Dhabriya Polywood Ltd — Q4 FY26

Dhabriya Polywood Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=7E5vnZN1wSw Published: 3 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Dabria Polywood Limited Q4 and FY26 earnings conference call hosted by XB4 Advisory. 0:11 11 seconds As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation 0:19 19 seconds concludes. Should you need assistance during this conference, please signal an operator by pressing star then zero on 0:26 26 seconds your touchtone phone. Please note this conference is being recorded. I now hand the conference over to Mr. 0:33 33 seconds Gautam Kotari from XB4 Advisory. Thank you and over to you sir. 0:41 41 seconds Thank you. Uh good afternoon everyone and uh welcome to the Q4 and FI26 new conference call of Dhabria Hollywood 0:48 48 seconds Limited. Today on this call we have with us Mr. Dija, promoter, chairman and managing director of the company and Mr. 0:56 56 seconds Shagarwan uh chief of financial officer of the company. This conference call may contain forward-looking statements about the company which are based on beliefs, opinions and expectations as of today. 1:05 1 minute, 5 seconds Actual results may differ. The statements are not the guarantees of future performance and involve risk and uncertaintities that are difficult to 1:12 1 minute, 12 seconds predict. A detailed safe statement is given on the second page of the earnings presentation of the company which has been uploaded on the stock exchange as well as the company profile. With this I 1:22 1 minute, 22 seconds now hand over the call to Mr. Rava for his opening remarks. Over to you sir. Okay. Thank you Gotham. 1:29 1 minute, 29 seconds Good afternoon everyone and thank you for joining us today. On behalf of Davaria Bollywood Limited, I welcome all 1:36 1 minute, 36 seconds investors, analysts and stakeholders to discuss our financial year 26 performance and outlook. Financial 1:44 1 minute, 44 seconds financial year 26 has been a defining year in our journey. We delivered consolidated revenue of rupes 264 crores representing growth of 12.5% yearonear. 1:57 1 minute, 57 seconds More importantly this growth translated into significantly stronger profitability with aida growing by 45.6% and pad growing by 67.2%. 2:09 2 minutes, 9 seconds Our aida margin expanded from 16 to 20.6% 6% while PT margin improved from 7.7% to 11.4%. 2:19 2 minutes, 19 seconds Reflecting a strength of our operating leverages, better product mix, manufacturing efficiencies and disciplined execution across businesses. 2:29 2 minutes, 29 seconds Q4 was our stronger strongest quarter with AITA margin crossing 21% and pad 2:36 2 minutes, 36 seconds grow of nearly 55% yearonear. This gives us strong momentum as we enter financial 2:43 2 minutes, 43 seconds year 27. Our topline results fell short of our initial revenue targets. This shortfall was primarily driven by 2:53 2 minutes, 53 seconds deferred execution related to the project supply for some of the large projects orders. 3:01 3 minutes, 1 second However, our performance this quarter reflects stability anchored by a strong highquality order 3:08 3 minutes, 8 seconds book of more than 170 crores which gives us excellent revenue visibility. 3:14 3 minutes, 14 seconds Importantly, this is a matter of timing, not a loss of business as our underlying demand remains robust. 3:28 3 minutes, 28 seconds Our core classic product segment continued to perform strongly with a revenue growth of over 13% and segment profitability growth of 63%. 3:40 3 minutes, 40 seconds At the same time, our modular business also demonstrated improvement operating efficiency and profitability. During 3:49 3 minutes, 49 seconds financial year 26, we also laid the foundation for our next phase of growth. 3:55 3 minutes, 55 seconds The board has approved a rupees 100 crores strategic capital expenditure program to 4:03 4 minutes, 3 seconds be deployed over financial year 26 to 28. This is the most significant capex 4:10 4 minutes, 10 seconds program in the company's history. During financial year 26, we have already deployed 4:18 4 minutes, 18 seconds approximately 27 cr of capex towards expansion of BBC and WPC profile extrusion lines. 4:29 4 minutes, 29 seconds building [clears throat] dedicated manufacturing infrastructure for the aluminum glazing and window division and modernizing and automating automat automating our existing lines. 4:42 4 minutes, 42 seconds The remaining deployment over financial year 27 and 28 will further strengthen 4:49 4 minutes, 49 seconds our manufacturing footprint and enable us to scale into new categories. We are excited about the addition of new 4:58 4 minutes, 58 seconds verticals including WPC doors, WPC wall and ceiling panels and aluminum windows, 5:06 5 minutes, 6 seconds doors and glazing system. These categories significantly expand our addressible market and strengthen our 5:15 5 minutes, 15 seconds positioning as a comprehensive interior building material solution company. The 5:22 5 minutes, 22 seconds aluminum window and grazing division under the leadership of Mr. Bis has already started seeing strong market transactions 5:30 5 minutes, 30 seconds and project inquiry. We have already closed the orders worth rupees 50 crores 5:37 5 minutes, 37 seconds plus for this new project vertical. We believe this vertical can become a meaningful growth driver over the medium. 5:47 5 minutes, 47 seconds Looking ahead, we remain highly optimistic about the opportunities landscape. With our diversified product 5:54 5 minutes, 54 seconds portfolio, expanding distribution networks, improving brand sense, and upcoming capacities, we believe the 6:02 6 minutes, 2 seconds company is well positioned for sustained growth. Based on our current visibility, we are targeting approximately 30%. CAGR 6:11 6 minutes, 11 seconds revenue growth over the long term while maintaining sustainable AIDA and pet margins. 6:19 6 minutes, 19 seconds Our focus remains on profitability growth, profitable growth, prudent capital allocation and long-term value 6:26 6 minutes, 26 seconds creation for shareholders. I would like to sincerely thank all our employees, channel partners, customers, lenders, 6:35 6 minutes, 35 seconds and shareholders for their continued trust and support. With that I now request our CFO to take you through the 6:44 6 minutes, 44 seconds detail financial performance after which we will open the floor for questions. Thank you Jen. 6:53 6 minutes, 53 seconds Thank you sir. Very good afternoon to everyone. Let me briefly walk you through the financial highlight of FY26. 7:01 7 minutes, 1 second For the financial year 2026 consolidated revenue from operation is stood at 264.48 48 crores versus 235.11 7:11 7 minutes, 11 seconds crores in F by 25 registering growth of 12 and a half%. 7:16 7 minutes, 16 seconds AITA increases sharply by 45.6% to rupees 54.59 cr while AITA margins 7:24 7 minutes, 24 seconds improved by 460 basic point to 20.6%. 7:30 7 minutes, 30 seconds Profit before tax grew by 65.3% to rupees 40.67 67 cr and profit after 7:37 7 minutes, 37 seconds tax increased by 67.2% to rupees 30.14 cr. Earning per share 7:44 7 minutes, 44 seconds for the year is stood at 27.85 rupees compared to rups 16.65 last year. 7:52 7 minutes, 52 seconds On the balances side our net worth increased to rupees 129.6 crores. 8:00 8 minutes In the financial year 2026, approximately 27 crores of capex were deployed towards different uh capacity 8:10 8 minutes, 10 seconds enhancement and new line additions that is profile exclusion expansion, aluminium, windows and facade division infrastructure and automized automation of our existing capacities. 8:22 8 minutes, 22 seconds Another important point where I would like to address proactively is about the working capital. During the financial year 2026, we consciously took a 8:31 8 minutes, 31 seconds strategic decision to strengthen our supply chain and vendor ecosystem amid disruption caused by the West Asia 8:39 8 minutes, 39 seconds crisis in the Q4. This included faster settlement of our suppliers used and 8:46 8 minutes, 46 seconds strategic stocking of all our extrusion related raw materials including PVC resin and other polymers. 8:54 8 minutes, 54 seconds This decision has helped us to keep our operations smooth during last 3 months without any shortage of raw materials 9:02 9 minutes, 2 seconds which are directly or indirectly linked to crude crude oil or who those supplies are coming from the Middle East 9:09 9 minutes, 9 seconds countries. As a result, working capital temporarily increased during the year. 9:15 9 minutes, 15 seconds We expect this cycle to improve materially during by 27 as inventories are consumed and supplier payment cycle normalizes. 9:24 9 minutes, 24 seconds Overall, the company remains financially comfortable and operationally well positioned to support future growth. 9:32 9 minutes, 32 seconds We can now open the floor for the question and answers. Thank you. 9:37 9 minutes, 37 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. 9:47 9 minutes, 47 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a 9:55 9 minutes, 55 seconds question. Ladies and gentlemen, we will now wait for a moment while the question cube assembles. 10:02 10 minutes, 2 seconds Our first question is from the line of Hershett Kadka with Robo Capital. Please go ahead. 10:12 10 minutes, 12 seconds Uh hi, thank you for the opportunity. I'm audible. Yes. 10:17 10 minutes, 17 seconds Uh yes. So the 264 crores of revenue that we have blocked just wanted to understand like can you give the segmental breakup of it that how much 10:26 10 minutes, 26 seconds has come from PVC UPVC and modular and I I'll be glad if you can also give the aa margin breakup of them. 10:34 10 minutes, 34 seconds Sure. Uh thank you uh sir. Uh see that 27 cr capex which we did in last financial year was basically related to 10:43 10 minutes, 43 seconds the uh upgradation of our existing capacities and the PVC profile uh capacity is increased by 3,600 liquid t. 10:54 10 minutes, 54 seconds Uh earlier our capacity was 24,000 perm. 10:57 10 minutes, 57 seconds Now it stos at 27,600 m ton. Apart from that WPC door exclusion which we announced earlier also we have added new 11:06 11 minutes, 6 seconds product line. So in that also we have done approximately 10 crores uh capex in last financial year and uh some of the 11:15 11 minutes, 15 seconds uh remaining capex is going to happen in current financial year. Apart from that in for our Bangalore aluminum windows and facad division we have made the 11:23 11 minutes, 23 seconds capex. So al together we have done the capex and wpc door profile extract as well as the for the aluminum windows and facade division. 