Bansal Wire Industries Ltd — Q4 FY26

Bansal Wire Industries Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=dTFFSXGwNSM Published: 13 days ago

0:00 Ladies and gentlemen, good day and welcome to the Q4 and FY26 conference call of Bansel Wire Industries Limited. 0:10 10 seconds From the management, we have Mr. Pranov Bansil, MD and CEO and Mr. Gancham 0:17 17 seconds Gujarati, CFO to take the discussion forward. We also have the investor 0:24 24 seconds relations team from AD factors. As a reminder, all participant lines will be in the listenonly mode and there will be 0:32 32 seconds an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this 0:40 40 seconds conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. 0:50 50 seconds Before we begin, I would like to mention that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertaintities. 1:02 1 minute, 2 seconds Please note the disclaimer mentioning these risks and uncertaintities are on the disclaimer slide of the investor 1:10 1 minute, 10 seconds relations presentation that has been shared earlier. I would now like to hand the conference over to Mr. Pranov Bansil 1:18 1 minute, 18 seconds for the opening remarks. Thank you and over to you sir. 1:24 1 minute, 24 seconds Yeah. Hi. Thank you. Uh good afternoon everyone and welcome to Manila Industries Q4 and FI26 earnings call. 1:31 1 minute, 31 seconds Joined uh joining me today is Mr. 1:33 1 minute, 33 seconds Nachang Gujati CFO and I trust you've had the opportunity to review our financial results press release and investor presentation which are 1:41 1 minute, 41 seconds available on the stock exchanges and on our website. 1:45 1 minute, 45 seconds Now let me start by saying that this year has been a year of a lot of major changes for the company. In fact, I would say that we have completely 1:53 1 minute, 53 seconds transformed ourselves through the process and have emerged stronger and sharper. Let me highlight some of the major events of the last year. 2:03 2 minutes, 3 seconds First and the most important would be our improved focus on ROC and cash flow generation. As part of this approach, we 2:10 2 minutes, 10 seconds deferred our backward integration project, undertook a comprehensive review of operational efficiency and realigned our strategy towards our core 2:20 2 minutes, 20 seconds competencies. And as a result, we were able to generate a cash flow of 333 crores, exceeding our initial target of 2:26 2 minutes, 26 seconds 250 crores and we remain on track for achieving our total target of 600 crores by 2017. And by doing this, we have also 2:35 2 minutes, 35 seconds remained well positioned to fund our growth ambitions while maintaining financial discipline. 2:42 2 minutes, 42 seconds Second, even though there was a fire incident in our steel cord shed which led to a delay in our approval process, 2:49 2 minutes, 49 seconds we made meaningful progress in strengthening our specialtity and value added wire portfolio with IHTY 2:56 2 minutes, 56 seconds demonstrating a strong momentum. Phase one ramping up in line and with even ex uh exceeding our expectation. 3:06 3 minutes, 6 seconds We also received a faster than expected approval. Phase two of the expansion is also progressing as planned, adding 3:13 3 minutes, 13 seconds 6,000 tons of capacity on the existing 9,000 tons. Even on the steel quad front, we have made a major breakthrough 3:20 3 minutes, 20 seconds and are expecting our very first trial order very soon. 3:25 3 minutes, 25 seconds Next we started our LRPC wire product with 18,000 tons of capacity which is also towards the end of this year started generating positive beta. 3:37 3 minutes, 37 seconds During the last year we also strengthened our B2C segment with a focused strategy on expanding our distribution network enhancing brand 3:46 3 minutes, 46 seconds visibility and introducing customer centric product offerings. This se this segment has also started picking up and 3:54 3 minutes, 54 seconds we have launched 16 new product offerings for the western and southern part of the country. Turning to our manufacturing footprint, our install 4:03 4 minutes, 3 seconds capacity now stands at approximately 6 lakhs 80,000 metric ton with the Dadi facility continuing to anchor our 4:10 4 minutes, 10 seconds growth. During this year, we added about 1 lakh 20,000 tons of capacity at DARI completing our first phase of this 4:17 4 minutes, 17 seconds expansion. This facility not only supports volume growth but but also enables us to deliver high value added 4:24 4 minutes, 24 seconds products with improved consistency and better operational efficiencies. 4:30 4 minutes, 30 seconds And last and I would say one of the most important event which is something we are all dealing with particularly in the month of March. We saw some disruptions 4:39 4 minutes, 39 seconds due to ge geopolitical tension involving Iran and Israel which led to volatality in global energy markets and supply 4:47 4 minutes, 47 seconds chain challenges. We also experienced a temporary disruption in natural gas. Our 4:53 4 minutes, 53 seconds production took a cut to 35% which also had a short-term impact on 5:00 5 minutes our production schedule. Despite these headwinds, our volume remained resilient increasing by 33% for the full year 5:09 5 minutes, 9 seconds while AITA and revenue grew by approximately 20%. 5:13 5 minutes, 13 seconds Reflecting our underlying strength of our business. 5:17 5 minutes, 17 seconds As we enter the next year, we anticipate a relatively subdued start, particularly in the first quarter, given the ongoing 5:25 5 minutes, 25 seconds situation. However, we are proactively taking measures to mitigate these impacts and remain confident in our ability to navigate the near-term challenges. 5:35 5 minutes, 35 seconds But once condition stabilizes, we still expect us to return on our targeted 20% uh growth trajectory supported by our 5:43 5 minutes, 43 seconds strategic initiatives and already available capacity. I now hand over the call to Mr. Ganchjati. 5:53 5 minutes, 53 seconds And good afternoon everyone. 5:56 5 minutes, 56 seconds Let me walk through the key financial and operational highlights for the quarter four and for the full year by 26. Let me begin with the volumes. 6:07 6 minutes, 7 seconds During this quarter we deliver a sales of 1.17 lakhs milk tax reflecting a 20% yearon-year increase 6:16 6 minutes, 16 seconds volume is slightly lower on the sequential basis primarily streaming from the disruption of industrial gas 6:24 6 minutes, 24 seconds supply as highlighted by our MD sir for the full year volume stood at 4.58 6:33 6 minutes, 33 seconds lakh m compared to 3.44 lakhs metric turn in up by 26 translating into 33% 6:43 6 minutes, 43 seconds yearonyear growth and making the highest annual sales volume achieved by the company. This volume was sustained 6:51 6 minutes, 51 seconds consistently across the quarter and supported by the broadbased demand that our diversified end market expose 7:00 7 minutes exposure provides. Moving to the financial for quarter for 26 revenue is 7:06 7 minutes, 6 seconds stood at 1136 Kum reflecting 21% yearon-year growth 7:13 7 minutes, 13 seconds for the quarter was rupes 80 cr with a margin of 7% and net profit came into 8 7:20 7 minutes, 20 seconds rupees 40 crores up 21% year on year for the full year full year by 26 revenue 7:28 7 minutes, 28 seconds stood at 4160 kores reflecting growth of 19% over FY26A 7:37 7 minutes, 37 seconds was 325 kores up 17% year on year and net profit for the year to date rupees 7:45 7 minutes, 45 seconds 161 kores higher by 10% both reflecting healthy growth over the last year 7:54 7 minutes, 54 seconds with that I will conclude my remark we can now open the floor for posture. 