Cello World Limited — Q1 FY26

Cello World Ltd Q1 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=rv24CLC__3M Published: 9 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Hello World Q1 FI26 earnings conference call hosted by ICICI 0:09 9 seconds Securities. As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions 0:16 16 seconds after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing start then zero on 0:25 25 seconds your touchstone phone. Please note that this conference is being recorded. 0:29 29 seconds Before we move on to the conference, I would like to give a small disclaimer. 0:33 33 seconds This conference call may contain forward-looking statements about the company which are based on beliefs, opinions and expectations of the company 0:41 41 seconds as on the date of this call. These statements are not the guarantees of future performance and involves risk and uncertaintities that are difficult to 0:50 50 seconds predict. I now hand the conference over to Mr. Anuda Jooshi from ICICICI securities. Please go ahead sir. 0:58 58 seconds Yeah, thanks man. On behalf of ICICI securities, we welcome you all to Q1 FI26 results conference call of Cello 1:07 1 minute, 7 seconds World Limited. We have with us today senior management represented by Mr. 1:12 1 minute, 12 seconds Garo Ratford, joint managing director and Mr. Atul Paroleia, CFO. Now I hand over the call to Mr. 1:20 1 minute, 20 seconds for his initial comments on the quarterly performance. Thanks and over to you Zoro sir. Thank you. 1:27 1 minute, 27 seconds Uh good morning everyone. Uh and a very warm welcome to our company call. 1:32 1 minute, 32 seconds Joining me is our CFO Mr. Atul Karolia and our investor relations advisor SGA. 1:37 1 minute, 37 seconds The relations presentations are available on the stock exchange and on our website. I hope you had a chance to look at it. We had a decent start for 1:46 1 minute, 46 seconds the year with a year-on-year revenue growth of 6% reaching at rupes 529 crores. The growth was primarily driven 1:53 1 minute, 53 seconds by our consumer web segment which grew by 12% yearonear. 1:58 1 minute, 58 seconds Uh having said that there we are yet to experience a full consumer demand recovery across categories. The growth 2:06 2 minutes, 6 seconds could has also been hit by uh a slightly earlier onset of rains uh particularly in May and which affected uh the 2:15 2 minutes, 15 seconds hydration category uh which saw uh a dip in sales in that particular month. Uh for the quarter we have achieved the 2:22 2 minutes, 22 seconds highest ever gross profit margin at 54% reflecting our manufacturing excellence, strong positioning as a premium brand in 2:31 2 minutes, 31 seconds the market and enduring relationships with our distributors and channel partners. Our partnerships with quickcommerce platforms are also gaining 2:39 2 minutes, 39 seconds traction and sales from these channels are on the rise. Nevertheless, General Trade remains our leading contributor both in terms of volume and profitability. 2:48 2 minutes, 48 seconds Looking ahead, our strategy is to strengthen our omi channel presence across general trade, online channels, modern trade, e-commerce and 2:56 2 minutes, 56 seconds pre-commerce to broaden our product reach across India and outpace the industry slower consumer demand trends. 3:07 3 minutes, 7 seconds Coming to category wise performance, uh a consumer category delivered a year growth of 12%. Within the consumer wear 3:15 3 minutes, 15 seconds category, the glassware business delivered a solid growth of 50%. Driving the overall growth of this segment. 3:22 3 minutes, 22 seconds Uh as I mentioned uh the hydration category uh was a dip uh though it grew 3:29 3 minutes, 29 seconds year on year but could have been better uh and due to the onset of uh overall early rains uh it got affected. uh other 3:38 3 minutes, 38 seconds consumer care categories also delivered a decent growth of around 10%. 3:44 3 minutes, 44 seconds Writing instruments continue to face challenges in terms of export demand slowdown which got further impacted by a slowdown in our domestic sales. Hence 3:52 3 minutes, 52 seconds the segment revenue stood at 74 cr against 83 cr in quarter last year. We are working on strengthening our writing 4:00 4 minutes instrument brand UNOMAX and to grow this segment in a more sustainable manner. 4:06 4 minutes, 6 seconds Having said that, Onomoax remains the highest margin product line in quarter one of financial year 26. To overcome the slower demand in this segment, we 4:14 4 minutes, 14 seconds have already start introduced a few products and continue to introduce newer product lines uh like mechanical pencil 4:21 4 minutes, 21 seconds which was introduced in quarter one of financial year 26. 4:26 4 minutes, 26 seconds Coming to the furniture business, the performance remains subdued with revenue of about 90 cr. The performance is in 4:35 4 minutes, 35 seconds line with the industry trend. Uh and uh as previously mentioned, we are working towards premiumization of product range 4:42 4 minutes, 42 seconds here and uh expect slightly better uh growth trends in the coming quarters. 4:49 4 minutes, 49 seconds We anticipate strong demand surge in the upcoming quarter driven by the festive season uh and uh good traction in the 4:57 4 minutes, 57 seconds last month uh resulting in a better Q2 compared to quarter 1 of financial year 26. Cell is well positioned to 5:05 5 minutes, 5 seconds capitalize on this uplift with its premium and innovative product portfolio and deliver faster growth with healthy profitability and return ratios. I will 5:14 5 minutes, 14 seconds now hand over to our CFO Mr. Aurolia for the financial highlights. Thank you. 5:18 5 minutes, 18 seconds Thank you Arab and good morning to everyone. I will be sharing the financial details for the quarter that has gone by. In Q1 FI26 our revenue grew 5:27 5 minutes, 27 seconds by 6% yearon year to INR rupee 529 cr compared to INR 501 cr in Q1 FI25 5:36 5 minutes, 36 seconds profit was quart stood at rupees 286 cr and gross profit margin at 54%. During the quarter employee cost and other 5:44 5 minutes, 44 seconds expenses increased primarily due to the new grass facility in every margin for the quarter was at 24%. 5:52 5 minutes, 52 seconds P for the quarter came in rupees 73 cr margin of 14%. Our revenue mix for the butter sometimes 69% from the consumer 6:00 6 minutes segment 14% of the writing instrument and balance 17% from the furniture and light product. Among these writing instrument delivered the highest dose of 6:09 6 minutes, 9 seconds margin at 59% followed by consumer at 56% and furniture product at 41%. 6:16 6 minutes, 16 seconds General stay the largest revenue contributor at 75.8%. 8% followed by it growth growing share from the online 6:24 6 minutes, 24 seconds segment at 10.4 trade and export individ.4 and 8.4 respectively. 6:32 6 minutes, 32 seconds With this I would like to open the session for question and answers. 6:38 6 minutes, 38 seconds Thank you very much sir. We will now begin the question and answer session. 6:42 6 minutes, 42 seconds Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to withdraw yourself from the question Q, you may 6:51 6 minutes, 51 seconds press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll 6:58 6 minutes, 58 seconds wait for a moment while the question Q assembles. 7:11 7 minutes, 11 seconds We have our first question from the line of JSH from KC Securities. Please go ahead. 7:18 7 minutes, 18 seconds Hi, good morning. Thanks for the opportunity. My first question is could you call out the revenue contribution of glassware business and more importantly 7:26 7 minutes, 26 seconds what's the drag on profitability in this quarter which will help us appreciate the uh margins of rest of the business better? 