11:36 11 minutes, 36 seconds So actually I was looking for the revenue breakup of the products that you have the PVC UPVC and modular and the margin breakup of them. Yeah. See 11:46 11 minutes, 46 seconds current break up of the last financial year revenue see approximately 84% revenue came from the our polymer based product 11:54 11 minutes, 54 seconds PVC and UPVC and 16% uh uh around 43 crores uh came from the modular furniture 12:03 12 minutes, 3 seconds margin is concerned that AITA margin uh for up the polymer division that margins 12:10 12 minutes, 10 seconds were little higher as compared to the modular furniture uh because we are gradually enhancing our uh uh modular 12:18 12 minutes, 18 seconds line also. So when that operation and efficiency level is increasing so both will be on par. So PVP level you can say the modular subure margins was somewhere 12:26 12 minutes, 26 seconds around 9%. And for the that plastic uh oxygen and the PVC window it was 16.6%. 12:35 12 minutes, 35 seconds All right understood. Uh and the capacity that we have right now 27,600 right. uh what is the peak revenue that 12:43 12 minutes, 43 seconds we're expecting from this capacity and uh what is the timeline that we are expecting that uh in what year will we 12:50 12 minutes, 50 seconds be able to achieve the peak revenue you see uh our last year capacity 12:56 12 minutes, 56 seconds inclation was uh for around 66% for PVC profile extrogen uh uh maximum with the capacity uh 13:06 13 minutes, 6 seconds considering the numbers of STUs 80% is the benchmark but when we go for the uh addition of the new profiles or the new 13:15 13 minutes, 15 seconds product lines, we need to increase the lines also. So that capacity enhancement is a continuous activity. It keeps on uh but yes uh with the existing capacity uh 13:23 13 minutes, 23 seconds itself we can uh surely achieve more than 450 crores of revenue for the profile itself 13:31 13 minutes, 31 seconds and that would be on what capacity utilization 16 13:39 13 minutes, 39 seconds will be 85% of the overall capacity utilization right so the 30% of growth that you have 13:47 13 minutes, 47 seconds you know guided so the 450 crores of revenue would you know should come in FI28. So are we looking at 450 crores of top line in FI28 itself? 13:59 13 minutes, 59 seconds No see we have added the multiple product verticals. Basically if you see that we have we are diversifying our activities we uh by adding the new lines 14:07 14 minutes, 7 seconds that WPC doors WPC wall and ceiling panels and majorly the uh aluminum windows and facad division wherein we 14:16 14 minutes, 16 seconds are already as uh chairman s mentioned that more than 50 cr worth of orders we are already closed in last two quarters 14:24 14 minutes, 24 seconds uh and the exhibition is happening uh now in the current system. So uh that revenue being uh this enhanced expected 14:32 14 minutes, 32 seconds revenue growth will be contributed by all verticals existing as well as the new verticals 14:39 14 minutes, 39 seconds right understood the consolidated eeta that we have of 20% right now. Uh so was this sustain or how do you see the margins going forward for 27 and 20 year at least? 14:50 14 minutes, 50 seconds See last year we have put lot of efforts in uh fixing our product mix. Basically the product better product mix. In fact 14:58 14 minutes, 58 seconds we have upgraded our offerings uh to c the uh upper middle and high higher class of uh clients. So where we had the 15:08 15 minutes, 8 seconds better margins. uh in last four quarters our margins have been uh regularly improving and we are quite confident 15:15 15 minutes, 15 seconds that 20% plus uh every margin is uh sustainable in longer run also 15:22 15 minutes, 22 seconds all right understood thank you I'll join in yeah thank you very much thank you our next question is from the 15:30 15 minutes, 30 seconds line of vishinder Singh with prudent equity please go ahead hi sir Yes. Yes. M. 15:40 15 minutes, 40 seconds Uh sir, I wanted to ask on the growth that we have achieved in F2. We were projecting somewhere around 20 25%. So can you comment on the shortfall of the target that you previously mentioned? 15:52 15 minutes, 52 seconds Yeah, see that growth uh was uh not up to our expectations uh primarily due to 16:00 16 minutes the uh supplies were deferred for couple of the projects large projects especially in the uh Maharashtra and one 16:07 16 minutes, 7 seconds of the projects in Delhi and SH also from the buyer fire basically they were having the order book but somehow the uh that stays where our products are uh to 16:16 16 minutes, 16 seconds be supplied especially the uh UPVC windows and doors uh that stays was deferred. So that was the primary cost. 16:24 16 minutes, 24 seconds Uh there was no other specific reason u uh val. 16:28 16 minutes, 28 seconds So what other steps are we taking to minimize success going ahead in 2017? 16:34 16 minutes, 34 seconds We we are we are uh uh widening our widening our reach to multiple builders 16:40 16 minutes, 40 seconds and developers. As of now our order book uh has uh is standing at 174 cr which is 16:48 16 minutes, 48 seconds the highest order book uh in our history. So number of uh regular 16:54 16 minutes, 54 seconds projects uh are increasing basically. So to overcome this issue uh we are focusing adding uh more and more new u new sites new builders. 17:06 17 minutes, 6 seconds Got it. And on the capex side, can you bifulcate on the capacity wise and segment wise what other capacities will 17:12 17 minutes, 12 seconds be added from this uh 27 kx in this year? 17:18 17 minutes, 18 seconds Yeah, the 27 K attacks that uh WTC door is the one first one uh which we have already 17:26 17 minutes, 26 seconds executed and trial runs are happening and uh from the next quarters uh we are going to launch this commercially also 17:34 17 minutes, 34 seconds and uh the second one is the WPC wall and fielding uh files extrogen that is also planned for the uh coming third and 17:43 17 minutes, 43 seconds fourth quarters. Uh apart from that that majorly that aluminum windows and the facade division for which we have 17:50 17 minutes, 50 seconds already implemented for the uh Bangalore unit and for the Japur uh uh currently we are operating from our existing uh 17:58 17 minutes, 58 seconds facilities and uh in this financial year uh new uh factory side is under uh 18:06 18 minutes, 6 seconds construction uh and for that also capex is planned for current financial year. 18:11 18 minutes, 11 seconds Uh so capacity in WPC doors uh door and extrusion as of now we are not that uh um 18:18 18 minutes, 18 seconds finalized once we launch the product uh commercially in the market so we will share that those also but it's a huge capacity basically we are building for 18:27 18 minutes, 27 seconds this segment okay and can you share some stock numbers on the contribution and top 10 this year from this cap 18:34 18 minutes, 34 seconds yeah the current financial year we are expecting around the 15 course of uh minimum contribution from the WPC door 18:43 18 minutes, 43 seconds and falsely wall paneling division and maybe somewhere around 40 crores from this uh aluminium windows and facad division. 18:53 18 minutes, 53 seconds Got it. Just last question on the price escalation cost. You mentioned that most of your contracts are fixed price. So being the virtation prices uh most of the raw materials prices are increased. 19:04 19 minutes, 4 seconds So how are you planning to sustain the margins that we have achieved? 19:09 19 minutes, 9 seconds If the six right contracts basically links to our uh around 30% of uh revenue because our major uh chunk of 19:17 19 minutes, 17 seconds revenue comes from our B2B business is PBC profile distribution more than 60% revenue comes from that vertical where we do revise the prices based on the 19:27 19 minutes, 27 seconds cost or the preing sector. So in fact after the West Asia crisis we have already revised our prices list three 19:35 19 minutes, 35 seconds times uh considering the uh price of all the raw materials and all. Yes, for the door windows and the modular furniture 19:42 19 minutes, 42 seconds project revenue uh that uh price uh escalation clause doesn't exist normally 19:49 19 minutes, 49 seconds but we considering our uh volumes our uh regular procurement uh so we do minimize 19:56 19 minutes, 56 seconds such kind of risk uh in fact in quarter we have done lot of procurements towards 20:02 20 minutes, 2 seconds such commodities where this uh uh price increase uh does take place that's the reason our inventories is at the end of 20:10 20 minutes, 10 seconds the year is bit higher as compared to the regular range. 20:15 20 minutes, 15 seconds Okay. So this 20 to 21% margin is comparably such. 20:20 20 minutes, 20 seconds Yes. Yes. Yes. Yes. The past experience after regular working and we are quite confident that uh it is surely sustainable. 20:27 20 minutes, 27 seconds Okay. That will thank you. Thank you. Our next question is from the line of Kesha G with countercyclical PMS. 20:37 20 minutes, 37 seconds Please go ahead. Sir uh firstly I wanted to ask Mr. 20:42 20 minutes, 42 seconds Dabria that what gives you the confidence that we will be able to grow by 30% CAGR 20:49 20 minutes, 49 seconds going forward which is almost double the CAGR growth that we have done in the past 3 years or even in the past 10 20:56 20 minutes, 56 seconds years. So what has changed now that we will be able to achieve double the growth of the past. 21:06 21 minutes, 6 seconds Now we are looking for this new products mix which is our WPC doors 21:15 21 minutes, 15 seconds and the facade division which we are going to add. So these are the areas 21:23 21 minutes, 23 seconds where big demand is there and uh less competition is there and uh these these 21:29 21 minutes, 29 seconds are the sectors from where the tenders which comes they are also in a large quantity. So these are the sectors we 21:38 21 minutes, 38 seconds have entered and I diversified our capacities into these sectors sectors. 