Captain Polyplast Ltd — Q3 FY26

Captain Polyplast Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=cNtKFhXk_rI Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to Q3 N9M FY26 results conference call of Captain Polylast 0:08 8 seconds Limited. As a reminder, all participants lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation 0:16 16 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your Touchstone phone. Please 0:24 24 seconds note that this conference is being recorded. I now hand the conference over to Mr. Ronuk. Thank you and over to you. 0:31 31 seconds Thank you. On behalf of Ken Advisor, I welcome you all to conference call of Captain Poly Plash Limited. From the 0:39 39 seconds management team, we have Mr. Rates Kachara, fulltime director. Over to you, sir. Thank you. 0:47 47 seconds Uh thank you. Good afternoon everyone and I welcome you all to Captain Poly Plus Limited's earnings call for the Q3 FI26. 0:57 57 seconds I'm very pleased to share that we achieved our highest quarterly revenue and operating profit in company's history during this quarter. Let me dive 1:06 1 minute, 6 seconds into the financial highlights for this quarter. So the company delivered its best ever performance with total income 1:13 1 minute, 13 seconds rising to 127 crores uh compared to 91 crores in Q3 FI25 which is a year-on-year growth of 40%age. 1:23 1 minute, 23 seconds This growth was supported by good volume uh growth in both our MIS business and 1:30 1 minute, 30 seconds solar EPC business. The AIDA during the quarter increased by 35%age yearon year 1:36 1 minute, 36 seconds to rupees 16.13 crores and the AITA margin stood at 12.68%age. 1:42 1 minute, 42 seconds The net profit for the quarter was rupees 9.47 47 crores which was uh growth of 41%age year on year with an EPS of rupees 1.59. 1:54 1 minute, 54 seconds Now if we talk about the 9 months uh for FI26 our total income has risen to rupees 278 crores compared to rups 211 2:04 2 minutes, 4 seconds crores in Q3 FI26 which is a year-on-year growth of 32%age. The AIDA for 9 months has increased by 26 2:12 2 minutes, 12 seconds percentage to rupees 32.15 crores and the margin has been 11.58%age. 2:19 2 minutes, 19 seconds The net profit for 9 months is rupees 18 crores with an EPS of 3.2 uh 3.02. 2:28 2 minutes, 28 seconds So this is the financial summary uh for the quarter and the 9 months uh which has just ended on December 2025. I'll 2:36 2 minutes, 36 seconds just share some of the operational highlights uh for both our solar EPC segment and the micro irrigation 2:42 2 minutes, 42 seconds segment. If you look ahead then uh we can say that right now the company is entering a strong acceleration uh phase 2:52 2 minutes, 52 seconds which is underpinned by multiple order wins in the solar EPC segment. If you see during the quarter three, our focus 2:59 2 minutes, 59 seconds has been strongly on enhancing execution intensity in solar water pumps while driving consistent progress across our 3:06 3 minutes, 6 seconds core MIS business. During the quarter, we have uh significantly increased our scale in solar pumps business by 3:14 3 minutes, 14 seconds securing two orders uh totaling,300 pumps with a aggregate order value of 35.86 crores. 3:22 3 minutes, 22 seconds Swift and disciplined execution of these orders remains a key strategic priority and this will position us for repeat 3:29 3 minutes, 29 seconds wins and sustained order inflows. We see a substantial runway for growth in the solar pump segment and are aggressively 3:37 3 minutes, 37 seconds pursuing empanelment across additional states apart from Maharashtra and Gujarat where we are already working. 3:44 3 minutes, 44 seconds So uh for PM Kusum if you see this uh current budget the government has continued the allocation of rupees 5,000 3:52 3 minutes, 52 seconds crores and we are very uh confident that you know in the coming uh quarters we'll be able to in uh expand our presence for 4:01 4 minutes, 1 second solar pumps in other markets as well similar to our micro editation business parallelly in the solar EPC uh we are 4:09 4 minutes, 9 seconds also expanding our uh presence in the rooftop business where we are targeting the business which is coming from PM 4:16 4 minutes, 16 seconds Surya Yoshla. Now let us turn uh let me turn to the MIS business uh the micro irrigation business which remains the 4:24 4 minutes, 24 seconds core of our business and continues to contribute majority of the revenue. We are firmly positioned among the leading 4:32 4 minutes, 32 seconds micro irrigation players not just in India but globally as well which is driven by our uncompromising focus on product quality system