Amber Enterprises India Limited — Q4 FY26

Amber Enterprises India Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=jKqRYGaPpM8 Published: 3 hours ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Q4 and FY26 earnings conference call of Umber Enterprises 0:09 9 seconds India Limited. As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:20 20 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on your Touchstone phone. Please note that 0:29 29 seconds this conference is being recorded. I now hand the conference over to Mr. Chazir Singh, executive chairman, CEO and 0:38 38 seconds wholetime director of Amber Enterprises India Limited. Thank you and over to you sir. 0:45 45 seconds Hello good morning everybody on the call today I'm joined by Mr. Daljit Singh our managing director Mr. Sudil Coy Group 0:54 54 seconds CFO Mr. Dr. Sanjay Rura wholetime director of Iljin Electronics and Mr. Sachin Gupta wholetime director of UMER. 1:02 1 minute, 2 seconds We have uploaded our presentation on the exchanges and I hope everyone had an opportunity to go through the same. I'm 1:09 1 minute, 9 seconds pleased to report FY26 has been a remarkable year for the company as our 1:16 1 minute, 16 seconds consolidated revenue surpassed 12,000 cr milestone despite the RS industry witnessed a challenging year on the 1:24 1 minute, 24 seconds account of weather conditions. While Umber Group demonstrated resilience with growth driven by all three of its 1:30 1 minute, 30 seconds diversified divisions and each engine propelling the growth forward. Let me reflect briefly on the strategic 1:38 1 minute, 38 seconds initiatives taken in electronic division. During the year, we strengthened the volume and value play by expanding both horizontally and 1:47 1 minute, 47 seconds vertically through our partnerships with Power One, Unitronics and Shogini. On the expansion front, we have got more 1:56 1 minute, 56 seconds than 4,500 cr total investment approvals under ECMS for SNK circuit in NOA for 2:05 2 minutes, 5 seconds HDI PCB along with Ascent Circuits in Hosour and Shoguni in Pune for multi-layer PCB applications. 2:14 2 minutes, 14 seconds On the way forward, SNK Circuits HDI PCB manufacturing facility is set to 2:20 2 minutes, 20 seconds commence its construction by June of 26 month with trial production expected by 2:28 2 minutes, 28 seconds quarter 3 FY28. This will be a state-of-the-art facility strategically located near Nida airport. The bare PCB 2:38 2 minutes, 38 seconds business collectively with Ascent, Shoguni and Ascent K is well positioned to emerge as India's largest and most 2:47 2 minutes, 47 seconds comprehensive PCB manufacturer offering solutions from single layer PCBs to advanced HDI products. This reinforces 2:56 2 minutes, 56 seconds our long-term commitment to strengthening India's atam nirvata in electronics manufacturing ecosystem. 3:03 3 minutes, 3 seconds Further strengthening our foothold in the promising and fast growing industrial automation space, we have now 3:11 3 minutes, 11 seconds increased our stake in Unitronics Israel to 50.4% achieving the majority ownership. 3:19 3 minutes, 19 seconds Switching to performance, the consolidated revenue of Ember grew by 22% 3:26 3 minutes, 26 seconds reaching 12,186 crores for the year and recorded operating aida of rupees 970 crores with growth of 22%. 3:37 3 minutes, 37 seconds Adjusted PAT stood at rupees 338 cr recording a growth of 22% over previous 3:44 3 minutes, 44 seconds year. Let me now take you through the divisional performances. Firstly, on consumer durable division, owing to 3:52 3 minutes, 52 seconds weather conditions, rumacy industry has remained largely flattish during the year. In line with our guidance, the 4:00 4 minutes division outperformed the industry recording a growth of 14% over previous year. The performance is driven by a 4:09 4 minutes, 9 seconds diversified product portfolio, deepening of wallet share and continued expansion of our product offerings. 4:17 4 minutes, 17 seconds Further considering the robust growth potential in room AC industry, we have augmented our RAC production capacity at 4:25 4 minutes, 25 seconds SIC in South India. On inventory front, considering the geopolitical uncertaintity, we have proactively built 4:34 4 minutes, 34 seconds inventory to mitigate for any supply chain risk. 4:39 4 minutes, 39 seconds Coming to our electronics division, the division continues its strong growth 4:45 4 minutes, 45 seconds momentum in FY26 with revenue of 3,268 crore reflecting a growth of 49% 4:54 4 minutes, 54 seconds year-on-year basis driven by a strong PCBA business along with bare PCB business and addition of new businesses. 5:02 5 minutes, 2 seconds The division reported operating aida of 287 cr with growth of 89%. 5:10 5 minutes, 10 seconds Continuing the strong growth momentum, this division is expected to grow by around 40% in FY27. 5:19 5 minutes, 19 seconds Coming to railway division, this division delivered a strong growth of 19% revenue during FY26 and operating 5:28 5 minutes, 28 seconds AIDA grew by 8% supported by increased offtake driven by metro railway and defense solutions. On the expansion 5:37 5 minutes, 37 seconds front, Sidwal's green field facility of HVAC pantry doors and gangways in 5:44 5 minutes, 44 seconds Faridabad is now ready and trial production is underway and commercial production is expected to begin from 5:51 5 minutes, 51 seconds current quarter. Backed by strong order book visibility of rups 2,600 cr plus 5:59 5 minutes, 59 seconds and product portfolio expansion. We remain optimistic of divisions growth of 30 to 35% for both FY27 and FY28. 6:11 6 minutes, 11 seconds As we look ahead, FY27 holds the promise of strong growth momentum. However, on 6:19 6 minutes, 19 seconds the margins front, prevailing high commodity prices, currency depreciation and minimum wage revision in UP and Hana 6:29 6 minutes, 29 seconds poses handwinds in consumer dribble and electronic division. For bare PCB businesses, there has been increase in input cost of copper clad laminate. 6:40 6 minutes, 40 seconds Prices has increased by more than 60% in last one year and still increasing. Gold 6:47 6 minutes, 47 seconds prices have also increased by approximately 60% in last one year and prices still continue to increase. On 6:54 6 minutes, 54 seconds the railway division side, the Indian railway contracts are fixed price contracts whereas the metro project 7:02 7 minutes, 2 seconds contracts are the pass on mechanism is there. 7:06 7 minutes, 6 seconds To sum up, we expect a margin pressure of 50 to 100 bips at consolidated level 7:14 7 minutes, 14 seconds which is of temporary in nature and expected to normalize as macro environment improves. 