7:37 7 minutes, 37 seconds Uh J can you hear me? 7:39 7 minutes, 39 seconds Yes I can. Hi Kov. Hi hi. Hi. So uh basically uh in the glasser segment it's 7:46 7 minutes, 46 seconds uh still in the negative. So uh there is a loss uh in the uh uh quarter for that particular segment which has dragged uh 7:55 7 minutes, 55 seconds the profitability a little bit but which was expected uh as I had mentioned that uh this year is we are building uh 8:02 8 minutes, 2 seconds capacities uh and we are at about 65% efficiencies at this point of time which ideally we would want it to be about at 8:11 8 minutes, 11 seconds 85% which will happen over the course of the year uh which will definitely reduce our cost of production uh Having said 8:18 8 minutes, 18 seconds that uh you know uh basically uh the uh the the drop has been primarily in this segment and the and the revenue growth 8:26 8 minutes, 26 seconds has been there. So uh I think uh this will this will continue for this uh couple of quarters before which we break 8:33 8 minutes, 33 seconds even for the year. So the idea is that uh we have to be breaking even by the end of the year in this uh in this particular segment which which we 8:42 8 minutes, 42 seconds anticipate we will be able to uh do uh given reducing cost and uh rising uh revenue trends in this particular 8:50 8 minutes, 50 seconds segment. Uh but overall yes it will be a drag on profitability by by a percentage point or so uh for this entire year. 8:59 8 minutes, 59 seconds Sure. So uh what we are not able to sort of uh understand uh is that you know 150 basis point decline in profitability was 9:08 9 minutes, 8 seconds expected from glassware but this quarter it dropped 525 basis point at a vida margin level so is there additional 9:15 9 minutes, 15 seconds pressure you know over and above you know the drag from glassware in the core business that we should be uh aware about 9:23 9 minutes, 23 seconds right right so I think uh I think there has been uh you know a lot of margin pressure due to the demand pressures and 9:31 9 minutes, 31 seconds uh the sales revenue pressures. So overall uh demand has been slow and that is why sales promotion activities has 9:38 9 minutes, 38 seconds increased in terms of schemes and uh some discounts. So I think from that perspective and we have not been able to raise prices. Uh so our energy costs if 9:47 9 minutes, 47 seconds you see have gone up uh you know for the year because uh there was a rate change uh you know of in the month specifically 9:56 9 minutes, 56 seconds uh where uh you know the energy rate went up uh the wages have gone up as well uh but we are not able to increase prices uh from last year uh because of 10:05 10 minutes, 5 seconds the environment and I think that has also contributed uh to that uh you know margin decline uh also coupled with uh 10:13 10 minutes, 13 seconds you know uh you know because there is a degrowth in the writing instrument segment the costs have still remained 10:20 10 minutes, 20 seconds the same. Uh though revenue has gone down the fixed cost uh have eaten up some bit of uh you know profitability 10:27 10 minutes, 27 seconds there as well. So I think overall as the revenue comes back on track uh which should be growing a little faster than 10:34 10 minutes, 34 seconds what we anticipated this quarter. Uh this should uh mitigate uh right and uh 10:41 10 minutes, 41 seconds of course season is our biggest jump in uh because the product mix kind of changes a little bit. So we have better 10:48 10 minutes, 48 seconds or higher or premium now gifting segment products that sell which sells with better profit margins. So I think uh that has been the reason uh for the drop 10:58 10 minutes, 58 seconds uh you know it's increased costs and you know we've not been able to pass that in the market that is our major reason uh for this quarter. 11:07 11 minutes, 7 seconds Sure. Thank you. And last one is on writing instruments now after a week FY20 we thought it will be back to 11:14 11 minutes, 14 seconds growth this year but it has again started with a 10% plus decline in one Q. So could you give us some outlook for 11:22 11 minutes, 22 seconds you know what should we expect for rest of the year and basically is this domestic pressure in domestic business 11:29 11 minutes, 29 seconds or exports or both uh uh you know again some color on you know the outlook for exports as well as domestic for that point 11:36 11 minutes, 36 seconds that's it from side thank you thank you so uh in the writing segment yes it's been disappointing uh we would 11:44 11 minutes, 44 seconds like to be ideally growing this segment uh at about 10% uh year on year But it has been challenging from the export 11:52 11 minutes, 52 seconds side of things. We have had more of a challenge coupled with domestic demand also not growing much. Uh in the 12:00 12 minutes industry also overall uh you know if you look at only the pen segment which we are majoring in though we have introduced new products but they still 12:08 12 minutes, 8 seconds haven't gained that much traction. So I think from the pen front it has been lackluster. 12:14 12 minutes, 14 seconds uh but uh you know having said that uh you know end of June uh some parts of July have seen a decent fraction so we 12:23 12 minutes, 23 seconds still hopeful uh though for the rest of the year uh uh you know we'll see how it goes in terms of export demand 12:30 12 minutes, 30 seconds specifically and uh also we're trying to gain more market share uh in the domestic side of things uh it's not been 12:39 12 minutes, 39 seconds easy uh again it's not a we we've started uh spending some money an advertisement year also because being slightly newer brand uh it is at a 12:48 12 minutes, 48 seconds certain level it grew but uh with now we'll have to put in a lot more effort to grow this further so which we are uh 12:55 12 minutes, 55 seconds you know committed to do and hopefully we'll you know grow at least this year by a little bit. 13:04 13 minutes, 4 seconds Thank you. Thank you. Thank you. 13:09 13 minutes, 9 seconds We have our next question from the line of Pravin Sahai from Prabuiladar Capital. Please go ahead. 13:16 13 minutes, 16 seconds Yeah, thank you uh for opportunity. Now, first question is related to your guidance uh the last quarter what we had given uh related to the growth of you 13:25 13 minutes, 25 seconds know consumer business which is quite a higher like a 17 18%. So where it holds right now? 13:33 13 minutes, 33 seconds So I think see uh this quarter again as I said the few uh things did not work. 13:38 13 minutes, 38 seconds uh for example the iteration season as I said was not uh very good plus on the steel flask business uh which you know 13:46 13 minutes, 46 seconds we are starting to going to start producing from November December uh that bit so we saw some stockouts in those 13:54 13 minutes, 54 seconds kind of product lines which also did not help right so I think uh overall yes from a from a company perspective we 14:03 14 minutes, 3 seconds still guide for about 12 to 15% overall given that the glassback business is growing pretty well. Uh also the 14:10 14 minutes, 10 seconds consumer side of things, we still see you know a decent traction. Uh it's it's been dragged down by writing instruments 14:17 14 minutes, 17 seconds and the furniture business. Uh but the consumer business still remains uh you know healthy and it remains on the growth path. 14:27 14 minutes, 27 seconds Okay. Okay. Uh second question related again to the margin fund sir. Uh so the whether this employee expenses increase 14:36 14 minutes, 36 seconds or uh you know the other expenses it's all because of your uh you know the glass business where you ventured out. 14:44 14 minutes, 44 seconds So employee is majorly due to the glass business because the because we start manufacturing so you employed new people. So I think that is just because 14:52 14 minutes, 52 seconds of that reason. Uh other expenses as I said sales promotion expenses for the quarter had increased uh due to sales 15:00 15 minutes pressures. uh because it's been a tough quarter overall. So a lot more discounts, a lot more schemes uh have 15:07 15 minutes, 7 seconds been passed on and uh which and uh you know ideally we year every year we kind 15:14 15 minutes, 14 seconds of raise prices uh in April but uh but unfortunately we were unable to do that uh this year uh given that you know 15:22 15 minutes, 22 seconds there was very aggressive pricing by a lot of competition uh for this quarter to try to gain traction in uh sales. So 15:29 15 minutes, 29 seconds I think uh uh you know from that perspective is where we you know we see a slightly different margin uh which we 15:36 15 minutes, 36 seconds which a little bit we would of course cover over the period of years. 