Dangee Dums Limited — Q4 FY26

Gee Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=FISZwuF1wRQ Published: 1 hour ago

0:01 1 second Ladies and gentlemen, on behalf of Captify Consulting investor relations team, I welcome you all to the Q4 and 0:08 8 seconds FI26 post earnings conference call of GE Limited. Today on the MA on the call from the management team, we have with 0:16 16 seconds us Mr. Umesh Agarwal, joint managing director and Miss P Aaral, chief financial officer. As a disclaimer, I would like to inform all of you that 0:24 24 seconds this call may contain forwardlooking statements which may involve risk and uncertainties. Also a reminder that this call is being recorded. I would now 0:33 33 seconds request the management to briefly run us through the investor presentation with the business and performance highlights for the period ended March 2026 the 0:41 41 seconds growth perspective and vision for the coming year post which we will open the flow for Q&A. Over to the management team. 0:50 50 seconds Good afternoon everybody and a warm welcome. Good afternoon. 0:55 55 seconds So we'll begin with of course we'll give a quick brief recap of what G limited is what the journey since the last 1960s 1:03 1 minute, 3 seconds when G limited was incorporated and then we'll quickly of course come to the Q4 and the FI26 numbers and the growth 1:10 1 minute, 10 seconds vision uh and what the company looks forward to in the upcoming year uh this year. So of course the company was 1:17 1 minute, 17 seconds incorporated in 1960. This is a small snapshot of a timeline of how the company has grown over the years. In 1:23 1 minute, 23 seconds 1996 to 999 our current promoter management, we took over the company from the earthw wild promoters and grew 1:30 1 minute, 30 seconds it forward from there. Actually the uh journey really begins from there. In 2006 2008 was our uh you know uh first 1:39 1 minute, 39 seconds and second rounds of expansion where we also set up and expanded our manufacturing facilities from Maharashtra to the eastern part of India in Kolkata. 1:50 1 minute, 50 seconds Again in 201011 we expanded our product basket from not only stick electrodes to the other wire wire rods and other 1:58 1 minute, 58 seconds categories of welding consumables. Again in 20134 there was a breakthrough in the incunel series and the saw wire facility 2:07 2 minutes, 7 seconds was in installed in Kolkata. 2012526 of course uh probably few of uh uh yall 2:15 2 minutes, 15 seconds who are here today are already investors with us in some time and few who are new I would just like to brief. So the last year of course there was a change in the 2:23 2 minutes, 23 seconds pro uh there was a slight restructuring I won't call it change but the restructuring in the promoter management where few of the promoters took an exit 2:31 2 minutes, 31 seconds and stepped out of the company and now the company is actually realigned and now going ahead with better growth and 2:39 2 minutes, 39 seconds focus and aggressive vision uh strategy for the upcoming year. 2:46 2 minutes, 46 seconds Uh the key management team of course has Mr. Om Prakash Agarwal and Mr. Romesh Agarval as the joint managing directors. 2:54 2 minutes, 54 seconds They both are uh having more than 25 30 years of experience in the welding industry. Uh myself of course Perval. 3:03 3 minutes, 3 seconds I'm a chartered accountant and a CFA and I'm the CFO of the company handling the finance and the compliance requirements in the regulatory environment. 3:13 3 minutes, 13 seconds These are snapshots of our manufacturing facilities. This is a snapshot of the facility in Kalyan. Uh the this is the 3:22 3 minutes, 22 seconds Kolkata plant. Of course, this is a state-of-the-art plant uh in the welding consumable industry. And uh this is one 3:31 3 minutes, 31 seconds of the largest plant in the welding industry. Of course, I'll research and development remains the core key focus 3:39 3 minutes, 39 seconds and a competitive strength. It is the mood that the company has a competitive edge over its other customers, competitors and a lot of the regional 3:48 3 minutes, 48 seconds players also. I will say there are few products which we had developed and uh right now we are having a if you could just Yes please. 3:55 3 minutes, 55 seconds Yeah. So there are some of the products which we have developed for various sectors. One of the key sectors is defense for which we have developed our 4:03 4 minutes, 3 seconds product called ket 100 and chief flux 521. It is used for building up uh aircraft carriers such as like Vikraranta and everything and due to 4:12 4 minutes, 12 seconds current situation Indian defense is investing huge and uh since we are one of the key developers in the same so we 4:19 4 minutes, 19 seconds are getting very good orders and in near future we are believing that u it will give a good exposure to the company. 4:27 4 minutes, 27 seconds Similarly now they are also speaking us to develop the consumers for the submarine. Recently you might have heard that MDL Majoc Limited have got a 7,000 4:36 4 minutes, 36 seconds cr project for submarines and uh they are discussing us with for developing consumers. Now other than that u 4:46 4 minutes, 46 seconds uh uh defense there are projects which are going on in power especially nuclear. Recently we got approval in nuclear. Now there are only one or two 4:54 4 minutes, 54 seconds companies in India who is approved for nuclear power sector. We are one of them and by 2030 the nuclear department has 5:02 5 minutes, 2 seconds announced that they will be installing more than 25 or to 30 gawatt power. So there's a huge investments and which 5:09 5 minutes, 9 seconds gives us a huge opportunity to uh supply our products and we are all geared up and on our company is also approved by NPC. 5:18 5 minutes, 18 seconds So it's because of all research and development we have got three to four key people in R&D center who are working with us from last 15 20 years and one of 5:27 5 minutes, 27 seconds them or two of them are known as a father of building in the country. So it adds lot of value into our R&D. I think 5:35 5 minutes, 35 seconds we can go to the product I'll if the different product categories that G has in its umbrella and it's applying all 5:43 5 minutes, 43 seconds these products across the categories basically right now at present we have got around seven categories uh SMAW electrode which is basically for 5:51 5 minutes, 51 seconds fabrication purpose it comes into various categories for example carbon steel stainless steel 5:58 5 minutes, 58 seconds nickel alloys hard facing consumers and recently as we as pile was telling Okay, we have developed two few years back 6:06 6 minutes, 6 seconds inel now we are ripping the fruits at present we have got a huge order of inel orders from various companies like BHL 6:14 6 minutes, 14 seconds and L&T second is the load input electrode load inputed electrode is something which is called uh which is used for maintenance purpose like cement 6:22 6 minutes, 22 seconds sector uh steel factory cement and everything so slowly we are putting our footprint into all the sectors recently 6:30 6 minutes, 30 seconds we have also got the RC done with the three cement which is a major breakthrough and as well as with the other steel companies we are in process 6:39 6 minutes, 39 seconds to talk and we are also developing uh we will be one of the first Indian company to develop cladding fluxes. Uh we have already submitted our samples to BHL 3G. 6:49 6 minutes, 49 seconds They had the testing process and we are very confident it will be approved or it will be developed. Submerge van fluxes is a third category which you will see 6:57 6 minutes, 57 seconds it's got a got a huge application. It has increased especially in the PB sector. PV sector is a pre-engineered 7:03 7 minutes, 3 seconds fabrication for uh industries as well as the for the fast automation building. 