Archean Chemical Industries Limited — Q4 FY26

Archean Chemical Industries Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=uyn4XeXYZ7U Published: 14 hours ago

0:01 1 second Ladies and gentlemen, good day and welcome to ARN Chemical Industries Limited Q4 FY26 earnings conference 0:08 8 seconds call. As a reminder, all participant lines will be in the listenon mode. 0:13 13 seconds There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, 0:20 20 seconds please signal an operator by pressing star and then zero on your touchtone telephones. Please note that this 0:27 27 seconds conference is being recorded. I now hand the conference over to Mr. Ram Prain Swami Natan, managing director of Arcane Chemical. Thank you and over to you sir. 0:37 37 seconds Right. Good afternoon everyone. Thank you for joining us here today and a warm welcome to you all uh to our Q4 and FI26 earnings call. 0:46 46 seconds Thank you for taking the time once again to join us. I'm joined here today by uh Mr. Natan Ramorti, CFO of the company, Mr. Rajiv Kumar, DGM Finance and 0:55 55 seconds Strategy and our investor relations advisor uh SGA. I hope you all have had a chance to look through the financial 1:02 1 minute, 2 seconds results and the investor presentation which is available on our website and stock exchanges. I will provide an overview of the market conditions and 1:11 1 minute, 11 seconds external environment, cover some of the significant events in the past quarter, provide you a commentary on Q4 performance and FI2526 performance and 1:20 1 minute, 20 seconds outline some of our focus areas going forward. Uh just beginning with the market uh I think overall demand for our products from our end key markets has been a mixed bag for most of the year. 1:30 1 minute, 30 seconds Demand from industrial salt has been muted which has been reflecting a tough pricing environment for the product category. While demand for broine and 1:38 1 minute, 38 seconds bromine derivatives has been positive in most geographies across the world. Uh competitive intensity remains high especially on salt uh with increasing 1:47 1 minute, 47 seconds capacity in multiple regions and some more being added in FI26 uh in Australia and some parts of the Middle East. 1:55 1 minute, 55 seconds The year that has gone by has also been marked by considerable uncertainty, volatility and continuously evolving external environment. Uh several 2:02 2 minutes, 2 seconds macroeconomic developments including the India US trade discussions, the India EU FDA negotiations, tariffs imposed with 2:10 2 minutes, 10 seconds US government and more recently the Iran US conflict have influenced market dynamics across demand, supply and pricing. Uh while we have managed to 2:18 2 minutes, 18 seconds navigate these conditions, the impact on our business cannot be overlooked and therefore this year has been various creates skewed uh with headwinds 2:26 2 minutes, 26 seconds outweighing the positives resulting in a constant focus on reccalibrating the business operations. In Q4, we have seen 2:34 2 minutes, 34 seconds a heightened impact due to the US Iran crisis. I'll cover that in more detail shortly. 2:41 2 minutes, 41 seconds On a positive note, uh our end key end customers and industry participants share our optimism of the f about the 2:48 2 minutes, 48 seconds future. We believe that the categories we operate in, demand outlook in the medium-term remains pretty positive and we are very well positioned in terms of 2:56 2 minutes, 56 seconds our overall value package. Uh now looking at some key developments uh which have impacted our business during the quarter. Uh let me first begin with 3:04 3 minutes, 4 seconds our semiconductor business. Earlier this week, our subsidiary 6M has signed the fiscal support agreement with the government of India for our 3:12 3 minutes, 12 seconds semiconductor project in Orisa. Uh this is a very important milestone for us as it now enables us to accelerate the financial closure and the execution of 3:19 3 minutes, 19 seconds the project. Uh just to provide you a recap, we did do the groundbreaking ceremony at site in November and we have teams which since then have been 3:27 3 minutes, 27 seconds completing detailed engineering, finalizing supply partnerships and doing resource development and deployment. 3:33 3 minutes, 33 seconds Overall the program remains on track and with the FSA we hope to accelerate progress in the coming quarters. Uh another key development for us during 3:41 3 minutes, 41 seconds the quarter was the impact of uh some changes in terms of uh bridges and road modifications in Kutch. Uh in early part 3:49 3 minutes, 49 seconds of Q4 the local administration of Gujarat has initiated road repairs and construction in a key stretch along the corridor from the Hajipi plant to the 3:58 3 minutes, 58 seconds Jakaw and Mundra ports. Uh as a result of that we saw a significant increase in distance of transportation uh which has 4:05 4 minutes, 5 seconds impacted our fleet availability due to higher TAT and fuel cost as the distance uh effective distance increase by 2x. Uh 4:14 4 minutes, 14 seconds as we stand right now we understand this construction will continue till early Q3 of this financial year after which we'll be able to come back to more normal 4:22 4 minutes, 22 seconds operations uh both in terms of distance covered and t of our fleets. Uh the third big thing which has impacted us in 4:30 4 minutes, 30 seconds Q3 has been the Middle East crisis. Uh the US Iran in conflict has had an impact on demand, supply chain, volatility and commodity costs in our 4:38 4 minutes, 38 seconds business. The demand for broine has increased sharply due to global demand supply imbalance as a result of the conflict. This of course is now becoming 4:46 4 minutes, 46 seconds normalized as end user industries are struggling to pass on the cost increase to their customers. The cost of logistics and global freight has also 4:55 4 minutes, 55 seconds increased significantly. For our basket of customers and the geographies they operate in, our costs have increased by 5:02 5 minutes, 2 seconds 18 to 20% on global freight. Since late February, the sharp price of price or sharp rise of prices in industrial fuel. 5:10 5 minutes, 10 seconds uh our industrial fuel prices have increased nearly 50% and inconsistent retail availability has had a large bearing on our transportation costs uh 5:19 5 minutes, 19 seconds driven by the fuel increases which have gone up by approximately 50%. 5:23 5 minutes, 23 seconds Prices of other key commodities Indonesian coal sulfur and propanol have also been impacted unfavorably in the 5:30 5 minutes, 30 seconds range of 20 to 30%. So in a very demanding and and difficult environment despite these headwinds our focus has 5:37 5 minutes, 37 seconds been on the key areas I mentioned in the last earnings call stabilizing our operations especially in terms of bromine production ensuring market 5:45 5 minutes, 45 seconds growth market share growth in industrial salt and derivatives retaining our key customers in broine driving commercial and pricing actions and doing aggressive 5:53 5 minutes, 53 seconds cost reduction to mitigate the impact of these factors. In this context, let me now cover the overall performance for 6:01 6 minutes, 1 second the quarter and the full year on a standalone basis as well as some of our key subsidiary divisions. Industrial salt for the volume for the quarter was 6:09 6 minutes, 9 seconds 1.1 million tons down 7.2% versus last year. volumes are impacted by nearly 6:16 6 minutes, 16 seconds 120,000 tons due to customer deferrals on account of the US Iran conflict and around 250,000 tons of shipments we 6:24 6 minutes, 24 seconds could not complete because of logistics issues and challenges I mentioned earlier for the for the full year though 6:30 6 minutes, 30 seconds we had sales of 4.2 2 million tons up by 22% from the previous year. We had earlier share that we estimated to meet 6:38 6 minutes, 38 seconds around 4.5 million tons of shipment during the year which has largely been impacted by the factors I just mentioned. Pricing in the quarter 6:46 6 minutes, 46 seconds remained under pressure versus last year and was down by around 10% but has been kind of stable versus the prior quarter. 