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Ladies and gentlemen, good day, and welcome to the Q3 9 Months FY '23 Earnings Conference Call of Laxmi Organic Industries Limited, hosted by Go India Advisors. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Ms. Kruti Patel from Go India Advisors. Thank you, and over to you, ma'am.
Thank you, Tuja. Good afternoon, everyone, and welcome to the Quarter 3 and 9 Months FY '23 Earnings Call of Laxmi Organic Industries Limited.
We have on the call Mr. Ravi Goenka, Chairman and Managing Director; Mr. Satej Nabar, Chief Executive Officer; Mr. Harshvardhan Goenka, Executive Director; and Ms. Tanushree Bagrodia, Chief Financial Officer.
We must remind you that the discussion on today's call may include certain forward-looking statements and must be, therefore, viewed in conjunction with the risks that the company faces. May I now request Mr. Ravi Goenka to take us through the financials and the business outlook subsequent to which we will open the floor for Q&A. Thank you, and over to you, sir.
Thanks, Kruti, and a very good afternoon, ladies and gentlemen, and welcome to our earnings call for the third quarter.
At Laxmi, we are committed to the highest standards of corporate citizenship and the safety of our people, communities, and the environment being paramount. Our 3-decade legacy is built on the values of quality, safety, and sustainability. In the last quarter we successfully completed a comprehensive assessment by industry experts and assessors to retain the Responsible Care certification for another 3 years. This certification, third time in a row, is a testament to our efforts of living by our guiding principles.
Furthering our commitment to green energy, we are working to add solar power to our current captive hydro and wind power mix. At the moment, we are hopeful of starting with the solar power used by the end of March this year. The company has also retained its credit rating of AA-, with the outlook being upgraded to positive. The rating acknowledges the financial prudence followed and the improving cash flows.
In quarter 3, we capitalized the second phase of our second large plant of the Specialty Intermediates or the SI business. We have concluded the debottlenecking at our Acetyl Intermediates or the AI business. With these, all major investments in the existing businesses for this financial year are concluded and give us tremendous confidence in the buoyant performance of the company in the upcoming quarters. We are future-ready.
To further our 5-year growth plan, the land acquisition of the 92-acre plot at Dahej has been completed. And we are at the finalization of a detailed investment plan, which will be shared with you as soon as the Board approval is done. The growth at this facility will be primarily from the specialty type businesses and help us consolidate our position as a leading specialty chemical partner with the most reputed global integrators.
On our fluorospecialty investments, the Italian site is now vacated. The Indian plant, one that we are all looking forward to, is on track. And this quarter, we expect the first production to commence. As I have mentioned in our earlier calls, the sample approval for the first 6 to 8 products from this facility are already with us. These are products that will be catering to the requirements of agrochemicals and pharmaceuticals and have demand both in the domestic and international markets. In the domestic markets, these are primarily import subsidiaries.
With that, let me come to the business and the financial performance of our company for the last quarter. Starting with the SI business. Our strategy in this segment is to cater to the domestic demand with quality products supplied consistently. At the same time, we have been working to deepen our relationships with our overseas customers who value the backward integration that we have been able to provide. As a result, our exports in this business have increased substantially to about 45%, while we have retained our market leadership in the domestic markets. The supplies from the first plant that was capitalized in the last quarter have commenced revenues this quarter. We have a robust pipeline to further innovate and forward-integrate into more value-added products. This segment contributed 35% revenues and 65% profits during the 9 months of last year of this financial year. For the quarter Q3, these numbers are slightly higher with the segment contributing 37% to revenues and about 70% of the profit. The contribution margins of the segment have also improved and are coming back in line with those in quarter 1 FY '23.
In our Acetyls Intermediary business or the AI business, we saw good volumes in Q3, and we maintained our market share in this business as well. Demand remained stable in this segment after having seen significant pressures in quarter 2, especially in the European markets. However, with energy prices having softened there, demand has stabilized. From a financial perspective, this business will continue to be stable without major upswings coming in the immediate future. This business remains to be cash-accretive overall.
Our diversified business model has enabled us to navigate uncertain times and derisk the business away from large dependencies. To this effect, the revenue contribution from our top 10 customers stands at 34% for quarter 3. And our industry mix has also become more optimal, giving the company more agility in the coming times. On the financial performance, I am pleased to report that in line with expectations, the performance for Q3 has been sequentially better than Q2.