21:43 21 minutes, 43 seconds So we are very sure that we will get all this because we have a vast experience of construction line. So we will get a 21:51 21 minutes, 51 seconds good CBC around 30% from these sectors adding these sectors to our existing capacities. 21:59 21 minutes, 59 seconds Understood. And uh sir now that last year there was a huge jump in the margin from roughly 16% to 21%. 22:09 22 minutes, 9 seconds So, so now the due to the Iran war the raw material prices have jumped up a lot the petrochem. So, so firstly what is 22:18 22 minutes, 18 seconds our starting raw material and how much has it gone up by and how much price height have we taken recently and how much do we plan to take going forward? 22:30 22 minutes, 30 seconds Yeah, you you answer this because already he have mentioned no three times we have increased our prices 22:37 22 minutes, 37 seconds since the war started as the raw materials are increasing and now over to yeah subject see that the price can be 22:47 22 minutes, 47 seconds directly uh related to the products which are coming from the crude oil all those products are key raw materials 22:54 22 minutes, 54 seconds the PVC resins and all other pigments and additives apart from that that products which requires high energy especially that aluminium and uh other 23:02 23 minutes, 2 seconds things. So prices has gone up uh heavily. We all know that uh you can say in the range of the 15 to 40% price hike 23:09 23 minutes, 9 seconds has already happened depending on the different commodity prices. So as a whole if we concentrate on our uh line 23:16 23 minutes, 16 seconds of business you can see around 15 to 18% cost of raw metal has already increased and considering all those factors we 23:25 23 minutes, 25 seconds have already revised our prices uh uh three times in fact uh till 30th April itself. Uh but let's uh now since we all 23:33 23 minutes, 33 seconds are seeing that uh this crisis is being uh in stable or say that some sort of the approach into settlement. So uh 23:42 23 minutes, 42 seconds prices have already started cooling down again. We are forcing that also. And uh 23:49 23 minutes, 49 seconds to uh visualizing all these factors when this uh eruption happened uh we had uh done huge uh procurements of all our raw 23:58 23 minutes, 58 seconds materials also in the March month itself to safeguard our uh operations continuity and also to protect our margins going forward. 24:08 24 minutes, 8 seconds So, so the bottom line is that 21% AITA margin alltime high a bit margin we can maintain going forward and in effort 27 24:16 24 minutes, 16 seconds including F27 yes 20% plus a margin you can see the kind of the product list which we have 24:23 24 minutes, 23 seconds already established and the response that uh is coming the order book what we are having for the different product 24:30 24 minutes, 30 seconds verticals so the sort of the margin is surely comfortable now sir sir my last Question is sir that 24:39 24 minutes, 39 seconds uh since we have 100% subsidiaries why not merge them into the and make a standalone entity and save on compliance 24:47 24 minutes, 47 seconds cost and the complexity and said also what is the wisdom of having four brands when the customer is by and large the 24:55 24 minutes, 55 seconds same and the product is also uh basically PBC based then sir why should we not have one brand so that we can 25:04 25 minutes, 4 seconds really push that brand rather than divide our targeting buyers into four brands. 25:10 25 minutes, 10 seconds Uh see here I'll just focus on the brand first but the main key brand is the polywood. So all the polymer related 25:18 25 minutes, 18 seconds products come from the polywood umbrella only that uh whether it is PVC profile B2B business line or the UPVC windows 25:25 25 minutes, 25 seconds and doors even the newly added solutions that WPC doors and uh aluminum windows and doors everything is uh from polywood 25:34 25 minutes, 34 seconds only. See the other other brands that is a diversified product that is a different product that is a diversity because see polymer as it example from 25:42 25 minutes, 42 seconds its wording also it has some polymer but modular furniture is not a polymer based product is it's a agriculture based 25:50 25 minutes, 50 seconds board manufacturing basically that is the MDA particle SDHMR or the sometime also so that is al different so polyward 25:58 25 minutes, 58 seconds brand doesn't go with that line of business so where we are having uh dynasty and studio So dynasty is a brand 26:06 26 minutes, 6 seconds uh which uh uh we serve for the projects B2B and all and studio it's a end to end solution where we are interacting with 26:15 26 minutes, 15 seconds the interior designer architects that uh large clients and providing them solution from design to implementation. 26:23 26 minutes, 23 seconds So the other brand and the fourth brand the Estona as the name resembles Estona means it's a stone substitute as you say 26:31 26 minutes, 31 seconds SPC WPC kind of products. So it is a uh stone plastic composite being stoner where we make the different line of 26:39 26 minutes, 39 seconds product that the seats and moldings that is not a hollow profile. So that's the reason to divers to bifurcate the 26:46 26 minutes, 46 seconds product to connect the client directly uh with the feature of the product. So when we speak about the brands basically 26:53 26 minutes, 53 seconds the raw material in each sector is a different and uh the execution and the end use is different that's why 27:02 27 minutes, 2 seconds we have categorized in four different categories all of them s so for example in Bollywood PBC we request you to 27:09 27 minutes, 9 seconds please rejoin the queue if you have any question thank you thank you thank you our next question comes from the line of Mahesh Atar with Daria Investment 27:18 27 minutes, 18 seconds Advisor please go ahead So what was the panel number in the last year financials? 27:27 27 minutes, 27 seconds Yeah, panel by 26 it was uh 54 crores and by 25 it was 27:35 27 minutes, 35 seconds 38 38 crores. 27:38 27 minutes, 38 seconds So that is process and uh uh if you see the margin profile there 27:47 27 minutes, 47 seconds so the new cage that you're doing the incremental kx is it going to a higher margin thing or lower because this 27:54 27 minutes, 54 seconds windows whatever you're talking about uh according to your workings is it a higher margin thing or a lower margin 28:01 28 minutes, 1 second product this is probably the same kind of the margin definitely not from the not of the lower margin bracket But uh 28:08 28 minutes, 8 seconds once we launch these products uh go for the market uh it will decide whether it has the scope for the higher margins or 28:16 28 minutes, 16 seconds not. But uh surely uh the prevailing margin what we are adding. So we have designed the product we have selected the product range and all those things 28:24 28 minutes, 24 seconds uh considering uh those margin criterias only and with this 100 crores capex what would be the revenue what is the asset turnover? 28:34 28 minutes, 34 seconds And then current capex once it is implemented fully by by uh 28. So at least in the initial year 2x uh we are 28:43 28 minutes, 43 seconds expecting going forward definitely uh it will be more and what's the competitive intensity in that particular 28:53 28 minutes, 53 seconds WPC WPC wall and ceiling panel definitely there is uh no direct competition as of now. uh aluminum windows and facad division since it is a 29:02 29 minutes, 2 seconds very very big market in India uh and uh since we are already connected with the large builders and developers so we have 29:08 29 minutes, 8 seconds an age uh to serve them uh in that particular uh line of business uh and that's the reason we have already 29:15 29 minutes, 15 seconds received 56 crores of uh orders uh related to this new line of business. 29:23 29 minutes, 23 seconds So based on our past service experience uh we'll uh get what we are where is the current requirement coming 29:31 29 minutes, 31 seconds from then you see if if India is consuming today and you are saying that there's no direct competition. So where is the current requirement of that 29:38 29 minutes, 38 seconds particular product coming from today in India? 29:42 29 minutes, 42 seconds Yeah it is some materials are coming up from the China it is a new solution it's not that it's a alltogether a different new product it's a alternative solution 29:51 29 minutes, 51 seconds for the existing requirement. See currently in the buildings builders are fixing the WPC doors sorry not WPC doors 29:59 29 minutes, 59 seconds that flush doors or maybe some kind of uh board panels and all those things. So it's alternate solution. Uh we are 30:06 30 minutes, 6 seconds currently having the PVC hollow PVC doors which are primarily for the nonsecured area or the areas where we 30:14 30 minutes, 14 seconds doesn't require any kind of security but when once you talk about the bedrooms or the main doors and all you must have some security. So the WPC don't serve 30:23 30 minutes, 23 seconds that purpose and and the biggest thing is chocolate you know that talker there is no solution because when we are going with 30:32 30 minutes, 32 seconds the stone chocolate the doors are different and the chocolate is different. When we are going with the jungle wood cher then again the doors is different and the finish of the 30:40 30 minutes, 40 seconds chocolate is different. So for the be to beautify our houses there was a big need for the same color and same design and 30:49 30 minutes, 49 seconds same pattern of chocolate and door. So now this WBC in WBC we are giving the same kind of chocolate with the same 30:57 30 minutes, 57 seconds color of uh doors. So they are a matching one and that to nowadays the trend is for the higher sizes of doors 7 ft 8 ft. 31:08 31 minutes, 8 seconds So to they give the bigger impression of the areas the area same area is looking big when give the impression of bigger 31:16 31 minutes, 16 seconds area when the doors are big. So in this WPC they can give up to the 8 or 9 ft or 10 ft doors that is very easy very 31:24 31 minutes, 24 seconds economically and they are uh they have all the termite is a very big issue nowadays. So they give you the termite 31:33 31 minutes, 33 seconds and the water resistance and fire retardant as well as recyclable. So these are the features because of this 31:40 31 minutes, 40 seconds we are expecting there will be a very big market although the Chinese are doing we are the Bollywood is the first company who is introduced in the Indian 31:48 31 minutes, 48 seconds market now. So uh we hope that soon a lot of other companies will also introduce it and a lot of Chinese 31:55 31 minutes, 55 seconds imports will also appear. So the market will spread a lot but because we are beginner we will have a better age over there. 