6:53 6 minutes, 53 seconds Industrial salt has contributed 67% of the sales in the quarter we just completed. uh right uh 67% of Q4 sales last year and around 70% in FY2526. 7:08 7 minutes, 8 seconds Uh bromine volume uh coming to broine, broine volume was at around 3,731 metric tons for the quarter. It is up 53% from 7:16 7 minutes, 16 seconds the quarter uh of the second quarter of 2526 and up by 4% versus the prior year. 7:23 7 minutes, 23 seconds We continue to drive improvement recovery plan in production and since midFebra we have recovered our production levels to historical levels. 7:31 7 minutes, 31 seconds Uh during the quarter we continue to implement pricing actions with select customers and short-term contracts. 7:37 7 minutes, 37 seconds Realization was up 14% yearon year. Uh overall elemental broine contributed 32% of sales for Q4 last year and around 30% of the sales in Q4 F5 of F26. 7:50 7 minutes, 50 seconds The broine derivatives business uh which is housed in accum Chemicals private limited continues to scale up. Uh sales for the quarter were up by nearly 50% 7:59 7 minutes, 59 seconds yearonear and revenue for the full year was up by nearly 300% compared to the previous year. While our margins remained under pressure due to the lower 8:07 8 minutes, 7 seconds capacity utilization during this ramp up phase. We estimate that our contribution margins are improving with new products and process optimization initiatives 8:15 8 minutes, 15 seconds underway supported by volume growth from some of our existing products like calcium bromide and NPBR. During the quarter we launched PBR3 and also 8:24 8 minutes, 24 seconds continue to scale up our zinc bromide volumes for select customers. Capacity utilization for the quarter still remained at around 45%. Uh and we continue to focus on driving that up. 8:36 8 minutes, 36 seconds SOP uh volumes ref 26 stood at 644 tons contributing to a very small level of revenue of around three and a half 8:42 8 minutes, 42 seconds crores. As highlighted in earlier calls, there are complex technical issues for which we are now defining a kind of long-term solution. This involves 8:50 8 minutes, 50 seconds re-engineering of the entire product system and the manufacturing process. Uh these uh this program is currently underway and we expect to complete plant 8:58 8 minutes, 58 seconds trials uh in the first quarter of this year uh and go into a higher level of production in the second half of the year. 9:06 9 minutes, 6 seconds Uh as you are aware we continue to scale up our operations in uh idealist mud kami earlier known as orin hydrocarbons. 9:14 9 minutes, 14 seconds Uh over the past 12 months we have commissioned three plants and are currently progressing with customer trials. Our Gujarat plant is production ready but we still wait necessary 9:23 9 minutes, 23 seconds approvals from state authorities. Uh for the Nagri plant in Andhra Pradesh where we manufacture starch and pack products. 9:29 9 minutes, 29 seconds We are in the process of redefining the product roadmap to better align a product with market requirements. 9:35 9 minutes, 35 seconds uh we expect to have a fairly lean first half of this year in terms of ideal smart chemic but we expect that the second half will start getting to a 9:43 9 minutes, 43 seconds larger ramp up. Uh the affforementioned issues on logistics costs have impacted the short-term profitability of the industrial salt segment. Our customer 9:51 9 minutes, 51 seconds relationships and market position remain strong and we estimate to see a full recovery in coming quarters with a completion of the highway projects and 9:58 9 minutes, 58 seconds reduction in commodity and fuel costs as Iran US conflict subsides. Uh coming on to financial performance to give you a quick summary of financial performance 10:07 10 minutes, 7 seconds total income for Q4 F2526 stood at 304.7 crores a 9% decrease on a year-on-year 10:15 10 minutes, 15 seconds basis. Uh in terms of overall mix broine contributed 32% and industrial salt contributed 67%. 10:23 10 minutes, 23 seconds Uh volume of sales of broine as I mentioned earlier stood at 3731 tons. 10:28 10 minutes, 28 seconds volume of sales for industrial salt for the quarter was 1.1 million tons. 10:33 10 minutes, 33 seconds Overall, IBIDA stood at reported was 66.4 crores, a 34.3% decline year on 10:40 10 minutes, 40 seconds year. IBIDA margin stood at 21.79% for the quarter and profit after tax for 10:46 10 minutes, 46 seconds Q4 FY26 was at around 29.8 crores. uh the the year-on-year decline in uh IPITA 10:53 10 minutes, 53 seconds was largely driven by uh the drop in pricing or lower pricing realization uh and lower volume both of which happened 11:01 11 minutes, 1 second in industrial salt. Uh we did also see an year-on-year increase in logistics cost uh but that was largely offset by 11:09 11 minutes, 9 seconds improvements in broine both in terms of realization as well as in terms of volume. 11:15 11 minutes, 15 seconds In terms of fullear performance, uh total revenue for the year stood at is reported at 1,088.8 crores, a 2% growth 11:24 11 minutes, 24 seconds in a year-on-year basis. IDA for the year stood at around 308 crores, a 17% dip on a year-on-year basis. Profit for 11:32 11 minutes, 32 seconds after tax for the year uh report was 154.3 million4.3 crores, a 17% decline year-on-year on a 11:42 11 minutes, 42 seconds consolidated basis. Total revenue for Q4 was around 306.3 crores. The broine derivative business 11:49 11 minutes, 49 seconds contributed around 23.8 crores with a volume seal of around 1,400 tons for Q4. 11:55 11 minutes, 55 seconds Ebida for the company overall stood at 491 crores sorry 49.1 crores uh uh in in 12:03 12 minutes, 3 seconds Q4 FY26 and profit after tax on a fully consolidated basis was around 12.2 crores. Uh from an FY26 perspective, 12:12 12 minutes, 12 seconds overall revenue is 1,18 crores. Uh bromine derivatives business contributed around 81 crores. The volume sale of 12:19 12 minutes, 19 seconds around 5,300 tons for the year. Ebida for the company stood at 265 crores on a fully consolidated basis with net 12:28 12 minutes, 28 seconds profits of 105.4 million 105.4 crores. A detailed breakup of the constituent elements of our consolidated performance 12:35 12 minutes, 35 seconds has been provided the earnings deck on our website for your review. Let me end my comments by summarizing our focus in the coming year and some reflections now 12:43 12 minutes, 43 seconds that I completed three months in my role. Um as we look forward I think we have established three clear strategic priorities for the company. The first 12:51 12 minutes, 51 seconds one is consolidate the core salt and broine business. Uh secondly to scale up our derivatives oil field and SOP businesses while we continue to invest 12:59 12 minutes, 59 seconds in long-term opportunities advanced materials both batteries and semiconductors. 