Consolidated income for the company was INR 658 crores, which was flat quarter-on-quarter, largely driven by the lower prices in the AI segment. In the same period, the profit after tax for the company at a consol level stood at INR 27 crores, up from INR 9 crores in the last quarter. Improvement in the profits comes from the increased contribution of the SI segment, prudent purchasing, improving ocean freight costs and the internal cost controls that have been undertaken. As the ocean freight prices normalize and the container availability improves, the company expenses could see further improvements.
Cash flow from operations for quarter 3 at about INR 50 crores are significant improvement, both quarter-on-quarter and year-on-year. For the 9 months of this financial year, the revenue dipped by about 7%, largely due to the much softer prices in the AI segment in this year versus the financial year '22. The margins were also impacted by this and by the fact that energy and freight prices remained at much higher levels in the first half of this financial year than in the same period last year. The costs now seem to be normalizing. And as we add more renewable power over the course of time, this variance will gradually be optimized. On the working capital side, our conscious efforts and strict vigil have led to improvement in inventory and receivables days.
The overall cash flow from operation to EBITDA ratio has improved to 65% for the 9 months, which for 6 months of financial year '23 was at 57%. And for the full year of financial year '22 was at 27%. This largely comes from the improvement in the cash flow, which for 9 months of this year is at INR 125 crore, 22% higher than the INR 102 crores of cash flow from operations for the full year of FY '22.
Before I open the floor for questions, I would like to reiterate that the company's endeavor is to create long-term consistent value for all our stakeholders, employees, customers, vendors, investors, lenders and local communities. We remain steadfast in our commitment to carry out operations at all our facilities with the highest standards of safety, health, and environmental excellence. Our business practices and financial management are all embedded with the DNA of creating a sustainable business that we can all be proud of.
With this, I would like to open the floor for questions.
[Operator Instructions] The first question is from the line of Ankur Periwal from Axis Capital.
First question on Europe and SI as a business put together. So now, if I look at European revenues, we are largely flattish on a Q-on-Q basis, while -- sorry, on a year-on-year basis, with some improvement there if I look at the 9 month numbers. And if I look at SI, export has been showing a good growth on a year-on-year basis. Will it be fair to say that the large part of this growth in SI business is coming from Europe? Or there are certain other markets as well, which are opening up? And related to that, the newer products that we were launching, is there -- the pipeline, the new product pipeline, is there something more which is building up? Your comments here.
Sure, Ankur. [indiscernible] So, Ankur, SI business is in geographies outside of Europe as well, while the AI business has a larger exposure to Europe. So we see that we're able to diversify a lot more, and we had specified that U.S., China and some other Asian markets who are key focus, which is where we've primarily been targeting. Regarding the new product pipeline, yes, there is more to come. And we are looking to put more new products in the pipeline in SI business as well. Those will come and impact us in the next financial year.
Sure. And from a cost competitiveness perspective and given the elevated power cost, et cetera, in the global market, especially in the European hemisphere, are there significant incremental inquiries coming in or probably a quicker ramp-up basis your interaction with the clients?
No, I mean, it will be generic. Yes, there continues to be significant interest in India, even though China is opening up. China can never be ignored as a market. But we do believe India has got adequate space to grow for the entire industrial and Laxmi will play its part.
Sure. And just lastly, on the Acetyl Intermediates part, you mentioned in the opening remarks that this, probably the pricing will remain here for a while before taking an uptick there. But any significant pressure that you are seeing in overall pricing profitability in this business, both in domestic and international?
Thanks, Ankur. The Acetyl business, we continue to maintain our margins as we had estimated. And in the near future, we mean for this quarter. But usually, this is the quarter also when the demand picks up. And we are already seeing green shoots of that, not only, like I mentioned, in Europe, but also domestically. And we believe that we should be doing reasonably well. But we didn't want to say anything on the upswing or the very, very high prices. We will continue to maintain our margins in the AI business.
[Operator Instructions] The next question is from the line of Jatin Damania from Kotak Securities.
So just wanted to, follow-up question on the AI. I mean, as you have mentioned in your opening remarks also, that we have seen a substantive jump in the volumes. So can you throw some light on which region we are seeing a sharp increase in the volume. And where are the cost initiatives your company has taken, which will definitely be -- I mean you indicated with your margins we are able to manage as per the expectation. But given the tailwinds in terms of the reduction in the freight costs and some amount of the benefit in terms of the power cost, how many this expense in the margin that we can see in FY '24-'25? Can you throw some light on that?
