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Nava Limited
Earnings Call Analysis
Q1-2024 Analysis
Nava Limited
Nava Limited's quarter ending 30th June 2023 marked impressive financial achievements, with the conglomerate witnessing its highest ever quarterly EBITDA of INR 572.4 crores and profit amounting to INR 342.7 crores. This showcases a robust performance across its diversified interests in metals, energy, mining, and new ventures.
Maamba Collieries Limited, under Nava Limited's umbrella, significantly repaid an overdue loan of USD 108 million, clearing the debt and enhancing financial strength. The company has successfully reduced receivables from INR 4,763 crores to INR 2,735 crores and improved plant availability to 95.2%, driving better financial results and cash flows.
Looking ahead, Nava Limited anticipates continuing growth in the Energy segment, with MCL expecting to realize balance receivables from ZESCO as per the agreed plan. Energy revenues grew by 51.6% compared to the prior quarter, reflecting operational improvement in key power plants, although facing setbacks in the Manganese Alloys business due to a weak export market.
The company plans to fund $30 to $40 million for its Avocado project in the following four years and estimates a total project cost of around $450 million for Zambia Phase 2. This demonstrates Nava Limited's strategic approach to diversifying and growing its investment portfolio.
With receivables from ZESCO now at $332 million, the company expects to recover $150 million by the end of December '23, and the balance in 2024. ZESCO's current payments and schedule adherence lend optimism towards future payment completions, benefitting the company's financial outlook and possible shareholder value enhancement initiatives like buybacks.
Nava Limited is venturing into new business arenas such as Avocado farming and manganese ore mining, with considerations for strategic partnerships in the future and exploration works to expand its market reach. These endeavors seek to leverage on industry demands and geographical benefits especially in proximity to North America and Europe.
The company acknowledges high power demand in Zambia and its neighboring regions, mainly driven by industries like copper mining. As such, Nava Limited's plans for Phase 2 of their projects entail a different structure aimed at risk mitigation and informed by lessons learned from Phase 1, ensuring better control over funding and external market factors.
Nava Limited explores the possibility of selling power to the Southern African Power Pool and acknowledges the impact of debt reduction and receivable recoveries on future corporate actions, including share buybacks. However, the company awaits more clarity on returns due to ongoing discussions and negotiations regarding tariffs and project costs.
In India, Nava Limited reported power sales volumes amounting to 213 million units. Moreover, the Telangana government's open access issues have been addressed, allowing for smooth power exports as needed. Management is also considering development or sale of the Nacharam land, capitalizing on the positive market price trends.
Anticipating a Q3 revival in the ferro alloys industry after a cyclical downturn, Nava Limited remains resilient with India's growth as the second-largest steel producer providing a significant opportunity to capture increased market share through its Odisha unit's output.
Nava Limited demonstrates financial prudence with no currency risk in PPAs and coal sales, both denominated in USD. Their debt repayment strategy allows flexibility, with the next payment due in September while navigating complex insurance coverage for outstanding loans should challenges with the Zambian government payments ensue.
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Good morning, Ladies and Gentlemen, I am Vidya, moderator for the conference call.
Welcome to Nava Limited Q1 FY '24 Earnings Conference Call. [Operator Instructions] Please note this conference is recorded.
I would now like to hand over the floor to Mr. Bharat Jain from ICICI Securities Limited. Thank you, and over to you, sir.
Thank you. On behalf of ICICI Securities, I welcome you to the Q1 FY '24 Earnings Call of Nava Limited. From the management today, we have with us Mr. Ashwin Devineni, Chief Executive Officer; Mr. Nikhil Devineni, Senior Vice President; Mr. Sultan Baig, Chief Financial Officer; and Mr. VSN Raju, Company Secretary and Vice President.
I will now hand over the call to the management to give their opening remarks. And after that, we'll open it up for Q&A. Thank you, and over to you, sir.
Thank you, everyone, and greetings to all on this investors call. Thank you for joining. I'm delighted to put forward to you the impressive financial results of Nava Limited for the quarter ended 30th June 2023. We have once again achieved several remarkable milestones, reinforcing our position as a leading diversified conglomerate in metals, energy, mining and emerging businesses.