13:04 13 minutes, 4 seconds The underlying focus of these priorities is to ensure that we are driving earnings quality while also ensuring effective capital allocation across the 13:12 13 minutes, 12 seconds business. We are delivering this driving these priorities through four strategic levers. Uh driving focus growth where we drive scale and volume in all businesses 13:20 13 minutes, 20 seconds through differentiated products long-term customer partnerships and commercial excellence. Uh the second one is operational excellence driving 13:28 13 minutes, 28 seconds productivity and growth in all our operations especially on burine SOP derivatives and developing a world-class logistics capability uh while ensuring 13:37 13 minutes, 37 seconds capital efficiency. Uh thirdly, responsible stewardship in terms of driving an inclusion empowered organization focusing on sustainability 13:45 13 minutes, 45 seconds and supporting local communities and lastly technology and automation to drive increased efficiency, reduce our cost to serve and drive agility and 13:53 13 minutes, 53 seconds predictability across our business. Um I think together we as we we look across these four levers and we believe that we will continue to drive volume growth in 14:01 14 minutes, 1 second the core business. uh and as we start getting some of the external factors on cost stabilizing we should be able to get to a historical margin level of 14:10 14 minutes, 10 seconds performance uh across the business. With this I'll open it for Q&A. 14:15 14 minutes, 15 seconds Thank you very much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may enter star 14:23 14 minutes, 23 seconds and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may enter star and two. Participants are requested to 14:32 14 minutes, 32 seconds please use only handsets while asking a question. We also request participants to please limit their questions to two questions per participant. You may then 14:41 14 minutes, 41 seconds rejoin the queue for follow-ups. We will wait for a moment while the question queue assembles. 14:49 14 minutes, 49 seconds The first question is from the line of Sanjesh Jen from ICICI securities. Please go ahead. Good afternoon Sanjay. 14:57 14 minutes, 57 seconds Good afternoon sir. Uh thanks for the opportunity. I got few of the question. 15:02 15 minutes, 2 seconds Uh first on this freight thing the entire uh long route and uh the higher fuel cost how much it did really hurt in 15:11 15 minutes, 11 seconds terms of the cost during the Q3 uh sorry in terms of the Q4 earnings. That's 15:18 15 minutes, 18 seconds number one. Number two prices globally has gone up sharply. I know we have a long-term contract 15:26 15 minutes, 26 seconds but just to understand how should we see the bromine prices for next year and in your talk you mentioned that we 15:33 15 minutes, 33 seconds have reached the historical peak of broine production I think historically quarterly we were at 5,500 metric ton uh 15:41 15 minutes, 41 seconds this quarter we are at 3,700 when we say that we have reached the peak we do we imply that we are touching that 5,500 15:49 15 minutes, 49 seconds kind of a production and an added question to that we I have put up a blue area where we are looking to expand the 15:57 15 minutes, 57 seconds uh brine pond and we said that this will only enhance the production. Now including that what is the peak production we are looking up uh and will 16:06 16 minutes, 6 seconds it come in FI27 and or FI28 these are my initial question thanks so suggest I will take them in I will 16:13 16 minutes, 13 seconds take them in whichever order which which I find I can remember them and if I do slip a question please do kind of remind me again. So I think firstly as far as 16:21 16 minutes, 21 seconds the logistics cost is concerned I I think simplistically put three phases January was pretty lean we didn't have a big big issue in Jan but in Feb uh as 16:30 16 minutes, 30 seconds you seen you know we had a significant increase because of the road route change uh and that added nearly 100 to 16:37 16 minutes, 37 seconds 120 rupees per ton of cost and in the third month uh we had both the diesel price increase and the extended route. 16:45 16 minutes, 45 seconds So we ended the quarter with roughly around 200 to 220 rupees per ton in increase of cost of transportation. 16:52 16 minutes, 52 seconds Okay. On a weighted average basis. Yeah. 16:55 16 minutes, 55 seconds Yeah. On a weighted average basis across the quarter around 14 to 15 crores uh was the impact because of the uh the 17:03 17 minutes, 3 seconds higher logistics cost right across the three months. Uh but that's kind of the the net gross number. Um I think as far 17:11 17 minutes, 11 seconds the second question was concerned in terms of bromine production yes I think as I said we come back to historical levels on a daily rate uh I think our 17:19 17 minutes, 19 seconds historical peak if I and I'm I mean I'm talking from memory it was 5,000 30 odd tons in a quarter uh and that quarter 17:26 17 minutes, 26 seconds you know was a 91 day quarter or something but roughly uh it would be at around 54 55 tons per day and we are 17:34 17 minutes, 34 seconds roughly getting back to that range right now in terms of daily production. 17:38 17 minutes, 38 seconds Okay. uh now you must may so and I just would state here that we look at modeling it out or forecasting it out 17:46 17 minutes, 46 seconds obviously there are scheduled down times etc which do impact a little bit but we are in that range right now okay just confirming that 17:53 17 minutes, 53 seconds broadly 20,000 so uh yeah so we are 21,000 metric ti 27 if we sustain say 55 18:03 18 minutes, 3 seconds ton per day but if we yeah if we sustain 55 or in that range with a little bit of hit on the monsoon and it'll come down a little bit. We should be in the range which you mentioned. 18:13 18 minutes, 13 seconds Got it. Got it. 18:14 18 minutes, 14 seconds Uh and as for the third thing which you said which I think raised to was around the the Bindfield expansion. Uh so as you know we have been expanding the 18:21 18 minutes, 21 seconds blind field we remain optimistic about long-term growth. So we do expect the salt business will continue grow at 10 18:28 18 minutes, 28 seconds 10 to 12%. It is at a historical it kind of bottomed out in terms of margins in a large part because the cost increase 18:35 18 minutes, 35 seconds you've had on logistics but that's a structural cost which will go away. We have nine of sight to that kind of ending to some extent. So uh we continue 18:43 18 minutes, 43 seconds to be bullish on salt. So the brianfield expansion really will help us drive that 10 15% growth in in capacity of salt. Um 18:52 18 minutes, 52 seconds and of course it also will allow us to provide be able to produce more liquor for bromine volume as well. 19:00 19 minutes So what are we looking at bro doine then in an expanded capacity because we had a it's a 500 we are struggling at 20,000. 19:08 19 minutes, 8 seconds So how should we look at the journey from here to the name plate capacity. 