Everest Kanto Cylinder Limited — Q2 FY26

Everest Kanto Cylinder Ltd Q2 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=nLPgVwzDz1E Published: 5 months ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to the earnings conference call of Everest Kanto Cylinder Limited. 0:10 10 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation 0:17 17 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star till then zero on the touchstone phone. 0:25 25 seconds Please note that this conference is being recorded. I now hand the conference over to Mr. Matesh Jen from CDR India. Thank you and over to you sir. 0:35 35 seconds Thank you. Good evening everyone and thank you for joining us on average control agendas Q2 FY26 earnings 0:42 42 seconds conference call. We have with us today Mr. Punit Kurana managing director and Mr. Sanjiv Kapoor Chief Financial 0:49 49 seconds Officer of the company. We will initiate the call with opening remarks from the management following which we will have the forum open for a question and answer 0:57 57 seconds session. Before we begin, I would like to state that some statements made in today's call may be forward-looking in nature and a disclaimer to this effect 1:06 1 minute, 6 seconds has been included in the results presentation shared with you all earlier. I would now request Mr. Punit Kurana to make his opening remarks. Over to you Mr. Kurana. 1:16 1 minute, 16 seconds Thanks. Uh good evening everyone and thank you for joining our earnings call. 1:21 1 minute, 21 seconds I will begin by sharing our overview of performance for the quarter followed by the Q&A session. In Q1 and F526, we delivered a steady performance. 1:31 1 minute, 31 seconds Consolidated revenue stood at 360 crores and IITA was at rupees 42.9 crores 1:38 1 minute, 38 seconds translating to a margin of 11.9 pack for the quarter was 13.7 crores. On 1:46 1 minute, 46 seconds a standalone basis, revenue stood at 223 crores and the margin improved to 11.2% 1:53 1 minute, 53 seconds compared with 9.3% in the same period last year. During the quarter, the CNG segment in India was 2:00 2 minutes impacted by GSC transition in the end in the end user automobile automotive industry which led to a short-term 2:07 2 minutes, 7 seconds softness in the volumes. This has since normalized and the underlying domestic demand environment in the segment 2:14 2 minutes, 14 seconds remains positive. Our industrial segment continues to perform in lines with expectations in our international operation. The US 2:23 2 minutes, 23 seconds business reflects the order-driven nature of the market while dispatches were lower. 2:34 2 minutes, 34 seconds Sorry to interrupt sir, you are not audible. 2:44 2 minutes, 44 seconds Uh ladies and gentlemen, a line for the management is disconnected. Please wait while we reconnect them to the conference. 3:22 3 minutes, 22 seconds Hello. 3:40 3 minutes, 40 seconds Ladies and gentlemen, thank you for patient beholding. We have the management line reconnected. Over to you, sir. 3:46 3 minutes, 46 seconds During the quarter, the CNG segment in India was impacted by GSC transitions in the end user automotive industry which led to a short-term softness in volumes. 3:56 3 minutes, 56 seconds This has since been normalized and the underlining. 4:09 4 minutes, 9 seconds Ladies and gentlemen, the line for the management is again disconnected. Please stay connected while we reconnect them to the call. 4:24 4 minutes, 24 seconds Jack, 4:45 4 minutes, 45 seconds let's go. 4:55 4 minutes, 55 seconds Wondering. 5:15 5 minutes, 15 seconds Down. 5:37 5 minutes, 37 seconds Down. 6:04 6 minutes, 4 seconds Ladies and gentlemen, thank you for patiently holding. We have the management line reconnected. Over to you, sir. 6:10 6 minutes, 10 seconds Yeah, sorry for that. Uh thanks for your patience. Uh on the expansion front, we are making steady progress on new 6:17 6 minutes, 17 seconds facilities in Mundra and Egypt. The Egypt plant is preparing to begin trial production shortly and the work at Mundra continues to be at advance as 6:26 6 minutes, 26 seconds planned. Both facilities remain on schedule and will significantly enhance our manufacturing capabilities in the coming year, enabling us to serve a 6:33 6 minutes, 33 seconds wider range of domestic and international opportunities. With growing opportunities across clean energy and industrial applications 6:41 6 minutes, 41 seconds coupled with great visibility in our order pipeline, we remain confident about our future growth perspectives. 