Balrampur Chini Mills Ltd — Q4 FY26

Balrampur Chini Mills Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=XXa86Cp4UxY Published: 2 weeks ago

0:00 Ladies and gentlemen, good day and welcome to Balraur Chin Mails Limited conference call. As a reminder, all participant lines will be in the 0:09 9 seconds listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the 0:16 16 seconds conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. 0:25 25 seconds I now hand the conference over to Miss Jenny Rose from CDR India. Thank you and over to you ma'am. 0:32 32 seconds Good afternoon everyone and thank you for joining us today on this call to discuss Balampur Chini Mill's update on the PLA project and the capital raising initiative. We have with us today Mr. 0:44 44 seconds Vive Sarrai chairman and managing director of Bamboo Shini Mills, Miss Aan, executive director and Mr. from Prammote 0:54 54 seconds Patwari, chief financial officer of the company. 0:58 58 seconds We will begin the call with brief opening remarks from the management following which we will have the forum open for the question and answer 1:07 1 minute, 7 seconds session. Before we proceed, I would like to remind everyone that certain statements made in today's may be forward-looking in nature. 1:16 1 minute, 16 seconds Accordingly, please note that the company is currently in a silent period. 1:21 1 minute, 21 seconds uh we request that you refrain from asking questions related to the quarterly business performance and limit your questions to the current 1:29 1 minute, 29 seconds development. With that I would now like to invite Mr. Saragi to deliver his opening remarks. Thank you and over to you sir. 1:38 1 minute, 38 seconds Good afternoon everyone and thank you for joining us on this call today. We thought you know and in our uh 1:46 1 minute, 46 seconds genre of transparency to connect with all of you post the board meeting held on 23rd to share an update on the PLA 1:52 1 minute, 52 seconds project the investment around it and the associated financing initiatives approved at the meeting. At a broader 2:00 2 minutes level these uh decisions reflect the direction in which we are taking the business and the way we are positioning ourselves for the next phase. PLA 2:09 2 minutes, 9 seconds project is a key strategic initiative for us and forms an important important part of our efforts to build a more 2:16 2 minutes, 16 seconds growth oriented business with attractive opportunities emerging around the value chain. As the project has progressed 2:24 2 minutes, 24 seconds through implementation and detailed review, we have stock of the updated capital requirement and adjacent 2:31 2 minutes, 31 seconds opportunities around it. Let me first cover the PLA project itself. 2:38 2 minutes, 38 seconds As disclosed uh there has been a cost overrun of 230 crores taking the project cost 23080 from 2850. 2:49 2 minutes, 49 seconds The revision primarily is on account of key construction material global supply chain disruptions forex 2:57 2 minutes, 57 seconds uh movement and certain refinements in engineering and design to be which is the final 90% 3:04 3 minutes, 4 seconds uh engineering and review modeling alongside the PLA project we have ident and together with this people take 3:13 3 minutes, 13 seconds advantage of the situation and suppliers also you know in the g of giving 3:20 3 minutes, 20 seconds material on time say there's an overrun and a little more cost gets into that alongside the PLA project we have 3:28 3 minutes, 28 seconds identified an attractive opportunity to create value chain around its byproduct as part of his approach a part of this 3:37 3 minutes, 37 seconds approach board has approved the lacto gypsum processing plant at kumbi this facility will convert lacto gypsum which 3:45 3 minutes, 45 seconds is a synthetic and eco friendly byproduct generated during the PLA manufacturing process into gypsum boards 3:54 3 minutes, 54 seconds a scalable and commercially attractive production segment. The proposed plant 4:01 4 minutes, 1 second has an investment output of 160 crores and is expected to have a capacity of 76 4:08 4 minutes, 8 seconds lakh boards per commercial production starting in 18 months. 4:17 4 minutes, 17 seconds We see this as a highly compelling initiative with multiple benefits. It enables us to uh monetize our byproduct, 4:26 4 minutes, 26 seconds enhance overall efficiency and create an incremental revenue stream. At the same time, it reinforces our sustainability 4:35 4 minutes, 35 seconds agenda by embedding embedding secular economic principles into our operation. 