7:21 7 minutes, 21 seconds Now let me hand over to Sudhir Goyel our CFO for margin financial highlights. Hi good morning everyone. Let me take you 7:29 7 minutes, 29 seconds through the consolidated financial highlights. Starting with the fullear performance, revenue for financial year 26 increased to 12,186 crores compared 7:39 7 minutes, 39 seconds to 9973 crores in the previous year recording a growth of 22%. Operating AITA increased to 970 crores against 796 7:48 7 minutes, 48 seconds crores reflecting a growth of 22% yearonear. For clarification, operating a is before impact of ISOP expenses and other non-operating income and expenses. 7:59 7 minutes, 59 seconds Adjusted PA for the year stood at 338 crores against adjusted PAT of 277 crores in financial year 25 reflecting a 8:06 8 minutes, 6 seconds growth of 22%. adjusted pad is prior to the exceptional one-off impairment of investment in Shivalik and share of loss 8:14 8 minutes, 14 seconds of Shivalik uh JV amounting to 112 crores in financial year 26 and 26 cr in financial year 25 whereas it's after 8:23 8 minutes, 23 seconds considering the one-off provision of 9 cr of new labor code and other JB losses of 8 crores coming to the quarterly performance for 8:32 8 minutes, 32 seconds quarter financial year 26 we clocked the consolidated revenue of 4148 crores up by 10% % over last year. We recorded 8:40 8 minutes, 40 seconds quarterly operating a bit of rups 362 crores, a growth of 15% yearon-year. 8:45 8 minutes, 45 seconds Adjusted pad for the quarter stood at 162 crores versus 128 crores last year reflecting a growth of 27%. 8:54 8 minutes, 54 seconds Where while there was no adjustment of loss of JV on account of Shivalik in quarter 4 financial 26 whereas quarter 425 adjusted back for loss of 9 cr. 9:04 9 minutes, 4 seconds Further to clarify in quarter 4 share of loss of Shivalik JV is 64 cr from 1st January 26 till 30th March 26 the date 9:13 9 minutes, 13 seconds of sale of Shivalik shares since we have already impaired investments to exceptional item in quarter 3 accordingly we have reversed the 9:20 9 minutes, 20 seconds impairment of 64 cr as exceptional item and recorded it as a loss from JV of 64 crmp importantly there is no net impact 9:29 9 minutes, 29 seconds on the P&L in quarter 4 on account of Shivalik as a reversal of the exception item and the recognition of the JV laws 9:36 9 minutes, 36 seconds offset each other. Further going forward there won't be any impact of Shivalik in our financials. Now let me take you through the full year divisional 9:45 9 minutes, 45 seconds performance overview. Firstly revenue and operating a beta details of the divisional performance are not comparable uh with the published segmental results. 9:54 9 minutes, 54 seconds Starting with the consumer durable division, the consumer durable division reported revenue of 8,383 crores in financial year 26 compared to 7,329 10:04 10 minutes, 4 seconds crores in FI25 reflecting a growth of 14% yearonear. Operating AIA for the year increased by 6% yearonear and stood 10:12 10 minutes, 12 seconds at 593 crores compared to 562 crores in financial year 25. Coming to electronic division performance 10:20 10 minutes, 20 seconds revenue for financial year 26 increased to 3268 crores compared to 2194 crores in financial year 25 reflecting a strong 10:29 10 minutes, 29 seconds growth of 49% yearonear driven by strong PCBA business along with beer PCB and the addition of new businesses. Please 10:36 10 minutes, 36 seconds note we acquired power one micros systemystems in August, unitronics in October and shoguni in December. Hence the consolidated financials include 10:44 10 minutes, 44 seconds performance of these three entries for partial period only. Operating AITA for the year recorded growth of 89% yearon 10:51 10 minutes, 51 seconds year and stood at 287 crores compared to 151 cr in financial year 25. 10:58 10 minutes, 58 seconds Moving to railway system and defense uh divisional performance, the revenue for financial year 26 increased to 535 11:05 11 minutes, 5 seconds crores compared to 450 crores in financial year 25 reflecting a growth of 19% yearonear and the resulting 11:12 11 minutes, 12 seconds operating stood at 90 cr a growth of 8% yearon year. The division is expected to deliver 30 to 35% revenue growth in FI27. 11:22 11 minutes, 22 seconds On the balance sheet front, net debt stood at 511 crores as of March 26 uh against 780 crores in March 25. Our net 11:32 11 minutes, 32 seconds working capital days stood at 29 days as of March 26 compared to 9 days in March 25. Please note that the net working 11:39 11 minutes, 39 seconds capital day calculation is considering acceptances as part of trade payables. 11:44 11 minutes, 44 seconds The increase in working capital days was primary driven by proactive inventory buildup considering the supply chain disruptions from geopolitical uncertainties. 11:53 11 minutes, 53 seconds On the incentive front, we have received the PLA amounting amount of rupees 49.5 crores in April pertaining to financial 12:00 12 minutes year 25. In the current year, we expect to receive 78 crores under the PLA scheme for the financial year 26. 12:08 12 minutes, 8 seconds Thank you. Now I request the operator to please open the floor for Q&A. Thank you. 12:16 12 minutes, 16 seconds Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone 12:25 12 minutes, 25 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. 12:35 12 minutes, 35 seconds In the interest of time and fairness to others, please restrict yourselves to two questions. For any more questions, you may rejoin the queue. Ladies and 12:44 12 minutes, 44 seconds gentlemen, we will wait for a moment while the question queue assembles. 12:52 12 minutes, 52 seconds Our first question comes from the line of Ankus with HDFC life. Please go ahead. 12:58 12 minutes, 58 seconds Yeah. Hi. Uh good morning. Uh thanks for your time as always. Two questions. Uh one on the RAAC side. uh just BG uh you 13:06 13 minutes, 6 seconds know how do you see the industry uh volume growth uh you know given whatever we've seen it's been kind of a you know some some heat waves there's been 13:15 13 minutes, 15 seconds rainfall in the beginning of the season in April uh things seem to be getting better as we head into May so overall uh you know if you could just help us uh 13:23 13 minutes, 23 seconds both for Q1 and also for the full year uh what is uh that the industry growth could be and more importantly you know 13:30 13 minutes, 30 seconds how is Umber kind of seeing growth uh for this here. Uh that's number one. 13:36 13 minutes, 36 seconds Number two, on the margin front, as you said, there could be an impact of 50 to 100 basis, if you could just try and help us understand uh which segments 13:44 13 minutes, 44 seconds would see most of these pressures and some guidance there on the margin across segments if possible. 13:52 13 minutes, 52 seconds Uh good morning Ankur. I'll uh ask Sachin to reply to your first question and then I'll answer the second question. Sachin, over to you. 14:00 14 minutes Yeah. So coming to the volume sides so obviously 25 26 as everyone knows the quarter 1 and quarter two were very very flattish or they were like down by 30%. 