15:43 15 minutes, 43 seconds Okay. Uh next question is related to the uh you know furniture business. Last two quarters we are seeing the gross margin 15:51 15 minutes, 51 seconds contraction is continue. So where you will see this gross margin of a furniture business to settle? 15:59 15 minutes, 59 seconds So I think uh the gross margin uh has been because of the product mix. Uh it keeps changing a little bit uh you know throughout the year. Uh it depends on 16:07 16 minutes, 7 seconds what product sells during the year. So I think uh it remains flat. Uh there will be no expansion in the margin. uh but 16:15 16 minutes, 15 seconds overall uh you know as the product makes changes uh throughout the year this will this will stabilize at a at a at a flat 16:22 16 minutes, 22 seconds margin of of last year. So I think uh going forth in the furniture category as we have already mentioned that we are in 16:30 16 minutes, 30 seconds the premiumization path. So once uh you know those uh synergies also click in uh though it grows slowly it doesn't grow 16:38 16 minutes, 38 seconds by 10 15% the premium segment it grows by a percentage point every year or couple of percentage points that keeps 16:46 16 minutes, 46 seconds adding to the gross margins as well. So I think I think it should be stable as as per last year as well. 16:54 16 minutes, 54 seconds Okay. And do you uh see that you're writing export uh business to improve in the next nine months? 17:04 17 minutes, 4 seconds Yes. Uh it it is because I think July for us was decent. Uh and we hope uh you know it should continue that the overall 17:12 17 minutes, 12 seconds growth trend should continue. We have a good pipeline of orders and now things seem a little better also uh you know 17:19 17 minutes, 19 seconds after the the Middle East war has now uh is almost over. So the the trade routes 17:27 17 minutes, 27 seconds are now pretty open. There are no shipping delays. Uh so I think that should definitely help the business. 17:34 17 minutes, 34 seconds And uh this majorly coming from where? Geographically? 17:39 17 minutes, 39 seconds Major majorly it's still Middle East, Russia uh uh you know Libya and a little 17:45 17 minutes, 45 seconds bit is from the US. We will not be much hit by the tariff though because the orders are still in place but and our exposure is limited. 17:55 17 minutes, 55 seconds Okay, last is for capeex for this financial year. What's the the capeex for this financial year is majorly going to be the steam flux uh 18:02 18 minutes, 2 seconds which is in the tune of about 40 to 50 crores uh which is the new capex uh which is going to happen and otherwise it's just maintenance capex uh so it'll 18:12 18 minutes, 12 seconds be around 50 60 cr rupees so about 100 odd crores for the year. Thank you sir and all the best. 18:19 18 minutes, 19 seconds Thank you. Thank you. 18:23 18 minutes, 23 seconds We have our next question from line of Lakshmi Naran from Tunga Investments. Please go ahead. 18:28 18 minutes, 28 seconds Yeah. Uh thank you. Uh do you actually give the break up of um the consumer wear into open wear and uh the hydration? 18:39 18 minutes, 39 seconds No, we actually uh report only consumer figures. We do not do a break up. 18:46 18 minutes, 46 seconds Got it. And uh in terms of uh your uh distribution, do you actually give a distribution mix for uh uh consumerware? 18:56 18 minutes, 56 seconds Like I mean how much is modern trade, how much is uh general trade? 19:02 19 minutes, 2 seconds Yeah, I I we can definitely share those numbers with you. Currently uh you know in front of me I'm only having uh the 19:09 19 minutes, 9 seconds numbers for the entire uh company. uh but uh it so just to give you an idea uh it is of course online uh in the 19:18 19 minutes, 18 seconds consumer segment is the highest because the stationary and the furniture business uh is almost uh very limited. 19:25 19 minutes, 25 seconds So I guess uh if if you look at the numbers it'll be like about a couple of percentage points here and there uh and exports majorly comes from our 19:34 19 minutes, 34 seconds stationary business. Uh so for for a retail break up of course we we can share that with you anytime. and and how uh seasonal is your consumer business? 19:44 19 minutes, 44 seconds Is it high on Q2 um and then low on Q4? Can you just give some uh thoughts on that? 19:51 19 minutes, 51 seconds Yes, consumer business typically picks up in Q2. So purchase season for consumer business is is slightly larger. 19:58 19 minutes, 58 seconds So it's about 1 and a 1.2x or 1.3x of a normal month sale. So it is it definitely is is slightly on the higher side which is Q2 majorly. 20:10 20 minutes, 10 seconds Sorry. And and how has been your uh uh distribution expansion in in uh in consumer? 20:19 20 minutes, 19 seconds So I think distribution wise we have of course been present all over India. Uh so we do have a fan India presence. Uh 20:28 20 minutes, 28 seconds overall it is more deeper penetration is what uh you know we are looking at and deeper penetration comes from uh you 20:37 20 minutes, 37 seconds know opening new retail outlets or going or are people visiting more outlets uh which unfortunately in India is not 20:46 20 minutes, 46 seconds rising at this point of time. Uh so the number of outlets for us is still remaining the same. uh but what we are 20:53 20 minutes, 53 seconds seeing is more shelf space on those same outlets is uh you know what we are gaining and of course the other channels 21:00 21 minutes of uh sale which is online quick commerce has seen good traction for us. 21:05 21 minutes, 5 seconds So I think going forth uh you know general trade uh it will be up for a slower growth uh overall uh compared to 21:14 21 minutes, 14 seconds the other channels of growth which is online and uh you know uh quickcommerce uh kind of channels. 21:22 21 minutes, 22 seconds Got and and how are you handling the channel conflict uh with respect to online in the consumer? 21:29 21 minutes, 29 seconds So uh we typically try to differentiate the products uh in on each platform uh you know because of the wide area of 21:37 21 minutes, 37 seconds product lines that we have we do about I know 17,000 SQ uh so we are able to play around with uh you know a little bit of 21:44 21 minutes, 44 seconds product mix is different for different channels and also the end product is is slightly differentiated uh as much as 21:52 21 minutes, 52 seconds possible of course not 100% but about 60 70% of our portfolio is a differentiated product itself. 