Globus Spirits Limited — Q3 FY26

Globus Spirits Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=bA86BL0K9Kk Published: 4 months ago

0:00 Ladies and gentlemen, good day and welcome to Globus Spirits Limited Q3 and 9M F526 earnings conference call. As a 0:08 8 seconds reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance 0:17 17 seconds during the conference call, please signal an operator by pressing start then zero on your touchstone phone. 0:22 22 seconds Please note that this conference is being recorded. I now hand the conference over to Mr. Suash [clears throat] Sam from Stellar 0:29 29 seconds Investor relations advisers. Thank you and over to you Mr. Samut. 0:35 35 seconds Thank you. Good afternoon everyone and thank you for joining us today. We have with us today the senior management team of Global Spirits Limited, Mr. Shikhas Swarup, joint managing director, Mr. 0:46 46 seconds Parangjit Singhel, CEO of consumer division and Mr. Nilandar chief financial officer who will represent 0:53 53 seconds Global Spirits Limited on the call. The management will be sharing the key operating and financial highlights for the quarter and 9 months ended 31st 1:02 1 minute, 2 seconds December 2025 followed by a question and answer session. Please note this call may contain some of the forward-looking 1:09 1 minute, 9 seconds statements which are completely based upon the company's beliefs, opinions and expectations as of today. These statements are not a guarantee of the 1:17 1 minute, 17 seconds company's future performance and involve unforeseen risk and uncertaintities. The company also undertakes no obligation to 1:25 1 minute, 25 seconds update any forward-looking statements to reflect developments that occur after the statement is made. The call will be 1:31 1 minute, 31 seconds limited to 1 hour. I now hand over the conference to Mr. Shakhas Swaru. Thank you and over to you sir. 1:38 1 minute, 38 seconds Good afternoon everyone. Thanks for joining us on the Q3 9 months earning call. Pam and Nilanjan are also with me. 1:46 1 minute, 46 seconds Uh building on our earlier communications, we would like to reiterate our approach. Over the last few quarters, the company has 1:53 1 minute, 53 seconds transformed into an innovative and growing brand-led company backed by a robust manufacturing backbone. We 2:02 2 minutes, 2 seconds continue to build and strengthen the company to ensure consistent growth of our consumer business in the years to come. To this end, the board had passed 2:11 2 minutes, 11 seconds a resolution for a fund raise which is an enabling resolution. We have a one-year time frame for the resolution 2:19 2 minutes, 19 seconds and basis the requirement of the company um and the right investor set. We will evaluate our options. These actions 2:28 2 minutes, 28 seconds provide us ability to finance the business, create innovative and worldclass brands and ensure 2:35 2 minutes, 35 seconds industry-leading margins. And I will ask Aram to walk you through the developments of the consumer business in detail shortly. 2:44 2 minutes, 44 seconds Coming to our manufacturing business which provides um besides providing us a stable supply and innovation platform, 2:53 2 minutes, 53 seconds the manufacturing business also ensures high capacity utilization of assets thereby reducing cost of production for 3:01 3 minutes, 1 second the consumer business. In the quarter gone by, we have consumed around 15 million liters of ENA and sold 52.25 million liters of ENA and ethanol. 3:15 3 minutes, 15 seconds Uh driving capacity utilization of 86% in the quarter gone by which marginally exceeds our guidance of 80 to 85%. 3:25 3 minutes, 25 seconds The bulk sales business, the manufacturing business generated a margin of 7.5 rupees per liter in the 3:32 3 minutes, 32 seconds quarter. IIPA margin of 7.5 rupees per liter in the quarter and an IITA margin of 5.76 per liter in the 9 month period. 3:42 3 minutes, 42 seconds This is in line with our guidance of 5 to 7 rupees per liter for the year. 3:48 3 minutes, 48 seconds We're expecting capitalization of our UP asset worth around 200 cr rupees in Q4 3:55 3 minutes, 55 seconds which will add a capacity of 100,000 L per day of grain ENA production. The facility is also compatible to use 4:04 4 minutes, 4 seconds molasses. This capacity will f will help further improve our margins of RNO and 4:12 4 minutes, 12 seconds PNA portfolio in Uttar Pradesh. Um over to you Pam. 4:19 4 minutes, 19 seconds Thank you Shakha and good afternoon everyone. 4:24 4 minutes, 24 seconds Coming to consumer business for Q3 FY26 Prestige and above reported a volume 4:31 4 minutes, 31 seconds growth of 37% yearonear and revenue growth of 32% yearonear excluding Delhi. 4:39 4 minutes, 39 seconds Coming to Delhi in Q2, we had mentioned that Delhi had certain issues. 4:46 4 minutes, 46 seconds Uh these issues have since been resolved during Q3 and volumes have already 4:53 4 minutes, 53 seconds started normalizing and will totally get into a normal stream by end of Q4. 5:01 5 minutes, 1 second As you will recall, Delhi is one of the first three states where our consumer business had started and hence the 5:08 5 minutes, 8 seconds impact on our overall business has been a little more than normal. We are confident of 50% volume growth in the 5:17 5 minutes, 17 seconds PNA segment in Q4 FY26 bringing us back on track. 5:23 5 minutes, 23 seconds As we keep growing in geographies, the share of business of a single state reduces significantly and therefore our overall stability keeps improving. 5:35 5 minutes, 35 seconds on news dates. Early reports from Assam where we launched our two key brands, Mountain Oak as well as Brothers are 5:44 5 minutes, 44 seconds encouraging as we continue to expand our presence there towards uh improving our presence 5:53 5 minutes, 53 seconds in the overall northeast region with Assam being the key anchor. 5:59 5 minutes, 59 seconds Jarhan will be the next state where we plan to enter by the end of Q4. We expect overall PNA to grow in the zone of about 50% in this quarter. 6:12 6 minutes, 12 seconds Coming to RNO, Rajasthan recorded a volume growth of 2% yearon year and 6:18 6 minutes, 18 seconds revenue growth of 3% yearonear in line with industry. 6:25 6 minutes, 25 seconds UP has shown accelerated growth in Q3 with sale in December breaching the one 6:31 6 minutes, 31 seconds lakh case mark. Overall RNO segment volumes had flat growth year 6:39 6 minutes, 39 seconds on year and revenue growth of 1% yearon year. 6:43 6 minutes, 43 seconds In Delhi the excise policy of 2425 ended in September 25 and since then a 6:52 6 minutes, 52 seconds new policy is awaited in West Bengal. The company had decided to shift the modeling location and that 7:00 7 minutes shift is already underway. This shift has been necessitated due to high labor costs in the previous setup and we 7:09 7 minutes, 9 seconds expect our overall RNO growth to remain in mid single digits in Q4. 7:16 7 minutes, 16 seconds With that, I request the moderator to open the forum for Q&A. Thank you. 7:22 7 minutes, 22 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touchstone telephone. If 7:30 7 minutes, 30 seconds you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies 7:38 7 minutes, 38 seconds and gentlemen, we will wait for a moment while the question Q assembles. 