AGI Greenpac Limited — Q3 FY26

AGI Greenpac Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=JFUkXJ4g5rM Published: 3 months ago

0:03 3 seconds Ladies and gentlemen, welcome to AGI Limited's Q3 FI26 earnings conference call. As a reminder, all participant lines will be in the listenon only mode. 0:14 14 seconds There will be an opportunity for you to ask questions after the management's opening remarks. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. 0:25 25 seconds Please note that this conference is being recorded. I now hand the conference over to Mr. Naven Agarwal, 0:32 32 seconds head institutional equities at SKP Securities Limited. Thank you and over to you sir. 0:40 40 seconds Good afternoon ladies and gentlemen. 0:42 42 seconds It's a pleasure to welcome you on behalf of KGI Greenpack Limited and SP Securities to this financial results conference conference. We have with us Mr. Rajesh Kosla, president and CEO, Mr. 0:55 55 seconds Pandit Sika, group CFO, Mr. Mr. Om Praash Pande CFO. We'll have the opening remarks from Mr. 1:01 1 minute, 1 second Omrah Pande followed by the Q&A session. Thank you and over to you Mr. Pand. 1:09 1 minute, 9 seconds Good evening everyone and thank you for joining the AGI greed by Q3 FI26 AB call. 1:16 1 minute, 16 seconds For those following along, our detailed uh admin presentation is already available on our website and on the 1:25 1 minute, 25 seconds stock exchange portals. Before we begin, please note the standard disclaimer regarding forwardlooking statement on 1:34 1 minute, 34 seconds slide number two of this that presentation. 1:38 1 minute, 38 seconds I would like to begin with a quick overview of our performance for the 9 months ended 31st December 2025. 1:48 1 minute, 48 seconds During the period, the company reported revenue of rupees 1,923 cr up from rupees 1,824 1:58 1 minute, 58 seconds cr last year. This growth reflects strong performance in select segment and our continued focus on premium products. 2:08 2 minutes, 8 seconds Aida is stood at rupees 484 cr slightly lower than rupees 497 cr in 9 months 2:17 2 minutes, 17 seconds ending fi25 while profit of the tax increased to 236 2:24 2 minutes, 24 seconds cr rupe from rupees 236 cr supported by discipline cost and expense management. 2:33 2 minutes, 33 seconds Looking at the quarterly performance in Q3 FI26, AGI Green Park recorded revenue from 2:41 2 minutes, 41 seconds operation of rupees 634 cr, a beta of rupees 154 cr and profit after tax of 2:50 2 minutes, 50 seconds rups 71 cr which includes exceptional item of rupees 5.09 09 related to 2:59 2 minutes, 59 seconds estimated impact of the labor code implementation. 3:04 3 minutes, 4 seconds Revenue improved sequentially while Aida saw a slight decline reflecting market dynamics and pricing adjustment across the segments. 3:14 3 minutes, 14 seconds Looking at profitability, Aida margin uh were lower compared to the same period last year mainly due to the combined 3:24 3 minutes, 24 seconds effect of muted volume in certain product category and adjustments in average sales realization. 3:32 3 minutes, 32 seconds That said, we continue to maintain our 12 to 18 months margin guidance excluding nonoperating income in the 3:41 3 minutes, 41 seconds range of uh 24 to 25% margin are best assessed on annualized 3:48 3 minutes, 48 seconds basis rather than uh quarter of quarter basis. 3:53 3 minutes, 53 seconds On the balance sheet front, we remain financially strong. During Q3, the company completed the prepayment of 4:02 4 minutes, 2 seconds remaining ECB loans in December 25 resulting in nil ECB borrowing as of 4:10 4 minutes, 10 seconds 31st December 2025. Net book debt is stood at approximately rupees 389 4:17 4 minutes, 17 seconds criding us with the flexibility to support future growth initiative. The 4:23 4 minutes, 23 seconds slight increase was partly due to delay in order deliveries in certain product categories. Now I will hand over the 4:33 4 minutes, 33 seconds call to Mr. Rajis Kosla to walk you through the key strategic and business highlights that undertake our continued growth trajectory. 4:45 4 minutes, 45 seconds Uh good evening and thank you Mr. Pande. 4:49 4 minutes, 49 seconds Mr. Bandai has walked you through the financial performance for the 9 month ended December 31st 2025. 4:59 4 minutes, 59 seconds Building on that overview, I'll focus on the business, our execution priorities and the growth road map ahead. 5:08 5 minutes, 8 seconds Talking about the container glass, our sales volume increased around 10% over Q2 FI26 5:17 5 minutes, 17 seconds though they were slightly lower by 2% compared to Q3 FI25. 5:23 5 minutes, 23 seconds Capacity utilization remained strong at around 95%. On the pricing front, sales realization decreased by approximately 5:32 5 minutes, 32 seconds 450 rupees per ton versus Q2 FI26 and rupees baraso per ton versus Q3 FI25. 5:41 5 minutes, 41 seconds These variations are primarily due to the regular adjustment built into our contracts with the liquor customer and 5:49 5 minutes, 49 seconds other customers where pricing is reviewed in line with the key raw material cost movement typically flowing through the one quarter lakh. 5:59 5 minutes, 59 seconds Turning to the speciality glass business, sales volume were largely flat compared to FI26 6:07 6 minutes, 7 seconds but up more than 13% over Q3 FI25 with capacity utilization at around 85% 6:14 6 minutes, 14 seconds realization improved significantly increasing by around 900 rupees per ton versus Q2 FI26 6:23 6 minutes, 23 seconds and 6,800 rupees per ton as compared to Q3 FI25. size. Overall volume in 6:30 6 minutes, 30 seconds commercial gas business were subdued this quarter particularly in the beer segment due to seasonal factor and 6:37 6 minutes, 37 seconds temporary deferment of deliveries by the customer on account of weather related considerations. We expect volumes to 6:44 6 minutes, 44 seconds recover and normalize in the coming quarter. Over the past nine months, we have continued to strengthen the company 6:51 6 minutes, 51 seconds through discipline execution and a clear focus on premium and specialtity segment. Our strategy remains centered 7:00 7 minutes on operational excellence, timely capacity additions and portfolio diversifications to build a resilient 7:08 7 minutes, 8 seconds and scalable business. On the operation front, we had delivered the strong progress. The container glass 7:16 7 minutes, 16 seconds debottlenecking project has been fully completed and commissioned increasing capacity to 1900 tons per day well ahead 7:24 7 minutes, 24 seconds of the earlier March 26 timelines. This earlier completion reflects our execution capabilities and enhances our 7:34 7 minutes, 34 seconds ability to serve customer reliably and efficiently. With commercial container glass plant operating at approximately 7:42 7 minutes, 42 seconds 95% utilization, we continue to see through strong demand and high level of 7:49 7 minutes, 49 seconds operational efficiency across our plants. In specialty glass, the capacity expansion to 200 tons per day is 7:58 7 minutes, 58 seconds progressing as planned and remain on track for completion by March 26. Demand continues to be steady from high margin 8:07 8 minutes, 7 seconds segment such as pharmaceutical, cosmetic and premium beverages with