GHCL Limited — Q3 FY26

GHCL Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=XcXoELdTR0U Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to GCL Limited Q3 FI26 earnings conference call hosted by MK Global 0:09 9 seconds Financial Services Limited. As a reminder, all participant lines will be in the listenonly mode and there will be 0:16 16 seconds an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an 0:24 24 seconds operator by pressing star then zero on your Touchstone phone. Please note that this conference is being recorded. I now 0:32 32 seconds hand the conference over to Mr. Meit Vora from MK Global Financial Services Limited. Thank you and over to you sir. 0:42 42 seconds Thank you. Good afternoon everyone. 0:44 44 seconds Thank you for joining us on GSCL's Q3 FI26 results conference call. I would like to welcome the management and thank them for giving us this opportunity to 0:52 52 seconds host them. We have with us today Mr. RS Jalan, managing director, Mr. Dr. Raman Chopra, CFO and Executive Director of Finance. Mr. Manu Jen, General Manager, 1:01 1 minute, 1 second Investor relations and finance. Before we begin this call, I would like to point out that some statements made in this call may be forward looking and a 1:09 1 minute, 9 seconds disclaimer to this effect has been included in the earnings presentation shared with you earlier. I shall now hand over the call to the management for 1:16 1 minute, 16 seconds their opening remarks. Thank you and over to you sir. 1:20 1 minute, 20 seconds Thank you m. Good afternoon everyone. A w very warm welcome to GSL's uh Q3 FY26 1:27 1 minute, 27 seconds earning call. I hope you had a chance to look at our results as well as the investor presentation uploaded earlier. 1:35 1 minute, 35 seconds Let me start with the industry landscape. The global environment remain dynamic and challenging. However, the 1:42 1 minute, 42 seconds domestic story continues to be resilient. We are in the seeing the healthy demand growth for sodas in India 1:50 1 minute, 50 seconds hovering around 5%. This is a positive sign for a long-term. On the supply side, the market continues to be overs 1:57 1 minute, 57 seconds supplied. We have witnessed a steady influx of import for the first time in 9 months of this fiscal year. Import 2:06 2 minutes, 6 seconds volume has noticeably increased by 10% compared to the same period of last year. This high level of imports 2:13 2 minutes, 13 seconds continues to put pressure on market market realization. 2:18 2 minutes, 18 seconds While this creates a challenging competitive landscape, our focus remains on what is within our control. We are 2:26 2 minutes, 26 seconds focusing on enhancing our operational efficiencies and cost leadership to navigate these headwinds. Coming to our 2:34 2 minutes, 34 seconds performance this quarter, I'm pleased to share that we have successfully completed our planned maintenance shutdown during Q3 FY26. 2:45 2 minutes, 45 seconds While this shutdown resulted in some loss of production volume, we managed the inventory and supply chain effectively. As a result, our top line 2:54 2 minutes, 54 seconds for the quarter was not impacted. This down de demonstrate the strength of our customers relationship and our planning 3:02 3 minutes, 2 seconds capabilities. We remain committed to creating value for our shareholders. I'm happy to report that we successfully 3:09 3 minutes, 9 seconds completed our sholders buyback program of rupees 300 crores. This reflects our strong cash generation ability and our confidence in the company's future. 3:21 3 minutes, 21 seconds Moving moving to our growth initiative. 3:24 3 minutes, 24 seconds We are in the final stage of our expansion projects broine and vacuum salt. Both projects are in the last leg 3:31 3 minutes, 31 seconds of completion. We expect commissioning to happen towards the end of current quarter that is Q4 FY26. This project 3:40 3 minutes, 40 seconds will diversify our business and provide new growth revenues. 3:45 3 minutes, 45 seconds Greenfield Sodas project progress has been slower than expectation. This project is a significant strategic investment and part of our long-term 3:53 3 minutes, 53 seconds goals. In summary, while external factors like import present challenges, GSL stands on a 4:02 4 minutes, 2 seconds strong foundation that is backed by strong cash flow through volatile industry scenarios and our emphasis on the driving operational efficiencies. 4:12 4 minutes, 12 seconds Broine and vacuum salt represents a change in product mix and diversification with safety, sustainability and 4:21 4 minutes, 21 seconds operational excellence as key driver. We are in the position to deliver to our shareholders and all stakeholders. I 4:29 4 minutes, 29 seconds would like to thank all our stakeholders and our investors for their continued trust in GCL. I will now hand over the 4:37 4 minutes, 37 seconds call to Raman to walk through the financial highlights. Thank you. 4:43 4 minutes, 43 seconds Thank you sir. Good evening everyone and a very warm welcome to our earning call for the third quarter and 9 months ended 31st December 2025. 4:53 4 minutes, 53 seconds Our performance remains steady. This is a result of our focus on operational excellence and efficient manufacturing. 4:59 4 minutes, 59 seconds We achieved this despite the challenging pricing environment in the industry. I will now walk through the key financial 5:06 5 minutes, 6 seconds highlights. Revenue for the quarter came in at 773 cr compared to 807 cr in the corresponding quarter of last year and 5:15 5 minutes, 15 seconds increase from 739 cr in Q2 of the current year. This reflects the tough global market condition resulting in 5:23 5 minutes, 23 seconds cheaper imports into India which has adversely impacted our realizations. 5:27 5 minutes, 27 seconds AITA for the quarter stood at 175 cr compared to 259 cr in Q3 of last year and 175 cr in Q2 of this year. We 5:37 5 minutes, 37 seconds reported a beta margin of 22.7% in the current quarter. On a Q QMQ basis, our beta margin declined by 100 bips mainly 5:45 5 minutes, 45 seconds due to fall in realization. Our ability to protect profitability even in this environment is a direct result of our deep rooted philosophy of cost control 5:53 5 minutes, 53 seconds and operating efficiencies. Pat from continuing operations stood at 107 cr compared to 168 cr in the corresponding quarter of last year and a similar 6:02 6 minutes, 2 seconds profit in Q2 of this year. During the quarter we have undertaken the plant maintenance shutdown which led to temporary reduction in production. 