7:45 7 minutes, 45 seconds The first question comes to the line of Abin Roy with Nuama. Please go ahead. 7:51 7 minutes, 51 seconds Yeah, thanks. Uh my first question is on gross margin as a company overall. I see around 150 with quarteronquarter 7:58 7 minutes, 58 seconds expansion 5 yi any one-offs here and uh from a near-term perspective uh for Q4 8:05 8 minutes, 5 seconds how do you expect uh overall uh uh gross margins? Uh you also said that you expect 50% growth in P&A for the 8:13 8 minutes, 13 seconds quarter. So if you could clarify is this for Q4 uh 50% kind of growth expectation for the PN. 8:20 8 minutes, 20 seconds Thanks Anish. Thanks for the question Anishh. Um the expansion in gross margins uh are for two reasons. One is a 8:28 8 minutes, 28 seconds lower cost of raw material in Q3 um which is in line with what we had expected uh given the structural change 8:37 8 minutes, 37 seconds in the raw material scenario in the country uh that transpired even in Q3. 8:43 8 minutes, 43 seconds So that story is really playing out continues to play out and will remain um this way. Uh the other reason is um you 8:51 8 minutes, 51 seconds know as our PNA business grows um in fact even as our RNO business continues to grow overall gross margins uh will 9:00 9 minutes rise. So um all of this is a structural improvement and not oneoff. Um Pam uh over to you for Q4 PNA growth. 9:13 9 minutes, 13 seconds Yeah. So, so yes, your point of niche was correct that we are projecting a 50% 9:21 9 minutes, 21 seconds volume growth in uh PNA consumer business and our margins in the consumer business as we have indicated are 9:30 9 minutes, 30 seconds already in the zone of about 40 odd% and we do not expect any significant change uh as we continue our growth path. 9:40 9 minutes, 40 seconds Understood. Uh my last question is on UP uh uh market. Uh you entered uh few quarters back in terms of uh uh the RNO. 9:51 9 minutes, 51 seconds Uh so I wanted to understand when you compare a very large state for you Rajasthan where you have a very large market share uh versus a new state like 10:01 10 minutes, 1 second Uttar Pradesh in terms of gross margin how do how do those two states compare? 10:06 10 minutes, 6 seconds I understand I I don't know if I'm right. I understand that UP the pricing is a bit lower than Rajasthan but in 10:14 10 minutes, 14 seconds terms of RM cost also is uh is there a is there a uh big difference so some clarity on that uh plus you mentioned 10:22 10 minutes, 22 seconds that around one lakh uh cases in UP in December uh I understand it is India's 10:29 10 minutes, 29 seconds largest market in terms of R&D uh one lakh cases uh how does it uh uh measure versus your own internal expectation any 10:37 10 minutes, 37 seconds problems any any uh any uh big wins any any problems you see in currently in UP market in terms of that business. 10:46 10 minutes, 46 seconds So in in terms of if we are looking at comparing RNO margin uh between Rajasthan and UP 10:56 10 minutes, 56 seconds in the initial stages we definitely see UP while the margins on their own being very healthy but they will be marginally less than Rajasthan. 11:06 11 minutes, 6 seconds Uh coming to the second part of the question how do we see uh this one lakh cases we we are excited for the pure 11:15 11 minutes, 15 seconds reason as you have called out that UP is one of the largest markets of almost a cr case per month and our current 11:24 11 minutes, 24 seconds performance of breaching the one lakh case is well in line with our uh I mean journey which we had predicted 11:32 11 minutes, 32 seconds for ourselves very early to start putting it in terms of big wins. But definitely it gives us a lot of 11:40 11 minutes, 40 seconds confidence that the path that we have chosen uh and the strategy that we have implemented is uh resonating with the 11:50 11 minutes, 50 seconds outcomes and further as our manufacturing unit is coming on distillery is coming on stream uh very very soon. 12:02 12 minutes, 2 seconds We are very very confident that this will start as soon as it stabilizes in a couple of weeks. It'll start improving 12:08 12 minutes, 8 seconds our margins in UP also. So the growth journey in UP is very very exciting from 12:15 12 minutes, 15 seconds both point of view. Uh high level of excitement and no big wins. It's too early to start reporting big wins on a small base yet. 12:26 12 minutes, 26 seconds So I just wanted to come in here on the on the uh margin in UP. Um there's going to be uh an expansion in UP margin as 12:36 12 minutes, 36 seconds soon as the distillary starts. We were expecting to start last month but there was some uh delays with the licensing. 12:44 12 minutes, 44 seconds Uh we've received our license early January and now we've started the process of commissioning and we hope to announce commissioning very soon. Um so 12:53 12 minutes, 53 seconds there'll be significant margin expansion now as soon as the distillery starts supplies and then as the business 13:02 13 minutes, 2 seconds stabilizes scales up and stabilizes there will be further uh growth in margin. 13:10 13 minutes, 10 seconds Understood one clarification here uh uh once the distillery in UP uh fully uh 13:17 13 minutes, 17 seconds stabilizes in terms of gross margin. So my question was not for IITA margin because ITA margin of obviously for a new business uh is not uh the right 13:25 13 minutes, 25 seconds metric to look at in in the initial part of the uh cycle. My question was more uh once the decary in UP is up and running 13:33 13 minutes, 33 seconds then is there a big gap in terms of Rajasthan gross margin and UP gross margin? You did say that the difference is not big but once not very big. No not very big. 13:44 13 minutes, 44 seconds Okay sure thanks. Uh that's all from my side. Uh thank you. Thanks. 13:51 13 minutes, 51 seconds Thank you. A reminder to all the participants, please restrict yourself to two questions and rejoin the queue for more questions. Next question comes 13:59 13 minutes, 59 seconds from the line of Himmanusha with Doll Capital. Please go ahead. 14:04 14 minutes, 4 seconds Thank you. Thanks a lot for the opportunity. Uh couple of questions from the manufacturing business. How much has been the correction in the raw material 14:13 14 minutes, 13 seconds prices? maybe on a Y or Q basis if you can highlight uh both in broken rice as well as Naz number one and secondly has 14:23 14 minutes, 23 seconds the entire benefit got factored in current quarter or we should see the flow through impact through higher 14:29 14 minutes, 29 seconds spread even in the upcoming quarter so Nanjan you could please pull out the change in raw material price yoq 14:39 14 minutes, 39 seconds meanwhile I'll talk about u the trend um so uh the uh significant reduction in 14:47 14 minutes, 47 seconds raw material prices started taking place towards mid November uh which is in line with seasonality. Every year we see 14:56 14 minutes, 56 seconds around November and um essentially after the sher we start seeing correction in 15:03 15 minutes, 3 seconds raw material prices. Um this lasts till about ends. So so Q3 and early Q4 is 15:10 15 minutes, 10 seconds usually very good for margins. Uh and that's the trend that's playing out even now. Uh Milan, do you have the Q1 Q and Y numbers? 15:20 15 minutes, 20 seconds Yeah, the Q1Q reduction has been 4%. And Yi reduction 15%. 15:28 15 minutes, 28 seconds Okay. And so s uh shik just a followup. 