Ganesh Benzoplast Limited — Q4 FY26

Ganesh Benzoplast Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=426vNjPkh6A Published: 7 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Ganesh Bento Plast Limited Q4 FI26 earnings conference 0:08 8 seconds call. Reminder, all participant lines will remain in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:18 18 seconds Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. 0:29 29 seconds I will now hand the conference over to Mr. Rishi Pilani, chairman and managing director of the company for opening remarks. Thank you and over to you. 0:38 38 seconds Thank you. Uh good afternoon everybody. 0:41 41 seconds Thank you so much for joining us for the Q4 FY26 conference call. We will initiate the call by taking you through 0:50 50 seconds the business highlights for the period under review after which we will open the forum for question and answers. Now 0:57 57 seconds I hand over the call to Mr. Amar Kabra, GM Finance and Taxation to share the quarter numbers with you. 1:06 1 minute, 6 seconds Yeah. Hi, good afternoon everybody. This is Amar Kabra. So I will share you the numbers. On console basis during the Q4 1:13 1 minute, 13 seconds of financial year 26 the company achieved a total revenue of 15 million as compared to 9 million for the corresponding quarter in the previous 1:22 1 minute, 22 seconds year with an increase of 12% Y on Y. The company earned pat of 152 million as 1:29 1 minute, 29 seconds against loss of 132 million for the corresponding quarter in the previous year. For full year for financial year 26, the company achieved turnover of 1:38 1 minute, 38 seconds 4114 million as compared to 3743 million in financial year 25 with an increase of 10% Y on Y and the profit after tax 1:47 1 minute, 47 seconds increased to 733 million as compared to 380 million in previous year with an increase of 93% Y on Y. EPS for 1:56 1 minute, 56 seconds financial aid 26 increased to 10.19 rupees versus 5.29 29 in the last year which is nearly doubled on standalone 2:05 2 minutes, 5 seconds basis. During the Q4 of financial year 26 the company achieved a total revenue of 726 million as compared to 575 2:12 2 minutes, 12 seconds million for the corresponding quarter in the previous year with an increase of 26% Y and Y. The company earned PAT of 2:20 2 minutes, 20 seconds 122 million as against a loss of 158 millions for the corresponding quarter in the previous year. For financial year 26, the company achieved a turnover of 2:29 2 minutes, 29 seconds 260 million as compared to 2154 million in financial year 25 with an increase of 2:36 2 minutes, 36 seconds 21 21% Y and Y and the profit after tax increased to rupes 613 millions as 2:43 2 minutes, 43 seconds compared to 307 million in the corresponding period in the previous year with an increase of 99% Y and Y. 2:51 2 minutes, 51 seconds EPS for financial year 26 increased to 8.52 rupees versus 4.27 rupees in previous year. This was the highlight of 3:00 3 minutes the Q4 of financial year 26 result. Now I would like to open the forum for question and answer. 3:08 3 minutes, 8 seconds Thank you 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 3:17 3 minutes, 17 seconds touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants 3:25 3 minutes, 25 seconds are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question assembles. 3:36 3 minutes, 36 seconds We take the first question from the line of Nishita Shanklesa from Sapphire Capital. Please go ahead. 3:42 3 minutes, 42 seconds Um yes, thank you for taking my question. Um so I just wanted to understand our current capacity is of 3:49 3 minutes, 49 seconds around 3 lakh 50,000 uh KL. So uh what is the capacity utilization there? 3:58 3 minutes, 58 seconds Uh hi Nishita. So uh in uh J&P our capacity utilization is 4:07 4 minutes, 7 seconds almost 100% in Goa it is close to zero and in coin it is uh it is close above 80 to 85%. 4:19 4 minutes, 19 seconds So what is the reason it is? So overall basis we are about 95%. 4:25 4 minutes, 25 seconds Right. in Goa. Why is it close to zero? 4:30 4 minutes, 30 seconds Uh see Goa was mainly a bunkering terminal and once the mining ban came in Goa 4:38 4 minutes, 38 seconds after that the big ships have stopped calling Goa port which is basically so the bunker requirement has gone away. We 4:46 4 minutes, 46 seconds are exploring other avenues but as of now the situation is uh it is uh not occupied. 4:55 4 minutes, 55 seconds Okay. Okay. Understood. So are we doing anything because we are at around 95% of utilization. Are we doing any capeex or 5:04 5 minutes, 4 seconds do we have any capex plan to increase our capacity? 