4:42 4 minutes, 42 seconds And this uh synergizes with our you know initiatives of converting our kind of waste into value added products. 4:53 4 minutes, 53 seconds To support these initiatives the board has approved a preferential allotment of equity shares approximate worth 5:01 5 minutes, 1 second approximately 450 crores at the sebi price of 483 which that was the se price on that. 5:11 5 minutes, 11 seconds In addition, the board has unapproved an enabling resolution for raising debentures of 200 crores. 5:18 5 minutes, 18 seconds This is just part of the financing because if you're going for a big project, you need to do something through debentures. This would provide 5:26 5 minutes, 26 seconds us the financial flexibility required to execute our expansion plans while maintaining our balance 5:35 5 minutes, 35 seconds sheet discipline. We'd like to highlight that continued participation of the promoters in the fund raise will keep our stake the family stake at the 43%. 5:46 5 minutes, 46 seconds So if you see we have put in 43% of 450 crores which is about 193 crores which 5:53 5 minutes, 53 seconds is exactly synerggetic with our existing stake. We believe this reflects the promoter's continued confidence in the 6:00 6 minutes company's growth strategy and long-term value potential of these projects. 6:07 6 minutes, 7 seconds So what I'd like to also add is uh non-disposal of gypsum can also lead to a bit of a pollution issue. 6:17 6 minutes, 17 seconds So our ability to dispose gypsum with our interaction with cement plant showed limited interest very poor pricing and limited uptake. 6:28 6 minutes, 28 seconds So not getting into a position where earlier we in the '9s we got into with BAS where we had to sell BAS free 6:36 6 minutes, 36 seconds because there was no disposal and we were India's first sugar factory to get into the co-generation project which 6:43 6 minutes, 43 seconds yielded us rich dividends down the line and stopped us from getting blackmailed. 6:49 6 minutes, 49 seconds This initiative also has that theme embedded in it. 6:55 6 minutes, 55 seconds So now I'd uh request the moderator and would be very happy to answer your questions. 7:02 7 minutes, 2 seconds Thank you very much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask questions may please press star and one on their touchstone phone. 7:13 7 minutes, 13 seconds If you wish to withdraw yourself from the question, you may press star and two. Participants are requested to use 7:20 7 minutes, 20 seconds only handwriting our question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press star and one to ask questions. 7:34 7 minutes, 34 seconds The first question is from the line of Prashant Bani from Ara Capital. Please go ahead. 7:40 7 minutes, 40 seconds Yeah, thank you for the opportunity. Uh sir, what be the rational for this uh uh equity capital raise so closer to the 7:49 7 minutes, 49 seconds commercial timeline of the project? you would have already uh tied up with finances and uh leverage is also not uh that heavy on the balance sheet. 8:01 8 minutes, 1 second Yeah. So uh I I believe this question exists in the mind of uh many of our equity investors. 8:09 8 minutes, 9 seconds So I just let me give you some perspective. A this is a 5% dilution. B we are participating. So it's not that 8:16 8 minutes, 16 seconds there is a you know thought of lowering the promoter table. Three the ability to run business to maintain 8:25 8 minutes, 25 seconds rating to maintain the you know we almost getting our finance today at 6.75 and to ensure no ratios are disrupted. 8:35 8 minutes, 35 seconds The idea was to raise this capital because there is a 390 cr outlay as you can see 230 plus 160 8:45 8 minutes, 45 seconds plus we have the sugar season coming up and uh we see our ability to purchase more can etc beyond time. So to in 8:54 8 minutes, 54 seconds ensure liquidity to ensure rating to ensure no banker says that you know you 9:00 9 minutes violated some ratios etc. We thought that this would be a very prudent measure. 9:09 9 minutes, 9 seconds Okay. And so can you give some uh cost dynamics for the lactogypum plant? 