So, Jatin, your question was -- so I'd like to say that probably the first thing to clarify is the volumes were good. I wouldn't like to say that there was a significant jump in the volumes. I think compared to Q2, the volumes were better in the AI business, given that the demand in regions such as Europe really came back. So that is on the demand side of the piece. On the cost side of the business, of course freight costs have started coming down, but the container availability still does not -- is not as seamless as one would like it to be. And the cost improvement is different in different regions. But it's not that the prices have come down equally for all destinations. Having said that, we are seeing consistent improvement in freight costs. And the container availability, as we are in the end of January, has also improved than what it was in the last quarter. So I think this cost improvement should continue.
Yes. And on the SI front, as in the opening commentary, in the last question, you indicated that there are a couple of new products that we are developing. But instead can you highlight what is the total size of that product?
We don't comment, Jatin, on the size of the product. But as you will appreciate, there are 2 large CapExs in SI that we have done. One, we capitalized fully in Q2. And the Q3 results actually are showing the benefits of that. And the other large CapEx, we finished the capitalization in Q3, the production will commence. So you will see the difference in Q4.
[Operator Instructions] The next question is from the line of [ Bob Jay ] from [ Falcon ].
So I wanted to understand the economics of your business a bit better, the AI side, the raw material that you use is acetic acid, right? And that's been falling. And so has your ethyl acid, your final product, that's also been falling. So why are your -- why is the absolute EBITDA not being -- were you not able to maintain the absolute EBITDA because both are falling, right? So if it's a pass-through, your EBITDA shouldn't be affected.
Sure, [ Bobby ]. So Bobby, in a falling market, when you have -- we can maintain about, stock for about 60 days. So that impact is continuously observed in your overall margin. In a flat scenario, you're usually flat. And the reverse is true for an increasing or a inflationary scenario. But over time, we see that this business normalizes and you're able to consistently generate margin and cash from this deal.
I see. So what you're saying is it's actually the higher price inventory because of your net holding period, that's impacting EBITDA.
Right.
If the price falls down, then you can actually pass it on. In other words, you can maintain your absolute EBITDA. Is it right?
That's right. That's right.
Okay. So now it's stabilized, correct, in this quarter? Or do you see the same intensity of fall that was happening last quarter?
I think the large amount of intensity has -- the intensity of fall last quarter was a lot higher. We don't like to predict which way the prices will go or how much the fall will come. So I'm not going to attempt that. But what we try and do is maintain a certain amount of margin that we can constantly operate at irrespective of what price -- where -- irrespective of raw material finished good pricing. And you're at any point in time just exposed to 45 to 60 days of inventory.
Right. What do you think is the reason behind this price fall? Because for acetic acid it's even below 2018 levels. Is that increased supply or lower demand or both?
So I think everyone who is buying or consuming acetic acid would have a view of that. And I don't mean to predict why it's happening. There are some reasons, I'm sure, but it's been very difficult to pinpoint. Our business is tuned to making margin irrespective of where the acetic acid prices are. And that's where we like to operate it.
I know, I understand that. But I was just wondering because I expect supply coming up, that's something that's clearly known, right, being in the industry?
No. So no new supply has been announced globally that's starting up. So that's public data. But the industry largely remains long if you look at acetic acid as an individual molecule.
[Operator Instructions] The next question is from the line of Chintan Patel from Satco Capital Markets.
Sir, what is the current utilization of AI and SI segment? And I think we have a capacity of SI is around 80,000, 85,000 per tons. Correct me if I'm wrong.
Chintan, Tanushree here. Chintan, I think the way to look at our SI business, and we sort of said this in the past, is rather than looking at the capacity to look at the product mix because the capacity in that business is not necessarily very relevant. As the product mix changes, the profitability could change significantly. So the way we look at this business is to look at what is the product mix that is coming out of here, and are we achieving the contribution margin that we had set out for ourselves.
Okay. Okay. And so, what is -- so what is the current utilization for AI and SI?
The AI business usually runs at roughly about 85% of capacity utilization. And I think we keep running at those levels. We have a very, very large capacity. We've also just announced that we've complete debottlenecking of that. So it's a fairly efficiently run plant.