5:08 5 minutes, 8 seconds Yeah, currently a capeex is going on to increase the capacity by another 50,000 K approximately 50,000 KL in J&P. 5:22 5 minutes, 22 seconds Okay. And what is the cap amount for that? 5:26 5 minutes, 26 seconds So the capeex amount for that is approximately between 40 to 50 CR for that that particular phase expansion 5:34 5 minutes, 34 seconds and like have you already started the expansion or what's the update there? 5:41 5 minutes, 41 seconds So the work is already ongoing and we are expecting by that that by end of this calendar year we should uh be able to commission this phase. 5:55 5 minutes, 55 seconds Right. Okay. Understood. And uh so uh I just wanted to understand so I like from 6:02 6 minutes, 2 seconds what I read in the presentation uh our pad has reduced because our rental expense in JNPT has included increased 6:11 6 minutes, 11 seconds like it's 10 times more than it was in FI25. 6:16 6 minutes, 16 seconds So uh if you can throw some light on that why has it increased so much? 6:22 6 minutes, 22 seconds So this is uh every 30 years there is a reset in the rentals by the ports. 6:31 6 minutes, 31 seconds So we got the lands uh we got these land in 1995. 6:37 6 minutes, 37 seconds So this is a reset in 2025 and the next reset will happen in 2055. 6:47 6 minutes, 47 seconds Okay. Okay. Understood. So Okay. Understood. So going forward what 6:53 6 minutes, 53 seconds kind of uh margin can we expect margin uh margin means what do you mean 7:01 7 minutes, 1 second aa aida margin going forward what sort of aida margin and tax margin can we expect in fi278 7:10 7 minutes, 10 seconds see based on the current trend which I've always maintained the re rental revenues keep going up by about 5 to 6% 7:18 7 minutes, 18 seconds every year that trend continues news. Uh only difference is that now you have 7:25 7 minutes, 25 seconds this reset of this rental which happens once in 30 years. So so over time as the 7:32 7 minutes, 32 seconds rentals catch up on this reset over the next 2 to 3 years then the AIAS will keep on changing accordingly. Plus we 7:42 7 minutes, 42 seconds are adding capacity. So obviously the new capacity will have a more ITA percentage as compared to your past revenue because already the fixed 7:50 7 minutes, 50 seconds overhead already been taken care. So obviously it will be upward trend only flight. Okay. 7:58 7 minutes, 58 seconds Okay. Okay. Understood. But it will like take time for us to reach to the earlier level around 2. 8:05 8 minutes, 5 seconds Yeah. Because because this is a significant jump in the rentals, right? 8:10 8 minutes, 10 seconds Understood and anything on revenue growth what kind of can we what kind of revenue 8:19 8 minutes, 19 seconds growth uh can we like I said approximately five to six% on the current uh uh tanks that are 8:26 8 minutes, 26 seconds leased out that's what we hope to achieve every year yeah that's on uh only the uh LSG 8:33 8 minutes, 33 seconds segment on consolidated with the chemical segment as well what kind of revenue and grow and receive. 8:42 8 minutes, 42 seconds So chemical is also running more or less on steady state. If you see over the 8:48 8 minutes, 48 seconds last uh 3 years the chemical uh path has uh almost gone up two and a half times. 8:59 8 minutes, 59 seconds So and right now we are not doing any major projects for cap uh capacity 9:06 9 minutes, 6 seconds expansion in uh chemical small debottleneckings are going on but there is no major uh project going on to like 9:15 9 minutes, 15 seconds you know increase the capacity by uh you know step jumps. 9:19 9 minutes, 19 seconds So chemical also will remain on this steady path going forward. Okay. Thank you so much. 9:29 9 minutes, 29 seconds Thank you. 9:31 9 minutes, 31 seconds Thank you. We take the next question from the line of Anukul Aurora from Invet Research. Please go ahead. 9:39 9 minutes, 39 seconds Uh yeah. Hi sir. Thank you for the opportunity. Uh sir, I had few follow-ups uh on the last participants. 9:45 9 minutes, 45 seconds I think on the Goa terminal we had certain pending approvals for uh petroleum products. So anything on that front? 