8:02 8 minutes, 2 seconds Thank you. 8:04 8 minutes, 4 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. 8:16 8 minutes, 16 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use 8:22 8 minutes, 22 seconds handsets while asking a question. Ladies and gentlemen, we will wait for a moment 8:28 8 minutes, 28 seconds while the question queue assembles. Our first question comes from the line of 8:36 8 minutes, 36 seconds Pariff Johnson from Anand Rati. Please go ahead. Hi. Uh am I audible sir? 8:45 8 minutes, 45 seconds Yes. Yeah. Thank you for the opportunity sir and uh congratulation uh especially you know during the third month of the 8:53 8 minutes, 53 seconds quarter still you have been able to kept keep your volumes intact. 8:57 8 minutes, 57 seconds Congratulations on that sir. So my first question is pertaining to one of your opening statement where you stated that the year has started on bit of a subdued 9:06 9 minutes, 6 seconds note. Uh is it possible to uh you know quantify what is the issue particularly from say gas what is the gasability 9:13 9 minutes, 13 seconds today? What can be uh you know the headwinds or what can be the volume disruption particularly for Q1 of this current financial year. 9:25 9 minutes, 25 seconds Yeah sure sir. So uh Q1 uh we have started with of course uh lesser volumes. Uh in fact uh last last month 9:34 9 minutes, 34 seconds our volumes were cut to an extent of 35%. However those are still uh those are back we are now expecting about 80 9:43 9 minutes, 43 seconds 85% kind of our volumes to uh you know be there but other than volumes there is also an issue in demand. uh as of now 9:51 9 minutes, 51 seconds other than I would say the automotive segment all other segments that we see we still see a lack of demand so all our all our customers all 10:00 10 minutes segments are still you know undergoing uh these issues and till the time this doesn't go back to normal I am not 10:07 10 minutes, 7 seconds expecting uh you know sales uh sales also visibility to be there 10:14 10 minutes, 14 seconds is difficult for me to quantify this I think we are all on the same boat and you know we'll have to see how it goes But yeah what I can say is that once we 10:22 10 minutes, 22 seconds normalize I think overall we are still expecting you know 20% kind of a number to be there but of course only once we normalize. 10:32 10 minutes, 32 seconds Sure we respect that sir that you have kept your you know your volume guidance intact at say 20% growth but just wanted 10:39 10 minutes, 39 seconds to just add on to that that uh despite say you know volumes are down uh considering the gas disruption and the demand I believe the prices would have 10:48 10 minutes, 48 seconds been much better right because the steel prices have gone up substantially especially post February post the you know starting of the year and the prices 10:55 10 minutes, 55 seconds are already up on the range of almost about 10 15%. So will that actually support your top line despite you losing on the volumes? 11:05 11 minutes, 5 seconds Yes, I would say that could definitely support our top line but that would still not translate to real earnings. At the end of today our business is still 11:14 11 minutes, 14 seconds driven by volumes and a bit per ton. In fact if we talk about only EITA because of operating at a lower base our even 11:22 11 minutes, 22 seconds our cost is higher. So our beta partner will also take uh uh you know some some heat. The revenues might be intact or 11:31 11 minutes, 31 seconds might be higher but at the end of the day it is all about the quantities that I am able to sell. 11:37 11 minutes, 37 seconds Yeah. Is it possible to quantify that the number by any chance? 11:41 11 minutes, 41 seconds So right now it is very difficult. I mean uh every day is a new day. Every day we have different challenges. It is definitely getting better. 11:50 11 minutes, 50 seconds uh but yeah we'll we'll still have to see you know how long uh this uh happens. Sure. So my second question was particularly to the steel core business. 12:01 12 minutes, 1 second You know uh we have it's since IPO practically we have been you know stating that the approvals would be there. However there was some you know 12:08 12 minutes, 8 seconds headwinds and now I think about a call or two call back you had said that you will be entering the phase two trial process. This uh call you have stated 12:17 12 minutes, 17 seconds that you are almost on the verge of getting the first trial order or the first order. What can be the quantum and what can be the delta now that finally 12:24 12 minutes, 24 seconds things have been looking up for you from the three cord vertical and from which customer has been receiving these orders? Which of the automobiles come in? 12:34 12 minutes, 34 seconds So the order we would be receiving would be from the top four uh companies in India. Uh yes there are our year started 12:43 12 minutes, 43 seconds slow because of the fire incident but we've picked up uh it is uh it is a it will be our first trial order. uh once 12:50 12 minutes, 50 seconds uh you know we supply uh that order and if the customer finds everything to be intact then we can expect a regular order from these customers. Now when 13:00 13 minutes that will happen how that will happen we will keep you updated but it is very hard to predict uh today. Sure. 13:06 13 minutes, 6 seconds So so this phase two trial is already been completed right if I'm not mistaken there. 13:11 13 minutes, 11 seconds Yes with some uh with one uh with one customer which we would expect this order from. Yes. There will not be a phase two uh trial process. It will only 13:19 13 minutes, 19 seconds be a sample and then uh uh some okay got it got so and if I may quickly squeeze in the last one from my side uh 13:26 13 minutes, 26 seconds is it possible to quantify what is the even you know broad benchmark numbers are fine but is it possible to quantify 13:33 13 minutes, 33 seconds what is the know share of say low carbon high carbon and specialtity in top line as well as the aa in percent terms is 13:41 13 minutes, 41 seconds also fine yeah so uh overall our product mix has remained the same I think 55ish% % of 13:48 13 minutes, 48 seconds low carbon, 25 high carbon and 20% stainless steel in general. This is the broad uh thought process that we have 13:56 13 minutes, 56 seconds and there has not been a major change here. 13:59 13 minutes, 59 seconds But then low carbon would have much lower EIA contribution. So that means your AIA would be much higher from high carbon and stainless as compared to low carbon. Is it is it that understand? 