Anupam Rasayan India Limited — Q4 FY26

Anupam Rasayan India Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=gvZS0Kt_8sk Published: 3 weeks ago

0:00 Ladies and gentlemen, good day and welcome to the Anupam Messian India Limited Q4 FI26 earnings conference 0:06 6 seconds call. As a reminder, all participant lines will be in the listen mode and there will be an opportunity for you to ask questions after the presentation 0:15 15 seconds concludes. Should you need assistance during this conference call, please signal an operator by pressing star and then zero on your touchstone phone. 0:24 24 seconds Please note that this conference is being recorded from the management side. 0:28 28 seconds We have with us Mr. Anand Desai Managing Director, Mr. Gopal Agraal, Chief Executive Officer, Mr. Amit Kurana, 0:37 37 seconds Chief Financial Officer, and Mr. Vishal Takar, Deputy Chief Financial Officer. I now hand the conference over to Mr. 0:45 45 seconds Anand Desai. Thank you and over to you sir. 0:49 49 seconds Thank you. Good evening everyone and thank you for joining us for our Q4 and FI26 earnings call. 0:56 56 seconds FY28 has been a landmark year for Hong Kong Asan as we delivered our highest ever revenue. I would like to sincerely 1:03 1 minute, 3 seconds thank our customers, employees, shareholders and all stakeholders for their continued trust and support. 1:10 1 minute, 10 seconds We continue to strengthen our position as a globally integrated specialy chemicals company. Our performance during the year was a result of strong 1:17 1 minute, 17 seconds execution across key business verticles increasing contribution from high value chemistries and scale up of commercial molecules. 1:26 1 minute, 26 seconds We have delivered operating cash flow of rupes 334 crores during the FI26 on the back of improved asset utilization, operational efficiency and better working capital management. 1:37 1 minute, 37 seconds UNOM has evolved into a well diversified global specialy chemicals platform with presence across agrochemicals, pharma, 1:45 1 minute, 45 seconds personal care, performance materials, semiconductors and related applications. 1:51 1 minute, 51 seconds Over the past few years, we have consciously diversified our portfolio and strengthen our capabilities in high performance materials and pharmaceuticals. 2:01 2 minutes, 1 second As a result, on a stand basis, our revenue from high performance materials increased three-fold from rup 97 crores in FI22 to rupees 305 crores in FI26. 2:13 2 minutes, 13 seconds While farmer revenue has grown 15fold from rupes 21 crores in FI22 to rupees 339 crores in FI26. 2:22 2 minutes, 22 seconds Consequently, our dependence on has reduced from 76% revenue contribution in FI22 to 55% in FI26. 2:33 2 minutes, 33 seconds This diversified revenue mix provides us with a more balanced product portfolio, better demand visibility and greater resilience across business cycles. 2:42 2 minutes, 42 seconds A key pillar of our strategy has been strengthening integration across the value chain. Our investment in 10 industries has significantly 2:49 2 minutes, 49 seconds strengthened our florination platform by securing uninterrupted access to critical materials such as hydrofuloric 2:56 2 minutes, 56 seconds acid and potassium fluoride. Further with support of Hanukk is in the process of introducing new products as well as new customers in this financial year. 3:06 3 minutes, 6 seconds Thus contributing to making India and Barat campaign. 3:11 3 minutes, 11 seconds This backward integration also improves our supply chain relability, cost competitiveness and supports the development of differentiated florine 3:18 3 minutes, 18 seconds based intermediates for global customers. 3:22 3 minutes, 22 seconds In addition, we have successfully completed the acquisition of JHawk fine chemicals and this acquisition provides us with a strategic manufacturing 3:29 3 minutes, 29 seconds footprint in the US, strengthens our advanced custom synthesis capabilities and expands our access to innovation led and highly regulated markets. 3:39 3 minutes, 39 seconds J-Hawk will also help us deepen relationships with multinational customers while increasing our participation in high growth sectors 3:46 3 minutes, 46 seconds like defense and semiconductors, thus contributing to our make America campaign. 3:54 3 minutes, 54 seconds We are pleased to also announce that we have entered into a definitive agreement to acquire 43.3% to 48.2% 2% equity stake along with an 4:03 4 minutes, 3 seconds open offer of up to 26% addition shares to public shareholders of Bliss Genius Pharma Limited. 4:10 4 minutes, 10 seconds This marks another important milestone in an Science vision of building an integrated global life science and specialy pharmaceutical platform. 4:19 4 minutes, 19 seconds This acquisition will strategically strengthen our presence across the pharmaceutical value chain from key starting materials to finished dosage formulations. 4:27 4 minutes, 27 seconds The company brings well established capabilities in niche dosage forms across therapeutic segments supported by 4:33 4 minutes, 33 seconds accreditations from USFA, UGMP, WS GMP, etc. in a strong international footprint. 4:41 4 minutes, 41 seconds Looking ahead, we remain confident in our long-term growth up. With that, I would like to hand over the call to Mr. 4:48 4 minutes, 48 seconds Kopalan to explain you on the performance of the company for the year. 4:54 4 minutes, 54 seconds Thank you, Anai. I will briefly touch upon two strategic synergies behind the proposed application of this DS fararma. 5:00 5 minutes This DS fararma brings established capabilities in differentiated pharmaceutical formulations along with a strong presence across emerging markets. 5:08 5 minutes, 8 seconds While Anupamasan will continue to focus on its core specialty chemical business. 5:12 5 minutes, 12 seconds All new pharmaceutical products, customer engagement and business development initiative in this pharma segment will gradually integrated into 5:19 5 minutes, 19 seconds this platform. Our vision is to create a dedicated pharmaceutical platform through this GBS which will serve as a 5:26 5 minutes, 26 seconds primary vehicle for our future pharma CDMO and CMO opportunities. We are confident that this structure will allow 5:34 5 minutes, 34 seconds us to offer a more robust focus scalable and seamless pharmaceutical platform going forward. On the J-Hawk integration 5:42 5 minutes, 42 seconds trend, we are already witnessing encouraging synergies across customer engagement, broad opportunities and technical capabilities. acquisition 5:49 5 minutes, 49 seconds significantly increases our presence in the US market and enhances our ability to work more closely with global innovators across advanced specialty 5:58 5 minutes, 58 seconds chemicals and pharmaceutical applications. JIO reported a perform annual revenue of approximately US76 million reflecting the strong scale and 6:07 6 minutes, 7 seconds capabilities of the platform. I would also like to highlight that in the current financial we have consolidated only one month and two days of jihawk 6:15 6 minutes, 15 seconds performance and therefore the full synergy benefits and financial contribution will be more visible going forward in FI27. 