32:05 32 minutes, 5 seconds How much of the same that you have done from this product in last financial year 26? 32:09 32 minutes, 9 seconds No this product is newly added in fact as I mentioned earlier also and in Q2 of this financial year we are going to launch it commercially. The trial trial run center has already happened. 32:21 32 minutes, 21 seconds Okay. So you have already supplied to few of the builders and uh you have got a very good word on the product. Yeah, that sampling and everything is already 32:28 32 minutes, 28 seconds happen that uh uh discussion is already happening with the builders, architects and all and response is uh this product 32:36 32 minutes, 36 seconds after seeing its big success all over the world. Uh it is very popular in UAE, 32:44 32 minutes, 44 seconds Saudi Arab Europe and after studying it in uh from different angles then we have 32:52 32 minutes, 52 seconds started it. So we are very sure that we have a lesser. 32:56 32 minutes, 56 seconds What I'm trying to understand sir is that your existing machinery is capable of doing this product right. So uh no 33:02 33 minutes, 2 seconds it's no sorry sorry to interrupter uh it required different line basically and then how did you produce it because 33:10 33 minutes, 10 seconds you uh how did you get the capability to produce it? Have we just we already we have done already done the capex in last 33:18 33 minutes, 18 seconds financial year last financial year itself on getting this solution uh during our last uh by 25 also as we 33:27 33 minutes, 27 seconds mentioned that at that time that 50 to 60 crores capex is going to happen in next two years 26 and 27 which was 33:34 33 minutes, 34 seconds subsequently increased by the board uh to the team of 100 crores. Uh so okay so 33:41 33 minutes, 41 seconds this line that you have done is not at implement uh not at commercialized is what you are saying and it will be commercialized in this H2 Q2 right 33:49 33 minutes, 49 seconds Q2 Q2 from Q2 Q2 Q2 and then what would be the revenue that you are expecting out of the 56 33:56 33 minutes, 56 seconds crores order backlog in this financial no that order backlog is the current order backlog is 174 crores for the 34:06 34 minutes, 6 seconds project related business about only that 56 56 WD uh the windows thing 56 is related with aluminum 34:13 34 minutes, 13 seconds windows and glazing division. Yeah, not related to the WPC door. WPC door is a new product vertical which we are going 34:22 34 minutes, 22 seconds to commercially launch in the next quarter. Aluminum, windows and facad design we have already started uh from 34:29 34 minutes, 29 seconds the end of the last uh this Q4 uh and from this quarter itself revenue has already started generating and for that 34:37 34 minutes, 37 seconds product line we are running the order book of 56 per okay which is included in our 34:45 34 minutes, 45 seconds sorry yeah sorry you saying completely overall order book is 174 cr which have three product lines one is the our uh 34:53 34 minutes, 53 seconds existing UTVC windows and doors. Second one is the modular furniture and third UV division of aluminum windows and the 35:00 35 minutes facade division. Yes sir. Before I conclude can you just please uh give some outlook on the fluted panel industry to currently and what is your outlook in the next couple of years. 35:13 35 minutes, 13 seconds The panel industry basically now very well accepted and lot of new sections, new design, new colors and it is getting 35:22 35 minutes, 22 seconds around 5 to 10% of the paint industry market. So all the interior work in buildings whether it is commercial 35:29 35 minutes, 29 seconds whether it is uh residential is now it's very popular and uh new designs a lot of research and development is going on in 35:38 35 minutes, 38 seconds this field because different different finishes different different materials are coming so and now WPC fluted panels 35:46 35 minutes, 46 seconds which are not hollow these are the solid one so they are also now we are coming out with them so this is So it is just 35:55 35 minutes, 55 seconds like a fashion industry as well as the replacement of the wood products for ceiling wall covering it will replace the uh it will be a part of the building 36:04 36 minutes, 4 seconds interiors in the coming time. So now it's a very popular very easily available and uh the installation is 36:11 36 minutes, 11 seconds very easy for this and no termite problem and no water problem after installation of these materials. So now 36:18 36 minutes, 18 seconds the market is accepting it in a very big way and lot of imports are also coming. 36:23 36 minutes, 23 seconds So the market is increasing and uh Indian capacity is increasing day by day. New manufacturers are coming and 36:31 36 minutes, 31 seconds they are old like us. We are increasing our capacity, our design 36:38 36 minutes, 38 seconds capabilities, our new colors and new sections. These are also we are adding to get more and more into this market. 36:49 36 minutes, 49 seconds Thank you. Thank you for that. 36:53 36 minutes, 53 seconds Thank you. Our next question is from the line of Deepakwarma from Akobia Capital. Please go ahead. 37:01 37 minutes, 1 second Yeah. Hi. So, the questions are repetitive in some sense, but I have two questions. First is uh considering your revenue guidance 37:10 37 minutes, 10 seconds of 30% plus uh in future, how does it compare with the real estate sector prospects and trends in the past two years and in the future 3 to five years? 37:21 37 minutes, 21 seconds your thoughts on that question. Second is uh could you elaborate uh particularly on new capex uh by segment 37:29 37 minutes, 29 seconds with segmental ROC roses return on invested capital currentics and planned any future maybe couple of years down 37:38 37 minutes, 38 seconds the line that's it see uh about the uh this market uh 37:46 37 minutes, 46 seconds okay so uh the capex part which You mentioned that about the current uh uh projects 37:55 37 minutes, 55 seconds which we have undertaken. uh these are mainly the three three different uh product verticals basically apart from the regular uh capex on our existing uh 38:04 38 minutes, 4 seconds extrusion lines that WPC doors WPC wall and ceiling and that third one is the uh aluminum windows and facade division as 38:13 38 minutes, 13 seconds chairman s mentioned that aluminum windows and doors that facade division it's a very huge industry in India basically that every commercial building 38:21 38 minutes, 21 seconds requires that solution and uh here the all the players or the big players basically we can Okay. And it's a branded solution comes from the 38:30 38 minutes, 30 seconds particular brand only. Normally in the uh aluminum windows and those we can see that local place and all but once we talk about the system windows or the 38:38 38 minutes, 38 seconds facade division. So it's all about the brand who can serve better and who can provide the timely execution and all those things. So market is used and 38:47 38 minutes, 47 seconds considering that visualization from the real real estate sector. uh since we are already associated with the builders and developers from uh so many years uh 38:56 38 minutes, 56 seconds while uh serving them with these two products uh UTVC windows and doors and then uh uh modular furniturees. So we 39:05 39 minutes, 5 seconds are catering uh one builders to part of their projects basically not all the projects. Once we have this aluminum windows and facade divisions so we can 39:14 39 minutes, 14 seconds be uh one of their vendor for all uh of their projects basically whether it is a commercial or institutional or a residential project. 39:22 39 minutes, 22 seconds So let me sorry so yeah I'm just clarify 39:32 39 minutes, 32 seconds want to clarify yeah see the market is huge that real estate is performing well and uh uh that 39:39 39 minutes, 39 seconds order book is u basically strengthening regularly. So that's the reason 39:47 39 minutes, 47 seconds basically that we are ventured into all these new product divisions. 39:51 39 minutes, 51 seconds Okay. Understood. I asked this question because last year some one of the calls I asked the same question about uh you know some financial sluggishness and you 40:01 40 minutes, 1 second had told me that it was because real estate was not really going well. Fine that question is answered. Your outlook is positive. I understand. But uh the on 40:09 40 minutes, 9 seconds the on the other question on capex I just want to understand the uh current and plan both and with ro return on 40:17 40 minutes, 17 seconds invest capital that you expect and the figures [clears throat] in terms of the cap the capex what we have 40:24 40 minutes, 24 seconds undertaken basically that around 27 cr is already ex uh happened in last financial year from which one of our 40:33 40 minutes, 33 seconds product line is already implemented that Bangalore aluminum window division and then uh WPC door uh uh vertical is also 40:40 40 minutes, 40 seconds going to get implemented in the coming coming quarter. So this financial year also we are uh projecting around 35 to 40:49 40 minutes, 49 seconds 40 crores of capex for the this Japur facility of aluminum windows and doors and WPC wall and ceiling uh division and 40:57 40 minutes, 57 seconds apart from that modernization and upgrading our existing lines uh uh by uh high output uh extrogen facilities. So 41:07 41 minutes, 7 seconds and in next financial year also for the some of the projects which are going to take little bit more time. So maybe 20 to 30 crores will take. So altogether 41:15 41 minutes, 15 seconds 100 crores of corporate exe plan and uh regarding this return on the investment uh surely that uh since we are currently 41:24 41 minutes, 24 seconds sitting at uh um around 25 26% of return on equity and ROC uh so that's sort of 41:31 41 minutes, 31 seconds the levels we are projecting going forward for this tax also. 41:36 41 minutes, 36 seconds So you're seeing all the uh signatures similar ROIs. Yeah. Yeah. Yeah. 41:42 41 minutes, 42 seconds Got that. Thank you. And uh good results. Congratulations on that. Thank you. Thank you. Thank you, sir. 41:50 41 minutes, 50 seconds Thank you. 41:51 41 minutes, 51 seconds Our next question is from the line of Runit Kapoor with Invest Investments. Please go ahead. 