Aztec Fluids & Machinery Ltd — Q4 FY26

Aztec Fluids & Machinery Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=YxfOGMwWVow Published: 10 days ago

0:01 1 second Uh ladies and gentlemen, good evening and welcome to Aztecs Fluids and Machinery Limited H2 and FI26 earnings 0:09 9 seconds conference calls hosted by Conly Partners. 0:13 13 seconds As a reminder, all the participants line will be in listenon mode and there will be an opportunity for you to ask the 0:21 21 seconds questions after the presentation concludes. Please note that this conference is being recorded. Before we begin, I would like to point out that 0:29 29 seconds this conference may contain forward-looking statements about the company which are based upon the beliefs and opinions and expectations of the company as of the date of the call. 0:40 40 seconds These statements do not guarantee the future performance of the company and it may involve risks and uncertainties that 0:47 47 seconds are difficult to predict. I would now like to hand over the floor to Mr. 0:51 51 seconds Rajnish from Conidely Partners. Thank you and over to you Rajnish. 0:59 59 seconds Good day ladies and gentlemen myself Rajnish Mishra from confidly partners we represent the investor relation and public relation for Aztec fuels and 1:08 1 minute, 8 seconds machinery limited on behalf of confidly partners I warmly welcome you all to Aztec Fields and machinery H2FI26 1:15 1 minute, 15 seconds earning conference call the company is today represented by Mr. Pulinya chairman and managing director and Mr. 1:22 1 minute, 22 seconds Dash Pandya group chief financial officer of the company. I would now like to hand over the call to Mr. Pulin sir for his opening remarks. Thank you and over to you sir. 1:32 1 minute, 32 seconds Yeah thank you Ri. Uh good afternoon everyone and thank you for joining us on Ast Foods and Machinery Limited H2 and 1:41 1 minute, 41 seconds FY26 earning conference call. The past year has been marked by heightened geopolitical uncertaintities. 1:51 1 minute, 51 seconds evolving global trade dynamics, supply chain disruptions and increasing volatility across the international 1:59 1 minute, 59 seconds market. Despite these challenges, Aztec has continued to execute its strategy 2:06 2 minutes, 6 seconds effectively and deliver a resilient performance reflecting the strengths of our 2:13 2 minutes, 13 seconds diversified business model, strong customer relationship and growing recurring revenue base. We believe the 2:21 2 minutes, 21 seconds long-term opportunity for coding, marking, serialization and track and trace industry remain 2:29 2 minutes, 29 seconds stronger than ever. India's emergence as a global manufacturing hub supported by China plus one shift increasing 2:39 2 minutes, 39 seconds formalization of the industries and growing regulatory focus on the product authentication 2:47 2 minutes, 47 seconds traceability compliance continues to create significant demand across the food and FMCG pharmaceutical 2:56 2 minutes, 56 seconds packaging agro inputs extrusions and IND industrial manufacturing sectors. As a 3:04 3 minutes, 4 seconds business increasingly prioritize operational visibility and supply chain transparency, the relevance of our solution continues to expand. 3:15 3 minutes, 15 seconds Against this backdrop, financial year 26 was an important year in Aztec 3:22 3 minutes, 22 seconds evolution. We strengthen our backward integration capabilities through the successful integration of 3:29 3 minutes, 29 seconds Jettins, expand our technological portfolio, continued investing in manufacturing infrastructure, digital transformation and product innovation. 3:39 3 minutes, 39 seconds We also advance our R&D initiatives through the strategic technological collaborations focused on the next 3:47 3 minutes, 47 seconds generation print head technologies and indogenous development capabilities. 3:53 3 minutes, 53 seconds These initiatives are aimed at reducing dependence on the external supply chains, strengthening technology 4:02 4 minutes, 2 seconds ownership and positioning Aztec as a more integrated and innovationdriven organization. 4:09 4 minutes, 9 seconds We also witness encouraging traction in institutional and government 4:17 4 minutes, 17 seconds opportunities particularly in area of related to digitization traceability and compliance component with our growing 4:26 4 minutes, 26 seconds track and trace capabilities expanding product portfolio and increasing manufacturing localization. We believe 4:34 4 minutes, 34 seconds Aztec is well positioned to capitalize on the next phase of the industry growth. Looking ahead, our priorities 4:43 4 minutes, 43 seconds remain clear. Strengthening technological self reliance, expanding our market presence, enhancing 4:51 4 minutes, 51 seconds operational efficiency, and creating sustainable long-term value for all our stakeholders. With a healthy order 5:00 5 minutes pipeline, strong industry tailwinds and continued execution of our strategic road map, we remain confident of 5:08 5 minutes, 8 seconds delivering sustainable doubledigit growth over the medium-term. 5:13 5 minutes, 13 seconds With that, I would now like to hand over to the call to our group CFO, Mr. Draas 5:20 5 minutes, 20 seconds Pandya to discuss the financial performance in a greater details. 5:26 5 minutes, 26 seconds Thank you, sir. First of all, a very warm welcome to all our investors and analysts. FY26 was a year of resilient 5:33 5 minutes, 33 seconds operational performances and strategic investments for the whole group. Despite the business environment marked by geopolitical uncertaintities, foreign 5:41 5 minutes, 41 seconds exchange volatility, inflationary pressures, and periodic supply chain disruptions, we continued to execute our growth strategy while maintaining profitability and financial discipline. 5:51 5 minutes, 51 seconds On a console basis, revenue from operations increased by 9.2% 2% year-on-year to 96.53 crores. This 5:58 5 minutes, 58 seconds growth was supported by continued demand across our key end user industries, deeper penetration within the existing accounts, expansion of our product 6:07 6 minutes, 7 seconds portfolio in the growing contribution from the consumables and serviceled revenues. During the second half of the 6:14 6 minutes, 14 seconds year, revenue grew 12.4% on year-on-year basis to 47.61 61 crores reflecting healthy business momentum despite a 6:22 6 minutes, 22 seconds challenging business environment. From a profitability perspective, Aida increased by 9.6% to 13.96 crores while 6:30 6 minutes, 30 seconds Aida margins improved to 14.3% from 14% in the previous year. The margin improvement was achieved despite cost 6:38 6 minutes, 38 seconds inflation, currency fluctuations, and investments in business development initiatives. Our ability to maintain healthy margins reflects improved 6:47 6 minutes, 47 seconds operating leverage, better product mix, cost optim optimization efforts and increasing contributions from the recur 6:53 6 minutes, 53 seconds recurring consumable revenues. PAT level so PAT level profit stood at 7.41 crores. While profitability remained 7:02 7 minutes, 2 seconds healthy, reported earnings were impacted significantly by higher depreciation charges and write-offs which increased by 85% yearonear. 7:10 7 minutes, 10 seconds This increase was primarily driven by investments made towards manufacturing infrastructure, technology platforms, digital transformation initiatives and 7:18 7 minutes, 18 seconds capacity building projects undertaken to support future growth. Additionally, other income was lower compared to the previous year. We also which also impacted reported profit growth. 7:28 7 minutes, 28 seconds Excluding these factors, the underlying operating performance of the business remain very strong. Key highlight during the year was our strong cash generation 7:36 7 minutes, 36 seconds capabilities. The group generated operating cash flow of approximately 10.9 crores before tax and over 8 crores after tax demonstrating the quality of 7:44 7 minutes, 44 seconds earnings and the strength of our business model. Strong operating cash flows enable us to fund growth initiatives while maintaining financial 7:51 7 minutes, 51 seconds flexibility. We also invested close to 9.3 crores during the year towards technology infrastructure system development manufacturing capabilities 7:59 7 minutes, 59 seconds digital platforms and strategic growth initiatives. These initiatives are aimed at enhancing operational efficiency, increased localization, strengthening 8:07 8 minutes, 7 seconds backward integration, and creating a scalable platform for long-term expansion. The integration of Jettings continues to progress well during the 8:15 8 minutes, 15 seconds year end contributed positively to operational synergies. Jettings delivered revenue growth of 7% on topline basis, aid of over a growth of 8:24 8 minutes, 24 seconds over 18% and margin expansion of 100 basis points. demonstrating the benefits of integration cost 8:31 8 minutes, 31 seconds optimization and improving operational efficiencies. Overall, we believe the investments undertaken over the last few 8:38 8 minutes, 38 seconds years have positioned EST for its ne next phase of growth. The balance sheet remains healthy, liquidity remains comfortable and we continue to focus on 8:46 8 minutes, 46 seconds sustainable growth margin, cash generation and long-term shareholder value creation. With that, 8:54 8 minutes, 54 seconds both of us would be happy to take your questions. Over to you. 9:03 9 minutes, 3 seconds Thank you. 9:05 9 minutes, 5 seconds Participants who would like to raise the questions may raise their hands in the reaction tabs and also can post their questions in the Q&A box. First question 9:14 9 minutes, 14 seconds [snorts] 9:14 9 minutes, 14 seconds I think there is there is some echo from your sides. Yeah. Yeah. I Yeah. 9:47 9 minutes, 47 seconds We have the first question. Yep. From the line of Mr. Prashant Khaled. 9:54 9 minutes, 54 seconds Mr. Prashant, you can unmute and introduce yourself. 10:59 10 minutes, 59 seconds Uh, Mr. Prasant. Hello. Hello. 