7:09 7 minutes, 9 seconds Recently we have also started our uh production line is one of the biggest production line in the country with a capacity of uh 30 to 40 30 to 35 metric tons per day. 7:20 7 minutes, 20 seconds Flux code wires. Uh uh as we discussed last uh we have already in we are installing our capacity for flux code 7:27 7 minutes, 27 seconds wire. Till now India was importing flux code wires but because of the recent changes in the government policies Bureau of Indian standards now they have 7:36 7 minutes, 36 seconds made it mandatory to manufacture in India only. So soon in July we will commence our own production machine has been selected and this month they are we 7:44 7 minutes, 44 seconds are also getting machine dispatch. it is one of the uh major producer of flux cur line worldwide. So we have taken the 7:51 7 minutes, 51 seconds machines and the knowhow from them. So July uh I think we'll be also we producing the same. It's a it's it's a 7:58 7 minutes, 58 seconds it has got a very high potential and big market. Brazing wire fluxes. It's a small market but we are there. For example like silver brazing, cobra 8:07 8 minutes, 7 seconds brazing. These are very uh uh niche products uh used in a uh for very small quantities like recently we have got a 8:16 8 minutes, 16 seconds order from uh LNT and BHL for brazing silver brazing wire of 45% to 54% let's 8:24 8 minutes, 24 seconds sell 1 kg you can consider around 1.5 to 2 lakh rupees per kg. So though the quantity is very small but then it gives 8:30 8 minutes, 30 seconds a lot of potential and value addition to our company name as well. MIG wires uh MIG wire something called ER70S6 which is highly useful in auto sector. 8:43 8 minutes, 43 seconds If you recently see Pune in Pune uh government is now have declared a zone B C and D and giving a major subsidies up 8:52 8 minutes, 52 seconds to 70% to the industry which includes uh subsidy not only for land but for construction as well as the capital and 8:59 8 minutes, 59 seconds equipments. So many industries are coming up uh near Pune I think is coming up a major auto hub. Pune itself become 9:08 9 minutes, 8 seconds a market of more than 5,000 tons of MIG wires per month. So we are also planning to expand our capacity and take uh good 9:16 9 minutes, 16 seconds share in that. We have a good name in MIG wires under the brand name GM70. 9:22 9 minutes, 22 seconds Uh now the last product is the take wires. Take wires is basically uh uh used to uh for wherever where you 9:30 9 minutes, 30 seconds require very precision welding and stainless steel has got a huge scope and uh especially also in uh European market. This year we are also planning 9:39 9 minutes, 39 seconds to take approvals of TUV and which will give us opening in Europe market and especially after India and uh European 9:47 9 minutes, 47 seconds market treaty that there will be 0% duty. So we believe that we will have a good chance and it will be opening an 9:54 9 minutes, 54 seconds exposure for around more than 250 tons per month to export in European and other countries for which we have 10:01 10 minutes, 1 second already started our uh work. We started participating exhibitions and meeting few clients and we are getting a good uh feedback for our products. Over to you. 10:12 10 minutes, 12 seconds So of course uh the last year uh was uh the major turning around here for the company as I mentioned because in uh May 10:22 10 minutes, 22 seconds 2025 the there was a restructuring in the promoter management. I look at the business highlights uh they were key as 10:30 10 minutes, 30 seconds uh Mr. Romesh also pointed out that uh there were quite a few very very focused 10:36 10 minutes, 36 seconds driven and uh you know absolutely uh you know strategic inroads into few key sectors of the economy such as cement, 10:46 10 minutes, 46 seconds nuclear power and of course engineering and infrastructure where we were already present but breakthroughs in few key players also. So specialized product 10:55 10 minutes, 55 seconds development which we've already spoken about is the P91 P92 grade series for thermal power applications and of course 11:04 11 minutes, 4 seconds uh the company has successfully completed the testing for 30,000 hours also continuous testing the 11:12 11 minutes, 12 seconds 30,000 hours means three and a half years. 11:14 11 minutes, 14 seconds Yeah. So the company has been able to complete that and it is a nonstop even for one second there cannot be a 11:21 11 minutes, 21 seconds breakage like there cannot be a power outage or anything in that testing uh to be approved by these companies. the new 11:30 11 minutes, 30 seconds product approvals as we've spoken we've of course uh secured product approvals for new industrial wires strengthening 11:37 11 minutes, 37 seconds the high performance portfolio of the company as well value addition like TIG wire and the uh precision welding wires. 11:45 11 minutes, 45 seconds Uh the strategic sector presence uh of course means that the company has been there. Omnibus it has been present in uh 11:54 11 minutes, 54 seconds majority of the industries the oil and gas the thermal power the infrastructure uh steel industry and it is making 12:02 12 minutes, 2 seconds inroads into further sectors where we felt that our market presence was not as uh you know evolved. 12:10 12 minutes, 10 seconds Just to add in between uh as Pal was saying about the railway sector also. So one of the prestigious project which we completed is the Chennab bridge which 12:18 12 minutes, 18 seconds you all must have heard about is one of the tallest bridge and from India we were the only player who was approved for the maximum thickness of the 12:25 12 minutes, 25 seconds building along with us there were another two international presence so it's a proud moment for us as well and uh I think proud also because as we 12:34 12 minutes, 34 seconds mentioned about the defense sector again the defense sector is something which in this very very dynamic and unpredictable 12:41 12 minutes, 41 seconds geopolitical scenario the defense sector is assuming much more significance and importance that it than it ever did in 12:49 12 minutes, 49 seconds the past and Indian government is very very strongly and heavily relying on made in India products only to cut down 12:57 12 minutes, 57 seconds of course not only now in the current scenario when it's talking about cutting down on the forex uh outflow but even otherwise uh with respect to last year 13:06 13 minutes, 6 seconds and the year before the event the you know turn of events that is shaping up in the out uh in the external affairs 13:14 13 minutes, 14 seconds So that also so G limited has been one of the very very it's a proud moment for us because we are one of the only few 13:22 13 minutes, 22 seconds like I would say in fact only uh welding companies which is supplying Dion Vikranta carrier and the other uh you 13:30 13 minutes, 30 seconds know aircraft you know uh where G limited has been instrumental in researching and developing welding 13:38 13 minutes, 38 seconds consumables for those warships and aircrafts. I think what pile actually meant to say that uh any company in 13:46 13 minutes, 46 seconds India for import substitute uh they invite us one of the most uh on first basis and we have been able to develop 13:55 13 minutes, 55 seconds such products and give the solutions to our uh Indian customers. 