14:10 14 minutes, 10 seconds Yeah. So what is your share there at the AITA level? Uh sir we will not be able to give you uh separate levels for all 14:18 14 minutes, 18 seconds streams. Uh what we were what we would be uh showing to you is the emittita pattern on a blended basis. This is where we f focus on. 14:28 14 minutes, 28 seconds Sure. Sure. This is quite helpful sir. 14:29 14 minutes, 29 seconds Uh if I have any further question I'll join back in the team. Thank you so much and best of luck. 14:36 14 minutes, 36 seconds Thank you. A reminder to all participants you may press star and one to ask a question. 14:43 14 minutes, 43 seconds The next question comes from the line of Pratik Singh from IIFL Capital. Please go ahead. 14:51 14 minutes, 51 seconds Hey. Hi. Uh, thanks for the opportunity. 14:54 14 minutes, 54 seconds So the first question was largely on the industry side. Uh, given it's a low margin industry and we are the market 15:01 15 minutes, 1 second leaders here. I would assume this gas problem would be faced by a lot of your competitors who are in a much smaller 15:10 15 minutes, 10 seconds scale. So fair to assume that they would be in pretty much uh dire situation 15:17 15 minutes, 17 seconds right now if demand is weak and we can expect to gain market share despite demand being weak right now. 15:27 15 minutes, 27 seconds So sir if you break this demand situation into different uh sectors that [clears throat] we have I would say the automotive sector has been doing well uh 15:35 15 minutes, 35 seconds there we are still able to grow even through all of this. So uh yeah I think uh for us automotive is uh okay uh every 15:44 15 minutes, 44 seconds other sector whether it is uh consumer durable infra all of there we are uh 15:51 15 minutes, 51 seconds seeing a very sluggish demand it and this is because of two reasons one one is there has been a big price 15:59 15 minutes, 59 seconds increase in uh steel in the last 3 months and the second is of course the situation we are all going through so 16:07 16 minutes, 7 seconds but yeah I mean it it's looks positive every day is uh getting better. 16:15 16 minutes, 15 seconds So yeah, let's see what what happens. 16:18 16 minutes, 18 seconds Understood. And in the past when we had stated that to gain market share uh we would be taking a hit on our margins. Uh 16:26 16 minutes, 26 seconds is that phase largely behind us or do you think to gain this 20% growth this year as well or a bit margins or aida 16:34 16 minutes, 34 seconds pattern would be likely lower than uh what we showed this year? 16:39 16 minutes, 39 seconds Uh no from from this year uh there is no uh more uh there's no impact negative impact on a beta uh which we are uh 16:48 16 minutes, 48 seconds which we foresee uh in terms of our regular operations. If we grow at 20% our AIA should also grow at 20%. Uh of 16:55 16 minutes, 55 seconds course uh you know this current situation uh we have to keep aside but once we turn back to normal I think uh our pattern should be same or if not better. 17:07 17 minutes, 7 seconds Okay. And lastly, what's the update on the two units I think uh Balaji W and Bulic Carbon which were going to be shut 17:14 17 minutes, 14 seconds down. Uh so what's the plan there right now? 17:19 17 minutes, 19 seconds So those two units again are operating at almost negligible capacity utilization all of it has mostly shifted 17:26 17 minutes, 26 seconds to themsel I think maybe the next the last four 5% that would be remaining would shift in another maybe 6 8 months. 17:36 17 minutes, 36 seconds Okay. Thanks Prime. Thank you. 17:42 17 minutes, 42 seconds Thank you. A reminder to all participants, please press star and one to ask a question. 17:51 17 minutes, 51 seconds The next question comes from the line of Disha from Safia Capital. Please go ahead. Hello. 18:00 18 minutes Yes, please go ahead. Disha, am I audible? Yes. Yes ma'am. 18:08 18 minutes, 8 seconds Yeah. Thank you so much for this opportunity. So, so firstly you mentioned that currently also we operating at around 80 85% volume. So we 18:15 18 minutes, 15 seconds see 20% production cut uh in the month of April as well. So going forward how confident are we to maintain this 20% 18:23 18 minutes, 23 seconds sort of guidance that we've given? You see any downside because you mentioned that auto sector is doing well but that contributes I think around 22% to our 18:31 18 minutes, 31 seconds revenues. So is there any sort of downside you see to this 20% virus? 18:37 18 minutes, 37 seconds Ma'am again right now it is very difficult uh for me to uh you know give you a number because it is a very dynamic situation that we are all in. Uh 18:46 18 minutes, 46 seconds but yes as of now uh what I see is that situation is getting better. Uh right now there is sluggishness in demand but 18:55 18 minutes, 55 seconds uh we feel that it is getting better every day. Uh so we are hoping for the best but once it turns back to normal yes we we should be able to grow at 20%. 19:03 19 minutes, 3 seconds Because we have that kind of a capacity available with us from the starting of the year like given the current we fairly 19:12 19 minutes, 12 seconds confident we'll be able to do 20% once we uh once we return back to normal. Yes 20% growth is what we should be able to do. 19:21 19 minutes, 21 seconds Okay. And this IHTY segment, this new segment that we added, what sort of capacity utilization are we at in Q4? 19:29 19 minutes, 29 seconds In Q4, I would not have the right figures. But yeah, in I would say in the month of March alone, we were at about 25% 19:37 19 minutes, 37 seconds capacity utilization in IHD and which is increasing by maybe uh 10 15 which should increase by 10 15% every month. 19:47 19 minutes, 47 seconds And what sort of epic per do we see in this one? 19:51 19 minutes, 51 seconds M right now it is not contributing much but once we touch 50% capacity utilization I think it should turn into positive a better 20:00 20 minutes okay and what sort of KX are we looking for for FI27 FI27 or in fact even in the years later I 20:10 20 minutes, 10 seconds think our capeex strategy has is now focused on on our cash flows so what we 20:17 20 minutes, 17 seconds are expecting is majority of or maybe 60 70% of our cash flow we will uh pull back into KEX. So maybe 150 200 crores 20:26 20 minutes, 26 seconds something like that uh to generate uh enough capacities to grow at 20%. 20:33 20 minutes, 33 seconds And the product mix that we you mentioned 55% low carbon and 25 high and 20% speciality that we expect to be pretty much stable in F27. 