11:09 11 minutes, 9 seconds Uh, Mr. Prasant, you have to be slightly louder. Yeah. Sir, can you can you hear me? 11:18 11 minutes, 18 seconds Yes. Yes. Yes. 11:23 11 minutes, 23 seconds Last time our installed waste was in FY 25, it was 5,000 plus printers and this year it is 8,000 plus printers uh 11:32 11 minutes, 32 seconds mentioned in your uh presentation. But in FY26 it's also mentioned that we have only served 1550 printers. So shouldn't 11:40 11 minutes, 40 seconds it be 6,500 printers the then 8,000 printers? The number 11:49 11 minutes, 49 seconds no got it. So uh I I take that the point over here is u when we talk about the overall topline growth the topline 11:57 11 minutes, 57 seconds growth comes from two sides. One is the printer business second is the after sales business and this year the way in which we have positioned our company. 12:07 12 minutes, 7 seconds There are lot of other revenue initiatives also which would be contributing to our top line. certain 12:13 12 minutes, 13 seconds businesses are at a very nent stage as far as FY26 is concerned which will 12:21 12 minutes, 21 seconds eventually evolve as we proceed during the as we proceed throughout the upcoming fiscal years. But when we talk 12:28 12 minutes, 28 seconds about your overall um telling of the numbers, when you when you talk about overall uh 12:37 12 minutes, 37 seconds telling of the numbers, uh one point which we need to take into consideration is that this year Jett has been working 12:45 12 minutes, 45 seconds in its full synergy along with est. So last year because it was the first year of integration of Jett business model 12:52 12 minutes, 52 seconds with us you would not see the Jett numbers completely over the last year's presentations but this year you would 13:01 13 minutes, 1 second see it for from a full from from a full fiscal year perspective. 13:08 13 minutes, 8 seconds Okay. So these 8,000 includes like 1500 printers sold by Jet Jings also. 13:15 13 minutes, 15 seconds Uh well okay. So uh if if you want to break it down then uh you won't be able to break it down because uh there are 13:22 13 minutes, 22 seconds certain customers which we cater but it has been it is being led by Jett and vice versa. So at a group level what number you are saying is correct. 13:33 13 minutes, 33 seconds Okay. Yeah. And sir how much capex will be spent on in-house manufacturing facility for critical components in this year? If 13:41 13 minutes, 41 seconds you look at Yes sir. So if you look at our presentation we have uh highlighted the percentage 13:48 13 minutes, 48 seconds points wherein across multiple areas we would be uh spending the funds these 13:56 13 minutes, 56 seconds funds would be a comb. So the obvious question would be now how you are going to fund this expansion right so the this this whole expansion 14:06 14 minutes, 6 seconds is going to be funded through three sources one of course being internal approvals second being debt and third 14:14 14 minutes, 14 seconds which is a long shot which might be equity all these three are currently being evaluated at a very basic stage first two stages internal acrals and 14:22 14 minutes, 22 seconds debt yes we already have got a a very high level of visibility across those two segments. But when it comes to 14:30 14 minutes, 30 seconds equity, yes, things are still being analyzed and again looking at the and again looking at the uh current geopolitical scenario where things 14:39 14 minutes, 39 seconds change in less than 24 hours. We are making our own business calls. We are talking to a lot of other uh uh 14:46 14 minutes, 46 seconds stakeholders as to how best the benefit of trading on equity can be taken and the value of shareholders can be maximized. So there are so there are lot 14:56 14 minutes, 56 seconds of lot of areas there are a lot of areas wherein we'll be thinking of putting our money uh considering uh our next phase 15:04 15 minutes, 4 seconds of expansion. Yeah but sir given the current market situation our market cap is 123 cr and old reserves and surplus 15:13 15 minutes, 13 seconds is only 44 cr so I wouldn't suggest you go for equity because uh just a case for 15:20 15 minutes, 20 seconds reference I just go and visit Indians limited what they did is that they came out with a rights issue 15:28 15 minutes, 28 seconds and the stock fell from 80 rupees to 30 rupees 35 rupees got it so they just announced it they just announced 15:35 15 minutes, 35 seconds So the market sir your point is very your point is valid sir and I completely respect your opinion and that's the 15:44 15 minutes, 44 seconds reason why I'm saying that as far as possible we our our prime objective is always to enhance the value of the 15:50 15 minutes, 50 seconds shareholders and I won't look at the current market cap of est at this point of time because see fi26 the way where 15:59 15 minutes, 59 seconds we are currently positioned we were not at this position 12 months back lot of money has already been put in our balance sheet. Lot of assets have 16:07 16 minutes, 7 seconds already been uh I would say they are at a level two scale. 16:14 16 minutes, 14 seconds So as far as operating capacity of STE is concerned, yes, we are on the right track. Market price might be a slightly 16:23 16 minutes, 23 seconds wrong indication because there are multiple factors which drive the market price as you know very well. But your point is very valid sir and we will 16:31 16 minutes, 31 seconds definitely take into consideration and sir how much backward integration we have achieved so far uh let's say by uh 16:38 16 minutes, 38 seconds June 2026 how much backward integration like 60% 50% how much so uh I let me answer that question in a 16:47 16 minutes, 47 seconds different way as far as manufacturing inks wash solvents etc is concerned it's 16:54 16 minutes, 54 seconds 100% backward integration again there are certain specific applications which our 17:01 17 minutes, 1 second customers ask. So for these specific applications we take our own sweet time 17:08 17 minutes, 8 seconds to ensure that do we want to make it inhouse or do we want to do it through a third party associate but from a product 17:17 17 minutes, 17 seconds portfolio perspective if my inc business let's say I divide my pi 50/50 so if 50% is coming from the 17:26 17 minutes, 26 seconds inc business which is basically the recurring sales revenue I would say almost 95% % has been backward backwardly integrated. 17:36 17 minutes, 36 seconds Yeah. And for printers because sir by 2027 or 28 China is going to do something with Taiwan. So your printer export import is going to be disrupted. 17:47 17 minutes, 47 seconds Right. So you must do something about localizing the printer manufacturing and printer head manufacturing otherwise we will suffer heavily because of this 17:55 17 minutes, 55 seconds Taiwan invasion that is definitely going to come in next two years. Got it sir. So we must prepare for that. 18:01 18 minutes, 1 second Right. So your point is taken sir uh as far as having concrete supplier level 18:07 18 minutes, 7 seconds arrangements which would not disrupt our I think so can you please mute because there is some voice coming from the background. 18:15 18 minutes, 15 seconds Yeah. Yeah. Go ahead sir. 18:21 18 minutes, 21 seconds Yeah. So my point was that as far as ensuring that our supply chains don't get disrupted due to geopolitical 18:29 18 minutes, 29 seconds scenarios especially China the current conflict is in Middle East but you never know. Yeah. Next is in next is in China. 18:37 18 minutes, 37 seconds Yeah. So because China Taiwan we don't know how things would shape up. We have ensured that as far as our requirements 18:45 18 minutes, 45 seconds are concerned they will not be disrupted at this point of time. It would be slightly primitive to tell how these arrangements have been fulfilled. They 18:53 18 minutes, 53 seconds will definitely be made public over a going period of time. But at this platform, I can assure that our supply 19:01 19 minutes, 1 second chain are very much secured. And as far as manufacturing these things indigenously is concerned, India 19:09 19 minutes, 9 seconds definitely has certain challenges because at the end of the day for us the most important part is to ensure that our customers are satisfied, 19:17 19 minutes, 17 seconds right? And in order to ensure the precision, in order to ensure the right application at the most 19:25 19 minutes, 25 seconds preferred price with good margins, we still have to we still have to work a lot as far as our Indian markets are 19:32 19 minutes, 32 seconds concerned. So if dependence on imported products is concerned, yes, we are 19:40 19 minutes, 40 seconds dependent on them. However, we have ensured that none of these supply chains get disrupted due to any political appeal. 19:49 19 minutes, 49 seconds Yeah. But sir, if we are dependent on them, then we must we have to import from China only. So, how would we avoid importing from China if a war starts in Taiwan state? 19:59 19 minutes, 59 seconds Uh uh no uh Prasan sir, it is exactly not like that. We we already uh uh make 20:06 20 minutes, 6 seconds uh some uh uh spare part over here. And uh what is exactly uh uh you are looking 20:14 20 minutes, 14 seconds for is we are actually able to achieve 40 to 50% of the indogenous spare part 20:20 20 minutes, 20 seconds in our printers currently. So we we already make some more than 60 70% but it is still into the evolution process. 20:32 20 minutes, 32 seconds I mean some parts are still into the evolution process. I mean it's in a uh beta testing phase. So we can not say uh 20:42 20 minutes, 42 seconds 70% but we can uh uh say like 40 to 50% we are easily indogenized parts are 20:50 20 minutes, 50 seconds readily available which is at par with any of the international 20:57 20 minutes, 57 seconds brands we can make over here. So that's how it works sir. 21:02 21 minutes, 2 seconds Yeah. Yeah. That that is good to hear sir. only the thing is that you said India has a huge challenge for making this these parts in India it's not only 21:11 21 minutes, 11 seconds India it's everybody everybody has a huge challenge and the only company who can crack this in India everywhere in 21:18 21 minutes, 18 seconds the world except China they will definitely succeed by 2030 otherwise if the something starts in state of Taiwan everybody's production will be hard 21:26 21 minutes, 26 seconds whoever is dependent on electronic components will have to stop the manufacturing I hope you agree with me yes you are you Absolutely right sir. We 21:35 21 minutes, 35 seconds we are also on the same uh state of mind and we we also agree on your statement. 21:42 21 minutes, 42 seconds So we we are also uh you know very heavy to invest into the backward integration. 