14:00 14 minutes Of course we can look at the numbers and mosen if it makes sense we can just go up to the numbers page. So if that gives 14:08 14 minutes, 8 seconds better uh clarity of course the key financial highlights for the Q4 FI26 14:14 14 minutes, 14 seconds and uh the company went up uh turnover went up to 112 crores for Q426 taking up 14:22 14 minutes, 22 seconds the uh uh turnover the growth uh turnover for FI26 to around 370 crores 14:30 14 minutes, 30 seconds from 334 crores last year FI25 I would also interview like since there's been restructuring happened from 14:37 14 minutes, 37 seconds quarter 1 to quarter 4 if we see only that growth it's more than 58% I believe so yes so from 79 crores in Q1 to 112 14:46 14 minutes, 46 seconds crores in Q4 the AIDA margins we are standing at around 33 crores of EITA 14:53 14 minutes, 53 seconds which is a 9% AITA margin again uh I think when initially when you know we were doing these invest calls and we 15:01 15 minutes, 1 second mentioned that the goal of this current management and the realigned focus means that We will stabilize the operations of 15:08 15 minutes, 8 seconds the company this year. Go forward next year with a much more aggressive on a much more aggressive note. So yes, uh it 15:16 15 minutes, 16 seconds we're standing at a 9% IITA margin and the PAT stands at around 13 crores which is a 3 and 1/2% PAT margin. 15:25 15 minutes, 25 seconds FI26 yes the growth forward. So uh the target revenue is to grow and take this 15:33 15 minutes, 33 seconds company in the short term to a,000 cr company. Looking at a 25 to 30% target 15:41 15 minutes, 41 seconds revenue growth kagger till FI29 FI 29 2030 is when we are looking at uh 15:48 15 minutes, 48 seconds hitting a,000 cr mark and there's ample headroom space in the economy itself because the Indian economy actually 15:56 15 minutes, 56 seconds really there's a lot of growth potential as we discussed also be the defense sector be the cement sector be the oil 16:02 16 minutes, 2 seconds and gas the power generation uh each of these core industries which actually are 16:09 16 minutes, 9 seconds the pillars of the uh Indian economy are in their growth phase are in their expansion and actually very very astronomical expansion figure growths. 16:19 16 minutes, 19 seconds So there uh that is where G limited finds its confidence that we'll be you know partnering neck to neck 16:27 16 minutes, 27 seconds shoulderto-shoulder with on all these projects. I think Mr. Ankit wants to ask something. 16:32 16 minutes, 32 seconds Um yes we we'll take the Q&A later. 16:35 16 minutes, 35 seconds Yeah we'll take that. Okay. So, uh the target margins of course this year we've stabilized the beta margins with respect 16:44 16 minutes, 44 seconds to FI25. We've again gone back to our historical and in fact I would say achieved more than our historical last couple of years historical EITA margins. 16:55 16 minutes, 55 seconds We're also targeting to take this up even higher to double digit AIA margins going up from 10 to 11 to 12 and then 17:02 17 minutes, 2 seconds 13% plus AIA margins stabilized and sustainable aida margins and this would be possible yes and this would be 17:11 17 minutes, 11 seconds possible because there is a lot of as Mr. Romesh also pointed out there's a lot of you know uh R&D focus that the 17:18 17 minutes, 18 seconds company does there is a lot of you know research and development talent that we have and actually the fathers of Indian welding are there with the company so 17:28 17 minutes, 28 seconds that really you know takes this whole journey and you know looking at improved formulations looking at corporations 17:34 17 minutes, 34 seconds materials cost and of course a more stringent uh cost control approach and above that we also planning a power factor also plays a very important role. 17:45 17 minutes, 45 seconds So soon ne this year or next year we are also planning to install uh solar power into our factories which 17:52 17 minutes, 52 seconds will also give us a good it will help us to improve our IBATA margins and as well as our finance cost. I think it will 18:00 18 minutes considerably will go down in the current year compared to last year. So this actually both the things are very evident and it will help us to get the IITA into double digits soon. 18:13 18 minutes, 13 seconds I think yes this is something this is an announcement that we made in Q3 FI26 about the company being su successfully 18:22 18 minutes, 22 seconds signing a development agreement with the builder uh for the non core monetization the unlocking of the value of its parcel 18:31 18 minutes, 31 seconds of land which is stand you know right there in the heart of uh Tani which has been declared as a smart city. So the 18:39 18 minutes, 39 seconds Wagley industrial estate is where the company already has more than 13,000 approximate square meter of land parcel 18:47 18 minutes, 47 seconds which it will uh it's planning to develop into commercial space and uh unlock its value and generate cash flows 18:54 18 minutes, 54 seconds of more than 400 CR approximately into the company over the next 5 years. 19:03 19 minutes, 3 seconds The capacity utilization, the current capacity of course includes both wires uh continuous wire wire rods and stick 19:10 19 minutes, 10 seconds electrodes of all category both stainless steel mild steel and uh this of course the utilization has come down 19:18 19 minutes, 18 seconds did come down last year to 48% which has gone up to around 57%. which we are looking as I said as I mentioned the 19:26 19 minutes, 26 seconds growth to taking it up to,000 crores would not require much of a capeex because there is quite a lot of potential in the unutilized capacity 19:35 19 minutes, 35 seconds which we are looking at utilizing you actually have to add certain ancillary machines to utilize them to uh 19:43 19 minutes, 43 seconds maximum capacity for which we are already in work and few machines have been ordered also I think this year from 19:49 19 minutes, 49 seconds 57% we will go to much uh bigger Thank you. 19:57 19 minutes, 57 seconds Thank you. Uh we'll take questions now. You can go ahead. 20:05 20 minutes, 5 seconds All those. Yes. 20:09 20 minutes, 9 seconds Yeah. Uh thanks for the opportunity and uh uh these are very uh decent uh very good numbers you have reported in this 20:16 20 minutes, 16 seconds quarterly uh in this Q4. So if you uh we're talking about 25 to 30% growth in 20:23 20 minutes, 23 seconds top line till FI 29 if you can uh if you can talk about 20:33 20 minutes, 33 seconds Yeah. So if you can talk about uh you know uh what uh like uh which sectors will be contributing here you know uh 20:42 20 minutes, 42 seconds which uh like you have talked about getting into defense P91 P92 you know these are very specific alloys and you 20:52 20 minutes, 52 seconds know high temperature resident resident uh resistant alloys. So if you can talk about that and like which sectors will 20:59 20 minutes, 59 seconds be majorly contributing like uh can you give us the broad break up of which the current sector wise break up of our top 21:06 21 minutes, 6 seconds line and how do you see that changing over the next 2 three years and which sectors will drive the growth for us you know for this 25 30% topline growth that 21:14 21 minutes, 14 seconds we are targeting see I would say there are actually three four sectors which will drive us a lot for example first is the power sector in power sector if you see right now in 21:23 21 minutes, 23 seconds India not only nuclear But thermal and hydro power and solar solar does not have much of consumption 21:31 21 minutes, 31 seconds of welding consumers unfortunately. But thermal power also uh government is planning a huge investments. Hydro power plant we already approved for some of 21:39 21 minutes, 39 seconds the special wires and fluxes. For example, EM4 we have got approval already from northeastern uh players we 21:47 21 minutes, 47 seconds started supplying and I think the current year uh there's going to be huge consumption. So and also government is 21:53 21 minutes, 53 seconds planning to uh operate another 150 very small hydro projects in different parts 22:00 22 minutes of the country so that there is no surge takes place in the state. So this is one of the project. Second is the thermal 22:07 22 minutes, 7 seconds power plant where government is again planning to uh uh for the expansion of another 25 gawatt 20 to 25 gawatt which 22:14 22 minutes, 14 seconds is very exponential. BHL 3 and L&T power they are actually booked for the next uh 10 years. They do not have a further 22:23 22 minutes, 23 seconds capacity. They are also expanding the capacity and we are one of their major vendors and we have already started supplying them a lot many consumables. 