19:14 19 minutes, 14 seconds So I think that's a it's a mixed question right because you know there are multiple factors involved but I do 19:21 19 minutes, 21 seconds think that we are expecting or hoping to be able to grow 15 20% a year in terms of broine production um I think that's what we had mentioned last quarter as 19:29 19 minutes, 29 seconds well our next first I mean what I said last quarter next pit stop if you may to try and get to 25,000 tons and then 19:37 19 minutes, 37 seconds beyond that to you know over a period of time to 40,000 tons um right and that's kind of what I would really still be 19:44 19 minutes, 44 seconds anchoring our business on in terms of what we are trying to establish as goals for the company. Uh the 40,000 ton expansion obviously happens along with 19:51 19 minutes, 51 seconds the the derivatives business growth as well. So it kind of happens hand in hand. Uh but that's kind of where we anchoring it at now is it sequential is 20:00 20 minutes it year multiple factors involved. The brine fields themselves are be expanded now. It'll be you know it'll be six to nine months before we finish the 20:08 20 minutes, 8 seconds expansion and then an entire season before we actually fill the ponds. 20:13 20 minutes, 13 seconds And we actually have enough condensation evaporation to be able to to basically draw them out as liquor and as salt and crystallization. So it's a it's a stage 20:21 20 minutes, 21 seconds period s but the key thing for us has been to start putting capacity ahead of demand and start making that move and which is what we doing right now 20:31 20 minutes, 31 seconds very clear and on the pricing broine pricing because globally broine uh yes on the broine pricing yeah sorry I missed that question. Yes. So I think 20:39 20 minutes, 39 seconds as I mentioned yeah we we we had a question last quarter as well and probably had it earlier as well and I mentioned that we are making pricing action. So you've seen some impact of 20:47 20 minutes, 47 seconds that in Q4 on a year-on-year basis where we have increased the prices on contracts. Um obviously prices went up in a short 20:56 20 minutes, 56 seconds period of time very quickly. Uh but I think as we look at Q as we look at currently we have I would say renegotiated a large part of our long-term contracts. 21:06 21 minutes, 6 seconds uh right I won't put a specific number on it uh Sanjesh but we have negotiated a very large part of our long-term contracts for this year uh so we have 21:14 21 minutes, 14 seconds also gone back and you know we reopened or rediscussed with customers on contracts which are going which still had open windows on them and gone back 21:23 21 minutes, 23 seconds and renegotiated some of them back as well so today I think as we stand u the majority of our broine contracts stand renegotiated upwards uh I will not be I 21:32 21 minutes, 32 seconds will not put a specific number on that Sanjesh but that's kind of direction at least at least where we're going. 21:38 21 minutes, 38 seconds Got it. One one on the accums. Um we had not a great year last year. I thought the ramp up expectation was much better 21:47 21 minutes, 47 seconds than what we have delivered. So what are the things which have not gone in our favor and what are the measures we are 21:54 21 minutes, 54 seconds taking to see that uh accumul uh to the level where probably um which 22:02 22 minutes, 2 seconds is more satisfactory. And number two, what's the plan on the flame retardant? 22:06 22 minutes, 6 seconds It's still under discussion or it is uh rested for a while. Uh how should we see that? 22:13 22 minutes, 13 seconds Okay. So I think uh you know perfume there's no question that it has been a year where we've had growth but we've not been the growth we've not had the 22:20 22 minutes, 20 seconds growth we expected. Uh right and uh and I would say two three things are the areas I think we have kind of been challenged with. I won't say they have 22:28 22 minutes, 28 seconds been things that necessarily done badly on but they've just been challenged. You know the first one has been product development. Uh you know some of our 22:36 22 minutes, 36 seconds products especially target towards pharma applications have been a little bit longer cycle than we expected them to be. Sanesh uh and that's actually 22:44 22 minutes, 44 seconds taken a little bit more time to get you know get converted into specific orders and pull through. Um the second thing which has been a challenge has been uh 22:53 22 minutes, 53 seconds you know in terms of uh you know commercial pricing. uh I think we have had you know had to work hard in getting 23:01 23 minutes, 1 second pricing in there you entrance into the market you entrance in an established market where other players are there so that obviously puts pressure on you on 23:08 23 minutes, 8 seconds pricing right and probably we've been we've been forced to have slightly more aggressive pricing than we probably would have initially expected the same 23:15 23 minutes, 15 seconds time last year uh the third thing which has been uh a challenge to some extent has been that you know obviously the accum business gets its broines from the 23:24 23 minutes, 24 seconds business and some of our challenges in in the second and third quarter on globin production obviously translated into a ramp up at that business as well. 23:33 23 minutes, 33 seconds Okay. So what are we doing to fix that? 23:34 23 minutes, 34 seconds We are fixing exactly the three things I spoke about. Now uh we have deepened our sales capac capability. We're expanding both in domestic and exports uh our our 23:44 23 minutes, 44 seconds channel partnerships. We're also accelerating product development. So in Q4 alone as I told you we upgraded the zinc bromide product. We launched PBR3. 23:54 23 minutes, 54 seconds uh we are we're looking at releasing a couple of more alkaline bromide products in the first half of this year. uh right we've also been expanding on you know on 24:03 24 minutes, 3 seconds CBR CABR and NPBRC volumes which both uh you know which obviously are large markets in terms of the oil field and 24:11 24 minutes, 11 seconds the a and a intermediate usage. Uh so so more market penetration, more product development, uh more consistent supply 24:18 24 minutes, 18 seconds of bromine from the uh the the Hajibir plant and lastly we are working a lot in terms of process optimization and 24:26 24 minutes, 26 seconds process costs. Uh so we actually have to kind of be able to drive that. Uh I I'm confident that I think you will see I 24:33 24 minutes, 33 seconds think you will see a step change in uh a significant improvement in the business as we drive that product or utilization 24:41 24 minutes, 41 seconds improvement starting the early part of this year. 24:44 24 minutes, 44 seconds Very clear sir just one last sorry I'm pushing it late on the sepect can you just help us the milestones from here to 24:52 24 minutes, 52 seconds the production what is the time frame and the key milestone we need to track and you want a you want to take it 24:58 24 minutes, 58 seconds yeah so uh let me take this uh question so we have started working on the design 25:05 25 minutes, 5 seconds aspect and uh the early work we have already commenced um our target is to 25:11 25 minutes, 11 seconds start the substructure work was uh from July and broadly it should take 24 to 30 months 25:20 25 minutes, 20 seconds from that time 24 to 30 months from now or from July 25:28 25 minutes, 28 seconds from July from July of last year right July of this year so from July of this year we're looking 25:35 25 minutes, 35 seconds at 24 to 30 months so Sanjay 20 so if you index the period from now to July probably 27 to 30 months roughly is will take. 25:44 25 minutes, 44 seconds Got it. And and just one bookkeeping question. What was the SOP volume and revenue for this quarter? 