14:10 14 minutes, 10 seconds But quarter 3 and quarter four saw the recovery. So the complete year is probably on a flattish side but uh the quarter 1 has started at a very positive 14:18 14 minutes, 18 seconds note for 26 27. So initial 10 days of April were very sluggish because of the rains and all that but since 12th April 14:25 14 minutes, 25 seconds you can see that the south west and north all have kicked in. Uh so the heat is already very high in the north. The demand is good. So against last year 14:34 14 minutes, 34 seconds because the base was very weak, the industry expects to grow by somewhere around 20% in quarter 1. On the complete year side, we are estimating a growth of 14:42 14 minutes, 42 seconds somewhere around 12 to 13%. On the complete year side in volumes okay and and price hikes should be 10 12%. Is that fair? 14:51 14 minutes, 51 seconds So price hike versus last year. So there were two incrementals. One was in the month of January because of the staring change. one is in the month of April 14:59 14 minutes, 59 seconds majorly driven because the commodity increase so both together uh we can say that the price increase is somewhere 15:06 15 minutes, 6 seconds around 14% versus last year and an on the second question on the 15:12 15 minutes, 12 seconds margin side as explained in my commentary uh you know there are three fources which are in play right now I 15:20 15 minutes, 20 seconds would like to little give more brief on those forces basically first factor is the minimum wage increase which happened 15:27 15 minutes, 27 seconds of 35% % in Hiana which led to riots in Noida and UP government also in turn increased minimum wages to about 22%. 15:36 15 minutes, 36 seconds And then uh you know other states are also now looking to increase. So that is one part. Second is the commodities like 15:43 15 minutes, 43 seconds copper clad laminate the gold which we use in PCB business and what we have seen in the PCB front is in amber we are 15:52 15 minutes, 52 seconds tier one. So in tier one we directly deal with uh the customers and we can increase the pass on or reduction of 16:00 16 minutes commodity and currency risk within a quarter one quarter at a quarterly lag basis. But in the PCB business we are tier two. We don't supply directly to 16:08 16 minutes, 8 seconds Maruti or Hundai. We supply to uh tier one guys. Uh and that's where the inventories has to be taken care at two 16:16 16 minutes, 16 seconds levels. and hence the the lag in the PCB business to increase the cost is about two quarters. So this is this has been our learning in last one year uh as far 16:26 16 minutes, 26 seconds as the PCB is concerned on Indian railway contracts are fixed term contract they don't uh negotiate because these are tender documents but whereas 16:34 16 minutes, 34 seconds other contracts like defense contracts or telecom contracts or the data center air conditioning contracts which are now sign getting signed those are the 16:42 16 minutes, 42 seconds contracts which which have gotten passed on through and that's the reason why we uh gave a uh just update to everybody 16:50 16 minutes, 50 seconds that uh this is temporary Of course you have you would have seen in last 7 years we have been able to pass on um you know 16:58 16 minutes, 58 seconds and we will continue to pass on but since it is momentary but we thought that we should able we should be uh it's our duty to inform everybody that next 17:06 17 minutes, 6 seconds one or two quarters should be you you should see this hit coming in. Okay. Thank you so much all the time. 17:14 17 minutes, 14 seconds Thank you. 17:16 17 minutes, 16 seconds The next question comes from the line of Natasha Jen with Philip Capital. Please go ahead. 17:23 17 minutes, 23 seconds Thank you for the opportunity and good morning gentlemen. I just have one question. So um recently there was a news article that government has imposed 17:30 17 minutes, 30 seconds import restriction on RC compressors and even other appliance compressors. So sir could you help us understand the industry dynamics? What is the 17:38 17 minutes, 38 seconds manufacturing capacity in India? How much amber as a company manufacturers and do you think uh this and next year could see some pain in terms of shortage there. 17:48 17 minutes, 48 seconds So Natasha basically uh you know there are room AC category of compressors 17:55 17 minutes, 55 seconds require 2 ton and below compressors whereas commercial air conditioners industry require 2 ton and above 18:02 18 minutes, 2 seconds compressors. So there are two categories of compressors. And then the third compressor which kicks in is in for refrigerators. Right? We at Amber we are 18:11 18 minutes, 11 seconds not producing or manufacturing compressors. We buy compressors uh from outside. Uh we have a long-term uh 18:19 18 minutes, 19 seconds agreement with GMCC who supporting us on the compressor and we also buy from other manufacturers like LG and other 18:26 18 minutes, 26 seconds compressor manufacturers. Uh so we don't see any shortages on the compressor front but but to just give a brief on quality control order which was in the 18:35 18 minutes, 35 seconds news. Uh so there were quality control orders imposed on the compressor industry and we have seen because of the 18:42 18 minutes, 42 seconds production linked incentive scheme. Five investments have kicked in in India in last three years which is basically LG 18:49 18 minutes, 49 seconds has put up a plant, Dykin has put up a plant, Mitsubishi has put up a plant, GMCC has increased its capacity and 18:56 18 minutes, 56 seconds highly is also thinking of increasing its capacity. So these are five manufacturers who are catering to room AC industry at the moment. Whereas 19:04 19 minutes, 4 seconds coming to commercial air conditioner division, there are companies like Copeland or Denfos who are manufacturing compressors for those category of 19:13 19 minutes, 13 seconds compressors and you don't need only 2 ton but you need 3 ton, 4 ton, 7 1/2 ton, 5 ton, 8 ton, 11 ton, 12 ton 19:21 19 minutes, 21 seconds capacities of compressors. So right now the manufacturing capacities which have been built in country are below 2 ton 19:29 19 minutes, 29 seconds and uh that's why the quality control order says that but there is still a shortage uh in in terms of the capacity 19:37 19 minutes, 37 seconds built up versus the growth in the country for the room and that's the reason why government has allowed to 19:43 19 minutes, 43 seconds import 30% of last year imported volumes to cater to the shortage. uh coming on the two tunnel in front that they have 19:52 19 minutes, 52 seconds extended it for one year uh so the complete uh compressors can be imported from outside India because right now we 20:01 20 minutes, 1 second don't see any big capacity coming up for the commercial air conditioner sector then come to refrigerator compressor model I mean there are some very 20:09 20 minutes, 9 seconds specific compressors which are not getting manufactured here just like uh dispensers and other categories of 20:17 20 minutes, 17 seconds refrigeration compressors But on a overall basis there looks to be a adequate capacity but still some 20:24 20 minutes, 24 seconds industry players feel that uh some particular compressors are of shortage and hence the QCO order was released to 20:32 20 minutes, 32 seconds clarify and extend the imports. I believe that the way things are moving we will see that further capacity 20:41 20 minutes, 41 seconds increases will also come from uh new players also and existing players will also expand. So we don't see any big 20:48 20 minutes, 48 seconds problem coming out of this place because of compressors. 