21:59 21 minutes, 59 seconds And now we have a now we have a strategy to kind of make for e-commerce. So I think I think now uh you know that that 22:07 22 minutes, 7 seconds has completely changed. Uh in the past we used to make for general trade and sell on e-commerce but now it's made specifically for e-commerce. So I think 22:14 22 minutes, 14 seconds that from a mindset change has also happened within the company. Got it. I'll get back in. 22:22 22 minutes, 22 seconds Sure. Thank you. Thank you. 22:26 22 minutes, 26 seconds We have our next question from Lo Percy Pentaki from Securities. Please go ahead. 22:32 22 minutes, 32 seconds Uh hi sir. Uh so last year uh you had given uh some data about the new plant that uh 20 cr of sale has come from the 22:41 22 minutes, 41 seconds new plant out of which 10 cr was import substitution. So can you give the similar figures for this quarter please? 22:49 22 minutes, 49 seconds So about uh we are around about 15 to 16 crores came again from uh you know um from our uh sales from our factory and 22:59 22 minutes, 59 seconds the rest were still uh you know traded items uh which will further go down. 23:05 23 minutes, 5 seconds So about about 60% now is the factory product line and about 40% is the import product line which will which will keep 23:13 23 minutes, 13 seconds uh the ratio will keep changing it will keep going down. 23:17 23 minutes, 17 seconds Understood. And and the new plant what was the sales from the new plant this quarter? 15 16 cr. 23:24 23 minutes, 24 seconds Yes. Yes. Yes. So about about a five five and a half cr average sales. 23:31 23 minutes, 31 seconds So why is it lower than Q4? Q4 you had done 20 cr of sales from the new plant. 23:38 23 minutes, 38 seconds Yeah. But normally the first quarter is always uh slightly weaker. Uh it is always going to start from the second third quarter is is stronger demand 23:46 23 minutes, 46 seconds tense. So it is uh it is the first quarter will always be a little subdued for the latter category. 23:56 23 minutes, 56 seconds I understand that would be the case normally but like we are starting from almost scratch. So uh that should not be 24:04 24 minutes, 4 seconds affected by seasonality the ramp up because we are like significantly below uh the capacity of the plant right? No, 24:13 24 minutes, 13 seconds what happens is basically what kind of product line sell is also important. So say there is a there is a there was a surge in say bottle demand. So bottles 24:22 24 minutes, 22 seconds do much better which is a traded item for us. Uh it's not a manufactured item. 24:27 24 minutes, 27 seconds So those kind of items you pick up. Uh so the overall sales still grows. Uh but some of the sales that uh you know the 24:34 24 minutes, 34 seconds product mix that you're making has not grown in this quarter which which again which is the next few quarters that we 24:41 24 minutes, 41 seconds growing. So, so overall uh because we had started also you have to realize that we had started the last quarter so 24:48 24 minutes, 48 seconds it was a launch so the product had just gone into the market so now it is repeat demands also. 24:55 24 minutes, 55 seconds Understood. So how do we think about uh uh the total topline from this new plant uh for the fullear basis? 25:04 25 minutes, 4 seconds So for a full year basis we are anticipating about 110 to 120 cr of sales and which is at the current 25:12 25 minutes, 12 seconds capacity levels that we are producing we will have sold out about 65 to 70% of our capacity because of course our 25:20 25 minutes, 20 seconds capacity expansion will happen over a period of time or the efficiency gains will happen over over a period of time. 25:26 25 minutes, 26 seconds So by next year we will produce about a lot more but currently what we produce we sell about 30% of it. 25:34 25 minutes, 34 seconds Understood. So so the uh uh sale for this new plant at full capacity that works out to how much about 200 cr 25:42 25 minutes, 42 seconds roughly 200 200 to 250 it depends again on the product mix uh but it it anywhere starts from about 200 to 250. So when I say 250 25:51 25 minutes, 51 seconds it's because of value additions. So we say we do little printing on it. We do some you know uh colored glasses and all 25:59 25 minutes, 59 seconds of that. So that will add uh you know more in terms of the revenue. 26:03 26 minutes, 3 seconds So do we reach that 200 cr level level FI27 or it might be one more year for that. 26:09 26 minutes, 9 seconds I think 27 I think 27 we should definitely reach that. 26:13 26 minutes, 13 seconds Got it. My second question is on the total company uh aida margin. So uh earlier you had said that uh they might 26:22 26 minutes, 22 seconds dip by about uh 150 bits y on account of the glassware plant but now you mentioned that there are some other uh 26:29 26 minutes, 29 seconds costs also which are inflating. So how do we look at the company level eida margin uh for this year? 26:36 26 minutes, 36 seconds I think I think for this year you should look at aida margin of around 23 odd% for the entire year. uh uh could be 26:45 26 minutes, 45 seconds better but I think uh given the environment and given that you know there is too much aggression by a lot of 26:52 26 minutes, 52 seconds players uh in the market uh we are uh you know hoping to end this year at about 23% AIDA margin 27:01 27 minutes, 1 second okay so overall basis 12 to 15% topline and 23% uh AIDA margin correct correct 27:09 27 minutes, 9 seconds got it got it uh thank you that's all for me thank Thank you. We have our next question 27:18 27 minutes, 18 seconds from line of Aelari from Noama Institution of Equity. Please go ahead. 27:24 27 minutes, 24 seconds Yeah, good morning. Uh thank you for the opportunity. Uh first question I have uh is if you could give some sense about uh 27:33 27 minutes, 33 seconds what is the uh revenue and the uh you know AITA level loss for the new plant. 27:42 27 minutes, 42 seconds So epic level loss we don't put it here. 27:44 27 minutes, 44 seconds If you if you need that information, we'll share it to you uh you know uh a little later. 27:51 27 minutes, 51 seconds Right. And revenue you said it's 156 crores from the new factory. 27:55 27 minutes, 55 seconds Correct. From the new new facility, right? Uh the second question I had um 28:02 28 minutes, 2 seconds uh if you look at the glo margins for the houseware for the consumer right uh it was 55% in 1 25 and it is 56.2. 28:13 28 minutes, 13 seconds So ideally with the uh in-house manufacturing of consu you know the glassware the margin should have expanded. So if you could give some 28:21 28 minutes, 21 seconds better sense about how do we this uh you know margin gross margin for the consumer 28:29 28 minutes, 29 seconds uh sales is the beginning of a facility uh the costs are a little higher uh and uh 28:37 28 minutes, 37 seconds and also the efficiencies are lower at this particular point in time. So glassware is going to be a you know as I said it's going to be uh because once we 28:45 28 minutes, 45 seconds started the plan it's a 10ear story. So the idea is that uh you know we are of course ramping up production ramping up 28:51 28 minutes, 51 seconds new products as well. So as in how we improve efficiencies cut cost and increase revenue uh you will start 29:00 29 minutes seeing those uh numbers kicking in terms of uh in terms in terms of profitability. 29:07 29 minutes, 7 seconds Right. So I think G you mentioning from a aida perspective uh you know at the at the cost margin is there is a case of uh 29:14 29 minutes, 14 seconds heavy discounting because we are still trading in the channel with our brand our product uh and hence the margin 29:22 29 minutes, 22 seconds improvement is less than what we were earlier expecting at the gross profit level which is realization and the cost. Okay. 29:29 29 minutes, 29 seconds Absolutely absolutely because I think I think there has been margin pressures definitely uh for this product. 