22:32 22 minutes, 32 seconds Third is the nuclear power corporation. 22:33 22 minutes, 33 seconds As I said uh two weeks before only we got NPCL approval. Now they also considering us for many other special 22:41 22 minutes, 41 seconds grids for which already discussions are going on. The two days back they have also visited our plant. Adani power is 22:48 22 minutes, 48 seconds also one of the key player. Uh 3 months before they have already approved more than 50 to 60% of our products and the 22:55 22 minutes, 55 seconds few products which are pending. So I think uh this month or early next month that also they are under testing and discussions are going on. it should be 23:03 23 minutes, 3 seconds through. So power sector will give us a major breakthrough. Secondly, you know, railways, railways for example, not only 23:11 23 minutes, 11 seconds in normal railway but bullet train as well as uh uh metro uh there's a huge requirement and I believe what we heard 23:19 23 minutes, 19 seconds that uh this year once all the elections are over there's going to huge order of more than u 20,000 bogies of uh multiple 23:29 23 minutes, 29 seconds of bogies order has is going to release soon and all the wagon manufacturers in actually eastern part of India in West Bengal 23:36 23 minutes, 36 seconds absolutely they are approved and we actually were supplying and are supplying to all of them. 23:41 23 minutes, 41 seconds So basically Eastern India is a major hub for railways for example like Jupiter tax in private players and we are the approved vendors and we are 23:48 23 minutes, 48 seconds supplying in bulk quantity for them and we are equipped to meet their demands. 23:53 23 minutes, 53 seconds Third uh you can say export uh export also now as we said we are taking TV approval for stainless steel wires and 24:01 24 minutes, 1 second all that. So it's going to also I think uh within two years we will uh uh we will grow our export business more than three times. 24:10 24 minutes, 10 seconds So these three sectors and uh power, railway, export all these three centers are going to drive and fourth is 24:18 24 minutes, 18 seconds the defense uh there's a major investment. So I won't say that only one sector fortunately our companies is approved in across all the sectors and 24:28 24 minutes, 28 seconds combining all these sectors will drive us the growth and uh if suppose one or two sectors goes here and there so uh we 24:36 24 minutes, 36 seconds are not dependent only on one sector so that's a benefit and plus point for us okay and if you can talk about uh what 24:45 24 minutes, 45 seconds will be the sector wise break up of our top line for FI20 kit like broad breakup like how much will be automotive See it's very difficult even for automotive 24:53 24 minutes, 53 seconds sector also it's very difficult to give a break up of that for example I tell you like L&D L & does work for power 25:00 25 minutes sector also nuclear also for uh bulletprint as well and then refineries and power sector also so they buy for 25:08 25 minutes, 8 seconds all the for all the sectors similar the different projects that they are executing they buying from similarly BHL or there are many 25:16 25 minutes, 16 seconds contractors so they buy for all the sectors so it's very difficult to give them uh to give you that how much each 25:23 25 minutes, 23 seconds sector will be buying from us. So that is very difficult to say but overall what we are assuming that combining every every sector it is going to give 25:32 25 minutes, 32 seconds and we'll soon what we are projecting the numbers we will be able to achieve it. 25:36 25 minutes, 36 seconds Sure. Sure. So let's say uh you know for you have also given a target of you know uh increasing our margins. Uh so for 25:45 25 minutes, 45 seconds FI27 you know pile how should we look at the margins like we are at 9% currently for the full year and we looking at a double digit plus 25:54 25 minutes, 54 seconds actually we looking at a 10% plus margin aida margin and we are looking at a 500 plus 26:01 26 minutes, 1 second uh top line as well sure sure and on on like if I compare your products with the some of the 26:10 26 minutes, 10 seconds leaders in the segments like uh ASAB and ADOR So in terms of uh product uh you know like compared to their product 26:18 26 minutes, 18 seconds basket uh where are there there would be certain high margin products which they would be having which uh mostly we will 26:27 26 minutes, 27 seconds not be having. So on the product side how are we compared to them in terms of you know product basket. 26:34 26 minutes, 34 seconds See ISAP has got two uh I would say three things. One is building consumers where we are there. Second, Isab has now 26:41 26 minutes, 41 seconds closed various factories worldwide for example for Africa and all that and even now they started factory in Saudi. So 26:48 26 minutes, 48 seconds ISAB India is supplying the consumers to them. 26:51 26 minutes, 51 seconds So Isab's turnover is basically not to uh but they are externally and they are supplying to their own ISAP units worldwide. 27:01 27 minutes, 1 second So that is second. Third thing what has happened recently ISAB in last five years you will see ISAB has taken over 27:08 27 minutes, 8 seconds many companies so which is adding value to it. Uh fourth sector ISAB is into welding equipments and accessories where 27:16 27 minutes, 16 seconds we are not at the moment but we are planning to start soon uh in a year and two once we more stabilize our consumable business and achieve it and 27:26 27 minutes, 26 seconds for which we are already rather in talk with one or two companies whose uh turnover is not very high but then they 27:33 27 minutes, 33 seconds are into small to medium segment and which we are planning to take it over so that we get into those segments and it will also boost our sales. 27:42 27 minutes, 42 seconds for example into safety equipments equipments and uh uh maintenance consumables. 27:49 27 minutes, 49 seconds Sure. So in terms of so I'll come back in the Sure. 27:53 27 minutes, 53 seconds Yes. Thank you. Thank you. We'll take the next question from Rahul J. Please go ahead 28:06 28 minutes, 6 seconds Rahul. 28:08 28 minutes, 8 seconds We'll move on to Madurati. Please go ahead. 28:13 28 minutes, 13 seconds Thank you for the opportunity. Uh so I wanted to understand you mentioned that we are the ones who are supplying to INS Vikrarand and other carriers. 