existing capacities operating at around 85% 8:16 8 minutes, 16 seconds utilization reflecting healthy demand and efficient operations. Our green field container glass facility in Madhya 8:24 8 minutes, 24 seconds Pradesh is also advancing steadily. Land acquisition has been completed. Civil construction is underway and procurement 8:32 8 minutes, 32 seconds of key machinery is in progress with major equipment contracts being finalized alongside statutory and 8:39 8 minutes, 39 seconds regulatory approvals. Scheduled for commissioning in March 27, the 500 tons per day facility is expected to increase 8:48 8 minutes, 48 seconds our glass container capacity by approximately 25% and significantly strengthen our footprints across key 8:56 8 minutes, 56 seconds consumption market particularly in north of India. In parallel, our strategic entry into the aluminium beverage can 9:05 9 minutes, 5 seconds segment remains on schedule. Equipment procurement is in final stages for the annual capacity of 1.6 billion cans. 9:14 9 minutes, 14 seconds This expansion complements our glass business, strengthens key customer relationship and enhances our ability to 9:22 9 minutes, 22 seconds offer a broader range of high demand sustainable liquid packaging solution. 9:29 9 minutes, 29 seconds Looking ahead, the long-term fundamentals of glass and sustainable packaging remain strong with 9:36 9 minutes, 36 seconds completed capacity addition, a growing premium product portfolio and continued operation discipline. We are well poised 9:44 9 minutes, 44 seconds to capture future growth. We remain focused on building a diversified future ready business and on creating a 9:53 9 minutes, 53 seconds sustainable long-term value for our shareholders. Thank you very much. 10:04 10 minutes, 4 seconds Uh, excuse me sir. Should I go ahead and open the floor for the Q&A? Thank you very much. 10:10 10 minutes, 10 seconds Thank you very much sir. We will now begin the question and answer session. 10:13 10 minutes, 13 seconds Each participant is requested to limit to a maximum of two questions time permitting. We shall revert for any 10:21 10 minutes, 21 seconds further questions that you may have that remain unanswered. Anyone who wishes to ask questions may please press star and one on the touchdown phone. If you wish 10:30 10 minutes, 30 seconds to withdraw yourself from the question cube, you may press star and two. 10:34 10 minutes, 34 seconds Participants are requested to use only handsets while asking our questions. 10:38 10 minutes, 38 seconds Ladies and gentlemen, we will wait for a moment while the question assembles. You may please press star and one to ask question. 10:51 10 minutes, 51 seconds The first question is from the line of Anil Sha from Insightful Investments. Please go ahead. 10:58 10 minutes, 58 seconds Yeah. Good evening. Am I audible? Yes, please. Yeah. Yes. 11:04 11 minutes, 4 seconds No. So, just wanted to check uh you know we we've uh consistently spoken about 8 to 10% revenue growth. Uh of course uh 11:13 11 minutes, 13 seconds now when I look at the first nine months cumulative we are up about 5.4. four and we just have a quarter to go. So you know what really transpired in the third 11:22 11 minutes, 22 seconds quarter uh K uh you know revenue was not up to your expect possibly our expectations. So that's the first 11:30 11 minutes, 30 seconds question uh you know on on on the second question is you know could you just 11:37 11 minutes, 37 seconds explain clearly our uh you know you know what's in what's in mind in in terms of our uh entry into retail. Could you just 11:45 11 minutes, 45 seconds specify what exactly are we looking to do? Um you know are we looking to build brands? Uh what's going to be our spend 11:54 11 minutes, 54 seconds in while we understand everything will be outsourced but you know in terms of building brands do we have some limits in terms of what we are looking to spend 12:01 12 minutes, 1 second on and you know when two green field projects are on do we really need to go on to something different that's you know the most important question that I really had. 12:12 12 minutes, 12 seconds Um let me reply to you. I understand first two questions of yours. What exactly has transpired in quarter 3 12:21 12 minutes, 21 seconds which basically uh should uh have been a normal thing? Uh you might have read 12:28 12 minutes, 28 seconds some reports from some of the top beverage manufacturers in the uh in India and even in the world. They have 12:36 12 minutes, 36 seconds been talking that because of the extended rains and the extreme winters 12:43 12 minutes, 43 seconds in particularly in the whole of India there has been a very subdued demand of 12:51 12 minutes, 51 seconds various beverage segment particularly in the beer segment. 12:56 12 minutes, 56 seconds So because of this subdued demand in the beer segment because of these extended rains and a flooding in lot of areas so 13:05 13 minutes, 5 seconds this demand has not picked up and it has been little low than the normal demand in this period. So this has been the 13:13 13 minutes, 13 seconds reason uh for the uh little small correction and a shade below our expectation. 13:22 13 minutes, 22 seconds Number two is what exactly we want to do in the retail. We are already in the retail business as on the date. We are 13:31 13 minutes, 31 seconds selling our products in the retail business on online offline on our Hora on our uh various uh departmental store. 13:40 13 minutes, 40 seconds So this business is already on. But what happens is with the new FDA agreements 13:47 13 minutes, 47 seconds between India and EU, India and uh UK, India and Australia and within the India 13:54 13 minutes, 54 seconds also lot of customers are asking that we should try to serve them with the filled products say for example like a diffuser 14:03 14 minutes, 3 seconds or a perfume or something like that. So we should give them the full end toend service so that they don't have to go 14:10 14 minutes, 10 seconds anywhere else to get it done. So India is already shaping up as a good hub of the manufacturing segment. So we thought 14:18 14 minutes, 18 seconds of that we can always give this sort of a facility and a service to our 14:25 14 minutes, 25 seconds customers where we can give them end to end. So this is a new concept we are trying to evolve and to serve our 14:33 14 minutes, 33 seconds customer as on today. We are not saying we are going to build a brand with that but we are going to serve as a OEM to 14:41 14 minutes, 41 seconds the brand uh brand owners so that they don't have to go anywhere at a single shop at a single place we will be able 14:49 14 minutes, 49 seconds to serve them uh the products which are primarily packed in our bottles. So 14:56 14 minutes, 56 seconds would that entail uh some manufacturing to be set up or is so you're saying we are not doing brand building. So are we then going to do manufacturing? 15:05 15 minutes, 5 seconds No we are not doing a brand building. 