20:52 20 minutes, 52 seconds So just one followup here. So can we say at least for this calendar year or rather FI27 there will still be a shortage of about 40% given industry 20:59 20 minutes, 59 seconds will grow at 12% in terms of volume. No, we don't think so because uh if you map each and every manufacturer's capacity 21:08 21 minutes, 8 seconds versus uh uh the requirement in the industry looking at a kagger of about 13 to 15% growth I believe it is adequately 21:17 21 minutes, 17 seconds placed the capacities are adequate enough I mean of course there is the shortage part has been addressed by the 21:24 21 minutes, 24 seconds 30% alloyance of import of compressors below 2 ton so that that bridges the gap 21:32 21 minutes, 32 seconds Understood. Thank you so much sir and all the best. Thank you. 21:36 21 minutes, 36 seconds The next question comes from the line of Samit SA with Mquari. Please go ahead. 21:42 21 minutes, 42 seconds Yes. Uh thank you very much. So uh two questions. First one on the inventory side. So from my understanding you're talking about inventory that's built up 21:50 21 minutes, 50 seconds that's uh basically the components and the parts not the finished products because you said the demand was strong. 21:56 21 minutes, 56 seconds So on that front um you know by frontloading this um you know what sort of uh benefit do you think you got in 22:04 22 minutes, 4 seconds terms of if you could quantify how much savings would that be in current uh component prices that would be appreciated and my second question is 22:12 22 minutes, 12 seconds just and in terms of uh like whenever we've spoken you always mentioned how uh and you've seen the progression about 22:19 22 minutes, 19 seconds going towards higher margin businesses um does that still stand or do you think at this point you'd be open to going 22:28 22 minutes, 28 seconds towards high volume, low margin but high ROC business. Uh if you can uh talk about that. Thank you. 22:36 22 minutes, 36 seconds Uh so coming on the first question on the inventory buildup. Yes, we proactively increased our inventory level looking into the supply chain 22:44 22 minutes, 44 seconds constraints and uh uh we are not getting a very big advantage on the pricing side 22:52 22 minutes, 52 seconds but we are getting advantage on the supply side that we are able to fulfill our contracts on timely basis to each 22:58 22 minutes, 58 seconds and every customer. uh as far as our uh endeavor on going towards the higher business model goes I'll just give you a 23:06 23 minutes, 6 seconds brief of what we have done in electronics we had acquired Ilgen in uh 2018 when this was a 300 cr company with 23:14 23 minutes, 14 seconds about 3% of IDIA now this last year we have crossed uh uh about close to about 23:21 23 minutes, 21 seconds 8.8% 8% of IIDA in the electronics division and we have crossed 3,200 cr of 23:27 23 minutes, 27 seconds topline. We expect a 40% growth while uh getting towards closer toward towards a double digit a bit numbers. So our 23:36 23 minutes, 36 seconds endeavor on going towards the value side of the businesses uh because in in B2B business what we are trying to attempt 23:44 23 minutes, 44 seconds is we are trying to balance the left and right. So left side is the volume side business which are equally important to 23:51 23 minutes, 51 seconds to bring scale and to have a leverage on the purchase side. On the value side they are more sticky businesses. There are entry barriers in those businesses 23:59 23 minutes, 59 seconds like industrial electronics, industry automation electronics, power electronics or air uh aerospace and defense going forward medical 24:07 24 minutes, 7 seconds electronics. These are more sticky businesses, more entry barriers and high margin businesses. So we will continue 24:13 24 minutes, 13 seconds to balance both volume and value play by while are attempting to build a very 24:21 24 minutes, 21 seconds strong diversified B2B company. On the railway side also we are doing the same things. We started with small company 24:29 24 minutes, 29 seconds 157 cr with about 13% aida now are more about 17 18% type and we are growing in 24:36 24 minutes, 36 seconds that on on more value uh oriented products. We've gone into metro side. We've gone into doors and gang ways. 24:44 24 minutes, 44 seconds We've deep dived more into the bomb bomb of railways and now we are developing data center cooling solutions. We've cracked almost four customers there and 24:52 24 minutes, 52 seconds we've already executed uh three projects very marquee projects uh in India on the data center in rack and in row cooling 24:59 24 minutes, 59 seconds side. So those are all value propositions which we are doing. But as a B2B company uh you know there are two pulses which we feel the two pulses 25:08 25 minutes, 8 seconds basically scale and second is efficiency. And the scale team is responsible to balance volume and value 25:15 25 minutes, 15 seconds play. You know, while the efficiency teams are the operational teams which have to bring in efficiency on the plant side, on the purchasing side, on the R&D side and so and so forth. 25:26 25 minutes, 26 seconds Correct. Thank you. 25:29 25 minutes, 29 seconds Thank you. Our next question comes from Du Jen with Ambit Capital. Please go ahead. 25:36 25 minutes, 36 seconds Hi, thanks for the opportunity. My first question is on Apex. So you know at the last quarter you had said that your capeex would be about 800 crores but you know this number has been much higher. 25:47 25 minutes, 47 seconds Uh so just wanted to get a sense that is it some contending of cex that you've done and how should we look at fi27 kx. 25:57 25 minutes, 57 seconds Yeah hi bro uh this is sir so uh rightly said that there is some front ending of a capex. If you see our overall capex 26:05 26 minutes, 5 seconds out of the overall capex capitalized capex is only 550 crores the balance is under sip which is under process and which will get operation in the current 26:14 26 minutes, 14 seconds financial year. So uh the overall capex is around,000 1,70 crores. 26:22 26 minutes, 22 seconds Okay. So and uh how should we think about fi 27 capex? 