15:31 15 minutes, 31 seconds So we should see some more flow through benefit because the price reduction has happened in from mid of November. So full benefit should come in Q4 and we 15:40 15 minutes, 40 seconds should see some further healthy margin improvement for Q4 too. Fair to assume that? 15:46 15 minutes, 46 seconds No. So uh February and March prices will start firming up again. Overall for the financial year the margins will be 15:55 15 minutes, 55 seconds around 6 to 7 rupees. In fact it should be around 7 rupees a liter. uh 16:02 16 minutes, 2 seconds strategically uh 5 to 7 is our guidance and that is what we uh continue to maintain. 16:10 16 minutes, 10 seconds Fair. Uh secondly on UP uh KEX you mentioned is 200 cr in presentation we 16:17 16 minutes, 17 seconds were seeing up KEX as 120 cr any reason for this sharp increase in KEX for UP? 16:24 16 minutes, 24 seconds Um I don't know about the 120 number I think CWP is around 180. The London can you talk about this? 16:32 16 minutes, 32 seconds Yeah, CWIP is at 184 184 crores. 16:37 16 minutes, 37 seconds Expecting a little more a little more capex which is not yet which happened in Q3 and is still pending. So 120 I'm not sure what this number is. Yeah. 16:48 16 minutes, 48 seconds Uh I'll share the screenshot of the presentation separately after the maybe there was an error. I apologize for that but please do share that information so we can correct the Sure. 17:00 17 minutes Uh thirdly just a bookkeeping question. 17:02 17 minutes, 2 seconds We have seen uh change in numbers for Q3 FY25 between IMFL uh consumer IMFL and 17:11 17 minutes, 11 seconds manufacturing numbers of the base quarter last year Q3 FY25. Now last year IMFL revenue was 48 cr which has been 17:20 17 minutes, 20 seconds reported as 43 cr. Uh any specific reason for this? 17:26 17 minutes, 26 seconds There was a reclassification as per India and that reclassification has been addressed in this quarter. 17:33 17 minutes, 33 seconds Okay. 17:34 17 minutes, 34 seconds Uh that reclassification was only in Q3 last year. 17:39 17 minutes, 39 seconds Only in Q3. Q3 of last year versus Q3 of this. 17:45 17 minutes, 45 seconds Okay. and on and on IMFL uh this is our vision statement what we have guided of 17:53 17 minutes, 53 seconds basically 50% revenue from consumer and within that 50% 25% coming from PNS this 18:00 18 minutes ballpark implies a 50% revenue kagger over FY 26 to 29 how confident are we on 18:08 18 minutes, 8 seconds this and what will drive this because last two quarters performance is not indicating any kind of uh positivity 18:16 18 minutes, 16 seconds from an IMFL perspective. So on a higher base of IMFL revenue we are guiding for indirectly a 50% CAGR. So how confident are we? 18:30 18 minutes, 30 seconds So so thanks thanks Imanu there's some background noise here. So so thanks Imanu for the question. Obviously 18:39 18 minutes, 39 seconds overall you see we had called out in the last quarter itself Delhi has been a drag for on us for the last four 4 and 18:46 18 minutes, 46 seconds 1/2 months and that has had a big impact except for that our overall strategy and growths are in line. Now there is 18:55 18 minutes, 55 seconds obviously there can be a month or a quarter as we go forward into our next couple of years journey where there can 19:01 19 minutes, 1 second be a a performance which can exceed the projection and another quarter where it can slip. That is part but we are very 19:10 19 minutes, 10 seconds confident of our overall projection and our numbers purely because strategically we are going to grow within each state 19:20 19 minutes, 20 seconds as well as we are organically also growing geographies. Further to top it up also we have a lot of support coming 19:27 19 minutes, 27 seconds in from luxury uh to build up the top line uh and the bottom line growth which 19:35 19 minutes, 35 seconds is being driven by PNA. So overall we are very very confident because what we have narrated is part of a part of a 19:42 19 minutes, 42 seconds well-crafted strategy that has been successfully implemented for the last 3 years. We must keep it in mind that 19:49 19 minutes, 49 seconds there will be these quarters of overd delivery and some quarters of softer delivery and that is part of the journey. These will start getting less 19:59 19 minutes, 59 seconds and less impactful as we keep going forward and have more brands, more geographies. Uh so that any individual 20:08 20 minutes, 8 seconds state, tailwind or uh headwind will start becoming a very normal consequence of part of the journey as it is well known in our industry. 20:21 20 minutes, 21 seconds That was helpful. And how much dependent our vision FY29 statement is on the QIP. 20:27 20 minutes, 27 seconds Uh assuming if the QIP doesn't go through, would we still be holding on to our vision statement or we may recalibrate that? 20:36 20 minutes, 36 seconds No, we'll be holding on to our vision statement in either scenario. Uh what uh uh what we are what we are getting with 20:44 20 minutes, 44 seconds the QIP is an ability to grow our um uh business a little bit faster to be able 20:52 20 minutes, 52 seconds for to to be able to have certain opportunities uh for growth. um uh um you know as and 21:00 21 minutes when the opportunities available to to be taking actions in those opportunities as well as for um uh increasing our more 21:09 21 minutes, 9 seconds risky inventory. So you know in either scenario these are the numbers that we are projecting to achieve. 21:18 21 minutes, 18 seconds Thank you Mr. Sha. Please rejoin the queue for more questions. 21:23 21 minutes, 23 seconds Next question comes in the line of Nitan Asti with Incred Research. Please go ahead. 21:29 21 minutes, 29 seconds Hello sir. Uh one question on the manufacturing side and one question on the consumer side. On the manufacturing side our utilization has been tagged 21:38 21 minutes, 38 seconds below uh the numbers we used to do in the earlier years. I'm talking sorry Nathan your your voice is very soft. 21:46 21 minutes, 46 seconds Um hello siri please speak a little louder. Yeah clearly audible now. Yes please go ahead. 21:55 21 minutes, 55 seconds Okay. Okay great. So um so on the historical front from the historical perspective our 9 month utilization 22:02 22 minutes, 2 seconds number for the manufacturing business seems to be on the lower end. Um so is it because of the capeex that we were 22:09 22 minutes, 9 seconds doing and the refurbishing of the plants that we were doing and do we expect this to again go back to the historical level of 90% plus 22:18 22 minutes, 18 seconds um listen we expecting capacity utilization at 80 to 85% going forward. 22:24 22 minutes, 24 seconds uh given the capacity base um that that you know our current capacity base and 22:31 22 minutes, 31 seconds the incremental growth after UP um uh that's what we're going to be able to achieve uh and you know that's been our 22:39 22 minutes, 39 seconds guidance since last quarter understood sir uh so on the second uh question on the consumer front uh 22:48 22 minutes, 48 seconds Rajasthan had a multi-year policy which was implemented last year u it has done this before also however However, in the mid year, it used to come and give a 22:56 22 minutes, 56 seconds policy again for the next year. Um, and that used to normally make Q4 a bumpy quarter because the new excise policy 23:04 23 minutes, 4 seconds used to have higher prices come in from April and people used to stock up in uh Q4. 