41:59 41 minutes, 59 seconds Uh so my question is uh you're anticipating a 30% revenue growth for FI27. 42:06 42 minutes, 6 seconds So since the uh your realizations also would have jumped up because you have passed it on to the customers. So I wanted to understand how much volume 42:13 42 minutes, 13 seconds growth are you expecting for Sakuni 7 category wise that PVC profile extrogen uh 42:22 42 minutes, 22 seconds uh category uh we are uh last year also about uh uh 16 uh from uh the level of 42:30 42 minutes, 30 seconds the 50% of capacity utilization we reached to the 66%. uh so similarly maybe around 20% of growth in our 42:38 42 minutes, 38 seconds regular exclusion line B2B business we are expecting apart from uh the new new product vertical because basically which 42:45 42 minutes, 45 seconds will be contributing bit more so considering all those factors uh when uh let's say we projected 40 30% CGR growth 42:53 42 minutes, 53 seconds going forward no I'm asking specifically about the volume growth like how much volumes would grow or how much like price would grow in terms of that 43:02 43 minutes, 2 seconds see the price we can we can't determine the price growth because it depends on the market conditions because PVC region 43:09 43 minutes, 9 seconds this was in March went to 115 now again it has come down to 885 so raw metal price our finished prices especially for 43:17 43 minutes, 17 seconds the extrogen they keep on changing sometime plus sometime minus also it's not a one-sided uh price revision always 43:23 43 minutes, 23 seconds so price growth is not the factor uh especially in our line of product in aluminum windows and doors also 43:31 43 minutes, 31 seconds currently that LM on the enemy aluminium is on the lifetime high but once this uh crisis of 43:38 43 minutes, 38 seconds uh Middle East war sorted out uh everybody's optimistic that uh this uh prices may cool off so uh revenue from 43:47 43 minutes, 47 seconds the price is not uh the criteria it it's from the volumes only so from the volume side 20% we are opt uh uh optimistic 43:56 43 minutes, 56 seconds that minimum 20% growth uh we have okay and secondly on the modular furniture business like I think the BIS 44:04 44 minutes, 4 seconds norms are going to be implemented for that uh so the imports will be larely reducing so what is the outlook on that business because the growth has been 44:13 44 minutes, 13 seconds slow from from the consideration of very low base and the market is very large so how do you plan to grow that segment 44:20 44 minutes, 20 seconds right right now the government of India have implemented the B standard on the manufacturing of 44:28 44 minutes, 28 seconds all the boards whether it is a MDM board or particle board or whether it is applied. So nowadays all the imports of 44:36 44 minutes, 36 seconds board is now curved and we are using all the Indian boards for our manufacturing of all our furniture. 44:45 44 minutes, 45 seconds So it is not implemented on the furniture here. It is the standard is over the boards. So we are using all the 44:52 44 minutes, 52 seconds Indian boards manufactured in India uh with the Indian. 44:57 44 minutes, 57 seconds So these boards we are using right now and uh what will be the next action of government on the furniture for the 45:05 45 minutes, 5 seconds glers uh we will avoid that that only okay no I was saying that in the near term we are planning to implement it on 45:13 45 minutes, 13 seconds furniture also so I would say what is the growth outlook are you looking in that decision yeah see that modular furniture division 45:20 45 minutes, 20 seconds we are aggressively working on uh different uh fronts uh in this division adding the new solution considering 45:27 45 minutes, 27 seconds uh uh emerging interior requirements because uh in furniture industries every day new things comes. So we are opting 45:34 45 minutes, 34 seconds all all those things. Uh we have already uh upgraded our plant to a state-of-the-art plant uh uh sort of 45:41 45 minutes, 41 seconds thing. Uh so once uh export also we are uh uh focusing more uh last two years we 45:49 45 minutes, 49 seconds have started it and we are putting more focus some of the discussions are happening on the OEM and tensioning also. So and project side also lot of uh 45:59 45 minutes, 59 seconds new builders and developers are uh connecting we are negotiating lot of uh inquiries for modular uh high volume uh 46:07 46 minutes, 7 seconds project business also. So going forward from mixer division also we are optimistic that it should also have 20 46:14 46 minutes, 14 seconds to 25% minimum growth. Yeah, we have added the original studio concept which will serve the small customers in coming 46:22 46 minutes, 22 seconds time and give them the furniture fastest available in a fastest mode. So this 46:30 46 minutes, 30 seconds where they can save their time. Uh so this is what our plan is. 46:37 46 minutes, 37 seconds Yeah. Uh okay. My last question is regarding your uh the capex of 100 crores. How do you see the borrowings uh 46:45 46 minutes, 45 seconds panning out like because uh borrowings also increased drastically because I think because of working capital issues but how do you see it panning out like 46:52 46 minutes, 52 seconds how 100 crores how much will be from borrowings? 46:55 46 minutes, 55 seconds See passively it will be borrowed but uh majorly it will be through internal approvals also considering the last financial year uh around 50 cr plus uh 47:04 47 minutes, 4 seconds uh cash generation was there from the uh operation itself. Since we are at the depreciation so little bits 47:15 47 minutes, 15 seconds will definitely be there so that we can uh do the implementation of the project as per the timelines only. 47:23 47 minutes, 23 seconds So what would be the levels of borrowing? Can you just quantify that? 47:28 47 minutes, 28 seconds See in the monitors I can't say but yes that current level of our debt to equity ratio is.56. 47:35 47 minutes, 35 seconds Uh so definitely it will not reach uh 0.75. 47:42 47 minutes, 42 seconds Okay. Thank you. That's it from Thank you. Thank you. 47:47 47 minutes, 47 seconds Thank you. Our next question is from the line of madurati with counteryclical investments. Please go ahead. 47:55 47 minutes, 55 seconds Thank you for the opportunity. I wanted to understand regarding this aluminium uh windows and facad division. So what 48:02 48 minutes, 2 seconds is our capacity and with the jaipur uh facility that we are commissioning? What would be the revenue potential for this 48:09 48 minutes, 9 seconds division uh going forward? And so what kind of revenue can we expect from this division for FI27? 48:17 48 minutes, 17 seconds See uh as said there is a defined capacity when we uh are working on any custommade solutions. Basically it is a uh more of fabrication sort of things. 48:26 48 minutes, 26 seconds We have to design and fabricate the product as per the customer size and designs. Uh but in monetary terms in FI27 we are expecting a minimum 40 to 50 48:35 48 minutes, 35 seconds crores of uh revenue contribution from this new division. 48:40 48 minutes, 40 seconds and sir what was the revenue in FI26 and sir can we expect a 20 to 25% margin on this product 48:48 48 minutes, 48 seconds yes in the same line of the business basically that when we talk about the uh UPDC windows or doors or whether it is a 48:55 48 minutes, 55 seconds aluminum windows and doors the external heads are similar basically uh so we have kept the same kind of the pricing 49:01 49 minutes, 1 second patterns and uh so 20% AITA margin levels are uh normal for both the 49:11 49 minutes, 11 seconds Got it. And sir, so the 15 to 18% raw material cost that have increased. So have we taken similar prices over the 49:19 49 minutes, 19 seconds three price that we have taken the quantum of prices is it similar or is it lower than the raw material cost 49:26 49 minutes, 26 seconds increases that that that not lower than the raw material price because we have awarded our uh uh see this price is not 49:35 49 minutes, 35 seconds related to the polygood only. It's for the complete industry. So everyone who is in this industry so all has revised their prices basically based on the Rome 49:43 49 minutes, 43 seconds prices. So surely it is on the u same level or on the higher side only whatever price region whatever you have done. 49:53 49 minutes, 53 seconds Got it. Sir if you could help me with what was the inventory gains for FI26 uh versus FI25. 50:02 50 minutes, 2 seconds We have not quantified this as such because it is a regular ongoing activities. 50:06 50 minutes, 6 seconds Sometimes prices go up, sometimes goes low. So at the end of the year, our our focus is to maintain our the margin trajectory in the improving levels only. 50:16 50 minutes, 16 seconds So we have not predeately quantified it but yes uh when the prices are increasing we are always on the gaining trend. 50:26 50 minutes, 26 seconds So, so if I were to consider the 4% gross margin improvement that we have seen during this year, so how much would 50:33 50 minutes, 33 seconds be attributed to better product mix versus uh inventory gain? 50:40 50 minutes, 40 seconds It is more uh contributed by the better product mix only uh better product mix than operational efficiency. Uh on all 50:48 50 minutes, 48 seconds fronts basically we have improved our uh upgraded our machines uh also our operations also. uh so therein uh we 50:56 50 minutes, 56 seconds have cut our overhead cost and all those things. So in from inventory side it is a negligible things basically. 