26:27 26 minutes, 27 seconds So FI27 we are expecting that uh the uh one is ascent and one is the other than ascent. So ascent will be around uh 26:36 26 minutes, 36 seconds 1,200 odd cr including the capitalized portion out of this 547 and apart from that there will be around uh 7 to 800 26:43 26 minutes, 43 seconds capex in the all the other uh entities put together. Sidu I'll add to what Sudhir has answered. Uh these are all 26:50 26 minutes, 50 seconds asset heavy businesses where the capex is going largely the printed circuit boards. This is exactly like OSAT and 26:57 26 minutes, 57 seconds ATMP business where asset turns are about.8 to one time but what we are looking at as a team is the net capeex 27:06 27 minutes, 6 seconds which we'll end up doing after reducting the subsidies from government both center and state. So in this case like 27:13 27 minutes, 13 seconds SNK circuit we'll be getting about 48% on plant and machinery back from uh through ECMS scheme and we have 27:21 27 minutes, 21 seconds negotiated 42% incentives on building plant and machinery from UP government but this will come with a lag. First we 27:29 27 minutes, 29 seconds have to invest and then we have to apply and it'll come in five to six years. uh but if we have to build a self-resilient 27:38 27 minutes, 38 seconds uh you know self-reliant I would say um electronic component ecosystem these asset heavy businesses are good to have 27:47 27 minutes, 47 seconds good ROC business on a long-term basis and we are taking a very cautious call to develop this it's a import substitution story for us and it's we've 27:55 27 minutes, 55 seconds already taken leadership in the country in the PCB sector and we want to continue to maintain that uh through joint ventures as well as through our 28:04 28 minutes, 4 seconds collaborative approach what we are doing. Uh we believe that I would request all of you to see the net capex at the end of the year. 28:13 28 minutes, 13 seconds Got it sir. Sir the second question is on EMS. So you know this quarter if you strip off the acquisition growth seems 28:20 28 minutes, 20 seconds to be a you know big underg. So what causes and you know just in connection to that the 40% growth guidance that you 28:28 28 minutes, 28 seconds are given how should we think of organic growth and growth coming through the various other acquisition. 28:35 28 minutes, 35 seconds Thanks uh D. So there was uh two customers who shifted from uh purchasing agreement to 28:42 28 minutes, 42 seconds job work agreements. So that's the reason on the topline side you would have seen that uh it's the organic expansion is looking little subdued. uh 28:51 28 minutes, 51 seconds but on the margin side if you have seen this quarter has delivered 10.8% 28% margin you know so we are pretty much online to deliver uh what we've in 29:00 29 minutes future also these kind of shifts can happen you know we don't control what customer wishes from us we serve them in 29:08 29 minutes, 8 seconds whatever shape and form they want us to serve in case of subasssemblies or components or just uh job work bases or 29:15 29 minutes, 15 seconds uh you know this keep on changing with the management changes but um as as given the guidance we are very hopeful looking into the order book right Now 29:24 29 minutes, 24 seconds for the whole electronic uh division uh we are positive uh very confident to 29:30 29 minutes, 30 seconds deliver about 14% of growth uh this year and sir what would be the split of 29:36 29 minutes, 36 seconds organic and uh no acquisition it's 40 now everything is organic because we've 29:43 29 minutes, 43 seconds already acquired okay all right thanks a lot and all the best thank you 29:52 29 minutes, 52 seconds our next question comes from Pravin Sah with PL Capital. Please go ahead. 29:58 29 minutes, 58 seconds Yeah, thank you for opportunity. Uh sir, my first question is a clarification on the CD consumer durable segment. Uh in 30:06 30 minutes, 6 seconds that you had a given uh 47% of your revenue for FI26 comes from the RAC uh CBU. Uh so how how is the growth? 30:16 30 minutes, 16 seconds Because if I look at uh the 47% of a total revenue, it gives me around 33% of a growth. So u how how that's a number 30:25 30 minutes, 25 seconds to you know look at is that the full uh you know complete uh builtup unit has 30:32 30 minutes, 32 seconds grown faster than the component uh or is more on the realization front growth is there or how is the volume can you just 30:40 30 minutes, 40 seconds give us some detail on that so this keeps on changing because you know sometime customer wants us full boxes sometime they want semi- knockdown 30:49 30 minutes, 49 seconds conditions and sometime only the components so it it varies is from customer to customer and uh you know 30:56 30 minutes, 56 seconds quarter to quarter very difficult but uh if you see the trajectory and the history you know we were about 80% 31:04 31 minutes, 4 seconds banking on finished goods when we got listed in FI18 now uh despite the growth in the topline side on the console basis 31:12 31 minutes, 12 seconds the whole FG has come down to as low as maybe 40% or something like that you know so uh um and uh you know it's 31:22 31 minutes, 22 seconds it's basically Sachin you would like to add something yeah so basically in 2526 as you are saying that there is a impact of the 31:30 31 minutes, 30 seconds realization so the uh contribution has gone up so it's not because of the realization it is majorly because of the conversion of the gas charging customers 31:37 31 minutes, 37 seconds to the ODM solutions so that we have been updating in all our quarterly calls so we like onboarded them in 2425 31:45 31 minutes, 45 seconds but that was like in the last quarter so now 2526 it has been for the whole Sir, so the gas charging customers converted 31:53 31 minutes, 53 seconds to the ODM that is why the finished good contribution has come up. 31:58 31 minutes, 58 seconds Okay. Okay. Uh got it sir. And uh second questions are related to the electronics segment uh where you had now uh 32:06 32 minutes, 6 seconds consolidated unitronics as well. Uh so now if you can give us some color on how is the because the Sony and the accent 32:14 32 minutes, 14 seconds is also there. How is the mix of a PCB versus uh uh you know the PCBA uh segment? 32:22 32 minutes, 22 seconds Uh so PCBA is uh growing I mean out of I think uh 3,268 cr which we have uh uh delivered 32:31 32 minutes, 31 seconds uh PCBA how much is this organic and okay PCBA is 2,281 crores almost 2300 cr 32:41 32 minutes, 41 seconds and uh then uh total uh on the on the other side is about 596 crores which is 32:48 32 minutes, 48 seconds power one unitronics and shoguni and ascent clause box crossed 42 crores. So 32:55 32 minutes, 55 seconds almost about 1,000 cr is the others out of which uh if if you see shoguni plus uh PCB will be about 500 600 33:04 33 minutes, 4 seconds around 600 cr is PCB. So 2,200 cr is organic PCBA around 600 is PCB and 33:13 33 minutes, 13 seconds remaining is power electronics and uh industry automation electronics. any indication on the margin front for both the segments PCB and PCBA. 33:22 33 minutes, 22 seconds So PCB uh in PCBA we are at about 5%. In PCB we are at about 12 13%. Uh this 33:31 33 minutes, 31 seconds generally business is about 16 17% business but because of CCL and because of gold prices and currency that is but 33:39 33 minutes, 39 seconds they are taking uh uh price increases from the customer that's underway. We we think that by from next two quarters we should be able to get it. We are getting 33:48 33 minutes, 48 seconds positive responses. As far as uh power one is concerned it it's about uh 15%. 