9:55 9 minutes, 55 seconds Yeah. So we've got the appro statutory approvals in place to uh do some uh 10:02 10 minutes, 2 seconds modifications on the tanks to handle uh uh blended uh petrol 10:09 10 minutes, 9 seconds uh which uh the approvals have been received by us. The work is expected to start post monsoon and uh finish by 10:18 10 minutes, 18 seconds March 31st of this of 2028 2027 10:25 10 minutes, 25 seconds but as of now we do not so this is our attempt to add capabilities to that terminal 10:32 10 minutes, 32 seconds but there is no uh contract that we have signed as of now for handling petroleum on that terminal. So I just would like 10:40 10 minutes, 40 seconds to clarify that that we are uh trying to increase the capability of the terminal to create more options. 10:50 10 minutes, 50 seconds Understood sir. Understood. Got it. Yeah. 10:52 10 minutes, 52 seconds Uh see if you can highlight more on the chemical division. I think there was a bit of slowdown uh in in Q4. So what was the particular reason for that? 11:04 11 minutes, 4 seconds So there is no uh slowdown uh in chemical reason. There are two three exceptional uh uh items which has hited 11:12 11 minutes, 12 seconds in the last quarter of this financial year. Uh one is the reach certificate. 11:17 11 minutes, 17 seconds We have uh we we we got the reertificate from UK and Europe uh territory for that 11:25 11 minutes, 25 seconds uh major expenses required which has been debited to profit and loss account. 11:29 11 minutes, 29 seconds So that is one of the thing and you are aware that chemical division management has been changed in last two years. 11:35 11 minutes, 35 seconds Previously some Ramadan Pilani was handling. Now the control has been shifted to Rishi Pilani and his family. 11:42 11 minutes, 42 seconds So for that period the dues and salaries hike of previous staff means chemical design staff was pending since long time 11:50 11 minutes, 50 seconds and that was under discussion since last one and a half year which was got settled in uh this quarter. So these two impact uh are there in chemical 11:58 11 minutes, 58 seconds otherwise on yearon-year basis if you exclude so you'll find a trend of at least 15% jump in the pet of chemical 12:06 12 minutes, 6 seconds reason so I think that is pretty good yes that answers well sir uh sir I think 12:14 12 minutes, 14 seconds uh uh the renewal that you highlighted that happens every 30 years so for the new tanks that we had recently done apex 12:23 12 minutes, 23 seconds so when is the le renewal due for them as of now the lease renewal for them is due in 2047 with the current signing least. 12:35 12 minutes, 35 seconds Okay. 2047 for those two uh for the two tanks that we had done apex which two tanks. 12:47 12 minutes, 47 seconds Sorry the tank. 12:50 12 minutes, 50 seconds So we have built 19 tanks earlier and now we are in this phase 12:57 12 minutes, 57 seconds constructing three more tanks big tanks with 45,000 that's so you are talking about that phase. 13:06 13 minutes, 6 seconds Yes. Yes. Yes. I was talking about that. Yeah. Yeah. Got it. So I think uh one more question. 13:13 13 minutes, 13 seconds I think our capex of a glass tank I think we expect around 50% capacity by Q1. So are we on track for that? 13:23 13 minutes, 23 seconds Uh yes. So we are expecting that by end of this calendar year we should be able to commission that. 13:34 13 minutes, 34 seconds Okay. Got it. Got it. Lastly sir uh any capeex on the ammonia storage or additional bullets I think we were 13:42 13 minutes, 42 seconds planning for around 450 500 K of cex we had no that capeex is still under discussion so 13:51 13 minutes, 51 seconds the land is earmarked for the bullets it's kept aside for the LPG bullets and the ammonia tank but that capex is still 13:59 13 minutes, 59 seconds not initiated understood sir so how much of the land is still available for 14:08 14 minutes, 8 seconds in in uh in the new plot JPT in in the J&B part of this. 14:14 14 minutes, 14 seconds Yeah, approximately 5 to 6 acres is available. 14:19 14 minutes, 19 seconds Got it. Got it. Got it. All right. So, yeah, that's it from my end. I'll fall back in the case. Thank you so much. Thank you. Thank you. 14:27 14 minutes, 27 seconds Thank you. We take the next question from the line of Darin Parik from DM Corporation. Please go ahead. 14:34 14 minutes, 34 seconds Yes. Uh good afternoon. Uh am I audible? Yes. Good afternoon. 14:40 14 minutes, 40 seconds Yes sir. Uh firstly uh I wanted to know what are our plans with uh the volley own subsidiary which we are planning to open in Singapore. 