21:48 21 minutes, 48 seconds We are also very happy to invest uh uh in our suppliers as well to make them 21:57 21 minutes, 57 seconds properly confidently and uh with a six sigma uh uh applicable spare part who 22:06 22 minutes, 6 seconds can deliver to us like that we are actually working on uh this. So Christian as you know as you know the 22:13 22 minutes, 13 seconds industry wherein we are currently working it the precision is something which we cannot compromise right. Yeah. Yeah. 22:19 22 minutes, 19 seconds And uh as far as the precision is concerned definitely as just mentioned that lot of things which we are currently procuring indigenously which 22:28 22 minutes, 28 seconds can be a counterattack to China. Uh they are still at a beta testing phase. What it means is uh when it comes to the 22:36 22 minutes, 36 seconds commercial rollout yes it will take a bit of time but in order to ensure the supply chain doesn't get disrupted and 22:43 22 minutes, 43 seconds the customers don't get their orders don't get suffered things are being 22:50 22 minutes, 50 seconds monitored very closely and definitely we'll ensure that because of any 22:58 22 minutes, 58 seconds external factors things are yeah yeah great thank you very much sir. That was it. Thank you. Thank you. 23:06 23 minutes, 6 seconds Yes. Thank you. 23:07 23 minutes, 7 seconds Thank you. Participants who would like to ask questions may raise their hand in the reactions tab and may also post 23:14 23 minutes, 14 seconds their questions in the Q&A box. Next question we have from the line of Mr. 23:19 23 minutes, 19 seconds Ano Sharma. Anoj you can unmute and introduce yourself. 23:26 23 minutes, 26 seconds Yeah. Hi. Am I audible? Yes, please. 23:30 23 minutes, 30 seconds Okay. Uh so my first question is uh can you can you give a industry breakup of 23:37 23 minutes, 37 seconds CIG, TIG and TTO printers in terms of uh either number of machines sold or market share between these three printers. 23:48 23 minutes, 48 seconds So you would like to understand the breakdown of CI and all the SK right? 23:54 23 minutes, 54 seconds Yes. The main key SK the main key printers in the market. 23:58 23 minutes, 58 seconds Got it. So I I'll I I'll I'll answer your question in a slightly different way. I'll tell you why. Because each and every uh industry has got certain 24:07 24 minutes, 7 seconds specific applications. What does that mean? That means that if uh extrude, so 24:14 24 minutes, 14 seconds let's say uh we work as far as our industrial breakdown is concerned, our indust profile uh breakdown is 24:21 24 minutes, 21 seconds concerned, it's kind of spread across all the industries. Major one being extrusion. uh the second one happens to 24:28 24 minutes, 28 seconds be food farm FMCG uh then the other one comes as industrial uh equipments and automation and then it's agriculture and 24:36 24 minutes, 36 seconds then it's packaging and printing and even in uh the balance segment which is others which contributes around 16.6% 6% 24:44 24 minutes, 44 seconds of our total topline diversified beverages, constructions, energy 24:52 24 minutes, 52 seconds have got their own respective uh chunks. 24:57 24 minutes, 57 seconds Now this is basically the broader industrial level segments. uh if I talk about now if I talk about specific SKUs 25:04 25 minutes, 4 seconds then extrusion is a uh segment where 85% of the application goes from the CI 25:13 25 minutes, 13 seconds perspective extrusion is something because the way in which the whole industry functions the way in which the 25:21 25 minutes, 21 seconds end product which is basically polymer manufactured pipes that is where uh the 25:28 25 minutes, 28 seconds best result which you on the pipe at the most competitive cost is being delivered 25:34 25 minutes, 34 seconds by CI. The second uh so maximum penetration of CI is in extrusion. The second sector wherein the 25:44 25 minutes, 44 seconds maximum penetration of CI would come is food and FMCG because again there is a 25:52 25 minutes, 52 seconds cost competitiveness. uh the type of printing which you get from a CI is very much cost effective and all these 25:59 25 minutes, 59 seconds industries which are focusing on the consumption are very cost competitive because the end price of the SKU 26:08 26 minutes, 8 seconds is ranging all the way from 2 rupees to max to max 15 20 rupees. So if that is 26:15 26 minutes, 15 seconds the selling price then the printing cost has to be at the lowest possible level in order to ensure their cost mar in 26:23 26 minutes, 23 seconds order to ensure their margins. So around 95% of the CI exposure is into these 26:30 26 minutes, 30 seconds three major segments extrusion food and FMCG. Uh there are certain uh printers 26:37 26 minutes, 37 seconds which is basically uh which are high-end high value printers which are laser. So laser printers also are being distributed across multiple industries. 26:48 26 minutes, 48 seconds One of the major industries where laser is being sold is uh pharma because pharma industries have got again very 26:57 26 minutes, 57 seconds specific application. They run in a very specific temperature controlled environment and laser gives a very fine 27:06 27 minutes, 6 seconds precise printing which again has to comply with their uh specific USFDA or GMP or other norms. So that is where and 27:15 27 minutes, 15 seconds again uh the laser gets embedded with their overall plant 27:23 27 minutes, 23 seconds supplied OEMs. So it is again so there are there are standalone laser installations and then there are laser installations or printer installations 27:31 27 minutes, 31 seconds basically and laser which gets embedded with the overall plant level architecture at pharma. So uh from a 27:40 27 minutes, 40 seconds plant level perspective and from a laser printer level perspective the major concentration happens at the pharma sector 27:49 27 minutes, 49 seconds and u so laser and would be more focused in the pharma sector. So 27:57 27 minutes, 57 seconds that's basically the broad breakdown of our printer segmentation across industries. 28:03 28 minutes, 3 seconds Okay. Now, now if we look ahead, uh while the whole industry is is expecting a growth rate, which of these printer 28:12 28 minutes, 12 seconds categories would would do better than others? Uh just just to understand the 28:18 28 minutes, 18 seconds sub segments which can do better or the applications of which which printer is increasing uh going ahead. 28:28 28 minutes, 28 seconds So uh that's that's a that's a very good question G and I will uh take some more time in explaining the in-depth analysis 28:37 28 minutes, 37 seconds of how we pursue the growth of the company which aligns with the growth of 28:44 28 minutes, 44 seconds the economy and which also matches with certain sectors because the industries 28:51 28 minutes, 51 seconds where we currently are working as so from a from an Aztec perspective as I clearly mentioned And the major focus happens on the extrusion business till 28:59 28 minutes, 59 seconds date. But of late what we have realized is that we should not be focused only on one industry but we should be focused on 29:08 29 minutes, 8 seconds multiple industrial segments wherein we can mitigate our customer concentration risk. We can also mitigate our industrial segmentation risk. Right? And 29:18 29 minutes, 18 seconds again in line with this specific strategy, we have invested heavily in 29:26 29 minutes, 26 seconds internal capacity building and in bringing certain specialists on board who are being designated as 29:36 29 minutes, 36 seconds vertical heads, product specialists and key account managers. Now what is the specific role of each three of them? 29:45 29 minutes, 45 seconds Vertical heads are subject matter experts for each and every industry wherein they would with with their 29:54 29 minutes, 54 seconds background with their experience they know what are the best applications which would run in a specific industry. 30:02 30 minutes, 2 seconds This is a slightly different approach than certain other companies because over a period of time we would like to 30:09 30 minutes, 9 seconds poise ourselves not as a product company but as a customer-driven solutions company and that is where the whole idea 30:16 30 minutes, 16 seconds of vertical ads comes into picture. Now we have currently we have got three vertical ads on board. One of them is food farm FMCG. Vertical ad number one. 30:24 30 minutes, 24 seconds Vertical ad number two focus on agriculture and chemicals and the vertical ad number three focuses purely on extrusion. So basically we have got three these three positions already 30:33 30 minutes, 33 seconds filled in. The other position which we have is a product specialist. 30:38 30 minutes, 38 seconds All these four people work with a pan India responsibility of 30:45 30 minutes, 45 seconds expanding our installed base across all our SKUs across multiple industrial segments. 30:54 30 minutes, 54 seconds Okay. So let's say now going back to the original point which I told you is that currently our major focus of CI happens to be in extrusion but there are a lot 31:02 31 minutes, 2 seconds of applications what we have internally developed which will be rolled out over a period of time wherein CI would be 31:10 31 minutes, 10 seconds replaced by certain high-end printers like NJ or laser which would be used in the same extrusion. 31:17 31 minutes, 17 seconds uh just to just to be a bit more technical and just to be a bit more specific, an extrusion machine runs or rather an 31:24 31 minutes, 24 seconds extruder runs at a plant temperature of around 55 to 60°C. 31:29 31 minutes, 29 seconds Now in such heavy temperature environments the only printers work are CI because they are kind of rough and 31:36 31 minutes, 36 seconds tough models and uh they have got this heavy temperature adaptability which works in 31:45 31 minutes, 45 seconds the extrusion plants. However, we have got certain inquiries wherein the fine 31:52 31 minutes, 52 seconds print, the final image which happens to be imprinted on the product needs to be very 31:59 31 minutes, 59 seconds precise which cannot be made possible with a CI. Now how can this solution be given to our customers and that is where 32:08 32 minutes, 8 seconds these product specialists and uh verticals come into picture and and then we derive a very specific solution for 32:16 32 minutes, 16 seconds that customer in that segment. And again one solution given to one customer in a 32:24 32 minutes, 24 seconds segment will not hold true for another customer in the same segment because each of them have got different cost parameters to work. Each of them have 32:32 32 minutes, 32 seconds got different uh objectives each of them have different segments to cater as far as your overall 32:41 32 minutes, 41 seconds market is concerned. So when it comes to which printer SKU you are going to focus 32:48 32 minutes, 48 seconds more rather than focusing on a specific printer SKU we focus more on the needs and applications at the customer end and 32:56 32 minutes, 56 seconds then we design specific solutions for them and that is how we defer ourselves from our overall growth and sales strategy. 