15:07 15 minutes, 7 seconds Our core business is to sell the glass containers. So we are selling the glass containers but we do have a lot of 15:15 15 minutes, 15 seconds manufacturers on our panel. So they will be our we are going to outsource that activity to get it filled from them and 15:23 15 minutes, 23 seconds then serve our customers to them. And tomorrow when the business will grow up and the business will shape up then 15:30 15 minutes, 30 seconds probably we will think of on the next step of manufacturing our adding our own manufacturing facility but as on today 15:37 15 minutes, 37 seconds we are going to get it done through outsource activity with that right. So and you know as we begin the Q4 uh are 15:47 15 minutes, 47 seconds we seeing this subdued demand due to the weather conditions uh easing a bit and things looking up? uh it looks like that 15:55 15 minutes, 55 seconds now everything has been uh uh okay and things are normal and everything will pick up. So so there is nothing lost as 16:04 16 minutes, 4 seconds such but it is a postponement I can say like that it is there. So at the end of the day um we will be restricted to our 16:13 16 minutes, 13 seconds capacity. So we have an we whatever capacity we are having so we are going to achieve uh almost uh whatever is our 16:22 16 minutes, 22 seconds target of the capacity side. So so Q4 will be able to take care of whatever is the shortfall in the Q3. So we are quite hopeful with that. 16:31 16 minutes, 31 seconds So can we still plan something can we still think of an 8 to 10% value growth for the whole year as such that was a 16:38 16 minutes, 38 seconds original revenue growth guidance. uh see um see whenever there is a when whenever we are dealing in a commoditized uh 16:46 16 minutes, 46 seconds products like even a glass also where the price of the glass is also dependent on the price of the raw materials. Sure. 16:53 16 minutes, 53 seconds So so so the whenever the price of the raw materials are low the selling price is automatically adjust accordingly. 17:02 17 minutes, 2 seconds Yes. on a on a growth side of u I can say volume side or on a metrical side I 17:09 17 minutes, 9 seconds think we will be touching close to 7 to 8 9% something like that we are going to end up but yes on the value side I think 17:17 17 minutes, 17 seconds so there may be a little bit of correction here and there but that is primarily because of adjustment of the raw material prices which are understood 17:26 17 minutes, 26 seconds directly reflected in your selling prices just last question as a follow-up Volume growth for the first 9 months was how much sir? 17:37 17 minutes, 37 seconds Hello. 17:38 17 minutes, 38 seconds Yeah. Volume growth for the first 9 months was how much sir? 17:43 17 minutes, 43 seconds On the container glass we did around 8% volume growth. On container glass it was about on the commercial on the commercial 17:49 17 minutes, 49 seconds glass we did around u 8% plus and u on the specialtity glass uh we were at 17:59 17 minutes, 59 seconds uh you asked volume growth more than more than 2022% growth more than 2022% 18:06 18 minutes, 6 seconds volume growth okay okay thank you I'll be in the queue for further questions thank you thank you thank you the next question is from the 18:14 18 minutes, 14 seconds line of shria chat Dr. G from Hless Capital. Please go ahead. Thank you sir for taking my question. 18:21 18 minutes, 21 seconds Good evening. Uh my first question is on the volatility of the uh contracts that are priced in on in terms of volume 18:29 18 minutes, 29 seconds terms. So for the specialtity and the container glass as well. What sort of 18:36 18 minutes, 36 seconds fluctuations can we expect apart from that uh broad range of growth? what sort of fluctuations we can expect given 18:43 18 minutes, 43 seconds there's a seasonality in demand similar to what happened in Q3 and what would be the impact on IETA given that uh we have 18:52 18 minutes, 52 seconds commissioned the facility earlier before March 2026 and uh the next facility is going to come on March 2027 if you could 19:00 19 minutes just give a brief uh breakdown on these two um I think uh if I understood your question completely uh part one let me 19:08 19 minutes, 8 seconds reply to you if my answer is not in line with what you have asked. So you can again ask me the same. See I understand 19:16 19 minutes, 16 seconds that uh you're talking what are the factors u are there which can really uh 19:24 19 minutes, 24 seconds impact the curve or impact the growth of the glass industry in both in cosmetic and commercial glass is my understanding right? 19:33 19 minutes, 33 seconds Yes ma'am. 19:34 19 minutes, 34 seconds Yes. And how how does that variability like uh price that is a part two of that. So we'll do that 19:41 19 minutes, 41 seconds uh in the part one uh question uh of course uh because whenever you are planning you are planning uh with the 19:50 19 minutes, 50 seconds assumptions that all the factors are within the reasonable level of fluctuation and everything will fall in 19:57 19 minutes, 57 seconds line. But yes, there are some extreme things and some turbulences uh in the in the whole uh area which uh slightly I 20:06 20 minutes, 6 seconds cannot say uh derail but disturbed a bit and where you postpone your total sales from quarter 1 to quarter two quarter 20:15 20 minutes, 15 seconds two to quarter three and quarter 3 to quarter four something like that. So these factors are let's say for example this time it has happened with the 20:22 20 minutes, 22 seconds extreme uh rain with a heavy rains and a flooding obviously there was a subdued 20:30 20 minutes, 30 seconds demand on the beer side which probably I think you can easily assess the information which is in public domain by the top beverages company of the world. 20:40 20 minutes, 40 seconds So they have also published the same thing with that part. So so that is one part. Secondly, though we have grown 20:48 20 minutes, 48 seconds very very in a big way in our in our normal uh what do you call specialty class we have grown in a big 20:56 20 minutes, 56 seconds way but yes the tariffs which has been imposed in USA they have the rippling 21:03 21 minutes, 3 seconds effect somewhere um uh to to the industry. Okay. Then probably uh there 21:11 21 minutes, 11 seconds are other factors uh rupee depreciation is a factor and u then there is a growth is a factor. So there are various 21:19 21 minutes, 19 seconds various various sectors and all and what I can congratulate I think I to my team members in spite of all those things the 21:27 21 minutes, 27 seconds the growth the trajectory has been wellmaintained and we have been able to deliver quite good reasonable results uh 21:35 21 minutes, 35 seconds with all those factors in there and u see we are to be more concerned on some of the factors which can be a permanent 21:44 21 minutes, 44 seconds factor so temporary factors are not to be much of the concern but I I think they we have to uh we have to live with 21:51 21 minutes, 51 seconds that and we have to uh see uh how we can uh reasonably lower down the impact of these type of factors. So Q3 was the 22:00 22 minutes factor uh which was more on the rain side which nobody nobody can do it. Um it's a it's a it's a factor which has 22:08 22 minutes, 8 seconds been uh uh god factor. So probably I think we have to live with that. We have to see that what maximum can be taken 22:15 22 minutes, 15 seconds out and we have taken out everything. So there is a very very uh shade below our targeted numbers were there which is less than 2%. So it hardly matters with 22:24 22 minutes, 24 seconds that but yes Q4 targets will be taken care uh properly and so what about the AIA margin or the 22:32 22 minutes, 32 seconds trend in AITA margin or per turn if you could give some guidance with next year also facilities coming in March 27th. 22:38 22 minutes, 38 seconds Okay Mr. Sika you will reply or shall I do that? Yeah please go ahead. 