20:44 20 minutes, 44 seconds Yeah, that should be stable in this year as well. uh that's specialtity right now in a percentage is uh nothing. So it's 20:51 20 minutes, 51 seconds 20% of steelless but yes in 20 in this year speciality should also uh come as part of this product mix. 21:01 21 minutes, 1 second Okay. Okay. Fair enough. Thank you so much. That is it from my sense. Thank you. 21:07 21 minutes, 7 seconds A reminder to all participants you may press star and one to ask a question. 21:14 21 minutes, 14 seconds The next question comes from the line of Deepak from Sundaram Mutual Fund. Please go ahead. 21:21 21 minutes, 21 seconds Thank you for the opportunity. Am I audible? Yes. Yeah. Hi Prayables. 21:33 21 minutes, 33 seconds So this year we have seen a sharp spike in our payable both in absolute terms as well as uh increase in the number of 21:41 21 minutes, 41 seconds days. So just wanted to understand have we structurally made any changes in the way we are sourcing let's say instead of 21:48 21 minutes, 48 seconds a bill are we procuring more through dealers uh on account of which we are getting better credit term hence the payable days have improved for us. 22:01 22 minutes, 1 second Yeah. So sir uh we are still buying from uh our main suppliers and most of those suppliers we are still paying uh for 22:08 22 minutes, 8 seconds them we are still paying them advance but we are also we've also included a lot of discounting limits uh from this year which is where you are seeing the 22:17 22 minutes, 17 seconds table going high. So this is part of the discounting facility that we have uh done in purchases our vendor is still 22:24 22 minutes, 24 seconds getting advanced payment whereas we uh get that kind of a credit. 22:29 22 minutes, 29 seconds Okay. Okay. So if I understood correctly, you're still procuring from uh the steel mills, but uh instead of paying them uh on an advanced basis, you 22:37 22 minutes, 37 seconds are using purchase invoice discounting where the bank pays them and you pay the bank later. Correct. Yes, absolutely. 22:44 22 minutes, 44 seconds Okay. Okay. Thanks. Thanks. And do you see means going forward this number to go up further? I mean to say your 22:52 22 minutes, 52 seconds payable days going up higher. So as you increase your uh banking or discounting through let's say the banking methods 23:00 23 minutes means or do you think that right now it has come at a stable level? 23:05 23 minutes, 5 seconds No sir it can go higher uh as in when you know we we we are trying to reduce our total working capital. So in that 23:12 23 minutes, 12 seconds effort it could go higher gradually and will that also lead to increase our uh interest expense? 23:21 23 minutes, 21 seconds that will that will definitely lead to uh increase in our uh interest expense but not disproportionately. 23:28 23 minutes, 28 seconds So we are already paying that interest uh even today but that is uh done through our regular limits. 23:34 23 minutes, 34 seconds Okay, got it. So uh there should not be a further increase in uh interest cost because of this. 23:40 23 minutes, 40 seconds Got it. And second question is on uh our balance sheet. So if I see that from last presentation to this presentation 23:48 23 minutes, 48 seconds we have expanded our capacity by around 60,000 metric ton right and despite that if I look at your balance sheet uh we 23:56 23 minutes, 56 seconds are having an 113 cr of capital work in progress so just wanted to understand what is uh that 24:04 24 minutes, 4 seconds so this capital work in progress is part of the 60,000 tons also which we have installed but not commissioned till date uh that will happen in this month month 24:12 24 minutes, 12 seconds of April one and Second, this is also part of some ongoing investment to further enhance our Adri facility. So 24:19 24 minutes, 19 seconds from this 6.8 lakh t, we would want to this year add another 1.2 lakh tons so that we are prepared for the year after 24:27 24 minutes, 27 seconds this. This is where uh you know this kind of investment is going in. 24:32 24 minutes, 32 seconds Okay. So if I understand correctly, so we were in the process of adding around I think 90,000 tons in San, right? And 24:40 24 minutes, 40 seconds you are saying now that from 6.8 8 again we'll be adding 1.2 lakh ton in Dadi itself. So would it be fair to assume in 24:47 24 minutes, 47 seconds FI27 you'll be adding 1.2 in Dadri and let's say.9 in San 24:55 24 minutes, 55 seconds that 0.9 will come towards the end of 27. We will only be able to utilize that in 28 okay 25:02 25 minutes, 2 seconds not in 27. Therefore for this complete year we would still be adding some capacities here and there. For example, the ongoing uh IHTY expansion of 6,000 25:11 25 minutes, 11 seconds tons is happening uh right now. There there are some expansion for low carbon, high carbon also. Okay. 25:18 25 minutes, 18 seconds For us to have the capacity headroom to grow at 20% for the next 2 3 years. 25:22 25 minutes, 22 seconds Got it. So as per your internal estimate, let's say by end of FI27, our capacity will increase from 6.8 lakh to what number? 25:32 25 minutes, 32 seconds From 6.8 lakh it should be uh at least 8 lakhs. uh and with san coming in it might be 8.5 or 8.6 something like that. 25:43 25 minutes, 43 seconds Okay. So you are saying because the demand situation is so dynamic that you would want to tweak your capeex number that that's the correct way to read about it right? 25:53 25 minutes, 53 seconds So our capeex uh investment uh side uh should be capped at uh 200 crores or something like that. We should not be uh 26:01 26 minutes, 1 second going higher than that for a year to be growing at this pace. 26:07 26 minutes, 7 seconds Okay. Okay. But yes, we see a good demand. Other than this uh situation, we were already utilizing a good amount of 26:14 26 minutes, 14 seconds capacities. Even in last quarter, if you leave uh March aside, at least 15 16 days of March aside, we were doing a 26:22 26 minutes, 22 seconds good uh run rate. It is only uh in the last 15 days that we took a hit. Uh even then we were able to uh you know do 26:29 26 minutes, 29 seconds about 1 lakh 20,000 tons in that quarter. So we we should uh I mean we have a good opportunity once situation 26:36 26 minutes, 36 seconds returns to normal. I think uh yeah we can do something good. Therefore the 20% number um growth cases still remains. 26:46 26 minutes, 46 seconds Okay. And in this one lakh 20,000 capacity that we're looking to add in DARI itself um would it be equally split 26:54 26 minutes, 54 seconds between low carbon, high carbon and specialtity or it would be more leaning towards let's say low carbon and high carbon? It would be uh yeah I think it 27:03 27 minutes, 3 seconds would be similar to the current product rules that we have not a big change. Got it. 27:10 27 minutes, 10 seconds In some ways maybe some specialtity would increase disproportionately but yeah other than that I think overall same. 27:17 27 minutes, 17 seconds Okay. And and one just last question on this uh steel cord business. So I think last time you indicated that we were 27:23 27 minutes, 23 seconds undergoing some uh field trials and uh now you're saying that some trial runs are going on. Is it similar to the field 27:31 27 minutes, 31 seconds trials or is it that the field trials has been completed and you you'll be sending your first trial batch and then ultimately if that gets approved uh you will start commercial supply. 