14:49 14 minutes, 49 seconds So uh as of now the uh the with this uh 14:56 14 minutes, 56 seconds new uh de with the war and the new development and the fact that we have now taken over the management of the 15:04 15 minutes, 4 seconds chemical division and we have a very good uh now inroads into the supply and 15:11 15 minutes, 11 seconds distribution of chemicals uh with us. So we are looking at 15:17 15 minutes, 17 seconds opportunities that might open up for uh allowing basket trades. Now what what I mean by that is that suppose there is a 15:26 15 minutes, 26 seconds supplier from whom we are buying chemical X but they also make chemical Y chemical zed which 15:35 15 minutes, 35 seconds goes to my uh sort of customer in Europe from whom I'm supplying my fixed uh with my produced material from my factory. 15:47 15 minutes, 47 seconds Okay. So, so I can offer to that uh client in Europe that not only will I 15:55 15 minutes, 55 seconds supply to you what I manufacture in my factory here in India but from an international source from whom you are 16:04 16 minutes, 4 seconds already buying, we do a basket for you where we'll also supply you the other products that you need. So, it's right 16:11 16 minutes, 11 seconds now at a very preliminary stage. We have a few uh ideas that we are discussing to 16:18 16 minutes, 18 seconds u to see what all can be implemented. Uh but that's the primary purpose of this is to become like a one-stop supplier to 16:27 16 minutes, 27 seconds your uh client for all his product needs. Understood sir. Yeah. 16:34 16 minutes, 34 seconds So okay. Uh secondly in previous corn call we were told that uh uh 50% of the ongoing capex will be operational by Q1 16:44 16 minutes, 44 seconds which I heard even previous uh in previous questions that you you'll be uh you said that it will be completed 16:50 16 minutes, 50 seconds within this financial year. So uh within this financial year entire entire cap will be finished or only 50% of the work will be finished. 16:59 16 minutes, 59 seconds No. So up uh so no entire the entire 49,000 fails will be completed by this December. 17:07 17 minutes, 7 seconds Okay. So can we expect the revenues to reflect from Q4 of this year? Yes. Yes. 17:14 17 minutes, 14 seconds Okay. Uh secondly uh I'm assuming our uh rent with my limited knowledge uh our rentals in J&P are on spot pricing. 17:24 17 minutes, 24 seconds So uh because of due to this uh war and everything uh means as for my observation uh LSC companies around the 17:32 17 minutes, 32 seconds world have made a killing because of the rates shooting up and uh trades getting disrupted. So can we accept expect some 17:40 17 minutes, 40 seconds good amount of uh mean higher realization higher margins in Q1 this year? 17:48 17 minutes, 48 seconds Uh I'm I'm not sure uh but which companies around the world you're 17:54 17 minutes, 54 seconds talking about but as far as what uh J&P you have to understand that J&P is already running at a almost 100% 18:03 18 minutes, 3 seconds capacity utilization. Uh we have it's not spot basis. It's a mix of primarily 18:11 18 minutes, 11 seconds long-term storage contracts and some spots and uh and uh we have not observed any 18:20 18 minutes, 20 seconds such exceptional demand or requirement that would allow us to take any opportunistic 18:28 18 minutes, 28 seconds advantage of this situation in terms of pricing and uh or even you know throughput turnover because you have to 18:37 18 minutes, 37 seconds realize that while some people may have been able to take advantage of a uh of a demand supply gap 18:46 18 minutes, 46 seconds but there was also a very very uh reduced inflow coming into India because of the war situation. 18:55 18 minutes, 55 seconds So it was not that the capacities were running over full and there was no place to keep cargo and so people you know 19:02 19 minutes, 2 seconds like I could charge um exceptional uh uh rates for this period. 19:11 19 minutes, 11 seconds Understood. Understood sir. And uh my last question would be that uh since our inception into LSC business we have 19:18 19 minutes, 18 seconds already always uh been into three ports which is J&P, Pochin and uh Goa. uh why don't we look at expanding and adding 19:27 19 minutes, 27 seconds some other port assets to our portfolio because we practically uh have everything whatever LSC company requires 19:34 19 minutes, 34 seconds we have uh good promoters we have good experience we have entire ecosystem but still why we are getting uh why we are 19:41 19 minutes, 41 seconds only concentrated on these posts uh see um that's a very good question but I'll answer it in a very simple 19:50 19 minutes, 50 seconds manner that uh we always look at any opportunity in terms of its ROI 19:58 19 minutes, 58 seconds uh in the sense that we want to make sure that if we are committing companies capital and resources towards any other 20:07 20 minutes, 7 seconds port we should be able to give at least equal or more uh ROI than what we are 20:16 20 minutes, 16 seconds getting in J&P because J&P right now you have expansion possibilities right so if I have to deploy If I have to 20:24 20 minutes, 24 seconds deploy one rupee of the company's money, if I'm not deploying it in J&P and if I'm deploying it somewhere else, then 20:33 20 minutes, 33 seconds there has to be that much reason and logic that it's going to give me a higher return than J&P and unfortunately as of now we've not found such 20:42 20 minutes, 42 seconds opportunities where uh you know uh you get such high returns. 