33:05 33 minutes, 5 seconds Got it. Got it. That that's helpful. uh just few more points uh especially on CIG now CIG if I understand rightly 33:14 33 minutes, 14 seconds roughly 30% of sales comes through the printer sales uh another 30 comes from 33:20 33 minutes, 20 seconds inks and balance 30 from markers or makeup and fluids right makeup fluids uh 33:28 33 minutes, 28 seconds and cleaner fluids is that is that breakup roughly correct that that breakup is roughly correct yes and balance pairs 33:35 33 minutes, 35 seconds uh yes Okay. Okay. So now if let's suppose our portfolio shifts beyond CI 33:43 33 minutes, 43 seconds the other printers might might have a larger sale per piece but you will lose 33:51 33 minutes, 51 seconds this uh revenue trail which is much more marginative than CJ. So I am just trying to understand the evolution of the 33:59 33 minutes, 59 seconds industry and your evolution that will be slightly helpful as to you know how do you see this changing and how do you see the 34:06 34 minutes, 6 seconds product profile also changing some bit will be helpful. 34:11 34 minutes, 11 seconds So basically uh you raised a very good point Ano G as far as the reliance 34:19 34 minutes, 19 seconds and I think the business on CI is concerned that is not going to go down drastically 34:28 34 minutes, 28 seconds and I would say the number of CI printers is going to increase business. 34:34 34 minutes, 34 seconds Your voice is fluctuating. Uh is it is it audible now? Yes. Is it audible? Yes. 34:40 34 minutes, 40 seconds Yeah. So what I what I what I was saying is that as far as the reliance of 34:47 34 minutes, 47 seconds our overall topline on the CI printers is concerned that is not going to go down from a number perspective the the 34:57 34 minutes, 57 seconds CI printers is going to increase on a year-on-year basis. So when it comes to the overall 35:07 35 minutes, 7 seconds pie of after sales which is basically your spares your inks wash solvents etc 35:13 35 minutes, 13 seconds which is a byproduct of inkjet cig machines that is not going to go down. 35:20 35 minutes, 20 seconds However, from a revenue perspective, we would be coming up with certain applications which would eventually 35:28 35 minutes, 28 seconds make that pie look slightly tilted or well not exactly slightly tilted but slightly uh uh the share would slightly 35:38 35 minutes, 38 seconds increase from a application perspective but from a number perspective C is not going to reduce at all combined with the C. So the way in which 35:46 35 minutes, 46 seconds these applications are being derived C definitely happens to be a very key component of all these applications because again we have to take into 35:54 35 minutes, 54 seconds consideration the cost aspect as well right so it's a combination of so basic we are not going to run down on C at all okay okay 36:02 36 minutes, 2 seconds so it's a combination of a technology and it's a combined uh of a uh printer 36:08 36 minutes, 8 seconds mix so it would be easy to intact for uh our customers as well as our uh 36:17 36 minutes, 17 seconds companies uh target agent would be intact. 36:23 36 minutes, 23 seconds My last question before I join back to queue see what is our product positioning. So uh let's suppose roughly 36:30 36 minutes, 30 seconds it's one lakh uh per piece of printer cost. How do we differentiate us versus the other competitors? There are couple 36:39 36 minutes, 39 seconds of MNC's and few local large national players. what is our positioning of a printer? Uh what do we sell? What is the 36:48 36 minutes, 48 seconds key selling point of our printer in CI and I'll then come back in the right. So uh we again when it comes to 36:56 36 minutes, 56 seconds the overall competitive advantage of Aztec group as a whole there are quite a few there are quite a few points wherein 37:04 37 minutes, 4 seconds I would like to highlight. One is uh from a competitive perspective 37:12 37 minutes, 12 seconds an investor should not analyze the company only from one product line which is CJ but we should look at the company 37:19 37 minutes, 19 seconds as a whole. So when we look at Aztec group, one of the things wherein we differentiate ourselves is that right 37:28 37 minutes, 28 seconds from manufacturing, inks, consumables, wash, solvents and the printer 37:38 37 minutes, 38 seconds ache with the synergy of jet inks, it's a complete cohesive unit which a lot of multinationals are not. That is number 37:46 37 minutes, 46 seconds one. Number two, it is because of this whole backward integration, we have got a very good 37:54 37 minutes, 54 seconds level of margin control which you can see in our financials. 37:58 37 minutes, 58 seconds Number three, the complete product line and I I won't go to the extent of naming 38:06 38 minutes, 6 seconds certain companies and their strategies and the way in which they have evolved in their product line. But when you talk 38:13 38 minutes, 13 seconds about STEC as a group, CI, TIG, DOD, laser, TTO, PI and 20 plus other big and 38:22 38 minutes, 22 seconds small SKUs contribute to the overall product portfolio over and above n 38:28 38 minutes, 28 seconds number of incus depending on the requirements of the customers. Number one and so that is the other part. The 38:36 38 minutes, 36 seconds other part which a lot of multinationals do miss wherein we have an upper advantage is a very strong R&D and 38:44 38 minutes, 44 seconds global quality compliance infrastructure. Now lot of multinationals have their manufacturing 38:52 38 minutes, 52 seconds capabilities set outside India and their cost of selling the end product 39:02 39 minutes, 2 seconds is very heavy considering the whole import duty aspect wherein we have got an advantage and these are so basically these are 39:11 39 minutes, 11 seconds certain key competitive advantageous points wherein we excel and we eventually 39:18 39 minutes, 18 seconds would be developing across these lines to gain excellence across our competitors. So these are the major 39:25 39 minutes, 25 seconds points again innovation across the product lines uh certain u applications 39:32 39 minutes, 32 seconds which we have developed at customers end which none of our competitors have been able to do integration of the physical layer and the digital layer. So a lot of 39:39 39 minutes, 39 seconds other things wherein things are already commercially rolled out and the customer 39:47 39 minutes, 47 seconds retention across a period of time which has been with us is also proof that yes people customers 39:57 39 minutes, 57 seconds and investors like you are going to stay with us throughout a growth journey. Thank you. I'll come back in the queue. 40:05 40 minutes, 5 seconds Thank you. Yeah. Thank you. Thank you. 40:09 40 minutes, 9 seconds Participants who would like to ask questions may press the may raise their hands in the reactions tab and may also post their questions in the Q&A box. 40:18 40 minutes, 18 seconds Also, I would request participants to stick to at the max two to three questions as we are running short on 40:26 40 minutes, 26 seconds time. Next question is from the line of Mr. Ansul Sharma. Uh Mr. Ansul, you can unmute and introduce yourselves. 40:36 40 minutes, 36 seconds Hello. Am I audible? Yes. Yes. Yes. 40:41 40 minutes, 41 seconds Hi. Uh good afternoon. Firstly, congratulations on a good set of numbers. 40:46 40 minutes, 46 seconds I see that uh AITA margins have marginally improved. Uh that's a good thing. I want to understand regarding the revenues. So earlier I believe we 40:54 40 minutes, 54 seconds have mentioned about double digit growth but this time uh it's on the single digits. So right. So what gives you the confidence that growth will accelerate from here? 41:04 41 minutes, 4 seconds So is there any industry tailwind? Is there any you know core catalyst that we can expect or like what is the basis for double digit growth? 41:14 41 minutes, 14 seconds So uh well very well said anj. So I would like to highlight this point from 41:21 41 minutes, 21 seconds couple of aspects. So basically fi 2526 for est was a year of strategic investments and business scaling. uh 41:30 41 minutes, 30 seconds from a topline perspective as you said while our revenues grew by 9.2% 2% profitability 41:36 41 minutes, 36 seconds was pretty much infected by two reasons at a patent level I would 41:43 41 minutes, 43 seconds say uh aida have remained in the same vicinity but when we go to the pat level they have been impacted by two major 41:51 41 minutes, 51 seconds aspects one is the higher depreciation and second is the taxation now again higher depreciation has been resulted because of investments which have been 42:00 42 minutes done for capacity augmentation certain technological investments infrastructure enhance enhancement which is eventually going to support our future growth. 42:08 42 minutes, 8 seconds But again in your same uh uh question I would like to reiterate on the point 42:15 42 minutes, 15 seconds that Abida has increased substantially which demonstrates the underlying objective that our business stands on a very 42:23 42 minutes, 23 seconds strong footing and it is because of this confidence which we have in our business 42:30 42 minutes, 30 seconds model plus the other areas where we have where wherein we have already invested but the revenue will If we start flowing 42:38 42 minutes, 38 seconds from these investments or going over going period of time, we are pretty sure that the numbers from a topline 42:46 42 minutes, 46 seconds perspective of growth will fall in. One of the things which we previously said was about a double digit growth. We 42:53 42 minutes, 53 seconds still remain strong on that. But we would like to reiterate on a point that growth from a topline perspective is not 43:00 43 minutes our only objective. We also have to ensure that the margins are being achieved. the margins. We would not like to compromise on the margins because 43:09 43 minutes, 9 seconds then because then eventually it will suffer our cash flows. So just by growing effortly entering in the market 43:18 43 minutes, 18 seconds without any focus on margins just to get a customer 43:25 43 minutes, 25 seconds share entering the customer and then eventually penetrating that is not going to be the strategy of est. The strategy of est is very simple. We would be 43:34 43 minutes, 34 seconds providing the world-class solutions at the price which is a win-win for both Aztec and the customer 43:42 43 minutes, 42 seconds and whatever we commit we deliver. If certain topline numbers if certain 43:49 43 minutes, 49 seconds topline guidances are not being achieved we do take cognizance of that fact. 43:55 43 minutes, 55 seconds However, we would ensure that the margins are not being suffered. So that is our go forward strategy because when 44:03 44 minutes, 3 seconds it comes to the overall return on assets, return on equities, it's all based on the margins and we are at the end of the day answerable to valued 44:11 44 minutes, 11 seconds shareholders like you. So the growth from just increasing the numbers is not going to be our objective. 