reliability and 4:41 4 minutes, 41 seconds continuous technology advancement in the micro education segment as well. The government has uh continued uh 4:49 4 minutes, 49 seconds supporting this initiative under per drop more crop by continued budgetary support in the current uh budget as well. 4:58 4 minutes, 58 seconds So the operating environment for both uh the businesses is very supportive. The government of India continues to drive 5:06 5 minutes, 6 seconds rapid adoption of both microation and solar pumps under its per drop more crop initiative and PM kosum project 5:13 5 minutes, 13 seconds respectively. Also the government has recently announced the reduction from in GST from 12%age to 5%age on both 5:22 5 minutes, 22 seconds microation and the solar products. So this further improves the uh affordability of our products and hence 5:30 5 minutes, 30 seconds we also see that there will be a demand improvement in both the segments going forward. So we can say that with strong 5:37 5 minutes, 37 seconds policy tailwinds and also expansion in our manufacturing capabilities we will we are very confident that our 5:46 5 minutes, 46 seconds growth will continue to accelerate from here and we'll be able to deepen our leadership in microgation segment and 5:53 5 minutes, 53 seconds solidify our position in the solar EPC business. 5:58 5 minutes, 58 seconds That is all from my side. I once again thank you all for joining today uh during this conference call and now I'll be happy to take your questions. 6:09 6 minutes, 9 seconds Thank you very much. So we'll now begin the question and answer session. Anyone who wishes to ask a question may press RN1 on their touchstone telephone. If 6:18 6 minutes, 18 seconds you wish to remove yourself from the question Q, you may press R and two. 6:22 6 minutes, 22 seconds Participants are requested to use handset while asking a question. 6:28 6 minutes, 28 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 6:39 6 minutes, 39 seconds A reminder to all the participants that you may press star and one to ask a question. 6:53 6 minutes, 53 seconds A reminder to all the participants that you may press star and one to ask a question. 7:06 7 minutes, 6 seconds The first question comes from the line of Vidi Prohit from HNI. Please go ahead Miss Vidi. 7:17 7 minutes, 17 seconds Uh yes. Uh hi. So my question is if you could give uh I mean if you could also give us some color on how you are 7:24 7 minutes, 24 seconds thinking about growth over the next two or three years in terms of broad number of overall business that would be helpful. 7:33 7 minutes, 33 seconds Sure. So uh if we uh see our business mix uh as of FI25 7:41 7 minutes, 41 seconds uh majority of our revenues came from the micro irrigation segment. uh so for the FI25 90%age of our revenue came from 7:49 7 minutes, 49 seconds the microgation segment and 10% was from the solar EPC segment. So how we are looking at growth for both the segments 7:56 7 minutes, 56 seconds is in microgation segment we already have a existing presence and there we are targeting a growth of 25 percentage 8:05 8 minutes, 5 seconds over next 3 years. So there we already have a strong presence uh with across uh 8:12 8 minutes, 12 seconds 17 states and the growth will primarily come from volume uh by gaining market share in the existing uh geographies. In 8:21 8 minutes, 21 seconds the solar APC segment we are targeting uh aggressive growth by scaling up our solar pumps business. So we are 8:29 8 minutes, 29 seconds targeting you know after 3 years the mix of business will be 50/50. Right now what the business mix which is at 9010 8:37 8 minutes, 37 seconds that mix would come to 50/50 over next 3 years. So for that to happen there will be a significantly faster growth 8:46 8 minutes, 46 seconds trajectory for the solar EPC segment which will be driven primarily by solar pumps segment. 8:56 8 minutes, 56 seconds Okay. And what is the current capacity across different segments and where utilization uh stands today? 9:06 9 minutes, 6 seconds So all our manufacturing uh capacity is uh only targeted for micro irrigation segment. For micro irrigation uh right 9:14 9 minutes, 14 seconds now we have two existing plants. One is at Rajcot in Gujarat and other is at Karnod in Andhra Pradesh. So with this 9:22 9 minutes, 22 seconds existing two plants we can comfortably achieve uh a revenue of 400 crores for the microligation business alone. Also 9:30 9 minutes, 30 seconds right now we are in process of setting up a new plant at Aabad which should come up uh know which would come online 9:37 9 minutes, 37 seconds during uh this quarter. So that plant will uh will have certain capacity for 9:45 9 minutes, 45 seconds components which are outsourced right now and also there will be capacity for further expansion there uh as per 9:53 9 minutes, 53 seconds requirement for microgation business for the solar EPC business. uh since we are a uh EPC or in a system integrator uh we 10:02 10 minutes, 2 seconds do not require our own manufacturing uh capacity uh we for all the important 10:09 10 minutes, 9 seconds components like uh solar modules uh and the pump motor sites uh we depend on our vendors who have a sizable uh 10:18 10 minutes, 18 seconds manufacturing capacity at present. 