6:23 6 minutes, 23 seconds Uh coming back to UNUPMA science overall performance for FI26 our focus continues to remain on commercialization of molecules from our pipeline in fararma 6:31 6 minutes, 31 seconds performance mer segment improving the working capital cycle and strengthening the supply chain. During the year, we 6:38 6 minutes, 38 seconds added multiple multinational customers, expanded our product portfolio with three new product additions, further strengthening our presence across high 6:46 6 minutes, 46 seconds value specialty chemical segments. Going forward, we will continue to focus on unlocking synergies across Stanfra, 6:52 6 minutes, 52 seconds Jhawk and Bliss GS farmer creating a platform for pharma as well as specialy chemical for global innovators across 6:59 6 minutes, 59 seconds multiple geographies. With that, I'd like to hand out the call to Amit to discuss the financial performance of the company. Amida, 7:08 7 minutes, 8 seconds thank you Gopal and good evening everyone. I will first briefly touch upon the transaction details of this GBS farmer. Anupam Rasan has entered into a 7:17 7 minutes, 17 seconds definitive agreement to acquire an aggregate equity stake of approximately 43.3% to 48.5% in this GBS drama along with an 7:26 7 minutes, 26 seconds open offer in accordance with regulatory requirements. The transaction will be funded through a combination of approximately 300 crores via 7:34 7 minutes, 34 seconds non-convertible debentures and non-controlling non- voting equity instruments for the balance consideration. Coming to UNOM's 7:42 7 minutes, 42 seconds operational performance, our working capital and inventory levels improved over the year due to which we have achieved operating cash flow of rupees 7:50 7 minutes, 50 seconds 334 crores. This improvement is in line with our guidance of working capital improvement and we further expected to improve in FI27. 7:59 7 minutes, 59 seconds During the year we did capex of rupes 315 crores towards the last leg of the capeex program and with that all our 8:06 8 minutes, 6 seconds plants are commercialized. We are not envisaging any major capex in near future as current capacity is enough to take care of the near-term growth. 8:16 8 minutes, 16 seconds Looking ahead, we remain positive on our growth trajectory supported by strong execution of existing alloys and contracts, commercialization of new 8:24 8 minutes, 24 seconds molecules and the synergies expected from our recent acquisitions and strategic initiatives. With that, I would like to hand over the call to Vishal Wise to discuss the financial performance of the company in detail. 8:36 8 minutes, 36 seconds [clears throat] Uh thank you Amit and good evening everyone. I would like to share some key financial performance highlights for the quarter and full year. 8:45 8 minutes, 45 seconds [clears throat] 8:46 8 minutes, 46 seconds The consolidate consolidated financial highlights include Tanfac and one month and two days of Jay-Hawks uh for Q4 8:54 8 minutes, 54 seconds FI26. Total income was at rupees 639 crores as compared to rups 56 crores in 9:02 9 minutes, 2 seconds Q4 FI25 up 26% YITA including other income was at rupees 141 9:11 9 minutes, 11 seconds crores as compared to rups 150 crores in Q4 FI25 9:18 9 minutes, 18 seconds uh uh translating to an IITA margin of 22% for this quarter profit after tax 9:24 9 minutes, 24 seconds was at rupees 56 crores as compared to 63 crores in Q4 FI25 translating to a uh 9% uh profit margin in this quarter. 9:36 9 minutes, 36 seconds Consolidated financial highlights include Tanfact and one month of 1 month and 2 days of JHawk for FI26 as well. uh 9:44 9 minutes, 44 seconds revenue from operation was at rups 2384 crores as compared to rups 1,448 9:52 9 minutes, 52 seconds crores in fi25 up 65% yia including other income was at rupees 543 10:01 10 minutes, 1 second crores as compared to rups 412 crores in fi25 this translates to an iida margin of 23% 10:08 10 minutes, 8 seconds for fi26 profit after tax was at rupes 222 2 crores as compared to rups 160 crores in 10:17 10 minutes, 17 seconds FI25 uh translating to a PAT margin of 9% in FI26. 10:24 10 minutes, 24 seconds Our [clears throat] business vertical wise revenue on standalone basis for FY26 is as follows. Agrochemical segment 10:31 10 minutes, 31 seconds contributed 55% of our revenue. Pharma segment contributed 20% of our revenue. 10:36 10 minutes, 36 seconds Performance model contributed 18% of our revenue and balance was 7% contributed by personal care. Uh thank you and now we open the floor for the questions. 10:51 10 minutes, 51 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. 11:02 11 minutes, 2 seconds If you wish to withdraw yourself from the question queue, you may press star and two. 11:07 11 minutes, 7 seconds Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 11:22 11 minutes, 22 seconds The first question comes from the line of Sha with MK Global. Please go ahead. 11:28 11 minutes, 28 seconds Thank you sir for the opportunity. Two questions from my side. What was the rational behind the acquisition and uh 11:35 11 minutes, 35 seconds would would the current management of this JBS be continuing? Thank you. 11:40 11 minutes, 40 seconds Yes s U. So first yes the current management uh shall continue and as we had done in Tanfact we will continue to 11:48 11 minutes, 48 seconds work with the same team that that that is there and support and and expand the team as as as required going forward. So that is the approach that we have taken 11:57 11 minutes, 57 seconds with 10frack jhop and so will we take it for uh bliss as well. The strategic rational as as as we have as we had 12:06 12 minutes, 6 seconds suggested uh in the presentation as well. The way we were looking at it is that Anupam has been focusing on uh 12:13 12 minutes, 13 seconds pharmaceutical industry as an end market and uh as Anandai and Bopalvi also mentioned in their present in their 12:20 12 minutes, 20 seconds opening remarks our contribution uh from uh pharma has gone from practically 0% of our revenue or 2% of our revenue to 12:28 12 minutes, 28 seconds 20% of our revenue and this is more in the in the in the in the in the KFM 12:35 12 minutes, 35 seconds segments largely and and we believe that uh this acquisition of uh J uh 10 uh 12:42 12 minutes, 42 seconds bliss shall help us in terms of offering a a larger full full uh pharma platform to our customers as well as J uh Bliss's 12:51 12 minutes, 51 seconds uh u customers also if you look at this company is today having an operating uh uh capacity capacity utilization of only 13:00 13 minutes 30% and we believe that that can be very very quickly enhanced to 60 to 70% in a in a in a near to medium-term and uh 13:09 13 minutes, 9 seconds that's something which we would be looking at leveraging also this company is largely uh they they have a limited 13:16 13 minutes, 16 seconds uh uh business coming from uh US Europe where where where Anupcom has a strong uh presence and and capabilities which 13:25 13 minutes, 25 seconds we can leverage to help them grow there also India is is a market where where we believe that growth can be further 13:33 13 minutes, 33 seconds enhanced for for bliss as well. So I think overall it's it is only strengthening the the man uh you know 13:40 13 minutes, 40 seconds the pharma portfolio and the platform that we are creating uh which should be value adding to to bliss bliss then uh 13:49 13 minutes, 49 seconds and anupam along with if you look at the the the whole value chain starting from 10fac to anupam jhawk and bliss all will 13:57 13 minutes, 57 seconds be able to contribute to this platform as we go further. 14:04 14 minutes, 4 seconds Yes, that explains it well. So, thank you sir. Thank you. 14:12 14 minutes, 12 seconds The next question comes from the line of Tanya Chadri with Invest. Please go ahead. 14:18 14 minutes, 18 seconds Uh hello sir, thank you for the opportunity. uh what could the expected performer revenue contribution be post 14:26 14 minutes, 26 seconds consolidation of all entities and whether there are any long-term plans around the merger or dellisting of Bliss GBS Pharma. 