Gandhar Oil Refinery (India) Limited — Q4 FY26

Gandhar Oil Refinery (India) Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=z8WuA7bfOZs Published: 3 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Gandhar Oil Refinary India Limited Q4 FI26 earnings conference call hosted by MUFG in time. 0:12 12 seconds As a reminder, all participant lines will remain in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:21 21 seconds Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touchstone telephone. 0:29 29 seconds Please note that this conference is being recorded. I will now hand the conference over to Miss Nidhi Vijay Varya from MUFG in time for opening remarks. Thank you and over to you. 0:43 43 seconds Thank you. Good morning everyone. I welcome you all to the Q4 and FY26 earnings conference call of Gandhar Oil 0:50 50 seconds Refinary India Limited to discuss this quarter's business and financial performance. We have from the management Mr. Ash Parik joint managing director 1:00 1 minute and Mr. Indrajit Bhachara CFO. Before we proceed with the call, I would like to mention that some of the statements made 1:07 1 minute, 7 seconds in today's call may be forward-looking in nature and may involve risks and uncertainties. For some more details, 1:15 1 minute, 15 seconds kindly refer to the investor presentation and other filings that can be found on the company's website and on the stock exchange. Without further ado, 1:24 1 minute, 24 seconds I would like to hand over the call to the management for their opening remarks and then we can open the floor for Q&A. 1:31 1 minute, 31 seconds Thank you and over to you sir. 1:34 1 minute, 34 seconds Thank you Nidi. Uh good morning everyone and thank you all for joining us today. 1:39 1 minute, 39 seconds Let me begin by sharing our perspective on the operating on the operating environment and how our business has performed against an increasingly 1:46 1 minute, 46 seconds complex global backdrop. Over the past quarter the macroeconomic environment has remained dynamic. The geopolitical developments have been a key area of 1:54 1 minute, 54 seconds focus. Escalating tensions involving Iran along with the periodic concern around potential disruptions in the straight of Hormus have added 2:02 2 minutes, 2 seconds uncertainty to the global energy markets as one of the world world's most critical oil transit choke points and any disruptions in this region has a 2:10 2 minutes, 10 seconds direct bearing on crude oil availability, pricing and freight cost. 2:15 2 minutes, 15 seconds During the period this resulted in interminent volatility in the basil briding some tightness in supply chain and elevated shipping and insurance cost 2:23 2 minutes, 23 seconds particularly for roots linked to the Middle East. The strait has remained largely disrupted for an extended period with significantly reduced vessel movement and elevated risk premiums. 2:33 2 minutes, 33 seconds Stepping back the segment we operate in particularly white oil and the PHPO category products continue to demonstrate resilience given the 2:40 2 minutes, 40 seconds critical applications in the healthcare personal care and the industrial processes. The global vehicle market continues to demonstrate steady 2:47 2 minutes, 47 seconds structural growth. Industry estimates suggest that market valued at approximately 1.93 billion US in 2026 is 2:55 2 minutes, 55 seconds expected to uh is expected to reach close to $2.75 billion by 2033 implying a CAG of almost 5 and a half%. The 3:04 3 minutes, 4 seconds growth is driven by increasing regulatory requirements, rising healthcare awareness and expanding demand for high purity specialtity products. From a geo geographic 3:12 3 minutes, 12 seconds perspective, Asia-Pacific continues to lead the demand growth supported by industrial expansion, increasing healthcare consumption and rising 3:20 3 minutes, 20 seconds personal care usage. At the same time, developed markets are witnessing sustained demand for high-grade compliant products. These trends align 3:28 3 minutes, 28 seconds closely with our focus on highquality applicationdriven speciality products. 3:32 3 minutes, 32 seconds Turning to our performance during the quarter 4 FI26 we have reported consolidated revenue of 1,093 crores 3:40 3 minutes, 40 seconds reflecting a healthy year-on-year growth of 14% for the full year of FI26. The revenue stood approximately INR 4,241 3:49 3 minutes, 49 seconds crores representing almost a 10% growth over the previous year. The performance have been has been delivered despite 3:57 3 minutes, 57 seconds input cost volatility and logistical challenges reflecting the resilience of demand and the discipline of our execution. We have also seen a 4:04 4 minutes, 4 seconds significant improve in our cash flow generation. Our cash flow from the operation stood at a positive of 127.77 4:11 4 minutes, 11 seconds crores as of 31st March 2026 compared to 14.71 crores in the previous year reflecting a stronger operating 4:19 4 minutes, 19 seconds efficiency and a working capital management. Our international business contributes to uh continues to be a key pillar of growth contributing 4:26 4 minutes, 26 seconds approximately 42.8% of consolidated revenues supported by a strong export network and diversified customer base. 4:34 4 minutes, 34 seconds Looking ahead, while near-term uncertainties remain, we see several eing emerging tailwinds, potential progress towards more favorable trade 4:42 4 minutes, 42 seconds arrangements with the key markets such as the US along with ongoing discussions around free agreement with the UK and the European Union and the recent 4:50 4 minutes, 50 seconds depreciation of Indian rupee are also supportive of our export oriented businesses like ours. At the same time, do domestic demand remains stable 4:58 4 minutes, 58 seconds produced particularly in healthcare and personal care categories. While we remain watchful of geopolitical developments, particularly any escalation that could impact the crude 5:06 5 minutes, 6 seconds flows through the key route such as the state of hormones, we believe our diversified operating models and global footprint position us to navigate such 5:15 5 minutes, 15 seconds disruptions. We remain focused on enhancing our product mix, strengthening our global presence and maintaining operational discipline. With that I'll 5:23 5 minutes, 23 seconds now hand over the call to Mr. Hindi Bhachara to take you through the financial per performance in greater detail. Thank you once again. 