10:25 10 minutes, 25 seconds Uh thank you sir. 10:29 10 minutes, 29 seconds Thank you. The next question comes from the line of Nidita Jane from an individual investor. Please go ahead. 10:36 10 minutes, 36 seconds Hello I'm audible. Yes you are. Yes we are. 10:41 10 minutes, 41 seconds So like my question is is new Ahmedabad unit operational? 10:48 10 minutes, 48 seconds Uh it is not operational right now. uh it is almost uh on the verge of uh completion of setup. So we are expecting 10:57 10 minutes, 57 seconds that uh it would be uh operational uh in uh in the next month. 11:06 11 minutes, 6 seconds Okay. So what kind of products and margin profile of the uh like additional revenue from this plant and by when can it be ramped up? 11:17 11 minutes, 17 seconds So uh for this plant uh in the first phase we are primarily targeting no uh uh various uh accessories which are used 11:26 11 minutes, 26 seconds in microiggation like uh uh valves uh fittings and other components which form around 5 to 10% of the value of a 11:35 11 minutes, 35 seconds microligation system. So at present majority of these components are outsourced by us. uh so we are targeting 11:42 11 minutes, 42 seconds to add capacity for these products uh in this new plant. So in first uh year you 11:50 11 minutes, 50 seconds know the incremental revenue contribution would not be significant but since you would be manufacturing these components inhouse which are 11:58 11 minutes, 58 seconds usually higher margin products we'll see an improvement in operating margin for the microgation business. So within know 12:07 12 minutes, 7 seconds one to two years we are expecting a margin improvement of around 1.5 percentage for microligation business uh 12:15 12 minutes, 15 seconds because of the new uh uh product capacity that will be setting up at the Ahmedabad plant. 12:22 12 minutes, 22 seconds Okay. So when can we expect full utilization of capacities for Amedabad unit? 12:29 12 minutes, 29 seconds So it would be in FI28. 12:34 12 minutes, 34 seconds So 2 years from here uh we will see uh so once the production starts uh in next 12:41 12 minutes, 41 seconds month we'll see first full year in FI27 and we are expecting full utilization to be achieved by FI28. 12:52 12 minutes, 52 seconds Okay. So I just have one last question. 12:54 12 minutes, 54 seconds In this quarter, how many pumps have we executed and in comparison to the previous quarter and in compar 13:02 13 minutes, 2 seconds comparison to the previous year same quarter? Can I have the figure? 13:08 13 minutes, 8 seconds So uh if we talk about our solar pumps uh business uh we have just started this 13:15 13 minutes, 15 seconds segment from September onwards. Uh all of our order wins have been from uh September onwards only. So uh we do not 13:24 13 minutes, 24 seconds have a year-on-year comparison because pre uh the last year we there was no uh solar pumps business right. So so far uh 13:33 13 minutes, 33 seconds if you see we have uh almost 1,500 plus uh orders uh out of which uh almost uh 13:41 13 minutes, 41 seconds uh as on date uh 60% of the work is executed and the balance would be executed uh in this uh quarter. 13:54 13 minutes, 54 seconds Okay. Okay. Thank you sir. Thank you so much. Thank you. 14:00 14 minutes The next question comes from the line of Mahay state from Vy Capital. Please go ahead. 14:09 14 minutes, 9 seconds Mr. Mahesh, are you there? Uh hello. Can you hear me? 14:12 14 minutes, 12 seconds Yes sir, we can. Please proceed with your question. 14:16 14 minutes, 16 seconds Uh yeah. So uh I wanted to know like uh Mr. Mahesh, can you speak loudly? 