22:45 22 minutes, 45 seconds Yeah, if you see you know we have been uh you know giving guidance uh a bit per ton ranging 9,500 to 10,500 and these 22:54 22 minutes, 54 seconds are excluding you know other non-operating incomes. So if we are we are in this range actually you know 23:01 23 minutes, 1 second 1,000 rupee range is there between 9,500 to 10,500 23:07 23 minutes, 7 seconds um it's a mix of uh you know u uh various factors 23:14 23 minutes, 14 seconds on this on the specialtity class we are doing fairly well now wherein IITANS uh 23:21 23 minutes, 21 seconds especially in the last two quarters have done fairly well and they are in a good digit number 23:28 23 minutes, 28 seconds But in on the commercial glass I think we'll maintain a consistent approach of uh 9,500 to 10,500. 23:38 23 minutes, 38 seconds Mr. 23:39 23 minutes, 39 seconds The thing is uh ma'am uh the IITA numbers because uh we are dealing with the input side we are dealing with lot 23:47 23 minutes, 47 seconds of commodities like it's a oil natural gas soda ash and all and these sometimes they are very temporarily 23:55 23 minutes, 55 seconds um they they spike up and they come down temporarily which uh nobody else can do. 24:01 24 minutes, 1 second Let's say for example in the case of war in that side uh so the oil gets spiked up for some time uh there is a less of a 24:08 24 minutes, 8 seconds availability even the natural gas spiked up for some quarter or so which is not temporary which cannot be even adjusted in the price also because things are 24:16 24 minutes, 16 seconds very temporary so those things can uh have the impact on the numbers but overall when we see u on a on a long 24:24 24 minutes, 24 seconds term it looks like that everything is reasonably well balanced and uh we hope to continue with our numbers whatever has been committed to our investors. 24:35 24 minutes, 35 seconds So if I may ask what is the what would be the steady state AIA pattern for speciality class and what is it currently now? 24:42 24 minutes, 42 seconds No ma'am we we do not disclose uh the numbers of IITA per ton uh we do not disclose. So it is uh it is just the 24:51 24 minutes, 51 seconds percentage uh IITA which is uh there and uh it is in line with 24:58 24 minutes, 58 seconds in line with whatever we have been achieving I can say it is close to around 25% 26% uh number uh number in 25:05 25 minutes, 5 seconds the speciality class okay sir and so we uh what is the range that we see post this March 27 25:13 25 minutes, 13 seconds sanctioning for the margin uh March 27 So we we hope to uh maintain 25:20 25 minutes, 20 seconds the same because next year um I think uh next year the growth will be uh okay and 25:27 25 minutes, 27 seconds our new facilities are coming so there will be much larger growth we expect once the facilities are uh when the 25:34 25 minutes, 34 seconds facilities will start up because 25% of the capacity will be added up at that time. Uh on the percentage side we will 25:41 25 minutes, 41 seconds maintain in the same band whatever we have been doing in last years. So in the same band we'll be able to maintain our IITA percentages but yes there will be a 25:51 25 minutes, 51 seconds small D uh D bottlenecking will be uh there and a growth is expected uh on the same but the bigger growth is expected 26:00 26 minutes once our new facilities will be on target. 26:05 26 minutes, 5 seconds Thank you sir. Thank you for taking my question. 26:08 26 minutes, 8 seconds Thank you. A reminder to all the participants that you may please press star and want to ask questions at this time. The next question is from the line 26:17 26 minutes, 17 seconds of Tal Zeri from Crown Capital. Please go ahead. 26:24 26 minutes, 24 seconds Hello. Uh good evening team. Thank you so much for taking my question. Hopefully I'm audible. Hello. Yes. Go ahead. Yes sir. 26:31 26 minutes, 31 seconds Yeah. Yeah. Hi. Uh so just wanted to you know get a bit color in terms of FI27. 26:37 26 minutes, 37 seconds So from what I can understand that all our major KX is coming towards the end of FI27. So FI27 as a whole would be uh 26:47 26 minutes, 47 seconds you know how would you quantify in terms of our revenue growth because I think we have some small debottlenecking 26:54 26 minutes, 54 seconds happening and we already running at 95% you know so in terms of revenue how what 27:00 27 minutes can we be at you know in FI27 sir uh 27:09 27 minutes, 9 seconds Mr. Sika yeah yeah yeah so um I think when you see although we've given guidance for FI2526 at around 8 to 10% growth Mr. 27:21 27 minutes, 21 seconds spoke about it that um in terms of volumes we have in consistent um which is there next year we feel that we 27:29 27 minutes, 29 seconds should be able to further grow on the volume side by around 3 to 4% on the container glass and another you know 27:35 27 minutes, 35 seconds around 7 to 10% on the speciality glass given the fact that uh now when you see 27:43 27 minutes, 43 seconds the trends of Q3 Q4 lot of our capacities on speciality glass are also now getting picked up so overall All for 27:52 27 minutes, 52 seconds FY27 um I'll say maintaining a growth chart of around 8 8% 9% and this is purely on 28:00 28 minutes volume based right now uh the commodities may change the commodity prices may change drastically given the 28:07 28 minutes, 7 seconds lot of global factors which can impact the businesses. So right now we can give guidances more on you know how the volutric growth can happen on the glass 28:15 28 minutes, 15 seconds business side given the fact that it constitutes around 89 90% of our business but major chunk of growth as 28:23 28 minutes, 23 seconds Rajes was talking um our project which is a green field project in Madhya Pradesh 500 tons is um right on the 28:32 28 minutes, 32 seconds right path right speed uh we are very hopeful that FI 2728 we should be able to load uh you know the furnaces very 28:41 28 minutes, 41 seconds fast. So um from the market perspective I think the visualization has to be seen from you know 27 28 more that we will be 28:51 28 minutes, 51 seconds adding somewhere around you know 25% capacity and uh we feel that um around 28:57 28 minutes, 57 seconds 15 to 17% growth happening uh in FY uh 2728 which is purely coming from the 29:04 29 minutes, 4 seconds incre incremental capacity from the new plant. 29:08 29 minutes, 8 seconds Okay. Okay. Uh fair enough sir that that helps a lot sir. And so just wanted to know like uh two questions sir. One is 29:16 29 minutes, 16 seconds like when we you know when glass prices you know are declining but our you know per ton would be you know fixed right. 