6:10 6 minutes, 10 seconds Despite the shutdown and sub subdued domestic realization we maintained steady quarter performance driven by strong operational efficiency and 6:18 6 minutes, 18 seconds effective cost management for 9 months period 31st December 2025. We generated 443 cr in cash profit after tax. Out of 6:27 6 minutes, 27 seconds this we spent almost 226 cr on capex and 29 cr in repayment of loan. While working capital was released by 109 cr. 6:36 6 minutes, 36 seconds During the quarter, we have successfully completed 300 cr buyback. This is in addition to 115 cr dividend payments made during the financial year. In the 6:44 6 minutes, 44 seconds to in total, we have rewarded our shareholders by distributing 415 cr rupees during the 9 months period of 6:51 6 minutes, 51 seconds this financial year which is 116% of pad for the 9 months period. uh in a period of external volatility this moves 6:59 6 minutes, 59 seconds reflects the strength of our balance sheet and our commitment to consistently reward share rewarding the shareholders we have net cash surplus of around 890 7:08 7 minutes, 8 seconds cr rupees as at the end of 9 month period fi26 this financial agility supports our strategic capex execution 7:15 7 minutes, 15 seconds and provides significant growth headroom with this I conclude my comments and now request the moderator to open the forum 7:22 7 minutes, 22 seconds for question and answer thank Thank you very much. We will now begin 7:28 7 minutes, 28 seconds the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone 7:36 7 minutes, 36 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are 7:43 7 minutes, 43 seconds requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question assembles. 7:57 7 minutes, 57 seconds The first question is from the line of Adata Ketan from Smith's Institutional Equities. Please go ahead. 8:06 8 minutes, 6 seconds Thank you sir for the opportunity. So just a couple of questions. Uh sir recently we know that anti-dumping duty 8:13 8 minutes, 13 seconds on sodash has not been imposed. Coupled with this we are witnessing 10 lakh tons import of sodash consistently. How you 8:21 8 minutes, 21 seconds see uh the growth story of the company panning out in this headwind and uh considering the near-term expansions of 8:29 8 minutes, 29 seconds bromine and salt is this enough to like uh to to diversify the company from mere 8:37 8 minutes, 37 seconds sodash into these uh uh smaller businesses how you see the story panning out for the next two to three years in brief sir 8:47 8 minutes, 47 seconds very valid question first and foremost uh first and foremost yes you are right that uh ended up being duty has not been 8:52 8 minutes, 52 seconds confirmed uh by the ministry of finance and uh and but the positive side of this 9:01 9 minutes, 1 second entire sodas business is that the growth story in India itself is like I mentioned to you growth story has been very significant. 9:10 9 minutes, 10 seconds Just to give you a number next year what looks like is that the way the green energy initiatives are being taken and 9:17 9 minutes, 17 seconds uh this will kind of a enhance the demand perspective of the Indian sodas uh last year means the current current 9:26 9 minutes, 26 seconds year looks to be around uh around 5% and this number could be better than uh this 5% in the next uh next year. So demand 9:35 9 minutes, 35 seconds definitely takes care of some of the import which is happening along with the some of the uh additional capacity which has been built into the uh into the into 9:44 9 minutes, 44 seconds the domestic industries. The second part yes at this point of a time there's a headwind as I mentioned in my opening remark as well because it's a global 9:53 9 minutes, 53 seconds demand supply situation but couple of things which are spanning out and we don't know how that will shape up in the coming forward 10:01 10 minutes, 1 second uh like the rupees devaluation versus the Chinese uh yan appreciation versus dollar this is a kind of I would say is 10:10 10 minutes, 10 seconds a positive sign second the Chinese government's philosophy of evolution 10:16 10 minutes, 16 seconds which they have introduced and probably many of the chemical uh and some of our consumer like au 10:25 10 minutes, 25 seconds what do you call uh solar persisters those kind of people uh they will 11:03 11 minutes, 3 seconds not the least so far the GSC is concerned as I mentioned in spite of such a high reduction in the selling 11:09 11 minutes, 9 seconds price we have been able to significantly operate our plant and efficiently operate the plant and we have been able 11:16 11 minutes, 16 seconds to mitigate to a large extent our uh margin erosion because of the First advantage which we have done in the 11:23 11 minutes, 23 seconds operational efficiencies and this is going to be permanent in our uh what do you call benefit once the recovery start happening this will have a advantage 11:31 11 minutes, 31 seconds both the advantage will have to us in terms of your second or the in the related question diversification of 11:40 11 minutes, 40 seconds broine and and what do you call vacuum salt see this is a strategy to move and I just wanted to highlight we started 11:48 11 minutes, 48 seconds thinking about this uh four five years back and on the continuous cross uh possibility of explaining and getting a 11:56 11 minutes, 56 seconds new technology we have been able to navigate this into the diversification first time in the GSCL and this is a 12:03 12 minutes, 3 seconds kind of a I would say is an add advantage because both these projects are more of a part of the GSL because solve what we are doing is we are using 12:11 12 minutes, 11 seconds the waste energy and this will significantly help us to kind of a improve our bottom line of course the number will be smaller but these are the 12:19 12 minutes, 19 seconds kind of a strategic move. Same way brooming from the existing uh uh salt capacity what we have we have been able 12:26 12 minutes, 26 seconds to build this uh brooming project and this again will have an advantage of uh kind of a margin and broadly my 12:34 12 minutes, 34 seconds understanding in this both these businesses of course the top line will not be very significantly higher. 12:39 12 minutes, 39 seconds However the margin percentage are going to be higher and this definitely will add on to our bottom line uh it will help us to improve our bottom line. 12:48 12 minutes, 48 seconds Got it. Sir thank you for that explanation sir. You had mentioned in your opening remarks that this quarter there was a shutdown. So ideally sir 12:56 12 minutes, 56 seconds like prices are similar to last quarter or I think they are slightly lower only coupled with lower volume. So ideally topline should decline on quarteron 13:05 13 minutes, 5 seconds quarter basis. Uh it seems to be like on a higher side 5% up. Is there any like something which is missing? 13:14 13 minutes, 14 seconds No, Adita, I'll just explain you. Though my production is down, but my uh my uh revenue is higher because my volume sell to the customers has been uh higher. 13:26 13 minutes, 26 seconds Okay. Okay. Okay. 13:29 13 minutes, 29 seconds Okay. Got it. So selling volumes have been higher which is why your top line has moved up, right? 13:37 13 minutes, 37 seconds Okay. Okay. Sir uh when we look at the financial in this quarter sir the uh cost of raw materials seems a good a 13:46 13 minutes, 46 seconds steep jump roughly on quarteron quarter and y basis some 20% jump we are witnessing but on the hillside the top 13:52 13 minutes, 52 seconds line has only grown by roughly 4% 2%. So is there any some component of inventory losses or like we have not been able to 14:00 14 minutes pass on the prices of RN you know I don't know Adit which number 14:08 14 minutes, 8 seconds you are talking about if you can give me a specific where you are talking cost of raw material cost of raw material 14:14 14 minutes, 14 seconds cost of raw material ad will always have a kind of a component of the inventory adjustment also like inventory adjustment I'm talking finished goods inventory adjustment Okay. Okay. 14:28 14 minutes, 28 seconds Inventory losses figure. 