20:49 20 minutes, 49 seconds Understood sir. If not in India, maybe abroad. 20:53 20 minutes, 53 seconds Yeah, we can see we are open to everything but the uh thing is that uh we need to be sure that we don't end up 21:02 21 minutes, 2 seconds deploying companies resources in a manner that is not equivalent to what we can generate here 21:10 21 minutes, 10 seconds right that that shortity we need. So if we get a backtoback contract we get a good deal 21:18 21 minutes, 18 seconds then definitely the company will go ahead and do it. Great sir, great sir. Thank you. That's it. 21:24 21 minutes, 24 seconds Thank Thank you. We take the next question from the line of Ka Desai from Electrum Capital. Please go ahead. 21:36 21 minutes, 36 seconds Yeah. So just one followup question on the earlier participants question. So we had already signed some LOI with Vishaka 21:45 21 minutes, 45 seconds Patnham government. We were planning to come up with some capacities in Vishaka I believe. Any update on that? 21:53 21 minutes, 53 seconds No, I believe that there is uh not involving us but between the previous uh 22:02 22 minutes, 2 seconds uh person who held this plot in Vishaka Patnam and Vishaka Patnham port there is some dispute going on. 22:10 22 minutes, 10 seconds Okay. So it has nothing to do with us but due to which the LOI is on hold. Uh I'm not sure whether it has been put on 22:19 22 minutes, 19 seconds hold legally or it supports internal decision but because of that the LOI is right now I should not say LOI has been 22:27 22 minutes, 27 seconds uh uh put on hold. It's progress further from LOI is on hold. 22:33 22 minutes, 33 seconds Okay sir. Uh and uh in this quarter in the presentation you have not given the segment wise margin breakup. So for this 22:40 22 minutes, 40 seconds quarter we able to do like 45 47 percentage of margins on the rental revenue business. 22:48 22 minutes, 48 seconds This time we have made a lot of changes in the presentation because since last four years we are giving the same presentation and we have made lot of 22:55 22 minutes, 55 seconds changes. So maybe that has been missed so we'll incorporate later on. 23:01 23 minutes, 1 second Yeah. So so has that margin changed this 45 to 47%. 23:06 23 minutes, 6 seconds Yeah, that remains same that rem and do we expect an improvement because I think in this year we see a capacity coming in. 23:16 23 minutes, 16 seconds Yeah, that's I already explained because with the new capacity our beta margin will definitely going to increase. 23:22 23 minutes, 22 seconds Yeah, that yeah and I I just needed to confirm. So in the in Q1 we expected 40,000 kil of 23:31 23 minutes, 31 seconds capacity to come live. So is that is that on track? 23:37 23 minutes, 37 seconds Yeah. Yeah, that's going on. That already going and by this year end that will beed. So by Q1 of next year, next 23:45 23 minutes, 45 seconds financial uh calendar year that will generate the revenue for company. 23:49 23 minutes, 49 seconds Okay. Q1 of next financial year or Q1 of FY27? 23:53 23 minutes, 53 seconds No, Q4 of this financial year. You can say Q4 of this financial year. 23:58 23 minutes, 58 seconds Q4 of this. So by Q4 of this financial year 40,000 kil of capacity will be operation. Yeah. 24:06 24 minutes, 6 seconds And and next year another 60,000 is coming. Right. Yes. That's what the plan is. 24:14 24 minutes, 14 seconds Okay. And how much capeex have we done for this and for the next year's capacity? Like how much are we planning to do? 24:20 24 minutes, 20 seconds So the combined combined capeex for both of the capacities together is approximately 100 crores. 24:28 24 minutes, 28 seconds Okay. Uh and uh one more question on the EPC side. So we got uh this one large 175 crores GSW port order. 24:37 24 minutes, 37 seconds So how much of that is executed and how much of that that is pending to execute? So so the engineering for that is over. 24:47 24 minutes, 47 seconds Okay. 24:47 24 minutes, 47 seconds And uh and we are expecting that once this monsoons finishes the actual ground work can start. 