23:10 23 minutes, 10 seconds So, this time around, are we expecting any such movement because of multi-year policy or we just expecting normalization of the whole thing? 23:18 23 minutes, 18 seconds So, I can param I can come in on this if that's all right. 23:23 23 minutes, 23 seconds Uh so Nin um you know typically the the one issue that I have here this time is 23:31 23 minutes, 31 seconds that you know given our um uh stabilization of our SAP HANA uh project 23:39 23 minutes, 39 seconds this quarter we've been able to announce our results a lot sooner um than in the other quarters. Um we hope that uh this 23:48 23 minutes, 48 seconds kind of momentum will continue now going forward. Um the one problem because of this is that usually Q3 if results are 23:58 23 minutes, 58 seconds towards mid or end of February and by then I have complete clarity about next 24:04 24 minutes, 4 seconds year's policy. Um sitting mid Jan right now um there are talks that are on for a potential price increase in Rajasthan. 24:14 24 minutes, 14 seconds Um if that price increase is to come through then yes um similar ordering pattern will continue as there was last 24:22 24 minutes, 22 seconds year but if it isn't to continue then there won't be any uh change. Um regardless of this we are expecting um 24:31 24 minutes, 31 seconds this mid singledigit kind of volume growth in the RNO segment um u whether it is uh a little bumpy or not in 24:40 24 minutes, 40 seconds Rajasthan but we should be able to deliver on this mids singledigit growth understood sir thank you 24:50 24 minutes, 50 seconds thank you next question comes to the line of s with mina India undeserved please go ahead 24:59 24 minutes, 59 seconds Yeah. Hi. Uh my first question is that what is your guidance for uh a bit per 25:04 25 minutes, 4 seconds liter uh for FI27 and for this what would be your underlying assumptions for rise in maze price for this guidance? 25:15 25 minutes, 15 seconds Um our guidance remains 5 to seven rupees per liter for the next financial year um at 80 to 85% capacity 25:25 25 minutes, 25 seconds utilization. Um [clears throat] uh my assumption for ma maze and rice prices 25:32 25 minutes, 32 seconds is a similar trend that has played out this year. Um uh uh if there is 25:39 25 minutes, 39 seconds significant change then we expect that prices will also move in line with the significant change that takes place. 25:50 25 minutes, 50 seconds Okay. So if there so the margin should be this in this range regardless. Yes. Yes. 25:58 25 minutes, 58 seconds Okay. Uh my second question was uh how do you see profitability for IMFL in the next financial year FI27 and if you 26:07 26 minutes, 7 seconds could uh also give any inputs on FI28 profitability that would be helpful. 26:13 26 minutes, 13 seconds At this point we've given a guidance for FI29 profitability. Uh we are not in a position to give year-wise guidance um 26:22 26 minutes, 22 seconds for uh the PNA or business. uh so we request you to bear with us for a few 26:30 26 minutes, 30 seconds quarters uh till then okay so for IMF you can't give FI 270 or8 uh 26:37 26 minutes, 37 seconds no not at the moment not at the moment we've given um a 15 to 17% evict margin 26:44 26 minutes, 44 seconds guidance uh in FY29 for PNA all right so then u my last question uh 26:53 26 minutes, 53 seconds is that what are our plans for 2 for IMIL in the next financial year. Can you 27:00 27 minutes provide a target for uh like [clears throat] in terms of millions of cases that we are planning to reach in by 207? 27:09 27 minutes, 9 seconds Sure. Pam over to you. 27:11 27 minutes, 11 seconds Yeah. See, we don't want to project individual cases by a state. What we are expecting is as we have called out that 27:20 27 minutes, 20 seconds overall we are indicating that the RNO business will continue its mids singledigit uh growth. 27:30 27 minutes, 30 seconds Now we obviously are expecting that UP will continue to drive growth as well as the support from Delhi and West Bengal 27:39 27 minutes, 39 seconds will kick in once the new policy of Delhi excise comes through which definitely will come through if if if 27:47 27 minutes, 47 seconds not sooner than uh in March and West Bengal by the latter half of this quarter end of this quarter our 27:55 27 minutes, 55 seconds operations will start. So individual uh statewise guidance we are not releasing 28:03 28 minutes, 3 seconds at this point of time. Kindly bear with us. 28:06 28 minutes, 6 seconds Okay. So uh but it's fair to assume then that for IMIL and UP we can accept uh expect similar mids single digit growth in volume. 28:15 28 minutes, 15 seconds No I mean overall I said across IML not for UP. UP will obviously grow much much faster than that for the simple reason that the base is very slow very small. 28:27 28 minutes, 27 seconds UP is a very small base we are seeing across the total uh performance of globus across all five states. 28:35 28 minutes, 35 seconds Okay. All right. Okay. Got that. Thank you. Thank you. Thank you. 28:42 28 minutes, 42 seconds Thank you. Next question comes from the line of Sonia S with Insightful Investments. Please go ahead. 28:51 28 minutes, 51 seconds Uh yeah uh hi sir thank you for the opportunity. Uh so basically my question was similar to the last participant in 28:58 28 minutes, 58 seconds the Delhi market uh since you're saying that uh you know it has come back and now we're expecting better performance going ahead. If there is any chance you 29:07 29 minutes, 7 seconds could give us what kind of volumes and revenue are expecting you know going forward since it's a market that we were previously present in and are now sort of seeing a revival. 29:18 29 minutes, 18 seconds Yeah. also thanks thanks Sonia to give you a broader indication we have given the performance of PNA that we reported 29:26 29 minutes, 26 seconds a 37% year on year growth uh volume growth without Delhi you have our overall numbers of volume growth which 29:35 29 minutes, 35 seconds we have already published starts giving you that Delhi obviously was a salient market for us uh as I have said we 29:43 29 minutes, 43 seconds individually do not predict statewise quarter-wise growths But we are very confident of Delhi's 29:51 29 minutes, 51 seconds turnaround. The turnaround which has already begun should totally normalize uh by the end of this quarter itself. 30:00 30 minutes All right sir. Thank you. Thank you so much. 30:05 30 minutes, 5 seconds Thank you. Next question comes from the line of Ashish upg PMS. Please go ahead. 30:13 30 minutes, 13 seconds I'm still firstly on the fund raise that we have taken resation of the board. So any concrete plans as of now as to how 30:23 30 minutes, 23 seconds much are we doing out of the 300 crores and in what timeline and second the utilization of that how will you plan 30:29 30 minutes, 29 seconds it? So currently currently there's nothing concrete. Um as I mentioned in my opening remarks it's an enabling 30:37 30 minutes, 37 seconds resolution and uh based on uh the based on how the business is growing the the 30:45 30 minutes, 45 seconds requirement as well as uh environmental factors we will take a decision um uh later in the year. 30:53 30 minutes, 53 seconds Okay. And and what's the thought process on utilization utilization of that? Where are we going to utilize it? 31:00 31 minutes utilization is um uh it's essentially for growing our consumer business uh 31:06 31 minutes, 6 seconds both in terms of working capital finance as well as uh increasing inventory of more risky. 