25:51 25 minutes, 51 seconds Uh for this quarter, I will have somebody drop your note. I think I mentioned the full year number, but it's okay. I'll have somebody in our team with you. 25:58 25 minutes, 58 seconds But it's fine. What was the full year? Full was 3.5 crores and 650 tons. 26:05 26 minutes, 5 seconds 650 tons. That's 664 I think was the exact tonnage. Okay. 644 tons and 3.49 for growers. 26:13 26 minutes, 13 seconds Thank you sir. I think that is all from my side and uh uh thanks for patiently answering all those questions and best of luck for the coming. 26:21 26 minutes, 21 seconds Thank you. Thank you. 26:23 26 minutes, 23 seconds The next question is from the line of Adita Ketan from Smith's in Institutional. Please go ahead. 26:30 26 minutes, 30 seconds Yeah, thank you sir for the opportunity. 26:32 26 minutes, 32 seconds Just a couple of questions. Uh sir, so you mentioned in your opening remarks onto the competitive intensity 26:39 26 minutes, 39 seconds pressures. That's one of the reason why we are not able to utilize the bromine prices because when we look at the spot 26:47 26 minutes, 47 seconds prices of broine over the last three quarters versus Archium's realizations there has been a stark difference actually spot prices have gone up in one 26:56 26 minutes, 56 seconds way. Uh but our uh so realizations look almost flattish only when we look at the last two quarters data also. uh is it 27:04 27 minutes, 4 seconds because of the competitive pressures which you have mentioned is that stopping the prices to move higher and secondly sir when I heard your 27:12 27 minutes, 12 seconds commentary onto the uh roaming volume you mentioned about some 10 to 15% growth uh but s when we look at this 27:20 27 minutes, 20 seconds number 10 to 15% growth would still be around some 15 16,000 tons only for FI27 also versus what management was guiding 27:29 27 minutes, 29 seconds around 20 22 22 to around 25k tons for FI26 six. So there's a stark difference 27:35 27 minutes, 35 seconds in u into the numbers which aier management was guiding and uh what we are seeing for FI27. 27:43 27 minutes, 43 seconds any thoughts of what has changed material into the business only let me answer those questions a bit more 27:50 27 minutes, 50 seconds specifically and then uh so firstly I think uh on the broine pricing uh it's not a competitive intensity issue as much as the fact that you know as as we 28:00 28 minutes mentioned earlier as we have a fairly large constitute of long-term contracts these are contracts we enter typically 28:06 28 minutes, 6 seconds on with annual pricing and since we enter them at annual pricing we generally don't change the pricing based 28:13 28 minutes, 13 seconds spot conditions too much. So 70% to 80 let's say 70% of our business is long-term contracts. 30% of our business 28:21 28 minutes, 21 seconds is short-term contracts which are like which is dealtodeal pricing right and therefore what you will always see is that when the prices go up it takes us 28:30 28 minutes, 30 seconds time to catch up. When the prices go down as well uh we get the benefit because our customers continue to buy at the old prices from us. Right? So it's a 28:39 28 minutes, 39 seconds uh and therefore what's happened in the last 18 months is 15 months roughly has been that prices have been inching up slowly till around February when price 28:47 28 minutes, 47 seconds March when prices went up substantially right uh we have taken the opportunity to go ahead of the curve this time in fe 28:54 28 minutes, 54 seconds in Feb uh and March and kind of even start renegotiating our contracts uh 29:01 29 minutes, 1 second ahead of their closure and that's why as I mentioned to Sanjay earlier on you know when Sanjay's question was there we have repriced now a majority of our 29:10 29 minutes, 10 seconds contracts upwards. Uh and therefore I think you will see that being different going forward. That said, I think we 29:17 29 minutes, 17 seconds must not you must bear caution that spot prices are always not are not a very good reflection of the overall blended price of the market. You know, typically 29:26 29 minutes, 26 seconds the entire industry on broine works 60 to 70% on long-term contracts and 20 to 30% on short-term contracts. So when 29:34 29 minutes, 34 seconds when suddenly one one company suddenly has a shortage of bromine or has a production problem then those customers that signed long-term contracts with 29:42 29 minutes, 42 seconds them become spot customers in the market. They often buy at very very high prices because they have to manage their end customer contracts. So always spot 29:51 29 minutes, 51 seconds prices are not a reflection of the blended average price for any company and so we always encourage people look at what people are reporting right not 29:59 29 minutes, 59 seconds don't look at what the like the landed Shangai index tells you or landed China index tells you because the other the short-term elements there's logistics 30:07 30 minutes, 7 seconds pricing uh there's transportation there are multiple factors there uh but broadly we have gone back and renegotiated the majority of our 30:14 30 minutes, 14 seconds customer basket uh and you should see some of that pulling through uh as far as your your your comment on the on the 30:22 30 minutes, 22 seconds doine volume. I think let me restate what I said. uh you know Sanjay's question was are you back to the 55 tons per day level and I kind of said yes we 30:30 30 minutes, 30 seconds are up here at the 50 55,000 tons per day level which adds up which is around 20 21,000 tons and I said our goal next 30:38 30 minutes, 38 seconds year is to probably 15% above that right so this year is to be at that level and next year to be at around 15% above that 30:44 30 minutes, 44 seconds which gets closer 25,000 tons number which has been quoted earlier and lastly Adita on a lighter note I would just 30:52 30 minutes, 52 seconds like to tell you that the management has not changed the management has expanded. 30:56 30 minutes, 56 seconds The ear the earlier MD is remains as the executive vice chairman of the company. 31:01 31 minutes, 1 second Uh and therefore the management has expanded. It has not changed. 31:05 31 minutes, 5 seconds So we still are very much we still are very much committed to the numbers which has been shared by Ranjut and others earlier. 31:10 31 minutes, 10 seconds Just one more question if I can squeeze this quarter. We are seeing some some 13 cr of increase 31:18 31 minutes, 18 seconds in into the stocks which is reflected into the COG iss. Can you highlight like what this change is actually? And second 31:24 31 minutes, 24 seconds is provide the internal sales volume of broine for fiscal year by 26 the captive consumption of broine. 