9:16 9 minutes, 16 seconds uh mean uh uh how much is the output of uh lacto 9:23 9 minutes, 23 seconds gypsum when you make uh one unit of PLA and uh for this plant which will make gypsum board how much could be the uh 9:31 9 minutes, 31 seconds revenue potential as well as uh tentative margins if you would have budgeted the same yeah promote 9:40 9 minutes, 40 seconds so prash of 80,000 tons of PLA uh we are expecting in lacto gypsum in the region 9:47 9 minutes, 47 seconds of around 1.16 less to 1.1 and this has a revenue annual revenue 9:54 9 minutes, 54 seconds potential of around 150 or and 10:01 10 minutes, 1 second how many tons of how many units of lacto gypsum make uh one unit of gypsum board 10:08 10 minutes, 8 seconds or I mean equivalent uh input output ratio so this 1.16 6 lakh tons of gypsum will 10:17 10 minutes, 17 seconds result into around 63 lakhs pieces of that's 63 lakh pieces of 10:27 10 minutes, 27 seconds how much would be the margins uh for this business at least expecting a payback period of around 10:34 10 minutes, 34 seconds five years five years um Sorry. 10:44 10 minutes, 44 seconds Uh yeah, continue sir. 10:46 10 minutes, 46 seconds Yeah. So with the current disruption, I believe uh since we started looking at this project, the board prices what we 10:54 10 minutes, 54 seconds have factored in has moved up 25% higher already because of this West Asia crisis. 11:02 11 minutes, 2 seconds But that's that's uh just the current development. 11:07 11 minutes, 7 seconds Raw material is ours. We don't need to learn any business. 11:11 11 minutes, 11 seconds Right? So we have uh investment in NBFC also. Uh would we be willing to offload 11:18 11 minutes, 18 seconds some or full part of it which we own uh eventually to deliver our balance sheet? 11:28 11 minutes, 28 seconds Definitely eventually yes 100%. 11:33 11 minutes, 33 seconds any timeline and uh tentative valuation would you be looking at 11:40 11 minutes, 40 seconds while we have a history of past transaction at which uh the state transfer happened? 11:47 11 minutes, 47 seconds You're meaning the um solar plant isn't it? 11:54 11 minutes, 54 seconds No the history you're talking about is this. 12:00 12 minutes So there are two parts to oxilo's dilution. One is a dilution done to run the business. That is the capital requirement of the business itself. Two 12:09 12 minutes, 9 seconds and the last dilution was done at about 3,200 crores around 3,000 odd crores market cap of 12:18 12 minutes, 18 seconds Obsilo. So that was the last valuation available currently. Yes, we as I've told you I've answered your question. 12:28 12 minutes, 28 seconds The timing and etc are not fair to answer now. 12:36 12 minutes, 36 seconds Yes, we are at in the you know positively inclined towards answering your question in the affirmative. 12:45 12 minutes, 45 seconds Right. Okay sir. That's it from my side. Thank you so much. Thank you Bashan. 12:52 12 minutes, 52 seconds Thank you. The next question is from the line of Shahesh Kanani from Mack. Please go ahead. 12:59 12 minutes, 59 seconds Good afternoon everyone and thanks for giving me this opportunity and first of all congratulations on the equally funded after a long time to the whole Bamboo team. Uh sir I had few questions. 13:09 13 minutes, 9 seconds Uh first one is on the PLA project. Now the cost has accelerated by 230 crores and you have given the reasons that the engineering changes and supply chain 13:18 13 minutes, 18 seconds issues chain issues. So uh are these modifications fundamentally altering any yield or efficiency of the plant? 13:27 13 minutes, 27 seconds So uh minor tweakings always will lead to it. Yes, you're right. But it's impossible to be able to quantify all that today. Everything has been done. 13:37 13 minutes, 37 seconds Some part is towards improving the engineering. A lot of it is foreign exchange also. So one could not have booked the machinery which is to come 13:44 13 minutes, 44 seconds in. You don't move from 95 to 110 from Am I right? 90 to 110 90 to 110 13:51 13 minutes, 51 seconds so that's not in my hand I could not have booked the machinery which is to come as per RBI laws I'm told so that is 13:58 13 minutes, 58 seconds one major part to this shipping cost this crude this ships not coming around 14:05 14 minutes, 5 seconds Hormus and then Cape or you know Cape of Good local transportation you know the biggest consignment just to give you a 14:14 14 minutes, 14 seconds figure is costing me 9 crores to transport a column 14:21 14 minutes, 21 seconds or a part of the machinery. One there there are two such consignments. 14:26 14 minutes, 26 seconds It takes 4 months. So people at this point of time I have to complete the project and there are some costs which 14:35 14 minutes, 35 seconds are probably a little higher than what it should be. Some are genuine. 