On a consolidated basis, we reached our highest ever quarterly EBITDA of INR 572.4 crores and a profit of INR 342.7 crores, a testament to a strong performance. Despite challenges in the Metals division, our company continued to track. Notably, Maamba Collieries Limited achieved significant milestone, including the repayment of an overdue loan of INR 890 crores, which relates to USD 108 million, clearing the entire overdue loan.
The debt at NBL is now standard and current. NBL made substantial progress in reducing receivables under the arbitration award. The due amount now stands at INR 2,735 crores against a total of INR 4,763 crores. NBL also attained an impressive 95.2% plant availability, contributing to exceptional financial performance and improved cash flows. The Mining division saw a turnaround in external coal sales due to effective marketing efforts.
Looking ahead, we anticipate MCL to realize the balance receivables from ZESCO after the agreed payment plan.
Our Energy segment maintained its impressive momentum, achieving a remarkable 51.6% growth in revenue compared to the previous quarter, driven by improved operational performance in Odisha and Telangana power plants. While our Manganese Alloys business faced challenges due to weak demand in the export market, we actively explore new market opportunities to drive sales growth.
On the other hand, the Energy division significantly improved its operational and financial performance during the quarter, offsetting the lower revenue in the Ferro Alloys division. Overall, our consolidated revenue reflects sustainable growth with healthy increases in both EBITDA and the profit before tax.
I extend my gratitude to our dedicated team and valuable stakeholders and shareholders for their unwavering support. Nava Limited remains committed to delivering exceptional performance and creating sustainable value for all stakeholders.
Given the above, we would like to proceed with the question-and-answer session and request you all to seek clarifications as you may desire. Thank you.
[Operator Instructions] The first question comes from Sri Krishna Agarwal, an individual Investor.
Yes. First of all, I congratulate the management of the company for the excellent financial performance. I am very thankful to Mr. VSN Raju also for sparing his valuable time when I reached at the registered office of the company last week. I have two questions. The first one is that the company is having INR 414 crores of cash and cash equivalents. So what are the plans for the utilization of this cash balance?
Yes. Okay. What is your second question?
My second question is you have a vast experience in your business of the ferro alloys. This division is not doing well. So what is your future outlook about this segment?
Okay. Thank you, Mr. Agarwal. Coming to the first question of the cash available in the company. As you are aware, the company has declared a significant dividend in the current quarter, for the current financial year. So significant of the cash will get distributed as part of the dividend for this financial year. And the rest available cash, we would like to hold up for future growth prospects.
Mr. Agarwal, let me answer your second question. As you rightly pointed out, the ferro alloys industry is going through a challenging time. We witnessed the drop of prices to the extent of almost 15% on a quarter-to-quarter basis. Having said that, India is turning out to be a bright light in terms of both steel production as well as ferro alloys production. This particular quarter, we have surpassed Japan to be the second largest producer of steel.
Now going forward, the projects are post once the monsoon seasons are completed, we would see a revival in terms of finished goods prices. This is primarily to do because of the construction sector, which accounts for almost 60% of steel consumption. That particular sector is right now going through a lull. But post-monsoon, we see that the sector would be revived. And as a result, that would have a positive impact even on the ferro alloys prices.
The next question comes from Jatin Damania from Kotak.
Just wanted to check on the last proceeds that we received from MCL. In the word, it was $60 million. Have you received any further proceeds from the -- on the arbitration amount?
Yes, Mr. Damania, we received, like you rightly said, $60 million. Post that, we received -- they're essentially paying us based on an agreed monthly plan. So every month, we receive a different amount based on the plan. So after the $60 million, we received $5 million more from ZESCO in relation to the arbitration award.
And so I mean that's probably which is in the month of June. So any money, which is due in month of July and August, that will be likely come next 15, 20 days.
Yes. July, the amount is actually $40 million that we are to receive and from what we heard from the utilities, that payment is being processed. Today is unfortunately a public holiday there, but we expect to get that sometime during this week.
Yes, sorry, [indiscernible] fixed amount. But sir, now since the major value which was largely paid in the last quarter, sir, I just wanted to understand the capital allocation policy and has -- as a company, have you framed any roadmap in terms of expansion in Zambia in the ferrochrome in the domestic's business?
Yes. So firstly, with regards to the amount, although we have cleared the overdue amount, there are still certain conditions and requirements that we need to meet prior to us being able to start distribution. So the company is currently working hard to meet those conditions so that the lenders permit distribution. Once distribution is permitted, then that money comes to the parent company and could be used for various actions.