29:35 29 minutes, 35 seconds about it. Uh another question I had uh you know in terms of the demand scenario you you mentioned in a passing remark 29:43 29 minutes, 43 seconds that things have uh improved in the month of July. Have I understood right? 29:49 29 minutes, 49 seconds Yeah. So we are seeing good traction in month of July for all categories basically that's that's what I mentioned across categories right across categories. 29:59 29 minutes, 59 seconds And uh in terms of the channel inventories uh how are these channel inventories as we speak? Because I 30:05 30 minutes, 5 seconds presume earlier we had a a challenge with respect to higher inventories in the channel and uh what is the situation 30:14 30 minutes, 14 seconds now? Has it normalized or it still continues to remain high? 30:18 30 minutes, 18 seconds I think it it's better than before. I wouldn't say it's uh the best because again you know we saw great quarter last 30:26 30 minutes, 26 seconds March uh you know for consumer specifically uh but uh you know again having slowed down demand this this 30:34 30 minutes, 34 seconds quarter again uh in terms of the secondaries also there would be a certain amount of uh inventory but but it's still much better than you know 30:41 30 minutes, 41 seconds what it was last year uh that's for sure. So it has been an improving trend because and we see that uh you know in our collections also. So our collections 30:49 30 minutes, 49 seconds have been have been better for the quarter right. I think how do you see the competition because we see numerous 30:58 30 minutes, 58 seconds brands actually also getting into our categories. So does that mean that you know in terms of 31:05 31 minutes, 5 seconds the margins we have kind of peaked in terms of margins and from there on you will have either you'll have to sacrifice margins for growth. 31:15 31 minutes, 15 seconds I think for certain categories we have peaked uh and we will now have to innovate uh and you know probably uh 31:24 31 minutes, 24 seconds expand into other omi other channels of growth uh because as I said uh we are not seeing very great demand in the 31:32 31 minutes, 32 seconds general trade channel. So our other channels will of course uh be the growth drivers uh for the next few maybe years, 31:41 31 minutes, 41 seconds right? And of course uh as I said uh you know we are uh now uh looking at uh you know consolidating our portfolio which I 31:49 31 minutes, 49 seconds had mentioned in the last call as well uh in terms of the product uh so that you know we control our inventory better. Uh second point is that of 31:59 31 minutes, 59 seconds course we'll also be having a sharp eye on cost as well and we would uh you know like to cut cost as well so that you 32:07 32 minutes, 7 seconds know we still maintain our margins. Uh so from the cost perspective also you we will see uh certain u you know things 32:14 32 minutes, 14 seconds that we're focusing on which is you know probably uh employee cost is one of them. 32:20 32 minutes, 20 seconds uh you know our promotional strategies is another one where you know we will try to save as much uh this year uh so 32:28 32 minutes, 28 seconds that uh you know we still end up at a good uh a bit. 32:34 32 minutes, 34 seconds Understood. And last question with respect to the acquisition anything on that front uh can we expect in one two quarters or it is still some time away? 32:45 32 minutes, 45 seconds No. So uh in terms of uh what acquisition sorry no as in the uh you know uh looking at 32:52 32 minutes, 52 seconds uh different uh companies from a acquisition perspective you are because last uh if I if I remember right in the 33:01 33 minutes, 1 second last quarter you had said you know earlier we were evaluating certain acquisition and it is off the table now. 33:07 33 minutes, 7 seconds Yes. Yes. So it was definitely off the table. So there is nothing on the table at this point of time uh in terms of any acquisitions. So last time as I 33:14 33 minutes, 14 seconds mentioned we had done some due diligence of the target entity uh we were not satisfied uh and that is why you know 33:21 33 minutes, 21 seconds that it was off the table uh but uh there is no new entity as such that we're looking at. 33:28 33 minutes, 28 seconds Got it. And uh just one more question if I may with respect to the electrical appliances. Any thoughts on the same 33:35 33 minutes, 35 seconds like how soon can we expect uh and what kind of uh you know uh spend you will require to get into that particular category. 33:45 33 minutes, 45 seconds So we are present in that category uh though our focus has never been to expand it uh in a very big way uh 33:54 33 minutes, 54 seconds because though it is a though it is a good market in terms of revenue uh you know the margins there have eroded a lot 34:00 34 minutes uh for all all people. It's a very cluttered category. Uh for us that is a supplementary category because we are 34:08 34 minutes, 8 seconds going into you know the same uh retail outlet. So it just occupies more shelf space for us. It's not a category 34:16 34 minutes, 16 seconds driver. Uh it is it is more going to be a supplementary product and we sell it at our price. uh you know if if we start 34:24 34 minutes, 24 seconds selling uh you know at prices which other competitors are doing by cutting quality uh you know we don't wish to do 34:31 34 minutes, 31 seconds that and we wish to grow this at a 15 20% yearon-year uh uh kind of kagger and 34:38 34 minutes, 38 seconds slowly you know give out good products so I think I think our strategy in this category is very clear it's not about uh 34:45 34 minutes, 45 seconds you know a lot of uh you know disruptive growth right understood thank Thank you and wish you all the best. Thank you. 34:54 34 minutes, 54 seconds Thank you. 34:56 34 minutes, 56 seconds Thank you. We have our next question from line of Barani from control money control pro. Please go ahead. 35:05 35 minutes, 5 seconds Uh yes sir. Uh thanks for the opportunity. Uh so first question uh you said the uh exposure uh I'm just wanted 35:13 35 minutes, 13 seconds to get a sense of overall exposure to the United States. Uh what would be that uh as a percentage of writing 35:20 35 minutes, 20 seconds instruments? uh uh uh I I presume that it's mostly export is on the uh writing instrument side. So just wanted to get a 35:27 35 minutes, 27 seconds sense of uh what's the exposure to the United States. 