24:55 24 minutes, 55 seconds Okay. So in value wise how much is done? 24:59 24 minutes, 59 seconds Value wise I would say about uh I will have to check back on that and get back to you. 25:05 25 minutes, 5 seconds Okay. And and margins are there are like higher single digit. Yes. 25:12 25 minutes, 12 seconds Okay. Yeah. 25:14 25 minutes, 14 seconds Uh and one more last question. Sorry if I can take it. 25:18 25 minutes, 18 seconds Yes. Yes. So when you used to give that margin breakup. So I used to see that this trading business always used to 25:25 25 minutes, 25 seconds have this negative AITA margin. So why was that? 25:32 25 minutes, 32 seconds Trading includes your APC, trading includes your uh other uh like unallocable income and unallocable expenses. So obviously that is a 25:41 25 minutes, 41 seconds variable thing. You cannot expect similar thing over past quarter or future quarter. So there might be a plus 25:48 25 minutes, 48 seconds or minus but your rental income remains stable. It's support only and ITA margin also remains stable. 25:55 25 minutes, 55 seconds Okay. Okay. And sir can you please continue to give that margin breakup segmental margin breakup 26:02 26 minutes, 2 seconds we yes we've noted the point we'll incorporate that. Yeah. Yeah. Thank you. 26:11 26 minutes, 11 seconds Thank you. 26:13 26 minutes, 13 seconds Thank you. We take the next question from the line of Harish Shiad an individual investor. Please go ahead. 26:20 26 minutes, 20 seconds Good afternoon sir. And am I? Yes. Good afternoon. 26:25 26 minutes, 25 seconds Yeah. Uh my question is regarding your uh Goa F. What is the total investment you have done in the Goa F so far? 26:37 26 minutes, 37 seconds So Goa was built in the year 202011. Okay. 26:46 26 minutes, 46 seconds So we'll we'll check on that that what's the current uh investment on that and get back to you. 26:52 26 minutes, 52 seconds Okay. Now we are trying to do some money we given to the same time. So what is that? Mhm. 27:00 27 minutes What is the capital outlay for that? That will be close to about 2 crores. 2 crores. 27:07 27 minutes, 7 seconds And you said that we are not tied up with any company body. views of those assets but are any negotiations on that on that 27:16 27 minutes, 16 seconds that's why we are going ahead with the we've not had negotiations but we've had discussions 27:24 27 minutes, 24 seconds the there is a demand for petroleum in Goa okay so we are trying to make a case to shift 27:32 27 minutes, 32 seconds that demand fully or partially to our terminal so yes there are discussions going on but we have not reached any 27:40 27 minutes, 40 seconds negotiation stage on that okay any ballpark figure how much is your potential from that? 27:48 27 minutes, 48 seconds No, as of now there's no ballpark figure. 27:51 27 minutes, 51 seconds Okay. And coming back to your presentation slide number eight where you have given the pat bridge and uh 27:58 27 minutes, 58 seconds there you have given a detail of JP plus 17 and 13 B renewal and negative 175. 28:06 28 minutes, 6 seconds Can you explain me what it is? I do not understand what exactly is. 28:12 28 minutes, 12 seconds Yeah. So this year uh the J&P plot rental for 7 and 13 plot has increased by 23 millions almost uh 23 crores. 28:23 28 minutes, 23 seconds Previously it was 2 cr peranom and now it has been increased by 23 cr. So total 25 cr is the lease rental for the old 28:31 28 minutes, 31 seconds plot and and there was an exceptional income of 9 28:38 28 minutes, 38 seconds cr which we got on account of uh that termination of that uh LPG thing. Oh, I Hello. Yeah. 28:55 28 minutes, 55 seconds Sorry, we can't make out what you're saying. 29:02 29 minutes, 2 seconds This is uh it is uh around March February and or March 1st of 2025. 29:11 29 minutes, 11 seconds Okay. So, the full year impact is there in this year. 29:14 29 minutes, 14 seconds Yes. Yes. Yes. Okay. But are we not able to perform the additional rental to the customers? 29:23 29 minutes, 23 seconds Yeah. We we are we are doing that and uh we expect that over the next 2 to 3 years we should be able to achieve that 29:32 29 minutes, 32 seconds and then again then for the next uh 27 years or 26 years you don't you don't have this kind of impact. 