31:15 31 minutes, 15 seconds Okay. 31:17 31 minutes, 17 seconds So the [clears throat] only point is that uh given the market cap of our company 500 crores seems to be a reasonably big reduction that would come 31:24 31 minutes, 24 seconds in. So um as investors I mean we would [clears throat] be uh looking at lesser of a dilution because u unless it's a 31:34 31 minutes, 34 seconds dire need for a business uh no like I said there's no there is no dire need firstly uh secondly this is an 31:42 31 minutes, 42 seconds enabling resolution and 500 cr is the limit um the requirements that we are foreseeing are uh lower than that uh so 31:51 31 minutes, 51 seconds let's see how how things shape up as the year progresses and will keep you informed. 31:57 31 minutes, 57 seconds Okay. Let me u one more thing on the um drop in prices of raw materials. Can you help me with the numbers on uh what 32:05 32 minutes, 5 seconds would be the drop in maze prices what you would have seen and uh you also on the broken rice what was the kind of uh 32:12 32 minutes, 12 seconds drop that we saw [clears throat] uh you separated for for broken rice and maze 32:22 32 minutes, 22 seconds I think I think it's an overall thing no it's not the right way to see it because um you know we may not have been purchasing maze uh in a certain period 32:31 32 minutes, 31 seconds that we're purchasing maze right Now so the the base may not be comparable. uh nilan mentioned that 15% is the uh 32:40 32 minutes, 40 seconds reduction in uh raw material price year on year and 4% quarter on quarter and factors in the raw material mix 32:49 32 minutes, 49 seconds right so would we have used more of broken rice this time around I is that a 32:55 32 minutes, 55 seconds fair option or we are using mix of both it's a mix of three right uh FCI uh 33:03 33 minutes, 3 seconds broken rice and maze um in the North uh maze prices are not that favorable. U in 33:10 33 minutes, 10 seconds the east they are more favorable. Um so it's a mix. 33:16 33 minutes, 16 seconds Okay. Uh I mean just looking for a direction as to uh in the market what is the drop in the mean price. I I don't 33:23 33 minutes, 23 seconds have the data. Uh overall in terms of raw total raw material price difference is 15% year on year. Um uh 33:32 33 minutes, 32 seconds but if I were to talk about Maze uh last year December um uh May's price in December last year 33:41 33 minutes, 41 seconds would was about 2,300 rupees. Um and this year it's about 20 2400 rupees and 33:48 33 minutes, 48 seconds this year it's about 2150 to 2200. Uh but these are spot price changes not average of quarter or any such u number. 33:58 33 minutes, 58 seconds So the average a quarter the right way to see it is raw material price for that period. 34:03 34 minutes, 3 seconds Right. Got it. Sure sir. Thank you so much. 34:09 34 minutes, 9 seconds Thank you. Next question comes from the line of Hitendra Pradhan with Maximal Capital. Please 34:19 34 minutes, 19 seconds good [clears throat] afternoon sir. Sir if I heard you right uh you said for Q3 you did 37% Y on PNA X of Delhi and 34:29 34 minutes, 29 seconds overall 9% uh do you have the similar figure for 9M also no we we we beyond this there is not 34:36 34 minutes, 36 seconds much more detail at this point of time we are sharing the reason why we called out was just to point out the impact of 34:44 34 minutes, 44 seconds Delhi because uh Delhi was one of the first three states we had entered UP Delhi and West Bengal and as we continue 34:53 34 minutes, 53 seconds with our growth journey still is a significant contributor and the impact uh on Delhi has been noteworthy in our 35:01 35 minutes, 1 second business. uh as I have said that uh we are very quickly normalizing the situation and the momentum will be there 35:09 35 minutes, 9 seconds for all to see in Q4 itself and going forward obviously such blips will become less and less noteworthy as we expand into more geographies and more brands. 35:19 35 minutes, 19 seconds Yeah. 35:21 35 minutes, 21 seconds Okay. And uh similarly sir on the Arono RN O business so you know from the beginning of the year we were expecting 35:30 35 minutes, 30 seconds a mids singledigit sort of a uh sales volume growth but we have been more or less flat and uh so let's say Rajasthan 35:40 35 minutes, 40 seconds you have called out about inventory alignment in Q2. So let's say if you remove Q2 then Q1 Q3 how has been the 35:47 35 minutes, 47 seconds growth in Rajasthan uh market in terms of volume? If you can give some flavor on that. 35:53 35 minutes, 53 seconds Threeish threeish at this point of time Q3 is threeish. There is also an impact of uh you know you will note sir that uh 36:02 36 minutes, 2 seconds we have called out I think even in the last uh Q2 one we had announced that Delhi policy is coming to an end. So as 36:10 36 minutes, 10 seconds of now there is no sale in Delhi of any company because the policy has concluded and the XI has not released the new 36:18 36 minutes, 18 seconds policy unfortunately and West Bengal obviously is undergoing the transition which will in the medium-term which will 36:27 36 minutes, 27 seconds be very beneficial to us as a result these both these states having no volume contribution or topline contribution it 36:36 36 minutes, 36 seconds it has that m I mean short-term uh impact on the business but we hold 36:43 36 minutes, 43 seconds our overall guidance of uh mid single digit. 36:48 36 minutes, 48 seconds Okay. Um [clears throat] uh you also mentioned about um you know significant margin increase uh once the 36:56 36 minutes, 56 seconds up distillery will come up. So that is going to be only on the on the RNO sales 37:03 37 minutes, 3 seconds that we are doing on up or what will be the base over which this margin expansion will play out? 37:11 37 minutes, 11 seconds It will play out on RNO and PNA. 37:16 37 minutes, 16 seconds Okay. So it will play out on both RNO and PNA sales which we are doing currently in UP. 37:23 37 minutes, 23 seconds Yes. Current and future sales. 37:29 37 minutes, 29 seconds Okay. Okay. And sir on the fundraising side unless we have a inorganic opportunity in sight given that now you 37:38 37 minutes, 38 seconds know uh the bad times that we had in manufacturing now that is turning around and that should positively contribute to 37:45 37 minutes, 45 seconds the cash flows and given that we don't have any future capex requirement coming from manufacturing. So in absence of any 37:54 37 minutes, 54 seconds inorganic opportunity uh why there should be any fundraising uh requirement for the company as such? 38:02 38 minutes, 2 seconds So currently in the IMSL uh business the way it's um growing as well as poised to grow of course um we've had a couple of 38:11 38 minutes, 11 seconds quarters of setback in Delhi. Uh but you know leaving aside that Pam mentioned that the growth in all other states has 38:20 38 minutes, 20 seconds been completely on track. um uh there is a need to uh you know be a little more 38:28 38 minutes, 28 seconds aggressive on investments behind the consumer business both in terms of working capital as well as uh uh 38:35 38 minutes, 35 seconds advertising opportunities. Um our entire aggression currently is based entirely on you know raw material price movement. 