14:24 14 minutes, 24 seconds Uh yeah. Uh I wanted to know like uh what are our current order book in EPC and what is the percentage contribution 14:33 14 minutes, 33 seconds from APC to total revenue and uh like currently Yeah. 14:42 14 minutes, 42 seconds Hello. Yeah. So for the solar efficiency segment uh there are basically two components. uh one is uh solar pumps uh 14:50 14 minutes, 50 seconds solar water pumps uh which uh is the segment which we just uh started this year in that uh as on date we have a uh 15:00 15 minutes no total order wins of 1,500 out of which uh as I said already no uh 60%age is already executed 15:08 15 minutes, 8 seconds uh although al also there is no further uh new orders expected uh in the coming months in that uh segment 15:18 15 minutes, 18 seconds The other component which is the solar rooftop segment. Uh in that segment there is a very fast churn. So uh there 15:26 15 minutes, 26 seconds is no sizable order book per se because it is a retail business where execution timeline is less than one week. So uh we 15:36 15 minutes, 36 seconds do not have a order book for the rooftop segment. It is a uh on a acrual basis. 15:42 15 minutes, 42 seconds uh business acrews um every month and every quarter and gets executed in a very short time. 15:52 15 minutes, 52 seconds Okay. Okay. Got it. And uh like uh how will you measure the performance of uh 15:59 15 minutes, 59 seconds micro irrigation system like uh is it in terms of uh minimizing uses of water? 16:09 16 minutes, 9 seconds So uh see when we provide microligation solution to a farmer uh it depends on 16:16 16 minutes, 16 seconds the need of the farmer right uh we design each and every system as per their requirement based on the crop 16:22 16 minutes, 22 seconds which they are going to uh grow uh based on the land which uh know type of soil and type of know water source they have. 16:32 16 minutes, 32 seconds So it uh the requirement of the farmer also varies. In some cases uh they use the system because they have water 16:40 16 minutes, 40 seconds scarcity. In some cases they use it because they have limited water whereas which is not sufficient for covering the 16:48 16 minutes, 48 seconds entire land. So in that case they are able to increase their uh you know growing area by adopting a microligation 16:55 16 minutes, 55 seconds system. uh also in many of the crops uh like uh cotton, chili, uh tomato and you 17:03 17 minutes, 3 seconds know uh many other fruits and vegetables uh the yield uh which the farmer gets in a micro irrigation system compared to 17:11 17 minutes, 11 seconds flood irrigation is much higher. So uh and that yield increase will also depend 17:18 17 minutes, 18 seconds on the uh area where the farmer is. So there are multiple benefits and uh uh you know there are multiple studies 17:26 17 minutes, 26 seconds which have been done to identify uh what is the advantage for each of those parameters. 17:35 17 minutes, 35 seconds Okay. Okay. Got it. And uh like uh uh like what are the KPIs in this and 17:42 17 minutes, 42 seconds how does it compare to our competitors like for example J irrigation or any other company? 17:50 17 minutes, 50 seconds So uh there are no uh standard KPIs because as I mentioned the system is designed for each and every uh farmer's 17:59 17 minutes, 59 seconds requirement know uh any two neighbor uh neighboring farmers can also not have a similar kind of setup. There will always 18:06 18 minutes, 6 seconds be some differences in each and every system. Uh when we talk about the market perception you know this is not a simple 18:15 18 minutes, 15 seconds product sale. This is a product plus service sale. uh we don't only provide the uh product to the farmer. We give an 18:23 18 minutes, 23 seconds end-to-end solution. We uh first visit their field to uh design a system to take a survey of their field. After we 18:32 18 minutes, 32 seconds supply the system, we also do the installation and after installation we also provide them post sale services. Uh 18:39 18 minutes, 39 seconds technical services are provided to the farmer. Right? So for any farmer the perception of our product will depend on 18:47 18 minutes, 47 seconds uh both the type of product which we are giving and the service which we are giving. So when we say that our product 18:54 18 minutes, 54 seconds uh in comparison to our competitors whether it is uh you know the competitor which you mentioned or even some of the 19:02 19 minutes, 2 seconds other peers uh the quality of product which we are providing it is uh actually at par or better than them because uh the heart of the product is drip lines. 19:12 19 minutes, 12 seconds For that we have imported uh the manufacturing technology from Israel which ensures that we are able to 19:19 19 minutes, 19 seconds provide uh no drip lines which are of one of the best quality in the world. Uh apart from that the other part which is 19:27 19 minutes, 27 seconds service uh we have a extensive network uh know across India to ensure that we are able to provide a good service to 19:34 19 minutes, 34 seconds the farmer. So in combination of both of these uh we are able to place ourselves 19:41 19 minutes, 41 seconds uh comfortably in uh in in a competitive market. 