Okay. And recently we have merged our subsidiary Yellowstone and Acetyl. So can you quantify what are the financial impacts?
The financial impact, Chintan, is available in the published results because previously the stand-alone did not reflect YCPL, but the consolidated results reflected the YCPL numbers. Now you will see that the standalone numbers include the YCPL contribution. And the consolidated then takes into account the other group companies. If you would like to have a reconciliation line-by-line, very happy to speak to you offline and take you through that.
Okay, sure. And recently we have terminated one of the Middle East subsidiary and has given a effect of deconsolidation. So can you share some color on that? So what is the comparable number for quarter-over-quarter and year-over-year number?
Sorry, I got the Middle Eastern subsidiary. What was the second part of the question?
Can you share some color or light, what is the comparable number for quarter-over-quarter and year-over-year basis?
So the comparable numbers are all published in the results, Chintan. And Middle Eastern subsidiary had no operations for the last 1 year, and so we've closed it down.
Okay. Closed it down. And can you share some lights on fluorospecialty, what it will start to contribute to meaningful revenue?
Sure, Chintan. So I think this year will be the way we established the base very strongly. And the next phase of CapEx is already planned out. So you will start seeing revenues in FY '24 in a significant way. But of course, the story is much larger, and we have much larger plans for that.
Okay. And you have highlighted in your presentation, the opportunity lies in electronics and automobiles. So can you shed some light on that?
So that's one of the market segments we address, and we're looking to do that.
So that means in particular areas, so it will be coming in a particular area, a particular product coming for this 2 vertical?
Yes. So we've got products that will address these 2 industries.
[Operator Instructions] The next question is from the line of Nitesh Dhoot from Prabhudas Lilladher Pvt Ltd.
So my first question is on the debottlenecking in Acetyl Intermediates. So what is the capacity addition with this debottlenecking undertaking?
So, Nitesh, the total capacity is about 2 lakh tons that we have. I think the debottlenecking was completed last -- was done in a phased manner. It just got completed. So we capitalized that this quarter, therefore the announcement.
Sure. Okay. Okay. So my next question is on the fluorochemicals business. So where have we been able to secure any orders after the approvals which you understand are already in place?
Yes. So that's exactly what's underway. I think the customers too are just waiting for us to see actual production and look at fresh specs from manufactured batches. So we're just waiting upon that. And subject to that, we're able to dispatch product to them.
Sure. And on the HF supply, so have we been able to secure HF supply? And if you can just give some color on that sense?
Yes. We've been able to secure HF supplies as well. And we've got agreements in place to make sure that we are secure on HF too.
Sure. And on the Specialty Intermediates. So basically, I mean can you give the utilization of our first long-term project in Q3 capacity utilization?
Yes. So it ramped up to a fairly good extent in Q3 as we had expected. I would say almost to its -- in the top quartile of its capacity utilization. So we are just waiting for -- we are just waiting to see the next quarter. It's got a little bit more headroom to go. Look at it that way, Nitesh.
All right. And how is the second phase paced? And how is it paced on that side. In Q4, what kind of ramp up or what kind of utilization can we see in the phase 2?
So likewise, even for our other CapEx it's a similar thing, where you will see a ramp up to a fairly good level in Q4. And you may have a little bit more room to go in the quarter thereafter.
All right. And just last bit on the CapEx. So what will be our CapEx outlay for FY '24, '25? I believe other than the fluoro-chem the SI second phase, I think there is nothing else for [indiscernible]. So nothing, more than that, nothing has been announced. So any color that you can give of that for FY '24 and FY '25?
So we have got 2 CapExs planned out already. We've not announced those numbers because one is SI which will require CapEx for a fair bit of new products and some derivatives that we have planned. These, as we had mentioned earlier, we'll announce these CapExs, rather we'll trigger these CapExs as soon as the base is solidified. And the other expansion will come up in Dahej, which we will announce once we have the full broad approval as well.
Sure. Any of these would get commissioned by FY '25 itself or will it be beyond '25?
No, you will see commissioning in FY '25. That's the way we are working.
Sir, and I believe that for the FI CapEx, the asset terms would be higher than what you've indicated for the first leg of it. Would I be right?
New CapExs will be higher than the existing one in FI, yes.