6:47 6 minutes, 47 seconds Our focus remains on operational excellence, capability uh cap capacity development and supporting customer across geographies as we build for the 6:56 6 minutes, 56 seconds next phase of growth at EKC. With that, I conclude my opening remarks and request the auditor to open the floor for questions. 7:05 7 minutes, 5 seconds Thank you very much sir. We will now begin the question and answer session. 7:11 7 minutes, 11 seconds Anyone who wishes to ask a question may press star and one on their touchstone telephone. 7:17 7 minutes, 17 seconds If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. 7:27 7 minutes, 27 seconds Ladies and gentlemen, we'll wait for a moment while the question queue assembles. 7:39 7 minutes, 39 seconds First question is from the line of Ashit Roti, an individual investor. Please go ahead. 7:47 7 minutes, 47 seconds Yeah. Uh good afternoon sir. Thank you. 7:49 7 minutes, 49 seconds Good afternoon sir. Uh would just would want to understand more on uh hydrogen uh I mean 7:58 7 minutes, 58 seconds say the next uh major uh fuels which is being considered as an hydrogen. So how 8:04 8 minutes, 4 seconds are we placed on that and if uh any vehicles are going to take a center stage in that scenario where does our CNG business would stand? 8:18 8 minutes, 18 seconds So you know hydrogen development India has already started you know government is giving lot of uh push on hydrogen uh 8:25 8 minutes, 25 seconds we have projects from you know companies like uh IOCL and uh HPCL. So there is some projects going on on hydrogen and 8:33 8 minutes, 33 seconds definitely it will be coming as as a mobility fuel in the future but this future is uh you know uh it'll take time 8:41 8 minutes, 41 seconds you know so because uh the entire ecosystem needs to be set up and all the stakeholders need to come together so uh 8:48 8 minutes, 48 seconds is is looking positive but it's early days for hydrogen now today so we don't we don't expect anything uh 8:57 8 minutes, 57 seconds much happening on uh on that front for next couple of you. 9:01 9 minutes, 1 second Yeah. Yeah. But uh it's looking good and you know hydrogen will be complimentary to us. So the faster it comes better because uh again uh hydrogen storage is 9:11 9 minutes, 11 seconds at very high pressure and cylinders are required there. So definitely very positive thing for us if the faster it comes 9:20 9 minutes, 20 seconds in that case. Uh what will be our growth drivers for next couple of years? 9:25 9 minutes, 25 seconds So our growth driver of course CNG continues to be a growth driver. Plus industrial business also is growing. So many many uh you know new application 9:34 9 minutes, 34 seconds for industrial gases is coming up. So we we seeing a uh many many new avenues uh you know growing defense sector is 9:42 9 minutes, 42 seconds growing. So there's there's lots of uh avenues that uh you know we see the future of growth. 9:50 9 minutes, 50 seconds any specific area where you would want to you would be concentrating on sir? 9:56 9 minutes, 56 seconds Uh you know I mean we we are concentrating on u you know CNG and industrial we are concentrating both on these sectors 10:04 10 minutes, 4 seconds because they're growing. So definitely we continue to focus these sectors. Okay sir I'll come back in you again. 10:13 10 minutes, 13 seconds Thank you so much. Thank you. Thank you. 10:18 10 minutes, 18 seconds Before we move to the next question, a reminder to the participants to ask a question, you may press star and one. 10:28 10 minutes, 28 seconds Next question is from the line of Garvita from 7 island PMS. Please go ahead. 10:37 10 minutes, 37 seconds Uh hello sir, I have I have a few question. One out of them is could you give me a rational why has the gross 10:46 10 minutes, 46 seconds margin fallen this quarter from last compared to last quarter? 10:52 10 minutes, 52 seconds So uh the the CNG bit of the business was little uh down so that's why the the volumes have dropped. 11:03 11 minutes, 3 seconds Okay. And sustainable would be for the year. 11:08 11 minutes, 8 seconds Yeah, definitely it will it's it'll pick up. It's picking up as we speak. So, it'll definitely improve. 