31:33 31 minutes, 33 seconds So so I think the second one I think I will have to get back to you. I don't have a specific number right now. Aditya if you can drop a mail to us our team will respond. Okay. As far as the first 31:41 31 minutes, 41 seconds question was concerned the 13 close I think as I mentioned in my opening comments uh we had early initially also kind of hoped to do slightly higher 31:49 31 minutes, 49 seconds volume of tonnage of salt uh in the quarter uh and we were not able to do shipments because some orders got 31:56 31 minutes, 56 seconds deferred uh and also we had an issue where we had lo because of logistics cost we could not fill those volume and therefore salt fully sold inventory 32:05 32 minutes, 5 seconds increase during the quarter and that is a substantial part of what you see there as a increase in inventory 32:12 32 minutes, 12 seconds Got it sir. Thank you sir. That's all right. Thank you. 32:16 32 minutes, 16 seconds Thank you. The next question is from the line of Anish Tari from Vicaria. Please go ahead. Hi. Am I audible? 32:25 32 minutes, 25 seconds Yes sir. Please go. Hi. Yeah please carry on. Yeah. Hi. 32:29 32 minutes, 29 seconds uh you mentioning in context of broine demand that it increase and then because and this industry is not able to pass 32:38 32 minutes, 38 seconds through the pricing the demand sort of getting rationed out or getting normalized. Can you expand uh on that 32:44 32 minutes, 44 seconds commentary and uh will that be a hurdle for you? I mean you have already renegotiated the long-term contract but if you can you give us a color around your 30% which is dealby deal business. 32:56 32 minutes, 56 seconds How is the pricing there in relative to your long-term contract versus the spot which I know is not real is much higher 33:03 33 minutes, 3 seconds u so is it in the middle of these two spot versus a long-term contract or more closer to your long-term contract these two areas if you can expand upon 33:12 33 minutes, 12 seconds so I think let me just start off with a probably a more external facing number which everybody likes to quote but that's at least generally I think that's so I think as you know when you know 33:20 33 minutes, 20 seconds shortly after the the the crisis started broine prices went up around 70 to 80,000 R&B 33:29 33 minutes, 29 seconds right uh right which is you know which is almost like was $8 or $9 per per kg uh it went up that high because there's 33:36 33 minutes, 36 seconds a sudden shortage of broine in the demand of of broine supply in the market uh our end users like companies retardant etc has their supply contracts 33:45 33 minutes, 45 seconds to honor and so there's a sudden because of shortage of supply uh they had to basically buy at whatever and so spot prices went up obviously what most of 33:53 33 minutes, 53 seconds those are in customers are finding that is not sustainable for them to price it to their users. Uh and therefore there has been some softening in terms of 34:02 34 minutes, 2 seconds their end users pushing back and not accepting price increases and that coming back through the chain to us as well. Uh and therefore there's some 34:10 34 minutes, 10 seconds amount of softening and today if you look at it I think prices have come back to around $5 per kg four and a half four and a half dollars per kg. Uh and then 34:19 34 minutes, 19 seconds then depends on how much transportation etc you consider it and how logistics is right. So, so you have that so you have this thing which is seessawing uh 34:26 34 minutes, 26 seconds because of that issue and uh you you must remember we make an intermediate which goes into a product which then goes to the end user right so the entire 34:34 34 minutes, 34 seconds value chain has to absorb the price increase the first increase which happened was a supply increase or is supply shortage that is 34:43 34 minutes, 43 seconds normalizing itself because that price is not been passed through fully okay uh that said I do believe that our prices 34:51 34 minutes, 51 seconds will reflect the broad moment in terms of market pricing going forward. 34:57 34 minutes, 57 seconds Okay. Right. Uh so that's uh does that answer your question? Yeah, that's good. 35:04 35 minutes, 4 seconds Thank you. 35:06 35 minutes, 6 seconds You you were also mentioning that uh uh this uh the short-term deal by deal pricing is this more closer to the 35:13 35 minutes, 13 seconds long-term pricing or this more closer to the spot which is $4.5. 35:18 35 minutes, 18 seconds No. So, so in general short-term pricing is closer to spot. 35:23 35 minutes, 23 seconds Okay. And and and you know and and obviously long-term pricing is driven by multi-year relationships. We have end markets. We want to play with you. We 35:32 35 minutes, 32 seconds don't want to always have we don't want to have geographic concentration in one geography. There are multiple considerations you know what are the end 35:39 35 minutes, 39 seconds end user industries flame retardant right pharma etc. You want to be you want to be want to position a product in 35:46 35 minutes, 46 seconds an oil field chemicals. What's the like geographical diversification we want to have? Uh right what is the customer concentration in terms of what's the 35:54 35 minutes, 54 seconds synergy benefit a customer brings across broine across derivatives. So there are multiple factors uh but spot is generally closer to market. 36:04 36 minutes, 4 seconds The second question uh which I have is that if you look at your supply shortage you said has now reduced this other 36:12 36 minutes, 12 seconds supply of broine which comes from uh locations which are under stress right now. Has that supply now normalized or 36:19 36 minutes, 19 seconds that supply is still under uh under uh not I I I think that supply is is still 36:27 36 minutes, 27 seconds trailing probably what historical the past levels were. is still trailing that obviously the driving challenges um your new supply roots have emerged uh right 36:37 36 minutes, 37 seconds but I would still say that there is that underlying there's still a gap in the market demand supply Israel supply has it been affected or 36:44 36 minutes, 44 seconds that Jordan Israel has not been impacted that much I mean to be fair yeah I mean it probably would be unfair to just speak of a specific geography because in 36:53 36 minutes, 53 seconds each geography there are large companies which are at play uh and large players but I would say generally I think we look at trade route volume amnes uh I 37:01 37 minutes, 1 second think there is still a gap uh right on those trade routes compared to some of the volumes pre-conlict 37:08 37 minutes, 8 seconds okay so there is still a shortfall and uh demand rationing is what is bringing the prices down otherwise it would have been much higher price right effectively 37:17 37 minutes, 17 seconds no uh well the short again the point you must understand that you know there is you know this is a because most of 37:25 37 minutes, 25 seconds industry works with long-term contract pricing whenever there's a small dip shortage and and also sells longterm capacity gets sold and blocked on a 37:34 37 minutes, 34 seconds long-term basis effectively spot capacity which gets traded all the time is only 20% or 25% of overall capacity. 