me take a few questions.

[Operator]

[Operator Instructions]

Our first question is from the line of Deepak from Unifi Capital.

[Deepak Lalwani, analyst]

Congratulations on the good set of numbers. So my first question is on the business split between water and oil and gas, both for India and the UAE subsidiary.

[Neeraj Kumar, executive]

Sorry, could you repeat your question, please?

[Deepak Lalwani, analyst]

Sir, I would wonder what the business split between oil and gas and water in our Indian business...

[Neeraj Kumar, executive]

Between oil and gas and water. Just give me a second. Okay. This is an order book. Order book, I would say, oil and gas is about 30%, 35%. Water is rest. Industrial sector is a very small. So 70% is water, 5% others and the rest is oil and gas.

[Deepak Lalwani, analyst]

And what would be the split in the UAE subsidiary between oil and gas and water?

[Neeraj Kumar, executive]

No, again, probably you are not very audible. What is the split between?

[Deepak Lalwani, analyst]

In the UAE subsidiary, what will be the oil and gas and water split?

[Neeraj Kumar, executive]

No. UAE is only water. It is only a DI facility. UAE is 100% DI, only water, and they are also doing well. This year, they should hit a good capacity more than 2 lakh tonnes for sure.

[Deepak Lalwani, analyst]

Sure. Understood. Sir, I had a broad question on the water infrastructure today. So we understand that Jal Jeewan is doing well for our DI pipe capacity. But the Saw pipes, which is at lower utilization today for your company and the entire industry. And it's a state of where we cater to irrigation projects, to smaller Jindal linking projects. So is the dynamic there on the demand side changing significantly, which is giving us some sense of secularity in this order book? So this needed some input from your side on the Saw pipe demand for water.

[Neeraj Kumar, executive]

The Saw pipe for demand getting sluggish? No. Are we worried about where it is having a hard landing? No. Sometimes, there are some spacing that happens in between tenders. And therefore, you may have some small bumps. But definitely, it is not a trend. And at least we are hopeful the way I see it. At present, we have more than 6.5 lakh tonnes of order for large diameter pipes. And it doesn't show that we are going for something difficult.

[Deepak Lalwani, analyst]

Okay. So has anything changed on the macro side, which is giving you this confidence that nothing will go bad? From the state governments, are you -- is there an understanding that the infrastructure has to be built up? Any sort of color that you can give on this?

[Neeraj Kumar, executive]

Government of India has come up with, I would say, a balanced scheme where most of these projects have great importers. They participate, but their funds get released only if states bring in their contribution. Now that, in a way, forces the state to match the contribution. Otherwise, they run the risk of losing that budget allocation. And that is making sure that the projects are on track. The investment is on track.

Only state government projects are not very many. And therefore, our focus is largely on projects which are funded by multilateral agencies and projects which are either spender or center state partnership because there, we are seeing the progress, the allocation, everything in better than just solely state-managed projects. But some states, again, are doing them there as well.

[Deepak Lalwani, analyst]

Okay. Yes. That was really clear. Sir, in our export business, what is driving that? Is it oil or is it water? And if you can explain which geographies and what is the macro in the export division?

[Neeraj Kumar, executive]

See, export at this point of time, we are maintaining almost 70-30 ratio, which is a good sweet spot for us. Export largely water sector goes to Middle East, oil and gas, we do across the globe. Because water sector, the pipes are of very large diameters. So there is a freight kind of limits the distance that we can take those pipes.

In DI, we don't export much because we have our Abu Dhabi facility. And exports are largely my LSAW and HSAW. HSAW, primarily towards Middle East. LSAW, oil and gas all over the world.

[Deepak Lalwani, analyst]

Understood, sir. And since you're getting good orders and there is some bit of visibility which is better than the past, any CapEx that you seem to be requiring for the business, at least in the DI pipes where we are running at 100% utilization, any big CapEx apart from the debottlenecking?

[Neeraj Kumar, executive]

No. We have not announced any project as yet. So we don't have -- but see, when the company starts doing well, and we are, at this point of time, conserving capital within the company. Therefore, the dividend distribution, we have improved, but still probably people would have expected more, primarily because we are trying to conserve money, building reserves and keeping ready. So we are exploring possibilities but no projects have been announced as yet.