11:17 11 minutes, 17 seconds Okay. Uh any margin guidance? Can you give me sir? Any margin guidance? 11:27 11 minutes, 27 seconds Yeah. About 12 to 14%. Uh that will be the AITA margins, right? Yeah. 11:36 11 minutes, 36 seconds Okay. And so could you give me guidance for the revenue also topline and volume guidance? 11:44 11 minutes, 44 seconds Revenue um I think revenue should be okay for the you know you look at it over the period of the whole entire year. I think it should be uh it's okay 11:53 11 minutes, 53 seconds as for what we we've uh targeted and that would be how much sir 12:01 12 minutes, 1 second what is what are we trying to 9002,000 in in in standard one standard 12:10 12 minutes, 10 seconds okay and so could you highlight a little bit on the two plans expansion how far we have come on those and how much 12:18 12 minutes, 18 seconds trafficics we have already incurred and how much is planned to be incurred about the plants and by then are we expecting the commercialization of Egypt and Mundra plants? 12:28 12 minutes, 28 seconds Yeah. 13. Yes. Where is this? 12:32 12 minutes, 32 seconds This is so Mundra we have a U 12:40 12 minutes, 40 seconds we spend around 130 and uh we have a balance of 30 cr rupees 12:48 12 minutes, 48 seconds and Egypt we've uh spent around 86 crores and balance is around 40 crores. 12:57 12 minutes, 57 seconds Okay. Um by now are we expecting the commercialization of water? 13:02 13 minutes, 2 seconds So Egypt will be uh happening very soon maybe by uh maybe by Jan January. 13:10 13 minutes, 10 seconds Okay. January 25. 13:14 13 minutes, 14 seconds Okay. And Mundra plant of March maybe by March. 13:23 13 minutes, 23 seconds Okay. Okay. And we have positive outlook for the coming two years, right? Yeah. Yeah. Of course. Yes. Yes. 13:31 13 minutes, 31 seconds A major growth driver if you can make it. I understand hydrogen is one of the market we are looking at. What else is going to be the major driver for us? 13:40 13 minutes, 40 seconds I think you know the CNG segment continues to grow and uh you know in the industrial gases there are a lot of uh new segments coming up like semiconductor and other things. 13:49 13 minutes, 49 seconds Definitely there's going to be growth coming from those areas. Solar, semiconductor. Yeah. Yeah. 13:57 13 minutes, 57 seconds Okay. Thank you so much. Thank you. Thank you. Thank you. 14:04 14 minutes, 4 seconds Next question is from the line of re Jen from First Water. Please proceed. 14:11 14 minutes, 11 seconds Yeah. Hi, good afternoon sir. 14:15 14 minutes, 15 seconds I want to know what is the order book for USA and what is the executable? 14:21 14 minutes, 21 seconds What is the order book for USA and the education time? 14:27 14 minutes, 27 seconds So US is around 80 million and what is execution time? 18 12 to 18 months. 14:34 14 minutes, 34 seconds Okay. And any update on the GST case that was there last year? You say GST case? 14:42 14 minutes, 42 seconds Uh yeah, we are still uh you know we made some representations to the government. Yeah. And we are hoping some positive replies. 14:53 14 minutes, 53 seconds Uh but any timelines like when it will be resolved? 14:56 14 minutes, 56 seconds No, I mean these you know very difficult to put a timeline on these things. Mhm. Okay. 15:02 15 minutes, 2 seconds We are quite confident that you know we have a strong case. We hopefully you know things should u should be okay. 15:12 15 minutes, 12 seconds Okay. Because I read somewhere that not only you uh other players have also received the uh GST orders. 15:20 15 minutes, 20 seconds Of course. Of course they will. Yeah. 15:22 15 minutes, 22 seconds Everybody will who has in the industry will receive it. Okay. 15:27 15 minutes, 27 seconds And in the start of the call you said that you are doing something in defense. 15:32 15 minutes, 32 seconds So can you just explain the opportunity and who are the I mean what exactly we are making there? 15:40 15 minutes, 40 seconds uh you know so so we have been catering to defense sector uh you know uh since a long time and you know a lot of projects 15:47 15 minutes, 47 seconds are uh you know is in the pipeline so might not able to share share those 15:56 15 minutes, 56 seconds details but just to let you know that you know uh is looking positive for us that segment. Yeah. So do we have orders 16:04 16 minutes, 4 seconds for them? I mean or just No, no, we have orders for that you know. 16:12 16 minutes, 12 seconds Okay. 16:13 16 minutes, 13 seconds And since I mean uh are there any competitors for the depends in our segment? 