With regards to plans on how to utilize the money, firstly, I think we're looking to reduce our debt. Secondly, we're looking at funding a lot of our growth plans in terms of our growth plans. We're looking at expanding in Zambia with another phase discussions on Phase 2 for another 300 megawatts are currently under way with the government and the relevant authorities.
In Ivory Coast, we are looking at expanding our Metals business. Currently, we are conducting exploration activities on manganese mines there, and there is a possibility we could even set up a smelter.
And apart from that, we are also investing in other emerging sectors, such as agriculture, our Avocado project in Zambia is also going well. So funding all those would be a priority. And then post that, we will definitely look at taking corporate actions to improve shareholder value.
So sir, we'd like to see that various growth projects are there in the pipeline, but what is the amount that we'll be actually spending across this Zambia Phase 2 in Ivory Coast and the agriculture. Any broad roadmap? And how do you see the Avocado business turning out in the next 5 years?
Okay. So there are two different questions. In terms of basically the -- let me start with the Avocado business. The planting is already been done. We expect fruits to be born in the year 2026. We're covering about 1,150 hectares of land. That's with regards to the Avocado project.
In terms of the -- your first question was the total outlay for the expansion, right, for the future projects?
Yes.
Mr. Damania, for Avocado project for the next 4 years for the additional plantation, we anticipate to fund about $30 million to $40 million. That's on the agriculture side.
And sir, what about Zambia and Ivory Coast, I mean -- have you drawn any roadmap or similar discussions?
Yes. So in terms of the total project cost, we are estimating it to be around $450 million for the Zambia Phase 2. And in terms of the Ivory Coast project, we're anticipating a total project cost of about $80 million.
The next question comes from Vignesh Iyer from Sequent Investments.
I just want to understand on the receivable side, what is the outstanding receivable do you think you will be having by end of quarter 4 FY '23? What is our internal target to reach, I mean, to get the money from MCL?
Mr. Iyer, If you recall, the total outstanding from ZESCO was $517 million. Against, that current outstanding as on date is only $332 million. From the $332 million, by end of the calendar year, we anticipate to recover about $150 million.
So you mean to say another USD 150 million by quarter 4 FY '24, right?
No, another $150 million by end of December '23, $23 million and balance in the calendar year 2024.
Okay. So as of now, it is USD 332 million, right?
Yes.
Sorry, I didn't get on this part. I mean you're targeting for calendar year '23 or '24?
Mr. Iyer, by end of December 2023, we anticipate to recover $152 million out of this $332 million. Balance in the calendar year 2024.
The next question comes from Falguni Dutta from Jet Age Securities Private Limited.
Sir, just to clarify as regards our current billing, we are getting everything from ZESCO, no? So there are no monthly overdues that are accruing, right?
Yes. Correct. From May '22, we've been current on the investment.
Okay. And sir, if you could broadly just directionally give us an idea how is the -- this ferrochrome that Manganese division doing for the current quarter versus the previous quarter directionally? Is it same? Is there some improvement? Or has it gone even bad?
Ms. Dutta, as I mentioned, we have seen a different drivers to the extent of almost 15% on a quarter-to-quarter basis. But having said that, we also find that the raw material prices in the state being manganese ore, which accounts for lot of your costing has gone to historical low levels. So I think [ ferrochrome ] will be better positioned to tackle the market given these low prices.
Okay. And sir, my last question would be how -- in how many years' time given we have spelled out various expansion plans? In how many years' time do we expect to get some dividend from the money repatriated from there, from Africa?
It's not years and it's just months. Like I said, there's a lot of light at the end of the tunnel there now. Payments are current. ZESCO is also meeting with its arbitration payment as per schedule. So I think once we meet these conditions laid out by the lenders, we will do that distribution. So we're hoping that there's going to be sooner rather than later. Although we have expansion plans, like we're going to utilize 100% of the money for the expansion because we will be starting distribution.
The next question comes from Dhruv from Shree Info.
I just wanted to understand on the CapEx that we plan to do in Zambia power plant, what would be the time line for it? And what would be the equity and debt allocation that we look at out there?
The time -- so in terms of the Phase 2 expansion, the capacity we're looking at is identical. It's another 2x150, which is 300 megawatts. We're still finalizing numbers, but the expected project cost is approximately USD 450 million.