14:31 14 minutes, 31 seconds No, no, there's no inventory losses. I said in inventory adjustment. See cost of in cost of raw material represents 14:39 14 minutes, 39 seconds the production which we have done during this quarter right and the inventory adjustment happens on the finished goods. So you have to look at in 14:47 14 minutes, 47 seconds totality of both these things put together. And if you have any specific detail question on this, you can always 14:53 14 minutes, 53 seconds answer you on the on offline. But rest assured there's no such kind of inventory losses into the system. 15:02 15 minutes, 2 seconds Got it. In the presentation you mentioned phase 2 bromine of of 10,000 tons like earlier sir it was some 12,000 15:08 15 minutes, 8 seconds tons capacity expansion. There is some change into that. 15:13 15 minutes, 13 seconds Uh broine see broine let it there are two components. One component is the existing sol 15:21 15 minutes, 21 seconds there we have added a cap or we have created a capacity of 2,800 in the new project which we have got the 15:29 15 minutes, 29 seconds government land which is far off from here there once we commission there will be another 10 to 12,000 tons of the additional volume will come in but that 15:37 15 minutes, 37 seconds will take few years maybe then only that will get added for the immediate basis it is only 2,800 tons 15:45 15 minutes, 45 seconds s just one last question considering this bromine and new salt field at peak utilization. How much of aid the 15:52 15 minutes, 52 seconds diversification we can take place from these new businesses? 15:57 15 minutes, 57 seconds The near businesses as I said if you look at the uh the current what these two businesses vacuum salt and the 16:04 16 minutes, 4 seconds bromine the numbers of the top lines are not very significant though margins are significantly higher but the top line is not very significant. 16:17 16 minutes, 17 seconds So that diversification from the revenue perspective is not going to be significantly higher. 16:23 16 minutes, 23 seconds Okay sir. Got it. Thank you sir. I'll join documentation. Thanks. Thank you. 16:32 16 minutes, 32 seconds Our next question comes from the line of Rohit Sha from Suni Securities. Please go ahead. 16:40 16 minutes, 40 seconds Yeah. Uh thank you for taking my question sir. Uh sir just uh I missed out on listening to that uh ad thing. Uh 16:47 16 minutes, 47 seconds so are we now completely uh in the phase like uh this add is now rolled out completely or still there is a scope that uh after some time maybe ministry 16:56 16 minutes, 56 seconds will consider so far as our understanding is concerned uh the government the finance ministry 17:04 17 minutes, 4 seconds has to approve that within 90 days that 90 days already passed and they don't communicate whether they approved or 17:12 17 minutes, 12 seconds they have rejected but 90 since the 90 days has been passed and as per customary we need to assume that they are not in favor of approving it. 17:22 17 minutes, 22 seconds Got it. Got it. Uh sir secondly on the uh solar side I mean we have been quite 17:29 17 minutes, 29 seconds positive on the uh solar industry in terms of demand from uh for that uh for the sodash. So how uh how much 17:38 17 minutes, 38 seconds improvement basically we have seen in last maybe uh three to four quarter or five quarter since we have been uh 17:45 17 minutes, 45 seconds focusing and uh I mean from five five or six quarter back what was the kind of 17:52 17 minutes, 52 seconds volume which we are going for this solar side and now uh at what was it I know it would be very small but still I mean 18:00 18 minutes have we seen a decent improvement see So I'll just uh tell you my understanding. 18:09 18 minutes, 9 seconds See at this point of a time there all the project which are getting commissioned or all in the process of getting commissioned 18:18 18 minutes, 18 seconds currently at this point of a time the demand per month is around 11,000 tons 18:25 18 minutes, 25 seconds and in next one year by March 27 that will go to 28,000 tons. That means 18:34 18 minutes, 34 seconds almost around you can 17,000 tons of the extra demand and these are all projects which are final which are under 18:42 18 minutes, 42 seconds implementation extra per month. 18:44 18 minutes, 44 seconds So 17,000 means we are talking about something around uh two lakh 40,000 or something of that number will be the 18:51 18 minutes, 51 seconds extra demand will happen. Of course, it will happen on a uh on a every quarter the increment will happen but peak of 18:58 18 minutes, 58 seconds the demand in March 27 will be 20 8,000 tons per month. So that's a very significant demand. So what is your 19:06 19 minutes, 6 seconds question of in the last few quarter you remember that a couple of quarter back there was a kind of a duty and there was 19:13 19 minutes, 13 seconds a kind of a duty on the on the or the exemption on the duty of the solar panel and solar 19:21 19 minutes, 21 seconds glass import into solar glass import into India that has been removed but few quarter back only two quarterback if my 19:28 19 minutes, 28 seconds memory is correct and after that the new all the new projects has started getting commission but still I would say that 19:35 19 minutes, 35 seconds this 11,000 ton I don't have a specific number but probably maybe this was around 5 to 7,000 tons uh maybe few 19:43 19 minutes, 43 seconds quarter back now it is around 10 to 11,000 tons okay okay 19:52 19 minutes, 52 seconds uh got it and uh uh lastly on this broine 19:59 19 minutes, 59 seconds uh bromine project uh I mean from next quarter onwards uh what sort of revenue 20:05 20 minutes, 5 seconds contribution we would be expecting and uh I mean my point is that we are seeing broine prices quite uh increasing in the 20:15 20 minutes, 15 seconds recent time. So have we started any interaction with the customers or uh how this uh thing will be translating into the revenue. 20:25 20 minutes, 25 seconds So guys first and foremost let me uh say that this project will get commissioned by end of March 26. 20:35 20 minutes, 35 seconds The benefit of this project will be in the next quarter first quarter of next year. 20:41 20 minutes, 41 seconds The total capacity what we have is around 2,800 tons. However, that will take some time to kind of a stabilized 20:50 20 minutes, 50 seconds quality get needs to be established because you know that the first time we are going for the broine project, we need to establish the quality also and things like that. Once everything gets 20:59 20 minutes, 59 seconds settled down then probably the number will be coming. Like I said revenue will not be very significant. uh you have the 21:07 21 minutes, 7 seconds number and you know the market price based on that you can always easily kind of look at that number but it all depends on how this ramp up happens and 21:16 21 minutes, 16 seconds how the quality gets established but we are positive that in 2627 a good amount of bottom line addition 21:24 21 minutes, 24 seconds should happen from the vacuum salt as well as from the broine okay okay that's it from my sir thank 21:33 21 minutes, 33 seconds you thank Thank you. Our next question comes from 21:40 21 minutes, 40 seconds the line of Janam Gillani from Swan Investments. Please go ahead. 