29:41 29 minutes, 41 seconds Okay. 29:44 29 minutes, 44 seconds Now coming back to your slide number 12 where the lot 14 and 15 some new 10k you are doing this is the same expansion you 29:52 29 minutes, 52 seconds have been talking 100 core capac okay when they get operationalized operation 30:02 30 minutes, 2 seconds see I already explained this few times on this call before that the first phase of this which is 30:09 30 minutes, 9 seconds approximately 50,000 kl is expected to commission in at the end of this calendar year. 30:18 30 minutes, 18 seconds Okay. Okay. 30:22 30 minutes, 22 seconds Okay. Thank you. Thank you very much and I'll be back. Thank you. Thank you very much. 30:27 30 minutes, 27 seconds Thank you. We take the next question from the line of Anukul Aurora from Invad Research. Please go ahead. 30:35 30 minutes, 35 seconds Yeah sir. I had uh two followup questions I think. Uh sir, what was the reason uh for the impact in Eida margin with the LST division for us? 30:47 30 minutes, 47 seconds Same I just explained now the lease rent has gone up by 23 crores. 30:53 30 minutes, 53 seconds Okay. And anything in the mix like EPC mix versus uh what we have been doing. 30:59 30 minutes, 59 seconds So I think one of the that will not have an impact on your LSP division. 31:05 31 minutes, 5 seconds Understood. Understood. Uh lastly would be the case uh what are the growth triggers we are seeing in FI27? What would be the growth triggers? 31:15 31 minutes, 15 seconds Uh like I explained that we are doing the expansion and that is the uh that is the growth 31:22 31 minutes, 22 seconds trigger that will come because that will increase our overall installed capacity by almost uh 15%. 31:34 31 minutes, 34 seconds Got it sir. Got it. Uh so just to clarify on the margins part that I was asking I think we had taken roughly 17 31:42 31 minutes, 42 seconds 18 kores of hit uh in the le until till Q3 and I think we had made around 21 22 31:48 31 minutes, 48 seconds odd% epida margin on a console basis and Q4 was due around 6 o but I think Q4 we 31:56 31 minutes, 56 seconds did on a console basis roughly 18 19% margin so wanted to understand what was the reason for a shift downwards from 21 32:03 32 minutes, 3 seconds 22% to 18% % Q4 main I explain you it's a lease rental 32:11 32 minutes, 11 seconds we are not uh up to last quarter there was porata provisioning of this lease rental and the cumulative total 25 cr we 32:19 32 minutes, 19 seconds have made the provision in the last quarter of the financial year 26 so if you can compare year on year then you will see there is a downward trend of 32:28 32 minutes, 28 seconds just a 6 cr as against a lean rental increase of 23 cr but there was a profit margin down by only 6 cr So to some 32:35 32 minutes, 35 seconds extent we have passed on that burden to the customer that additional but yes in this year that additional 6 7 cr 32:42 32 minutes, 42 seconds downside of that pad will definitely going to pass on to the customer. So that effect will be neutralized in this current financial year 32:51 32 minutes, 51 seconds and that 9 cr that exception item was there obviously that was onetime income from BW. So it will take roughly I can 33:00 33 minutes say 15 to 18 months to recover the entire thing. 33:06 33 minutes, 6 seconds Got it. Got it. So roughly the going back to the same trend would roughly take us two to three years uh in terms of the epidem. Yeah. Yeah. 33:16 33 minutes, 16 seconds Correct. Thank you so much. Thank you. Thank you. 33:21 33 minutes, 21 seconds Thank you. We take the next question from the line of Ketan Archer, an individual investor. Please go ahead. 33:29 33 minutes, 29 seconds Yeah. Hi. Uh thanks for the opportunity. 33:31 33 minutes, 31 seconds Um uh Rishi on the Goa terminal uh how much uh are we spending in terms of expenses every year? 33:42 33 minutes, 42 seconds every year. See, we are uh we are just doing the normal maintenance capex that we need to do to keep the terminal in 33:52 33 minutes, 52 seconds good shape which is approximately close to about 10 lak rupees a month or so and some lease rental is there and these rentals are there 34:00 34 minutes skeleton staff. So so is about 10 to 12 lakh rupees a month. 34:07 34 minutes, 7 seconds 10 to 12 lakh a month. 34:11 34 minutes, 11 seconds Okay. 10. Okay. Fine. Fine. Yeah. And uh obvious item so in P&L that is but that is not affecting my cash flow. 34:21 34 minutes, 21 seconds Sorry. Sorry. Say again that uh Mr. Krap from the there is a non-cash item deprecation obviously. 34:27 34 minutes, 27 seconds Of course. Of course. Yes. Yeah. No, I I meant uh in terms of the expenses that you clarified 10 to 12 lakh a month. Uh 34:35 34 minutes, 35 seconds and um this uh increase in the lease rental that we have experienced. So uh how much is the uh know capacity uh you know um affected because of that? 34:48 34 minutes, 48 seconds No capacity is not affected because of any lease rental. 