16:20 16 minutes, 20 seconds Of course of course there are competitors you know in every sector but in some areas maybe there is no competition. In some areas they might be competitors. 16:31 16 minutes, 31 seconds Okay. because I'm asking this because uh to enter into defense there is a long distation period. So that's why yeah yeah yeah yeah 16:39 16 minutes, 39 seconds that's true and one more thing your employee cost uh 16:46 16 minutes, 46 seconds rose from uh 36 cr in the same quarter previous year to 43 cr now. 16:54 16 minutes, 54 seconds So can you just uh comment on that why it has increase? So yeah thing is that of course you know um as as we uh you 17:03 17 minutes, 3 seconds know expand into a new product line plus uh increment you know so all these things have um you know probably uh 17:09 17 minutes, 9 seconds given this rise okay yeah that's it thank you so much 17:16 17 minutes, 16 seconds thank you thank you participants to join the question you 17:23 17 minutes, 23 seconds may press star and one next question is from the line of vidi Isha from CR Kotari and Sun Stock Broking. Please proceed. 17:35 17 minutes, 35 seconds Am I able? Yeah. Yeah. Yes. Yeah. Please. 17:40 17 minutes, 40 seconds Uh so uh for the standalone business currently uh may I know what is your utilization rate? 17:47 17 minutes, 47 seconds 70%. 17:50 17 minutes, 50 seconds Okay. And uh so currently we are doing 70% uh 948 cr of revenue. So is this the peak uh foot like peak utilization that 17:59 17 minutes, 59 seconds we can expect or can we expect this to go up utilization? 18:02 18 minutes, 2 seconds It can it can definitely go up. Yeah, it's only 70%. So at least I think 20% we can go up. 18:10 18 minutes, 10 seconds Okay. So there's hope for increasing from current 950 to further 80% potentially. Yes. Yes. Yes. 18:18 18 minutes, 18 seconds Okay. And uh so from the UAE plant, what is the current outlook since in the past uh it wasn't doing well? What is the future outlook? 18:27 18 minutes, 27 seconds The UAE now you know the order book is improving slowly. So hopefully the you know coming quarters the things should be uh results should be I mean it should be better. 18:38 18 minutes, 38 seconds Okay. And how are the margins shaping up then? 18:42 18 minutes, 42 seconds Um they will improve you know once the order book is there you know then Dubai margins have always been decent because you know of course they they don't have 18:49 18 minutes, 49 seconds a you know tax also there. So there's uh definitely better margins but uh it once the order book is good then the margins will be better. 18:58 18 minutes, 58 seconds Okay. And uh what is the current order book if I may know where uh for the plan? 19:07 19 minutes, 7 seconds Yes across. 19:20 19 minutes, 20 seconds Yeah, you sorry you ask for UAE uh for all uh for all the location 19:26 19 minutes, 26 seconds all the location so you can say uh 1,000 crores 19:33 19 minutes, 33 seconds okay this is executed over the next one year yeah yeah yeah 19:40 19 minutes, 40 seconds okay and sir just one last question uh so uh I missed on the earlier participant you said Mundra how much 19:47 19 minutes, 47 seconds balance is left out of 30 that is spent 40 crores. 19:55 19 minutes, 55 seconds 40 crores. Okay. And both these plants Mundra and Egypt, what is the total revenue contribution we are expecting? 20:04 20 minutes, 4 seconds We are working on it. 20:07 20 minutes, 7 seconds Sorry, probably in the coming quarters. I think it'll be clear. 20:11 20 minutes, 11 seconds Okay. Because earlier you had mentioned 300 CR from the Egypt plant and 200 CR for the Mundra plant. 20:20 20 minutes, 20 seconds Yes. Yes. Thank you. 20:27 20 minutes, 27 seconds Thank you participants to ask a question you may press star and one. 20:35 20 minutes, 35 seconds Next question is from the line of Rakkesh Patidal from who is an individual investor. Please go ahead. 20:42 20 minutes, 42 seconds Hello. Good afternoon sir. 20:44 20 minutes, 44 seconds Good afternoon sir. 20:46 20 minutes, 46 seconds Uh Reliance recently ke like 65,000 TRS for the green energy. So recently we got any order from Reliance. 20:58 20 minutes, 58 seconds So uh you know we are only catering to the um you know Reliance their go platform for the CNG stations. 