44:19 44 minutes, 19 seconds Okay. Okay. Got it. That's a good way to go forward. Uh so secondly, I wanted to ask regarding the Jettings acquisition. 44:26 44 minutes, 26 seconds I think this has been answered but I I would be happy if you can reiterate on the same. So it was acquired in 2024 if 44:33 44 minutes, 33 seconds I'm correct. So roughly it's been what 1.5 1.52 years. 44:38 44 minutes, 38 seconds So can you share what benefits you have actually achieved so far and whether the business is performing as per your 44:45 44 minutes, 45 seconds original expectations and what future growth can we expect from this? 44:52 44 minutes, 52 seconds So uh well we we'll go a bit into retrospect because uh it's been a year and a half and the reason of obtaining 45:02 45 minutes, 2 seconds jettings was very specific. The reason why we obtained jettings was that we wanted to have a very strong foothold as 45:11 45 minutes, 11 seconds far as the southern India market is concerned. If you look at our presentation then in our presentation 45:17 45 minutes, 17 seconds you would see a slide wherein a lot of South Indian customers are currently on 45:24 45 minutes, 24 seconds our board. These customers are all marquee customers. Let's say Deken Cements is now on our board. We also have 45:33 45 minutes, 33 seconds Zidus again it's an it's a it's a Gujarat based company but strangely Jettings was catering to them long 45:40 45 minutes, 40 seconds before Aztec came into picture then we have like wherein we have been able to 45:48 45 minutes, 48 seconds cater to them all thanks to Jettings Patanjali is one of them wherein they have very strong foothold from a northern perspective so Jettings 45:57 45 minutes, 57 seconds already had a very good customer profile Of course the kind of 46:04 46 minutes, 4 seconds exposure which Aztec has Jettings did not have in the past but because of its penetration at some level of marquee 46:13 46 minutes, 13 seconds customers we acquired Jettings. So that was the whole background. Uh analyzing the business model of Jett is slightly 46:22 46 minutes, 22 seconds different than that of Aspect. Jettings primarily used to function more like a trading company. 46:30 46 minutes, 30 seconds What does that mean? That means that as uh I think uh Mr. Anud just mentioned a 46:37 46 minutes, 37 seconds couple of uh minutes back that the whole industry is pretty much fragmented and it is concentrated at the same point 46:46 46 minutes, 46 seconds of time across certain multinationals and an Indian company. So what Jett would do? Jettings would probably go out 46:54 46 minutes, 54 seconds and sell the machines of all those companies. Their core competency was on the service rather than selling a 47:03 47 minutes, 3 seconds machine. They would be doing a trading business of the machines. They have a specialization in manufacturing inks. 47:13 47 minutes, 13 seconds They have an in-house capability of manufacturing inks at their own premise. 47:17 47 minutes, 17 seconds So let machine be of company A or company B or company C. Jettings would 47:25 47 minutes, 25 seconds be able to penetrate customer and they would be able to serve that machine which is not the case with Aztec. Aztec 47:33 47 minutes, 33 seconds has got its own brand. So Aztec functions like an OEM. Jettings used to function like a trading company. 47:41 47 minutes, 41 seconds The synergy now combining that with numbers post acquisition that synergy has actually 47:49 47 minutes, 49 seconds resulted into good numbers. How? From a topline perspective 2425 jettings stood at 17.96 crores which in this year it's 47:58 47 minutes, 58 seconds 19.22. So from a topline perspective there's an increase of 7%. Uh I'm talking about jettings. 48:07 48 minutes, 7 seconds Uh okay. Now if we go one step forward, let's look at their cost structure. If I analyze their cost structure, the reason 48:14 48 minutes, 14 seconds why I took a bit of time in explaining the business model is now you'll be able to correlate with that that their purchases which which is basically uh 48:23 48 minutes, 23 seconds taking into consideration stock taking into consideration the impact of the stock there has been an increase of 41.5% yearon year in an absolute terms 48:32 48 minutes, 32 seconds 6.38 crores was their overall purchases which this year it has been close to around 9 crores. So there has 48:40 48 minutes, 40 seconds there has definitely been an increase in the purchase. However, this is where the real synergy comes into picture. The employee cost on a year-on-year basis 48:49 48 minutes, 49 seconds has reduced by 20%. The operating expenses has again reduced by 11%. 48:57 48 minutes, 57 seconds So from an AIDA perspective, last year it stood at an AIDA margin of 9.2%, this year the AIDA margin stands at 10.2%. 49:06 49 minutes, 6 seconds This is purely jettings. The only point wherein jettings currently is 49:15 49 minutes, 15 seconds behind is on the interest cost because as I mentioned earlier the business model of jettings is different than the 49:23 49 minutes, 23 seconds business model of est. So a lot of money as far as datings is concerned gets deployed in its working capital which 49:32 49 minutes, 32 seconds now with the introduction of Azex prudent liquidity and balance sheet 49:39 49 minutes, 39 seconds management skills will be catered to over a period of time and these things will be resolved. So to answer your 49:45 49 minutes, 45 seconds question back yes these synergies are definitely giving very good results and we hope to capitalize on the jettings 49:54 49 minutes, 54 seconds facilities. its customer profile and its manpower in the longer period of time to come. 50:01 50 minutes, 1 second Thank you for uh explaining so briefly and uh I think great synergy to say the least. So yeah that's it from my side. 50:09 50 minutes, 9 seconds Thank you so much and uh wishing the best to whole team of Ast. Thank you sir. Thank you so much. 50:17 50 minutes, 17 seconds Thank you. Participants who would like to ask questions may raise their hands from the reactions tab and may also post 50:25 50 minutes, 25 seconds their questions in the Q&A box. Next we have Mr. Radha Shasta. Uh Ragav, you can unmute and introduce yourself. 50:38 50 minutes, 38 seconds Uh hello am I audible? Yes sir. Yes sir. 50:42 50 minutes, 42 seconds Uh yeah. uh so actually I had some questions more on the macro side. So uh 50:49 50 minutes, 49 seconds we have we have spoken about government projects and uh you know institutional opportunities. So could you help us 50:56 50 minutes, 56 seconds understand how large this opportunity could can prove to you and uh how soon 51:03 51 minutes, 3 seconds it can contribute meaningfully to your revenue side. Uh if you could throw some light on it. 51:12 51 minutes, 12 seconds Uh uh uh yes sir uh this is Pollin. 51:15 51 minutes, 15 seconds Actually last year uh we won uh two uh government tenders and uh we are already 51:25 51 minutes, 25 seconds uh uh I mean there are too many in a queue as well. So uh now the government is uh 51:32 51 minutes, 32 seconds and the PSU sectors are also uh participant uh by the tendering 51:40 51 minutes, 40 seconds process only for uh this printer till the uh time I mean before last year they 51:48 51 minutes, 48 seconds they just directly they will uh give the orders to some of the companies but 51:55 51 minutes, 55 seconds nowadays they they started with this uh with the pending uh uh business only. So 52:02 52 minutes, 2 seconds we are actually more focused on uh this and it will give us a good uh uh success as well. 52:10 52 minutes, 10 seconds So I do think uh that if I if I understand your questions if I understand your question correctly you would like to get us an idea on our 52:19 52 minutes, 19 seconds upcoming exposure in the government tendering business and certain automation projects. Correct. Yeah. Yeah. Yeah. Yeah. 52:28 52 minutes, 28 seconds Okay. So um as pulins mentioned government tendering business is basically uh yes we have we have already 52:35 52 minutes, 35 seconds started working on certain governmental projects things have already been rolled out. Uh the way in which these things work are slightly different because uh 52:44 52 minutes, 44 seconds they are multi-loation and they require certain very basic applications. The reason why we would 52:53 52 minutes, 53 seconds like to go over there is to ensure our annuity on the recurring revenues plus 53:01 53 minutes, 1 second the shortity on the payments and again to have certain governmental agencies on our board from a customer perspective 53:09 53 minutes, 9 seconds definitely gives you a good visibility definitely helps you to reiterate on your own capabilities that you can 53:18 53 minutes, 18 seconds deliver at scale at multilocations. So that was the whole objective of entering into government tendering business. 53:24 53 minutes, 24 seconds Yes, of course you have to compete with lot of other players but that is where Aztec actually excels 53:32 53 minutes, 32 seconds because of our world-class infrastructure facility what we have developed plus the un uninterrupted supply chain which we have and the 53:40 53 minutes, 40 seconds benefit which we get from our backward integration of ink wash solvents etc. we are able to give them the best of the 53:48 53 minutes, 48 seconds qualities in the least possible delivery time and again at the most impactful cost. So that is the whole objective of re-entering into government business. 