33:56 33 minutes, 56 seconds As far as unitronics is concerned because it's a listed entity we cannot tell. I think you can look into uh 34:05 34 minutes, 5 seconds after two weeks once the results is declared but it's a good good positive company which we have added. 34:13 34 minutes, 13 seconds Thank you sir and all the best. 34:17 34 minutes, 17 seconds Thank you. The next question comes from the line of Indrajit Agarwal with CLSA. Please go ahead. 34:24 34 minutes, 24 seconds Hi, thank you for the chance. I have a couple of questions. First, if you can uh throw some light on the pricing of PCBs both globally and India given that 34:33 34 minutes, 33 seconds the cost inflation would have been felt by everyone across the geographies. So pricing on PCBs is basically you know 34:41 34 minutes, 41 seconds right now 90% is getting import and 10% is India but whereas you would have seen that there's anti-dumping duty imposed 34:48 34 minutes, 48 seconds by government to a tune of 30%. So despite of this commodity increase of CCL and gold has been a global 34:57 34 minutes, 57 seconds phenomena. It's not particularly to India. So even Chinese import or Taiwanese PCB imports have gone 35:04 35 minutes, 4 seconds expensive you know. So uh it's it's just uh and it is from up to six layer it is protected through the anti-dumping duty. 35:12 35 minutes, 12 seconds So that's why the demand has not shifted from India to China or other other nations. It's very much intact. 35:20 35 minutes, 20 seconds No my question is is the price increase that has happened globally and also in India not enough to offset the cost inflation. 35:27 35 minutes, 27 seconds See uh CCL is continuously increasing. 35:30 35 minutes, 30 seconds It's touched 60% increase in last one year and you cannot go to customer every every time they have given us improve uh 35:37 35 minutes, 37 seconds increases. We have got increases first the first increase which we got was two quarters back which was about 15%. Then 35:45 35 minutes, 45 seconds again another uh 18% increase we got but still there is a remaining person or percentage of increase because on the 35:53 35 minutes, 53 seconds other side the currency is also depreciating. So you know it's a moving part. So we are standing in front of customer now every quarter whereas we 36:02 36 minutes, 2 seconds used to meet them very uh maybe after a year or so but uh because of these things we have started meeting them very often but we are getting positive 36:11 36 minutes, 11 seconds responses. Earlier when we started asking for price increase there was a big backlash. there was like a very 36:18 36 minutes, 18 seconds strong uh opposition towards this but then when they started comparing costs from the global uh suppliers also they 36:27 36 minutes, 27 seconds thought that it is better to give to uh increases and they have started giving increases. 36:33 36 minutes, 33 seconds Sure. My second question is if you can uh talk a little bit more about the key projects in terms of the delays all those small delays for example ascent 36:40 36 minutes, 40 seconds you mentioned uh there has been some delay in the multi-layer PCB Korea circuits and also in Eugene JV and railways so what is the kind of 36:48 36 minutes, 48 seconds confidence we have in the timelines now so there is no a large delay I mean it's a it's about a delay of a quarter uh in 36:56 36 minutes, 56 seconds the construction of uh entry in Hosour uh the construction got delayed because there was uh issue in the release of 37:05 37 minutes, 5 seconds consent to establish by pollution department and that was because of ambiguity of a due to a supreme court 37:12 37 minutes, 12 seconds guidance uh there was some river going off in the diameter of 3 and a half kilometers away from this land and then 37:20 37 minutes, 20 seconds uh Tamiladu government was very fast in formalizing a committee deciding it for us and then giving it up but it took 37:29 37 minutes, 29 seconds about one and a half two months for clarification and that's how the construction got delayed in ascent but uh I think it's moving perfectly fine 37:36 37 minutes, 36 seconds after that there's no another further delay we are anticipating we expect uh that the trial productions will start by 37:44 37 minutes, 44 seconds Q3 uh and uh commercial production will start by February mid of February uh of 37:50 37 minutes, 50 seconds next uh 2027 as far as K circuit is concerned uh because this was dependent 37:57 37 minutes, 57 seconds on the ECMS clearance post ECMS clearance We approached uh UP government 38:04 38 minutes, 4 seconds and uh they released uh land parcel to us. It has been registered now finally uh in our name possession has been 38:11 38 minutes, 11 seconds granted and the team is right now preparing to get the maps approved. Uh that's why we have mentioned in our 38:19 38 minutes, 19 seconds commentary that uh we are going to uh we are thinking of doing a uh groundbreaking ceremony in the month of 38:26 38 minutes, 26 seconds June. uh we expect the construction to finish in 15 to 16 months which will start the trial production. We have kept 38:35 38 minutes, 35 seconds about 3 to 4 months for the trial production and that's how uh from quarter 3 quarter 4 onwards of FY28 we 38:42 38 minutes, 42 seconds will start the mass production of HDA plant. As far as Eugene is concerned, uh uh there is no delay in Eugene. Eugene 38:49 38 minutes, 49 seconds factory uh came up as uh expected it's u it's under the RDSO approval. Now approval as informed earlier in the 38:58 38 minutes, 58 seconds quarterly calls. It's a process of uh close to about 12 to 15 months. So that is underway. We have received 178 cr 39:07 39 minutes, 7 seconds order book in Eugene for couplers and we are now expecting a first order on the pentographs also. And the first order on 39:15 39 minutes, 15 seconds the brakes also has been received but those those approvals will happen from Korea and then move to India when once the RDSO approval is done. 39:26 39 minutes, 26 seconds Thank you so much. If I may squeeze in one more if you can throw some light on the Summitronics JV. What is the plan over there and what kind of opportunity say? 39:35 39 minutes, 35 seconds So there is no Sumitronics JV. There's a alliance which has happened. It's it's a cooperation agreement with Sumitronics. 