[Deepak Lalwani, analyst]

Sure, sir. Sir, one last question from my side. You mentioned that the loans have gone up and that you've taken to lock-in raw material prices. So how many months of coking coal or steel have you locked in for our project requirement?

[Neeraj Kumar, executive]

The coking coal, we normally get 4 shipments a year, and we like to keep one ship on the sea, more than 1.5 ships in the yard so that we don't have any disruption. And as far as the steel is concerned, we don't block steel like this. We keep steel, which is project-wise. So steel manufacturing, or steel storage raw material is project-wise. We try and lock it for the entire project because a lot of our project revenues are fixed revenues. Therefore, not to get into that track of a moving commodity track, with higher book for the project.

As I told you about the [indiscernible]. Wherever we import, we try and maintain a cycle 1 ship in the sea, at least 1 ship in the yard, that's how it works.

[Operator]

Our next question is from the line of Radha from B&K Securities.

[Radha Agarwalla, analyst]

Congratulations on very good results. Sir, my first question was on the stainless steel side. So 2 years back, we had estimated that on the stainless steel front, we could do an EBITDA of INR 300 crores. So where are we in terms of stainless steel now? And when can we reach our full potential?

[Neeraj Kumar, executive]

Madam, probably, you are new to our call, we'd never discuss segmental EBITDA on any investor call. We have only 2 business segments: one is pipes, which is the entire range of pipes and pellets. But that, again, is only for the purpose of tonnages. EBITDA, segmental EBITDA, we do not discuss as a matter of principle for the company.

[Radha Agarwalla, analyst]

Sir, actually, we stopped bifurcating from 1Q FY '24. So I was talking prior to that...

[Neeraj Kumar, executive]

Madam, please appreciate, I know, not having a segmented EBITDA, sometimes, the analysts will find it a little difficult, but please appreciate since you are interested in this company. If I'm giving you a 19% EBITDA to sales margin, please understand as a stakeholder, I am protecting your interest.

And this is a USP, which we have, which helps us do many things in the business in terms of pricing entry that others are not able to do. And therefore, we maintain this USP that we have so that we continue to create value for our stakeholders.

[Radha Agarwalla, analyst]

Okay. If we can understand at least in terms of the capacity side, so how much of the 30,000 metric tonnes would be welded and how much would be steel-weld? And previously, you had also mentioned that we have both hot extrusion as well as [indiscernible].

[Neeraj Kumar, executive]

Hold madam, let me just be with you on the number. You mentioned 30,000. Where is 30,000?

[Radha Agarwalla, analyst]

Stainless steel. In terms of capacity, sir.

[Neeraj Kumar, executive]

Capacity of assets, where did you get this 30,000?

[Radha Agarwalla, analyst]

From the annual report -- historical annual report.

[Neeraj Kumar, executive]

Historical, I don't remember. And since I don't remember, I would not like to speculate and give you a speculative answer because stainless steel -- okay, let me at least give you a sense of what our stainless steel business is. Our Stainless Steel business is distributed in 3 locations, and that's why I'm surprised where you do get this capacity from.

It has got 3 locations. Nagothane is extrusion. Samaghogha is welded. Large Dia going up to 70 inches in diameter and still willing for large diameters. Kosi is the sophisticated small diameter welded as well as stainless. Now, if you look at the large diameter that 70-inch stainless steel pipe that I convey, if you talk about the capacity, it has a huge capacity. But there is no point in talking about that capacity because that 10-year utilization, at least at this point of time or in the near future, we don't even expect. Also whatever gets excluded at Nagothane can either be sold directly into the market or can come to Samaghogha and proceed for further processing.

So again, the extrusion capacity and the capacity is at Samaghogha and Kosi, would you treat it as one integrated or other separate capacity? Because Nagothane also has a market and also have supplies to these. So therefore, the -- see, there is a reason why we don't declare all this or we don't put it out in the market. Because eventually, as an analyst, I would be putting you on the wrong path because you will not have these minor, finer points and therefore, this goes on.

See, Nagothane can feed both Kosi as well as Samaghogha and it can also straightaway hot finish goes into the market. So any indication about any of the equipment capacity absolutely will lead you for the capacity of my entire assets business. Did you get my point?

[Radha Agarwalla, analyst]

Yes, okay, understood. The next question is on the...