14:36 14 minutes, 36 seconds Okay. So the first one I let me the second let me ask answer the second question first and then I go to the the first question. Uh answer is no. like 14:45 14 minutes, 45 seconds what we have worked with Tensac as well that we would like to keep them independent and run as as an independent entity though leveraging each other's 14:52 14 minutes, 52 seconds strength is what we have done and uh here also the whole idea is to keep them uh as their own as as an as an separate entity and and run run the business 15:01 15 minutes, 1 second separately. However, leveraging each other's uh capabilities and uh and and and strengths that we we we create we we 15:09 15 minutes, 9 seconds create together. uh coming to the top line on a proform basis if I were to look at the proformer basis business 15:15 15 minutes, 15 seconds across the four four companies Anupon should be today is around about uh is 15:22 15 minutes, 22 seconds 1,676 crores standpack 711 Jhawk is roughly 722 depending upon the exchange 15:29 15 minutes, 29 seconds rate that you take and bliss is 927 so total if I look at as of today delivered uh business on a perform basis we should 15:38 15 minutes, 38 seconds be looking at over 4,000 crores revenue and an EIDA of around about 834 crores on a on a consult basis. Uh I would say understood understood got it sir. 15:51 15 minutes, 51 seconds Uh so uh could you also elaborate on the key synergies expected from the bliss acquisition the likely timeline for 15:59 15 minutes, 59 seconds benefits to reflect and financial and what could the funding structure of the transaction be and is it expected to be EPS accreditive going forward? 16:10 16 minutes, 10 seconds So uh see the synergies and and the cross leverage of the strengths will start uh playing out over over near to 16:18 16 minutes, 18 seconds medium term. uh uh so we believe that uh in terms of expansion of the business be it in terms of CDMO project that they 16:25 16 minutes, 25 seconds are looking at expansion in US Europe and India should start uh giving results in six to 18 months time uh or 6 to 12 16:34 16 minutes, 34 seconds months time more more nearly but 18 to 18 further we'll be able to see a larger one uh second 16:42 16 minutes, 42 seconds if I were to look at uh in terms of the structure the the the whole idea will be that we will be uh we'll be raising a a 16:50 16 minutes, 50 seconds debt stroke NCD of around about uh uh 300 crores to fund this project and balance which will be in our in our own 16:59 16 minutes, 59 seconds subsidiary which would be the the entity which will acquire this this shareholding and further uh also uh 17:06 17 minutes, 6 seconds balance balance one will come in as a posy equity which will be non-consolidating uh non-dilutive nonpart non non-participative equity for 17:15 17 minutes, 15 seconds us which would allow us to have full control full consultation as we as we say. Uh also uh yes it will be EPS 17:24 17 minutes, 24 seconds secretive from day one. uh further if I were to say about the synergies uh you know if you see how we have delivered 17:31 17 minutes, 31 seconds 10fac uh over the period uh that the synergies start kicking in but if you see the real value created for let's say 17:38 17 minutes, 38 seconds 10fac and 10fac shareholder as well as if you look at for anupam and anupam's growth we believe that the kind the similar kind of a business is uh 17:47 17 minutes, 47 seconds business and the value creation we should be able to to to to deliver for bliss bliss as well as anupam's uh 17:55 17 minutes, 55 seconds Anupon and his shareholder and we believe that with the kind of a scale and uh uh level that we have Anupon took 18:04 18 minutes, 4 seconds us we took four years to reach where we are today in terms of 10 fact we believe and we endeavor that we can do do it faster than than the uh than what we did 18:13 18 minutes, 13 seconds for 10 let's see as we go understood understood sir uh I uh so 18:21 18 minutes, 21 seconds could you help us understand the underlying road trajectory of the base business excluding J-Hawk and uh how 18:29 18 minutes, 29 seconds should we think about the evolving business mix going forward particularly with increasing contribution from the pharma and polymer segments. 18:39 18 minutes, 39 seconds Okay. Uh see the the business of uh standalone business has been has seen a very significant growth. which you see 18:47 18 minutes, 47 seconds this year we have been able to deliver uh over 60 to 70% growth rate in our in our annual revenues and we believe that 18:54 18 minutes, 54 seconds uh this growth trajectory shall continue not in this space because it's also recouping of the last year's last two years of business that we we had uh lost 19:03 19 minutes, 3 seconds uh but a growth of 20 20 to 30 20 to 25% or 30% growth rate over over the next 3 to 5 years on a keer basis is something 19:11 19 minutes, 11 seconds that we should be we should be striving for and we should be looking at and we feel reasonably confident on on on on that performance. Uh yes the performance 19:21 19 minutes, 21 seconds the the the the levers as we have said we have order book and pharma and polymer should be able to pharma and 19:28 19 minutes, 28 seconds polymer should be able to deliver a higher growth compared to agro but agroe continue to to recoup and grow further. 19:37 19 minutes, 37 seconds Yeah. And then if you look at the EV and EV and the the the the the elementium contract and the other contract that we 19:45 19 minutes, 45 seconds are looking at that should drive a significant growth. So we believe that the growth trajectory here in standalone business continues to grow across all 19:53 19 minutes, 53 seconds the three verticals and then in fact then JHawk and then this all three put together should be able to give a 20:01 20 minutes, 1 second further uh fill to the company's performance. I hope uh I've answered your question. 20:08 20 minutes, 8 seconds Yes, sir. Gordon, uh last question. Uh how is the debt repayment schedule likely to shape up now post the recent 20:16 20 minutes, 16 seconds acquisitions and what would the broad interest cost look like over the medium term? 20:22 20 minutes, 22 seconds Okay. Uh look at this way that today my balance sheet uh carries around about 1,500 crores of debt on a on a consult 20:29 20 minutes, 29 seconds basis on a gross level basis. on a net basis that number will be around about 1100 and something uh so that's the number we are talking largely it is more 20:38 20 minutes, 38 seconds uh uh working capital loan uh largely and and part two over 23 will be uh working capital 20:46 20 minutes, 46 seconds loan out of the 1500 and the balance is term loan if I add on top of it let's say 300 crores of this loan uh we are 20:54 20 minutes, 54 seconds talking about uh on a on a net basis around about 14 to 1500 crores of uh debt And to and if I just as I was 21:03 21 minutes, 3 seconds mentioning if I add all the IDIA we are talking about 800 even on a allocation basis I should be over 650 crores of IDIA and I think that should be very 21:11 21 minutes, 11 seconds comfortable position to be in to really you know uh look at uh this kind of a debt levels and of that most of the debt 21:20 21 minutes, 20 seconds is uh classically the working capital debt. 21:27 21 minutes, 27 seconds All right. All right. Got it sir. Thank you so much. 21:32 21 minutes, 32 seconds Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star N1. 21:38 21 minutes, 38 seconds The next question comes from the line of Uncle Peru with Access Capital. Please go ahead. 