34:52 34 minutes, 52 seconds No no uh my question is uh say for example out of 100 uh% capacity that we have at G&P and you know you've got u 35:02 35 minutes, 2 seconds tanks on different plots. Now not all plots your lease rentals have shot up uh 10x right? Only some Yeah. Oh. Oh. Okay. 35:11 35 minutes, 11 seconds So, we don't look at that. We look at it as a single business unit. So, we look at J&P as a single business unit. But I 35:18 35 minutes, 18 seconds get your question. So, out of the total in installed capacity of roughly about three lakh KL almost 2K 80K,000 KL is on 35:28 35 minutes, 28 seconds these plots. Oh, that's a significant capacity. 35:33 35 minutes, 33 seconds Yeah. Yeah. Yeah. So then uh see uh you know what I'm trying to get around is um 35:39 35 minutes, 39 seconds when our rentals have increased 10x but we uh know we are still expecting the rentals to increase at the rate of 35:47 35 minutes, 47 seconds inflation in the next so how would we be able to recover or reach to the same levels of margins in the next two to three years because you've been 35:56 35 minutes, 56 seconds explaining that you know you will reach the margins in two to three years at the same levels that we used to do before but uh 10x increase in rentals but your 36:05 36 minutes, 5 seconds uh you know uh um expenses but the income rental is not increasing at the same rate will not increase the same rate in the next two 36:12 36 minutes, 12 seconds yeah but you have to understand that uh the lease rent is not the 100% 36:20 36 minutes, 20 seconds portion of your lease rental right if your if the logic was that 100% expense is allocated to lease rent then I agree 36:29 36 minutes, 29 seconds with you that you know so suppose if every For example, if we are able to increase 36:37 36 minutes, 37 seconds our revenue by 5 to 7 crores for example, right? Mhm. 36:42 36 minutes, 42 seconds In 3 crores, your revenue has gone in 3 years your revenue has gone up by 21 crores. Mhm. 36:50 36 minutes, 50 seconds But lease rental has not gone up by 21 crores then. 36:54 36 minutes, 54 seconds And second, so you have covered whatever was increased now over the next 3 years. And secondly with this new upcoming 37:02 37 minutes, 2 seconds expansion obviously this 45,000 then later correct. So you'll get the margin of more than almost 80% with the new tank. So that will going to compensate in 15 to 18 months. 37:15 37 minutes, 15 seconds Okay. Okay. Got it. [clears throat] All right. Yeah those are my questions. 37:22 37 minutes, 22 seconds Thank you so much. Wish you all the best. Okay. Thank you. Thank you K. Thank you. 37:28 37 minutes, 28 seconds We take the next question from the line of Darwin Parik from DM Corporation. Please go ahead. 37:33 37 minutes, 33 seconds Yes. Uh thank you for giving me the opportunity again. Uh I just wanted to understand why have been our uh receivable over 6 months increasing. 37:46 37 minutes, 46 seconds Uh receivable constitutes your chemical as well as your EPC as well as your rental. So in overall like EPC is going 37:56 37 minutes, 56 seconds on. So there are some terms condition of the car that uh we have to extend the grade terms by more than 60 days 90 days. So that is the reason one of the 38:05 38 minutes, 5 seconds reason and the retention money gets paid after one year and all that. That is a mix match of all these things. 38:10 38 minutes, 10 seconds Yeah. But ultimately there is no problem in recovery or anything. So we are not facing any bad debt issue. That's if that's your question. 38:18 38 minutes, 18 seconds Yes, that's right. I should not say any I should say there is no significant or major uh yeah minor small small things 38:28 38 minutes, 28 seconds keep happening but that's not significant understood sir that's it from my thank you thank you 38:36 38 minutes, 36 seconds thank you ladies and gentlemen as there are no further questions from the participants I now hand the conference over to Mr. Rishi Pilani for closing comments. 38:48 38 minutes, 48 seconds Uh thank you everyone for joining us uh for the quarterly updates for FY26 38:55 38 minutes, 55 seconds quarter 4. Uh if for any further questions please please feel free to reach out to any of us. Have a good 39:03 39 minutes, 3 seconds evening and have a great day. Thank you all. Thank you. 39:08 39 minutes, 8 seconds Thank you sir. On behalf of Ganesh Benzo Supplies Limited, that concludes this conference call. Thank you for joining us and you may now disconnect your line.