51:05 51 minutes, 5 seconds Got it. Uh sir also uh if I were to come to a modular furniture division sir last year we did a revenue of 40 cr and this 51:13 51 minutes, 13 seconds year we did a revenue of 43 cr. So we were very optimistic about this division. So sir where is where are we lacking uh in terms of growth for this 51:22 51 minutes, 22 seconds division if you could help us understand again basically that what we did in our uh PBC profile division also last two years we have uh we have been more 51:30 51 minutes, 30 seconds cautious about the uh profitability from the margin front uh so that's the reason that our uh revenue growth in last 51:38 51 minutes, 38 seconds financial year was was not uh that much what we expected so then uh if you see that last financial year model of furniture division that our 51:46 51 minutes, 46 seconds profitability has improved a lot in fact modeling they have gone up by about 80% plus as compared to the by 25 so uh 51:55 51 minutes, 55 seconds different product mix again uh that also exist in modular furniture division uh 52:01 52 minutes, 1 second uh now uh like everything is has already implemented now more focuses on uh getting new larger orders and executions 52:10 52 minutes, 10 seconds so in that race we have already added the um three four new brands like Godres uh Then uh this uh 52:20 52 minutes, 20 seconds the smart homes uh and all M3M apart from the ex our existing client of uh 52:27 52 minutes, 27 seconds TLF, Adani and Mahindra. So we are approaching the new builders and getting good response. So going forward uh we 52:34 52 minutes, 34 seconds will see the topline growth uh also as expected. So just a final question from my s how should we look at our working 52:42 52 minutes, 42 seconds capital cycle with the project business increasing uh in the uh aluminum facade and windows modular furniture because 52:50 52 minutes, 50 seconds sir there is a competitor called HRS aloo glaze sir even they are into aluminium facade but their working capital is very stressed the margin is 52:58 52 minutes, 58 seconds similar so how should we look at our working capital cycle going forward the working capital cycle 53:06 53 minutes, 6 seconds in the current line of business also where we doing for the builders working PVC windows and modular kitchen. Uh the same kind of things will happen because 53:14 53 minutes, 14 seconds in project business uh that the scattered payment terms uh so that cash flows are regularly maintained uh from the stage payments uh and mobilization 53:22 53 minutes, 22 seconds advance and on delivery and partial execution and full execution all those things. So we don't foresee any kind of because see in aluminium we doesn't 53:30 53 minutes, 30 seconds require to have the bulk inventory at a time because it's a regular procurement item and we have to get it coated or 53:38 53 minutes, 38 seconds finished that's for the client specific requirement it's made to size. 53:43 53 minutes, 43 seconds So working capital will be well managed between the same labels what we are just currently having 53:51 53 minutes, 51 seconds and do we have very price pass through clause in this aluminium division because the prices are very volatile 53:58 53 minutes, 58 seconds that definitely see what happens in the this particularly aluminium industries there is a base price clause always exist uh because aluminium is driven by 54:06 54 minutes, 6 seconds the nalo price. So most of the large projects every builder developers they keep this close uh in all the orders. 54:16 54 minutes, 16 seconds Got it. And sir the fluted panel division said can this reach 100 K levels in the next two years? Uh and sir 54:24 54 minutes, 24 seconds do we also so what products of these fluted panels are manufactured in house what is bought out for this product? 54:32 54 minutes, 32 seconds So nothing is bought out for us. We are 100% manufacturing company but if you see our financials uh that our uh uh 54:39 54 minutes, 39 seconds stock and trade uh purchase is negligible uh so it's 100% manufacturing only uh and uh expecting the level of 54:48 54 minutes, 48 seconds the 100 200 crores in next two years definitely it is in our target because we have already reached uh uh 54 crores this year so 54:57 54 minutes, 57 seconds because after this year maybe it can happen in earlier period also as just mentioned that I was asking about you the whatever 55:05 55 minutes, 5 seconds design uh the design printing sheet whatever is required in this division uh is that manufactured inhouse or that is 55:12 55 minutes, 12 seconds important it's a it's a for everyone it's a it is outsourced by everyone it's not manufactured in house but yes 55:19 55 minutes, 19 seconds certain pieces are done dy and tools we are manufacturing our own the new designs we are developing our own and uh 55:28 55 minutes, 28 seconds the finishes we are buying uh the paper and uh PVC film on the market and then manufacturing in our plants only. 55:40 55 minutes, 40 seconds Got it. So is there a possibility of us also manufacturing this in inhouse going forward or once this business scaled up 55:48 55 minutes, 48 seconds to 100 K levels or that will be a bought out item only that finishes and that but right now 55:56 55 minutes, 56 seconds there is only no unit in India and there's one one unit is going to be set 56:02 56 minutes, 2 seconds up near Mumbai so they will supply us because that is not a very big quantity 56:09 56 minutes, 9 seconds if He will cause over thousand then only we will think about it. Okay, got it. So that was from mine. 56:17 56 minutes, 17 seconds Thank you so much and all the best. Thank you. 56:21 56 minutes, 21 seconds Thank you. Our next question is from the line of hers Katka with Robo Capital. Please go ahead. 56:29 56 minutes, 29 seconds Uh thank you for taking my question again. Just wanted to understand. Yes, I just wanted to understand the revenue 56:36 56 minutes, 36 seconds split of only PVC and UPVC for this year 20 56:43 56 minutes, 43 seconds PVC and UPVC altogether that uh uh revenue for the last year it was 220 crores out of that about 70 uh 60 cr 56:53 56 minutes, 53 seconds worth from the UPVC window division and remaining from the uh PBCL division. 56:59 56 minutes, 59 seconds All right sir understood and we said that the current capacity at you know 85% utilization can do 450 crores of 57:06 57 minutes, 6 seconds topline revenue right just wanted to understand the 27 crores of cape that you have done in FI26 and the 30 40 57:14 57 minutes, 14 seconds crores of kex that we are going to do in fi 27 so what quantum of capacity are we putting and what kind of revenues can we 57:21 57 minutes, 21 seconds see in fi 27 itself because 27 crores is already done right so 27 28 the new capac capacity. Uh I want to understand the revenue from new capacity only. 57:33 57 minutes, 33 seconds This new capacity what we are adding it is uh for the different product verticals. One is for the extrusion related WPC doors and WPC profiles and 57:43 57 minutes, 43 seconds uh then uh second one is the aluminum windows and facade division. So so far the revenue generation from this new 57:49 57 minutes, 49 seconds capex is concerned this current uh by 27 we are projecting somewhere around 55 to 57:55 57 minutes, 55 seconds 60 crores uh uh revenue addition right understood and going forward to 58:04 58 minutes, 4 seconds achieve this 30% you know topline growth so what kind of sales strategy do we have 58:11 58 minutes, 11 seconds we are already working on different uh sales strategies starting from the B2B to B2C also uh in between that project 58:20 58 minutes, 20 seconds is also there and some part of the exports. So to enhance our reach to u untouched markets 58:28 58 minutes, 28 seconds uh we are uh participating regularly in the exhibitions and all those things promoting our products through digital medias also uh adding new mass uh to 58:38 58 minutes, 38 seconds approach more and more builders and architect developers and gradually announcing our uh showrooms also. 58:46 58 minutes, 46 seconds So on all fronts of sales and marketing we are active right I was just asking because you know 58:54 58 minutes, 54 seconds our facility was around 50 to 60% utilized since last 3 years so just wanted to understand what gives us the confidence that we would be able to 59:02 59 minutes, 2 seconds utilize the current facility as well as you know this new cap that we are doing we'll be able to sell those products as well. So is the demand so much or you 59:11 59 minutes, 11 seconds know do you have any you know new strategy in place? 59:16 59 minutes, 16 seconds That one is uh very simple because wood is a scale product and the wood products are very costly day by day maintenance 59:25 59 minutes, 25 seconds of wood product and manufacturing of wood product installation the manpower is also a big challenge. So everybody is 59:32 59 minutes, 32 seconds going for all the alternate build alternate building materials. So these are the alternate building materials. 59:39 59 minutes, 39 seconds Everybody is now looking for the easy and quick installation because in our materials the installation is very important. If your 59:47 59 minutes, 47 seconds installation is very easy and uh stainless steel label can install it then at a reasonable price 59:56 59 minutes, 56 seconds then it is a big market. So all over India all the big builders and all this they are going for the 1:00:04 1 hour, 4 seconds alternate materials and materials like our whether it is a fluted panel or whether it is the doors and windows. So they are now in a big demand. 1:00:17 1 hour, 17 seconds Right sir understood. Thank you. That's all. 1:00:22 1 hour, 22 seconds Thank you. Our next question is from the line of Deepakwarma from Akshobia Capital. Please go ahead. 1:00:29 1 hour, 29 seconds Yeah. Hi. So u first is I wanted to understand the competitive economics within the segments that are there. For 1:00:38 1 hour, 38 seconds example, in the region here are big players. So, how does it work in terms of competition uh pressurizing margins and returns? That is the first question. 1:00:51 1 hour, 51 seconds Okay. Uh see regarding that some competition in the that new division of aluminum, windows and division. See basically this is more of the service 1:01:00 1 hour, 1 minute industry basically I would say here because here in India there are lot of international brands uh who do either supply the systems and they are 1:01:08 1 hour, 1 minute, 8 seconds associated with the different uh local players fabricators who are serving to the end builders or the customers. So we 1:01:16 1 hour, 1 minute, 16 seconds are already into this line from last 16 17 years and uh in fact we have already got associated with couple of 1:01:24 1 hour, 1 minute, 24 seconds international brands also and offering the solutions uh uh in with their associations. So competitiveness is 1:01:36 1 hour, 1 minute, 36 seconds very well taken care when we are approaching any builders or developers. 