5:30 5 minutes, 30 seconds Thank you Ashwai and good morning to everyone on this call. On a consolidated basis revenue for Q4 stood at 1093 5:39 5 minutes, 39 seconds crores reflecting a strong 14% yearon-year increase for the full year FI26. Consolidated revenue came in at 5:48 5 minutes, 48 seconds rupees 4241 crores representing a growth of 9% over FI25 supported by stable volumes and steady 5:57 5 minutes, 57 seconds demand across key markets. IITA for Q4 FI26 stood at INR 64 crores reflecting 6:05 6 minutes, 5 seconds an improvement over the preceding quarter as well as on a year-on-year basis. Despite in input cost movements 6:12 6 minutes, 12 seconds for the full year 26 ITA stood at INR 234 crores underscoring the resolence of 6:19 6 minutes, 19 seconds our operations. Profit after tax for QY FI26 stood at rupees 30. Q4 tax for Q4 6:27 6 minutes, 27 seconds FI26 student to INR 37 pros compared to INR 12 in Q4 FI25 for the full year FI26 6:35 6 minutes, 35 seconds pack stood at INR 137 pros reflecting a strong improvement over the previous year in line with this performance key 6:43 6 minutes, 43 seconds return matrices also improved during the year with EPS at INR 13.8 8 compared to 6:52 6 minutes, 52 seconds INR 8.18% in 8.18 in FI25. ROE at 10.21% 6:58 6 minutes, 58 seconds versus 6.65% and ROC at 13.5% compared to 10.8% the previous year. Our 7:07 7 minutes, 7 seconds segmental mix remains well diversified with PHPO contributing approximately 15%, lubricants 27% and PIO 10.19%. 7:17 7 minutes, 17 seconds During the quarter, gross gross manufact gross margin spread stood at INR 9351 7:24 7 minutes, 24 seconds per k. Manufacturing volumes for FI26 stood at 5 lakh 54,212K 7:32 7 minutes, 32 seconds reflecting a yearon-year growth of 8% indicating strong operational execution. 7:38 7 minutes, 38 seconds We also saw a significant improvement in operating cash flows during the year supported by better working capital 7:45 7 minutes, 45 seconds management as mentioned by Ashes Bay. We remain focused uh also also pertinent to point out that 7:53 7 minutes, 53 seconds on consolidated basis our finance cost has come down from 48.40 crores in FI25 8:00 8 minutes to rupees 37.59 crores in FI26. This exhibits a improvement of 28%. Gross 8:08 8 minutes, 8 seconds margins have improved from 10.96% to 11.48% on consolidated basis. For Q4 uh 26 it was 12.49%. 8:19 8 minutes, 19 seconds We remain focused on pro prudent on prudent working capital management improving operative operating efficiencies and maintaining a 8:27 8 minutes, 27 seconds disciplined approach to capital allocation. Thank you. We will now be happy to take your questions. 8:36 8 minutes, 36 seconds Thank you. 8:37 8 minutes, 37 seconds Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. 8:47 8 minutes, 47 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use your handsets while asking a question. 8:56 8 minutes, 56 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 9:03 9 minutes, 3 seconds We take the first question from the line of meet Meta from Prasoon Exponentials. Please go ahead. 9:09 9 minutes, 9 seconds Hi uh thank you for the opportunity. So my first question is uh to ask that uh how the transformer oil prices has 9:18 9 minutes, 18 seconds increased in the past uh quarter. 9:26 9 minutes, 26 seconds Sorry transport oil prices have increased in the past quarter. I mean, can you be specific on the question? 9:40 9 minutes, 40 seconds Hello m can you repeat your question? I mean it's not clear what you're exactly right. 9:45 9 minutes, 45 seconds So I wanted to uh get a sense on the transformer oil price that have increased in the past couple of 9:51 9 minutes, 51 seconds quarters. So this so on a 9:59 9 minutes, 59 seconds consolidated basis of all the products taken together we have closed this year at 76,526 10:07 10 minutes, 7 seconds uh rupees per kl this includes all the products on the specific movement of transformer oil prices quarter quarter 10:14 10 minutes, 14 seconds to quarter we'll get back to you uh okay sure and I just wanted to understand h uh How often the 10:22 10 minutes, 22 seconds transformer oil needs to be replaced uh in a transformer does uh just uh an approximation 10:33 10 minutes, 33 seconds see the refill period is dependent on you know the application of the product you know and across various categories of transformers that are used. So you know in some places the the replacement 10:41 10 minutes, 41 seconds period could be 18 months some in some category it could be a little more as well. So the drain intervals you know are different uh across the various uh 10:50 10 minutes, 50 seconds various categories and also working conditions you know. So the oil is regularly being tested you know by the transfer companies you know or the 10:57 10 minutes, 57 seconds electric generating companies. So if uh the if the parameters of the oil are so critical and if there if they see a deviation in the parameter you know they they need to take a change over. 11:10 11 minutes, 10 seconds Okay. Okay. Understood. Yeah. Uh I'll get back. Thank you. Thank you. 11:18 11 minutes, 18 seconds We take the next question from the line of Sidi Jooshi from NM Capital. Please go ahead. Hello. Am I audible? 11:27 11 minutes, 27 seconds Yeah. 11:28 11 minutes, 28 seconds Good morning. Uh so considering the ongoing geopolitical tensions globally uh including the Red Sea disruptions and 11:36 11 minutes, 36 seconds volatility in crude supply chains. I just wanted to understand how has the customer sourcing behavior changed over the last one one and a half years. 11:47 11 minutes, 47 seconds See I mean uh if you see uh uh the the geopolitical situation of the Iran Middle East issue you know has 11:55 11 minutes, 55 seconds accelerated from 2nd of March to be precise. So you know the supply chain has been disrupted you know the shipping u I mean they are trying to work around 12:03 12 minutes, 3 seconds and uh you know do the shipping movement uh you know via the red sea rather than you know going to the port of phones there has been a little bit of increase 12:10 12 minutes, 10 seconds in transit time but you know uh because of the contracts that we are having with our valued suppliers you know uh we we've not had you know so much hiccups 12:18 12 minutes, 18 seconds in terms of you know sourcing our oil from our key raw material suppliers and uh coming back to customers if you ask me I mean see if you look at if you 12:28 12 minutes, 28 seconds look at our overall revenue matrix around 45% of the of the total revenue generated is from our export business uh 12:36 12 minutes, 36 seconds balance 54% is coming from our domestic customers. So for our export customers you know the products are shipped across the globe including the US, Europe, 12:43 12 minutes, 43 seconds Africa and the Middle East. So the other routes have still not been impacted except the Middle East route. So the African sales, you know, the US sales, the Europe sales, you know, have not 12:52 12 minutes, 52 seconds been impacted because the the state of Hormones, you know, uh I mean the vessel doesn't cross the state of Formos if it's going to the US or, you know, the African market. 