29:24 29 minutes, 24 seconds So that way optically our margin should look better right because our uh you know top line is kind of getting a 29:31 29 minutes, 31 seconds hidden value but our pro our volumes are increasing right. So our margins can take you know uh uh you know can be a bit higher than what they are right now. 29:40 29 minutes, 40 seconds Is that like a fair way to look at it? 29:43 29 minutes, 43 seconds So if you see in the past we have been maintaining a consistent margin as Rajes also spoke of on the last question you know 29:52 29 minutes, 52 seconds at least for next 12 to 18 months we will keep the guidance arbita margins ranging 24 to 25% on the overall mixed 30:00 30 minutes basis. um you know mathematically it's um um you know I I understand it may look difficult but you know you have a 30:08 30 minutes, 8 seconds container glass you have a different segments of the container glass you have a specialty glass and you have other business like caps and purchase and other stuff u so on the overall product 30:17 30 minutes, 17 seconds portfolio wise I think 12 to 18 months uh our internal assessment based on the 30:24 30 minutes, 24 seconds current market conditions 24 to 25% I think consistent uh ITA we should be able to maintain Okay. Okay. Fair 30:31 30 minutes, 31 seconds enough, sir. And there's this one question. So, you know, we were just I was just reading some reports where it's saying that, you know, Jenzi and 30:38 30 minutes, 38 seconds Millennia are drinking a bit less. So what do you see from an industry point of view that maybe not right now uh just 30:46 30 minutes, 46 seconds of maybe on a longer term is there a chance of that you know there be kind of softness in demand of alcohol itself 30:54 30 minutes, 54 seconds right will that and how will that impact us and you know and I know we've already gotten into specialtity to diversify but 31:02 31 minutes, 2 seconds just wanted your you know thoughts yes I I I'll answer you with this uh the new generation is drinking quite a 31:10 31 minutes, 10 seconds alcohol The overall demand contraction globally has happened around 1%. On the 31:16 31 minutes, 16 seconds alcohol side but on the other side we are talking of only one part of the business that less of the alcohol is 31:24 31 minutes, 24 seconds consumed but more of the non-alcohol part is being consumed. Say for example there is a lot of demand which has grown 31:32 31 minutes, 32 seconds in the non-alcoholic beer side. There is lot of demand which has grown in the beverages side. So but these things are 31:41 31 minutes, 41 seconds impacting more in Europe and more in USA because the already they have a saturation on the consumption side but 31:50 31 minutes, 50 seconds in India the saturation is quite the demand is quite low. Say for example uh in the case of beer in case of India the 31:57 31 minutes, 57 seconds beer consumption is just 2 liter per capita per uh per year. But wherever in European country in some of the European 32:05 32 minutes, 5 seconds country the demand is as high as 200 lit per per capita per year. 32:13 32 minutes, 13 seconds And if you take the moderate one in other countries it is anywhere between 75 liters per capita per year to 100 32:21 32 minutes, 21 seconds liters per kapa per year. and we are around 2 liters. So if we see there is a lot of demand which is very very low in 32:29 32 minutes, 29 seconds India. So I don't think so it looks very simp um very clear this type of impact on the generation uh which is consuming 32:38 32 minutes, 38 seconds less of the alcohol will come up not today it's a matter of say next 20 25 years when we will saturate at that 32:46 32 minutes, 46 seconds demand and the real impact of the less drinking will come on us. So, so on the one side the demand is increasing 32:54 32 minutes, 54 seconds because of the population uh GDP increase and the um the money which is coming to the hands of the people because of that and on the other side 33:03 33 minutes, 3 seconds there is a less of the consumption. So these two things they counterveail and there is a total impact okay total impact may not be let's say 100 but 33:12 33 minutes, 12 seconds total impact may be around 90. So but there is a impact of positive impact of 90. So this is more of the problem in the western countries. 33:21 33 minutes, 21 seconds Oh okay. Okay. Fair enough. Fair enough. 33:23 33 minutes, 23 seconds And so just wanted to ask like in terms of the retail diversification. So from what I understand that we will uh like 33:31 33 minutes, 31 seconds we will kind of like uh the our you know customers are already buying the products where our packaging is being 33:38 33 minutes, 38 seconds used. So we will you know now will we fill our goods or how will we you know just how would the logistics look like? 33:45 33 minutes, 45 seconds Can you just give an example if that would just you know be really helpful like in terms of perfume is there or anything else just 33:51 33 minutes, 51 seconds okay we are we are trying to tap all the opportunities which exist in the market 33:59 33 minutes, 59 seconds though our core business is a glass business but to sell the glass to promote the glass and to make the glass 34:06 34 minutes, 6 seconds available to the right people even if we have to do little bit of extra work or value addition we are ready to do that 34:14 34 minutes, 14 seconds so that our and product should reach to the consumer and the customer. Now what is happening uh whenever there are OEMs 34:21 34 minutes, 21 seconds there are big brands are there they are not doing like that they're buying glass bottles and they're getting it filled so 34:28 34 minutes, 28 seconds they give the contract to the contract manufacturer and then the whole game is with the contract manufacturer so that 34:36 34 minutes, 36 seconds they can buy and they can collect the bottles and liquid and caps and other things from different sources 34:44 34 minutes, 44 seconds uh combined together and sell it to the uh brand owner. So what we are trying to do to have a more command on our product 34:52 34 minutes, 52 seconds we are going to the OEM and telling him we want to sell our glass bottle in case you don't want to buy a glass bottle 35:00 35 minutes alone we are ready to give you the full end to end service so that our glass bottle should be able to reach to the uh 35:07 35 minutes, 7 seconds contract uh to the brand owner. So to do all that thing so we have a tie up with the 35:16 35 minutes, 16 seconds service providers. So service provider will integrate with us. They will provide whatever is required by the brand owner 35:24 35 minutes, 24 seconds and we will get it outsource these activity and then we can ship it directly to the brand owner. Uh so that 35:31 35 minutes, 31 seconds in between our dependency on contract manufacturer of brand owner should not be there. We should be able to command our own products to the end customer. 35:44 35 minutes, 44 seconds Okay. Okay. So if I could just you know understand that we'll basically be like the chef where you know everything we are sourcing and just then you know 35:51 35 minutes, 51 seconds making the dish and sending across right. So in this type of business what would you know our margins and outlook 35:59 35 minutes, 59 seconds look like like any kind of investments that you know we'll have to make I'm not saying in terms of manufacturing maybe you know marketing or you know hiring 36:06 36 minutes, 6 seconds people because I this is complet is it uh this is more newer set of business right so what do we uh how what's the 36:14 36 minutes, 14 seconds you know road map we are not doing we are not hiring because we are already in that business we are already in touch with the 36:22 36 minutes, 22 seconds customer so this is the additional facility we are going to do. Yes, on the backand side to get it done properly we 36:29 36 minutes, 29 seconds may require some few hands to take care to integrate and to uh line up uh and coordinate with those um outsource 36:39 36 minutes, 39 seconds activities. So those are the small things which are required by them. And secondly, we are not building the brand. 