21:47 21 minutes, 47 seconds Hi sir, thanks for the opportunity. So the since we had a shutdown in the previous quarter, what was the volumes lost because of that? 21:57 21 minutes, 57 seconds Approximately around 20,000 tons. 22:03 22 minutes, 3 seconds And uh how much of our inventory did we liquidate during the quarter? 22:08 22 minutes, 8 seconds See the sales has been higher than uh the production and uh so to that extent the inventory has been liquidated. 22:16 22 minutes, 16 seconds Yes. Precisely because if we look at the overall realization the realization for the sodas has been on the declining 22:23 22 minutes, 23 seconds trend in this quarter also. But when you compare our revenue, our revenue has seen a marginal improvement or a flat on 22:30 22 minutes, 30 seconds a sequential basis. So is that the inventory liquidation is to the tune of 10 20 odd% or how shall one look at the 22:38 22 minutes, 38 seconds scenario at this point of time or what sort of inventory are we holding it right now on soda ice fund 22:46 22 minutes, 46 seconds in terms of like I said production is down by 20,000 ton sales has not been impacted sales is better than the last 22:54 22 minutes, 54 seconds quarter as well uh and therefore the inventory reduction has been there specific number the quantitative number 23:00 23 minutes we don't have at point of a time and uh yes you are right the uh sales price has been dropped uh during this uh quarter 23:09 23 minutes, 9 seconds as compared to the last quarter as well but because of like I said operational efficiencies uh and the higher sales uh 23:17 23 minutes, 17 seconds we have been able to maintain the top line as well as the bottom line when we say there's a significant improvement in the operational 23:26 23 minutes, 26 seconds efficiency which has resulted into a better performance on the avatar level of the flight performance. So what sorts 23:32 23 minutes, 32 seconds of levers do we have now to further improvise on the efficiencies or we have 23:39 23 minutes, 39 seconds capitalized almost all the cost levers that we had in the last quarter. 23:45 23 minutes, 45 seconds See uh I would just like to highlight here that this is a culture which we have built over a period of time in the GSCL where we never say that all labor has been exhausted. 23:57 23 minutes, 57 seconds you know that uh when uh you become more better then it becomes more harder for the further betterment but that journey 24:04 24 minutes, 4 seconds continues. If I I I I remember correctly last uh year 25 24 25 versus uh 23 24 we 24:14 24 minutes, 14 seconds have highlighted that we have almost saved around 140 cr in the year by the operational efficiencies same way the 24:22 24 minutes, 22 seconds continue of journey of this year also continues and at this point of a time I don't have a number that how much operational efficiency we have been able 24:29 24 minutes, 29 seconds to build but this journey will continue how much that amount will be sometime it can be higher sometime it can be work 24:36 24 minutes, 36 seconds but I'm very I would say that proudly I would say that we have been able to implement all the cost reduction project 24:44 24 minutes, 44 seconds or the optimization over a period of last uh many years and this journey will continue in the future as well and many 24:52 24 minutes, 52 seconds opportunities are there. Let me tell you there are many opportunities in the raw metal consumption on on on the what do you call you on the power consumption or 24:59 24 minutes, 59 seconds on the steam consumption uh or the efficiency improvements there are many many such opportunities are there and it will continue 25:07 25 minutes, 7 seconds so and now when we looks assuming that if the price of the sodas remain at current level the next two years we'll 25:15 25 minutes, 15 seconds see a marginal growth coming from the broine and the vacuum which is the smaller project at this point of time so once scale up definitely it will take 25:24 25 minutes, 24 seconds time but there's a significant delay that is happening on a green field on a regulatory approvals. So can you 25:31 25 minutes, 31 seconds highlight what at where and at what area which is getting stuck in terms of the approvals and when can we see a improvement on that level. 25:41 25 minutes, 41 seconds See like very rightly you highlighted the point. You see any project when the green field project when you go the major hurdle comes in the land and 25:50 25 minutes, 50 seconds currently at this point of the time our major hurdle is on the land side only. 25:56 25 minutes, 56 seconds We have got the environmental clearances. We have got all other approvals. The land acquisition and the land uses change. 26:05 26 minutes, 5 seconds There are some technical hurdles are there and that we are trying to sort out. How much time it will take? It is very difficult at this point of a time 26:12 26 minutes, 12 seconds because uh we are we ourselves we don't know how much time it will take. 26:19 26 minutes, 19 seconds Okay sir that's it for my thank you. 26:23 26 minutes, 23 seconds Thank you. Our next question comes from the line of Rohit Nagraj from 361 Capital. Please go ahead. 26:33 26 minutes, 33 seconds Uh thanks for the opportunity. Uh so first question is uh on the add front. 26:38 26 minutes, 38 seconds So do we are we planning to reapply for the add and a light question to that 26:45 26 minutes, 45 seconds till December we had the minimum import price restriction so has it continued from January or has it lapsed? Thank you. 26:55 26 minutes, 55 seconds See right first and foremost from the industry side all efforts are there to look at some kind of a protections of 27:03 27 minutes, 3 seconds the government either in the form of add or in the form of other protection. 27:07 27 minutes, 7 seconds There are many other opportunities are there and we are working on that. 27:12 27 minutes, 12 seconds So far as the MIP is concerned, this had got expired uh in 31st December. Uh because at the time the expectation of 27:19 27 minutes, 19 seconds the anti-temping duty was alive but we have reapplied and the things are under consideration of the government. 27:29 27 minutes, 29 seconds Sure. Uh that's help. Question is on the broader industry perspective. So we have seen generally that Asia is the market 27:38 27 minutes, 38 seconds where sodash demand and consumption has been growing. Uh just wanted your perspective given that you track all the 27:46 27 minutes, 46 seconds markets. Uh is there any structural stag snag stagnation or decline in Europe and 27:53 27 minutes, 53 seconds US which are the developed countries and because of which uh at least for the short term uh there will not be any 28:00 28 minutes material improvement as far as pricing is concerned. uh given that whatever volumes will be lost from these 28:07 28 minutes, 7 seconds geographies uh the incremental supplies will be able to take care of demand from the growing geographies like say Asia. 28:17 28 minutes, 17 seconds Thank you. 28:18 28 minutes, 18 seconds See let me give you slightly broader understanding of mine. See there are two things which has happened and you know that China is a leader in terms of the 28:27 28 minutes, 27 seconds out of the total capacity I think almost around 50% each in China itself. Okay. 28:33 28 minutes, 33 seconds The two development which has happened in last two