1:01:39 1 hour, 1 minute, 39 seconds Once we will see if any builder or developer is calling for uh calling us that means uh they are satisfied with 1:01:46 1 hour, 1 minute, 46 seconds our services with our offerings. So to win that order definitely pricing has to be competitive. So it is a joint effort 1:01:54 1 hour, 1 minute, 54 seconds from the system suppliers as well as uh the fabrication fabricator side. 1:02:02 1 hour, 2 minutes, 2 seconds So within Aluminium you're providing systems as well as services or you're you're also taking some local help for services. We are having our own system 1:02:11 1 hour, 2 minutes, 11 seconds also and at the same times we are associated with the international system suppliers also because uh u some of the projects uh that the client requires to 1:02:20 1 hour, 2 minutes, 20 seconds international brand because they are the system companies are also doing their marketing they are placing their product uh to the builders developers the large 1:02:28 1 hour, 2 minutes, 28 seconds projects directly and but since they are not into the execution they are only the system suppliers so they do have the 1:02:34 1 hour, 2 minutes, 34 seconds partners so some of the brands we are also the trusted partner for So primarily this is a service business 1:02:42 1 hour, 2 minutes, 42 seconds but part of what you're providing within the service you're producing also. Yes. Yes. Yes. Yes. 1:02:49 1 hour, 2 minutes, 49 seconds And what how do you decide which part you're producing? 1:02:53 1 hour, 2 minutes, 53 seconds No it's a complete thing. It's a complete complete function aluminum windows and doors we are not excluding the aluminum other than aluminium. Yeah. 1:02:59 1 hour, 2 minutes, 59 seconds Uh aluminum is the key material for any windows and uh doors or it is a facade element. Uh so rest rest is the 1:03:07 1 hour, 3 minutes, 7 seconds fabrication basically. It's a machine fabrication. It's it requires uh specialized machines and tools and uh 1:03:14 1 hour, 3 minutes, 14 seconds lot of expertise technicians and uh technology. So all those are with us we have established and uh for the reason 1:03:24 1 hour, 3 minutes, 24 seconds question was on this fabrication only which build of whatever we are servicing we are fabricating how do we decide which ones we fabricating what factors 1:03:32 1 hour, 3 minutes, 32 seconds determine that sir can you can you repeat can you just elaborate so part so basically we are providing a service on 1:03:40 1 hour, 3 minutes, 40 seconds uh on top of some systems which we are saying we also outsource and we also assemble ourselves right? 1:03:49 1 hour, 3 minutes, 49 seconds So I am I'm just asking which part of the whole systems uh do we fabricate and how is that decision taken? 1:03:57 1 hour, 3 minutes, 57 seconds So it is it is a complex system when you see for example if it is a system windows and doors we have to supply for a project system windows and doors. 1:04:06 1 hour, 4 minutes, 6 seconds System means that aluminum part and their hardware accessories they are provided by by the system company. And 1:04:15 1 hour, 4 minutes, 15 seconds then when it comes to our factory then we do fabricate we source these glasses as per the specification and lot of assembly and other things at the Japan 1:04:22 1 hour, 4 minutes, 22 seconds set at our end. When it is our own system we just get these system profiles extruded as per specification as per our 1:04:29 1 hour, 4 minutes, 29 seconds design from the companies like general and other extrusion companies. We do have our own uh uh designs of hardware 1:04:39 1 hour, 4 minutes, 39 seconds that we get produced uh from other companies and some of the hardware we do uh manufacturer in house also through 1:04:46 1 hour, 4 minutes, 46 seconds our backward integration. Glass is always outsource item for everybody. So majorly these are the three four components. 1:04:54 1 hour, 4 minutes, 54 seconds Mhm. 1:04:56 1 hour, 4 minutes, 56 seconds Okay. I'm not sure if I got the answer but uh that's it. I'll come to my second question. You just understand it is just like stitching a shirt for the shirt. 1:05:06 1 hour, 5 minutes, 6 seconds You need a clothes. So we are preparing from the clothes factory and then the buttons and the fabrication is taking 1:05:15 1 hour, 5 minutes, 15 seconds place as for the designs and the requirement as for the size. So every building is having a different designs. 1:05:21 1 hour, 5 minutes, 21 seconds The facade is having a different designs and the glass is different as per their requirement and as for the weather 1:05:27 1 hour, 5 minutes, 27 seconds conditions. So we designed first the system as per the 1:05:34 1 hour, 5 minutes, 34 seconds requirement of the integrated the architects of these buildings. We integrate our team with them. Then we 1:05:43 1 hour, 5 minutes, 43 seconds finalize what system is required for this. If a building is 50 floor 1:05:51 1 hour, 5 minutes, 51 seconds the design criteria is different. If it is a 10 floor building the design criteria different. So we are doing all the engineing for them. So we are 1:06:00 1 hour, 6 minutes integral part of the design system and then we are implementing test for the designs. 1:06:07 1 hour, 6 minutes, 7 seconds However within this we are also uh fabricating our own systems part of the solution is that right? Correct. Yes. 1:06:15 1 hour, 6 minutes, 15 seconds Yeah. My question was on that bit that part how do we detect which parts is that uh yeah that's that's the only 1:06:23 1 hour, 6 minutes, 23 seconds question I understand some of the systems or large part of systems maybe we are taking from outside from the brand or interactive layer 1:06:30 1 hour, 6 minutes, 30 seconds so see for for example for for example if I name some of the system companies for suko is one of one of the systems or 1:06:38 1 hour, 6 minutes, 38 seconds the reinox is one of the system so they are having their team sales team their uh uh warehouse housing and all those 1:06:46 1 hour, 6 minutes, 46 seconds things. So and then they are uh in association with their fabric the channel partner versus the fabricator 1:06:53 1 hour, 6 minutes, 53 seconds they are pitching the projects getting the product approved getting the orders and then ultimate fabrication happens at the fabricator end fabrication as well 1:07:02 1 hour, 7 minutes, 2 seconds as the execution that is the responsibility of the the fabricating partner right so so this is one system which is 1:07:10 1 hour, 7 minutes, 10 seconds selected by the builder or the customer okay I want the windows of the su make So, so is supplier of the some of the 1:07:18 1 hour, 7 minutes, 18 seconds components of that particular windows and doors which is the aluminum profile and are there. So, it happens. So, so we are similarly we are having our own 1:07:25 1 hour, 7 minutes, 25 seconds polywood system also. So, we are offering both solutions. 1:07:30 1 hour, 7 minutes, 30 seconds So, system is also Yeah. to the builders and developers directly. 1:07:36 1 hour, 7 minutes, 36 seconds So, there must be some coordination happening with the companies like yeah yeah it is association I just name 1:07:43 1 hour, 7 minutes, 43 seconds one name. So whichever brand that uh um industry brand or the system company they are associated so we are both are 1:07:51 1 hour, 7 minutes, 51 seconds acting as a team to the builder. Uh I'll come to my second question. So uh we'll save time. Second is that aluminium 1:07:58 1 hour, 7 minutes, 58 seconds prices as we all know are close to alltime high right now. So uh does that impact us in any way? What are the risks 1:08:05 1 hour, 8 minutes, 5 seconds we need to manage and why we enter this segment at this time? Certainly in in aluminum industries uh this is a 1:08:13 1 hour, 8 minutes, 13 seconds basically prevailing uh uh practice. See whatever the projects are there they are linked to the aluminum base rate from the nalo. 1:08:24 1 hour, 8 minutes, 24 seconds Okay. 1:08:25 1 hour, 8 minutes, 25 seconds So whatever the order we are currently having none of the project is without the that uh base rate uh module. So 1:08:34 1 hour, 8 minutes, 34 seconds yeah so that that fluctuation is always safeguarded from both side. The prices goes down, we have to pass it on. If it it goes higher, then builder will pay the supplier. 1:08:45 1 hour, 8 minutes, 45 seconds Okay. So basically that that risk is not there in the aluminum business particularly that class price fluctuation risk doesn't 1:08:52 1 hour, 8 minutes, 52 seconds exist because it is a uh well accepted practice throughout all the real estate sector. 1:08:59 1 hour, 8 minutes, 59 seconds Okay. Got that. Got that. So it will impact us when it goes down also. It won't impact us when it goes down also. 1:09:07 1 hour, 9 minutes, 7 seconds Yeah. Yeah. It wouldn't affect it wouldn't impact in any man. 1:09:10 1 hour, 9 minutes, 10 seconds So it's the cost plus pricing that we do or what? 1:09:13 1 hour, 9 minutes, 13 seconds Yeah. It's a costless pricing. That mean it's a cost. Okay. Thank you so much. 1:09:19 1 hour, 9 minutes, 19 seconds Thank you. Thank you. Your next question comes from Aditya J an individual investor. Please go ahead. 1:09:28 1 hour, 9 minutes, 28 seconds Uh thanks for the opportunity sir. Uh congratulations on a good set of number. 1:09:34 1 hour, 9 minutes, 34 seconds Uh my first question my uh first question is that uh you've mentioned in the call that 174 crores is a current 1:09:42 1 hour, 9 minutes, 42 seconds order book. Uh can you provide the split and also what was this order book last year and what are the execution timelines for this order book? 1:09:53 1 hour, 9 minutes, 53 seconds Last year that order book was in the range of 120 240 crores. So that the current order book is the highest order 1:09:59 1 hour, 9 minutes, 59 seconds book uh what we are having. So uh the break up of this order book is basically that three product vertical. One is the 1:10:06 1 hour, 10 minutes, 6 seconds UPVC windows and doors which is approximately 84 crores of uh order book uh 34 crores is related to the modular 1:10:14 1 hour, 10 minutes, 14 seconds furniture division and the remaining that 56 cr it's for our newly added uh division of aluminum windows and so all together 174 crores. 