53:58 53 minutes, 58 seconds The second business which we are now heavily foring into is the automation and certain industrial applications. Now 54:06 54 minutes, 6 seconds these businesses are very niche. So if government is south then this is north. 54:11 54 minutes, 11 seconds Uh there's a different team looking after both of them. Uh we have in-house developed a project management team 54:18 54 minutes, 18 seconds which purely looks after the conceptualization, building, delivery and execution of these projects. 54:30 54 minutes, 30 seconds Why we have now entered into projects business? Project business basically span across period of months. They are 54:38 54 minutes, 38 seconds big ticket and again it gives you a very good visibility of you deploying your machines on very high-end applications 54:48 54 minutes, 48 seconds which not only solve the printing problems but they also solve certain specific problems at customer end to 54:56 54 minutes, 56 seconds address their counterfeit issues to address their inventory man to to address their inventory management to 55:02 55 minutes, 2 seconds address their uh uh applications and visibility at the factory level. so on and so forth. So both the things are 55:11 55 minutes, 11 seconds north and south and in order to capture the complete orbit we have entered into both these territories and 55:20 55 minutes, 20 seconds with the hard work of our team we have been able to see success at a very initial level at this point of time 55:30 55 minutes, 30 seconds which gives us confidence to again go in these segments at full force over a 55:37 55 minutes, 37 seconds period of time and our subse quent investments are also being happening in considering these factors in mind. 55:45 55 minutes, 45 seconds Okay. Okay. Got it. Got it. Uh so so so that pretty much uh Rahab G you can join back in the queue. 55:52 55 minutes, 52 seconds Fine. Fine. 55:54 55 minutes, 54 seconds Yeah. Participants who would like to ask questions may uh raise their hands in the reaction tab and may also post 56:02 56 minutes, 2 seconds questions in the Q&A box. Next is we have Miss Ria Sha. Uh Ria, you can kindly unmute and introduce yourself. 56:18 56 minutes, 18 seconds Hello. Am I audible? Yes ma'am. 56:21 56 minutes, 21 seconds Uh yes. So my name is Ria Sha and I had a couple of questions like uh this uh the company is continuing to invest in 56:31 56 minutes, 31 seconds growth initiatives. So going forward should the investors like expect some stronger free cash flow generation or 56:38 56 minutes, 38 seconds will it remain at its uh similar levels for the next few years? 56:43 56 minutes, 43 seconds Uh so when it comes to the generation of free cash flow yes free cash flow has already been generated this year. uh 56:51 56 minutes, 51 seconds from a volume perspective it will be more because the investments which have been made they were being made uh in the 56:59 56 minutes, 59 seconds company I would say after August last year. So 57:06 57 minutes, 6 seconds when it comes to the overall full fiscal year impact the full fiscal year impact of these investments will be reflected 57:15 57 minutes, 15 seconds in this year. However, we are not stopping ourselves from investing. When you look at our overall uh capeex plan 57:22 57 minutes, 22 seconds which is already being reflected in our presentation, 41% comes to or rather 41% would be put up in the 57:32 57 minutes, 32 seconds infra capacity buildup. 30% would be put up in exports and global expansion. Then we have got 8, three and five which will 57:40 57 minutes, 40 seconds be respectively put in tech and ERP, R&D and certain other product development and other certain 57:47 57 minutes, 47 seconds other initiatives at a medium to minuscule stage. So as I 57:55 57 minutes, 55 seconds mentioned earlier, we are not going to compromise from a topline perspective. We are going to focus on our margins. 58:05 58 minutes, 5 seconds The core reason is to ensure that a substantial amount of cash flow is already there to our disposal by which 58:12 58 minutes, 12 seconds we can reinvest with our business and eventually grow. So just 58:19 58 minutes, 19 seconds from a treasury perspective, we would not like our money to be deployed and sitting in our bank accounts, but it would be reinvested in the business so 58:28 58 minutes, 28 seconds that the cycle keeps on moving and we can cope up with the pace of the growth at which our international competitors are growing. 58:39 58 minutes, 39 seconds Okay. Okay. Understood. And uh one last question I had is that uh like I can see that uh Aztec is like moving from being 58:48 58 minutes, 48 seconds a distributor large largely a distributor to becoming more like a manufacturer and a technology-led 58:55 58 minutes, 55 seconds company. So are you facing any risks in this transition or anything like the uh investors should watch out for in this 59:03 59 minutes, 3 seconds transition? You you ma'am you raised a fantastic point wherein the whole business model is being pivoting. A 59:10 59 minutes, 10 seconds slight correction as far as your statement is concerned. Uh we function or rather we are an OEM. 59:19 59 minutes, 19 seconds So our sales are done through two channels. Channel number one is a direct 59:26 59 minutes, 26 seconds B2B business and channel number two is a dealer distributor business. Right. Uh so distributor does happen to be a part 59:36 59 minutes, 36 seconds of our overall revenue stream but it is not substantial. There are we are very much 59:44 59 minutes, 44 seconds u choosy in selecting our distributors. 59:49 59 minutes, 49 seconds When it comes to our distributor profile we do lot of due diligence. There are lot of checks and balances which we 59:56 59 minutes, 56 seconds ensure that the people the entities the distributors whom we take on our board have to be financially sound. They have 1:00:05 1 hour, 5 seconds to have a good credibility in the market. They have to have certain ethical standards, certain ethical 1:00:12 1 hour, 12 seconds norms. Why? Because the whole industry is being fragmented 1:00:18 1 hour, 18 seconds to such an extent that because of certain price related issues, 1:00:25 1 hour, 25 seconds certain cost competitiveness things move here and there and basically you would end up suffering on your own brand value which is very much 1:00:32 1 hour, 32 seconds detrimental to us. So from a distributor perspective we are very much choosing. 1:00:38 1 hour, 38 seconds So that was one thing which I wanted to highlight on a broader platform. Now transitioning from a product company that would be the right statement to to 1:00:47 1 hour, 47 seconds analyze on that previously we were poised as a product company selling printers and uh it's 1:00:55 1 hour, 55 seconds inks and other ancillaries and now from a product company we are eventually transiting to a digital 1:01:04 1 hour, 1 minute, 4 seconds technology company. How is this going to happen? uh in my earlier part of the conversation I was speaking about a 1:01:13 1 hour, 1 minute, 13 seconds point wherein we are delivering certain customized solutions for our customers and that is where we actually integrate the technology that is where we actually 1:01:20 1 hour, 1 minute, 20 seconds integrate the digital layer with the physical layer of vendors from an investor perspective I would say 1:01:29 1 hour, 1 minute, 29 seconds there is no risk at all because you get best of both the worlds of course a lot of funds which has already been invested 1:01:39 1 hour, 1 minute, 39 seconds and a lot of funds which eventually would be invested will be on enhancing this in-house digital capability to 1:01:47 1 hour, 1 minute, 47 seconds ensure that this integration of both physical and digital layer happens at Aztec best of the results are being 1:01:55 1 hour, 1 minute, 55 seconds delivered to the customers and company grows at a much faster scale. Needless to say when this integration happens it 1:02:03 1 hour, 2 minutes, 3 seconds comes with a very good margin profile and that would definitely be a green signal for all our or not a 1:02:11 1 hour, 2 minutes, 11 seconds green signal but a very good point to look out for all our investors. So from a risk perspective there is no risk we 1:02:18 1 hour, 2 minutes, 18 seconds ensure that whatever checks and balances are required to be taken when we are 1:02:25 1 hour, 2 minutes, 25 seconds dealing with certain technology related issues like cyber security or data management or certain uh cloud server 1:02:33 1 hour, 2 minutes, 33 seconds architecture the networking all these things are being taken care to ensure that neither the customers nor the company suffers. 1:02:45 1 hour, 2 minutes, 45 seconds from these initiatives. Okay sir. Okay. Understood. Thank you. 1:02:51 1 hour, 2 minutes, 51 seconds And that's all from my side. All the best for our future. Thank you. Thank you ma'am. Thank you. 1:02:57 1 hour, 2 minutes, 57 seconds Thank you. Participants who would like to ask questions may uh press uh raise their hands from the reactions tab and may post their questions in the Q&A box. 1:03:08 1 hour, 3 minutes, 8 seconds Uh we have the follow-up question from Mr. Anoj. uh sir you may unmute and introduce yourself. 1:03:17 1 hour, 3 minutes, 17 seconds Yeah, thank you. Uh I appreciate the collaboration which you are doing on each of these points. So thank you. um 1:03:25 1 hour, 3 minutes, 25 seconds just all makeup and cleaner cleaner fluids. Uh you know what exactly is this and this is even larger you know in uh 1:03:34 1 hour, 3 minutes, 34 seconds see one observation in our 204 presentation we had more detailed discussion on the revenue breakup. In 1:03:42 1 hour, 3 minutes, 42 seconds the current current presentation we have a more macro view but we have removed or reduced the amount of information we 1:03:50 1 hour, 3 minutes, 50 seconds were sharing about the breakups. Uh that is one observation. I think it'll be helpful if you could just u share more 1:03:58 1 hour, 3 minutes, 58 seconds details on the business. Uh but going beyond that what exactly is this segment and how come it is bigger than even inks 1:04:07 1 hour, 4 minutes, 7 seconds at least it was in 2024 some insights into this segment makeup and cleaners. 