years. First and foremost is the new additional green uh what you 28:39 28 minutes, 39 seconds call uh uh what you call natural soas uh uh commissioned uh commissioned almost around 10 11 million tons of the new 28:48 28 minutes, 48 seconds addition has been done at the time the demand in the China was booming because the solar and and and the lithium iron 28:56 28 minutes, 56 seconds and like I said 10 uh last year it was around 14% demand growth however in 25 29:05 29 minutes, 5 seconds the demand growth growth in the solar as well as the real estate has been on the slower side and 25 the demand has been 29:14 29 minutes, 14 seconds degrown by around 1 or 2%. So there is a demand supply mismatch in China which has led to uh the over supply. The 29:23 29 minutes, 23 seconds second part because of the geopolitical situation even demand has been has not been uh has been not right now I would 29:31 29 minutes, 31 seconds say that they are more on not growing even in the last few quarters it has not gone gone down as well. US is slightly 29:40 29 minutes, 40 seconds improving uh demand of the US. However because of China because of Europe there 29:47 29 minutes, 47 seconds is a surplus situation. So far as the India is concerned as I mentioned in the opening remark also that Indian demand 29:54 29 minutes, 54 seconds has been significantly better. So if you look at in terms of the demand side I don't see in this part of the world Asian part of the world there is any 30:02 30 minutes, 2 seconds concern. The moment the slightly balance happen between this demand supply and slightly recovery in the Chinese uh 30:11 30 minutes, 11 seconds demand happens the things would look will be looking better. 30:20 30 minutes, 20 seconds Sir, the line for the participant seems to be disconnected. Shall we move on to the next participant? Please do that. 30:28 30 minutes, 28 seconds Thank you. 30:31 30 minutes, 31 seconds Our next question comes from the line of Disha from DSP Asset Managers. Please go ahead. 30:39 30 minutes, 39 seconds Yeah. Uh thank you for the opportunity. 30:42 30 minutes, 42 seconds Uh sir could you help us out with the sales volume growth for the quarter? 30:48 30 minutes, 48 seconds See the uh we have I have already given you the number in terms of the revenue and uh we don't uh generally talk about the volumes. 30:59 30 minutes, 59 seconds Uh could you just give at least a number as to how much of the volume growth you said it was positive for the quarter. I 31:06 31 minutes, 6 seconds mean it's okay if you don't give out the volume number as such but if you could just help us out with the percentage growth 31:13 31 minutes, 13 seconds volume growth is roughly around 5 to 6% or uh but the plus 5% higher as compared 31:20 31 minutes, 20 seconds to the uh same quarter of last three years okay it's about 5% higher 31:28 31 minutes, 28 seconds five to 7% kind of a number will be there got it okay uh yeah that's Thank you. 31:39 31 minutes, 39 seconds Thank you. 31:41 31 minutes, 41 seconds Our next question comes from the line of Dan Diora from Invest Group. Please go ahead. 32:05 32 minutes, 5 seconds Dian, your line has been unmuted. Please go ahead with your question. Hello. Yes, you're audible. 32:13 32 minutes, 13 seconds Hi. 32:14 32 minutes, 14 seconds Yeah. Yeah. Sorry. Um you know so uh couple of questions uh the imports that uh we have been witnessing in India uh 32:22 32 minutes, 22 seconds which countries are they primarily coming from? 32:28 32 minutes, 28 seconds Uh listen the primary the volumes are coming historically has been coming from uh Turkey, US, Iran and Russia. 32:39 32 minutes, 39 seconds Okay. Now in the in this quarter some volume has started coming in from China as well. 32:46 32 minutes, 46 seconds Okay. And in China you know the uh natural sodash capacity which is coming up in Mongolia what was uh I mean how much has been uh commissioned so far? 32:57 32 minutes, 57 seconds It has been completely that 10 million has 100% has been commissioned 10 million. Okay. Is there any more capacity expected to come up in that same region? 33:07 33 minutes, 7 seconds Yeah, they are talking about a million ton new capacity which is likely to come in one or two years uh in the same location and maybe they are looking at 33:16 33 minutes, 16 seconds more one more opportunities uh in the other location but that will take some 3 four years of time and just 33:24 33 minutes, 24 seconds wanted to highlight one thing here very important kind of highlight even at the slower demand in in the in the in the globe even if the demand grows by 2%. 33:35 33 minutes, 35 seconds We require at least 2 million tons of the new additional capacity to fulfill the demand supply and therefore the new capacity has to come in to kind of a balance the demand supply. 33:47 33 minutes, 47 seconds Yeah. Yeah. that I think you have mentioned earlier also on past calls u and uh that's totally taken uh note of 33:55 33 minutes, 55 seconds uh you know in China there is this uh involation campaign which is happening you know so in a lot of sectors including the solar supply chain you 34:03 34 minutes, 3 seconds know the government is uh is trying to cut out uh excess capacity uh you know because unnecessarily 34:11 34 minutes, 11 seconds margins are uh you know getting compressed return on investment is getting compressed uh anything like that 34:18 34 minutes, 18 seconds happening in the sodash industry also in terms of the uh synthetic capacities or the less efficient older capacities 34:26 34 minutes, 26 seconds getting uh shut down anything you've been hearing I think uh 100% this is likely to happen 34:33 34 minutes, 33 seconds as per our understanding because all this like very right this evolution process there are many plant in in China 34:40 34 minutes, 40 seconds which are less efficient they are also impacting the environment where also the Chinese governments are very concerned 34:47 34 minutes, 47 seconds about it and this is likely to happen and when it will happen we don't know but definitely that is going to happen. 34:54 34 minutes, 54 seconds Second as you rightly said this evolution will also help at this point of a time we are reasonably confident that uh the people are not making money 35:02 35 minutes, 2 seconds and this will definitely kind of a government focus will be there on that and to kind of a make sure that all those uneconomical plant get shut down. 35:12 35 minutes, 12 seconds The third is this evolution will also help our consuming industry like a solar in India uh to kind of a opportunity of 35:20 35 minutes, 20 seconds expanding their capacity. So all these put together will definitely help the uh we as a as a as a producer and you know you mentioned an important 35:29 35 minutes, 29 seconds point that just in terms of pricing uh you know we're probably at the bottom of the the cycle because at at these prices 35:37 35 minutes, 37 seconds uh manufacturing may become uneconomical in in several countries. uh uh do you see generally speaking uh I mean apart 35:45 35 minutes, 45 seconds from China uh you know in in Europe or in other parts of the world uh any uh capacity shutting down because of uh the 35:54 35 minutes, 54 seconds pricing uh that's prevailing today yes I think in the Europe couple of points plant has been uh closed uh in 36:03 36 minutes, 3 seconds the in the 25 and if the situation continues this way probably the most acceleration of this would 36:12 36 minutes, 12 seconds any any figure you can put on what would be the capacity of the plants that shut down. I'll just give you one number. 