13:03 13 minutes, 3 seconds Got it. And are multinational customers increasingly looking at India as an alternative sourcing base uh 13:10 13 minutes, 10 seconds specifically under the China plus one strategy and is Gandhar seeing tangible benefits from that shift? Yeah, I mean 13:18 13 minutes, 18 seconds see our focus has already always been you know focusing on person that is a personal care healthcare performance categories you know where we have other 13:26 13 minutes, 26 seconds multinational customers uh they have been you know focusing as of of India as a special supplies s and you know we have been uh we you know we at Zandar 13:35 13 minutes, 35 seconds also have been focused on you know increasing our revenues with all the multinational customers and you know this is aligned with that strategy of 13:42 13 minutes, 42 seconds you know increasing sourcing from India Okay. And uh given your overseas uh 13:51 13 minutes, 51 seconds presence and exports to around 100 plus countries, which geographies currently offer the strongest long-term growth 13:58 13 minutes, 58 seconds opportunities and uh which geographies are becoming structurally challenging? 14:04 14 minutes, 4 seconds See uh the Asia-Pacific and the Africans region are still you know and the South Americas you know are still you know are 14:12 14 minutes, 12 seconds the growth strategy for us. Uh with the the recent tariffs in the US you know the US has been little bit of a concern but uh the are currently our exposure to 14:20 14 minutes, 20 seconds the US market is very minimum but we are working towards you know enhancing our product and supply chain uh to our customers in the US and increasing our 14:28 14 minutes, 28 seconds product range as well. So as of now you know we are comfortably placed in uh distributing our revenues across across the regions. 14:38 14 minutes, 38 seconds Uh understood understood. And one last question have uh recent geopolitical events changed the company's uh overall 14:45 14 minutes, 45 seconds approach towards uh inventory management, supplier diversification or freight planning. 14:53 14 minutes, 53 seconds Yeah, it's a good question. uh see the company are is adapting you know to the to the geopolitical situation you know 15:00 15 minutes and this events you know I have been repeating frequently having said that you know with such situation with such elevated the pricing obviously you know 15:08 15 minutes, 8 seconds we we at Gandhar you know are working on you know reducing our inventory levels so that you know we don't have a we don't you know I mean we are keeping the 15:17 15 minutes, 17 seconds inventory levels at on a very optimum basis so we are able to service our customers requirement on time which is very critical for 15:26 15 minutes, 26 seconds Understood. Understood. Thank you and all the best. Thank you so much. 15:31 15 minutes, 31 seconds Thank you. We take the next question from the line of Dejas Mata from Delta Cap Investment. Please go ahead. 15:39 15 minutes, 39 seconds Yeah. Uh good morning sir. Uh I wish to know uh about the UAE plant that you 15:46 15 minutes, 46 seconds have as uh we all know the current global tensions are going on. So uh what 15:53 15 minutes, 53 seconds are the measures you are taking over there? 15:58 15 minutes, 58 seconds Uh see tal obviously you know it's in the Middle East in uh I mean in the Hamria free zone in Sharia. So obviously 16:06 16 minutes, 6 seconds you know with the Middle East problems obviously you know the tax plant was impacted a bit you know for the uh because the port was virtually closed 16:14 16 minutes, 14 seconds because there was no vessel you know coming in to the port neither the vessels are able to go out of the boat. 16:19 16 minutes, 19 seconds But having said that you know uh since last 15 days the situation has normalized a little bit. Secondly you know we have been sourcing domestically 16:28 16 minutes, 28 seconds uh few of our base earlier we used to import uh into into UAE but currently we are buying domestically from other refineries based out of the Middle East 16:36 16 minutes, 36 seconds which which we are able to you know supply to our valued customers. So you know that is how the metric has changed you know from full import driven to you know global domestic buying as well. 16:47 16 minutes, 47 seconds So uh if you are sourcing from other countries uh then I think that your cost will go uh because UA has its own 16:57 16 minutes, 57 seconds benefits of SEZ and all right so the no there is no impact on 17:04 17 minutes, 4 seconds the cost because our our pricing with our suppliers is all formula based pricing you know so there is no impact on cost except the elevated pricing uh 17:12 17 minutes, 12 seconds of the which are index Okay. And uh uh 17:20 17 minutes, 20 seconds how much in percentage uh terms you have been spending on R&D and uh whether it's 17:27 17 minutes, 27 seconds uh increased or decreased. Uh can you uh just uh put some light on that? 17:34 17 minutes, 34 seconds So R&D expenditure is generally about 17:41 17 minutes, 41 seconds five less about four and a half to 5% of my total other expenses and uh that has been the trend over the years. 17:56 17 minutes, 56 seconds Sorry, just a minute. Let me let me just tell you. 18:01 18 minutes, 1 second But see, I mean just to add things while he gives you the exact number. I mean, you know, the research and development is an ongoing process, you know. I mean, 18:09 18 minutes, 9 seconds obviously we are in close interaction with our customers, you know, for formulating developing new products, you know, across various categories. I mean only with the help of new product 18:18 18 minutes, 18 seconds formations, we've been able to achieve, you know, the the topline growth, you know, the profitability growth year on year. uh to give to as what Mr. Magic 18:27 18 minutes, 27 seconds was informing on uh the R&D spend obviously the R&D spend it has in the range of 4 to 5% but we can you know get 18:34 18 minutes, 34 seconds back to you exactly as to you know what was the exact R&D spend okay 18:41 18 minutes, 41 seconds and uh the subsidiary which you have announced in Africa whether it's a 18:47 18 minutes, 47 seconds manufacturing unit or like what can you share that we have just set up a company in South 18:54 18 minutes, 54 seconds Africa uh we are contemplating uh and you know discussing there are various business opportunities but it will be a little bit you know too early for me you 19:02 19 minutes, 2 seconds know to comment on whether we'll set up a facility or through the office but but we'll get back to you as soon as you know the time kicks the as soon as 19:11 19 minutes, 11 seconds there's the right time you know to give you a clear and precise information 19:19 19 minutes, 19 seconds thank you thank you we take the next question from the line of Bhaves Patel from Patel investment. Please go ahead. 