14:41 14 minutes, 41 seconds 90% are genuine. 10% is bit of blackmail. One has to succumb to that in order to complete the plant with precision. 14:50 14 minutes, 50 seconds Shipping cost, inland transport cost, currency fluctuation, revision of um 14:59 14 minutes, 59 seconds prices of some existing contracts, we have put in fixed price contracts and that we try to keep to a minimum. And lastly, some minor engineering and etc. 15:10 15 minutes, 10 seconds for with the 90% modeling which just throws up some new maybe wells pipelines 15:15 15 minutes, 15 seconds kind of things combination of all fair enough. So uh with project being so 15:24 15 minutes, 24 seconds closer in terms of completion and operational say 6 to 9 months so can we expect the final kind of revision in project cost and there will not be 15:32 15 minutes, 32 seconds further in cost irrespective of macro environment. 15:37 15 minutes, 37 seconds Uh yes because from the machinery is largely coming. Uh yeah I that that that should be it. 15:46 15 minutes, 46 seconds Okay. Uh thank you lot. Uh s my second question was related to the UP bioplastic policy where we they are 15:52 15 minutes, 52 seconds giving 50% capital subsidy. So even if this offered revision uh that would be kind of uh uh eligible for the fa right. 16:01 16 minutes, 1 second A very good question pertinent question. 16:04 16 minutes, 4 seconds the uh the document the policy document does not curtail your investment and yes 16:11 16 minutes, 11 seconds therefore what you said is absolutely correct enough thanks uh so my third question 16:20 16 minutes, 20 seconds was related to uh the gypsum boards what we are planning to do so uh I was uh reading sometime somewhere that it 16:27 16 minutes, 27 seconds requires pillars and reinforcements so uh are we planning to utilize the bas ash or bas fiber for uh production of this and do we have that excess? 16:39 16 minutes, 39 seconds No, that does not it's not required at all. It requires paper and gypsum that's it. 16:46 16 minutes, 46 seconds Okay. So, there will not be any further collection from the byproduct from the sugar mills as such. 16:52 16 minutes, 52 seconds No, only in terms of utilities like steam and power will go which will be accounted for in the project revenue. I mean sorry in the expense. 17:03 17 minutes, 3 seconds Fair enough. Uh just to answer your question, yeah, just to answer the question, how we work in Balraur and I guess in any prudent 17:10 17 minutes, 10 seconds company is if you see our three divisions, sugar, ethanol and power, there is a transfer pricing for 17:18 17 minutes, 18 seconds everything and then you get your segmental revenue and segmental profitability. So when promote has spoken to you about a 17:26 17 minutes, 26 seconds five-year payback and which may substantially decrease with the current raise in the board prices 17:34 17 minutes, 34 seconds uh each utility used here whether it is team anything is accounted as an 17:42 17 minutes, 42 seconds expension and a revenue in the PLA plant right 17:52 17 minutes, 52 seconds so just last question from my side on this continuing with this point. So, uh will this board what we be making would be positioning themselves as a commodity 18:00 18 minutes alternative or some kind of we have a leverage with respect to uh biiobased or some recycled content in it. So, we can 18:08 18 minutes, 8 seconds kind of target the premium ESG or green building something like that. Is it possible? 18:14 18 minutes, 14 seconds Uh I this is not envisaged at this point of time but in the future it is definitely replacing mind material. So 18:23 18 minutes, 23 seconds in that case it is uh of course a very very uh much more eco-friendly uh way but to to attribute value based on that 18:32 18 minutes, 32 seconds I don't know if you'll get more value but definitely eco-friendly tag is uh is definitely there with it. 18:40 18 minutes, 40 seconds Yeah, because our product and there's no mining involved paid from mining. 18:46 18 minutes, 46 seconds That's a good point. But that's a good thought. We we we most numbers people we didn't get on to later since it's 18 months away. 18:56 18 minutes, 56 seconds Thanks a lot, sir. Thanks a lot for answering all the questions and best of luck. Thank you. 19:03 19 minutes, 3 seconds Thank you. The next question is from the line of Nishita from Crown Capital. Please go ahead. 19:11 19 minutes, 11 seconds Um, yes. Hello. Am I audible? Yes, ma'am. Please. 