21:46 21 minutes, 46 seconds Uh yeah, hi sir. Thanks for the opportunity. Uh a few uh you know questions on the the standalone business 21:52 21 minutes, 52 seconds first. uh so we have a gross block of around 2 and a half 2500 2600 odd crores on the on the standalone side against 22:01 22 minutes, 1 second current revenue of you know I'm rounding off numbers let's say 17 billion there uh what is the potential peak revenue 22:08 22 minutes, 8 seconds that we can do here uh with the current crossber um uh we should be looking at uncle we 22:15 22 minutes, 15 seconds should be looking at about 3,500 kind of a number from this revenue uh sorry from this uh block at least and uh then we 22:22 22 minutes, 22 seconds look at further you know optimizing and value optimizing these those assets. 22:28 22 minutes, 28 seconds Uh sure and and Vish which is where your comment that there is no incremental capeex required on the standalone site. What would be a maintenance capeex here? 22:35 22 minutes, 35 seconds Uh then the number that we can look at over the next let's say two three years. 22:39 22 minutes, 39 seconds I would I would I would shove 50 odds of maintenance capex and then if there are some uh operate operational efficiency program that we do then that will be in 22:48 22 minutes, 48 seconds in in in similar or little less less number than I would say. So it's I think 50 to 75 crores is what you can look at the capeex where it will be maintenance 22:55 22 minutes, 55 seconds as maintenance and then plus a bit of an efficiency program that we we continue to do if we have to but that's that's the kind of a number we are looking at 23:03 23 minutes, 3 seconds here. Uh sure and you know just a follow up on the revenue bit. So uh this almost doubling of revenues that we are looking 23:11 23 minutes, 11 seconds at over the next whatever you know 3 to five years. Uh you earlier mentioned uh you know uh pharma and sort of you know 23:18 23 minutes, 18 seconds polymers to be one of the key areas where the growth will be led by uh we how much of this delta do we have a visibility on right now and how much of 23:27 23 minutes, 27 seconds it is a function of uh the synergies coming from you know either Jay-Hawk or Bliss. 23:34 23 minutes, 34 seconds So uh if you look at my order book, order book itself is around about 14,000 crores. So if I just uh even uh take a 23:41 23 minutes, 41 seconds 7-year average, six year average or 7 year six year average only. If I take we are talking about 2,200 of additional of which part of it is come. So let's say 23:49 23 minutes, 49 seconds it's 18 to 17 to 1800 crores of additional increment of revenue can come on an annual basis from this pipeline which would have a part of a grow and 23:59 23 minutes, 59 seconds part of polymer business over and above that polymer business there are other new projects which are coming in which 24:05 24 minutes, 5 seconds should also feed growth and pharma will is as we as we as we discussed in the 24:12 24 minutes, 12 seconds opening remarks by Anandai and that business has been continuously growing and we believe that that organic growth 24:19 24 minutes, 19 seconds coming from Indian market should be sufficient uh on a standalone basis any synergies coming from let's say Jhawk 24:28 24 minutes, 28 seconds and uh uh bliss is is on top of it that I would I would suggest as of now 24:36 24 minutes, 36 seconds but but but but you rightly said that that would be there and that itself will also help us help us and uh both the 24:44 24 minutes, 44 seconds entities also grow faster that definitely is Yes. 24:49 24 minutes, 49 seconds Uh sure. And uh you know from a a margin profile perspective uh right now you know more than 50% of the the revenues 24:57 24 minutes, 57 seconds are coming from egro and if I look at fi 26 a ea margin a bita is the right number to look at right because there is 25:04 25 minutes, 4 seconds a very significant variation in the gross margins here. So some cost elements up and down maybe. 25:10 25 minutes, 10 seconds Yeah so uh I agree. Yeah so sorry just to complete that bit. 25:16 25 minutes, 16 seconds So if I look at you know the aeta margin profile for the company and given that large part of the growth will be coming from pharma. Uh first clarification 25:24 25 minutes, 24 seconds whether pharma polymer will be marginative versus our versus egro or the current business and secondly how do 25:32 25 minutes, 32 seconds you see the working capital uh you know playing out given that pharma to my mind will be lower on working capital versus agro and how should one look at uh you 25:41 25 minutes, 41 seconds know uh this bit playing in the next let's say three years. 25:44 25 minutes, 44 seconds Perfect. So Amul first uh you're you're you're spot on. We should be looking at Anupam from a from aida perspective. Uh 25:51 25 minutes, 51 seconds two uh if you look at uh egro pharma or polymer the business the way we have constructed and way we we have de developed the business model the whole 26:00 26 minutes focus is to have a particular targeted uh margins that we would want to have and uh the numbers that we have been 26:07 26 minutes, 7 seconds guiding historically. I think on a blended basis we should be able to to look at those kind of numbers in the range that even this year's numbers 26:15 26 minutes, 15 seconds represent. Uh I believe that's the kind of a number I would really go with for now and I think that's the number that 26:22 26 minutes, 22 seconds that uh out going forward on an outlook basis also I'm more comfortable with. So uh that's uh bit on this. Now on the 26:31 26 minutes, 31 seconds working capital side if you see the trajectory has been has been very very very encouraging. uh we have been uh able to improve our working capital 26:39 26 minutes, 39 seconds significantly and we we believe that we shall continue it if I look at on a profuma basis because see the jhawks uh 26:47 26 minutes, 47 seconds assets and all the balance sheet has been has been uh consolidated line by 100%. But the revenue and and the per 26:55 26 minutes, 55 seconds and the margins have been only for the one month uh and two days. So if I just do it on a performer basis, I think the the number should be on a consolidated 27:04 27 minutes, 4 seconds basis the the working average number should be in the range of 250 to 220 odd days kind of a number uh on a performer 27:11 27 minutes, 11 seconds basis is how to say but even on a on a on a on a solute basis excluding JOP also we have been we we've got got the 27:18 27 minutes, 18 seconds numbers to around 240 250 days of working 240 to 250 days of working capital. I see that this trajectory is there and I believe that the trajectory 27:27 27 minutes, 27 seconds should continue as we go. Uh I hope that's fair. 27:33 27 minutes, 33 seconds Uh sure Vish just you know one clarification my working capital comment was more standalone. uh so which is there u and you know with the business 27:42 27 minutes, 42 seconds mix changing as in pharma and polymer going up uh you're you're if I got you right you said broadly we will be 27:49 27 minutes, 49 seconds continuing with our FI26 margin the broad range 24% or the beta margin there uh so shouldn't a higher share from far 27:56 27 minutes, 56 seconds more polymer be one accreative on margin as well as on a faster reduction in working capital I agree so so when I'm saying on a 28:05 28 minutes, 5 seconds standalone or a console yes you are right that the the the the the working capital would would would change significantly and we will have a have a 28:12 28 minutes, 12 seconds far better working capital management and the the reflection today itself if you look at it today we've generated a a 28:20 28 minutes, 20 seconds ST console of 330 and console standalone of 200 or 250 74 crores of uh operating cash flow 28:29 28 minutes, 29 seconds compared to console PAT of 222 and and a and a re relevant number in terms of my 28:38 28 minutes, 38 seconds uh standalone numbers as well. So that conversion from working capital into cash is happening. You're right. Pharma 28:46 28 minutes, 46 seconds and polymer will continue to give us that additional uh include working capital margins. See yes 28:54 28 minutes, 54 seconds there will be upwards. I I I accept and agree with you. The only thing is right now I do not want to guide because these are all ramping up products and once 29:03 29 minutes, 3 seconds they fully ramp up they will have a far far different uh margin profile but yeah there will be upward bias to that. I agree with you. 29:12 29 minutes, 12 seconds Uh great sir just last bit uh uh you know on the tax rate at least at the standalone side uh we have seen a sharp reduction in the last couple of years. 