1:04:14 1 hour, 4 minutes, 14 seconds Yeah, it was uh increasing around 15% of a year on uh year basis basically. Uh uh 1:04:24 1 hour, 4 minutes, 24 seconds I uh I'm not sure about the exact number but uh I can say the ballpark figure is 1:04:30 1 hour, 4 minutes, 30 seconds around 15% is incremental growth on uh this and around 12.5% 1:04:37 1 hour, 4 minutes, 37 seconds growth on uh inks. Basically year on year we are actually uh uh increasing in 1:04:45 1 hour, 4 minutes, 45 seconds terms of a number or in terms of our production uh or selling selling numbers I mean not a production selling of 1:04:53 1 hour, 4 minutes, 53 seconds course to be precise. No, but what is the application of this makeup and cleaner? Uh, and uh, so basically if if 1:05:01 1 hour, 5 minutes, 1 second I give you if let me let me just understand if you sell a single printer. 1:05:06 1 hour, 5 minutes, 6 seconds Yeah. Yeah. Understand understand how business and makeup understand anuj uh now you you you must 1:05:15 1 hour, 5 minutes, 15 seconds know the paint right? our paint which is uh using at our home. Uh in a paint 1:05:22 1 hour, 5 minutes, 22 seconds there would be they they before applying the paint they will applying the primer and also in a paint they will apply some 1:05:31 1 hour, 5 minutes, 31 seconds of the solvents to uh reduce the thickness of the paint or reduce the viscosity of the paint to apply it on a 1:05:40 1 hour, 5 minutes, 40 seconds wall. So the makeup and cleaner is exactly like the same. Uh so uh with the 1:05:47 1 hour, 5 minutes, 47 seconds ink makeup is a basically ink diluter uh to maintain uh ink's viscosity during 1:05:54 1 hour, 5 minutes, 54 seconds the day or during the any temperature or during the production line there might 1:06:01 1 hour, 6 minutes, 1 second be very uncertain uh condition of the external as well internal environment of 1:06:09 1 hour, 6 minutes, 9 seconds the printer. So the technology says it it uh becomes uh 1:06:16 1 hour, 6 minutes, 16 seconds in a 1 second 76,000 drops per second needs to be generated. 1:06:23 1 hour, 6 minutes, 23 seconds So how these drops are generated because of this this printer called CIG printer. 1:06:29 1 hour, 6 minutes, 29 seconds CI means continuous inkjet printer. 1:06:32 1 hour, 6 minutes, 32 seconds Continuous inkjet means the ink jetting throughout the printer continuously and 1:06:40 1 hour, 6 minutes, 40 seconds the jetting speed is 70 74,000 drops per second. So that's how the 1:06:48 1 hour, 6 minutes, 48 seconds technology is working. So how you can maintain this 74,000 drops per second 1:06:56 1 hour, 6 minutes, 56 seconds from morning at 25° temperature to afternoon at 40° 1:07:04 1 hour, 7 minutes, 4 seconds temperature to evening at 30° temperature because the ink tendency would be changing during the day during 1:07:13 1 hour, 7 minutes, 13 seconds the temperature during the uses of the ink into the printers. So makeup is basically 1:07:22 1 hour, 7 minutes, 22 seconds helping the printer to maintain its viscosity automatically. So makeup is using in a printer like this and the 1:07:31 1 hour, 7 minutes, 31 seconds wash solution is basically using after the print or after the completion of a production there might be some ink 1:07:39 1 hour, 7 minutes, 39 seconds deposition on the print head ink deposition uh on certain uh uh printers 1:07:47 1 hour, 7 minutes, 47 seconds uh uh point o over there cleaner is used to clean up all these things. It's like 1:07:54 1 hour, 7 minutes, 54 seconds a wash solution. So that's how it is actually using sir. I mean the end use of this product is like this. 1:08:03 1 hour, 8 minutes, 3 seconds Got it. 1:08:03 1 hour, 8 minutes, 3 seconds And uh Manuj so one point again I would like to add on to what Pins just mentioned is that uh if you are looking 1:08:11 1 hour, 8 minutes, 11 seconds at the absolute high breakdown of why this sale which is basically wash and makeup is higher than the ink. 1:08:20 1 hour, 8 minutes, 20 seconds Last year the segments wherein the printers were being sold and the ink which was being 1:08:28 1 hour, 8 minutes, 28 seconds used in those printers had certain [snorts] technical issues of non-thinning. 1:08:35 1 hour, 8 minutes, 35 seconds The type of printing which was being required on the final product required certain thinning which could be done only with the impact of these solvents. 1:08:49 1 hour, 8 minutes, 49 seconds So we had to sell more solvent and that's how their pie increased. 1:08:57 1 hour, 8 minutes, 57 seconds Learning this learning learning this we did add our so the ink has been modified 1:09:05 1 hour, 9 minutes, 5 seconds to such an extent that now there is not going to be a substantial amount of solvent and what I mean by that is the 1:09:13 1 hour, 9 minutes, 13 seconds viscosity at which the ink would be printing now and going forward is going to be at a much higher level as 1:09:22 1 hour, 9 minutes, 22 seconds per the expectation of the customer which was in the past As far as maintaining 1:09:29 1 hour, 9 minutes, 29 seconds the share of ink and solvent is concerned, it is never the case because both these 1:09:38 1 hour, 9 minutes, 38 seconds products have a good margin profile and again both these products are lucrative to sell from a absolute amount perspective. But again as Pulinsa 1:09:47 1 hour, 9 minutes, 47 seconds rightly mentioned if we have a heavy focus or heavy order 1:09:54 1 hour, 9 minutes, 54 seconds product intake in pharma segment industry and pharma machines as you know pharma 1:10:02 1 hour, 10 minutes, 2 seconds plants work in a very temperature controlled environment wherein ink gets frozen and printing takes an impact. So 1:10:10 1 hour, 10 minutes, 10 seconds we might to sell we might have to sell certain solvents at a much higher level in order to ensure that the printing 1:10:17 1 hour, 10 minutes, 17 seconds happens in the right proportion. So this purely depends on which segment you are catering where your segmental exposure 1:10:26 1 hour, 10 minutes, 26 seconds of the printers is and under which temperature scenarios under which infrastructure facilities 1:10:34 1 hour, 10 minutes, 34 seconds these printers are being installed and functioning. Okay. And so just one last thumb rule. 1:10:40 1 hour, 10 minutes, 40 seconds So if you sell one CI for an extrusion to an extrusion company on a on a annual 1:10:48 1 hour, 10 minutes, 48 seconds basis, what is the percentage of uh that printer you will be selling as uh inks and other products and spares that will be helpful. 1:11:00 1 hour, 11 minutes So when we when we sell one CI the ballpark number is that there is a there is a specific uh scope of supply which 1:11:09 1 hour, 11 minutes, 9 seconds uh goes with a CI printer at the most basic level. So there is one one makeup one wash which goes with uh the full 1:11:18 1 hour, 11 minutes, 18 seconds package. So let's say you purchase a printer with me for the first time which gets installed then 1:11:27 1 hour, 11 minutes, 27 seconds one cartridge of makeup, one cartridge of wash along with the designated uh ink 1:11:34 1 hour, 11 minutes, 34 seconds which you would like to have is being uh supplied to you in a complete package which would primarily last for a period 1:11:41 1 hour, 11 minutes, 41 seconds of 1 year or so. Now again that depends on how much printing you do that depends on your plant running capacity. Let's 1:11:50 1 hour, 11 minutes, 50 seconds say you run your plant for 24 hours and and that also depends on how much printing you want to do on your product. 1:11:57 1 hour, 11 minutes, 57 seconds So let's say you want to paint the full pipe which is 10 m then this set might not last for a period of let's say more 1:12:05 1 hour, 12 minutes, 5 seconds than four five months. But let's say you just want to print an image which is probably 3 mm by 3 mm then it is a good 1:12:14 1 hour, 12 minutes, 14 seconds enough to last you for an year probably a year and a half as well. So it it is very variable. 1:12:20 1 hour, 12 minutes, 20 seconds Okay. Okay. But but if you take this same uh free uh or the part of initial package one makeup one wash and one 1:12:29 1 hour, 12 minutes, 29 seconds designated in cartridge what will be the cost to be for the next year? Let's assume this package lasts a year for 1:12:36 1 hour, 12 minutes, 36 seconds him. When he comes back to you in the next year, the same package excluding the printer would cost him how much? 1:12:44 1 hour, 12 minutes, 44 seconds Around around uh Anuju, we will get around uh uh 80,000 to 1 lakh 20,000 1:12:53 1 hour, 12 minutes, 53 seconds rupees business uh per printer per uh customer. You I think you you want to So 1:13:03 1 hour, 13 minutes, 3 seconds if you if you if you want to put a KTI to the IV business again I is basically the after sales business. If you want to 1:13:10 1 hour, 13 minutes, 10 seconds put if you want to we can generate around 80 80 to 120 uh 1:13:18 1 hour, 13 minutes, 18 seconds lack of a business in particularly extrusion segment are concerned the same business may vary at 60,000 for some of 1:13:27 1 hour, 13 minutes, 27 seconds the pharma company or some FMCG company it's like that. So got it. So basically you get 100% of roughly 1:13:35 1 hour, 13 minutes, 35 seconds 100% of the printer cost as business in the next year roughly. Is that correct? Roughly. Yes. 1:13:42 1 hour, 13 minutes, 42 seconds Perfect. Thank you. Thank you so much for participants we uh we have the last question of the call from Mr. Prashant. 1:13:53 1 hour, 13 minutes, 53 seconds Mr. Prasant you may unmute and introduce. Hello. 1:14:01 1 hour, 14 minutes, 1 second Uh thank you sir uh for the opportunity. 1:14:05 1 hour, 14 minutes, 5 seconds Uh sir two months of this financial year has already passed and we can see the effect of Iran war. Uh how much is the 1:14:14 1 hour, 14 minutes, 14 seconds impact of irran war on the raw material price and are we able to pass on the raw material price rise to the customers? 1:14:22 1 hour, 14 minutes, 22 seconds Yeah. So um with this again reiterating on the fact of not compromising our margins u looking at the balance sheet 1:14:30 1 hour, 14 minutes, 30 seconds we have got substantial amount of inventory already there with us by the reason of which customer orders are not being 1:14:38 1 hour, 14 minutes, 38 seconds sacrificed at all. The way we we did foresee this long time back when this 1:14:45 1 hour, 14 minutes, 45 seconds whole disruption happened in Middle East late fe late late February early March. 