35:31 35 minutes, 31 seconds I think uh it's not a lot. Uh it's about 5 to 7% of our export sales uh is the United States. So we don't have major 35:39 35 minutes, 39 seconds reliance on them and currently we have not seen any uh you know cut in orders or uh uh you know any of that sort at 35:47 35 minutes, 47 seconds this particular point in time. Uh so I don't think uh you know it really affect us much. 35:54 35 minutes, 54 seconds Okay. Uh yeah sir uh so next question uh from my side is uh that uh in quarter 36:00 36 minutes one we have seen uh 6% growth uh and would be probably lower than what we would expect and for 36:09 36 minutes, 9 seconds the full year you're guiding uh 12 to 15% growth. So probably uh uh in your view 9 months uh uh uh should see a very 36:17 36 minutes, 17 seconds healthy uh double digit kind of a growth. So just wanted to check on uh like what factors uh uh you are banking on uh to have a double digit growth 36:25 36 minutes, 25 seconds strong double digit growth uh for the for 9 month period. So is it uh the uh 36:32 36 minutes, 32 seconds uh are you uh expecting the market uh to rebound uh in a much better manner or is uh is any company specific uh 36:40 36 minutes, 40 seconds intervention that you expect will uh drive this kind of a growth. Uh so that would be much. 36:46 36 minutes, 46 seconds So I think uh one is of course the glass side category which uh is going to add new revenue. Uh so that is definitely going to drive growth. Uh secondly 36:55 36 minutes, 55 seconds overall uh you know for uh the next couple of quarters because of the fetches season as well normally we've 37:02 37 minutes, 2 seconds seen that uh things improve drastically and uh we've already started seeing signs of that. So I think uh you know of 37:10 37 minutes, 10 seconds course consumer from that perspective will be the highest uh growth lever uh you know and then we would of course by 37:18 37 minutes, 18 seconds the end of the year still going to grow a little bit in the uh in the stationary segment also which kind of deg so I 37:26 37 minutes, 26 seconds think having uh you know both of these perform at a decent level would definitely you know make us reach that 37:32 37 minutes, 32 seconds 12 to 15% uh kind of growth uh uh you know platform 37:41 37 minutes, 41 seconds Okay sir. Uh and so last question from my side. So uh I mean you said uh in your earlier comment that uh in some of 37:47 37 minutes, 47 seconds the categories uh the margins have kind of peaked uh in the consumer space. So I 37:54 37 minutes, 54 seconds understand this this year uh the margin pressure is there because the glass facility we have just uh kind of started 38:01 38 minutes, 1 second and it would be loss making until the end of uh the quarter four and uh there has been pressure on the writing 38:08 38 minutes, 8 seconds instrument side uh and furniture business has also not performed well. So uh uh in SI 27 probably uh uh should we 38:17 38 minutes, 17 seconds kind of pencil in that uh the margin would come back to the trajectory it earlier used to be like say 24 25 levels 38:25 38 minutes, 25 seconds or is there a different take on that? So I think I think uh of course that will require a lot of interventions from our 38:32 38 minutes, 32 seconds side. uh and hopefully uh you know demand also surges then then you know everyone sells in a good market right uh 38:40 38 minutes, 40 seconds when the market is cycling everyone tries to sell so and there is margin pressure so overall uh you know that is 38:48 38 minutes, 48 seconds to be seen I don't want to project anything uh you know for the future uh because I really don't know uh it will 38:55 38 minutes, 55 seconds have to uh of course from our end what we can do is we can uh you know change the product mix a little bit uh you 39:03 39 minutes, 3 seconds you know start introducing more premium products uh start introducing uh more margin uh which which can give us better 39:11 39 minutes, 11 seconds margin products like that and which we've always been working on u of course as I said uh that we are also having a sharp eye on cutting cost at different 39:19 39 minutes, 19 seconds level as well uh so that will also kind of help uh in terms of uh you know helping with the margin to come back a 39:28 39 minutes, 28 seconds little bit but overall for the year also I think it would not be this that uh it'll somewhere stabilize at about 23 to 39:36 39 minutes, 36 seconds 23 and a half% of e-bit margins and uh which in the next year or so uh you know 39:43 39 minutes, 43 seconds of course by interventions it can happen so there is nothing uh but yes of course there's a lot of work to be done for that 39:51 39 minutes, 51 seconds okay great s thanks and all the best thank you thank you we have our next question from 40:00 40 minutes the line of sum kumar from Mosil financial services. Please go ahead. 40:05 40 minutes, 5 seconds Yeah. So, uh in this quarter in IT instrument we have seen a 12% growth. 40:10 40 minutes, 10 seconds So, can you talk on uh how is the uh domestic uh market and as well as export uh is it because of uh the uh realization degrowth uh because of 40:19 40 minutes, 19 seconds correction environmental prices or volume deg growth also? 40:23 40 minutes, 23 seconds No, I think it is volume deg growth also and and also uh little bit of value regrowth. uh but uh the idea is that uh 40:32 40 minutes, 32 seconds overall yes domestic kind of was still you know almost flattish and uh major 40:39 40 minutes, 39 seconds degrowth was still exports so I think uh domestic is also in line you know because we are majorly in the pen 40:46 40 minutes, 46 seconds segment uh we are not into the art crafts and other segment though we have introduced them they still not gain traction so I think uh that is the 40:54 40 minutes, 54 seconds reason why uh you know you see the degrowth uh in this segment And in domestic market I have seen all 41:01 41 minutes, 1 second the uh our competitor is doing good and shown good numbers. So and uh they have launched and they are doing good in 5° 41:09 41 minutes, 9 seconds spin uh segment also. So uh how is the competitive intensity and what are the key steps and uh we are taking and to combat the challenges. 41:19 41 minutes, 19 seconds Yes, of course the competitive environment is intensifying in this category. There is no doubt about that. 41:25 41 minutes, 25 seconds Uh but having said that the major growth for all these players have come from artcrafts and stationary product lines which we have still not seen a uptick 41:33 41 minutes, 33 seconds in. Uh so if you look at purely the pen segment for all these guys it's it's very limited. Uh so the idea is that of 41:41 41 minutes, 41 seconds course uh you know by by more product introductions covering more and more geography or more and more outlets. We have covered geography but uh more and 41:50 41 minutes, 50 seconds more outlets uh is the way to go in the market. uh so for as I said uh you know slightly lesserknown brands still and in 41:59 41 minutes, 59 seconds a environment like this uh it it it's more challenging for a lesserknown brand to grow faster uh but we we taking all 42:06 42 minutes, 6 seconds measures to you know grow this uh you know as fast as possible uh and also as export comes back uh you know we should 42:14 42 minutes, 14 seconds still start seeing better numbers and export market changing global scenario how do you think about export 42:22 42 minutes, 22 seconds business uh say Russia we have exposure we have also exposure in UK and other European countries so in this scenario 42:31 42 minutes, 31 seconds how how it is and in the going forward any changes and also UK FDA how it is going to benefit anything else can you 42:39 42 minutes, 39 seconds talk on that uh UK we really don't have too much exposure to so I think UK will not uh there'll be not much of a benefit but 42:47 42 minutes, 47 seconds overall uh if you see uh you know right now things are okay uh you know all shipping ing routes or you know demand 42:55 42 minutes, 55 seconds everywhere is all right. Uh so I don't see anything at this particular point of time but yeah it's a it's a very crazy world out there. I don't know what's 43:02 43 minutes, 2 seconds going to happen uh you know in the next few months but uh right now it all looks okay. It looks uh good. 43:10 43 minutes, 10 seconds Okay. Thank you so much. Thank you. 43:15 43 minutes, 15 seconds Thank you. Yeah. Next question from the line of JShi from Kek Securities. Please go ahead. 43:22 43 minutes, 22 seconds Yeah. Hi, thanks for the opportunity again. Just a follow-up question and a clarification on your margin guidance. 