29:20 29 minutes, 20 seconds So if you can you know guide what should we take that going ahead and just second uh you know a a clarification uh in 29:28 29 minutes, 28 seconds bliss as well as in in Jhawk uh are there any common customers u across the business segments pharma performance etc 29:36 29 minutes, 36 seconds which are there across bliss or J-Hawk and uh you know standard operations. 29:42 29 minutes, 42 seconds Thanks. 29:45 29 minutes, 45 seconds Okay. So uh first on J-Hawk yes there are common customers uh which are there and and there are common significant 29:53 29 minutes, 53 seconds customers as well and common uh and there are complimentary customers also. 29:56 29 minutes, 56 seconds So there are few new customers that Jay-Hawk will offer to us where we can showcase our product and our our services and uh offerings and same way 30:05 30 minutes, 5 seconds for for us also we will be able to to to offer to Jay-Hawk new customers that 30:12 30 minutes, 12 seconds that that we have which they can they can they can they can leverage on. So yes there will be also if you if you 30:19 30 minutes, 19 seconds look at it uh uh in terms of uh uh bliss as well there are few few customers 30:26 30 minutes, 26 seconds where especially on the CDMO side that that they are working with and also we have few customers where we are working with so yes there will be overlap and 30:35 30 minutes, 35 seconds crosspollination both will happen there and there is a fair bit of a a synergy that we will see uh in terms of that and 30:42 30 minutes, 42 seconds also one more thing that I want to guide or want to want to emphasize on uncle when you go to any customer I standalone 30:51 30 minutes, 51 seconds going or J-Hawk standalone going or a bliss standalone going or even 10 for for for that matter standalone going 30:58 30 minutes, 58 seconds versus we going as a platform will really really add lot of value and probability to success especially if you 31:05 31 minutes, 5 seconds look at the recent recent uh uh Tanfax uh uh addition of customers there there would be a significant uh uh value that 31:13 31 minutes, 13 seconds we would have offered to to Tanfact and its customers to really attract them. So that continues that way. Uh yes, we are 31:23 31 minutes, 23 seconds envisaging a lower tax rate going forward. I think uh going forward we should be looking at around about 25% uh as as a tax rate uh going forward. 31:33 31 minutes, 33 seconds This is on the standalone side, right? This is on the standalone side. Yes. 31:38 31 minutes, 38 seconds Great sir. Uh thank you for answering all my questions. Congratulations once again and uh all the best. Thank you. 31:44 31 minutes, 44 seconds Thank you. Thank you. Always pleasure to interact with you. 31:51 31 minutes, 51 seconds Thank you. The next question comes from the line of meet Gara and individual investor. 31:59 31 minutes, 59 seconds Congratulations team on the Bliss acquisition. Uh over the last one year we have seen the company moving from uh 32:08 32 minutes, 8 seconds LOI spree to now acquisition spree. uh just wanted to get an understanding from you that how should one see Anupam over 32:16 32 minutes, 16 seconds the next 3 to five years considering this multiverse uh you know kind of acquisitions and how the LOI revenue 32:25 32 minutes, 25 seconds will flowing uh if I take that step step back and answer you know what what is the if I 32:32 32 minutes, 32 seconds want to connect all the dots and say see today if you look at it any any serious player and especially a manufacturer 32:40 32 minutes, 40 seconds if they want to participate in a in a multinational or a transnational businesses with large customers. I think the whole idea is supply chain or a 32:49 32 minutes, 49 seconds platform to offer the larger the value chain that I can I can cover and offer to my customer better and the better 32:56 32 minutes, 56 seconds better probability and better uh uh traction that I can see with my customer better is the is the kind of engagement 33:04 33 minutes, 4 seconds that I can I can have. So uh if you look at it the first first acquisition of Tanfact was for the backward integration 33:12 33 minutes, 12 seconds and offering a supply secured uh offering to our customer. If you look at J-Hawk, Jay-Hawk added further to to 33:20 33 minutes, 20 seconds that platform especially in terms of in the in the performance material uh uh EV semiconductor and high-end defense and 33:28 33 minutes, 28 seconds other other other products uh especially in a very very highly valuable market like America where making America makes 33:35 33 minutes, 35 seconds a lot of lot of uh uh you know uh traction for the customer uh end customers and so that's the platform 33:44 33 minutes, 44 seconds that we are talking and again if you look from a bliss acquisition. The same thought is there that can we offer a full platform base where we start from a 33:52 33 minutes, 52 seconds KSM and offer up to a finished dosage and uh yes synergies will take its own time to to deliver but there is always a 33:59 33 minutes, 59 seconds cross leverage that we are able to offer. Even today if you look at tenfac they have done well we have been able to help them in terms of product portfolio 34:07 34 minutes, 7 seconds and otherwise and same is they that supply security has helped us in in terms of getting lot many more uh 34:14 34 minutes, 14 seconds contracts and lois from our customer. So I think it is uh synergistic for each of us here and the whole idea is offering a 34:23 34 minutes, 23 seconds full solution or a larger solution than a uh narrow solutions. 34:29 34 minutes, 29 seconds Got it sir. That that was uh very well explained. Uh one more question over here. So wanted to just check uh why did 34:38 34 minutes, 38 seconds the bliss promoters sell the company and uh you know why did they choose Anupam as a buyer. 