And with regard to time lines, once we commence -- once we receive finance to closure and commence the project, we anticipate about 2.5 years. It's a fairly optimistic timeline, but we are very confident we'll achieve it.
Got it. Got it. Secondly, on the broad-based capital allocation. We are looking at a lot activity in infrastructure, CapEx cycle in India and everything in mining and other metals also. So are we not finding any opportunities in India on an IRR basis? Or is there any strategic decision to go ahead and look at Africa as a space that we would like to expand?
No, I think as a company, we are always looking at opportunities everywhere, in fact, we prioritize our opportunities when they come up if they are within the Indian subcontinent. But we do balance risk and reward. At the end of the day, while there are opportunities, there are a lot of risks to as long as if you do not have security on the raw material, for example, there's a lot of risk you take. So we're always open to expand in India when the right opportunity arises.
Okay. Okay. The third question on the smaller bit is on the Indian power operations. What we understand is that we don't have PPAs and we have benefit of selling it out there in the open market. And given that India is facing a deficit, we should try -- we should be able to get a good rate of return on the power that we are able to sell in open markets. Is that true? And usually, during the summer months, we would be able to get that. So have we got that bump up in this particular quarter because from the results, it was not too clear.
No, we definitely have gotten that bump up. I think one of the benefits of trading in the open market is when prices are high and that is seasonal. We do take advantage of it, whereas one of the negatives is when prices are low when there are heavy rains, we don't do that well. But if you looked at our results on the power sector, we have posted extremely good results, both from Telangana side and from the Odisha side.
Okay. Okay. Are we looking at any sort of further expansion of there in the power space or because that sounds a very small component of our total mix. Are we going to be looking at exiting it? Or are we intend to deploy further capital to set up new capacity or it will be as it is.
No, I think on the power side, the largest challenge we face is essentially the coal. Coal prices here are just increasing exponentially, whereas the power tariffs are not increasing at the same rate. Therefore, it's kind of a crunch in terms of generating at a low cost. Therefore, I don't think we are looking at expanding on the coal-fired power plant side in India.
Okay. And just one thing, are we looking at any strategic partner in our Avocado business in Africa or it will be just be to unlock value or anything on that front?
Yes, we are kind of -- Avocado is a new business for us. Fortunately, things are going well. Things are progressing well with the plantation. There has been a lot of interest from other players too, with our Avocado project. But we're going to be selective, and we'll always be hopeful for partnerships, but that will only be evaluated in due course.
Okay. What sort of metals are we looking at Ivory Coast [ considering ] in terms of the future capital allocation?
Yes. One is we currently have exploration works going on in a mine, a manganese ore mine. And in addition to that, that being the main raw material for silico-manganese production, we are looking at setting up a smelter there, which would -- one is enable us to have extremely good cost control because of the backward integration. And two is it also opens up the new markets for us, particularly in North America and Europe, which are extremely close to Ivory Coast in terms of proximity.
Got it. So the actual sales...
Give opportunity to others. You can come back again.
[Operator Instructions] The next question comes from Aditya Shrimal from PCS Securities.
Congratulations on a good set of numbers. I had a couple of questions. One was on the power demand, all the power demand currently in Zambia and which are the industries driving good growth? I also wanted to know how much of this demand is linked to copper mining?
So in terms of the power demand, we look at it as not only in Zambia. We look at it as Zambia and its neighboring countries, which is the southern part of Africa, and it's extremely high. I mean you probably have heard about what's going on in South Africa with shortage of power, more than like 4, 5 hours of power cuts every day.
Zambia as a country exports power. So they almost export about 400 megawatts to all its neighboring countries. And within Zambia, you rightly said the large demand comes from copper production. But then if you look at the neighboring countries like Congo and so on. So there's a high demand from the copper industries there. And now a lot of these industries are also expanding, and there's no new power coming. So the demand is good currently, and we look at that demand only increasing in the years to come. That's what's leading us to seriously consider expanding.
Okay. Got it. So as a percentage, would it be -- would you be able to quantify how much of it would come from copper production?
No, I can't say so because from us at the end of the day, we sell, we committed 100% to the utility. It's up to the utility to determine how much is going to the copper industries and how much they export. But I think from the latest numbers, they export about 400 megawatts. And from what we hear from them, there's still a lot more demand in terms of neighboring countries.
[Operator Instructions] The next question comes from Viraj Mahadevia, an individual investor.