36:46 36 minutes, 46 seconds So there is no such marketing expense as such uh for them. And regarding the margin side, again I'm saying our main 36:54 36 minutes, 54 seconds focus is to sell our core products of the glass. This activity which we are doing additional activity is basically 37:03 37 minutes, 3 seconds to support our glass which is going to them. So the margins we can we may be able to get some good margins or it can 37:12 37 minutes, 12 seconds be just a service so that we are able to sell our glass properly but on a long-term basis our glass availability 37:19 37 minutes, 19 seconds and a placement of glass to the direct OEM is certainly going to help us not only for a high-end glass but also to 37:28 37 minutes, 28 seconds have a stability and reliability of the end customer because end customer is more stable than the contract manufacturer. 37:37 37 minutes, 37 seconds Because contract manufacturer is has a more bargaining power. So in that case in future we may lose it on account of 37:45 37 minutes, 45 seconds our margins or something. But in case of direct customer we may be able to gain something more better and more value 37:52 37 minutes, 52 seconds added products can be given to them. So you are cutting the channel in between and going directly to the customer. So 38:00 38 minutes obviously all the advantages of going directly to the customer will be added to us or will be come to us. 38:08 38 minutes, 8 seconds Okay. Okay. Fair enough. Fair enough. 38:09 38 minutes, 9 seconds Yeah. That's it from my side. Thank you so much. All the best. 38:15 38 minutes, 15 seconds Thank you. The next question is from the line of Anil Sha from Insightful Investments. Please go ahead. 38:21 38 minutes, 21 seconds Yeah. Hello. Thanks again for the opportunity. So a couple of questions so far uh you know for both these projects. 38:29 38 minutes, 29 seconds call you talked about speciality last volume growth that was um somewhere around 7%. 38:36 38 minutes, 36 seconds Speciality was 7%. 38:38 38 minutes, 38 seconds And and value growth on speciality was another 8%. So you know that so approximately for the company as a whole running at 78%. 38:49 38 minutes, 49 seconds Yeah. Yeah. But major chunk of growth when you see Q3 versus Q3 that is somewhere around 13%. So basically last 38:56 38 minutes, 56 seconds two three quarters uh the efficiency at the specialy class has been very high. 39:00 39 minutes So the volumes have Okay. Okay. Sir just a couple of questions uh for the both the new green 39:09 39 minutes, 9 seconds field projects you know how much would you know how much would we have so far dispersed in terms of land in terms of 39:17 39 minutes, 17 seconds some advances to uh you know for advances for some machineries so 39:23 39 minutes, 23 seconds licenses so on and so forth yeah Mr. Bonnie, can you take this? 39:37 39 minutes, 37 seconds So you you're talking about the capex. 39:39 39 minutes, 39 seconds Yeah, correct. But yeah, I mean for both for the green field and for the aluminium cans. 39:47 39 minutes, 47 seconds Yeah, I'm coming to both. So on the Golia side land acquisition already done. 39:52 39 minutes, 52 seconds Correct. Um the LC's for equipment supplies have been established and we feel the equipment should start 40:00 40 minutes coming in Q2 and Q3 uh into the civil construction is going on and uh we feel by 31st March 27 the production should be up and running. 40:11 40 minutes, 11 seconds There can be one quarter here and there in terms of you know stabilizing the quality and other stuff as is very usual with the green field site. 40:18 40 minutes, 18 seconds Sure. Uh the CAN project uh land has been identified. Uh government uh is in a process of releasing that land as per 40:27 40 minutes, 27 seconds our information. Uh the negotiation with the equipment supplier is already completed. Uh and once we have a formal 40:36 40 minutes, 36 seconds confirmation of a land u the immediately will start and then there also the lead time for the equipment period is somewhere around 11 months to 12 months. 40:47 40 minutes, 47 seconds So all all the work on the ground has been completed. Um as such I think the major chunk of spend will come next year 40:58 40 minutes, 58 seconds and we feel that somewhere around 1100 KES to 1200 K spend should happen next 41:04 41 minutes, 4 seconds year and remaining in FY28 which will be more on the CAN side 41:10 41 minutes, 10 seconds and so far would we have you know spent about a couple of hundred crores yet or no? 41:16 41 minutes, 16 seconds Yes. We'll have we would have essentially spent uh somewhere around u 60 70 crores on the on the overall land 41:24 41 minutes, 24 seconds acquisition doing some ground studies and other stuff. 41:28 41 minutes, 28 seconds Okay. And the debt that we are now talking about the net debt at 389 crores is after you know whatever cash outflows 41:36 41 minutes, 36 seconds happen for this land and yes if you see has not been that great for Q3 as Rajes has already spoken of. So we built up 41:44 41 minutes, 44 seconds some inventories. So working capital is slightly bloated. That's a temporary effect. So once those inventories get diluted uh working capital will come 41:52 41 minutes, 52 seconds down. The long-term debt which is there is somewhere around uh 220 crores and of which somewhere around 30 40 cr is 42:02 42 minutes, 2 seconds relating to the newer uh capex rest is the old which we are just trying to prepare. 42:07 42 minutes, 7 seconds Okay. And so what's the status of the appeal that we had you know with the Delhi High Court uh especially for uh 42:16 42 minutes, 16 seconds you know the acquisition which has been done uh for Hing right now going on at at this juncture as I as we talk to you. 42:26 42 minutes, 26 seconds Okay. So it's it's still hearing stages. 