28:23 28 minutes, 23 seconds Oh, sorry. I think uh so I just wanted to understand that what percentage of our revenue comes 28:30 28 minutes, 30 seconds from volume comes from these specialized applications and where do we see this moving over the next few years and with 28:37 28 minutes, 37 seconds so much ship building happening in India where uh where should we see G uh in this uh tailwind going 28:46 28 minutes, 46 seconds forward? See uh ship building right now again there are two parts. One is for the defense. Another is for the ship 28:53 28 minutes, 53 seconds building which we all heard that in next five years ship building is going to be major factor for which flux core wire 29:01 29 minutes, 1 second will be the major consumption and whose produ which production will commence from July and August onwards and as far as difference is concerned I think for 29:10 29 minutes, 10 seconds that particular product we are having more than 70 to 80% share and uh it's very difficult to say the numbers at the 29:17 29 minutes, 17 seconds moment because it is very project oriented and uh upon the tender business per uh we are getting 70 to 80% last 29:25 29 minutes, 25 seconds year I think we have got a share of more than 10 to 12 cr of that particular project 29:32 29 minutes, 32 seconds and this year which we are planning that it will go more than double around 25 crores is what 29:41 29 minutes, 41 seconds um yeah 25 crores was from the specialized applications that is only for defense for defense only for only for defense like pile recently 29:49 29 minutes, 49 seconds said in the beginning of the presentation that we have also developed in electrodes. Now inal electrodes is something uh which is which sells 29:58 29 minutes, 58 seconds between 2,00 2,500 to 3,500 rupees per kg. At the moment we have gotten pending order of more than 20 tons. Uh thirdly 30:06 30 minutes, 6 seconds for cobalt alloys which we have started last year for cobalt alloy itself uh we have done the business of more than 10 30:13 30 minutes, 13 seconds cr the items are very expensive but n the prices are somewhere between 3,500 to 5,500 on the basis of various grades. 30:22 30 minutes, 22 seconds This year we are also looking to double the business of cobalt alloys as well. 30:27 30 minutes, 27 seconds So all those sectors it will be great and uh for power sector also which we said we have developed special wire EM4 30:34 30 minutes, 34 seconds and fluxes. So contributing to all those sectors I think uh the business going to be significant 30:41 30 minutes, 41 seconds right. So out of this closer to 36,000 volumes that you did for this year how 30:49 30 minutes, 49 seconds much was from uh these specialized applications which are uh where realizations are much higher than the normal electrodes. 30:58 30 minutes, 58 seconds I think that figure uh we can we can get back to you the exact numbers numbers. 31:06 31 minutes, 6 seconds Thank you. We'll take the next question from Rahul J. Please go ahead. Yeah. Thanks. Am I audible? Yes. Yes. 31:13 31 minutes, 13 seconds Yeah. Uh thank you for the opportunity and u decent presentation and congrats for the good numbers. 31:20 31 minutes, 20 seconds Thank So just to understand typically when we talk about you know the kind of growth which we are talking about and some of our peers are not talking about 31:28 31 minutes, 28 seconds that kind of growth. So what are we doing different that we will be able to grow uh 25 30%. And I understand this 31:38 31 minutes, 38 seconds growth will be front ended or will it be more backended? 31:43 31 minutes, 43 seconds Uh I didn't get you mean by front or backended can you please? What I mean to say is when you say we will grow 3x our revenues by FI29 31:52 31 minutes, 52 seconds and we have talked about growing 25 30% uh revenue growth. So will it be like 31:58 31 minutes, 58 seconds linear key you'll have say maybe 30% growth in FI27 maybe 25 in FI28 followed by 25 or this 32:08 32 minutes, 8 seconds year will be lesser growth and the growth will be more in FI28 and FI29. No three years I think we have I think we have spoken so I'll just is 32:17 32 minutes, 17 seconds do you want to complete your question Rahul andh and if you're talking about this kind of growth so from the base where we 32:25 32 minutes, 25 seconds are today now uh we are going higher so what gives us the confidence that we'll be able to achieve this kind of growth 32:32 32 minutes, 32 seconds given uh that the some of our peers are not growing at that extent or they are not looking at that kind of growth. 32:41 32 minutes, 41 seconds See I think that question a of course on a lighter note I think uh you should ask our peers why they're not talking about this growth because the Indian welding 32:49 32 minutes, 49 seconds industry itself is a I think a 15 to 20,000 cr market and right now today we 32:57 32 minutes, 57 seconds are standing at anywhere close to only 400 crores we are not even talking about very very exponential numbers we are only talking about capturing around 10 33:05 33 minutes, 5 seconds to 15% of the market the currently the market the Indian welding industry is split into the organized and the 33:13 33 minutes, 13 seconds unorganized sector of course 50 to 60% now after GST implementation is organized but there's a very very substantial unorganizes unorganized 33:21 33 minutes, 21 seconds market which still exists today and the shift is very very heavily and of course I think we all on this 33:29 33 minutes, 29 seconds platform would agree is moving towards the organized sector so if that kind of exponential growth is there if you talk 33:36 33 minutes, 36 seconds about the steel consumption per capita of India it is much lower at around 80 tons per person compared to even other 33:45 33 minutes, 45 seconds countries like China and I'm not even talking about yes and kg sorry and I'm not even talking about the developed countries like the Europe and the US the 33:54 33 minutes, 54 seconds steel consumption per capita is a very very defined and a definitive marker of the economic development of any country 34:01 34 minutes, 1 second so if that is the country that is the growth that we are looking at infrastructure is the only way which actually takes the economy forward 34:10 34 minutes, 10 seconds And the industry that we are operating in today, the welding industry is an industry which participates. It is sector agnostic and it participates 34:18 34 minutes, 18 seconds across the spectrum of infrastructure growth. Be it pipeline, be it connectivity, be it logistics, be it power, be it ship building, be it 34:27 34 minutes, 27 seconds defense, you name each industry, the back end of it is supported and you know uh actually pushed by infrastructure 34:36 34 minutes, 36 seconds growth where welding consumables is plays a important and a strong role. So that is why I'm just saying that uh you 34:44 34 minutes, 44 seconds know the company going up to,000 crores is only going to take up 10% or 12% of capture that much of the market. I don't 34:52 34 minutes, 52 seconds think that's a very ambitious call and given the kind of approvals that G limited has in its kitty. We are 34:59 34 minutes, 59 seconds extremely confident of taking it forward and achieving those numbers actually in three years time and and most importantly I would say your companies have got a presence in 35:08 35 minutes, 8 seconds both the sectors both approval business oriented like power defense as well as in retail segment also. If now see the 35:15 35 minutes, 15 seconds retail segment presence has increased a lot in terms of even normal residential or commercial buildings are being made. 35:22 35 minutes, 22 seconds The type of steels they are using is now no longer a only a commercial steel. They are using little specialized steel. 35:29 35 minutes, 29 seconds Even the various road constructions are being done. So now all you see the cement simmon roads are being built and 35:36 35 minutes, 36 seconds they are using steels for binding and all that. And for all that for joining purpose you require electrodes and huge road network is being built in India. So 35:44 35 minutes, 44 seconds I think for every sector the wing is very much a necessary item and the way India is growing and the GDP what 35:51 35 minutes, 51 seconds government is planning I think uh uh achieving that target I don't really see a big challenge of course we have to uh 36:00 36 minutes prove our uh continuously improve our quality and as well as supply which will help us and for which we are getting up 36:07 36 minutes, 7 seconds ourself and with regards to this uh statement which has been given in the presentation about 36:15 36 minutes, 15 seconds currently utilized capacity is about 48% and going up to 90%. 