1:14:52 1 hour, 14 minutes, 52 seconds The way in which we poisoned ourselves is to ensure that we would not bulk up the materials at a very heavy price 1:15:01 1 hour, 15 minutes, 1 second which would eventually make us difficult to pass on that 1:15:09 1 hour, 15 minutes, 9 seconds burden onto our customers and eventually sacrificing the order. No, we did not take that approach approach. Our 1:15:16 1 hour, 15 minutes, 16 seconds approach was pretty simple that we would stock up only to the extent and only to those rupee value which our customers 1:15:26 1 hour, 15 minutes, 26 seconds would be able to help us. There were there was a scenario wherein in March lot of customers because at that point 1:15:33 1 hour, 15 minutes, 33 seconds of time the war was at its peak wherein lot of people would come to us and say that they would like to procure the material from us and the exorbitant 1:15:42 1 hour, 15 minutes, 42 seconds process but again we did not want to enter into those kind of bad business tactics wherein we would be 1:15:51 1 hour, 15 minutes, 51 seconds purchasing at a very heavy price. 1:15:57 1 hour, 15 minutes, 57 seconds black marketing the material, selling it at a much higher prices and then eventually taking out the profit because at the end of the day we are killing our 1:16:06 1 hour, 16 minutes, 6 seconds own industry which we do not encourage at all. Passing on the benefits to the customer all our customers are very 1:16:14 1 hour, 16 minutes, 14 seconds reasonable and given proper reasoning with justifications and along with the 1:16:22 1 hour, 16 minutes, 22 seconds service. One thing Prashant G which we have to keep in mind is that our whole business it is very s 1:16:31 1 hour, 16 minutes, 31 seconds about it is very much focused on giving them the service as well because a large 1:16:39 1 hour, 16 minutes, 39 seconds chunk of our business is dependent on our service personnel. We sell AMC's comprehensive AMC's non-comprehensive 1:16:48 1 hour, 16 minutes, 48 seconds AMC's etc. wherein our key KPI is to ensure that if a machine is being installed within the vicinity of 100 1:16:57 1 hour, 16 minutes, 57 seconds kilometers from our factory then the and if there is a problem which has been identified and reported to us our engineer is up there and the machine 1:17:06 1 hour, 17 minutes, 6 seconds starts with a bit of less than 12 hours and if it is more than 100 kilometers the engineer is over there the machine is up start and running within less than 1:17:14 1 hour, 17 minutes, 14 seconds 24 hours and this is pan India so what I'm trying to say is that if I'm delivering service which ensures that 1:17:22 1 hour, 17 minutes, 22 seconds the customer's assembly line is not stopped. It is actually very easy for me 1:17:28 1 hour, 17 minutes, 28 seconds to pass on the increased input cost to my customer and customers do 1:17:36 1 hour, 17 minutes, 36 seconds negotiate but at the end of the day they do accept it has to be a win-win and it it is 1:17:43 1 hour, 17 minutes, 43 seconds always a win-win and now I think the geopolitical tensions are now being normalized. 1:17:52 1 hour, 17 minutes, 52 seconds So I think the bad part has been is is way behind us. I'm not a geopolitical expert but I think the good days are 1:18:01 1 hour, 18 minutes, 1 second year to come and we'll surely be able to capitalize on that. 1:18:04 1 hour, 18 minutes, 4 seconds So you are sure that we can still maintain like uh 13 14% margin in Yeah. The AIDA Exactly sir. The AIDA 1:18:12 1 hour, 18 minutes, 12 seconds margin at which we are currently functioning we will be able to and that will that is going to be our core objective. 1:18:20 1 hour, 18 minutes, 20 seconds Yeah. Yeah. Great. focusing on absorbed and increase in topline we would be focusing more on our margin profiles. 1:18:26 1 hour, 18 minutes, 26 seconds Yeah. And sir uh in last year FY 206 there was tremendous slowdown in pipe 1:18:34 1 hour, 18 minutes, 34 seconds industry, wire industry, FMCG, packaging and that's why we haven't seen the double digit growth. Uh since two months 1:18:41 1 hour, 18 minutes, 41 seconds of this year has already passed. Do you see any uptick in or improvement in the growth of these sectors and so that consequently it comes to us and we sell 1:18:50 1 hour, 18 minutes, 50 seconds more? Uh how is the situation in this year? 1:18:53 1 hour, 18 minutes, 53 seconds Uh sir I would respectfully disagree on one fact. Yes, I would agree that as far as the extrusion segment is concerned 1:19:01 1 hour, 19 minutes, 1 second there was a slowdown because again uh the whole Middle East conflict it impacted their CPVC PVC end and even 1:19:09 1 hour, 19 minutes, 9 seconds their input cost as well. So there was definitely a very heavy slowdown but as far as our customer profile in FMCG and 1:19:17 1 hour, 19 minutes, 17 seconds food was concerned they did not encounter any substantial slowdown. 1:19:23 1 hour, 19 minutes, 23 seconds So this 9.2% topline growth which you are seeing is a combination because we are heavily 1:19:32 1 hour, 19 minutes, 32 seconds reliant on extrusion. the major contributor is that and that is the reason why we have taken a different 1:19:39 1 hour, 19 minutes, 39 seconds approach of risk mitigation of increasing our exposure across all the industry segments. So let's say if one 1:19:45 1 hour, 19 minutes, 45 seconds segment is prone to some geopolitical issue or if there is some 1:19:54 1 hour, 19 minutes, 54 seconds non-welcome event from an industrial perspective let's say a tariff comes up which unnecessarily 1:20:02 1 hour, 20 minutes, 2 seconds slows down the industry we have our exposure over certain other industries as well so that our growth guidances are not being dismantled completely. 1:20:11 1 hour, 20 minutes, 11 seconds Yeah. Yeah, that is good to hear sir. 1:20:13 1 hour, 20 minutes, 13 seconds And last question is uh in your presentation you have explained how much money you are going to spend on different uh uh items on the capex but 1:20:21 1 hour, 20 minutes, 21 seconds you haven't put the absolute number on how many how much is the amount. That's a that's a 15, right? Got it. So that's a good 1:20:28 1 hour, 20 minutes, 28 seconds observation. We have we have not yet put it because that number is still under consideration at the board level. So uh 1:20:37 1 hour, 20 minutes, 37 seconds it it would not be uh legit to put it at this platform. But the broad line percentage bases have 1:20:45 1 hour, 20 minutes, 45 seconds already been decided uh one or two percentage points here and there. But this is the broad capex plan. The avenues have already been identified. 1:20:55 1 hour, 20 minutes, 55 seconds The vendors have also been identified. 1:20:57 1 hour, 20 minutes, 57 seconds The scope of work has also been finalized. Depending on how the industry shapes up actually uh I'll take a bit of 1:21:05 1 hour, 21 minutes, 5 seconds your time to explain that this capex would have been done some months back. But again this whole 1:21:14 1 hour, 21 minutes, 14 seconds Middle Eastern conflict took us to a different tangent when where we ourselves did not have the visibility of how this whole war is how much this 1:21:21 1 hour, 21 minutes, 21 seconds whole war is going to last for what 10 year it can be 1 month 1 week 1:21:28 1 hour, 21 minutes, 28 seconds 2 months 6 months god knows what and again as you clearly know sir once the ceasefire is being declared that is not when the war ends. 1:21:37 1 hour, 21 minutes, 37 seconds Yeah. Yeah. after ceasefire three four five months is the period which factors in the after effects of the war and that 1:21:44 1 hour, 21 minutes, 44 seconds is where the cruciality creeps in. So we did not want to commit nor comment on very heavy capex plans by giving 1:21:53 1 hour, 21 minutes, 53 seconds advances by already deploying our resources and then some unforeseen events comes in and we we have to take 1:22:01 1 hour, 22 minutes, 1 second our words back. So we are very cautious in managing our cash. We are very cautious in deploying our resources as far as the capex is concerned. 1:22:10 1 hour, 22 minutes, 10 seconds Yeah. And sir, I I would like to request that please uh try not to visit the capital market for equity and dilute the 1:22:18 1 hour, 22 minutes, 18 seconds um equity because the balance sheet is very strong and I'm sure we can probably handle the planned capex with the help of strong balance sheet and internal 1:22:27 1 hour, 22 minutes, 27 seconds acqu some debt because we are not very debt heavy so far. 1:22:31 1 hour, 22 minutes, 31 seconds We you your your your observation is uh very good sir and we respect your observation and we definitely take this 1:22:38 1 hour, 22 minutes, 38 seconds point into consideration and uh we would definitely go with your point sir. Thank you so much. Thank you so much for your valuable input sir. 1:22:46 1 hour, 22 minutes, 46 seconds Thank you very much sir. Uh that was it and good luck. Yeah thank you sir. Thank you sir. 1:22:51 1 hour, 22 minutes, 51 seconds Thank you. As there are no further questions I would like to hand over the call to Mr. Pulin G and Dra G for their closing comments. 1:23:08 1 hour, 23 minutes, 8 seconds So um I would like to thank all the investors for their valuable questions for their valuable comments. We take our 1:23:18 1 hour, 23 minutes, 18 seconds investors on the highest pedestal. We function Aztec on the highest pedestal of corporate governance and we ensure 1:23:25 1 hour, 23 minutes, 25 seconds that all our stakeholders are being given absolute clarity on our operations 1:23:31 1 hour, 23 minutes, 31 seconds and we ensure that the whole board the Aztec management 1:23:39 1 hour, 23 minutes, 39 seconds like to grow this company taking their stakeholders along with their growth journey and the kind of questions the 1:23:47 1 hour, 23 minutes, 47 seconds kind of feedback which we received from you the kind of interaction which we had has indeed gave us lot of insights on 1:23:55 1 hour, 23 minutes, 55 seconds how we are and we should be managing our business 1:24:01 1 hour, 24 minutes, 1 second in the period coming forward. We wish all of you to give good blessings to us 1:24:09 1 hour, 24 minutes, 9 seconds which would eventually take us on our growth plan on a go forward basis. 1:24:15 1 hour, 24 minutes, 15 seconds That's that's uh the message which myself would like to convey on behalf of the Aztec board and we thank you for 1:24:24 1 hour, 24 minutes, 24 seconds keeping your confidence in us and that is the source which is keeping us going 1:24:32 1 hour, 24 minutes, 32 seconds and moving forward in this corporate journey of ours. Thank you very much. 1:24:38 1 hour, 24 minutes, 38 seconds Thank you. This concludes the earn earnings call of H2 FI26. Participants may now disconnect the line.