37:41 37 minutes, 41 seconds So one manufacturer suddenly right so that that's the impact which happen 37:49 37 minutes, 49 seconds one more uh if you were to look at your numbers general versus consolidated uh and there's a loss between these two uh 37:57 37 minutes, 57 seconds because of this uh uh other businesses you have uh can you articulate uh where this these numbers might go let's say in 38:05 38 minutes, 5 seconds terms of uh evida revenue u in one or two years time I know you mentioned a lot of steps you're taking no I so I don't make so you know we 38:14 38 minutes, 14 seconds don't make forwardlooking statements so I will probably take a I'll take an exception on that but you know uh not to give I won't give specific guidance on 38:22 38 minutes, 22 seconds those in the past have you given the guidance around break even points when you can achieve there or any like what metrics we can track uh 38:29 38 minutes, 29 seconds no we don't we no we don't really provide specific guidance to that level of detail okay and we last 38:38 38 minutes, 38 seconds I'm sorry so Please Mr. Please return to the queue. Thank you. 38:44 38 minutes, 44 seconds Participants please limit your questions to only two questions. We have several participants awaiting their turn. The next question is from the line of Cher from keynote. Please go ahead. 38:55 38 minutes, 55 seconds Hi, good afternoon. Yes, please go ahead. 39:03 39 minutes, 3 seconds Uh yes. Uh thank you for the opportunity. uh uh so first of all I would like to understand the significant volatility that is taking place in 39:12 39 minutes, 12 seconds prices it has in from almost $5,000% to almost $9,000 10,000 and all is reverting back to almost 7,000 if I'm 39:20 39 minutes, 20 seconds not wrong so just wanted to understand what actually brings such kind of wallet in the market 39:27 39 minutes, 27 seconds going to put all share all your questions I'll answer them all together sure sure my second question is related to 39:35 39 minutes, 35 seconds crude prices have started moving ingen up from the ear $35 per bar. Great. Uh so uh are we seeing new drilling 39:43 39 minutes, 43 seconds activities taking place due to which the the mudam orient hydrocarbons business is actually starting seeing some new 39:50 39 minutes, 50 seconds revenue to come into this particular area and there are some bookkeeping questions. uh one is uh uh what actually 39:58 39 minutes, 58 seconds comes into intangible under development when it is getting highlighted in our sheet and uh were there any devaluation 40:06 40 minutes, 6 seconds taking place on raw material levels okay I I I'll try to answer the first two and then Natra to answer next two uh 40:15 40 minutes, 15 seconds right but I think what drives bromine pricing as I said I mentioned a couple of times the way the I say broadly the 40:21 40 minutes, 21 seconds industry works is that it basically the buyers and sellers in the industry indry tend to work on long-term contracting for a large part of their requirements or the large part of their production. 40:31 40 minutes, 31 seconds Um and therefore what what happens is the majority of the market still transacts on that long-term pricing. 40:38 40 minutes, 38 seconds Right? So for example, if you and I have an contract and we have signed a contract let's say $35 per ton and you sign for 75% of your volume requirement 40:47 40 minutes, 47 seconds and I sign for 75% of my capacity, that volume still transacts at a long-term price only. What happens is that there's a sudden imbalance which comes either 40:56 40 minutes, 56 seconds because a sudden spike in demand or a sudden shortage of supply then that puts pressure on the market and that pressure 41:03 41 minutes, 3 seconds gets concentrated around the spotlessness. So if there's a sudden spike in if there if if there's a sudden shortage in supply which happens then 41:11 41 minutes, 11 seconds what happens is that that you have to go and still buy your bromine from somewhere you tend to go and buy your balanced broine which I'm not supplying 41:19 41 minutes, 19 seconds the long-term contract at whatever price you think can afford and that pushes the prices up right and therefore what uh 41:26 41 minutes, 26 seconds the industry tends to hear as volatile prices is basically spot prices spot is a fraction of the market right and you 41:34 41 minutes, 34 seconds kind of try make an effort consistently remind uh that fra that spot is only a fraction of the market but that's actually where you see all the 41:41 41 minutes, 41 seconds volatility you don't see a volatility in the majority of market where there's a lot of movement happening so that's uh 41:49 41 minutes, 49 seconds that's the question around that uh do you want to uh do you want to talk about revaline 41:57 41 minutes, 57 seconds so so the second question which was intangible effect under development so um 6M actually is uh doing a pilot 42:05 42 minutes, 5 seconds headline for wafer manufacturing at IIT Puneshwar. So whatever capital we are uh we have spent there so far is under 42:13 42 minutes, 13 seconds intellectual uh property development. At the same time uh there is a technology transfer agreement with classic waf uh 42:22 42 minutes, 22 seconds the expenditure uh committed towards that so far is also under IIA. 42:31 42 minutes, 31 seconds Got it. Got it. Two more questions. 42:34 42 minutes, 34 seconds food prices movement and are we seeing any positive development related to trials for uh mud chemicals and second? 42:44 42 minutes, 44 seconds Yes, I think so I think m chemicals I'm sorry I missed that question but I think right now I mean oil and gas oil and gas demand is still fairly muted because a 42:52 42 minutes, 52 seconds lot of that space in the Middle East and therefore I don't think we have seen anything tangibly move uh in terms of short-term demand. I think the view is 43:00 43 minutes that once the once the war subsides then obviously we'll go through reconstruction phase and that should give us a flip in terms of demand. 43:10 43 minutes, 10 seconds Got it. Got it. And sir related to that any revaluation on inventory because there is 43:17 43 minutes, 17 seconds no no revaluation of the inventory. 43:24 43 minutes, 24 seconds And what would be the k debt level? what which what kind of debt level are we comfortable with at company level? 43:33 43 minutes, 33 seconds We don't we don't make we don't make a specific view like that. 43:37 43 minutes, 37 seconds Uh our view is that capital has to be capital discipline is about investing in projects which have got good returns. 43:44 43 minutes, 44 seconds They are growth oriented and therefore we will continue to look at investing in high growth return projects which also means that we have to scale up our 43:51 43 minutes, 51 seconds existing businesses and deliver the right level of returns from them. 43:58 43 minutes, 58 seconds And one thing uh I'm sorry sir please come please return to the quar I'll thank you 44:06 44 minutes, 6 seconds the next question is from the line of rohit nagraj from 361 capital please go ahead yeah uh thanks for the opportunity uh so 44:15 44 minutes, 15 seconds I'll ask the all the questions together so first on the grown yeah thank you sir uh on the brooming pricing so I 44:23 44 minutes, 23 seconds understand the long-term contract should be uh either calendar year or financial year and probably both would have 44:31 44 minutes, 31 seconds consummated for the next year. So what is the kind of pricing range that we are looking at and I'm not looking at a 44:38 44 minutes, 38 seconds specific number but a range would be helpful in terms of building in for the estimates. Uh second thing on Orurin 44:46 44 minutes, 46 seconds hydrocarbon we when we acquired we had an estimate of 150 crores of revenues. 