[Operator Instructions] Next question is from the line of [ Khushboo Shah ] from [ Nirmal Bang ].
I just wanted to know a bit more about the product profile of chlorine. And will the margins be in line with [indiscernible].
Sure. So the product profile is going to be chlorine and HF are our primary starting raw materials. And then we make several derivatives of that, which go into agro, pharma and a large range of industrial applications. Margins will be similar to those of what you see of other specialty chemical companies in the top tier.
[Operator Instructions] The next question is from the line of Rohit Nagraj from Centrum Broking.
Sir, in terms of the first phase of FY with 68 samples which have been approved, product samples, what could be the potential that we are looking at maybe in first year and second year of our operations, normalized operations?
Sure. So the assets that we have acquired, the assets by itself can give about revenue -- they used to give a revenue between EUR 25 million to EUR 30 million in Italy. We will look to -- so we will look to achieving a part of that in the first year. And as manufacturing stabilizes and we will trigger new CapExs, we are seeing a long runway ahead where we can grow this significantly. So what I'm trying to say is that the first year is finally to establish the core very strongly, which enables us to fill up into new growth avenues as well as various derivatives that are already planned out.
Got it. Sir, second question is now we have 3 segments, including the Fluoro-Specialty. And what we talked about, the Dahej, it's specialty products. So will this be a separate segment without any overlap against the 3 segments? And what are the chemistry platforms or user industries that we are targeting from these new set of products?
Sure. So user industries will be fairly similar. You might have 1 or 2 strategic user industries getting added. But just give us some more time and we'll come back to you ONCE we get board approval. I don't want to get -- give some information that the Board, it's not passed through the board as yet.
Sure, sure. And just one last clarification. For AI, our capacity is 232,000 tons per annum, right? I mean, upwards, slightly upwards of 232,000 tons.
Yes, the 232,000 number, the capacity is more than that after debottlenecking and amalgamation of YCPL. We don't give out the exact capacity numbers.
Sure, sure. No, I was just trying to verify it because in our Slide 6, we have given the capacity number is higher than 232,000 tons per annum, so that's…
So that information is correct.
[Operator Instructions] The next question is from the line of Meet Vora from Axis Capital.
I just wanted to reconcile or reconfirm the segmental as well as geography-wise revenue for Q3. So for Q3, our SI business is .3 -- I mean, 37% and AI is 63%. Can I get the geography-wise mix of SI for Q3, I mean domestic and exports?
Meet, geography-wise, we don't give the split of SI and AI. If you have any other reconciliation questions or financial questions, we can connect offline, please.
Sure. And this 45%, which we are mentioning in our PPT, that's for 9 months, the mix for…
So, 45% is for quarter 3 FY '23.
It's for quarter 3 FY '23, 45% exports for SI.
Yes.
Sure. And second bit on the end-user industry. So I see over here that quarter-on-quarter there has been decline in share of printing and packaging, while there is an increase in share of coating. So has there been any customer change? Or has there been any usage change of AI or FI business because of which this change is there?
So Meet, we -- I mean, one of the strengths of the business is that we cater to a diversified industry group. And these changes would constantly happen, depending on how various end users are running -- various end-user trends. So these minor things will happen. As we had mentioned earlier, printing and packaging was not doing as well. And the reverse was true for coating some time back. So these are just general parts and part of business.
[Operator Instructions] The next question is from the line of Dhruv Muchhal from HDFC Mutual Fund.
Sir, just one clarification, on Slide 13, where it's given the SI contribution margin growth, the index chart. So how should I think of this? So assuming the margin was 10% in 1Q '22, has it increased by 28% in Q3 FY '23? So 10% goes to about 12.3% or 12.8%. Is that the right way?
Yes, that's the right way to look at it. So what we are trying to show is that from Q1 FY '22 onwards, how has the contribution margin really fared for the SI business.
The percentage margin, how that increased on a percent basis. Got it.
Yes.
And what does this product mix optimization chart represent?
So a number of questions that were coming to us were around how many products are you manufacturing and how many unique products are you selling? So this chart in product mix optimization is actually showing that if we were selling 100 products in Q1 FY '22 which were giving us INR 100 of contribution margin. In quarter 3, FY '23, we are selling 104 products, which are giving us a contribution margin of INR 128.
[Operator Instructions] The next question is from the line of [ Rajesh Joshi ] from Marcellus Investment Managers.