27:42 27 minutes, 42 seconds So sir generally the thought the process is that once we receive a sample approval the product goes for field trial but with some customers you know 27:50 27 minutes, 50 seconds because of the result that they've gotten from the sample itself. Uh there are some customers who have removed the field trial process and therefore we are 27:58 27 minutes, 58 seconds expecting a trial order from them. Once we once we receive the trial order once we supply them they test it then we can actually expect a regular supply level. 28:09 28 minutes, 9 seconds Okay. So even though there was a delay because of the fire uh because of this we've been able to cover that uh time also. 28:17 28 minutes, 17 seconds Okay. And that is expected to happen in H2 of this fiscal year. Correct. 28:21 28 minutes, 21 seconds Yeah. That's the uh that's a thought process but that's only one customer. 28:24 28 minutes, 24 seconds Overall we are still expecting um the other customers to be in line by the end of this year. 28:31 28 minutes, 31 seconds Okay. Okay. Thanks. Uh very helpful. All the best. Thank you. Thank you sir. 28:38 28 minutes, 38 seconds Thank you. The next question comes from the line of Hit Sha from Dalal and Brocha Stock Broking. Please go ahead. 28:47 28 minutes, 47 seconds Yeah. Uh thank you for the opportunity. Can I audible? Yes sir. 28:53 28 minutes, 53 seconds Yeah. Uh so firstly my question is on the Son balance land. So first we scrapped off our plan for you know the 29:00 29 minutes backward integration. So in the last con call also you had said probably the decision to sell or to come up with 29:07 29 minutes, 7 seconds another should be taken in the next quarter or so. So I mean have we come up with any decision on that balance 50% land? 29:17 29 minutes, 17 seconds So uh sir the balance 50% uh land we would be uh trying to sell it off uh to uh get that cash in. uh we have deferred 29:26 29 minutes, 26 seconds uh our backward integration project and for the next couple of years it does not fit in our uh uh you know strategic 29:33 29 minutes, 33 seconds investment uh scheme. So any decision that we take on backward integration would at least be after those two years because we already have specialtity w 29:42 29 minutes, 42 seconds which is now turned uh very well for us and uh the regular market of high carbon low carbon wherein we would want to uh spend most of our investments. 29:52 29 minutes, 52 seconds Got it. Got it. So the next question is with regards to a beta pattern if you look at you know at this particular quarter uh it was the lowest in the last 30:01 30 minutes, 1 second eight quarters I'm talking excluding their income. So, so what was the volume mix? 30:10 30 minutes, 10 seconds So, there was not a major change in volume mix. the AIA per ton uh impact that you see would also be because of the last 15 days in March because uh so 30:19 30 minutes, 19 seconds there was a substantial increase in our gas prices to a tune of 4 to 5,000 rupees a ton on our product uh level 30:28 30 minutes, 28 seconds which is something that we were not able to absorb uh which which is something that we had to absorb because we have a 30 to 40day order book. 30:37 30 minutes, 37 seconds Got it. Got it. So although we have started getting that increase from our customers but the 30 to 40 day order that we have has to go with that uh uh 30:45 30 minutes, 45 seconds kind of a cost level. So we've taken some hit in a beta uh only those 15 days. 30:52 30 minutes, 52 seconds Got it. Fine. And just a reiteration of what the previous participant had asked regarding the new 1.2 that done you know 31:00 31 minutes capacity that will be coming up at Gabri. So FY 27 the total capacity would be 8x right and utilization levels what 31:09 31 minutes, 9 seconds can be said I mean so that depends on how uh the year goes 31:17 31 minutes, 17 seconds but yes uh we have already uh done about 4.8 lakh 4.6 six lakh tons this year. Uh 31:25 31 minutes, 25 seconds we were expecting to increase this by at least 20%. Uh once uh if it was a normal situation. So whenever it turns to normal I think we will be in that run. 31:37 31 minutes, 37 seconds Okay. So I mean just to understand when when will that 1.2 lakh capacity be available? 31:43 31 minutes, 43 seconds So that will be towards the end of the year because we already are sitting on a reasonable capacity uh right now. So for 31:51 31 minutes, 51 seconds the first half of the year at least we don't need it and with this situation you know we we have also tried to uh you know delay some things by 2 months or 3 months till whenever it normalizes. 32:02 32 minutes, 2 seconds So we don't again want I mean the thought process is to for us to be able to utilize the capacity whenever we have it we don't want to sit on idle capacity 32:11 32 minutes, 11 seconds so we can tweak it as per our requirement. 32:14 32 minutes, 14 seconds Got it. And finally so the fin one entirely will be available in F28 right because that would be available in 32:20 32 minutes, 20 seconds December 27 or the last quarter of 28 F28 right is my understanding correct sir we we have a lot of flexibility here 32:29 32 minutes, 29 seconds because we have our own machinery division so we have a lot of flexibility as to you know when which month which port we need to invest looking at our uh 32:38 32 minutes, 38 seconds utilization levels our thought process overall is to generate 20% capacity every year and at 20%. 32:46 32 minutes, 46 seconds Keeping at a keeping at a good utilization level. 32:52 32 minutes, 52 seconds Got it all. Fine. That's all from my side. Thanks a lot. Thank you. 32:58 32 minutes, 58 seconds Thank you. The next question comes from the line of Sam Sha from Noama Wealth Management. Please go ahead. 33:06 33 minutes, 6 seconds Yeah, thank you for the opportunity sir. 33:07 33 minutes, 7 seconds Uh you mentioned that the total capacity is now at 6 lakh 80,000 metric tons. Uh so would you be able to uh mention what is the split between high carbon, low 33:16 33 minutes, 16 seconds carbon and stainless steel and also what were the capacity utilization on those in FI26? 33:25 33 minutes, 25 seconds Sir our general uh slate in terms of capacity or in terms of utilization is generally MS which remains uh within the range of 55 to 60%. 33:37 33 minutes, 37 seconds High carbon which remains within the range of 25% so maybe 20 or 30 uh here in in average 25% and stainless steel at about 20%. 33:47 33 minutes, 47 seconds Specialtity is uh you know right now less than 3 4%. Okay. 33:54 33 minutes, 54 seconds Overall we were at 67% overall we were at 67% capacity utilization. 34:01 34 minutes, 1 second Okay. Uh okay fair enough. That helps. 34:03 34 minutes, 3 seconds and uh the capacity that is coming up now at Dadri of 1.2 lakh even that will be uh split in the same uh ratios. 