36:25 36 minutes, 25 seconds Yeah, I think uh in in uh in uh UK there one plant which was around 400,000 36:32 36 minutes, 32 seconds closed in 25 January 25 and EU Poland there was around 600,000 tons of the plant which was closed in July 25. 36:42 36 minutes, 42 seconds Got it. And just you know in terms of countries that are potentially you know partnering with India in terms of trade. 36:47 36 minutes, 47 seconds It's obviously EU but luckily you know Iran and and Turkey are not part of EU 36:54 36 minutes, 54 seconds neither Russia but say the US were to do any sort of treaty with India is any chance of uh materials are getting 37:02 37 minutes, 2 seconds exported from US to India so dash or is it just logistically too far? 37:08 37 minutes, 8 seconds See from US in any case the products are getting uh shipped to India uh historically last couple of years. 37:15 37 minutes, 15 seconds However, if you look at in terms of the cost competitiveness, the they they will be making money only when they supply to 37:22 37 minutes, 22 seconds the the market which are closer to them like a South America. Uh so from that perspective okay if this they have a 37:30 37 minutes, 30 seconds surplus quantity obviously they have to sell somewhere and India will become a kind of a market for them. I don't think because of the treaty there was some 37:37 37 minutes, 37 seconds kind of a change should happen in this uh in in the in the in the supply situation 37:45 37 minutes, 45 seconds like you very rightly said that the the from the factory to the or to the from the location where they produce the 37:51 37 minutes, 51 seconds sodas to India the cost of supply chain is very very high. It is almost around if my understanding is correct roughly around $120. 38:03 38 minutes, 3 seconds Okay. 38:03 38 minutes, 3 seconds $110 to $120 which takes care of the plant to the port and port to the uh to the Southeast Asian market including India. 38:13 38 minutes, 13 seconds Got it. And last question just in terms of the green field. So I I you know you you did express that there are challenges in land acquisition. Uh how 38:21 38 minutes, 21 seconds does this delay the the process of commencement? Uh you know what was our original timeline versus what would be the revised timeline for the green field expansion for phase one? 38:32 38 minutes, 32 seconds You are 100% right actually what we originally thought of that has not happened and that is not likely to happen as per the original timeline. The 38:40 38 minutes, 40 seconds moment we get all these clearances it will take around two and a half to three years of time to complete and honestly at this point of a time I'm not very 38:48 38 minutes, 48 seconds clear when this approval will take place but still what we believe is that by 2030 we will be in a position to commission 38:56 38 minutes, 56 seconds both the leg if the situation demands that means the phase one and phase two maybe at the time depending upon the demand supply situation we can take a 39:04 39 minutes, 4 seconds call should we go for phase one or should we go the phase both the phase together But we are still reasonably 39:11 39 minutes, 11 seconds confident that by 2030 we will be able to complete both the because both these project even if I take together also will take around 3 years of time. 39:21 39 minutes, 21 seconds Got it. Thank you. Thank you so much and good luck for keep. Thank you. 39:29 39 minutes, 29 seconds Thank you. Our next question comes from the line of Arur from ICICI Credential Mutual Funds. Please go ahead. 39:40 39 minutes, 40 seconds Yeah. Hi. Uh thank you for the opportunity. So uh like you mentioned of course uh China natural is one where expansion is likely to happen over the 39:48 39 minutes, 48 seconds next few years. Any other geographies like US uh where you are hearing uh that capacity is likely to come on the 39:55 39 minutes, 55 seconds natural side. That is number one. And secondly after this uh you know consolidation of uh Genesis V soda in US 40:03 40 minutes, 3 seconds any change in trade flow or dynamics you are witnessing in that market. 40:10 40 minutes, 10 seconds See very valid question first and foremost yes uh US has has announced in the past that they will be adding another 5 million tons but recently they 40:17 40 minutes, 17 seconds have announced that they will not do this till 2030 when the situation improves. Though obviously the project will get delayed 40:26 40 minutes, 26 seconds and in terms of this consolidation which has happened I personally believe that it will not not have any impact to the 40:32 40 minutes, 32 seconds Indian market. Uh because uh overall their economic will uh kind of a 40:40 40 minutes, 40 seconds situation will make them to sell to the reminerative market which are more of a what do you call Southeast Asia or 40:47 40 minutes, 47 seconds probably the Europe as well as the South American market. But yes, this volume which is coming at this point of a time until the demand situ situation improves 40:56 40 minutes, 56 seconds in the Europe or in the in the South American market probably this uh import to India will continue. 41:06 41 minutes, 6 seconds Sure. And just one last question on uh you know the Chinese material which has started to come like based on your best assumptions. You think the material 41:15 41 minutes, 15 seconds coming from Chinese through this maybe I'm assuming it comes from the synthetic plants would they be making uh cash losses by selling in India or do you 41:24 41 minutes, 24 seconds think this will be break even or making money when they sell to India? 41:28 41 minutes, 28 seconds See as per our understanding and again this number cannot be verified. They are making not only on the supply which they are making to India they are making 41:36 41 minutes, 36 seconds losses even into the uh into the supply to the other part of the world Southeast Asian and other market as well because 41:43 41 minutes, 43 seconds in the synthetic side uh the costs are uh cannot be matched with the current prices what they have. 41:54 41 minutes, 54 seconds Got it. Thanks. Thank you. Thank you. 42:00 42 minutes Our next question comes from the line of Ank Kimawit from Capital One. Please go ahead. 42:18 42 minutes, 18 seconds Aren't your line has been unmuted? Please go ahead with your question. Hello. Can you hear me, sir? Hello. 42:27 42 minutes, 27 seconds Yes. Yeah. I can hear you. 42:29 42 minutes, 29 seconds Yes sir. So my question is regarding the brooming capacity. So earlier you had guided that uh we would be doing margins 42:36 42 minutes, 36 seconds around 40%. Uh which will be much better than what the competition is doing. Is it mainly because of the backward integration or is there any technological prowess also to it? 42:47 42 minutes, 47 seconds So I I just want to understand how are we calculating that 40%. 