19:15 19 minutes, 15 seconds Yeah. So, uh, I actually just had a follow-up question on the previous participants questions. So, I just 19:21 19 minutes, 21 seconds wanted to understand that our PLA capacity. So, you mentioned that on the 80,000 t of PLA capacity, we can expect 19:30 19 minutes, 30 seconds around 1.16 lakh t of lacto gypsson, right? 19:35 19 minutes, 35 seconds Yes. Yes. Yes. And from the 1.16 lakh of lacto gypsum we can have around 63 lakh pieces of gypsum boards. 19:44 19 minutes, 44 seconds Yes. Yes. Yes. 19:45 19 minutes, 45 seconds So the revenue potential that you mentioned of 150 crores that is from the 63 lakh pieces of gypsum board perom. Is that understanding correct? 19:55 19 minutes, 55 seconds Yes. Yes. 19:57 19 minutes, 57 seconds Okay. Okay. Got it. So I just wanted to understand what is the revenue like potential from our PLA project. 20:06 20 minutes, 6 seconds The whole project that's already nothing has changed. 20:14 20 minutes, 14 seconds Nothing has changed. The PLA project everything remains the same. This is a value addition to a byproduct which is like if not added waste. 20:25 20 minutes, 25 seconds Okay. Okay. Thank you so much. 20:31 20 minutes, 31 seconds Thank you. A reminder to all the participants that you may please press star RN1 to ask questions. The next question is from the line of Ria Bhya from CNBC TV18. Please go ahead. 20:43 20 minutes, 43 seconds Uh yes sir. I just wanted to understand uh the breakdown of the preferential issue of 450 crores. Where exactly will 20:51 20 minutes, 51 seconds this be used? Because I believe 160 crores will be for the slips plant and 230 crores for the PLA plant. Right. 21:00 21 minutes Right. balance will be on account of corporate general purpose. 21:04 21 minutes, 4 seconds Okay, understood. And uh the PLA plant commissioning does that remain on track for quarter 3? Yes. 21:12 21 minutes, 12 seconds Absolutely. Okay. Understood. 21:14 21 minutes, 14 seconds It's a tough job but we leaving no stone unturned and as things go it looks absolutely visible. 21:21 21 minutes, 21 seconds Okay. All right sir. And so I just wanted to understand what led to this increase in the cost for the PLA plans this 230 crores. Was it largely because of the West Asia crisis? 21:32 21 minutes, 32 seconds Yeah, I think if you had joined the call, I have threaded laid down all the points. Okay. All right sir. Okay. Thank you. 21:42 21 minutes, 42 seconds Thank you. The next question is from the line of Vikram Suryamanchi from Philip Capital India Private Limited. Please go ahead. 21:51 21 minutes, 51 seconds Uh yeah, good afternoon sir. Uh just on this project uh how is the sales will be done? uh will it require sales 22:00 22 minutes distribution channel or is it like a commodity where we can focus on sales probably it will be sold to the dealers 22:07 22 minutes, 7 seconds directly just to get some sales from the distribution side of uh support. 22:13 22 minutes, 13 seconds So uh we are working on the uh sales strategy and in time to come we will we laid out right there but uh it's just 22:23 22 minutes, 23 seconds the beginning beginning yeah we have we evaluating a few options. 22:27 22 minutes, 27 seconds So it it's 18 months down the line. Yes we we we are confident we've taken a broad stroke understanding we'll get to it. 22:37 22 minutes, 37 seconds Okay. Got it. 22:40 22 minutes, 40 seconds Thank you. And we are already tracking the prices as you can see. Thank you. 22:49 22 minutes, 49 seconds The next question is from the line of Bharat S from Quest Investment Advisers Private Limited. Please go ahead. 22:56 22 minutes, 56 seconds Hi sir, thanks for the opportunity sir pardon my ignorance. If you can run through the whole I mean with this uh 23:03 23 minutes, 3 seconds PLA plant and this gypsum plant how I mean once gypsum plant where the lot of I mean output of PLA will be used as a 23:12 23 minutes, 12 seconds raw material and cost. So is there any change in the uh payback time or it still remains five years? 23:21 23 minutes, 21 seconds It remains the same. 23:23 23 minutes, 23 seconds It remain no change. There is no change at all. So let me explain to everyone the way bas comes out when you run a sugar factory 23:33 23 minutes, 33 seconds that bas is either fed into the boiler for co-generation which you sell power or you can sell bagas to paper manufacturers. 