19:29 19 minutes, 29 seconds All right. Uh thanks for the opportunity and congratulations on great set of numbers in a difficult situations. Uh you know I can really appreciate that 19:38 19 minutes, 38 seconds and have been a long-term investor. Uh so I I do have couple of uh strategic questions for Asheshwai. uh first is 19:46 19 minutes, 46 seconds what is the long-term plan for 5 acre land bought at Taroja from a timeline and uh high level capex perspective and 19:54 19 minutes, 54 seconds while the FI26 results show a significant improvement in profitability uh our operating cash flow has been inconsistent 20:02 20 minutes, 2 seconds uh with the new land acquisition in Punil as well as uh 50 crore South African investments how do you expect 20:10 20 minutes, 10 seconds our capital expenditure cycle to impact free cash flow over next couple of years and are there any plans to streamline 20:18 20 minutes, 18 seconds working capital to ensure better cash conversion and again there are a couple of questions but first we'll go one question at a time oscillation by if 20:25 20 minutes, 25 seconds that works for you see the five the the the the piece of land that has been purchased in Talo obviously will be for plant expansion in 20:33 20 minutes, 33 seconds the in in Taloa plant I mean currently we are operating at more than 100 close to 100% of our capacity in our facility obviously so you know the land 20:41 20 minutes, 41 seconds will be required for further expansion so you So having a having a plan in advance is easy because uh the adjoining 20:48 20 minutes, 48 seconds plot of land you know is close is is an adjoining plot existing closer to our existing facility you know. So our other fixed cost you know virtually comes down 20:57 20 minutes, 57 seconds because of shared resources. Uh having said that you know we are work we are working on a detailed plan in terms of what is the capacity expansion plan for 21:05 21 minutes, 5 seconds the next two years. Uh maybe maybe in the subsequent quarters you know there will be more clarity that will be emerged in terms of you know the capeex 21:12 21 minutes, 12 seconds budget plan. uh in in in the Salva facility. Coming back to our uh the plan the plan for opening an uh center in 21:20 21 minutes, 20 seconds South Africa. We are still contemplating of you know whether the plan it will be an office or a plan but we'll get back to you as of now there is no investment which has been planned heavy investment 21:28 21 minutes, 28 seconds which has been planned. We've just taken a a broad approval from the board you know for investment of the amount that we discussed and uh we will soon get 21:36 21 minutes, 36 seconds back to you with the detailed action plan in terms of our South Africa business. 21:41 21 minutes, 41 seconds Sure. So basically then the free cash flow may or may not work out based on the investment plans that we have. 21:50 21 minutes, 50 seconds As of now if you're aware you know the company has been debtree I mean there has been no long-term dash in the company capital debt. 21:57 21 minutes, 57 seconds So the company has again you know the reserves in the company has in has been in in an excess of more than uh uh I think 1500 22:05 22 minutes, 5 seconds in an excess of 1,500 crores you So that we have enough cash surplus as well, you know, in the in the balance sheet, you know. 22:11 22 minutes, 11 seconds You mean to take you mean 150 cr and not 1,500 cr right? 22:15 22 minutes, 15 seconds No, no, he's talking about reserves and surplus which is around 1,200 crores the net worth equity. 22:20 22 minutes, 20 seconds Oh. Oh, right. Right. Results and surplus and not cash on book. Okay. Okay. Got it. 22:24 22 minutes, 24 seconds Positive cash flow I informed you you know in my statement earlier is more than uh you know is more than 127 crores. So even if we contemplate an 22:34 22 minutes, 34 seconds expansion of say 100 crores for the facility still there will be enough positive cash flow generation you know within the system you know to take care of the expansion as well. 22:43 22 minutes, 43 seconds Got it. Got it. That gives confidence. 22:45 22 minutes, 45 seconds Thank you Ashw. The next question is uh we saw a good margin in Q4 close to 6% and prior few quarters back we had done 22:55 22 minutes, 55 seconds 8% in FI23 also. uh now this improvement I just want to know whether it's structural driven by a shift from higher 23:04 23 minutes, 4 seconds margin that we did this quarter or and this year or is it driven by favorable bas oil price spreads basically are we 23:12 23 minutes, 12 seconds looking at a 6% plus as new normal or or this can still vary so see the company has been purely 23:20 23 minutes, 20 seconds focusing on you know the PHP business you know expanding with our customers and you know growing business with with existing customers So the company has 23:28 23 minutes, 28 seconds been you know work striving hard in terms of you know having cost efficiencies I mean as Mr. Energy is informed you know that we have you know worked hard you know to reduce our 23:35 23 minutes, 35 seconds finance cost where we have incre by even while reducing our finance our top line has gone up you know our revenues have gone up our profitability has gone up 23:43 23 minutes, 43 seconds you know so we have been you know working hard to increase the profitability year on year and we anticipate you know margins to remain healthy in the quarters to come. 23:52 23 minutes, 52 seconds Appreciate that Asel and again uh special vote of thanks because you yourself have increased the promoters 24:00 24 minutes holding and that's that's lot of confidence. Uh the the last question I have is more in terms of basil price 24:07 24 minutes, 7 seconds volatility that you talked about. Uh as we look towards FI27 and beyond and and especially this quarter probably will 24:15 24 minutes, 15 seconds highlight more. What what specific hedging or supply chain optimization strategies you have implemented to 24:22 24 minutes, 22 seconds protect margins from sudden swing in raw material cost either upside or downside. Right. 24:30 24 minutes, 30 seconds The company has been you know selective in terms of uh the raw material sourcing which is the key part of our uh business 24:37 24 minutes, 37 seconds metrics. Uh we have you know been buying consistently on indexing buying you know there have been backto-back orders also which have been executed on our export 24:46 24 minutes, 46 seconds front as well you know. So we've not taken you know any additional risk you know in such volatile situation which you know could have an negative impact 24:54 24 minutes, 54 seconds on the company. So the company is purely focused on its customers you know and demand from its customers based on which we've been you know maintaining an 25:02 25 minutes, 2 seconds optimum inventory level of around 40 42 days uh 40 45 days you know looking at the current geopolitical uh situation. 25:12 25 minutes, 12 seconds Sure appreciate and once again thank you very much for everything that you're doing. I remain uh personally committed 25:19 25 minutes, 19 seconds as well as invested. All the very best to all of us. Thank you. Thank you so much. 25:26 25 minutes, 26 seconds Thank you. We take the next question from the line of Vin Takur from plus 91 AMC. Please go ahead. 25:34 25 minutes, 34 seconds Yeah. Hi sir. Thank you for the opportunity. Uh so could you help me understand how would we uh achieve our goals for 25:44 25 minutes, 44 seconds next two to three years and could you also explain other income breakup as well because um I was could you explain 25:53 25 minutes, 53 seconds the other income couldn't hear the second part of your question first part was go through the next two to three years one what are you asking the second 26:00 26 minutes part uh so the other income and the interest charge interest charge other income interest charge. 