38:44 38 minutes, 44 seconds So once raw material price comes down, our aggression increases, raw material prices go up, our aggression reduces. Uh 38:51 38 minutes, 51 seconds and that kind of strategy is not um wise, you know, as we are now shaping up 38:58 38 minutes, 58 seconds the future of states of consumer business in uh in in the in the new states and parenting. Um so that is the 39:07 39 minutes, 7 seconds reason uh strategically for doing the fund raise. 39:13 39 minutes, 13 seconds Okay. What is the net that we have right now sir? 570 crores. 39:20 39 minutes, 20 seconds 570. Yeah. 39:24 39 minutes, 24 seconds Okay sir. Thank you sir and all the best. Thank you. 39:33 39 minutes, 33 seconds The next question comes from the line of Himmanu Sha with 12 Capital. Please go ahead. 39:39 39 minutes, 39 seconds Uh so just a followup or would promoters be participating in QIP? 39:46 39 minutes, 46 seconds Um as of now uh uh there is u no commitment either ways. Uh so you know I 39:54 39 minutes, 54 seconds currently can't speak on behalf of the promoter block but let's see how things shape up. 40:02 40 minutes, 2 seconds Sure that's it from my side. Thank you and all the best. 40:10 40 minutes, 10 seconds Thank you. Next question comes from the line of Nishant Pat with Equity Works Limited. Please go ahead. 40:19 40 minutes, 19 seconds Yeah. Am I audible sir? Yes. 40:23 40 minutes, 23 seconds Yeah. Uh so my question was regarding the uh PNA segment. So uh currently 40:31 40 minutes, 31 seconds my question was like when can we expect a break even one in this segment? Can we expect a break even in this financial 40:38 40 minutes, 38 seconds year because I think we are very close to a break even and u I guess within two 40:45 40 minutes, 45 seconds to three quarters it should turn positive. Am I right in my assessment? 40:53 40 minutes, 53 seconds Yeah, I I believe so. Pam, do you want to talk about it? Yeah. 40:56 40 minutes, 56 seconds Yeah. See the way if you will recall since the inception of our journey we've been saying is that each individual 41:05 41 minutes, 5 seconds market in its third full year will uh start acrewing and will become 41:12 41 minutes, 12 seconds profitable and new markets will continue to add and they will obviously need 41:18 41 minutes, 18 seconds investments and as we keep grow pursuing aggressive growth these investments will continue to feed into it. Overall we 41:27 41 minutes, 27 seconds have shared that where our journey is that from a position of where we started we are now almost in the zone of 41:35 41 minutes, 35 seconds uh you know very close to break even. It is very difficult to start predicting quarter on quarter on the growth here 41:43 41 minutes, 43 seconds that how soon we will break even because it is the aggression at which we will grow the existing states paralleled by 41:50 41 minutes, 50 seconds an aggression with which we will continue to find new geographies and in invest there. So my my take here is that 41:59 41 minutes, 59 seconds overall as far as we continue to drive growth and keep moving towards profitability profitability is just a 42:06 42 minutes, 6 seconds function of the journey. Um our individual margins bases the strategy 42:13 42 minutes, 13 seconds that we are using on choosing brands segments geographies and our right to win are in the zone of 40% already which 42:21 42 minutes, 21 seconds is in the zone of western class 45% across leading brands and companies. So I think these are the parameters where 42:29 42 minutes, 29 seconds we would like to anchor our business on and uh sooner than later you will see that we will breach the line. 42:39 42 minutes, 39 seconds Got it. And then uh I think uh so my question was again on the PLA segment 42:45 42 minutes, 45 seconds itself see majority of the um players have a very decent margin somewhere near 15 to uh 17%. 42:55 42 minutes, 55 seconds uh like but because we are in like fully integrated player like can we expect you know an um you 43:05 43 minutes, 5 seconds know margin which can be greater than this particular price trend over the years. our so so our our 43:13 43 minutes, 13 seconds uh ENS our ENP spends are significantly higher than competitors. On the other hand, our gross margins are in line with 43:23 43 minutes, 23 seconds competitors. Um we expect that by FY29 our IBITA margins will be in line with 43:32 43 minutes, 32 seconds competitors even though our ENTP will be higher than competitors in FY29 43:40 43 minutes, 40 seconds and that is the that is the strength of our integrated model. 43:46 43 minutes, 46 seconds We would not want to make any projections or predictions beyond that because we have benchmarked us our first 43:53 43 minutes, 53 seconds uh large pit stop at F29 where we have declared we will be between 15 to 17% uh AITA. 44:04 44 minutes, 4 seconds Got it. Got it. Yeah, that's from Thank you. 44:10 44 minutes, 10 seconds Thank you. Next question comes on the line of Raman KB with Sequent Investments. Please go ahead. Uh hello sir can you hear me? 44:19 44 minutes, 19 seconds Yes please go ahead sir. 44:22 44 minutes, 22 seconds Hey uh yes sir. Uh sir I just want to understand uh I have three questions. 44:26 44 minutes, 26 seconds One is with respect to the upcoming UP distillary facility. From what I can observe over the past two quarters, we 44:33 44 minutes, 33 seconds are able to do around uh 50 to 52 million liter per quarter of sale in 44:40 44 minutes, 40 seconds terms of uh manufacturing because that is EA, ENA and ethanol. So once this uh 44:46 44 minutes, 46 seconds UP facility comes in in Q4, how uh how much will be the incremental sale in terms of manufacturing 44:55 44 minutes, 55 seconds uh business once this up commences in FI27? Yeah, just a second. 45:06 45 minutes, 6 seconds About 20 million lit 15 to 20 million lit more per quarter 45:14 45 minutes, 14 seconds per year per year. So uh and you you have given the guidance of uh around 80% 45:22 45 minutes, 22 seconds utilization 80 to 85% utilization that is including this new uh facility right? 45:29 45 minutes, 29 seconds Yeah. Yeah. Yeah. So this 20 20 million is at about uh 90% capacity utilization. 45:36 45 minutes, 36 seconds So 15 to 20. Yes. 45:39 45 minutes, 39 seconds So and my second question is uh I just want to understand growth of your consumer business in terms of volume or 45:48 45 minutes, 48 seconds sales if you can give a ballpark figure for FI27. you have given with respect to consumer business I think mid-s 45:55 45 minutes, 55 seconds singledigit volume growth and what about the cage and above will it continue to grow at 15%. 