23:41 23 minutes, 41 seconds Correct? So this is the way gypsum will come out. 23:43 23 minutes, 43 seconds Either you dispose throw give to cement at dirt rate dirt cheap rates with a huge volume staring at your head or we have taken this call to convert. 23:55 23 minutes, 55 seconds Correct. 23:57 23 minutes, 57 seconds And so you also said some of the the sugar plant I mean uh uh output will be used in PLA. So and which will be the 24:06 24 minutes, 6 seconds cost for PLA plant. So how that can really will benefit to sugar plant existing sugar business. 24:15 24 minutes, 15 seconds There is no sugar plant. I said I said out of the PLA plant the capacity of the boiler let's say is 100 tons and two tons is needed in this process. 24:26 24 minutes, 26 seconds that 2 ton steam used to make board will be the cost of the board factory let's say and 2 ton therefore will be revenue 24:34 24 minutes, 34 seconds of the PLA factory I understand sir but when we are going ahead with converting ethanol into PLA 24:43 24 minutes, 43 seconds so that economics if you can explain sir I'll be grateful there is no ethanol converted into PLA 24:52 24 minutes, 52 seconds so converting sugar sugar is converted into PLA story over for sugar factory. 24:58 24 minutes, 58 seconds Yeah. So if you can give some economics on that part broader economics so actually we can take this question 25:06 25 minutes, 6 seconds offline because for the rest of the audience you have explained this at least five time thank you and all the best. 25:13 25 minutes, 13 seconds Thank you. The next question is from the line of Prashant Byani from Ara Capital. Please go ahead. 25:21 25 minutes, 21 seconds So for marketing of these gypsum boards uh would you rather uh be like an 25:29 25 minutes, 29 seconds outsource manufacturer for already existing branded company like Ziprock or anyone or you would want to take it uh 25:38 25 minutes, 38 seconds with your own brand actually this is what the we also tried to answer before we evaluating our give us some time we'll go for the best 25:46 25 minutes, 46 seconds one that comes uh to us slightly closer to the commission So once we uh set up the plant like 3 25:55 25 minutes, 55 seconds six months into the game plan we'll start searching and you know we already contacting people we we we will do what 26:04 26 minutes, 4 seconds is best for the company we don't want to sort of get into some 26:10 26 minutes, 10 seconds big time branding expense and all but yes we'll do what is best for the company. Yeah. And actually uh those 26:18 26 minutes, 18 seconds companies have a portfolio to offer to uh the dealers which we would not have. Yeah. 26:25 26 minutes, 25 seconds I I get your stance. I'm uh I'm I'm aligned but too early enough. Rashan's too early. 26:32 26 minutes, 32 seconds Right. And just uh one last thing on this. Uh would the UP market be enough for this or we would have to go pan India? 26:40 26 minutes, 40 seconds No, I think pan India. Pan India. North. North. North would be enough. 26:47 26 minutes, 47 seconds Okay sir. Thank you. 26:49 26 minutes, 49 seconds Yeah. So we we'll get to the marketing let's say six 9 month 6 6 months 9 months but may we give some idea. 26:58 26 minutes, 58 seconds Sure. Thanks. 27:00 27 minutes Thank you ladies and gentlemen. That was the last question. I would now like to hand the conference over to the management for closing on com comments. 27:08 27 minutes, 8 seconds Thank you and over to you sir. 27:10 27 minutes, 10 seconds Thank you and uh all the best. any other questions offline can be answered. 27:22 27 minutes, 22 seconds So I hope I've been able to answer everything and you can call us for anything you so need again. 27:29 27 minutes, 29 seconds So basically it is to give you a the idea of today's call is to give you a broad construct and understanding so 27:36 27 minutes, 36 seconds that every all the investors are on the same page as far as the knowledge sharing goes and you know people don't 27:44 27 minutes, 44 seconds need to get into any kind of speculation andor understanding and nobody has a preferential understanding that is the 27:52 27 minutes, 52 seconds reason for our taking this time out and giving this brief to all of you. Thank you and thank you to all the shareholders for being with us as always. 28:03 28 minutes, 3 seconds Thank you everyone. Thank you. Thank you sir. 28:06 28 minutes, 6 seconds Thank you members of the management on behalf of Belrampus Genie Mills. That concludes this conference. Thank you for joining 28:14 28 minutes, 14 seconds us and you may now disconnect your lines. Thank you.