21:07 21 minutes, 7 seconds Mhm. So we we are only supplying the cascades to them but their plan on green energy you know might be hydrogen production and things like that. So we we are not doing anything there. 21:20 21 minutes, 20 seconds Okay. And uh in this last quarter uh have you added any new client logo in our uh revenue? 21:28 21 minutes, 28 seconds We always entering new clients but uh I don't know but maybe industrial definitely there might be few clients that have been added. 21:37 21 minutes, 37 seconds Okay. On on this for particular this quarter how how much uh revenue except like overall the revenue we are with 21:47 21 minutes, 47 seconds doing well uh under the performance for this quarter. 21:51 21 minutes, 51 seconds It's still underway you know quarter is too early to uh you know give you some numbers but uh it's it's in line with what we are targeting. 22:03 22 minutes, 3 seconds Okay. Okay. Thanks. Thank you. Thank you. Thank you. 22:10 22 minutes, 10 seconds Next question is from the line of Vive Gupta and individual investor. Please go ahead. Good evening sir. 22:19 22 minutes, 19 seconds Good evening. 22:19 22 minutes, 19 seconds I had a question regarding the GST issue has what is the status or uh has it been resolved or what uh is the way forward? 22:28 22 minutes, 28 seconds This is still it's still going on. You know we have made representations to the government and we are hoping that uh And you know we have a case in high 22:36 22 minutes, 36 seconds court also. So hopefully we we are quite positive that things uh you know should be in our favor because you know already 22:43 22 minutes, 43 seconds government just announced a GST revision of the GST reforms. So we are hopeful that you know things should be 22:51 22 minutes, 51 seconds positive and is this for the entire industry or is only for entire industry industry. 22:59 22 minutes, 59 seconds So the same uh uh demands have been made by to other players also. Yes. 23:06 23 minutes, 6 seconds Yes. Okay. That's about it. So thank you. 23:12 23 minutes, 12 seconds Thank you participants. If you wish to ask a question you may press star and one on your touchstone telephone. 23:22 23 minutes, 22 seconds Next follow-up question is from the line of Ashit AI an individual investor. Please go ahead. 23:30 23 minutes, 30 seconds Uh sir with regards to hydrogen cylinder uh basically we uh it has to be of a 23:37 23 minutes, 37 seconds type five or type six and uh whether our we have got an approval for the sale or we are still in the process. 23:45 23 minutes, 45 seconds So you know uh hydrogen it all depends on you know where where are you using the cylinders you know so it's very uh specific to uh where the application is 23:54 23 minutes, 54 seconds in mobility is it on the ground storage so it's very uh is um it's subject to the application 24:03 24 minutes, 3 seconds yeah I understand so what what what would be our focus area in that definitely it will be you know we will 24:10 24 minutes, 10 seconds go across all product lines in hydrogen once it starts uh you know uh coming up. 24:16 24 minutes, 16 seconds We'll definitely look at all our products all across from mobility to ground storage to uh you know everything. 24:26 24 minutes, 26 seconds Okay. Yes. 24:27 24 minutes, 27 seconds And even even in terms of uh shipping also I mean say uh either importing or exporting hydrogen 24:36 24 minutes, 36 seconds requires a very that requires a very special Yeah. Yeah. That that probably is a different uh you know product and different industry altogether. Yeah, 24:44 24 minutes, 44 seconds it's a different Yeah. Yeah. Yeah. We are only looking at you know mobility and hydrogen transportation within the country. 24:53 24 minutes, 53 seconds And sir, uh how exactly you plan to uh take care of your uh working capital 25:00 25 minutes requirements once your plans are uh operational? 25:07 25 minutes, 7 seconds I think we advocate. 25:12 25 minutes, 12 seconds You mean to say that there won't be any pressure on the margin with respect to uh interest uh increase in interest? 25:20 25 minutes, 20 seconds No, there should not be no there should not be any margin. Sure. 25:30 25 minutes, 30 seconds Okay sir. Thank you. Thank you. Thank you. 25:36 25 minutes, 36 seconds Next question is from the line of Bhavin Salot and individual investor. Please proceed. 