34:14 34 minutes, 14 seconds Yes, broadly that will be the ratio uh in which it would be. 34:19 34 minutes, 19 seconds Okay, fair enough. Uh thank you from Thank you. The next question comes from 34:26 34 minutes, 26 seconds the line of Pujan Sha from Molecule Ventures. Please go ahead. Uh so first of all thanks for the opportunity. Uh I 34:34 34 minutes, 34 seconds might be new to the company so might might the question might be repetitive so please bear me for this. Uh my first question pertains to the steel corn. 34:44 34 minutes, 44 seconds [clears throat] So if I map in the industry size that could be industry size is roughly around 2.5 34:50 34 minutes, 50 seconds and uh if we expect a growth rate of 11% as well that industry could grow at 4 lakh 10 right so in that space first uh 35:00 35 minutes BCAT has already been planning to expand second Chinese is also been expanding into Thailand and then that they are 35:07 35 minutes, 7 seconds trying to supply from that so how we are looking at the scenario and are we still planning to go ahead It's a two lakh 35:14 35 minutes, 14 seconds tons of capacity in this specific uh in this steel core. 35:20 35 minutes, 20 seconds Yeah, sure. So, uh you are definitely right on the all these assumptions and of course we are planning to go ahead with this capacity. That's the main focus area for all of us in the company. 35:31 35 minutes, 31 seconds Uh because there is only one company in India today making this. We are the only and the first Indian company to start. 35:37 35 minutes, 37 seconds Therefore, we see a good uh traction in this product. Uh from our current uh from from all calculations that we have 35:44 35 minutes, 44 seconds done so far, even uh the pricing looks uh okay. Uh the assumption that we made still stand correct and there is also a 35:52 35 minutes, 52 seconds duty uh whenever there is an import. So we also have a 10% arbitrage uh when we look at import prices. So it has it is a 36:01 36 minutes, 1 second good business as of now. uh all our calculations uh supported and this is the plan once we get our approval we we 36:10 36 minutes, 10 seconds our definite goal is still two lakh tons of uh steel cotton okay so my second question is related to 36:18 36 minutes, 18 seconds the same uh so if you look at the total let's suppose in FI31 uh when we conclude with our two lakh uh 36:26 36 minutes, 26 seconds tons of capacity we might spend around two 2,500 kutes so In that thing uh if 36:34 36 minutes, 34 seconds we broadly calculate uh we get a revenue of uh roughly around 2,500 to 2,700 36:42 36 minutes, 42 seconds in which if we calculate the margin of 25%. 36:46 36 minutes, 46 seconds uh that makes uh roughly calculation of uh uh 600 crores right so in that 600 36:55 36 minutes, 55 seconds crores our payback uh should be around 5 to 6 years is that assumption correct or 37:01 37 minutes, 1 second am I calculating something wrong you're absolutely right however because it will be spent in the next 5 to 7 37:10 37 minutes, 10 seconds years we've taken a ballpark range of 2,000 to 200 crores of total investment for two lakh 37:16 37 minutes, 16 seconds And a beta as of now will range between 600 to 800 crores. 37:22 37 minutes, 22 seconds Uh got it. Got it sir. And sir just want to understand what gives us so much confidence when we have been investing 37:30 37 minutes, 30 seconds because then ultimate uh the total pi if we look into it we will be the largest uh catering to this segment and if let's 37:39 37 minutes, 39 seconds suppose any competitor comes up like let's suppose example tatast. So if they comes up they might not go with a small 37:47 37 minutes, 47 seconds kind of investment they can they can also spend something large. So what gives us confident that we could be the market share leader and we will able to 37:56 37 minutes, 56 seconds uh utilize our facility up and running at 100%. 38:02 38 minutes, 2 seconds Sure sir. So sir there are what we at least feel a lot of barrier to entry in this product. Technology is one. Uh to 38:09 38 minutes, 9 seconds get the right people is another. We already have about 60 trained people uh you know in this field and it is not 38:16 38 minutes, 16 seconds very uh it is not very easy to uh get the right set of people. Uh technology also we have exclusive collaborations 38:23 38 minutes, 23 seconds exclusive tie-ups with our suppliers uh and there are probably very limited turnkey solution providers in this 38:30 38 minutes, 30 seconds product. Third, there is a long approval process. Right now we are confident on this approval uh cycle and we've been able to manage it uh till now as well because there is nobody in the country. 38:40 38 minutes, 40 seconds But once there is a supplier, it will go back to a uh lengthier approval process. 38:46 38 minutes, 46 seconds And uh lastly I would say is also our style of investment. So uh because we have our own machinery division because we have been in this industry for about 38:55 38 minutes, 55 seconds 85 years and we have this diversification into a lot of different products. We are also able to keep our capeex per ton very low which is the 39:03 39 minutes, 3 seconds same as uh which is the same case in steel cord as well. the industry norm for this would be at least 50% higher 39:10 39 minutes, 10 seconds than what we are uh looking at and which is what we've already uh done in the first 20,000 tons. 39:17 39 minutes, 17 seconds Okay. So just want to get uh some sense on the approval side. So let's suppose example if a tire company uh approaches 39:26 39 minutes, 26 seconds you or we approach is a uh OEM tire manufacturer. So just to understand uh 39:35 39 minutes, 35 seconds uh they will start manufacturing uh our steel code applicability with a new uh product they have been launching 39:43 39 minutes, 43 seconds right so if they have launched 10 products before the approval they might be continuing with the uh company which 39:50 39 minutes, 50 seconds they have already approved or they have been approve like let's suppose example BC card so if they had approved a BC 39:57 39 minutes, 57 seconds card then they will uh continue with the process but the new products launches will start with us. That's the assumption correct or they also replace 40:05 40 minutes, 5 seconds the older models as well with uh wire cords. 40:11 40 minutes, 11 seconds So the main consumption will happen in the existing models. In fact in the newer models they would choose to go with existing established players first 40:18 40 minutes, 18 seconds and then approve us. So what our market would be will be the regular uh tires would be the regular products that they 40:26 40 minutes, 26 seconds make today. That is where we are taking the chunk. Okay. Okay. So, so why do they shift? 