42:52 42 minutes, 52 seconds See basically once this uh new uh bromine project which we have added is added into the salt field which we are 42:59 42 minutes, 59 seconds already operating and therefore for us the cost will be only some power cost 43:06 43 minutes, 6 seconds and and some operating cost because the water flow whatever we are taking from the sea will pass through the bromine 43:14 43 minutes, 14 seconds project and that water will get used for the salt production. So salt production continues only we are taking out the 43:21 43 minutes, 21 seconds bromine out of that water and that will help us to kind of not having any cost relating to the other cost and therefore our margin will be better in this project. 43:30 43 minutes, 30 seconds Okay. And uh what kind of derivatives will be targeting in this area? We would be going for zinc or what kind of 43:38 43 minutes, 38 seconds derivatives will we be targeting here for the bromine? 43:41 43 minutes, 41 seconds At this point of a time, we are not talking about the derivative. We because we have a small capacity and uh this plan which I'm talking about is only 43:48 43 minutes, 48 seconds selling the broine per cure. But yes, we are exploring the possibilities of in the future how can we go to the derivative side but still we have not finalized any plan on that. 43:59 43 minutes, 59 seconds Okay. And uh you had mentioned in your presentation that we would be targeting a 10,000 ton in the phase two. So any 44:07 44 minutes, 7 seconds color as to when when will that phase start like once that land? 44:15 44 minutes, 15 seconds No. We have got the land by the government and some formality needs to be completed in that but that will take 44:21 44 minutes, 21 seconds at least four years from now kind of a when the bromine new project will start uh getting a production out of that 44:29 44 minutes, 29 seconds because we have to develop the sulfill there and after the sulfills are developed along with that we have to put the bromine project and that will take 3 to four years of time. 44:39 44 minutes, 39 seconds Okay. So is it a fair assumption to make that we'll be selling broine to the conventional players in India only today or would we be targeting also? 44:49 44 minutes, 49 seconds No mostly at this point of time our uh target is only the domestic market because the volumes are not very significant. 44:58 44 minutes, 58 seconds Okay. Okay sir. All right. Thank you for taking my questions. 45:03 45 minutes, 3 seconds Thank you. Our next question comes from the line of Sor Jen from HSBC. Please go ahead. 45:12 45 minutes, 12 seconds Uh thank you for the opportunity. Most of my questions have been answered. Uh just some data points. Uh what would be the decline in soda prices in this quarter 45:20 45 minutes, 20 seconds and uh what would be your confidence or expectations around stabilization of soda prices at these levels? That's question number one. 45:30 45 minutes, 30 seconds Yeah. So basically as I said at this point of a time uh the price uh in this quarter will be slightly lower than the 45:38 45 minutes, 38 seconds the average of last 9 months. However, uh we in terms of the confidence very 45:44 45 minutes, 44 seconds difficult to say whether this price will stay on this level or not. But like I said, the way we are seeing the global uh cost structure and things like that. 45:55 45 minutes, 55 seconds We see that reasonably that okay in the next few quarters the numbers should be on a uh this number should be kind of a 46:02 46 minutes, 2 seconds rock bottom but whether some drop will happen from there or not at this point of time very difficult to uh say on a on a realistic basis. 46:11 46 minutes, 11 seconds And how much was the decline in the third quarter? 46:15 46 minutes, 15 seconds Third quarter the decline was approximately around 3%. 46:22 46 minutes, 22 seconds Approximate around 3%. 3%. Okay, thanks. 46:26 46 minutes, 26 seconds Secondly, when you talk about the imports coming from China, what could be China's overall share in Indian imports and what price are they selling that product into the country? 46:36 46 minutes, 36 seconds See, first and foremost, China has a large cap and this the volume which is coming is insignificant even with percentage I can't tell you whether it's 46:44 46 minutes, 44 seconds a 01% or 02% kind of a number where the numbers are very small at this point of a time. 46:51 46 minutes, 51 seconds Okay. Number two, in terms of the pricing, it's a very dynamic pricing and depending upon the consumer, depending upon uh the volume they are negotiating 47:00 47 minutes the price and uh but in any case, whatever price we are selling, I think they are closer to the competition only. 47:08 47 minutes, 8 seconds Okay. Sure. That's all I wanted to understand. Thank you so much and all the best. Thank you. Thank you. 47:16 47 minutes, 16 seconds Thank you. Please go ahead. 47:29 47 minutes, 29 seconds Our next question comes from the line of sake Kapoor from Kapoor and Company. Please go ahead. 47:36 47 minutes, 36 seconds Yeah. Namaskar Jalanj Namaskar Raab. Thank you for the opportunity. 47:42 47 minutes, 42 seconds Thank you Sak. Uh sir firstly on the capex front uh I think so Raab you mentioned about 200 some odd kores total 47:50 47 minutes, 50 seconds spent for 9 months. Can you provide the breakup for the same where has the capex being spent? 47:56 47 minutes, 56 seconds See s primarily this expenditure has been done only on the two project uh one is the broine as well as the vacuum 48:04 48 minutes, 4 seconds salt. Yes, of course, some of the pro some of the capital is also spent on the regular uh in the on the the plant which 48:11 48 minutes, 11 seconds is our existing plant and this is kind of a regular project which you do every year. 48:17 48 minutes, 17 seconds Okay. answer since you have just articulated on the fact that we might be delaying or rather 2030 is the long stop 48:24 48 minutes, 24 seconds date for commissioning what would be then the program from us on spending on the green field project uh for the uh 48:33 48 minutes, 33 seconds coming next year and I think sir we also outlined a 50 cr capex for a new office uh where are we sir in terms of that how 48:41 48 minutes, 41 seconds much have we spent and when will we uh we're doing the needful this is In terms of the green field as I 48:48 48 minutes, 48 seconds mentioned to you the zero date we don't know right now and therefore it is very difficult to say that what will be the expenditure next year once the uh zero 48:56 48 minutes, 56 seconds date start then only we'll be able to plan what will be the capex requirement for uh for phase one year or year 49:04 49 minutes, 4 seconds immediate one year in terms of the office in Ahmedabad most of the payment has already been made and I think uh the 49:11 49 minutes, 11 seconds handover of that office uh should happen in another six months time and once Once that happen then probably we will move 49:19 49 minutes, 19 seconds our office from Ahmedabad uh from the current location to the new location. 49:24 49 minutes, 24 seconds Okay. So we have also seen that uh there is capacity addition from the other uh player uh domestically. So uh taking 49:32 49 minutes, 32 seconds that into fora and uh the the the duty benefits uh not being implemented. uh how do you see the domestic market 49:41 49 minutes, 41 seconds behaving and uh since we have taken the uh this shutdown and now we are uh up and upstream what has been our 49:48 49 minutes, 48 seconds utilization levels for the uh 9 months see terms of the utilization barring 49:56 49 minutes, 56 seconds this annual shutdown our utilization has always been 95% plus uh number one number two in terms of the 50:03 50 minutes, 3 seconds new capacity coming in and the demand supply it all uh there are three factor which needs to be taken into account. One is the Indian demand growth is good. 50:13 50 minutes, 13 seconds Second is import has increased and therefore the demand supply situation rebalancing is 50:20 50 minutes, 20 seconds happening hopefully in 2627 uh probably will be a better scenario to emerge. 