34:48 34 minutes, 48 seconds Uh so see first let me talk about uh there was a succession planning there uh which was the which was the reason that 34:54 34 minutes, 54 seconds they had to say the the selling promoter is uh is is uh uh uh a very senior 35:02 35 minutes, 2 seconds citizen and uh he is uh survived uh he he has two daughters and hence the whole idea was for them to really uh you know 35:11 35 minutes, 11 seconds for him to to really uh you know uh liquidate uh his shareholding in the 35:17 35 minutes, 17 seconds company and offer uh cash and and and and subscription to cash to to their family and and let them decide what to 35:24 35 minutes, 24 seconds do with their money. also uh why Anop and why I say we have been in touch with the Bliss Motor for last two years and 35:33 35 minutes, 33 seconds uh they believe in in our vision the way we way we work we operate our ethics and 35:41 35 minutes, 41 seconds uh ethos also if you they saw what we did with Tenfact they saw what we what what what are our plans that we are doing with Jay-Hawk as well and the 35:50 35 minutes, 50 seconds trajectory that that we have been able to offer to Tenfac uh retain that team retain their manpower. No, and and and 35:58 35 minutes, 58 seconds and and and and work with the existing management and and help help them wherever they need to to grow uh have 36:06 36 minutes, 6 seconds that independence of in a very classic blend of independence versus uh you know support approach and that's one of the 36:14 36 minutes, 14 seconds strong reasons that uh the the the the selling shareholder chose Anupam. They 36:21 36 minutes, 21 seconds did have some other other competing offers also as we as we went ahead but uh they they honored their their 36:29 36 minutes, 29 seconds commitment to us and it is uh credit to them their their their ethics as well as their belief in us. 36:40 36 minutes, 40 seconds Go it sir that's it from my side and all the best for your integration. Thank you. Thank you N. 36:48 36 minutes, 48 seconds Thank you. The next question comes from the line of Drew Paj with growth growth sphere ventures please go ahead. 36:57 36 minutes, 57 seconds Yeah sir thank you so much for giving me this opportunity sir. So first I had a very basic question regarding the structuring of the transaction. So was 37:05 37 minutes, 5 seconds the structure in such a way that even the previous promoters like the Astas who actually reclassified from a promoter group towards the public group 37:12 37 minutes, 12 seconds in 2020 also had to sell their stake in consortium because if we just look at your past category of turning around 37:20 37 minutes, 20 seconds assets like transact so why would a promoter where the company hasn't done really well in the past five 10 years 37:28 37 minutes, 28 seconds set up the asset when a more aggressive promoter is coming up so like what was the nature of the transition I was trying understand whether I'm missing something. 37:37 37 minutes, 37 seconds Uh sorry I couldn't understand if you can uh for Yes sir. Sure. 37:43 37 minutes, 43 seconds Yes sir. So what we observed in the transition was that Kamas family held some 35% stake but there was also another family 37:51 37 minutes, 51 seconds who used to be the promoters of the company but then they did the reclassified to the public category into 2021 and they also ended up selling 38:00 38 minutes their space along with family. So was this transition structured in such a way that Anupa wanted to acquire a certain 38:08 38 minutes, 8 seconds stake so that it makes a lot of sense for you guys as well to turn around this asset or were ASA themselves interested to also liquidate their stake in this 38:16 38 minutes, 16 seconds particular block or how did that overall structure went if you can provide some more detailing on that point. So see uh 38:24 38 minutes, 24 seconds any any strategic uh acquirer like us would want to have as large a shareholding as possible and uh uh the 38:32 38 minutes, 32 seconds the the name that you are talking they are they they they and Mr. Kamat go long long back so they work together and when 38:42 38 minutes, 42 seconds uh Mr. Kamat decided to sell uh uh uh the Mr. Asher also offered to to sell 38:49 38 minutes, 49 seconds along and that's where we have done it we have we we've done this transactions however they believe in us and that's the reason if you see there is a range 38:57 38 minutes, 57 seconds between 43 to 8 48.2 two which is basically they would love to keep that four four uh 4 39:05 39 minutes, 5 seconds 4.9% shareholding or approximately 5% shareholding because they believe in this growth it is uh our choice if you 39:14 39 minutes, 14 seconds want to have it more otherwise they would love to keep it perfect so that is super helpful and s again you mentioned that the earth 39:22 39 minutes, 22 seconds management will continue to handle the business so did you mean the earth promoters or professional management team that will continue to lead the business. 39:31 39 minutes, 31 seconds See professional management shall continue and will continue and the promoter promoter anyways has uh has uh 39:39 39 minutes, 39 seconds interest and they will continue to handhold us and they are always a well-wisher and a friends that they will continue to to support as and when we require or as much as they require. 39:48 39 minutes, 48 seconds Got it. because promoter son-in-law who was also involved in the business I think resigned in November and Kamadel became the CEO in that I was trying to 39:57 39 minutes, 57 seconds understand that particular transaction and who will drive the capital allocation and treasury related discuss going forward like will it be Anupam or 40:04 40 minutes, 4 seconds will the promoters also have a say in that because they will be involved in the business if you can just show it 40:10 40 minutes, 10 seconds some clarity on that trend. So first uh the business on a on a on a standalone 40:17 40 minutes, 17 seconds basis will run from their management and be guided and supported by Anuba. Okay. 40:24 40 minutes, 24 seconds The shareholder and the and the promoter are relinquishing their control and their their their uh shareholding. They 40:32 40 minutes, 32 seconds will continue to support us as much as we require as and when we require and they are friends for life for us also and and relation for our life also. and 40:40 40 minutes, 40 seconds they will continue to be a a nonparticipative controlling uh non nonparticipate non-controlling shareholding whatever 40:48 40 minutes, 48 seconds that limited shares that we we we we would we would prefer that way. So that's what the the 40:56 40 minutes, 56 seconds Got it. And so what are the timelines for the Hanul Kex like because uh we are already operating at some 30% utilization. So I just wanted to 41:04 41 minutes, 4 seconds understand the rationals behind that particular KEX like whether it came after we became the promoter group or was it only even before we onboarded the 41:12 41 minutes, 12 seconds bus and what kind of revenues can we expect from all this particular KEX like from our overall glossbog in bliss. 41:20 41 minutes, 20 seconds First the timeline if you look at it is basically it will depend upon the study approvals and and the open offers results. So anything between two two to 41:29 41 minutes, 29 seconds three months of time frame is what we estimate today. But that's an estimation and as we go we'll we'll we'll get to get get more clarity based on the 41:37 41 minutes, 37 seconds service feedback. Further today the capacityization as we said was in the in the range of uh uh 30% and the top line 41:46 41 minutes, 46 seconds is around about uh n,000 crores. So we are looking at 60 to 70% in a in a in a 41:53 41 minutes, 53 seconds in a immediate near future or uh in the near 2 million future and u proportionately we expect the revenue to 42:00 42 minutes be there from from that kind of an asset utilization. 42:03 42 minutes, 3 seconds Sorry if I missed something but I was asking about the timelines for the hul kex wherein we are doing some 250 cr kind of capex that was mentioned in the 42:11 42 minutes, 11 seconds invested equity. So if you can provide some timeline on that line and does the 30% also include the incoming capex of 42:19 42 minutes, 19 seconds pal or that doesn't include that part because that was a doubt that I had because our existing facilities are already underutilized and we are doing an incremental capex of some 250 crores. 