19:49 19 minutes, 49 seconds Okay. Okay. Got it. Uh thank you for answering. 19:54 19 minutes, 54 seconds Thank you. The next question comes from the line of Shakshi Sindi from Sha Consultancy Limited. Please go ahead. 20:06 20 minutes, 6 seconds Hello Miss Sakshi, are you there? Yeah. Am I audible? 20:10 20 minutes, 10 seconds Yes. Uh I want you to speak louder. Your voice is very low. 20:14 20 minutes, 14 seconds Okay. Um so my first question is uh what is our capex plan for next two years. 20:24 20 minutes, 24 seconds Uh as I mentioned that we have already undertaken uh you know capex for a new plant at Aabad since uh last two years. 20:33 20 minutes, 33 seconds uh the expected uh capeex amount for uh this plant is 10 crores. Uh so almost uh 20:40 20 minutes, 40 seconds 50%age of it is already uh know incurred and the 50%age of uh the balance 50% would be incurred in the current quarter. 20:50 20 minutes, 50 seconds Uh apart from that uh going forward there there is no sizable capex uh planned uh at the moment. 20:59 20 minutes, 59 seconds Okay. 21:00 21 minutes and uh what margins can we expect for FY27? 21:09 21 minutes, 9 seconds So uh the margin uh now depends on the mix of two segments. Uh generally the 21:17 21 minutes, 17 seconds margin which we are seeing on microligation system and solar water pump uh they are almost at an equas 21:26 21 minutes, 26 seconds um if you see solar rooftop the margins are slightly lower because uh it is a retail business. So we are expecting 21:34 21 minutes, 34 seconds that you know the margins which we have seen in uh the in the current quarter we will be able to sustain that in the coming quarters as well. 21:46 21 minutes, 46 seconds Okay and uh my last question is what is our vision for the company in next five years? 21:57 21 minutes, 57 seconds uh as I already mentioned uh that you know we are targeting aggressive growth for both the segments for the micro 22:05 22 minutes, 5 seconds irrigation business we are targeting a growth of 25 percentage uh for the next 3 years uh 25% CAGR growth and uh we are 22:14 22 minutes, 14 seconds targeting to change the business mix uh towards solar pumps uh solar EPC segment 22:21 22 minutes, 21 seconds so we are expecting that our uh business mix will be 50% from micro education and 50% from solar EPC uh in uh you know 22:30 22 minutes, 30 seconds after 3 years. So uh that is the target which we have set uh right now. 22:36 22 minutes, 36 seconds Okay. Okay sir. Thank you. 22:41 22 minutes, 41 seconds Thank you. The next question comes from the line of Puja Mishra from JK Capital. Please go ahead. Hello. 22:49 22 minutes, 49 seconds Yes ma'am. You are audible. 22:51 22 minutes, 51 seconds Hello sir. So uh so my first question is uh is there any margin pressure or competitive pressure in solar DPC? 23:02 23 minutes, 2 seconds Hello. 23:02 23 minutes, 2 seconds So uh yes uh in solar EPC there as I said that we are operating in two 23:08 23 minutes, 8 seconds segments. Uh in solar pumps uh the margins depend on the uh prices which are discovered in the tender. So there 23:17 23 minutes, 17 seconds are multiple tenders which we participate and uh know in each tender the margins uh vary based on the prices 23:25 23 minutes, 25 seconds which are discovered but generally because it is a uh no uh a tender-driven business uh the margins are uh 23:34 23 minutes, 34 seconds comparatively higher in the solar pumps business. Uh where is the other segment which we have which is solar rooftop uh 23:41 23 minutes, 41 seconds where we are installing uh systems on the houses of consumers systems which range from 3 kilowatt to 10 kilowatt. Uh 23:50 23 minutes, 50 seconds this market uh is a highly competitive market and there the uh because there are multiple vendors in each of the 23:58 23 minutes, 58 seconds geographies the margins are relatively lower. uh generally for the uh rooftop segment the operating margins are uh in 24:07 24 minutes, 7 seconds high single digits. So uh if you compare both the segments solar water pumps uh the margins are higher uh whereas in the 24:16 24 minutes, 16 seconds solar rooftop uh the market is competitive and obviously because of that the margins uh remain under pressure. 24:24 24 minutes, 24 seconds Okay. As a large number of players are expanding in this segment. So what are the demand supply dynamics in solar? 