25:47 25 minutes, 47 seconds Sorry to interrupt Mr. Bhavin. Your voice is very low. 25:53 25 minutes, 53 seconds I would like to know about the interest and the penalty which hit of 11 cr for this quarter. Can you throw some light? 26:00 26 minutes Why was that and that happen again or not? 26:06 26 minutes, 6 seconds Hello. Yeah. So uh this was on account of our not completing the net exchange 26:13 26 minutes, 13 seconds earnings in our plant at which is the this was based on a fiveyear assessment. 26:21 26 minutes, 21 seconds In fact we were awaiting some amendments to this however it didn't materialize. So 26:28 26 minutes, 28 seconds therefore we had to pay a little penalty if we were short on the net foreign exchange. 26:37 26 minutes, 37 seconds Okay. But uh will this happen again or this is a one time effect? 26:43 26 minutes, 43 seconds No, it it it may be possible but we are we are uh representing to the government to take us out of the SZ. So we may sort 26:52 26 minutes, 52 seconds of uh uh it it will be again reassessed after 5 years. So we have ample time to either export or get an amendment in the rules. 27:03 27 minutes, 3 seconds Okay. But uh is there any chance of this getting waved off or this will be this? 27:08 27 minutes, 8 seconds This will not get waved off. This is already passed as an order in future. Yes, there may be representation which may sort of get us 27:16 27 minutes, 16 seconds the benefit for future. 27:20 27 minutes, 20 seconds Okay. And one last question uh sir uh are we supplying uh cylinders to mar? 27:29 27 minutes, 29 seconds No no we're not supplying. Okay. Thank you. 27:39 27 minutes, 39 seconds Next followup question is from the line of Vidisha from CR Kotari and Sunstock joking. Please go ahead. 27:47 27 minutes, 47 seconds Uh hello uh sure. Uh so uh I wanted to know about the order book for USA specifically. 27:53 27 minutes, 53 seconds Yes. 27:56 27 minutes, 56 seconds Yeah. It's it's a $80 million order book in US. US. 28:01 28 minutes, 1 second Okay. And the thousand TR that you mentioned that is for India alone. 28:05 28 minutes, 5 seconds Yeah. No, that's just combined the combined number. 28:09 28 minutes, 9 seconds Okay. And uh may I know what is the reason for the current drop in margins from 16% last quarter to 12%. Now I think it's just the product mix. 28:19 28 minutes, 19 seconds Uh you know that's probably what the drop in margin. 28:24 28 minutes, 24 seconds So which are the higher margin products versus uh the lower margin ones? 28:29 28 minutes, 29 seconds So you know there are margins in industrial land and CNG but we we had a you know a product uh a lot of products that uh were less margin because uh we 28:38 28 minutes, 38 seconds had a drop in uh some of the key some of the highend high value products. 28:45 28 minutes, 45 seconds Okay understood. Uh so these new plants Mundra Mitch so they cater to the high margin industry and CNG cylinders or the 28:53 28 minutes, 53 seconds lower margin ones. So like the margins will improve with these plants or it will be in line with what it is currently. 28:59 28 minutes, 59 seconds But you know it is but when you make the CNG and you know it's a mix of products. 29:04 29 minutes, 4 seconds So uh you know you have your products for cars and your products for commercial vehicles. So it's you know 29:11 29 minutes, 11 seconds sometime maybe the passenger car products are not so high margin and maybe some higher margin products might 29:19 29 minutes, 19 seconds be in other segments. So it's it the product you know there will be a mix. It will be a mix. It will not be any just specified only specific only to high end. 29:33 29 minutes, 33 seconds Okay. Thank you. 29:38 29 minutes, 38 seconds Thank you participants. To ask a question you may press star and one. 29:50 29 minutes, 50 seconds As there are no further questions from the participants, I now hand the conference over to the management for the closing comments. 29:58 29 minutes, 58 seconds Yeah, thank you once again for your interest and support. Should you need any further clarification or would like to know more about the company, please contact CDR India. Thank you. 30:11 30 minutes, 11 seconds Thank you very much, sir. On behalf of Aristo Cylinder Limited, that concludes this conference. Thank you all for 30:18 30 minutes, 18 seconds joining us and you may now disconnect your lines.