42:30 42 minutes, 30 seconds So was it ongoing even before we came? Yeah. 42:34 42 minutes, 34 seconds Yeah. Yeah. So that so that that capex is basically uh for the CDMO business which is which is being uh offered by a 42:42 42 minutes, 42 seconds very large uh multinational pharma player which is existing existing customers of theirs and so it's a separate kex for a separate objective 42:50 42 minutes, 50 seconds and separate business vertical. So that will be independently executed compared to the the current kexes that are done in the vivo plant and other plants. 43:00 43 minutes So is it a fair assumption that that particular capex will have a larger distation period or how will the scale for that kind of asset go going forward. 43:11 43 minutes, 11 seconds So that that that has a very strong high kick. Uh there there the the asset turnover should be uh in in in in in four to five times of the asset 43:20 43 minutes, 20 seconds investment. But let's not uh see today today we are we talking about Anupam right now. Let us get the control. We have just signed a definitive agreement. 43:27 43 minutes, 27 seconds Give us a little bit more time and then we can come back with you when we when you transaction. I think that would be uh a fair from my side because I do not 43:36 43 minutes, 36 seconds want to speak on behalf of uh that entity. Uh this as well. They are listed entity. We have not yet come consumate to this transaction that we make statements on their behalf. 43:47 43 minutes, 47 seconds Thank you so much. 43:49 43 minutes, 49 seconds And whatever I have said is only from the public knowledge that we have uh right now. So please uh have that and and I hope that the safe harbor applies 43:58 43 minutes, 58 seconds here. This is only our view about this business based on the public information that we have. So please be mindful of 44:06 44 minutes, 6 seconds that. If I've made any any statements, please please have that uh caveat on this piece. Uh I hope you appreciate the sensitivity. We are a listed entity. 44:15 44 minutes, 15 seconds They are also listed entity. So please uh take it in that uh context and and and live. 44:23 44 minutes, 23 seconds Thank you sir. 44:25 44 minutes, 25 seconds The next question comes from the line of Vun Pinto with Asian Capital. Please go ahead. Uh hello. Hi sir. Am I audible? 44:34 44 minutes, 34 seconds Yes, you are audible very much. Please go ahead. 44:36 44 minutes, 36 seconds Uh hi sir I apologize even my questions are going to be around Bliss Pharma only. Uh but sir just one clarification in the beginning. So currently you're 44:44 44 minutes, 44 seconds saying that the peak revenue with the current gross block in in Bliss we can do is about 3,000 closes. That understanding correct 44:54 44 minutes, 54 seconds technically yes if I if I if I do the arithmetic answer is yes. Yes. 44:59 44 minutes, 59 seconds Understood sir. Uh so I was actually looking for some clarity around you know like how the synergies are going to play 45:06 45 minutes, 6 seconds out between Anupcom and Blizz because my understanding currently is that you know Blizz does not actually manufacture its own API right they purchase their API 45:14 45 minutes, 14 seconds and neither does anom also does not manufacture API so sir how is it going to work post the acquisition will bliss 45:22 45 minutes, 22 seconds have to you know like purchase API from outside only or is that something that anom can help them with? So see we are 45:29 45 minutes, 29 seconds looking at one faith facet of the the synergy that is which is basically we are talking about vertical integration here which is on the on the FDF side. Uh 45:39 45 minutes, 39 seconds however I'll come to that in a in a minute but but look at it that they are as we we were talking about in the earlier question itself that there is a 45:47 45 minutes, 47 seconds large uh project that they are working with a very large multinational company for a CDM of this project. Now that's 45:54 45 minutes, 54 seconds something which anup Anupam coming in improves the probability and the and the quality and the and the value value creation there that can be there that 46:02 46 minutes, 2 seconds there is a there is a potential that we can add to that right right there that that that's one one or couple of projects there will be more projects 46:09 46 minutes, 9 seconds that we can bring there we can bring it into that platform and even today Anupam is talking to the Anupam's existing 46:17 46 minutes, 17 seconds customers also are talking to us about these uh you know CDMO projects and a CMO for projects which we can we can 46:25 46 minutes, 25 seconds leverage both both capacity and capabilities to really offer that solution to our customer. So that's one that I'm saying. Second, as we were 46:32 46 minutes, 32 seconds saying that this asset is right now limitedly used right now and because it's it has just recently completed capex 46:40 46 minutes, 40 seconds this we will be able to leverage our cap our cap uh you know expertise in in in in the in the regulated market like US 46:48 46 minutes, 48 seconds and Europe where they have permissions and approvals right to expand very quickly and that's that's something which we can add. 46:57 46 minutes, 57 seconds Understood. And we have our plan plan plan laid out on how we think about running it. Once we acquire we'll sit with the management work with them and 47:06 47 minutes, 6 seconds build that uh uh create a joint joint vision a joint develop joint plan and and an integration plan for this group. 47:14 47 minutes, 14 seconds Understood sir and this is exactly if you see this is exactly what we did with Tanfac. You you see the the kind of effort that we have made and the results we have created for 47:23 47 minutes, 23 seconds Alupam. It has its revenue has grown significantly. is uh the profitability has gone significantly. We believe there 47:30 47 minutes, 30 seconds is room to room to deliver similar kind of a results for here as well. 47:34 47 minutes, 34 seconds Absolutely sir. Uh sir just one clarification the CDMO that uh you know BL will be doing that will be largely 47:41 47 minutes, 41 seconds around finished formulations right let us let us wait for that let I I I don't think I should be answering on 47:50 47 minutes, 50 seconds behalf of the bliss management today because that's that's their uh prerogative right now. uh let let us 47:57 47 minutes, 57 seconds acquire let us consolidate this business and then I consume at least business at least first and we will definitely answer that uh going forward but 48:04 48 minutes, 4 seconds apologies it would be inappropriate for me to make that statement today. Okay sir, no problem. Uh sir, lastly uh one 48:12 48 minutes, 12 seconds question that I have is like uh Anupam getting into the pharma business and you know entering the regulated markets. Uh 48:19 48 minutes, 19 seconds would that be looked at as a conflict you know from our customers point of view? 48:25 48 minutes, 25 seconds I think this market is a very large market. Uh there are enough examples where you will be seeing that somebody 48:32 48 minutes, 32 seconds is doing all the three steps. So KSM uh APIs CDMO as well as uh finished dosage 48:40 48 minutes, 40 seconds it's only we need to be mindful we need to be be more more selective strategic about our choices and about our uh 48:47 48 minutes, 47 seconds therapy the therapies where there are product profile that we will work with and I think there is enough room we are talking about uh a thousand cr company 48:56 48 minutes, 56 seconds today even if you let's say go 5x also we're talking about five half a billion dollar of revenue I think in the in the 49:03 49 minutes, 3 seconds space the farmer industry I think it is it is not anything very significant that really uh you know the conflicts can can 49:10 49 minutes, 10 seconds come up that's my that's my personal view I leave it here understood sir I think that is it from 49:18 49 minutes, 18 seconds my side thank you so much for answering all the questions pleasure 49:26 49 minutes, 26 seconds the next question comes from the line of sake succ Kari Capital please sir. Hi am I audible? 