24:35 24 minutes, 35 seconds Right. Uh so solar uh there are multiple segments. Uh we are not you know there is large utility scale projects as well. 24:45 24 minutes, 45 seconds Uh so right now we are not present in that segment. So I'll not be able to comment on that. Uh the segments where 24:52 24 minutes, 52 seconds we are operating right uh one is solar pump. Uh so this uh segment it is being 25:00 25 minutes know uh promoted by the government of India under PM Kusum project right. So because of the uh strong thrust from the 25:09 25 minutes, 9 seconds government uh there is increasing demand and we are expecting that it will continue in the next year as well. Uh 25:16 25 minutes, 16 seconds the budget for PM Kosum has been uh kept at the similar level and also for the 25:23 25 minutes, 23 seconds rooftop business. uh there is continued support uh under PM Suryagar project as well. So for the these two segments 25:31 25 minutes, 31 seconds where we are operating, we see that the demand uh will continue to uh increase in the next year as well. 25:41 25 minutes, 41 seconds Okay, that's it from my side. Thank you. 25:45 25 minutes, 45 seconds Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Arvind Singh from Oakland Capital. Please go ahead. 25:58 25 minutes, 58 seconds Yeah. Uh thank you for the opportunity sir. So uh sir I have a question regarding Kusum. So uh I'm reading some 26:06 26 minutes, 6 seconds reports uh where there is some indication that Kusum itself might get extended because they're running behind 26:13 26 minutes, 13 seconds their targets for both B and C components. So sir in that's if it's uh 26:20 26 minutes, 20 seconds if that's the scenario uh if they get extended uh next year gets further delayed. So what what 26:29 26 minutes, 29 seconds becomes the growth outlook for the subsequent years. 26:35 26 minutes, 35 seconds So uh see the project is going to continue uh if you see the budget for this year as well uh the government has continued allocation for this project. 26:46 26 minutes, 46 seconds uh if we talk about the uh the timeline uh the timeline for uh the budget which was announced for this year that will 26:54 26 minutes, 54 seconds get completed uh in on March 31st but for the next financial year there is already committed budget and hence the 27:03 27 minutes, 3 seconds project will continue. So now it is not a question of PM cou one and PM kusum 2. 27:09 27 minutes, 9 seconds Uh this will be uh this is in a sense a continuous uh uh no ongoing project. 27:18 27 minutes, 18 seconds Okay. And and sir what are our current uh order book in EPC and what is the 27:25 27 minutes, 25 seconds percentage contribution uh from EPC to total revenues? 27:32 27 minutes, 32 seconds Right. uh as I mentioned that for the solar uh pumps uh we have total win of 27:39 27 minutes, 39 seconds 1500 pumps uh we have already executed some of them and balance we are expecting that it will be uh executed 27:46 27 minutes, 46 seconds during this quarter so right now the uh uh that that is the order which we have 27:54 27 minutes, 54 seconds uh on the rooftop segment uh as I mentioned uh that is a fast churn business uh so we do not keep a track of 28:01 28 minutes, 1 second order book uh per for that segment. Uh the last year uh entire solar EPC 28:08 28 minutes, 8 seconds vertical was uh 10%age of our total revenue. Uh once uh this year completes, 28:15 28 minutes, 15 seconds we'll uh again update the number for FI26. Okay. Okay sir. Uh thank you so much. 28:23 28 minutes, 23 seconds I'll just join back in the queue. Thank you. Thank you. 28:29 28 minutes, 29 seconds A reminder to all the participants that you may press star and one to ask a question. 28:42 28 minutes, 42 seconds A reminder to all the participants that you may press star and one to ask a question. 29:02 29 minutes, 2 seconds A reminder to all the participants that you may press star and one to ask a question. 29:20 29 minutes, 20 seconds A reminder to all the participants that you may press star and one to ask a question. 29:46 29 minutes, 46 seconds A reminder to all the participants that you may press star and one to ask a question. 29:57 29 minutes, 57 seconds Ma'am, if there are no further questions, I think we can conclude the call. 30:02 30 minutes, 2 seconds Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Mr. Ronuk for closing remarks. 30:09 30 minutes, 9 seconds Thank you for attending the call uh of Apple polylass limited. 30:16 30 minutes, 16 seconds So if you have any queries, you can email us at uh research at the ageadvisor.com. 30:23 30 minutes, 23 seconds Thank you Lesh sir. Thank you all. 30:28 30 minutes, 28 seconds Thank you on behalf of Kirin Advisor Private Limited. That concludes this conference. 30:33 30 minutes, 33 seconds Thank you for joining us. And you may now disconnect your lines.