42:29 42 minutes, 29 seconds We've not I mean there's no there's no I mean when do you see some decision basically I mean I know it's 42:36 42 minutes, 36 seconds subjective very difficult to comment on this right and you know have we seen any 42:45 42 minutes, 45 seconds you know new I mean any incremental supply coming in from the new owners now that you know operationally the plants 42:54 42 minutes, 54 seconds and that company the entire capacities are moved to the new So very difficult to comment on the 43:01 43 minutes, 1 second competition as such uh right now but I think u those capacities were already operating for last so many years 43:09 43 minutes, 9 seconds correct and u it's all a part of the entire market game which is there uh but uh 43:16 43 minutes, 16 seconds difficult for us to comment on anything relating to the competition right so basically you know the 43:23 43 minutes, 23 seconds confidence of at least 8 to 10% volume growth and maintaining 24 to 25% margins that's that's there for the next 12 18 43:32 43 minutes, 32 seconds months of course value growth subject to raw material movement and hence I'm not talking about that but I'm saying 8 to 10% volume growth because we've just 43:40 43 minutes, 40 seconds done some uh you know we've just done some minor expansion both at the specialtity and at the container side so that should help us 43:47 43 minutes, 47 seconds in 27 as well so 8 to 10% volume growth and steady margins between 24 25% is very much on the cards Yes. Yes. 43:58 43 minutes, 58 seconds And so with the kind of you know the kind of spend that you talked about 1100 to 1200 crores next year itself 44:06 44 minutes, 6 seconds uh I mean obviously you you've taken approval for a QIP or a fund raise let's 44:14 44 minutes, 14 seconds put it that way. Uh any thoughts you know are we happy to fund this init if if if markets remain where they are and 44:22 44 minutes, 22 seconds you're not happy with the price are we happy to fund this with entire debt for for a short period of what for a period of time 44:30 44 minutes, 30 seconds I think the whole uh the logic of doing the QIP resolution is that we should have an alabic resolution in place and 44:40 44 minutes, 40 seconds the approvals of the shareholder. So whenever we feel um the time the price 44:46 44 minutes, 46 seconds and market is markets are ready uh we can uh do but in the interim we are in process of tying up the entire debt 44:55 44 minutes, 55 seconds which is required to complete these projects. So we already have a stable IITA run rate which is there and given 45:02 45 minutes, 2 seconds the fact that existing debt will get almost paid off by the time all this new uh debt gets commissioned as a part of 45:10 45 minutes, 10 seconds the P&L. uh right now they the capitalization correct so we feel that maybe if we don't raise 45:18 45 minutes, 18 seconds equity there will be some little bit of a leverage but at the right time and more I we internally feel that more nearing the completion of the projects 45:26 45 minutes, 26 seconds market market should be able to see the value which we are trying to generate and um we should be able to complete uh the transaction 45:34 45 minutes, 34 seconds yeah but hypothetically we are okay with debt because you know assuming we can continue to show 600 crit Yeah, the debt 45:42 45 minutes, 42 seconds will be 11 1200 crores will be a bit to debt of 2x which is not of the 45:48 45 minutes, 48 seconds not a bad when you when you're trying to create a capacity and that's not a bad leverage from yeah so I'm saying you know even if you 45:56 45 minutes, 56 seconds know even if closer to commercialization if markets continue to remain subdued we can continue with this kind of debt even 46:05 46 minutes, 5 seconds up to you know even the continuation of FY28 and you know see how the new capacity ities ramp up of course AITA will move up further cash flows will 46:13 46 minutes, 13 seconds move up further correct yes yes so let's say hypothetical model let's say we build even a debt of let's 46:20 46 minutes, 20 seconds say 1 1200 to 1400 kores for this all the incremental capacities will lead to incremental IITA and incremental free 46:28 46 minutes, 28 seconds cash from operation so ultimately all that money if you even if you see in the past last four years um we have paid off 46:36 46 minutes, 36 seconds the debt with internal approvals all the capex which has been correct for our revamping our existing furnaces 46:44 46 minutes, 44 seconds and also debottlenecking our our facilities everything happened from the internal approval. So the quantum of free cash flows are available 46:52 46 minutes, 52 seconds with us and that will also bring down the debt in a time but we are also open to raise equity and maybe you know if if 46:59 46 minutes, 59 seconds that can accelerate the growth uh on our businesses. 47:04 47 minutes, 4 seconds No, I I get this. It's just that I think there could be a you know oneoff year where capacities take time to ramp up 47:11 47 minutes, 11 seconds and you know as soon as we start very normal you know like um the critical part of the game is creating a quality 47:19 47 minutes, 19 seconds capacity which is able to generate uh a cost optimum you know value in a in a in a right quality. Absolutely. Yes. 47:27 47 minutes, 27 seconds If you have created them then you have won the long-term war you know. See from a shareholder perspective sir all we can say is uh rather than diluting things at 47:36 47 minutes, 36 seconds these kind of valuations it's okay to carry that risk if confident you know I mean that's that's the way we look at things right 47:44 47 minutes, 44 seconds so I think the promoters interest they will sure right sir I understand thank you 47:52 47 minutes, 52 seconds thank you for answering these questions thank you the next question is from the 47:59 47 minutes, 59 seconds line of separ G from SKP Securities Limited. Please go ahead. Thanks for uh taking my question, sir. 48:06 48 minutes, 6 seconds Uh what is the uh what was the capex spend for the uh 9 month period? 48:16 48 minutes, 16 seconds So uh we have uh spent u around 150 crores uh in 9 months and major chunk of 48:24 48 minutes, 24 seconds spend has been on the glass business wherein you know we are expanding our lines. Uh we are further trying to 48:32 48 minutes, 32 seconds optimize our operational cost some facilities and u almost 80 75 80% of the 48:40 48 minutes, 40 seconds spend is towards uh the the you know further nurturing of the glass business. 48:47 48 minutes, 47 seconds Okay. So, and what's our target for this year? 48:51 48 minutes, 51 seconds That means this year overall I think given the fact that 150 plus I think um in Q4 now given 48:59 48 minutes, 59 seconds fact another 20 30 Ks because still that debottlenecking of speciality glass line is happening. So we should spend another 25 crores. 49:09 49 minutes, 9 seconds Okay. Okay sir. Uh and sir my next question is uh what is your assessment on the RM inputs cost like uh RM inputs 49:18 49 minutes, 18 seconds prices like uh a soda ash and uh fuel oil prices uh if you can okay 49:26 49 minutes, 26 seconds what is your so you are talking of the raw material prices input prices so there are so many inputs are there say for example like 49:33 49 minutes, 33 seconds you are talking about the sodash if uh you are following uh the sodash part so there was a minimum import price MIP and 49:42 49 minutes, 42 seconds there was a anti-dumping duty uh uh what do you call investigation 49:49 49 minutes, 49 seconds which has been done by uh by the government uh to put up anti-dumping duty but uh they have lost the anti-dumping duty and there is no 49:57 49 minutes, 57 seconds anti-dumping duty. So there was a little bit of spike uh in the price side in um 50:04 50 minutes, 4 seconds soda ash but then after after they lost the anti-dumping duty it has been stabilized but now 50:12 50 minutes, 12 seconds now the soda ash prices looks to be stable because in the overall uh global market demand side um I think the total 50:22 50 minutes, 22 seconds uh demand and supply is almost um is stable it's close to 60 million tons globally. So I don't think so there can 50:31 50 minutes, 31 seconds be any spike in uh prices of sodash