Congratulations on making progress. A question, sir, regarding your Zambia expansion Phase 2 plan. Given that you've already been scarred in Zambia and that's on a path to recovery, how do you feel about the certainty of ramp up in payments coming in? And how do you de-risk yourself on that?
So we -- I mean we still feel the scars. We've learned what to do different this time. So we take that all into account. So the way that we would be structuring Phase 2 would be very different from the trial phase, which would, where risk could be mitigated through certain requirements from our side. And I think we'll implement all those before we embark on Phase 2. We definitely, I think, have learned from what needs to be different.
So requirements in terms of ZESCO, the local utility or you have these commitments before going ahead with your CapEx plan or before you commence supply after CapEx is complete?
No, prior. I'm even talking about how we get the funding, what those conditions are, things in terms of is it external funding or is it funding from the government itself, which will mitigate a huge part of risk. So these are the various impacts. I don't want to get into too much of detail right now because it's also premature, but that's something we are looking at very seriously.
Yes. The idea is to just create some wiggle room for eventualities, right, things going wrong, so you don't land up in a similar situation again. Secondly, you have the option, obviously, of supplying to the South African power pool from what I understand. So that is a natural mitigant.
Yes, that's true because at the end of the day, the state utilities unable to pick up the power. We can sell it to the Southern African Power Pool. We are members right now. In fact, a couple of months, we were selling a certain amount of power. But then after that, ZESCO has been taking 100% of power plant.
Right. I mean given your level of performance at INR 2,000-plus crores EBITDA you're tracking with your debt coming down, your share price still seems to be severely undervalued. What steps do you see yourself taking including, in particular, buyback as these cash flows improve, leverage comes down. Is that something you're considering?
No. See, I think as you rightly said, we are in a very good financial position. I think one of the reasons we are there is because of the strategies we've had, the risk we've taken. Now in terms of the share price, I don't want to comment too much because that's not what how we run. But yes, once we reduce our leverage, once we start getting the moneys back, we definitely would look at certain corporate actions that could improve shareholder value and buyback is one of them.
The next question comes from Vishesh Jain, an individual investor.
Could you please give an indication of the kind of ROI or ROE that you would expect from this incremental $450 million power plant investment? Is there some internal benchmark on that investment that you are targeting?
I think currently, it's a little too premature to discuss that because we've not even finalized the total project cost. I mean that's still in -- it's under discussion and all that would also relate to the tariffs that we would be planning up with the utilities. So all those are still in the negotiation phases. So I think it's a little too early to talk about the return on investment now.
Would there be a threshold that you would have in mind?
No, we have certain benchmarks always, but I don't think we want to put out those numbers at this stage. But definitely, I think it's something that we would be looking at -- we are investing in Zambia. And at the end of the day, we have gone through a certain experience with Phase 1. So taking that into account, we would definitely look at optimistic return on investment.
The next question comes from Anand Sharda from Chhattisgarh Investments Limited.
Sir, congratulations for the results. First of all, I want to ask an accounting question. So you know that we have taken some allowances for expected credit loss, right, and we're reversing it right now. So for example, this in this quarter, we have reversed a INR 92 crores expense that we had taken in the past. Do you have any kind of like schedule or something like that, that you have, when will you reverse the remaining INR 300-odd crores?
Yes, Mr. Sharda, you would say -- searched it up correctly. We have reversed $11.3 million in the current quarter. If you go to see -- this is in purpose to make to the amount we have recovered from ZESCO. As and when we receive the arbitration proceeds, we'll reverse the proportionate ECL in the books on a pro rata basis.
Okay, sir. And also one other thing that the Telangana government was giving you some issues with selling in the open, I think, in the IEX or something like that and you had to go through the high court route, so is that being sorted?
Yes. No, I think we've been -- essentially the -- definitely TS has been rejecting all applications, not just us with any after [indiscernible] to export power. And it's just the usual thing where we can go to court and get approval for open access. So that has been sorted. And as we speak, we are exporting today.
[Operator Instructions] We have a follow-up question from Falguni Dutta from Jet Age Securities Private Limited.
Sir, what would be our sales volume in, for power in India, excluding captive consumption for the quarter?
Just give us one moment.
I will get back to you in terms of revenue.
Fine, sir.
Out of dollars, it's [ $200 ] million.
Sorry?
Sorry, are you asking on Telangana or Andhra?