26:07 26 minutes, 7 seconds Okay, let me explain the other income is basically represented by interest on our fixed deposits which we parked with our 26:14 26 minutes, 14 seconds banks. Uh there is also a dividend received in other income during the course of this year of 5.5 crores. 26:21 26 minutes, 21 seconds Interest charge that you see that there is hardly any working on on a standalone level. Uh uh there is hardly any uh cash 26:32 26 minutes, 32 seconds credit or packing rate interest. most of the interest is towards uh discounting of import LCS by way of SBLC bias credit 26:41 26 minutes, 41 seconds on a console level. Yes, there is borrowings uh by the taxol unit there which which is that so plus borrowing. 26:49 26 minutes, 49 seconds So there is that that that is the interest charge that is the accounts. 26:53 26 minutes, 53 seconds And coming back to your first question on the goal for next two to three years see the company has been focusing on expanding its global footprint. uh uh as 27:02 27 minutes, 2 seconds you have seen you know our uh the total out of total revenue 45 to 40% of the total revenue is still contributed from our overseas sales where and we are 27:10 27 minutes, 10 seconds exporting our product to 100 plus countries you know so the company will continue to expand in in in the regions the company will will continue to you 27:17 27 minutes, 17 seconds know find new customers grow take it I mean grow the business with it existing customers as well and still focus on the PHPO category which is our port and on 27:26 27 minutes, 26 seconds the personal care healthcare and the performance oil segment and so what would be your sustainable limit margins if we could uh comment on that. 27:35 27 minutes, 35 seconds So we we we are confident of maintaining the current AITA levels. So if you see 27:42 27 minutes, 42 seconds the current AITA levels are uh so the current AITA on the on the 27:49 27 minutes, 49 seconds consolidated basis 6%. 27:53 27 minutes, 53 seconds Yeah is around 6%. which so we which we you know end over to you know maintain in the quarters to come 28:02 28 minutes, 2 seconds and so we can can we ever reach the 8% what we reached in FI23 or FI 7% of FI22 28:11 28 minutes, 11 seconds so it would be a forward-looking statement but obviously you know the company as informed you know in the previous Q&A as well you know the company is focusing on reducing cost 28:20 28 minutes, 20 seconds expanding its customer customer base you know uh you know formulating new products you know so obviously The target is to reach you know a higher 28:27 28 minutes, 27 seconds epida level. Uh but obviously you know we hopefully you know are on track you know to reach a healthy level. 28:35 28 minutes, 35 seconds And uh so what is your paid debt to equity ratio that you're targeting? 28:41 28 minutes, 41 seconds As of now the debt to equity on a standalone basis is practically nil going and on a console level is also 28:49 28 minutes, 49 seconds it's very favorable to us and we expect to maintain the same except for any borrowing which we might do for uh 28:57 28 minutes, 57 seconds plant uh any any expansion in South Africa and sir are we looking at any inorganic growth opportunities going forward uh as 29:06 29 minutes, 6 seconds we reach Yeah we are open to any inorganic growth opportunities If something works out, they're open to it. 29:13 29 minutes, 13 seconds And sir, could you give us uh the utilization of each plant is that? Yeah. 29:19 29 minutes, 19 seconds Yeah. Yeah. Yeah. I'll give you the utilization of each plant. So the Indian both the Indian plants taken together have a installed capacity of 3 lak 62,100. 29:30 29 minutes, 30 seconds Uh we have done 4 lakh 58 853. The installed capacity is on a two shift basis and some parts of the year we have 29:38 29 minutes, 38 seconds worked on three shift basis because of which we have achieved 458 853 which is practically 125% capacity utilization. 29:47 29 minutes, 47 seconds All three plants taken together we are working out at 93% capacity utilization which is basically 5 lakh 97403 is the 29:56 29 minutes, 56 seconds capacity installed and against which we have achieved 5 lakh 54212 which is about 93%. 30:03 30 minutes, 3 seconds And sir what was your realization uh for PHP and PIO and through child matters if you could 30:10 30 minutes, 10 seconds give us uh it's it's in the range of close to 75 77 3 7 3 7 3 7 3 7 3 7 3 7 3 7 3 7 3 7 3 7 38,000 rupees per phbo average for the 30:19 30 minutes, 19 seconds year we have closed at 76,526 rupees for all categories of products. 30:26 30 minutes, 26 seconds Okay and sir what would be thea margin on all of these products? 30:31 30 minutes, 31 seconds The IITA margin for the year ended is at 5.53% on console level. For the quarter 30:37 30 minutes, 37 seconds it is 5.81% in rupee terms it is for the year 8,696 rupees per kale. And for the quarter 30:46 30 minutes, 46 seconds ended Q4 it was 9,351 rupees per kale. 30:52 30 minutes, 52 seconds Okay sir. Thank you so much. I'll rejoin you sir. 30:57 30 minutes, 57 seconds Thank you. Participants who wish to ask a question, please press star N1. 31:04 31 minutes, 4 seconds We take the next question from the line of Somia Laguanchi from Nilva Securities. Please go ahead. 31:10 31 minutes, 10 seconds Uh good morning sir. Thank you so much for this opportunity. So my question was like as you war situation the state of 31:19 31 minutes, 19 seconds rest impacting set and base oil supply how exactly are you mitigating this risk? 31:30 31 minutes, 30 seconds So as informed earlier you know I mean uh the company has assured you know suppliers in the in the name of Aramco 31:37 31 minutes, 37 seconds in the name of Adnok and whether uh Korean companies as well. So you know the company have received uninterrupted supply of it which basil you know even 31:45 31 minutes, 45 seconds through the state of almost closure the suppliers you know have worked out alternate routes and you know have been you know shipping our products well on 31:52 31 minutes, 52 seconds time. That is why you know we'll be able to you know supply our end users our customers uh uh on on real time basis. 32:02 32 minutes, 2 seconds Okay sir understood. So uh my next question was like what proportion of raw material is dependent on middle east 32:10 32 minutes, 10 seconds sourcing and what diversification steps are underway. 32:16 32 minutes, 16 seconds So currently around 20 22% of the total raw material is primarily coming from the Middle East Middle East suppliers 32:24 32 minutes, 24 seconds and obviously you know we have you know tweaked our strategy you know we've been focusing on buying more raw material from our Korean suppliers you know from 32:33 32 minutes, 33 seconds certain domestic supply also we have increased our base from domestical suppliers like the BPCL and the Indian oil as well. So that's how you know the 32:40 32 minutes, 40 seconds sorting sourcing strategy you know uh has been tweaked you know to ensure un uninterrupted availability of our raw material. 