50:28 50 minutes, 28 seconds Okay. And lastly sir uh there was uh one uh corandum notification also from the 50:35 50 minutes, 35 seconds director of uh trade and uh the one which have recommended this anti-deping duty on 4th November wherein they have 50:43 50 minutes, 43 seconds uh highlighted about some error in mentioning the uh amount per dollar duty that was envisaged from the import from 50:51 50 minutes, 51 seconds Turkey, Russia, USA and Iran that is dated 4th November. So does the reference date of the notification of 50:58 50 minutes, 58 seconds implementation and the uh therefore the uh expiry of the same also change or 29th September is the uh date that should be as the zero zero date. 51:10 51 minutes, 10 seconds No 20 9th September remains as a zero date. 51:15 51 minutes, 15 seconds Okay sir. Right sir. Uh thank you sir and uh uh thank you for interacting and all the best to the team sir. 51:24 51 minutes, 24 seconds Thank you. Thank you. 51:29 51 minutes, 29 seconds Our next follow-up question is from the line of Adi Ketan from Smith's Institutional Equities. Please go ahead. 51:38 51 minutes, 38 seconds Yeah, thank you sir for the followup. Uh sir onto the demand certainty any sort of a number or any sort of a clue you 51:46 51 minutes, 46 seconds have got like so demand is at the bottom and you have repeatedly mentioned that prices have also started to bottom out. 51:53 51 minutes, 53 seconds Is it backed by some assumptions considering even China has started now exporting so to the global markets and we are 52:01 52 minutes, 1 second India is is not importing much but there could be a thing wherein China starts to import much in India. So what is the 52:09 52 minutes, 9 seconds assumption behind we are taking that prices have bottomed out? 52:13 52 minutes, 13 seconds See arbit there are two things one first your question was on the demand side. 52:18 52 minutes, 18 seconds See as I said the normal demand in the Indian typical industry like your uh detergents and the chemicals and the 52:27 52 minutes, 27 seconds normal glass flat glass they are on a range of around 4 to 5%. Add on to that is the solar glass which I just 52:34 52 minutes, 34 seconds explained that the there is a robber demand likely to happen because of the new cap get our assumption is the next 52:41 52 minutes, 41 seconds year the demand growth should be around 6% 5 and a half% to 6% should happen and this will create the additional demand 52:49 52 minutes, 49 seconds of something around two and a half lakh to three lakh tons in terms of our assumptions of the prices bottom out as I mentioned in my another uh lot of 52:57 52 minutes, 57 seconds questions the way the cost structure which we are seeing globally either in the natural sodas or in terms of your 53:05 53 minutes, 5 seconds synthetic sodas either in China or other part of the world. Second, this evolution of Chinese because China is 53:13 53 minutes, 13 seconds the more than 50% of the capacity. The way the China is evolving their strategy of profitable growth or profitable 53:21 53 minutes, 21 seconds business. I think these are the assumptions which we are assuming that should be kind of a uh should should uh 53:28 53 minutes, 28 seconds giving us a kind of a that uh assessment. However, as I mentioned in my earlier call, it is an assumption. We don't know how the situation will come 53:36 53 minutes, 36 seconds out and this is all we have to wait and watch. But in the longer term, surely I'm reasonably confident. Maybe one or two quarters can be situation could be 53:45 53 minutes, 45 seconds slightly more than worse than what it is today. But in the longer term, economics will play. 53:52 53 minutes, 52 seconds Okay sir. Uh sir my second question is uh I think sir in the month of January uh this month only so China has 54:00 54 minutes announced that they would be abolishing the export rates for the PV photo PV photo voltage glass sir is there any 54:08 54 minutes, 8 seconds assumption like will this create a short-term run in prices of sodash because when I calculated there could be an incremental demand of 1 to2 let's 54:16 54 minutes, 16 seconds turn in China but you think like this could be a material booster or it could be only a near-term in like support to 54:24 54 minutes, 24 seconds the prices and thereafter post April 26 again the prices could be start to bottom out start to go down sorry 54:32 54 minutes, 32 seconds I don't know Adita I I I will be very difficult to kind of a kind of a assess on that like I said my understanding is evolution because ultimately this 54:40 54 minutes, 40 seconds evolution is the main theme which is China is following and this should definitely have a a medium-term kind of 54:47 54 minutes, 47 seconds a benefit to the entire uh industries and more particularly the chemical industries and as per my understanding 54:55 54 minutes, 55 seconds chemical uh pricing of the many part of the globe even including in China has gone up how that will sustain very 55:04 55 minutes, 4 seconds difficult at this point of a time to kind of a comment on that and s just uh similar question suppose sir if India also started to to reduce 55:12 55 minutes, 12 seconds the export rebates which we are giving on photovoltic glass you think like in the longer term this could be a a a bigger problem for the sodas industries 55:21 55 minutes, 21 seconds as we would not be able to export much of photovoltic glass and consequently higher production of soda ash would keep higher inventories in the pipeline. So 55:29 55 minutes, 29 seconds is is this a bigger risk which we can foresee in the in the longer term at least not from my understanding first 55:36 55 minutes, 36 seconds and foremost I don't think there is a kind of very significant export incentive has been given to that but uh 55:43 55 minutes, 43 seconds we need to check that got it sir thank you sir 55:52 55 minutes, 52 seconds thank you ladies and gentlemen that was the last question for today I would now like to hand the conference over to management for closing comments. 56:03 56 minutes, 3 seconds Thank you. Thank you everyone uh for participating and and asking the questions. As I have been always saying as a management our responsibility is to 56:11 56 minutes, 11 seconds make sure that we deliver the best result in the current environment or any environment and we make the business 56:18 56 minutes, 18 seconds more sustainable, more costefficient and more sustainable and this journey we have been doing and we will continue to 56:25 56 minutes, 25 seconds do that. We will definitely capitalize when the market recovery takes place and we will have that big advantage out of that. Thank you for your support and 56:34 56 minutes, 34 seconds your confidence on the management and we will continue to deliver on your confidence. Thank you very much. 56:40 56 minutes, 40 seconds Thank you on behalf of MK Global Financial Services Limited. That concludes this conference. Thank you for joining us.