49:34 49 minutes, 34 seconds Yes please. 49:35 49 minutes, 35 seconds Yeah yeah yeah thanks for the opportunity and uh congratulations on the deal sir. So my first question would be if I say consider uh the platform 49:43 49 minutes, 43 seconds excluding bliss what would be our Africa exposure and what would be bliss's uh Africa exposure because this is where uh 49:50 49 minutes, 50 seconds I think geographical uh uh geographically do you think that anupama and the rest of the platform excluding bliss is Africa or say a a very 50:00 50 minutes attractive proposition because if I'm not mistaken, Bliss had a fair exposure to Africa. So that would be my first question sir. 50:07 50 minutes, 7 seconds So first Anupam right now has no exposure to to that geography. Uh I believe the the the uh that company's uh 50:17 50 minutes, 17 seconds bliss's uh exposure. Yes, they are we understand they they're largely there. 50:21 50 minutes, 21 seconds But that's one part of the the the synergy or the business that we were talking about and that's what I was saying earlier. There are lot many more 50:29 50 minutes, 29 seconds things it's that business runs runs that business is capable of that management is capable of running that business in a manner uh we are focusing on creating a 50:38 50 minutes, 38 seconds platform they have approvals in US Europe and India we will leverage that they have uh lot of molecules also appro 50:47 50 minutes, 47 seconds approved that which is what we will leverage so I think there is lot more lot more opportunities beyond only geographical aspect of business strength 50:56 50 minutes, 56 seconds that I would say in fact that's complimentary strength between the two two companies which we will be able to to to leverage. 51:03 51 minutes, 3 seconds Okay sir. Now coming back to the second question sir you have talked about that uh you know it will continue to run independently. Now unless and until say 51:11 51 minutes, 11 seconds this platform say merges and demerges so that you consolidate all the CDMO under one umbrella. There might be some you 51:18 51 minutes, 18 seconds know duplication of effort or uh you know if these companies continue to run uh independently is that so any thoughts 51:26 51 minutes, 26 seconds on that sir you know because you have clearly articulated that these would remain uh independent companies like Tanfac and other so this would also 51:33 51 minutes, 33 seconds remain so let me use little bit of a humor but uh and and pardon me on that but look at what what what we what what has happened 51:42 51 minutes, 42 seconds to Tenfac and Anupam both of us have done well both of us has been able to leverage each other's strength and we both are doing well. So integration does 51:51 51 minutes, 51 seconds not mean that I need to bring it into one uh corporate entity to really deliver the value or to deliver the synergy values. 51:58 51 minutes, 58 seconds There are in in in the chemical manufacturing there are multiple steps and processes. we can easily uh 52:06 52 minutes, 6 seconds segregate the steps between who does what and based on the capa capacity capabilities and the strengths of each of the organization we will be able to 52:15 52 minutes, 15 seconds to leverage this this one I don't see that we need to bring it into a same cooperative because the plants will be 52:22 52 minutes, 22 seconds the plants will be separate each plant is a separate plant now I I house it in anupam or I house it in bliss or I house 52:29 52 minutes, 29 seconds it in tanfire or I house it in jhawk it it doesn't matter because physically it will it will pass through those plants 52:37 52 minutes, 37 seconds whichever are required to deliver this offering. 52:41 52 minutes, 41 seconds Okay sir, a fair point sir. And next point would be sir now to can we expect say the bliss management to now regularly interact with the uh investors 52:49 52 minutes, 49 seconds because that's what they have not not been doing after co you know so something that you know can you commit on their behalf that you know maybe Q1 52:56 52 minutes, 56 seconds onwards or they let me let let us consume this transaction before I make any of these promises or or or even suggestions. 53:05 53 minutes, 5 seconds Hold hold on I I've just signed a definitive agreement on the weekend. uh give us little time we will answer these 53:12 53 minutes, 12 seconds questions but but uh I hope you appreciate that uh it is little little little too early for me to really 53:20 53 minutes, 20 seconds promise on on on on behalf of a company which today is not on the market. 53:25 53 minutes, 25 seconds So no appreciate that and and thanks once again for this uh deal and I appreciate you know answering with such 53:31 53 minutes, 31 seconds clarity and openness. Thanks appreciate and best of luck for that deal. 53:36 53 minutes, 36 seconds Thank you. Thank you. Thank you. I promise you I'll answer these questions. Just give me a little time. 53:41 53 minutes, 41 seconds No, no, sure sir. I think we we have waited for so long. So, sure a couple of months won't make much of a difference. 53:46 53 minutes, 46 seconds That's for sure. It's a it's a long-term uh you know dealing and look at fact time at at an appropriate time has now started uh 53:55 53 minutes, 55 seconds being more active with with with its shareholders and investors and we we we promise you for the others as well. 54:01 54 minutes, 1 second Sure sir. So see that has been one of the feedbacks. We have tried to reach out again fund as funds and individuals but uh that has been one of the focus 54:08 54 minutes, 8 seconds area. So I thought you know let me bring this to your attention and hopefully this get addressed but I understand all your points that uh know once that deal is commut consummated then maybe we are better placed to take this forward. 54:19 54 minutes, 19 seconds Yeah. Uh thank you. Thank you very much. Thank you sir. Thank you. 54:28 54 minutes, 28 seconds The next question comes from the line of sha an individual investor. Please go ahead. 54:38 54 minutes, 38 seconds Hey Misha, your line has been unmuted. Please go ahead with your question. 54:50 54 minutes, 50 seconds There's no response from the current participant. 54:54 54 minutes, 54 seconds Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to the management for closing comments. 55:03 55 minutes, 3 seconds Thank you all uh for your active participation and interest in us. Uh on behalf of the management of Anupam Rasan India Limited, I thank you all for 55:12 55 minutes, 12 seconds joining us on our post earning call today. We hope we have been able to answer and address majority of of your 55:19 55 minutes, 19 seconds queries. Should you have any more queries, you may reach out to our investor investor relation partner strategic grow growth advisor for any 55:26 55 minutes, 26 seconds further queries that you may have and they would connect connect with you offline. Uh we now close the call. Thank you all. 55:36 55 minutes, 36 seconds Thank you on behalf of Anup Mafan India Limited. That concludes this conference. 55:41 55 minutes, 41 seconds Thank you all for joining us and you may now disconnect your lines. Thank you.