32:50 32 minutes, 50 seconds Okay sir my last question is like has elevated shipping and insurance costs stabilized or like do they remain a margin headwind? 33:02 33 minutes, 2 seconds uh to be frank you know I mean uh our uh on on the sourcing side of it if you see you know our pricing our index link pricing you know so obviously the 33:11 33 minutes, 11 seconds freight uh hit I mean there has not been an impact on a freight hike in terms of any any any increase in the premium because primarily the products are 33:19 33 minutes, 19 seconds coming in uh from non-medist region so there has not been such a huge freight hike uh in terms of our our outward 33:26 33 minutes, 26 seconds sales you know I mean um primarily most of our business has been on FOB and uh freight rate what wherever the shipments have been affected on a CFR terms when 33:35 33 minutes, 35 seconds the freight is included the freight calculated is based on a real time and on the current freight level basis. So there has not been a margin uh head 33:42 33 minutes, 42 seconds headwinds in terms of uh any acceleration of the freight which has been subsequently passed on to the customers. 33:49 33 minutes, 49 seconds Okay sir thank you so much I'll rejoin the queue if I have any follow-up questions. Thank you. 33:56 33 minutes, 56 seconds Thank you. We take the next question from the line of Rajiv Jan from Arcane Investment. Please go ahead. 34:04 34 minutes, 4 seconds Hello, thank you for the opportunity. So I just have couple of question. Firstly, our total sales uh manufacturing volume 34:11 34 minutes, 11 seconds crossed 5.4 lakh uh KL in FI26. What is your capacity utilization across TOA, 34:18 34 minutes, 18 seconds Silvasa and Sarah? And what is the headroom before you need incremental kick? If you could throw some light on 34:25 34 minutes, 25 seconds that. So we just explained the capacity utilization part of it to the other gentlemen. Uh so I have 5 lak 97,000 k 34:34 34 minutes, 34 seconds capacity installation uh installed capacity among all the units taken together. Uh out of which 4 lakh 58,000 34:42 34 minutes, 42 seconds is in India. Uh out of which 3 lakh 62,19 is in India. As against this 3 lakh 62,000 in India we have achieved a 34:50 34 minutes, 50 seconds utilation of 4 lak 58,853 which works out to 126% capacity utilization the please note that the 34:58 34 minutes, 58 seconds installed capacity is on a two shift basis and the utilization has sometimes been on a three shift basis in some months depending upon the demand for the 35:06 35 minutes, 6 seconds product. on a totality we have 5 lakh 97403 by totality I mean the shaja plant also 35:13 35 minutes, 13 seconds 5 lakh 9743 kale as against which we have achieved 5 lakh 54,212 kale which is about a 93% capacity 35:22 35 minutes, 22 seconds utilization understood sir understood and uh so 35:28 35 minutes, 28 seconds secondly uh aida margin improved to 5.5% in FI26 and in FI25 it was 4.5 5%. But 35:37 35 minutes, 37 seconds this remains well below our FI23 peak of uh 7.8%. 35:43 35 minutes, 43 seconds So uh what structural liver can close this gap? Do you think could it be mix or pricing power or opex efficiency? 35:50 35 minutes, 50 seconds Could you some throw some light on that? 35:52 35 minutes, 52 seconds And uh perhaps how sustainable are the current levels of margin looking at the volatility and input cost and logistics. 36:01 36 minutes, 1 second See the company has been focusing on you know improving its beta margins, improving it profitability by optimizing cost you know by sourcing you know by 36:09 36 minutes, 9 seconds efficient sourcing. So we anticipate you know the margins uh to be healthy uh you know even in the quarters to come uh 36:16 36 minutes, 16 seconds with the cost optimization measures you know the company has done in terms of you know reducing the finance cost you know increasing its customer base you 36:24 36 minutes, 24 seconds know increasing the product I mean retweaking the product mix you know the company uh is on a growth path of you know having healthy healthy aid margins you know in the quarters to come. 36:37 36 minutes, 37 seconds Understood sir. Uh understood. All right. So that's that's all from my side. Thank you for answering my question. Thank you. 36:45 36 minutes, 45 seconds Thank you. We take the next question from the line of Bhaves Patel from Patel Investments. Please go ahead. Uh thank you for the opportunity again. 36:54 36 minutes, 54 seconds Uh the last question from my side is uh can you give an update on the Shara operations? I know it's part of the uh 37:03 37 minutes, 3 seconds you know the region under focus right now. uh is there any risk you see and and with and again we are hoping I just 37:11 37 minutes, 11 seconds saw breaking news and I don't know whether how true but we are almost at the close of the the troubling times but but if at all you can give update on 37:20 37 minutes, 20 seconds that Shara operations and anything that in particularly we need to be careful about see as informed earlier obviously you 37:28 37 minutes, 28 seconds know the Hamria plant you know was strategically been set up I mean over past since 2019 you know the company has 37:35 37 minutes, 35 seconds seen an increase in revenue uh since the hormone closure. Yes, the company had you know a bit of uh headwinds in terms of you know sourcing the raw material 37:43 37 minutes, 43 seconds because most of the imports have been impacted and there was no raw material available but you know the company was in a position to buy some product 37:51 37 minutes, 51 seconds domestically and you know serve it customer. So you know uh there was some impact in the March revenue you know but going forward we anticipate you know 38:00 38 minutes that uh the issue would uh be you know settling very soon and obviously the normal times would uh hopefully be you 38:07 38 minutes, 7 seconds know coming very soon and obviously with our changes in the sourcing metrics you know uh we'll be able to you know navigate this situation. 38:15 38 minutes, 15 seconds Sure. Because I think that's the plant where we are looking at increasing operational efficiency to drive the top line higher, right? Because currently it's it's not at the most optimal level. 38:27 38 minutes, 27 seconds Yeah. All right. Thank you. Thank you. Thank you so much. 38:34 38 minutes, 34 seconds Thank you. We take the next question from the line of Dejas Ma from Delta Investment. Please go ahead. Hello. 38:42 38 minutes, 42 seconds Yeah. Thank you again for the opportunity. 38:45 38 minutes, 45 seconds uh I wish to know whether we are able to pass on the increased uh cost of uh 38:51 38 minutes, 51 seconds material logistic to the customer or not. And second question is uh in which 38:59 38 minutes, 59 seconds segments we are global leaders and uh by what percentage these segments are growing. 