1:10:24 1 hour, 10 minutes, 24 seconds U this execution timeline for all these drug depending on the different but that will be that 100% of this one will be 1:10:30 1 hour, 10 minutes, 30 seconds executed in the next 18 to 24 months 18 to 24 months. Okay. 1:10:36 1 hour, 10 minutes, 36 seconds Yes. So uh the new line that we are setting up for those right uh when and 1:10:44 1 hour, 10 minutes, 44 seconds you said that that will be commissioning in the second half of this year. So uh what kind of revenues do we expect from 1:10:51 1 hour, 10 minutes, 51 seconds that line? And that is the WPC door WPC door. Yeah. 1:10:57 1 hour, 10 minutes, 57 seconds Yeah. We have already commissioned the machines and all trial runs are uh under process. So from the next quarter we are going to commercially launch it. Uh so 1:11:05 1 hour, 11 minutes, 5 seconds this year uh we are expecting somewhere around 50 cr uh revenue contribution from this new WPC door. 1:11:14 1 hour, 11 minutes, 14 seconds How much can you repeat? 60 crores. Sorry. Hello. 1:11:22 1 hour, 11 minutes, 22 seconds Hello. 1:11:24 1 hour, 11 minutes, 24 seconds Uh, sorry to interrupt, sir. Sir, the line for the management has been disconnected. Please stay connected while we reconnect the line for the management. 1:11:34 1 hour, 11 minutes, 34 seconds [music] 1:11:40 1 hour, 11 minutes, 40 seconds [music] 1:11:46 1 hour, 11 minutes, 46 seconds [music] 1:11:52 1 hour, 11 minutes, 52 seconds Ladies and gentlemen, thank you for patiently holding. We have the management line reconnected. Yes, sir. Please go ahead. 1:11:58 1 hour, 11 minutes, 58 seconds Yeah. Hello, Adri. No, sorry, line got disconnected. Adj, are you online? 1:12:03 1 hour, 12 minutes, 3 seconds Yeah. Yeah, I'm online. Just wanted to know what kind of revenue will we be generating from WPC doors this year? 1:12:10 1 hour, 12 minutes, 10 seconds 15 15 cr 15 cr because see next quarter we are going to launch it commercially. 1:12:14 1 hour, 12 minutes, 14 seconds So uh effectively we will be having the revenue contribution for the H2 only. 1:12:20 1 hour, 12 minutes, 20 seconds Uh one question that was asked was that you know what kind of volume growth are we looking at this year? My question is 1:12:26 1 hour, 12 minutes, 26 seconds little uh is is pretty much what kind of volume growth we had last year because you know we had around 13 14% sales 1:12:35 1 hour, 12 minutes, 35 seconds growth. So what was the volume growth last year also it was uh somewhere 1:12:40 1 hour, 12 minutes, 40 seconds around 20% growth in the ex division. Uh hello. 1:12:48 1 hour, 12 minutes, 48 seconds Okay. Hello. Yeah. So you said 15 20% volume last last year as well. 1:12:54 1 hour, 12 minutes, 54 seconds Last last year also. Yeah. So this year also so we are uh that that is a minimum 20% growth we are uh projecting for the 1:13:02 1 hour, 13 minutes, 2 seconds current financial year and then further uh revenue contribution will be from the newly added uh product verticles. So no 1:13:09 1 hour, 13 minutes, 9 seconds my question is is like what you're saying is that our volume growth was in line with absolutely in line with our revenue growth. So there was no like no 1:13:19 1 hour, 13 minutes, 19 seconds no pricing related growth last year. Is that what you are saying? 1:13:23 1 hour, 13 minutes, 23 seconds Typing related growth assets in our line of business. Uh it's varying prices doesn't go one-sided. 1:13:32 1 hour, 13 minutes, 32 seconds So some couple of times we have to reduce the price also when the raw metal prices goes down. If we see the rising trend of the PVC region which is the ko 1:13:39 1 hour, 13 minutes, 39 seconds material last year it uh it was moving in the range of the 68 to 85 rupees. So when the material is uh for in the range 1:13:48 1 hour, 13 minutes, 48 seconds of 80 85 for the longer period the prices are higher once it comes down to below 70. So market demand then even sometime competition also start reducing 1:13:55 1 hour, 13 minutes, 55 seconds the prices. So we have we also have to reduce. So uh that the prices of the finished product what we have sold in 1:14:03 1 hour, 14 minutes, 3 seconds last year also it was on an average of the same trajectory you can say uh except the u indirect overhead cost uh additionally. 1:14:12 1 hour, 14 minutes, 12 seconds So one question that I have is like you know on this order book uh and I would assume that for a lot of projects we 1:14:19 1 hour, 14 minutes, 19 seconds would make uh custom uh panels, doors, windows whatever we do uh uh or 1:14:26 1 hour, 14 minutes, 26 seconds profiles. Do we take uh significant advances from the customers and if it is so can you give an idea of what kind of 1:14:34 1 hour, 14 minutes, 34 seconds advances do we have from customer? Yeah, it is again it is a market practice basically when we are closing any price 1:14:40 1 hour, 14 minutes, 40 seconds for a longer longer period. So from the buyer side also there has to be some commitment. So here it is through the uh 1:14:48 1 hour, 14 minutes, 48 seconds modernation advance which is normally 10 to 20% of the total project uh that order value that advance is uh provided by the builder or developers. 1:14:58 1 hour, 14 minutes, 58 seconds So so what are the current because last year I remember in our annual report our advances was around 5 crores. So what kind of advances do we have today on the 1:15:07 1 hour, 15 minutes, 7 seconds current order booking? What current on the make basis I think it is more than seven crores worth of advances we are having with us. 1:15:17 1 hour, 15 minutes, 17 seconds Okay. So last question. So on the working capital side uh what has happened is that uh and that has also uh 1:15:25 1 hour, 15 minutes, 25 seconds kind of impacted our debt matrix is that uh you know our uh receivables have gone up our inventory levels have gone up and 1:15:33 1 hour, 15 minutes, 33 seconds our payables are almost zero or do you see the any reasons for the same because last year at least we had around 10 crores of pay. 1:15:44 1 hour, 15 minutes, 44 seconds See it was strategic decision taken by the management to have the benefit of the uh pricing that better pricing and at the same time the continuous supply. 1:15:54 1 hour, 15 minutes, 54 seconds This activity was done in the last two months of the financial year uh where we have uh paid off all the uh our 1:16:01 1 hour, 16 minutes, 1 second suppliers uh in single sort uh looking at the uh that middle east crisis uh 1:16:08 1 hour, 16 minutes, 8 seconds that disruption in the supply chain and all those things. So that was the call we took and uh we got benefited from 1:16:14 1 hour, 16 minutes, 14 seconds that. We had uh got the ample inventory for all our raw materials. Uh whereas we have come to know that supply is totally 1:16:22 1 hour, 16 minutes, 22 seconds disturbed. So none of our activities going forward in April or the current month uh uh affected through this uh 1:16:29 1 hour, 16 minutes, 29 seconds issues. So that was the one reason that we have uh knowingly paid all our vend 1:16:35 1 hour, 16 minutes, 35 seconds uh vendors. uh and uh regarding the data uh it is in the same level there is no much hike in that it is in proportionate 1:16:44 1 hour, 16 minutes, 44 seconds to the revenue growth only and inventory as I mentioned that we have the huge requirement especially the TV series and 1:16:52 1 hour, 16 minutes, 52 seconds other polymers in the March month itself uh to maintain our uh operations continuously 1:17:00 1 hour, 17 minutes so that's the reason inventories were increased so going forward that again that this working capital cycle for all these factors will be on the uh previous uh levels. 1:17:12 1 hour, 17 minutes, 12 seconds Last question sir, you said that WPC today nobody manufactures WPC doors in India and all the WPC doors are imported. Did I uh is that correct? 1:17:24 1 hour, 17 minutes, 24 seconds See WPC are kind of the WPC doors we are going to launch because with the uh uh complete uh solutions for the out of 1:17:31 1 hour, 17 minutes, 31 seconds frames and some certain other integrities. So we differentiated this with the existing uh solutions which is the WPC that form solid forboard dose. 1:17:41 1 hour, 17 minutes, 41 seconds It is a totally different solution what we are coming up. 1:17:45 1 hour, 17 minutes, 45 seconds Okay. So uh okay great sir thank you and all the best. Okay thank you. 1:17:52 1 hour, 17 minutes, 52 seconds Thank you ladies and gentlemen. We will take this as our last question for today. I now hand the conference over to Mr. Big Vijay Abria for closing comments. 1:18:02 1 hour, 18 minutes, 2 seconds Yes, please. 1:18:10 1 hour, 18 minutes, 10 seconds Hello. Uh yes, please go ahead. 1:18:17 1 hour, 18 minutes, 17 seconds So, thank you for all the question and answer. We have presented all the we I hope that we have answered all our 1:18:24 1 hour, 18 minutes, 24 seconds questions properly and uh I welcome everyone to please uh do visit our facilities and uh see our project 1:18:33 1 hour, 18 minutes, 33 seconds closely and uh what we are doing and uh what the new 1:18:41 1 hour, 18 minutes, 41 seconds areas in which we are concentrating our production facilities and uh design facilities. 1:18:50 1 hour, 18 minutes, 50 seconds So we are what we are doing for the exports also they are remarkable achievements at our dynasty 1:18:57 1 hour, 18 minutes, 57 seconds manufacturing facility. Uh last year we have exported a big number of uh furniture to uh euro and uh this year we are having an ample orders from Europe. 1:19:10 1 hour, 19 minutes, 10 seconds Although the prices are under pressure but demand is there so I go uh thank you everyone for giving your time and asking the valuable questions. 1:19:22 1 hour, 19 minutes, 22 seconds Thank you. Thank you. 1:19:24 1 hour, 19 minutes, 24 seconds Thank you on behalf of Dria Plywood Limited. That concludes this conference. 1:19:29 1 hour, 19 minutes, 29 seconds Thank you everyone for joining us and you may now disconnect your lines. Thank you.