I had a question on the fluorochemicals business. I went through your Environmental Clearance filings. And they mentioned that the chemicals that you start -- you start producing were in the BTF or the benzotrifluoride value chain. Given that, I mean, we are procuring assets from outside, and there is already a strong incumbent in this value chain. Could you please -- I mean, help us understand our strategy in this segment a bit better?
So we don't comment product by product, but I'm happy to give you a answer to that in a different way. The products that we are looking to manufacture are not manufactured in India today, which is why we looked at Miteni as a strategic asset. And therefore we are starting off with those products that are not made. Miteni has those technology and we're getting those to India. Therefore, we're looking at a good potential not only in terms of import substitution, but even tying up with global majors to service their international requirements as well.
[Operator Instructions] The next question is from the line of Dhaval Shah from Girik Capital.
My question is on the fluorine side. Like we have a couple of approvals from the customers in some time, and you also saw some delay in the starting of the project. So how are the customers fulfilling the demand for those products for which they had given us an approval? Were they buying it from somewhere else? Or how was it?
So it will differ from product to product, but it's a mix of 2 things. One is loss of sales opportunity for customers as well as potentially sourcing from others, primarily outside of India.
Okay. Okay. So these customers whom we are going to sell, are they all domestic customers for us?
No. Largely international. And a lot of them will be feeding the growth potential of their respective end molecules.
Okay. Okay. And this, I believe, will be going into pharma and agro as you said.
That's right.
So going on the -- in the pharma, then -- so they don't have to mention any source in the document which they submit with the regulatory authorities, or do you have to?
So you're right. So there is some regulatory approval required, which is why we are focusing more on the agro molecules, agro and industrial molecules in the first -- in the earlier parts, while Pharma will take slightly longer for approvals, but that we have managed our business plan accordingly.
Okay. Okay. Okay. So basically, with this delay in the starting of the project, we did lose some customers, but now, like we are [ constitute ] of lot of those customers switching back to us for the period where these are not available.
Yes, I don't think we lost customers, but I think the customers as well lost some amount of opportunity that they had.
Okay. So they did not manufacture the product, which they were supposed to, using our product.
Correct. So both are true, where you had some amounts substituted with some amount lost as well.
Okay. Okay. Okay. Okay. So did you have to compensate them for, given they have lost some business in the end market or so?
No, there's no liability for that.
[Operator Instructions] The next question is from the line of [ Ganesh Dilip Dara ], an individual investor.
So henceforth, the company will be focusing on FI and SI. So can you highlight what will be the margin going forward? And in the current quarter, second phase of SI has been accomplished. So is there any revenue contribution in this same quarter? Or it will start generating revenue from fourth quarter? And in FY '21, we had a flooding at one of our plants. So we had claimed insurance for the same. Had the recovery insurance claim has been received or not?
Sure, I'll take the first 2. So we are looking to invest more and more in SI- and FI-like businesses. We've made the business margins of our SI business fairly clear, that's visible to you from our online literature. Regarding sales, we had some amount of sales already in Q3 from the plants that were -- from the new plant that was commercialized. And that will ramp up further in Q4. Tanushree, you can take the insurance.
So Mr. Dara, the insurance claim discussion is at a very advanced stage with the surveyor. And once these discussions close, the surveyor will submit their final report to the insurance company.
Okay. But it's taking too long because last time also I asked the same question. So it's taking long time for the claim amount.
Mr. Dara, this is a large claim with a large volume of data that, first of all, it's a large claim with a number of items against which the claim has been placed, which means there's a large volume of data and a number of inspection trips that the surveyor needs to be able to undertake so that they can then put up their report, which will go to the board of the insurance company.
Okay. And once the claim amount is received, it will have P&L impact or balance sheet? I mean, it will add back to a profit or…
No, so there will be -- there won't be a P&L impact on this. There will be a balance sheet impact.
Thank you. Ladies and gentlemen, as this was the last question for today I would now like to hand the conference over to the management for closing comments.
Thank you, everyone, for your time and patience. And it's always a pleasure to be here with all of you and to answer your questions to the best of our abilities today. But if anything remains, we are happy to take it offline. And our team will be happy to interact with you and clarify anything that you may have. Thank you for supporting our company. Thank you for being with us. Thank you.
Thank you. On behalf of Go India Advisors, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.