39:42 39 minutes, 42 seconds they want to uh they they they have large uh customers on the automobile sides and uh they want uh to collaborate 39:52 39 minutes, 52 seconds with us to participate for the automobile uh PCBA businesses and uh that's the collaboration. So there's 39:59 39 minutes, 59 seconds there's no joint venture happening with the Summitronics but we are excited with this collaboration because uh it gives 40:06 40 minutes, 6 seconds us an edge. We already have a experienced supplier uh worldwide with us now because earlier we were seeing 40:14 40 minutes, 14 seconds that there was large um entry barriers for ilen to enter because we had we did not had a big u I would say experience 40:23 40 minutes, 23 seconds in the automobile sector and that was keeping our customers little on the side. Uh they were reluctant to on board 40:32 40 minutes, 32 seconds us but now withronics that barrier has been broken. 40:36 40 minutes, 36 seconds That's all from my side. Thank you so much. All the best. 40:41 40 minutes, 41 seconds The next question comes from the line of Archel Load with Noama Institutional Equities. Please go ahead. 40:50 40 minutes, 50 seconds Uh good morning sir. Uh thank you for the opportunity. Uh sir first if you could clarify uh um you know in terms of 40:57 40 minutes, 57 seconds the growth you said 40% uh revenue growth for the electronic business. 41:03 41 minutes, 3 seconds uh is this post the conversion what you talked about uh and hence the growth the revenue growth number is weaker. So in that case could you also clarify the 41:10 41 minutes, 10 seconds margin for that division and uh within that if you could uh also clarify you 41:17 41 minutes, 17 seconds know if it could be u uh driven by PCBA or PCB business in terms of the margin. 41:23 41 minutes, 23 seconds So what conversion uh are you talking about can the job work job work uh thing what you said so considering considering the job work 41:32 41 minutes, 32 seconds uh change we we are expecting a 40% growth on the top line and the margins what we are expecting right now should 41:41 41 minutes, 41 seconds be in the range of 9.5 to 10% range understood. Um 41:49 41 minutes, 49 seconds number two in terms of the um uh you know the uh RAC business uh the consumer durables um how do you see the margins 41:59 41 minutes, 59 seconds there you know and uh is it fair to say that the percentage appears lower because of the price inflation or there 42:07 42 minutes, 7 seconds is impact in uh in actually rupees per unit margin as well. 42:12 42 minutes, 12 seconds So percentage yes will look dipped because uh whenever the prices increases happens because now 14% as such in 42:20 42 minutes, 20 seconds explained uh there has been increase of 14% in the finished good side you know um whereas we work on the absolute 42:27 42 minutes, 27 seconds number with our with our customers but the real term of uh real basically uh 42:34 42 minutes, 34 seconds impact of commodity currency we pass on to our customers and that is happening from last so many years we have 42:42 42 minutes, 42 seconds demonstrated it year and year again which happens on a quarterly lag basis. 42:47 42 minutes, 47 seconds So whatever changes are happening this month this uh quarter will be passed on to the customers for the next quarter 42:54 42 minutes, 54 seconds and that's how uh historically our our sector has been. 42:59 42 minutes, 59 seconds Just to clarify sir uh you mean the rupees per unit margin is impact is that fair understanding? 43:05 43 minutes, 5 seconds Yes that's right. So in percent term there will be impact because the price increase will increase the uh finished good price but whereas we have a fixed 43:13 43 minutes, 13 seconds price margin per unit. So uh overall fixed margin will remain same in terms of value but in percent term it will 43:21 43 minutes, 21 seconds look a little less because of the higher base. 43:25 43 minutes, 25 seconds So whenever you know in in past also whenever commodities have eased off the percentages started looking better. Yes but um we don't take credit for that. 43:36 43 minutes, 36 seconds No fair point sir. uh just a quick clarification in terms of the uh nonAC component how large is that now of the 43:43 43 minutes, 43 seconds CD business now so of of of CD business it's about 25% right now and it's it's also maintaining 43:52 43 minutes, 52 seconds a good growth like just um PTS has delivered a good growth on the uh bottom line basis they are already touched 13% 44:00 44 minutes a bit now and uh our crossflow fan business uh sorry our other businesses of refrigerator and washing that's also doing fine. 44:09 44 minutes, 9 seconds Got it. And 47% of the business I would request you the queue. 44:16 44 minutes, 16 seconds Our next question comes from the line of Rahul Agarwal with EKG asset management manager holdings. Please go ahead. 44:24 44 minutes, 24 seconds Yeah. Hi uh good morning everyone. Thank you so much uh for the opportunity. Uh just clarifying whatever we've discussed 44:32 44 minutes, 32 seconds so far. I think for the CD business we're talking about 25% revenue growth uh and some bit of uh you know 44:40 44 minutes, 40 seconds percentage margin decline on electronics you already mentioned 40% growth after the job work adjustment with 9 and a half 10% range for railways the growth 44:49 44 minutes, 49 seconds is clear about 30 35% margins you could clarify we don't know the order book breakdown between Indian railways and 44:56 44 minutes, 56 seconds railways to just clarify that and second is a question on sui with suji uh first on capex 45:03 45 minutes, 3 seconds U you know my sense is that given where we are right now and whatever capex is spending on the new project site we should end up spending like 1,800 crores 45:12 45 minutes, 12 seconds to 2,000 crores assuming you know the Korea circuit JV capex also comes through if you could just clarify and 45:19 45 minutes, 19 seconds you can ignore the capitalization part to it that from a cash flow perspective 1 800 to 2,000 crores for fiscal 27 and 45:27 45 minutes, 27 seconds about 1 1200 to300 crores 28 based on the current capex pipeline on the new projects. Is that number correct? 45:34 45 minutes, 34 seconds Those were the two questions. Thank you. 45:38 45 minutes, 38 seconds So let me answer the first question then Sudhir will take up for the second one. 45:41 45 minutes, 41 seconds On the CD front we have informed that the markets are expecting to grow in about range of uh 13 to 14% range and 45:50 45 minutes, 50 seconds that's how we are also expecting to move in tandem with the markets. It's not 24 25%. Towel on electronics you are right 45:58 45 minutes, 58 seconds it's uh we expect that post our conversion of uh job work basis we expect the number to be around 40% range 46:07 46 minutes, 7 seconds bound and margins in the range of 9 and a half to 10% on electronic in railways uh 30 to 35% looks doable if there is no 46:16 46 minutes, 16 seconds disruption of uptake from Indian railway and metro uh currently it's going smooth and we don't anticipate at the moment 46:24 46 minutes, 24 seconds but in is there is some changes we will let you know but the margins in the uh railway side we expect in the range of 46:32 46 minutes, 32 seconds 16 to 17%. So that's how the whole