36:20 36 minutes, 20 seconds Whereby the capacity is roughly you know doubling but you're planning a 3x revenue growth. So this will be led by 36:29 36 minutes, 29 seconds kind of uh newer products uh higher value products if you can share some more details about that. 36:37 36 minutes, 37 seconds So it will be a mix of both and uh we are actually as I said that uh though right now we will be we are using 58 to 60% of our capacity and we will be 36:45 36 minutes, 45 seconds increasing our capacity by adding few more uh line equipments so that we can uh use those potential like for example 36:53 36 minutes, 53 seconds we have got extrusion machines but we do not have a drying machines which feed the extrusion machines. So all those are in lined up uh so that we can uh at 37:01 37 minutes, 1 second least use our 80 to 90% of capacity which will help us to increase our uh revenue and we have got enough demand 37:09 37 minutes, 9 seconds right now we are not able even to meet our demands so I think that's one of it and second whenever is required we'll be 37:16 37 minutes, 16 seconds investing into developing uh same production lines third uh there's going to huge uh we are planning to get around 37:24 37 minutes, 24 seconds more than 50 CR revenue from flux for wires every anom we are starting for July and then we will keep adding the lines of the same. 37:32 37 minutes, 32 seconds So as we had mentioned earlier flux code wise is one of of course I would say relatively newer technologies in the welding consumable industry earlier all 37:42 37 minutes, 42 seconds the Indian manufacturers as Mr. Mish had pointed out were importing because that technology was not very mature in India. 37:49 37 minutes, 49 seconds Look, we were doing business of that particular product 25 to 30 CRM but it was more of an import uh this thing driven 37:57 37 minutes, 57 seconds uh but now after BIS uh you know certification imposed by the government of India uh that becomes necessary for 38:06 38 minutes, 6 seconds the Indian manufacturer and the Indian uh players also to manufacture it inhouse in domestically and supply that 38:13 38 minutes, 13 seconds is also something that is going to drive. So it is going to be of course more because more of the business we are very very heavily uh you know very very 38:22 38 minutes, 22 seconds well entrenched in both the projectdriven businesses which are the B2B businesses and also in the retail segment uh which is very very strong in 38:31 38 minutes, 31 seconds the eastern and the central market central India which is of course the steel and the major infrastructure hub of the country. 38:40 38 minutes, 40 seconds Thank you. We take the next question from Kesha. Please go ahead. 38:45 38 minutes, 45 seconds I'm wanting to understand that we did 11 crit in fourth quarter. So can we just annualize this number roughly on a per 38:54 38 minutes, 54 seconds quarter basis and arrive at somewhere around 45 KIA for FR27 or there is some seasonality effect in Q4? 39:02 39 minutes, 2 seconds Uh no so of course we are looking at more or less those kind of numbers only. 39:08 39 minutes, 8 seconds However, Q1 uh uh you know this business is a little seasonal in the sense that of course the monsoon season is where 39:16 39 minutes, 16 seconds the infrastructure projects are not executed as well but yes we are looking at those kind of numbers. Q1 is 39:23 39 minutes, 23 seconds something very slowdriven compared to all other quarters as you know the Q1 where the there is extreme shortage of 39:30 39 minutes, 30 seconds labor across all the sectors so Q1 is something which dubs but Q2 Q3 Q4 there will be I don't think there will be any yes so 45 crores of an EITA of course is 39:39 39 minutes, 39 seconds something that we are looking at for this year as well understood madam and uh madam also uh in 39:46 39 minutes, 46 seconds the wedding consumable portfolio do we have the full range that ISAB and Adore have or there are some uh products that we are yet to add. 39:58 39 minutes, 58 seconds No, as far as welding consumers, I think we are fully equipped rather our range and uh products are more extensive than 40:05 40 minutes, 5 seconds them and now we have got much more approvals also than them from our end customers. 40:10 40 minutes, 10 seconds However, the other product verticals uh this also welding industry itself, if you talk about the welding solutions, it 40:17 40 minutes, 17 seconds has welding consumables, it has welding equipments, it has the other ancillary and safety equipments as well. Ador is also into fabrication business. 40:25 40 minutes, 25 seconds Exactly. Fabrication fabrication projects. So right now if you talk about only the umbrella the segment of welding 40:32 40 minutes, 32 seconds consumables the company has all the product ranges that both ADORE and ESAB have and in fact slightly more if I 40:40 40 minutes, 40 seconds would say very you know to not being very uh this thing but uh yes right now we are not uh uh manufacturing welding 40:49 40 minutes, 49 seconds equipments or the other ancillary safety equipments or we are not into fabrication of and execution of projects which ADOR and ESAB are also doing. 40:59 40 minutes, 59 seconds So madam uh the pricing of our consumables uh is it at par with the ISAP and ADOR or we are selling at some 41:07 41 minutes, 7 seconds discount in the particularly the B2C market. So our prices are definitely lower than Adall and ASAP. See both 41:15 41 minutes, 15 seconds these companies are much older and they have got a much better brand image than us and uh they are more into retail sector rather than project oriented. 41:24 41 minutes, 24 seconds Project business are much more into tender type where you are L1 you get the business. So right now Ador and Isab are 41:31 41 minutes, 31 seconds enjoying retail pricing which is much which is higher than us. So in this particular segment their pricing is better than us but we believe uh because 41:40 41 minutes, 40 seconds of our recent new marketing strategy and everything soon we would be able to go nearby them 41:47 41 minutes, 47 seconds and I think for ASAB actually I will say because being in MNC you know they of course do enjoy that kind of uh price 41:57 41 minutes, 57 seconds upper price band and ASAB is also enjoying those brands prices because they are supplying much which I heard uh I don't have ex exact 42:05 42 minutes, 5 seconds figures they are supplying to the sester concerned companies worldwide so there they are getting a good margin 42:13 42 minutes, 13 seconds so sir I'm trying to understand in the domestic market if let's say adore adore and isab are selling at 100 rupees then 42:20 42 minutes, 20 seconds we are selling at what price the same product the same product you know it depends upon it uh I think uh we can say we are 42:28 42 minutes, 28 seconds 6 7% lower okay understood we are at a it's a very neck to neck competition actually in all 42:36 42 minutes, 36 seconds these projects and what I'm saying about retail segment in project oriented we are at par sir sir understood now sir for the wing 42:44 42 minutes, 44 seconds equipment yeah last question okay sure sure I'll join I'll take the next question from Margar 42:53 42 minutes, 53 seconds please go ahead I'm audible sir yes yes yes yes uh thank you sir for the opportunity 43:00 43 minutes good set of numbers uh so I just want to understand for fi 27 majorly. How are we looking in terms of uh the gross margins 43:10 43 minutes, 10 seconds considering some of the commodity price inflation happening? How are we looking to manage that? 43:15 43 minutes, 15 seconds See uh whatever the inflation happening of course uh it take it does take time uh to pass on it over but we are able to pass over all our uh whatever increase 43:25 43 minutes, 25 seconds in price to our end customers it takes a month to transfer. uh so that's a lag which we I think all industry has the 43:33 43 minutes, 33 seconds similar lag but we are able to do it and as p told you that we will be having a double digit margin this year 43:42 43 minutes, 42 seconds got s and sir this year your employee cost I think has been much a bit lower going forward how do we see that 43:50 43 minutes, 50 seconds employee cost and other expenses so of course employee cost uh which we believe is going to uh increase little because we'll be focusing more and more 43:58 43 minutes, 58 seconds into uh sales uh employing good team and both into operations as well as into sales. So currently our employee cost if 44:06 44 minutes, 6 seconds you see a industry across the industry across the peers G limited has the lowest employee cost uh you know on a 44:13 44 minutes, 13 seconds percentage basis visav door and ESAP but of course G uh we are also stabilizing and we I won't say stabilizing anymore 44:22 44 minutes, 22 seconds but we are also aggressively looking at growth and that is where we are also ramping up our team and going forward I 44:30 44 minutes, 30 seconds think there would be a slight increase in the numbers on on a uh you know totality basis on an wholesome basis but 44:37 44 minutes, 37 seconds I think in percentage terms it would still be relatively lower. 