Telangana and Odisha, India. I'm asking India's power sales volume, excluding captive consumption for the quarter.
213 million units.
213 million units.
Yes.
This is all combined. Can you give me any one either Telangana or Odisha so that I can know the other one? Out of this 213 million units?
We will revert back to you.
We have a follow-up question again from Aditya Shrimal from PCS Securities.
Yes. My question was regarding the Nacharam land. There the real estate market is a little weak right now. So are we open to development there compared to selling it outright?
No. I mean we're open for various options. But right now, that's not a priority for us. The reason being is the market prices have been going up in that area. And we do see that in the near future, there is going to be significant growth at least looking at the momentum. So I don't think we're in a hurry. I think when the time is right, we will look at other opportunities. In terms of developing the land or possibly an outright sale.
All right. And I had another question. Are there any funds due from Singapore subsidiary to Nava India?
There is no outstanding dues from Singapore subsidiary to Nava India.
Okay. There's no outstanding.
Yes.
[Operator Instructions] Our next question comes from Nikhil Abhyankar from ICICI Securities.
So I just wanted to know whether, what is the status of receivables from Maamba?
Mr. Abhyankar, we have recovered -- as you have seen in our press release, we have recovered about $60 million in the month of June. Subsequently, we realized another $5 million. So as of now, overdue amount still to recovery is $332 million.
$332 million Okay. And sir, have you started selling power to the African Pool from Maamba?
So we did do that for 2 months, but the way it works is prior to every month, ZESCO which is a state utility indicates that it wants all the power. So for the past few months, ZESCO has been taking all the power. So in the event they say we don't want to take all the power, then we have the opportunity to sell the remainder to the Southern African Power Pool.
Okay. For 2 months, you have done it in the previous quarter?
Not previous quarter. This was a little while ago. This was last year.
Okay. This is last year. Okay. And sir, what is the outlook on ferro alloys, because quarter-on-quarter, Y-o-Y, we have made an EBIT loss over there, so...
Yes. As you maybe aware, the ferro alloys industry is one of that is cyclical in nature. Looking for the past last 2 financial years, we had a very good run. And currently, we're witnessing a downturn, where prices were fallen close to 15% quarter-on-quarter. But having said that, with the monsoon approaching, there has historically been a lull in terms of steel consumption because particularly the construction sector, which accounts for 60% of steel is right now on a downturn. So we believe that from Q3 onwards, we should see a revival in the ferro alloys industry.
From Q3 onwards?
Q3 onwards. So add to that, I think one of the major milestones this particular quarter was that India surpassed Japan to be the second largest producer of steel. So now that even our Odisha unit is producing silico-manganese, we are in a better position to capture that increased market share going forward.
[Operator Instructions] We have a follow-up question from Anand Sharda from Chhattisgarh Investments Limited.
Sir, do you see any kind of currency risk? I mean is your PPA in dollar terms or is in the Zambian kwacha?
It's all in dollar terms. Our PPAs in dollar terms, even the coal sales that we make are in dollars. So there's no currency risk there.
Sir, I think that you might have touched upon this, but what is your debt repayment strategy. So are we paying all the loans up-front or do we pay by the schedule, sir, outstanding loans in the MCL?
We have both the options. We are current on our payments right now. The next payment is due in September. So we have the option to prepay if we see deem fit, and we will evaluate that basically.
Okay, sir. And sir, like let's say that if the Zambian government or ZESCO still fails to pay or there is some kind of issue, I saw that there's some kind of [ interest ] after the arbitration. So does the insurance cover the outstanding loans [indiscernible]if the Zambian government fails to pay again?
No, it's a lot more complicated than that in terms of -- some of the commercial banks have insurance cover whereas the development banks don't. That's on the lender side of things. But given the event the Zambian government, not the Zambian government. It's actually the utilities ZESCO fails to pay. There are various actions we can take, both under the arbitration award and secondly, with regards to the agreement that we have.
That would be the last question for the day. Now I hand over the floor to the management team for the closing comments. Over to you, sir.
Thank you very much, everyone, for your participation in the discussion. I hope we have addressed all the queries adequately. Or if there any questions or clarifications that remain unanswered, please get back to us, and we'll be happy to provide answers on a wider investor platform. Thank you very much.
Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using [indiscernible] conference call service. You may all disconnect your lines now. Thank you, and have a good day, everyone.