[Neeraj Kumar, executive]

Largely what we are going to achieve in our Stainless Steel this year would be somewhere around between 20,000 and 25,000 metric tonnes of stainless steel, welded and seamless would be in the market or would be sold in the market. That much at least, I can tell you, which is a combination of all these capacity that I have it all over the place.

[Radha Agarwalla, analyst]

Okay, sir, that's very helpful. Second question was on the Hunting front. So the press release mentioned that we have 70,000 capacity. So -- and I understand that this is an important substitute product. So could you mention what is the industry size in India and our expansion plans, if any on this?

[Neeraj Kumar, executive]

Industry, what?

[Radha Agarwalla, analyst]

Industry opportunity in India?

[Neeraj Kumar, executive]

Roughly OCTG annually $200 million are getting imported for the year, putting ONGC, Oil India, Reliance, Vedanta, all put together $200 million. At this point of time, our facility, as I already said, is more than 85% plus capacity utilization. We are catering to a few segments of ONGC, 100%, especially the casing, et cetera.

Tubing, they still have more. Plus on the East Coast, there is some import, which is happening still. But we are likely to prepare ourselves such that we make India Atmanirbhar in OCTG market is something that we have discussed in the Board, and we would work towards it. Let us see these committees of exports once they come up with a report, what does it say.

[Radha Agarwalla, analyst]

Sir, what is the current realization on these products? Average?

[Neeraj Kumar, executive]

Average realization of what?

[Radha Agarwalla, analyst]

Of the product that we sell from Hunting.

[Neeraj Kumar, executive]

Again, see, the kind of question that you are asking me, I don't want to mislead you. The grades that I supply to ONGC is INR 13 crore. INR 13 crores is INR 6 lakh a tonne. Supply Q1 '25, which is probably INR 3 lakh a tonne. And we also do some [ 310 ] and we also do some other lower grades which will be in the range of INR 2 lakhs. So tell me what [ forecast ] should I give you?

[Radha Agarwalla, analyst]

Sir, on the basis of sales that we have booked this quarter, so just wanted to understand average realization of the product would be, will the product depend on that?

[Neeraj Kumar, executive]

I gave you the range. And again, if I don't want to -- because these are all getting recorded. Suppose this is all tender-based business. I give you my last quarter average at a certain -- because it's a combination of these 3 in a certain proportion.

Next quarter, the proportion changes because the tender changes. Next quarter, if you ask me the same question, I have to give you a separate different answer. And then you will say, okay, why there is a disconnect between these 2 because my product mix has changed. Today, what Jindal Saw is focusing on a full range. In fact, today, we were talking about Super INR 13 crores, which is INR 15 crores. We are now -- we are successful in INR 13 crore, we want to go to INR 15 crore and we also do the basic...

[Operator]

Sir, the participant has been disconnected, sir.

[Neeraj Kumar, executive]

Thank you. Are there any more questions, the moderator?

[Operator]

Yes, sir. Riya Ma'am, please go ahead.

[Unknown Analyst]

Sir, in Sathavahana, we are seeing this demand coming in. And we have also said that CapEx will be coming in next year. So then around next year, you'll see this coming?

[Neeraj Kumar, executive]

What -- coming what?

[Unknown Analyst]

Sathavahana, in...

[Neeraj Kumar, executive]

Sathavahana, madam, we already have a very healthy demand. We are operating at INR 80 lakh tonnes, INR 80 lakh tonnes plus this year probably we will cross 2 lakh tonnes of supply for sure. We are now debottlenecking where by just making sure that all the balancing equipment is there, we are trying to maximize everything around the hot metal because we have a blast furnace which has a certain capacity.

[Unknown Analyst]

Yes. Actually talking about the debottlenecking only and...

[Neeraj Kumar, executive]

That will be 2.5 lakh tonnes. It will take the capacity to upward of 2.5 lakh tonnes. We are currently operating at 2-plus already. It's doing well. So that's the headroom for next year, probably we'll be at 2.5 lakh tonnes.

[Unknown Analyst]

And in terms of our order book $1.6 million, what volumes are there in totality of all your plans?

[Neeraj Kumar, executive]

You are talking about what? Tonnage, you are talking about?

[Unknown Analyst]

Yes, tonnage.