44:42 44 minutes, 42 seconds Got it. Uh ma'am and secondly wanted to know about your working capital cycle. I think it has slightly elongated this year. How we looking to manage and improve cash flow generation? 44:53 44 minutes, 53 seconds We are looking at better cash flows also this year because uh in the current year also the company had uh you know taken 45:00 45 minutes on this uh target to make the balance sheet more light and agile and lean and that is what we did also in FI2526 45:10 45 minutes, 10 seconds we uh the company disposed of a parcel of land in uh Q4 FI26 and also if you 45:18 45 minutes, 18 seconds see if you must have read in the first quarter of FI27 Seven, it is also disposed of part of the investment 45:25 45 minutes, 25 seconds property. So a substantial chunk of cash flow has generated from there and otherwise also where of course uh the 45:34 45 minutes, 34 seconds business doing well generating profits also improves the cash flows. So we are looking at uh you know uh better uh 45:42 45 minutes, 42 seconds working capital cycle and better management of the cash flows in the FI27 and hence reduction of interest cost as well. 45:52 45 minutes, 52 seconds Thank you. We'll take the next question from Har. Please go ahead. Hello. Am I audible? 46:00 46 minutes Yes. 46:01 46 minutes, 1 second Yes. Uh what is your R&D expense for the last two years? 46:08 46 minutes, 8 seconds the numbers or as a percentage of sales maybe if you could give we can uh uh I don't know let me but we 46:14 46 minutes, 14 seconds are investing uh I think not as much uh but then we expenses into equipments yes expenses would be a bit difficult 46:23 46 minutes, 23 seconds say bit this thing because a lot of the heavy machinery which are actually getting they get capitalized and they're not expensed out but uh we've imported 46:33 46 minutes, 33 seconds like you know laboratory uh equipments from USA imported XRF machine from Germany uh few months back and because 46:42 46 minutes, 42 seconds of which we are getting uh many more approvals such as NPCL and other Adani and all that those are basically 46:49 46 minutes, 49 seconds required to uh make sure that there's a consistency in the quality and it's a major requirement of this conu uh 46:56 46 minutes, 56 seconds customers one of the major requirements so our R&D expenses I won't say is very high it's in very moderate way but uh 47:05 47 minutes, 5 seconds one or two equipments which you will might see it might happen this year or next year but then uh those uh expenses 47:12 47 minutes, 12 seconds are in much smaller amounts. It's not very heavy on the balance sheet. 47:17 47 minutes, 17 seconds Looking at the totality of the numbers, it does not come to a very large number but all units of the uh company actually 47:26 47 minutes, 26 seconds have a functional in-house laboratory where all these lab equipments are there and each product each unit that actually 47:33 47 minutes, 33 seconds leaves the factory promises leaves with a test certificate. It is that critical and crucial because the projects that it 47:40 47 minutes, 40 seconds participates in it's important because the criticality the longevity of the product depends upon the join that is 47:48 47 minutes, 48 seconds done by the welding consumable. So that join becomes very very critical in sustaining the project. So if it is a nuclear power plant and the temperatures 47:57 47 minutes, 57 seconds are going up to uh like you know 1,000°C that join that is there is determined by the strength of the building consumable 48:06 48 minutes, 6 seconds and that is why laboratory uh you know research and development and of course there's a lot of tailor made you know as 48:13 48 minutes, 13 seconds recently we have developed I think two weeks before we carry out the testing and I think we'll be getting a small trial order also on the same of 48:20 48 minutes, 20 seconds stainless electro 308L uh which gives a impact value at cryogenic temperature which is at - 196° C. So hardly two or three manufacturers are there in India. 48:32 48 minutes, 32 seconds Um so this is more of a I would say trial but testing charges and machining charges are not very high. It's more of a formulation and R&D and uh know how. 48:44 48 minutes, 44 seconds So that's it. The charges or expenses on R&D is not very high. 48:49 48 minutes, 49 seconds Okay. Okay. Uh second is what is your revenue split currently between domestic and exports. 48:56 48 minutes, 56 seconds So export currently of course doesn't even constitute 10% in the few years back it did but right now the majority of the 49:04 49 minutes, 4 seconds revenue is coming I think hardly out of 370 around 350 plus comes from domestic. 49:11 49 minutes, 11 seconds However, the export numbers are something because we were very very well placed in the Middle Eastern market, in the Southeast Asian markets, in Eastern 49:19 49 minutes, 19 seconds Europe and USA. Of course, USA was a very very small uh you know size that we were doing. The last two years have been 49:26 49 minutes, 26 seconds turbulent and of course uh that market is not there currently with us. 49:31 49 minutes, 31 seconds I think for export purpose we got an approval four five months back of Abu Dhabi National Petroleum Corporation. 49:39 49 minutes, 39 seconds Secondly, we got a now good breakthrough in Saudi Arabia market also. Third, we have also got approval KN approval from 49:46 49 minutes, 46 seconds Russia. The already trial order has been supplied and it's under now testing. So all this will constitute a major uh 49:54 49 minutes, 54 seconds revenue from the export indust market as well. 49:58 49 minutes, 58 seconds Domestic of course uh as we are all very very uh you know uh optimistic about the domestic consumption that is that 50:06 50 minutes, 6 seconds doesn't go where anywhere you fine fine take the yeah thanks 50:13 50 minutes, 13 seconds we take the followup question from Gupta please go ahead thanks for the opportunity to if you can ma'am talk about you know what will be 50:22 50 minutes, 22 seconds the break up of our sales in retail sales and the B2B sales that we'll be doing doing directly to the likes of BHL 50:30 50 minutes, 30 seconds like LNT etc and how would that compare to our peers like Ador and ASAB and even Lincoln. So if you can talk about that 50:39 50 minutes, 39 seconds and secondly on the same thing you know when you are planning to grow our uh you know our revenue in such a uh rate of 50:48 50 minutes, 48 seconds around CG of around 25 30%. How is an organization are we prepared to take this up like in terms of uh marketing in terms of uh you know uh manufacturing? 