46:02 46 minutes, 2 seconds Um no so we have not given any guidance for 27 and 28. We've given a guidance for 29 uh for our PNA business. Uh we've 46:11 46 minutes, 11 seconds given an RNO volume guidance uh and revenue revenue guidance or even single digits um uh year on year. uh for the 46:20 46 minutes, 20 seconds manufacturing business. The reason it is hard to give a revenue growth run rate is because that business 46:28 46 minutes, 28 seconds uh the realization is dependent on raw material price. Um so you could have periods of um you know even degrowth in 46:38 46 minutes, 38 seconds revenues uh but uh capacity utilization and ITA margins those are the main ways 46:46 46 minutes, 46 seconds to monitor that business. So 80 to 85% capacity utilization with 5 to 7 rupees 46:53 46 minutes, 53 seconds in the term margin regardless of revenue um growth or decrease. However in FY27 47:02 47 minutes, 2 seconds revenue is going to grow because of new capacity coming in. Mhm. 47:07 47 minutes, 7 seconds And and this is last uh increase of capacity that is expected 47:13 47 minutes, 13 seconds going forward. Unless hello. Yeah. Hello. Can you hear me? 47:22 47 minutes, 22 seconds Yes. I hope I answer your question. 47:25 47 minutes, 25 seconds Yeah. Yes sir. So my final question is with respect to the QIP. We have received an approval of 500 crores of 47:33 47 minutes, 33 seconds QIP. I just want to understand if you can give us a ballpark figures where we'll be using this funds for. 47:40 47 minutes, 40 seconds So the uh the upper limit is 500. our requirement is lower than that. Uh the 47:47 47 minutes, 47 seconds fund will be utilized as I mentioned earlier for uh growing our consumer business. Uh uh it will be utilized for 47:57 47 minutes, 57 seconds working capital as well as for increasing our malt whiskey inventory in maturation. 48:06 48 minutes, 6 seconds So can you explain the last part of it increasing the So so you know for our single molds um 48:14 48 minutes, 14 seconds uh given the expected growth rates of the uh single mold whiskey brand Dwab u we need to increase our vis our 48:23 48 minutes, 23 seconds inventory of whiskey in maturation um which will be available after few years for bottling. 48:33 48 minutes, 33 seconds Uh after few years what's the last word for bottling? Okay, understood sir. Thank you sir. 48:44 48 minutes, 44 seconds Thank you. Next question comes from the line of Daval Dama with Enigma Small Opportunities Funds. Please go ahead. 48:52 48 minutes, 52 seconds Uh hi sir. Thank you so much. Uh so I just wanted to understand basically uh recently I don't know there there has 49:00 49 minutes been some buzz that OMC's have started reducing the offtake of ethanol. Uh so do we have any color on that or are 49:08 49 minutes, 8 seconds agreements are still in place for the next one year and we are pretty confident in terms of volume outlook over the same we are confident of 80 to 85% capacity 49:17 49 minutes, 17 seconds utilization between ENA and ethanol. Um so uh uh uh you know within this we do 49:26 49 minutes, 26 seconds not see any significant threat. Uh yes uh uh I have uh I have also been hearing 49:34 49 minutes, 34 seconds that OMC's are reducing um volume uptake but so far we are not impacted and our 49:42 49 minutes, 42 seconds contracts are in place for the capacity utilization guidance that I have provided you. 49:49 49 minutes, 49 seconds Okay. And sir, I think that uh would be great if you can just uh give us some more color in terms of uh the impact of Delhi because I think at the beginning 49:57 49 minutes, 57 seconds of the of the current financial year for FI26 uh we were confident of delivering a much higher number in terms of revenue 50:05 50 minutes, 5 seconds at least on the PNA segment. So would it be possible for you to provide some more color on that in terms of how the recovery is shaping up? what was the 50:13 50 minutes, 13 seconds bottom that we hit in terms of volumes in Delhi and how things could shape up from here on. So Pam could you take that? 50:21 50 minutes, 21 seconds Yeah. Yeah. Yeah. Thanks. Thanks for the question. As we have already called out the the revenue growth excluding Delhi 50:28 50 minutes, 28 seconds to give you a a fair idea of the impact of Delhi in terms of how the uh business 50:36 50 minutes, 36 seconds is shaping up. We expect January to March quarter to totally normalize Delhi. We are already begun our journey 50:45 50 minutes, 45 seconds of normalizing Delhi in the last month of the previous quarter. And uh while we do not release individual statewise 50:54 50 minutes, 54 seconds volumes or growths, we are we are collectively obviously Delhi still being one of the early three 51:02 51 minutes, 2 seconds states and being a a reasonable contributor to our journey. when you start seeing the projection of 50% 51:12 51 minutes, 12 seconds growth for Q4 it we we believe that it gives you sufficient confidence that Delhi will be totally normalized and back on track within this quarter. 51:24 51 minutes, 24 seconds Sure. So and sir any uh basically any timelines that we have in terms of getting into CSD or some duty fee 51:32 51 minutes, 32 seconds channels in terms of uh projecting the brand or increasing the awareness uh so any color or any timelines on that 51:40 51 minutes, 40 seconds so it's difficult to project timelines but we are uh very happy to share that we are pursuing both these uh verticals 51:50 51 minutes, 50 seconds as we talk to you uh we are we are file is moving in CSG. The first time entry 51:57 51 minutes, 57 seconds into both these channels does take time over which we do not have enough control and hence uh we cannot take the liberty 52:06 52 minutes, 6 seconds of putting timelines. But uh we are also aggressively pursuing both these channels and we hope to share good news 52:15 52 minutes, 15 seconds uh uh with our investor partners sooner than later. 52:21 52 minutes, 21 seconds Sure sir. That's it for my thank you so much. 52:27 52 minutes, 27 seconds Thank you. Next question comes from the line of Chandra Shika Srida with Fidelity International. Please. 52:35 52 minutes, 35 seconds Hi gentlemen. Good afternoon. Um I just wanted to get some math clear in my head. We are sort of clocking about 210ish 52:43 52 minutes, 43 seconds million liters um in the manufacturing at this point in time. I mean Pam you made a point that you'll be able to do another 220 another 20 million liters of 52:51 52 minutes, 51 seconds external sale which is sort of maybe a 10% increase um in additional volumes um 52:59 52 minutes, 59 seconds so is that uh right way and if that were to be the case how do we sort of get to 53:06 53 minutes, 6 seconds um your FI29 numbers in terms of your manufacturing sort of uh even um so I just want to understand first if that is 53:15 53 minutes, 15 seconds right and then Um uh given that we'll be sort of 330 million capacity and you're talking 53:22 53 minutes, 22 seconds about 85% utilization um it doesn't seem that there's lot left which we'll be consuming internally. 53:31 53 minutes, 31 seconds So just trying to get the math around this right. 53:33 53 minutes, 33 seconds Hi this is Shader. Um uh I'm sorry I I lost track of some of the numbers you mentioned. Our current capacity base is 53:40 53 minutes, 40 seconds 330 million liters. We are adding another 30 million liters in Uttar Pradesh. Uh so that takes it to 360. Uh 53:49 53 minutes, 49 seconds 85% of this is about 306 million L of capacity. Right. 