43:29 43 minutes, 29 seconds Now, you know, when we look at the presentation, uh you know, Aida margin in the presentation is computed, you know, it include Aida includes other 43:38 43 minutes, 38 seconds income and the denominator only includes operating revenues. So, FI25 was 26%, whereas the state has a different way 43:46 43 minutes, 46 seconds look at it looks at it in a different way. We look at operating. So are you indicating or guiding for a 300 basis 43:53 43 minutes, 53 seconds point YI decline? So what was 26 for you in FY25 will be 23 or so in FY26. Is that right? Understanding. 44:02 44 minutes, 2 seconds That is right. That is right. So 23 would be what we are projecting uh given you know the intensifying competition in 44:10 44 minutes, 10 seconds some of the categories uh is what we would like to do better uh 100% and hopefully we will but uh you know given 44:18 44 minutes, 18 seconds what the situation is right now uh that is what we're writing. Yeah. Uh that's great. Thank you so much. 44:25 44 minutes, 25 seconds That's it from my side. Thank you. 44:30 44 minutes, 30 seconds We have our next question from the line of Karan Batia from Asian market securities. Please go ahead. Hi. Am I audible? 44:39 44 minutes, 39 seconds Yes. Yes. 44:40 44 minutes, 40 seconds Yeah. Yeah. Hi Gorov. Uh just wanted to understand the capacity utilization on our no Opel where expanded capacities. 44:48 44 minutes, 48 seconds So can you help me out with that? 44:50 44 minutes, 50 seconds Yeah. So opal we at about 80 85% uh of uh you know utilization 44:57 44 minutes, 57 seconds uh and we have about 15% capacities that are yet to fill uh so I think uh yeah that that's pretty much what open web 45:05 45 minutes, 5 seconds stands for and and how do we uh know understand the the pricing scenario and and the margins 45:12 45 minutes, 12 seconds uh you know compared to a y basis I think again has also seen dip in margins as all other categories as well. 45:22 45 minutes, 22 seconds Uh primarily because our energy costs have gone up. Uh you know our wages and salaries have gone up. Uh but again we 45:30 45 minutes, 30 seconds are not able to increase price. So I think that is the reason why Opalware has also seen a little dip and Opalware 45:38 45 minutes, 38 seconds is one segment that uh will in this year at least will have margin pressure because there's new people entering this 45:45 45 minutes, 45 seconds segment as well. uh so I guess uh the competition is going to be little intensified 45:52 45 minutes, 52 seconds right right and on the writing station the part we mentioned about know expanding the other stationary wear and 45:59 45 minutes, 59 seconds art category while during the IPO days we also mentioned of very strong addition to the channel partners know on a pan India basis because there was a 46:07 46 minutes, 7 seconds lot of headroom for growth uh so so where do we stand now and how do we see this portfolio two years down the line 46:14 46 minutes, 14 seconds so I think uh we I have expanded in terms of geography. uh but we've not seen those kind of uh growth uh from uh 46:22 46 minutes, 22 seconds this channel right uh so overall and uh that time also the growth in the first two three years was very good uh as I 46:30 46 minutes, 30 seconds said uh because the environment was also very conducive uh currently uh you know it it doesn't look like that uh but 46:39 46 minutes, 39 seconds having said that you know we are trying our best in terms of uh you know the other stationary products that we've introduced to kind of have an uptick 46:46 46 minutes, 46 seconds there because we've still not seen that coming though the products have been launched a lot of them have been launched and even this quarter we 46:53 46 minutes, 53 seconds launched mechanical pencils which was a new product for us uh so that also uh has still not seen the uh the kind of 47:02 47 minutes, 2 seconds volume that we would like to see so I think uh having said that I think about uh you know though we were we've always 47:10 47 minutes, 10 seconds been guiding about 10% or uh increase every year uh you know we will have to see this you know next couple of 47:18 47 minutes, 18 seconds quarters how things perform though though July seemed decent and I had good traction for this category uh so we see 47:26 47 minutes, 26 seconds how it goes in the next couple of quarters and then probably we'll have a better idea of things 47:34 47 minutes, 34 seconds right and on this 50 crores of keep on flask what would be the asset turns uh and the margin profile you know at peak you know is it better than the other 47:41 47 minutes, 41 seconds consumer category or better than glass opal so how do we read Yeah, of course. So, I think steel class 47:49 47 minutes, 49 seconds as a category would be about 5x five times acid turn is what we looking at in this category. Glassware is is is 47:58 47 minutes, 58 seconds very different. Lar is minus to one but all our other consumerware categories including our plastic houseware is about almost 7x seven times acid. So these are 48:07 48 minutes, 7 seconds five to seven times acid term kind of product. 48:11 48 minutes, 11 seconds M and just to continue on this can we achieve know peak utilization in the very first year given the fact that BIS is is is in place. 48:21 48 minutes, 21 seconds Yes. So I think I think uh 100% we should be able to achieve full utilization but uh only of course only 48:28 48 minutes, 28 seconds one factor is how fast we know produce good quality uh because it is not something that happens on day one. It 48:36 48 minutes, 36 seconds takes like a few months to get a hang of it. uh because it's not a very easy product line to just start and you know 48:45 48 minutes, 45 seconds start selling. uh but initially of course our maybe our wastage and other things uh because it's a steel product 48:52 48 minutes, 52 seconds would be higher but eventually of course uh we will achieve uh you know pretty good uh utilization in this capac in 49:01 49 minutes, 1 second this new facility right and margin so far could be you know in line with other consumer category or could be in line to opal 49:10 49 minutes, 10 seconds wear I think margin would be would be pretty you know as for the other consumer category not wear but uh you know other hardware and plastic categories. 49:21 49 minutes, 21 seconds All right. Thank you for Thank you. Thank you. 49:29 49 minutes, 29 seconds We have our next question from the line of Ashok Sha from a club in Westco family office. Please go ahead. 49:36 49 minutes, 36 seconds Thanks for taking my questions and very best wishes for future. So my questions relates to the our another business 49:43 49 minutes, 43 seconds furniture business which is in subsidiary and also listed there uh we have shown very good results with uh 49:52 49 minutes, 52 seconds other income but other income is not elaborated in the not so can you explain it's 100% increase 50:02 50 minutes, 2 seconds sorry I didn't get your question no my question is regarding uh vim plus limited which is our other business in 50:09 50 minutes, 9 seconds the 55% subsidiary where the our profit has increased and everything has increased but this is due to the other income but other income there is no 50:18 50 minutes, 18 seconds footnote is given what is the other income which has been arrived other income is invested income which is 50:26 50 minutes, 26 seconds basically investment in uh you know financial instruments so other income is only derived from that and that's it 50:34 50 minutes, 34 seconds there's no other reason for the other income so it's a 100% some increase. So if the footnote not is given it will be much 50:42 50 minutes, 42 seconds better in next from next quarter you will have the balance sheet next uh uh you know quarter anyways so you will 50:50 50 minutes, 50 seconds be able to see that. Okay. And sir, second secondly, are there any plan to merge it and what's the plan? Uh because uh there was some news that merger is 50:59 50 minutes, 59 seconds going to happen with our subsidiary in the parent company. 