39:13 39 minutes, 13 seconds Okay sir. uh yet the results show that the very fact that the gross margin has improved over 39:21 39 minutes, 21 seconds the previous quarters and for the year also shows that we are able to pass on the price rise to the customers and uh 39:28 39 minutes, 28 seconds we have we have uh passed through contracts with about 35 40% of our customers and for the rest also we have been revising our prices to include all these to pass on all these price rises. 39:39 39 minutes, 39 seconds As regards the growth, the growth has been maximum uh we we concentrate on the PHPO part of 39:47 39 minutes, 47 seconds our business where the growth is around 4% PHGR for for the next four five years 39:54 39 minutes, 54 seconds and uh that remains our forte and we expect to stay in that also we'll also be part of the industrial oils the transformer oils and the other other uh 40:04 40 minutes, 4 seconds products in our business but PHP remains our forte. 40:09 40 minutes, 9 seconds Okay. Uh can you please break down the uh margins of uh uh different businesses like transformer, oil business margin 40:18 40 minutes, 18 seconds and uh various other segments we are getting into 40:31 40 minutes, 31 seconds sir why don't why don't we settle for what is because this is going to be then very long answer so let's avoid that 40:39 40 minutes, 39 seconds let's let's settle at the total consolidated unless you want to share your email id with me then I can give you the detailed uh detailed reply to your question. 40:50 40 minutes, 50 seconds Uh uh okay not an issue I will reply to your question. 40:58 40 minutes, 58 seconds Okay sir. Okay not an issue. Okay. 41:04 41 minutes, 4 seconds Thank you. We take the next question from the line of Venit Takur from plus 91 AMC. Please go ahead. 41:12 41 minutes, 12 seconds Could you sir could you explain the economics of the utilization because uh we are running more than the limit capacity and uh we have only if you 41:20 41 minutes, 20 seconds doing around 90% utilization we should be achieving a production volume of 5 lakh 55,000 approximately. 41:28 41 minutes, 28 seconds Uh so would could you explain the economics of this sir? 41:38 41 minutes, 38 seconds Hello sir. Hello. Hello. 41:43 41 minutes, 43 seconds Yes you are audible. Just give time for the management to speak. 41:55 41 minutes, 55 seconds Sorry if you can be more specific in terms of your question. I mean we just saw on the capacity you were concern you had some question in the capacity. So I want to understand the name I want to 42:03 42 minutes, 3 seconds understand the name utilization uh economics. So we say I want to highlight percent utilization u and would we be 42:13 42 minutes, 13 seconds doing the same in shara as well if you want to reach a peak utilization and if so by what u by what how many quarters 42:20 42 minutes, 20 seconds or how many years would it be to reach that utilization? 42:24 42 minutes, 24 seconds So so uh if I can begin with that India we are practically close to full full 42:31 42 minutes, 31 seconds full capacity utilization and like Ashby explained to some of the gentlemen earlier we will shortly be drawing up our capex plans the next two to three 42:39 42 minutes, 39 seconds quarters and we we shall let you all know about that as as there is spare capacity at Sharah and once things improve over there the geopolitical 42:48 42 minutes, 48 seconds situation improves over improves over there we expect the capacity utilization to improve over there also 42:55 42 minutes, 55 seconds but sir my question would be I want to understand the utilization economics Sir, so uh we are doing 120 hours. 43:02 43 minutes, 2 seconds What is the utilization economically? 43:05 43 minutes, 5 seconds Yes sir. Like how are we um doing over the above capacity and if so then what would be the peak utilization for any plant going forward? 43:16 43 minutes, 16 seconds See uh as informed by Mr. 43:19 43 minutes, 19 seconds See the working has been done on a two shift basis but you know there are certain season seasonal I mean seasonal impacts where you know the plant works on a three shift basis you know to take 43:27 43 minutes, 27 seconds care of the the demand from the customers. So having said that you know the the utilization has peaked peaked 100%. So if you see I mean even with the 43:37 43 minutes, 37 seconds peak utilization our economies of scale you know still you know comes into the picture. our you know with with the increasing production and increasing the volumes you know my fixed cost is coming 43:45 43 minutes, 45 seconds down only with a marginal increase in our on in our variable cost in terms of labor uh and uh and power. So apart from 43:52 43 minutes, 52 seconds that you know we don't have you know any additional cost which we have to bear for you know operating the third shift 43:58 43 minutes, 58 seconds and sir what would be our capeex for next two to three years 44:06 44 minutes, 6 seconds uh disregarding the uh nonannounced capeex the unannounced capeex for going forward 44:14 44 minutes, 14 seconds see the company has been you know since it's since the company got listed the company has been actively you know invested 44:21 44 minutes, 21 seconds capac in terms of capex expansion you know as informed earlier you know the company has also taken a piece of land in Taloa you know for its capacity 44:28 44 minutes, 28 seconds expansion uh we are working out you know what will be the capex budget you know for for the next two years and maybe you know we'll have some more clarity in the 44:36 44 minutes, 36 seconds quarters to come in terms of the cape budget that is sanctioned and the utilization as well 44:43 44 minutes, 43 seconds so it would be safe to assume that the utilization would be 125% for the chara plant as well as going going forward and 44:51 44 minutes, 51 seconds more than 100% utilization going forward for Sha plant as well. 44:55 44 minutes, 55 seconds The idea you know the idea is to ensure optimum utilization of the resources. 44:59 44 minutes, 59 seconds Obviously tax plant as of now because of the disruption you know is little underutilized but obviously with uh with the hope that you know the war would 45:07 45 minutes, 7 seconds recside soon. Uh we anticipate you know the capacity utilization in Texas also would be you know uh ramp up quickly. 45:15 45 minutes, 15 seconds And so uh sir what will be the impact of our our uh pricing due to this middle 45:22 45 minutes, 22 seconds east crisis estia crisis going forward would it be setting as a higher realization going forward and would it include uh our topline growth? 