40:34 40 minutes, 34 seconds So, one of the obviously the reason would be but on the overall cost side they might have a uh 5 to 7% of the 40:41 40 minutes, 41 seconds total cost in their uh total the manufacturing cost. So why do why do they shift uh specifically to us in the 40:50 40 minutes, 50 seconds uh uh going model or the uh the the the uh the model which is up and running uh 40:58 40 minutes, 58 seconds and uh so what would be the key reason it might be obviously 1% 2% cost saving would be there and second the new 41:05 41 minutes, 5 seconds product launches uh that have much more acceptability of our steel cord versus theirs. So is that how works or it is very different than what I'm assuming? 41:17 41 minutes, 17 seconds No, you are right. But other than that, I think it is also a security of supply chain. Today they they are not able to buy anything from India. Everyone has to 41:25 41 minutes, 25 seconds import and I think in the last five seven years we've all seen uh you know how disruption happen if you are dependent 41:32 41 minutes, 32 seconds majorly on imports. So I think that is one big factor. Steelc as a percentage of the total cost is not a big number but it is everything to make a tire. So 41:41 41 minutes, 41 seconds this is a very important product and everyone I would I I assume and I feel that all customers would be happy to get an Indian source. This is our this is our assumption this product. 41:52 41 minutes, 52 seconds Got it. So got it. Thank you. 41:53 41 minutes, 53 seconds And and continuation with the ISG and OSG uh we have been kind of uh going to 42:01 42 minutes, 1 second receive the BIS uh approval from uh the authority. Are we on place? Do we have received or what is it currently it is? 42:16 42 minutes, 16 seconds Hello. 42:19 42 minutes, 19 seconds Hello sir please go ahead. 42:26 42 minutes, 26 seconds Yeah sorry I'm not able to understand your question. Maybe you can take this later. Okay. Okay. Okay then. Thank you. Thank you. 42:34 42 minutes, 34 seconds Thank you. The next question comes from the line. A reminder to all participants, please press star tan one to ask a question. 42:45 42 minutes, 45 seconds The next question comes from the line of Kunal from Verita's research and advisers. Please go ahead. 42:53 42 minutes, 53 seconds Yeah. Hi. Hi. And thank you for the opportunity. Am I audible? Yes. 42:58 42 minutes, 58 seconds Yeah. So I just wanted to understand see are we being more conservative due to the current issues and the geopolitical issues that lead to the volume growth 43:07 43 minutes, 7 seconds guidance of 20%. as you know I guess we used to grow at 30% plus and even though we had guided 30% to 35% right in the in 43:16 43 minutes, 16 seconds the previous calls so just to understand your thought on the guidance and going forward like even if you can throw some 43:23 43 minutes, 23 seconds light for fi 27 uh fi 28 or so sir as a company uh even in the last 10 years you've grown at 20% not 30%. 43:35 43 minutes, 35 seconds So there has never been a 30% kind of an averaging that we've done. Uh our estimate for 30% was only last year. 43:43 43 minutes, 43 seconds That was because there was a lot of pent-up demand that we had because we were not able to have our uh capacity up and running quicker. Therefore, we had a 43:52 43 minutes, 52 seconds 30% estimate of uh uh quantities last year. Now that the situation is normal, I think the goal overall for the company 44:01 44 minutes, 1 second is to grow at around 20 25% uh you know each year. Some year could be a little less, some year could be a little more but 20% is the broad understanding. 44:11 44 minutes, 11 seconds So you're talking about volume growth right? 44:13 44 minutes, 13 seconds Volume growth. Yes. Volume as well as a beta. 44:16 44 minutes, 16 seconds Volume as well as aa so I mean yeah the growth when I when we when we say growth it is majorly our growth. 44:25 44 minutes, 25 seconds Okay. Okay. Understood. And just a follow up that uh in the in the year of FI26 what was the capacity utilization 44:32 44 minutes, 32 seconds by the way we had the capacity utilization for FI26 was 67%. 68% overall 44:40 44 minutes, 40 seconds 768. Okay. Okay. And uh for FI27 44:46 44 minutes, 46 seconds are we uh aiming to be at 80% or plus sir are uh yes I think 80 85% is where I 44:56 44 minutes, 56 seconds get the best uh return ratios for my investment. But uh because we every year we also need to invest uh for the 20% 45:04 45 minutes, 4 seconds growth next year. So we we will see I mean uh 70% plus is what we should uh look at at least. 45:11 45 minutes, 11 seconds Okay. Okay. And another just a bookkeeping question. So in the previous call that you highlighted most of the 45:18 45 minutes, 18 seconds capex has been done and hence the depreciation and the finance cost has been capitalized and we will going to be 45:25 45 minutes, 25 seconds see uh the bad growth I'm going to say bottom line growth going forward. So I just wanted to understand even this in 45:32 45 minutes, 32 seconds this quarter pack was largely driven by the lower taxes taxes and benefits and all. So uh can you please throw some light is is my reading correct? 45:45 45 minutes, 45 seconds Uh sir majority of depreciation that we had to take as we have already done. Now any increase in depreciation will happen 45:52 45 minutes, 52 seconds only with increase in uh actual EITA levels also. So there is not going to be a disproportionate uh extra investment 46:00 46 minutes or extra depreciation or even interest that we should see in the long run. So our thought process is whatever if let's 46:07 46 minutes, 7 seconds say the AITA grows at 20%. Our uh PAD and PAT and uh sorry our depreciation and interest should also grow around the 46:15 46 minutes, 15 seconds same range not higher not very low. 46:22 46 minutes, 22 seconds Okay so thank you. The next question comes from the line of Pratik from IIFL Capital. 46:30 46 minutes, 30 seconds Please go ahead. 46:32 46 minutes, 32 seconds Hi. Uh thanks for the followup. Uh so just uh clarification for this 1.2 lakh test that you are adding this year the capex would be around 150 crores. 46:44 46 minutes, 44 seconds Yes sir. So the broad uh range that we want to remain is around 200 150 to 200 crores every year. 46:52 46 minutes, 52 seconds Uh okay. But to grow at 20% of this 1.2 lakh number every year will also need to keep going up because the base will keep getting bigger. 47:02 47 minutes, 2 seconds Yeah. So as of now for the next 2 three years I think uh average 150 to 100 cr average and then of course every year it 47:09 47 minutes, 9 seconds should increase by 20% our investment if we are also growing at 20%. 47:14 47 minutes, 14 seconds Okay. But after a point when you decide that you have to go into steel cords then your volume growth may slow down because much of your capex would be 47:22 47 minutes, 22 seconds going through a two to two low volume steel cord business which generates higher and volume would be low. 47:28 47 minutes, 28 seconds Absolutely. That's why I'm talking about uh I'm talking about investment and not just absolute volumes here. Yeah. 47:35 47 minutes, 35 seconds So our uh thought process is more on investments. Now wherever we make investment volume could be differ could could be different. 