51:04 51 minutes, 4 seconds It is already out there. We are merging it and we are almost through with it. So another couple of months and we are the merger will happen. 51:13 51 minutes, 13 seconds So what would be ratio say? It is a complicated merger. 51:18 51 minutes, 18 seconds It's not a complicated merger. It is just uh we needed some uh you know uh permissions from sebi and I think that's 51:25 51 minutes, 25 seconds already come and now they're in the phase of merging. So how many shares of the sell would be allotted? 51:34 51 minutes, 34 seconds I think already is it said that in a market that it's 51:43 51 minutes, 43 seconds not favorable to the small shor of the 40% of the wing class limited compared to the financial of the seller world. 51:52 51 minutes, 52 seconds It will be beneficial to all actually. 51:55 51 minutes, 55 seconds Okay. Okay sir. Thanks for sir. Thank you. But that's all from my side. Thank you. 52:02 52 minutes, 2 seconds We have our next question from the line of sukre pardon from eyesight printed. Please go ahead. 52:08 52 minutes, 8 seconds Yes sir. Uh good morning to the fellow team. Uh just a follow up on the previous quarter. So in last quarter you have spoken about expanding your product 52:17 52 minutes, 17 seconds range and deepening your consumer uh consumer network. As you look ahead, 52:24 52 minutes, 24 seconds what is the boldest move that you are planning to grow cell? Uh es especially if consumer habits or retail channels 52:32 52 minutes, 32 seconds are changing fast and how are you preparing for things that may not go ahead as planned? I mean talking with in 52:40 52 minutes, 40 seconds view with uh the previous campaign her salute. 52:45 52 minutes, 45 seconds So I think uh basically uh you know as we see channel changes and uh see different channels growing and some 52:53 52 minutes, 53 seconds channels uh not growing so fast uh we are uh launching product as per the channel. So as I mentioned that uh in 53:02 53 minutes, 2 seconds the e-commerce world uh you know now things are looked at differently uh the on each platform say an Amazon or a 53:10 53 minutes, 10 seconds Flipkart there are different kind of customers for each platform. uh so we look at it from that lens and we launch products from that lens and they some of 53:19 53 minutes, 19 seconds our products are basically just uh you know e-commerce first and then they go offline so I think uh you know that 53:27 53 minutes, 27 seconds entire bit has changed within the company and that's how we have started approaching our product lines as well as for channel 53:35 53 minutes, 35 seconds okay also just to close the loop uh is fellow thinking of going for any smart part partnerships uh in the coming coming years to boost business growth. 53:47 53 minutes, 47 seconds Yeah. What do you mean by partnerships? 53:50 53 minutes, 50 seconds Would you be tying up with any other e e-commerce platforms other than Amazon or Flipkart or uh you know going for uh any local uh brands? 54:02 54 minutes, 2 seconds So I think we are already uh you know the quickcommerce uh also we have started and I think whatever new comes 54:10 54 minutes, 10 seconds in we'll of course partner with all of those platforms so we'll not leave any uh uh you know stone earned terms there 54:17 54 minutes, 17 seconds so we we'll be we'll be on all platforms okay great thank you very much thank you 54:25 54 minutes, 25 seconds thank you we have our next question from the lineup Jooshi from SKSM Retail please Go ahead. 54:37 54 minutes, 37 seconds Confirm. Are you there? Hello. Can you hear me? Yes. Yes. Absolutely. 54:44 54 minutes, 44 seconds Yeah. First of all, congratulation to the whole team because all of us are aware about how the current market conditions are. I'm I'm here to ask you 54:54 54 minutes, 54 seconds more from a long-term trajectory how I see the cell will be growing in India. 54:59 54 minutes, 59 seconds So, so how how how excited are you looking from a 5 to 10 year story because I understand uh glassware is 55:07 55 minutes, 7 seconds definitely one of the area where uh you have a big thing to achieve in the market. Is there any other segment which you are discovering based on the changes 55:16 55 minutes, 16 seconds in the consumer habit which you feel that could be a growing and it could be a synergy for us also. 55:25 55 minutes, 25 seconds So I think of course you know we are always very excited about all the categories we are in plus we are always looking at uh you know synergetic 55:33 55 minutes, 33 seconds categories uh you know four years back we would have never thought about glassware uh you know we thought about it because it had synergies uh it made 55:42 55 minutes, 42 seconds sense to make it in India because no one was doing it. So I think uh you know going forward you should always look at 55:49 55 minutes, 49 seconds Cello as a company that will keep getting into different things as well. 55:54 55 minutes, 54 seconds uh because you know there are a lot of things in India a lot of things become very commoditized very soon. uh so you have to get out of things and you have 56:03 56 minutes, 3 seconds to get into newer things. So I think that uh perspective we have always carried uh and of course some of our 56:10 56 minutes, 10 seconds core businesses will always remain where you know the brand is extremely strong. 56:14 56 minutes, 14 seconds Uh but we keep venturing into newer horizontal categories uh you know as the years pass by and as the opportunities 56:22 56 minutes, 22 seconds come. uh currently there is not much I think there is a lot on our plate uh at this point of time uh with the glass 56:29 56 minutes, 29 seconds side plant with uh you know newer channels of sales which are you know becoming very disruptive uh so I think 56:36 56 minutes, 36 seconds there is a lot of stuff that we can still do with what we have and uh eventually yes we will keep entering you 56:43 56 minutes, 43 seconds know different different uh segments uh because in India after a certain point every vertically becomes very saturated 56:51 56 minutes, 51 seconds very quickly uh you know because either there are too many peers or you know there is saturation in terms of consumer demand. 56:58 56 minutes, 58 seconds So I think uh you know as a as as a company we are always looking at uh you know growing into different verticals. 57:06 57 minutes, 6 seconds No, that is completely true and I hope uh that that brings value to the shareholder also because it has been 57:13 57 minutes, 13 seconds almost it has almost been one and two years and I understand like we are currently in the expansion mode and that's why uh we are feeling the heat 57:22 57 minutes, 22 seconds and hoping and wish you all the best for the turnaround happening in the upcoming time. Great. Thank you so much. Thank you. 57:32 57 minutes, 32 seconds Thank you ladies and gentlemen. That would be the last question for today and I now hand the conference over to the management for closing comments. 57:40 57 minutes, 40 seconds Uh thank you very much everyone. Uh great questions this time and uh you know hopefully we'll have great quarters 57:48 57 minutes, 48 seconds uh coming up. So thank you so much uh and thanks for uh all the support that you guys have always extended. Thank you. 57:57 57 minutes, 57 seconds Thank you sir. On behalf of ICIC charities and world that concludes this conference. Thank you for joining us. 58:04 58 minutes, 4 seconds And you may now disconnect your lights.