[Neeraj Kumar, executive]

That's about INR 16 lakh tonnes.

[Unknown Analyst]

16 lakh tonne, okay. And in UAE, what kind of export geographies are we looking out? Is it mainly Dubai and...

[Neeraj Kumar, executive]

No. UAE, the market is we have gone right up to Norway. We give them those special credit pipes, which is used in very winter conditions. In the West, we go down as far as Brazil and Chile. In the East, we go down and as far as Australia because our DI facility in Abu Dhabi is very versatile. It can do double chamber. It can do diameter upto 2.2 meters, which is a unique thing. In India, we can do only 1.2 meters. In Abu Dhabi, we can do 2.2 meters. And therefore, we have a very wide -- if I remember currently -- if I remember correctly, probably over 30 countries for sure. So we have put our products from Abu Dhabi, has gone to at some point of time over 33 countries.

[Unknown Analyst]

Got it. And in terms of funding, how much would will be from UAE in terms of order book?

[Neeraj Kumar, executive]

This year, we should cross 2 lakh tonnes for sure.

[Unknown Analyst]

Okay. So the order book has 2 lakh tonnes of tonnage.

[Neeraj Kumar, executive]

The order book is more. I'm talking about this annual this year, we should do more than 2 lakh tonnes of dispatch.

[Unknown Analyst]

Okay. And the order book is $251 million for how much tonnage?

[Neeraj Kumar, executive]

$251 million tonnage -- this is 225,000 tonnes, order book is $251 million. We will cross 2 lakh tonnes this year for sure. So this year, my revenue should go up beyond $200 million for sure.

[Unknown Analyst]

Right. And in terms of execution, so there will be a lot of EPC water. EPC players are saying that they think slowdown in the ordering or the execution happening. So are you seeing similar trends in domestic particular?

[Neeraj Kumar, executive]

Yes. This is just tender-specific because budgets have been announced or budgets have happened just now, which should happen in February but because of the election. So many of the state governments or many of the projects are yet to get their project reallocation. So it's a temporary blip. We hope that there would be catch-up because we don't see a downward trend in the water. But this temporary blip is only because of the budgetary and decision getting delayed by a few months.

Moderator, can I take the last question, please?

[Operator]

Yes, sir. Our next question is from the line of Shweta Dikshit from Systematix Group.

[Shweta Dikshit, analyst]

Thank you, but my question is already answered.

[Operator]

Our next question is from the line of Ritesh from ULJK Securities.

[Unknown Analyst]

Sir, as the business is tender-based business. So what type of benchmark are taken care to set the prices of pipes?

[Neeraj Kumar, executive]

What kind of a benchmark means what?

[Unknown Analyst]

Means to set the price just for tender. So what I talk -- for setting the prices for pipe?

[Neeraj Kumar, executive]

I'm really sorry, do you want me to discuss my pricing strategy on an investor call?

[Unknown Analyst]

No.

[Neeraj Kumar, executive]

Probably then -- I don't get you. What is the margin? How do I set my prices?

[Unknown Analyst]

Yes. Which type of -- what index do you take consider to set those prices?

[Neeraj Kumar, executive]

Without giving you any numbers, I'll give you the concept. Raw material price, we build it up to landed price. We add for the time value for money. We add for the minimum profit that we require. And then we add or subtract the strategy to value because as I told you, and that's why we don't discuss EBITDA anyway. Because suppose if I must win this, then maybe my strategic input could be reducing this a little bit.

If I want to scheme, then the strategic input will be adding a little bit. So once I stack up all this, I get my price. But obviously, don't expect me to discuss my pricing strategy on which tender, how do I fill my price.

Thank you, moderator. Probably the time I had set for this call is up. So would you please thank everybody on my behalf? And I would like to assure all my stakeholders that we will continue to do well. We will continue to create value. We are all the time looking at businesses very carefully, cost very carefully, markets very carefully. I'm sure they are there.

So with this, I hope to see you all next week. Thank you all. Thank you very much. Next quarter, we hope to see on next quarter. Obviously, most of you are free, all of you are free and welcome to connect with Rajeev Goyal and his team or any other specific questions and answers. So thank you all, thank you very much.

[Operator]

Thank you. On behalf of PhillipCapital India Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.