53:58 53 minutes, 58 seconds Okay. So we will I mean 220 so about 220 230 is sort of for external sales and the rest is sort of what we think we 54:05 54 minutes, 5 seconds consume internally over a period of time. 54:08 54 minutes, 8 seconds um over a period of time the internal consumption number I know we've done a working on it I don't have it ready off 54:15 54 minutes, 15 seconds hand um I can send you that uh break up uh FY29 what is the internal consumption 54:22 54 minutes, 22 seconds and external sales um I I will send that to you sure thank you um can we uh also get 54:30 54 minutes, 30 seconds some sense on what's the potential market share which you're thinking about UP over a threeyear view I mean this is obviously 120 million case market much 54:38 54 minutes, 38 seconds rather Rajasthan but you do you have some sense that by then um you up could 54:44 54 minutes, 44 seconds be uh almost as large as the 10 million 11 million which you're doing in Rajasthan 54:51 54 minutes, 51 seconds can yeah thanks for the question so we have in our F29 projection anchored UP 54:58 54 minutes, 58 seconds at 5 million cases uh which which pegs ush you know even if the market does not grow and holds its 55:07 55 minutes, 7 seconds volume. It pegs us 5% share. Uh and that's the best breakup at this point of 55:13 55 minutes, 13 seconds time on the table. Um understood. Okay. Thank you. 55:20 55 minutes, 20 seconds Thank you. 55:23 55 minutes, 23 seconds Thank you. Next question comes from the line of Vijaya with Insightful Investments. Please go ahead. 55:30 55 minutes, 30 seconds Hello. Am I audible? Hi. Yes sir. 55:34 55 minutes, 34 seconds Yeah. Thank you for the opportunity. Sir just two questions. One is uh currently we said our net debt is about 570 55:41 55 minutes, 41 seconds crores. Uh just one question. What kind of debt to a bitter levels will we be comfortable over the next couple of years? 55:51 55 minutes, 51 seconds Um do you have the working of debt going forward? Two or less. 56:01 56 minutes, 1 second It's a working this it's a working capital business. So next 56:08 56 minutes, 8 seconds next few years while our long-term debt will come down but our working capital will increase with increase in IMFL business. So anything in the level of 56:17 56 minutes, 17 seconds two or less is an ideal position on a debt to bitter. 56:21 56 minutes, 21 seconds Okay. So you think two or less and second is just one small clarification. 56:25 56 minutes, 25 seconds be said that we will see sharp uh volume growth in Q4. 56:31 56 minutes, 31 seconds Will that base number for last year's Q4 change or that will remain constant? 56:35 56 minutes, 35 seconds No, the base numbers of last year change the base number for this year it's already for this quarter. So just want to clarify up front. 56:42 56 minutes, 42 seconds No, no, no. That was a reclassification matter. T4 base numbers will not change. Okay. Thank you so much. 56:51 56 minutes, 51 seconds Thank you. Next question comes from the line of Nishan with Equity Works Limited. Please go ahead. 57:01 57 minutes, 1 second This is just a follow-up question I wanted to ask. Um um see uh we are seeing a trend that a lot of other uh 57:11 57 minutes, 11 seconds companies are acquiring this homegrown distilleries as a you know inorganic acquisitions. 57:18 57 minutes, 18 seconds uh like ABD just acquired I think Pulron uh distilleries right so similarly um uh 57:25 57 minutes, 25 seconds Pam are you seeing some some kind of opportunity for globus over here to like 57:33 57 minutes, 33 seconds because we are focusing on premiumization of our brands right so that's one question I wanted to ask you you want to take it or you want me 57:40 57 minutes, 40 seconds to take it I can take it no problem so I think this is one area where globus differentiates itself from a lot of the other companies 57:49 57 minutes, 49 seconds out there uh which is our internal capability uh to innovate and create products. Um uh you know a lot of the 57:58 57 minutes, 58 seconds other companies need to acquire um uh new products uh in order to get innovative products as part of their 58:06 58 minutes, 6 seconds portfolio. However, we are able to create that innovation internally. Um let me talk about a recent launch which 58:15 58 minutes, 15 seconds is Zab expression 02 uh matured in Japanese Misunara Oak. Um this is the 58:22 58 minutes, 22 seconds first Indian single malt whiskey to be matured in Japanese uh Misunara Oak. 58:28 58 minutes, 28 seconds Another product um Tai vodka um which is uh priced um uh premium to absolute 58:37 58 minutes, 37 seconds vodka in all states. Um this is the world's first vodka to be filtered with amethyst crystals. Um and this is a technique created uh entirely in house. 58:49 58 minutes, 49 seconds Um so a lot of our uh plans for innovative uh brands is based on internal innovation. On the other hand, 58:59 58 minutes, 59 seconds coming to acquisitions, uh there may be opportunities to acquire regional brands that have distribution 59:08 59 minutes, 8 seconds salients in certain geographies that we are not present in. Um so those are the kind of opportunities we would be interested in looking at. 59:20 59 minutes, 20 seconds Got it. So we are confident on our uh basically branding and you know in-house capabilities. That's what you are saying 59:28 59 minutes, 28 seconds for for for the FY29 plan. Yes. 59:34 59 minutes, 34 seconds Got it. And see this is just a suggestion. Um because I can see you have been you know uh creating wonderful 59:42 59 minutes, 42 seconds brands but we don't see it in social media this dab especially 59:51 59 minutes, 51 seconds whiskey right it was a to market in YouTube like I see a lot of other reviews also like there are some other 1:00:00 1 hour companies which are marketing but I don't see your products even ter it it has such a very you know catchy kind of 1:00:08 1 hour, 8 seconds you know bottle design and the amethyst crystals as well you know so but I don't see it in social media that's that's the 1:00:17 1 hour, 17 seconds suggestion I wanted to give so you you can go aggressive because you have mostly the target is on you know the 1:00:24 1 hour, 24 seconds younger audience right so some experimential uh consumer events uh you know live concerts that kind of you know 1:00:32 1 hour, 32 seconds marketing you guys can do because I think the brand actually hits with the young consumers more. I see many of my 1:00:40 1 hour, 40 seconds friends consuming tai gin that's why this was just a suggestion uh to add on. 1:00:45 1 hour, 45 seconds So thank you for that suggestion and our um uh uh our market our ent spends are 1:00:52 1 hour, 52 seconds based on the need for the business uh in the markets that we're present in. 1:00:58 1 hour, 58 seconds Uh so they are prioritized according to that. uh and as as the priority for social media increases, we will increase 1:01:07 1 hour, 1 minute, 7 seconds our spend in that uh channel. Uh but yes, thank you very much for the suggestion. 1:01:14 1 hour, 1 minute, 14 seconds That's all for me. Thank you. 1:01:19 1 hour, 1 minute, 19 seconds Thank you ladies and gentlemen. Due to time constraints, we have reached the end of question and answer session. I would now like to hand the conference 1:01:26 1 hour, 1 minute, 26 seconds over to Mr. Shaker Surup joint MD for closing comments. 1:01:31 1 hour, 1 minute, 31 seconds Thank you everyone for joining today's call. As always, we remain available for any further uh questions you may have. 1:01:38 1 hour, 1 minute, 38 seconds Please do reach out to us directly or to our investor relations agency, Stellar. Thank you again and have a good evening. 1:01:47 1 hour, 1 minute, 47 seconds Thank you. On behalf of Globus Spirits Limited, that concludes this conference. 1:01:52 1 hour, 1 minute, 52 seconds Thank you for joining us. You may now disconnect your link.