45:33 45 minutes, 33 seconds Yeah. See obviously there is an impact there will be a see the company has been focusing on is PHP products the revenue 45:41 45 minutes, 41 seconds of the company if you see uh has gone up substantially and obviously the profitability has also increased substantially from you know previous 45:49 45 minutes, 49 seconds years. So the company is focusing on you know having an healthy AITA margin having a healthy product mix you know to sustain its revenue growth and you know 45:58 45 minutes, 58 seconds the company is on the growth trajectory of you know increasing the profitability volume also we have we have we have 46:05 46 minutes, 5 seconds historically had volume growth in in the range of 10% also every year so we expect the volume growth also to be 46:12 46 minutes, 12 seconds there sir I would like to understand what would be the good uh pricing increase 46:20 46 minutes, 20 seconds would be able to fetch more pricing for white oil and PHP and lubricant. What would it be a similar delta increase of 46:27 46 minutes, 27 seconds crude oil or would it be higher or lower than the in percentage change oil? 46:33 46 minutes, 33 seconds If you look at the you know uh if you look at the situation over past one month obviously you know the the chart looks little bit disrupted I mean 46:41 46 minutes, 41 seconds although the crude oil prices must have increased say by say 10% but the bol prices have increased by say 20 25%. There has been 46:48 46 minutes, 48 seconds you know some unscued metrics you know in the past past one month but having said that we have efficiency in terms of our buying because our buying is primarily based on index link even our 46:57 46 minutes, 57 seconds sales you know to a few of our select customers is on index link pricing you know so there is a price pass through mechanism in terms of you know such such 47:04 47 minutes, 4 seconds a rapid movement of uh of basel pricing so do we pass through for all of our contracts or only some contracts 47:12 47 minutes, 12 seconds no so few contracts it is pass through and then for other other customers it's all spot pricing so the pricing The pricing is you know is is is given to 47:20 47 minutes, 20 seconds our sales sales team you know every 15 every fortnight wherein you know whatever increase in the raw material pricing whatever increase in the dollar rupee movement is you know passed on to 47:28 47 minutes, 28 seconds the customers and uh sir would be what would be our uh 47:35 47 minutes, 35 seconds going forward guidance for topline if you can if you could give us a three years 47:43 47 minutes, 43 seconds obviously the company it will be a forward-looking statement which you would like to avoid but company you know is focusing on increases increasing its revenue increasing its volume. The 47:52 47 minutes, 52 seconds company has you know historically also grown on a on a almost close to double digit uh volume growth. So if you look 48:00 48 minutes at the past past historical records of of the movement of the of the increase in the revenue growth we anticipate the same to be carried in the future as well. 48:09 48 minutes, 9 seconds Okay sir and sir could you give us a macro I would request you to please stand back the queue for followup questions. Yes, thank you. 48:21 48 minutes, 21 seconds We take the next question from the line of Suani Singh from MSP Capital. Please go ahead. 48:27 48 minutes, 27 seconds Hi sir. Uh so I had two questions. Uh one would be the company so the company has spoken about expanding into 48:34 48 minutes, 34 seconds ingredients manufacturing globally. So could this eventually involve local manufacturing JVS in the market like Indonesia, Europe or the US? 48:48 48 minutes, 48 seconds Can no so can you just repeat your question I mean I just heard a part of it in terms of ingredient manufacturing so if you can just be a little bit precise on what you are expecting please. 48:57 48 minutes, 57 seconds Sure. Sure. So I'll uh repeat again. So the company has basically spoken about expanding into ingredients manufacturing 49:05 49 minutes, 5 seconds globally. So could this or could it not eventually involve local manufacturing JVS in the markets like Indonesia, Europe or the US? 49:17 49 minutes, 17 seconds Obviously the company has been you know actively you know expanding its product range. Uh having said that see the company has set up a plant in Dubai. uh 49:25 49 minutes, 25 seconds the company is also working on you know uh expanding its footprint globally you know in in the other regions but you know it would I mean there are 49:32 49 minutes, 32 seconds discussions you know there are talks on the going but you know it's it's little too early for me you know to give you a precise confirmation you know whether it'll be setting up a plant or there 49:40 49 minutes, 40 seconds will be a GV in the US or the other region uh but as soon as you know the time dim obviously the necessary information you know will be given to 49:48 49 minutes, 48 seconds the stock exchanges uh sure u lastly the pres presentation mentions that customer accreditition can 49:57 49 minutes, 57 seconds take four to five years. So once approved, how sticky are these relationships in practice. So especially with local large glo global FMCG and healthcare companies. 50:08 50 minutes, 8 seconds Obviously the product uh you know I mean is used in various brands. So obviously uh the time frame of approval ranges in 50:16 50 minutes, 16 seconds anywhere between four years to you know in some category more than seven to eight years. Now having said that you know there is a lots of uh you know 50:23 50 minutes, 23 seconds there is lots of uh movement that goes behind the scene in terms of you know raw material approval the plant visit the plant audits you know the stability 50:31 50 minutes, 31 seconds metrics you know you know the consumer testing and so on. So once the customer you know the once once there is a once 50:38 50 minutes, 38 seconds there is an official uh agreement with the customer in terms of you know of of sale purchases you know then in terms of 50:46 50 minutes, 46 seconds service in terms of quality if this has strengthened then you know the customers are all long-term customers. Having said that you know we have been working with our multinational customers now for a 50:53 50 minutes, 53 seconds few customers over a decade. There are few customers which which we had onboarded four to five years and the relationship is strong and you know we have increasing our uh revenue growth with this customers as well. 51:04 51 minutes, 4 seconds Understood sir. Thank you very much and all the best. Thank you so much. 51:09 51 minutes, 9 seconds Thank you participants. With that we conclude the question answer session. I now hand the conference over to Miss Nidi Vijayara from MUFG in time for closing comments. Please go ahead. 51:21 51 minutes, 21 seconds Thank you. Thank you Ryan. Uh I would like to thank the management for taking their time out for this conference call 51:27 51 minutes, 27 seconds today and I would also like to thank all the participants. If you have any queries feel free to contact us via MFG 51:36 51 minutes, 36 seconds in time, investor relations advisors to Gandhar Oil refinery India Limited. Thank you so much. Thank you. 51:43 51 minutes, 43 seconds Thank you. 51:45 51 minutes, 45 seconds On behalf of Gandhar Oil Refinary India Limited, that concludes this conference call. Thank you for joining us and you may now disconnect your lines.