as on today. Yes, 50:38 50 minutes, 38 seconds the factors which are global factors which are global politics factor u that I'm not considering that the war between 50:48 50 minutes, 48 seconds um a country and b country what impact can have too difficult to assess the same but overall from a business side it looks like that the sdash part is 50:56 50 minutes, 56 seconds stable. Coming back to the oil, see oil is again directly proportional to the 51:03 51 minutes, 3 seconds u crude oil prices and the crude oil prices if we see uh the scenario on the US side where they are drilling as much 51:12 51 minutes, 12 seconds oil as possible. So it looks like that US will always try to stabilize the oil prices globally and on the other side 51:20 51 minutes, 20 seconds the war or there is destabilization in Venezuela or Iran or somewhere these things can push the price a little bit 51:29 51 minutes, 29 seconds more. So too difficult to assess that uh because we are it is beyond our capacity 51:35 51 minutes, 35 seconds to assess but yes all these factor looks like that on one side there can be a spike on the other side it can be low also. So it looks like that with all the 51:45 51 minutes, 45 seconds war situation, global situation, these things will be remaining in the band itself. If they are in the band, 51:52 51 minutes, 52 seconds obviously the prices in India on the furnace oil side, on the gas side will also remain in the proper band only. So 52:01 52 minutes, 1 second I don't see uh there is no reason we can see that there can be anything which can derail 52:09 52 minutes, 9 seconds the price part of the input site. I don't think so. 52:13 52 minutes, 13 seconds Right sir. And in the quarter gone by sir uh uh the cost the soda ash prices 52:20 52 minutes, 20 seconds really uh has given a short spike. So uh did it impact our uh margin or RM cost? 52:29 52 minutes, 29 seconds Okay. Um again um since uh we have a system where quite a big number of our 52:36 52 minutes, 36 seconds sale uh we have tagged it against our formula based pricing on the input side. 52:42 52 minutes, 42 seconds But if the input prices changes on permanent basis or on semi-permanent 52:50 52 minutes, 50 seconds basis then only it comes in the picture of calculation. But if they are small 52:57 52 minutes, 57 seconds spikes or they can be low also and they are temporary that's what I'm saying because of some rain problem or this 53:05 53 minutes, 5 seconds problem or shutdown problem or anything problem if there is increase or decrease of the prices they can give you headwind 53:12 53 minutes, 12 seconds or tailwind temporarily which cannot be coming in the um in your formula base or 53:19 53 minutes, 19 seconds pricing system. So those headwinds and tailwinds can give a boost in your margins at some time or they can even 53:27 53 minutes, 27 seconds subdude your margin for temporary on that quarter on that period time. Understood sir. Thank you very much sir. 53:36 53 minutes, 36 seconds Thank you. 53:38 53 minutes, 38 seconds Ladies and gentlemen, we'll take the last question for today which is from the line of Pravin Sharma and individual investor. Please go ahead. 53:45 53 minutes, 45 seconds Hello. Yes. Hello sir. Am I audible? Yes sir. 53:51 53 minutes, 51 seconds Yeah. Uh sir means I will you know carry out from the last participant uh being a long-term investors and we find lot of 54:00 54 minutes value in the company. Uh my only question is that uh you know uh there was a recent uh news clip on CNBC 54:09 54 minutes, 9 seconds somewhere in the end of November that there is a QIP of 500 crores with a green option of 800 crores up to 800 54:16 54 minutes, 16 seconds crores. So given after that the price has fallen sharply you know around 25 30% fall has been there uh in our 54:25 54 minutes, 25 seconds company share price given this scenario uh will we come up with a QIP and dilute the equity from here on because 800 54:34 54 minutes, 34 seconds crores is like uh 20% of the market cap so I would like you to allay our fears 54:41 54 minutes, 41 seconds being a long-term investors and uh you know we have been there with the company for a very long time and similarly be there with many more investors. 54:49 54 minutes, 49 seconds So uh first I think uh we never gave any news that we are about to close such a transaction. So company has shareholder 54:58 54 minutes, 58 seconds approval to do a QIP transaction and I think to a question of Mr. Anil Sha which was taken I think few questions 55:06 55 minutes, 6 seconds back. So since we are doing two major spend we we may raise equity at a particular 55:15 55 minutes, 15 seconds time depending on how our how our projects have matured. Point number one secondly how our free cash flows are 55:23 55 minutes, 23 seconds panning out during that period. What is the market price? I understand and I appreciate uh the dilution concern for 55:31 55 minutes, 31 seconds the public shareholder but it's a similar concern with a larger shareholder who is a promoter. So you 55:38 55 minutes, 38 seconds know uh so be rest assured you know um u we are not here to you know destroy 55:44 55 minutes, 44 seconds anybody value but uh in in in in other way around we are here to create value for all our stakeholders for a very long 55:52 55 minutes, 52 seconds run. We are very thankful for your long-term investments which you have supported us um you know so uh be rest 56:00 56 minutes assured on that but I think uh raising equity may be required but depending on the timing pricing you know number of factors 56:08 56 minutes, 8 seconds great sir great and are we open to look at right issue because that will give opportunity to everyone but but the quantum and the time it takes 56:17 56 minutes, 17 seconds so right now as I said you know um at an appropriate time uh we'll We'll we'll talk um and I think we'll get back uh 56:25 56 minutes, 25 seconds we'll take feedback from um our shareholders as as as required if any. 56:32 56 minutes, 32 seconds So we'll take those appropriate actions at the right time. 56:35 56 minutes, 35 seconds Great sense. Thank you. That was very comforting. Thank you. Thank you. 56:40 56 minutes, 40 seconds Thank you ladies and gentlemen. That was the last question for today. Please get in touch with SKP securities for any 56:47 56 minutes, 47 seconds unanswered or follow-up questions. I would now like to hand the conference over to Mr. Sepikka for closing comments. Thank you and over to you sir. 56:56 56 minutes, 56 seconds So first of all uh thanks everybody who joined the call today. I hope uh due to posity of time we may have missed one or 57:03 57 minutes, 3 seconds two questions. It's always ready to you know answer those questions. Just please write to our investor relation agency or write to us. We'll be very happy to get 57:10 57 minutes, 10 seconds back to you. But I feel most of the questions um um have been answered. Um they have been rightfully asked. Um so thanks again for joining us on the call. 57:23 57 minutes, 23 seconds Thank you members of the management. 57:25 57 minutes, 25 seconds Thank you sir. On behalf of SKP Securities On behalf of SKP Securities Limited that concludes this conference. Thank you for 57:33 57 minutes, 33 seconds joining us ladies and gentlemen. You may now disconnect your lines. Thank you.