uh part of it now over to Shir. 46:39 46 minutes, 39 seconds Yeah. Hi Rahul. So on the capex uh yes we'll be doing around 1,800 to 2,000 cr of overall capex including ascent new 46:47 46 minutes, 47 seconds project some part of ascent k and the other divisions. But from the cash flow perspective since we have negotiated a 46:54 46 minutes, 54 seconds better terms long-term terms from the uh many uh suppliers of Ascent circuit uh for PCB we are expecting that uh the 47:03 47 minutes, 3 seconds cash outflow will be much lesser than 18 to 2,000 cr 1800 to 2,000 cr it should be around uh 11 to 1200 you can expect 47:11 47 minutes, 11 seconds from the cash flow perspective okay and on fiscal 28 if you have a budget from a cash flow perspective 47:19 47 minutes, 19 seconds so it will be same because in 2028 our new ascend K circuit cap larger capex will happen where also we'll have a 47:26 47 minutes, 26 seconds better uh much larger credit terms from the uh capex suppliers so you you can expect the similar or little higher 47:34 47 minutes, 34 seconds around 14500 kind of a cash outflow for the capex in terms of cash perfect thank you so much and wish you 47:42 47 minutes, 42 seconds all the best as thank you thank you a reminder to all participants in the interest of time and fairness to others. 47:51 47 minutes, 51 seconds Please restrict yourselves to two questions. For any more questions, you may rejoin the queue. Our next question comes from the line of Santosh 47:59 47 minutes, 59 seconds Shasheshatri with Aventus Spark. Please go ahead. 48:03 48 minutes, 3 seconds Good morning. Thanks for the opportunity. Uh uh I have a question on uh net debt position. So how should we uh think about uh our overall gross debt 48:12 48 minutes, 12 seconds and net uh relative to fourth quarter levels uh considering the uh uh you know capex spending and uh maybe the working 48:21 48 minutes, 21 seconds capital associated with uh project ramp up uh and what would be the impact of that on interest cost and other income uh in FI27. So that's my first question. 48:33 48 minutes, 33 seconds So FI20 FI 26 we have uh reported a net debt of 511 crores and uh looking into 48:40 48 minutes, 40 seconds the capex what we are doing and the cash flow I'm expect slight increase in the net debt position by year end it could be more by 200 to 300 crores because 48:50 48 minutes, 50 seconds we'll be generating a cash uh cash flow and then we'll be spending out of that uh but cash generation might be little less than what we are generating from 48:57 48 minutes, 57 seconds the overall business so you can expect around 7 to 800 cr of net debt by year Uh thank you very much and uh my second 49:06 49 minutes, 6 seconds question is on the consumer durable division. Uh sorry if this a this is a repetition. Uh uh your earlier commentary suggested uh uh you know 49:14 49 minutes, 14 seconds 20%age growth in first quarter and 12 to 13%age growth in uh FY27. Uh just to clarify is this for the broader industry 49:23 49 minutes, 23 seconds or are we talking specifically about uh for the consumer durable divisions? 49:30 49 minutes, 30 seconds Now we are we were mentioning about the broader industry trend because post 12th of April we have seen a positive of 49:37 49 minutes, 37 seconds uptake of uh uh goods because of the heat heat wave in south and west and north and last year and last year base was also very less. 49:47 49 minutes, 47 seconds So uh and but quarter two and quarter three are generally a lean quarters for the industry. Um that's why we expect 49:56 49 minutes, 56 seconds that the industry will be uh in the range of uh 12 to 13% growth phase this year 50:04 50 minutes, 4 seconds and for uh the overall revenue growth for consumer durable business in FI27 uh what should be the we should move in tandem with our uh industry. 50:16 50 minutes, 16 seconds All right thank you very much sir. 50:19 50 minutes, 19 seconds Thank you. The next question comes from the line of Nash Jen with BNP Paribas. Please go ahead. 50:28 50 minutes, 28 seconds Um yeah, hi sir, good morning. Uh sir, my first question is on the non-controlling interest. Just wanted to check uh so as per the schedule it's 50:36 50 minutes, 36 seconds written that 1750 fund raise that we took in LG has been accounted uh in the balance sheet. So if you can help us understand that how much percentage 50:44 50 minutes, 44 seconds stake dilution is being considered already uh in this uh NCI and based on the CCPS conversion how much could there be further dilution upon the conversion. 50:54 50 minutes, 54 seconds So nothing is being considered as a dilution uh on CCPS nothing no dilution has till now happened due to CCPS it 51:02 51 minutes, 2 seconds will happen uh in future based on the future multiple and valuation. So currently the on the conservative side 51:10 51 minutes, 10 seconds the auditor has considered the diluted percentage and calculate the NCI. So uh this is a maximum amount what they have 51:18 51 minutes, 18 seconds considered looking into the uh agreements but this is a on a maximum side it will be much lesser than what uh when uh the actual conversion will happen in the equity. 51:30 51 minutes, 30 seconds Uh and sir can we get that uh what's that maximum percentage dilution that the auditor has considered? 51:36 51 minutes, 36 seconds I think they have me around 30 odd%. 51:42 51 minutes, 42 seconds Oh okay. Okay. Uh and just secondly just wanted a clarification uh on the cape side. So do we expect to receive any capital subsidy also for the next year 51:50 51 minutes, 50 seconds or or uh do we expected to get it in FI28 once we commission the uh assence fund. So capital subsidy we have already 51:59 51 minutes, 59 seconds got in terms of uh land because land subsidy already taken into consideration and we got a uh value at lesser price at 52:07 52 minutes, 7 seconds around 25%. And balance capex subsidy of building and other capex will come over the period of 5 to 6 years uh once we 52:15 52 minutes, 15 seconds start the commercial production. So you can expect the subsidy will start flowing in from next year onwards like financial year 28 onwards for ascent. 52:25 52 minutes, 25 seconds Thank you ladies and gentlemen. Due to time constraints, we would take that as the last question for today. I would now like to hand the conference over to Mr. 52:32 52 minutes, 32 seconds Jasb Singh for the closing remarks. 52:36 52 minutes, 36 seconds Thank you everyone for joining on the call. For any further information, kindly get in touch with uh our head of 52:44 52 minutes, 44 seconds Mr. Ravi Karbandha uh or uh SGA uh as investors are investor relation advisers. Thank you 52:52 52 minutes, 52 seconds very much and have a have a good day ahead. In case you have further queries, you can reach out to both the gentlemen. Thank you. 53:00 53 minutes Thank you, sir. Ladies and gentlemen, on behalf of Umber Enterprises India Limited, that concludes this conference call. Thank you for joining us. And you may now disconnect your lines.