44:52 44 minutes, 52 seconds Uh when are we likely to reach that mark? uh I mean any timelines would be broader timelines should be helpful. Uh third is in terms of industrial salt. 45:02 45 minutes, 2 seconds You said there is pricing pressure. Uh I was unable to get the exact point because NHS it's an export oriented 45:11 45 minutes, 11 seconds business and uh the realizations in terms of dollar terms are certainly I mean in rupee terms certainly would be better because of the uh depreciation. 45:21 45 minutes, 21 seconds Uh and last one bookkeeping question what is the cash as of 31st March on the books? Thank you. All 45:30 45 minutes, 30 seconds right. So I'm I'll ask Natalian to answer the fourth question but let me try and take the first three. So I think I mean I so I'm going to award you a 45:38 45 minutes, 38 seconds range as well on broine pricing. I think as I mentioned uh you know we have gone uh and renegotiated a majority of our contracts even if they were not expired. 45:47 45 minutes, 47 seconds We have gone back and renegotiated almost all our LTCs off right and gone back to spoken to customers. I mentioned that we do this in the earlier call as 45:55 45 minutes, 55 seconds well. uh and so we have kind of completed uh a majority of that um and therefore I think you'll see the flow through of it however I will you know we 46:03 46 minutes, 3 seconds generally don't give it very specific guidance on pricing uh for for reasons you would understand okay because it's 46:10 46 minutes, 10 seconds right uh and therefore I would avoid giving a range as well uh but as I said we will see some flow we'll see flow through impact as we've done that action 46:18 46 minutes, 18 seconds as far as ore hydrocarbons is concerned I think we had given a guidance of 150 crores it was basically divided across three products 46:26 46 minutes, 26 seconds in a bentonite which we make in the Mandi plant in Gujarat bite in a plant in Kodour and uh the third one has been 46:34 46 minutes, 34 seconds around starch and fibro sealed products and packed products which we make in the plant in Andra Pradesh location called 46:41 46 minutes, 41 seconds Nagri uh more around 40 to 45% of our volume over it was supposed to come from the the the bentonite product in Mandi 46:50 46 minutes, 50 seconds that plant actually has been under uh we have to work with government on getting licenses cleared and approvals done. 46:57 46 minutes, 57 seconds Unfortunately, the Gujarat government uh you know has a interpret some of the NCLC provisions or orders in a slightly different way and we are working with 47:05 47 minutes, 5 seconds the local government authorities to get aligned on that uh which is and right now the hindrance in starting the plant up right uh and that's actually what's 47:14 47 minutes, 14 seconds affecting out the remaining part of the business which is around half that 150 crores which we indicated right we we 47:21 47 minutes, 21 seconds are you we uh have some challenges on retuning the product line the markets have obviously change a little bit and therefore the product target product 47:29 47 minutes, 29 seconds composition is slightly different. So we have developed new products in those in those plants. Those products are actually under customer trials now. Uh 47:37 47 minutes, 37 seconds obviously those products are highly focused on the oil and gas market and given the sluggishness has happened recently and now the crisis now uh I'm 47:45 47 minutes, 45 seconds not sure when we'll actually see a recovery there. uh but as we go to this year in the second half of the year right now we hope that uh basis where we 47:54 47 minutes, 54 seconds are executing right now on you know on various fronts we expect that all at least two out of the three plants will be in operations at reasonable volume in 48:03 48 minutes, 3 seconds the second half of the year I think and just on industrial salt I think I think I think on industrial salt 48:11 48 minutes, 11 seconds I think the way I I I tend to look at this you know we supply a lot of our salt goes into uh South Asia IA and 48:18 48 minutes, 18 seconds Southeast Asia, right? Uh and you know and as you know in salt the longer you go the the further you go away from 48:26 48 minutes, 26 seconds India the less competitive you are right. Uh so we sell a lot into so on where we sell to markets in South Asia 48:33 48 minutes, 33 seconds for high-grade applications uh where you know where this requirement for initial content is very high where there's a where the customers need to pay a 48:41 48 minutes, 41 seconds premium for low insolubles we actually get very good pricing. uh but when you go into you know in some of the geographies like China we are competing 48:49 48 minutes, 49 seconds also with locally manufactured salt and salt comes from other geographies which are geographically far closer to the end 48:57 48 minutes, 57 seconds market uh and therefore we get more pressure on pricing because of that right so as we're trying to so so that's so that was my reference to my earlier 49:05 49 minutes, 5 seconds comment saying that uh you know obviously that there's competitive intensity it's by geography it's different and the competitive intensity each geography determines the weighted 49:14 49 minutes, 14 seconds average of pricing in our basket. So there are long-term customers that we've not seen price coming down too much because they are let's say in Indonesia 49:21 49 minutes, 21 seconds or they're closer or they an application where they need a very high quality salt. But then there are customers who 49:28 49 minutes, 28 seconds are very far away from India and and are ready to use a slightly use a slightly lower quality salt in their application 49:35 49 minutes, 35 seconds and there we see more pricing pressure right and that's kind of the balance which is there and that's what drives broadly the contours of pricing in the 49:42 49 minutes, 42 seconds market. Okay. uh with that let me and obviously if those if the geographical demand you know and then demand in those geographies of those customers are 49:51 49 minutes, 51 seconds growing very fast we see benefits if they're not growing you obviously some impact of that as well okay with that let me just let Natasha answer the 49:58 49 minutes, 58 seconds housekeeping bookkeeping question yeah standalone cash cash equivalent bank balance is 37 50:05 50 minutes, 5 seconds cr and consolidated is 55 cr sure uh thanks for answering all the 50:12 50 minutes, 12 seconds questions and all the best sir Thank you. Due to time constraints, that was the last question. I now hand the 50:20 50 minutes, 20 seconds floor over to the management for closing comments. 50:23 50 minutes, 23 seconds All right. Well, thank you everyone for joining us in the earnings call. We appreciate your time and and for showing interest in the company. In case of any 50:30 50 minutes, 30 seconds queries, you can get in touch with our team uh or with SGI investor relations advisors. We will turn back those questions very quickly. Right. Uh we 50:39 50 minutes, 39 seconds look forward to meeting all of you over the next call. Just to as a point of interest uh you know we have scheduled a date for the AGM uh right which is on 50:47 50 minutes, 47 seconds June 12th uh and hopefully those of you who are able to make it we'd love to have some of you convers join us at the AGM as well right thank you very much 50:55 50 minutes, 55 seconds take care stay safe thank you very much sir on behalf of Aran Chemical Industries Limited that concludes this conference thank you for 51:04 51 minutes, 4 seconds joining us and you may now disconnect your lines thank