50:59 50 minutes, 59 seconds So if you both the things if you can talk about sorry first of all I would say if you will see ISAB link and all they have all stopped 51:08 51 minutes, 8 seconds giving sector wise uh reports because it's become very difficult now you see most of our business 70 to 80% of our 51:15 51 minutes, 15 seconds business are to distributors only 15 to 20% is through customers like BHL or L & but even then I'll just say like even 51:23 51 minutes, 23 seconds then in the distributor business a lot of it goes directly to the customer also and and those distributors they supply 51:30 51 minutes, 30 seconds both to retail as well as to B2B customers and to end customers as well. 51:36 51 minutes, 36 seconds So to actually get the exact numbers or to get the approximate numbers uh of the competitors is difficult. 51:44 51 minutes, 44 seconds It's very difficult. 51:46 51 minutes, 46 seconds But however for us I will say that we were B2B I think around 20% as Mr. Mish is saying 20 25% 51:54 51 minutes, 54 seconds that is what we do direct business direct business but then our distributors also sell it to them. Yeah, like a lot of times LNT LNT if it requires it will keep stock 52:02 52 minutes, 2 seconds with the major distributor in that area where the project is being executed and we know that the material that we are supplying is actually going to LT. So it 52:10 52 minutes, 10 seconds directly does go to L& channels also and also we supply through them to through the distributor as well. So around 25 to 52:17 52 minutes, 17 seconds 30% here and around 65 to 70% there but uh the 65 to 70% also gets converted to 52:24 52 minutes, 24 seconds B2B. I won't be able to compare it you know give you a comparison of how ADOR and ESAB or Lincoln or any of these players do because that those numbers 52:33 52 minutes, 33 seconds are never made available. However, this growth uh because as I mentioned the organized sector is also going to grow. 52:40 52 minutes, 40 seconds Uh we are also seeing a tilt in this number also going up from 20 25 to 30% to 40% here. The second question that 52:48 52 minutes, 48 seconds you had about how prepared what is the you know organization's preparedness for the growth that we are seeing and I will 52:56 52 minutes, 56 seconds say that the last year's the 2025's restructuring that happened that in itself was a very very bold and 53:04 53 minutes, 4 seconds a you know decisive step taken forward in taking the company forward to the growth that we were looking at. So if 53:11 53 minutes, 11 seconds you're looking at a thousand cr first and foremost any organization be it a small or a large scale or one of the MNC's anything that is required first 53:20 53 minutes, 20 seconds and foremost is a top management's focus aligned focus and a resonating focus amongst themselves. So that alignment is 53:29 53 minutes, 29 seconds something that we achieved last year and that aggressive growth focus and vision is something that we are moving forward to. As far as the organization's 53:37 53 minutes, 37 seconds preparedness the R&D team is very very strong. The marketing team is where we are really building up our core 53:44 53 minutes, 44 seconds strength. The ground the you know on the uh ground for workforce is something that we are building up. We have a very 53:52 53 minutes, 52 seconds strong midtier and a second tier and a third tier team. We're also looking at expanding and entrenching ourselves in the domestic market across the country. 54:02 54 minutes, 2 seconds Sure. 54:04 54 minutes, 4 seconds We'll take the followup question from Rahu J. Please go ahead. Rahul. 54:14 54 minutes, 14 seconds Yeah. Can you hear me? Yes. Yes. 54:17 54 minutes, 17 seconds Yeah. Uh so uh uh the question is regarding to go from say the current level to,000 crores uh say next two 54:26 54 minutes, 26 seconds years what kind of capeex and what kind of uh team addition what kind of further addition to the overall resources are we planning? 54:38 54 minutes, 38 seconds So regarding capeex of course uh there are going to be a few ancillary machines and apart from that we are also shifting 54:45 54 minutes, 45 seconds our uh you know uh facility a few of the machines that were there at the tan plot of land which we've already signed a 54:53 54 minutes, 53 seconds development agreement for. So we are looking at shifting those to another facility where we've already identified so around 20 to 30 crores of capeex on 55:02 55 minutes, 2 seconds ancillary and these flux code wire lines and everything. Apart from that in the team itself I would say that of course as I mentioned earlier to I think Mr. 55:11 55 minutes, 11 seconds Ankit Gupta's question also the top management team remains uh very very heavily invested and uh you know 55:18 55 minutes, 18 seconds extremely agile on their foot on in the decision- making. However, the second we are also looking at entrenching our workforce so that the sales and 55:27 55 minutes, 27 seconds marketing team and there's a lot of uh work going at the back end on the technology you know uh uh adoption where 55:36 55 minutes, 36 seconds the company actually goes you know and adopts integrates the newer technology into MIS reporting and other functional process work as well. 55:49 55 minutes, 49 seconds Sure. Yeah, thank you. We'll take the last question from Ankit Gupta. Please go ahead. 55:56 55 minutes, 56 seconds Yeah, thanks for the followup. On the proceeds of this Tani land, how do you plan to utilize it? Will that be distributed to the shareholders and how do you how should we look at it? 56:08 56 minutes, 8 seconds So yes, I think uh the shareholders will definitely be suitably rewarded but the companies also not you know our vision 56:16 56 minutes, 16 seconds does not really stop at thousand really Ankit you know we are looking at not only making this company a the country's 56:23 56 minutes, 23 seconds biggest welding consumable country the biggest welding solutions company but we are also looking at making this company the world's biggest welding solutions 56:31 56 minutes, 31 seconds company so that is something that you know of course I would say like uh more than giving reward in terms of not only uh in terms 56:39 56 minutes, 39 seconds of dividend dividend but also giving a reward in terms of share values. So what we were thinking actually a dividend is one thing which we may think or which 56:48 56 minutes, 48 seconds which we are planning. Secondly, what we are thinking of that money how it will be utilized. It will be utilized to buy certain companies as we discussed before 56:58 56 minutes, 58 seconds also. Okay. For example, into various sectors where we are not there for example welding equipment, safety equipments, uh maintenance products. So 57:07 57 minutes, 7 seconds that we can uh take this company of 1,000 cr is through what we are planning through linear and another,000 cr which we are planning through uh by uh acquiring such companies. 57:17 57 minutes, 17 seconds Exactly. So this is what we are planning. So uh in next 5 to 6 years we are planning that companies should be uh 57:23 57 minutes, 23 seconds 2,000 cr by acquiring such companies. We do know that acquiring such companies is also not very easy but we are already in 57:31 57 minutes, 31 seconds a process to speak of one or two companies and uh we are getting a good feedback from them. So hopefully by this or next year we'll be able to acquire one or two. 57:42 57 minutes, 42 seconds Thank you sir. So since that was the last question uh would you like to give any closing comments? 57:49 57 minutes, 49 seconds No I think thank you so much everyone for taking out this time and joining us here. Uh the management of your company 57:57 57 minutes, 57 seconds remains extremely committed and uh we I think we can uh have uh other you know quarterly earnings calls and otherwise also if any of you are interested. 58:10 58 minutes, 10 seconds Thank you to the management team and thank you to all the participants for joining on this call. This brings us to the end of this conference call. Thank you. 58:18 58 minutes, 18 seconds Thanks a lot everyone and for your support.