47:43 47 minutes, 43 seconds Understood. And sir, you said that uh currently uh you you'll be uh sending trial volumes to one of the tire 47:51 47 minutes, 51 seconds customers. So uh so whenever the final order comes, when do you think in your assessment when can we start doing a 20 47:58 47 minutes, 58 seconds kilotons uh run rate in steel CS? I mean which month or which quarter almost is it like three four quarters away or more 48:07 48 minutes, 7 seconds than a year away? How can you look at it? 48:11 48 minutes, 11 seconds Sir, although because of the fire, we definitely had a push back of 6 months, but because of this uh expedited 48:18 48 minutes, 18 seconds approval also, we might see some numbers within this financial year. 48:23 48 minutes, 23 seconds Okay. Okay. And currently are we selling hose wire from that facility or hose wire is still not being sold? 48:29 48 minutes, 29 seconds No, we are we are selling hose wire from this facility. That is where we are we are now almost uh we are trying to cover 48:38 48 minutes, 38 seconds most of our main cost through selling wire. 48:42 48 minutes, 42 seconds Understood. And the last question when you said that the gas impact in terms of pricing per turn or costing per turn was around 4 to 5,000. So the way to look at 48:51 48 minutes, 51 seconds it is that if you making 7,000 rupees perida only for those 15 days your would have gone down to uh uh 2 to 3,000 49:00 49 minutes rupees per 10. Is that understanding correct? Yes. 49:05 49 minutes, 5 seconds Yes. But we also had uh we we also carried 10 to 15 days of inventory. So our inventory also held uh during that time. It was not a complete hit that we had to take for the first 15 days. 49:17 49 minutes, 17 seconds Okay. So so pricing has completely gone back to normal or have you been able to completely pass it down or there is still some hit in terms of a bit of gas 49:25 49 minutes, 25 seconds as of now? So we so sir one good thing is that we have a very cost plus business model wherein we keep 30 to 40 49:33 49 minutes, 33 seconds days of inventory and 30 to 40 days of order book. Now this being a very exceptional increase consumable is not something that we are able to uh take on 49:42 49 minutes, 42 seconds previous orders. So any orders that we booked after uh you know are being impacted in our cost we have taken our increase. So even today the orders I'm 49:50 49 minutes, 50 seconds booking are with an increased pricing uh considering all this increase that has taken place but for 30 to 40 days of order book that order will somehow go at 49:59 49 minutes, 59 seconds the old pricing wherein we are uh uh taking that price. 50:05 50 minutes, 5 seconds Yeah know that's fine. Uh yeah I I wanted to ask about understood. Understood. Thanks. Thank thanks a lot. You know thank you. 50:13 50 minutes, 13 seconds Thank you. The next question comes from the line of part Johnsa from Anand Rati. Please go ahead. 50:20 50 minutes, 20 seconds Uh thanks for the opportunity sir. Uh just continuing on previous participation participant question on the gas. Just wanted to understand what is the current scenario looking like? 50:31 50 minutes, 31 seconds Are your suppliers you know uh uh uh asking for a higher price or what is the escalation in the prices just to give a 50:39 50 minutes, 39 seconds can we get a broad understanding as far as gas prices are concerned? 50:44 50 minutes, 44 seconds Uh sir uh gas prices have still not returned to normal. They are still escalated. In some areas in some units 50:52 50 minutes, 52 seconds it is about 50%. In some in some units it has gone up to 300% as well. 50:58 50 minutes, 58 seconds So what would be the blended installation for quarter one? 51:02 51 minutes, 2 seconds Blended I would say would be at least about 50%. 51:06 51 minutes, 6 seconds So is it a fair understanding to So is it a fair understanding to assume that for quarter one for example if your EITA 51:13 51 minutes, 13 seconds per done was say about anywhere between 6 and a half to 7,000 and um you know just continuing on couple of other commentary would be possible a fair 51:22 51 minutes, 22 seconds assumption that at least for the month of April your AITA would be in the range of say about uh 1500 to 2,500 or is that 51:31 51 minutes, 31 seconds understanding way too low then what are the current scenarios? 51:35 51 minutes, 35 seconds Sir, it depends on uh so right now we are only in April and we are seeing uh right now we are only uh you know in the 51:43 51 minutes, 43 seconds first month and we are seeing demand coming back. So I don't think it should uh the whole of the first quarter should go to that extent. I'm sure we will see 51:51 51 minutes, 51 seconds some recovery happening and this two 2 and a half,000 rupia t level is only for the 30 to 40 days of order book. 51:59 51 minutes, 59 seconds So the whole quarter is not going to be that after that it will return to normal. Perfect. Perfect. And out of 90 days, I think at least 50 days of uh uh uh standard AITA we should get. 52:10 52 minutes, 10 seconds Perfect. Perfect. Uh that sounds good. So the second question is on steel core. 52:15 52 minutes, 15 seconds Uh considering one of the large uh global brand is there in the market you know supplying the material to the you know tire manufacturers in quite a few 52:24 52 minutes, 24 seconds years right. What how much discount or what would be the delta you need to incur to just to gain the market share. 52:31 52 minutes, 31 seconds Just wanted to understand just push the volume uh what is the kind of you know as reduction you need to consider compared to that particular energy. 52:42 52 minutes, 42 seconds So right now I think it is still too early uh uh to you know judge uh the exact pricing level. Um as and when we 52:50 52 minutes, 50 seconds uh uh you know move forward in the journey I think we will come to that. 52:54 52 minutes, 54 seconds But we we do not expect a very big difference between us and uh you know anybody else because right now uh we are 53:01 53 minutes, 1 second the first Indian company. So I am I am uh we should get that advantage at least you know of not uh just being a new and 53:09 53 minutes, 9 seconds not reducing price to a very large extent. Perfect. Perfect. That sounds good. Thank you. All right. Thank you. 53:18 53 minutes, 18 seconds Thank you ladies and gentlemen. due to time constraints. That was the last question for today. I would now like to hand the conference over to Mr. Pranov Bansil for the closing remarks. 53:31 53 minutes, 31 seconds So, thank you everyone. Thank you for staying connected. Thank you for watching us closely. Uh uh I hope we were able to uh answer all your 53:39 53 minutes, 39 seconds questions. If uh there are anything that is left, please let us know and we will get back to you guys. Thank you for joining us. Thank you. 53:46 53 minutes, 46 seconds Thank you sir. Ladies and gentlemen, on behalf of Bunel Wire Industries Limited, that concludes this conference call. 53:53 53 minutes, 53 seconds Thank you for joining us and you may now disconnect your lines.