Goldiam International Limited — Q4 FY26

Goldiam International Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=YrPq2yXG_TE Published: 3 weeks ago

0:00 [music] 0:02 2 seconds Ladies and gentlemen, good day and welcome to the Goldium International Q4 FI26 earnings conference call. As a reminder, all participant lines will be 0:09 9 seconds in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. This conference call may contain forwardl lookinging statements about the company which are based on the 0:18 18 seconds beliefs, opinions and expectations of the company as in the date of this call. 0:21 21 seconds These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. Should you need assistance during this conference call, please 0:29 29 seconds signal an operator by pressing start then zero on your touchstone phone. 0:33 33 seconds Please note that this conference has been recorded. I now hand the conference over to Mr. Rahul Dhani. Thank you and over to you sir. 0:39 39 seconds Yeah, thank you. Good afternoon everyone. On behalf of Monarch Nut Capital, we're delighted to host the senior management of Goldam International. We have with us Mr. Rash 0:48 48 seconds Bansi, executive chairman and we have Mr. Anul Bansi, managing director of the company. Uh we will start the call with opening remarks on management and then 0:56 56 seconds move to Q&A. Thank you and over to you sir. 1:00 1 minute Thank you so much Rahul. Good afternoon everyone and welcome to Goldian and learnings call for the quarter and year ended on 31st March 2026. I would like 1:09 1 minute, 9 seconds to thank Monarch team for hosting this call. 1:13 1 minute, 13 seconds I am pleased to inform that Goldian has reported strong overall performance for the quarter as well as for the year ended 31st March 2026. Goldian has 1:22 1 minute, 22 seconds reported highest level revenue AITA and PAT for the financial year 2026. For the first time in Goldian's history, our 1:30 1 minute, 30 seconds revenue has crossed the prestigious 1,000 cr. Despite the business disruptions related to tariffs, West 1:38 1 minute, 38 seconds Asia war, volatility in gold prices, Goldian ended FY 2026 with a tremendously impressive 27.5% 1:46 1 minute, 46 seconds consolidated revenue increase at 1,212.3 million and a robust 45.7% increase in 1:55 1 minute, 55 seconds consolidated pack at rupees 1,75.9 million. Consolidated revenue for Q4 FY 2:03 2 minutes, 3 seconds 2026 at rupees 2,433 million was up by 21% and consolidated 2:10 2 minutes, 10 seconds PAT for Q4 FY2026 at rupees 372 million surged by 61%. 2:17 2 minutes, 17 seconds AITA for Q4 2026 at rupees 583 million grew by 35.9% with AITA margin of 23.9%. 2:28 2 minutes, 28 seconds AITA for FY 2026 at rupees 2486.7 million grew by 36.2% with AITA margin 2:37 2 minutes, 37 seconds of 24.3% cash and cash equivalent including investments were at 4,933.92 2:46 2 minutes, 46 seconds million as on March 31st 2026. The board of directors have recommended a bonus share in the ratio one is to three fully 2:55 2 minutes, 55 seconds paid up equity shares of rupees of rupees two each in proportion of one new fully paid up equity share of rupees 2 3:02 3 minutes, 2 seconds for every three existing fully paid up equity shares of rupees 2 each subject to the approval of shareholders. Here I 3:10 3 minutes, 10 seconds would like you to note that Goldium is tariff agnostic and the recent increase in custom duty in India on gold to 15% 3:17 3 minutes, 17 seconds will not have any material impact on gold's operations, financial performance or profitability. The company operates 3:24 3 minutes, 24 seconds from special economic zone which is seats and continues to avail the applicable custom duty exemption 3:32 3 minutes, 32 seconds benefits available to seats units under the prevailing government policies and regulations. Lapron diamond jewelry 3:39 3 minutes, 39 seconds exports contributed to 88.3% to the overall export sales mix during Q4 2026. Online revenue accounted for 3:48 3 minutes, 48 seconds 27.4% of the revenue during Q4 FY 2026. About 64.5% of the inventory finished jewelry 3:57 3 minutes, 57 seconds as on March 31st 2026 is with customers as finished stock of jewelry to be sold in subsequent months to their customers. 4:05 4 minutes, 5 seconds Gold's order book position as on March 31st 2026 was at about 2,000 million rupees. Now let me share updates on 4:14 4 minutes, 14 seconds Origin our India focus B2B lab grown diamond jewelry retail brand from 4:20 4 minutes, 20 seconds January 2026 till now. Originian's India retail labrown diamond jewelry brand has doubled its store count now 4:28 4 minutes, 28 seconds having 24 operational stores across 12 cities. 4:32 4 minutes, 32 seconds During Q4 FY26, Origin recorded a total revenue of 55.6 million. There are eight 4:39 4 minutes, 39 seconds more Origin stores coming up. 8 to 10 more Origin stores coming up and they'll be all operational by September 2026. 4:46 4 minutes, 46 seconds With that overview, I'm happy to pass this line to our managing director, Mr. Anmul Bansali, for further updates. Anmul, take it over. 4:54 4 minutes, 54 seconds Thank you. Um good afternoon, good evening to our esteemed shareholders and to the shareholder community in general. 5:03 5 minutes, 3 seconds Um once again, as our chairman has mentioned, in a tumultuous and challenging year, we are very glad to 5:09 5 minutes, 9 seconds present our all-time high revenue eida and pat results. um at Goldam on the B2B 5:17 5 minutes, 17 seconds side, the hybrid casting method where we are casting in the United States has truly been instrumental to help 5:25 5 minutes, 25 seconds delivering business continuity for um ourselves, our customers and in general in the jewelry industry as well as to 5:34 5 minutes, 34 seconds help deliver margin growth um within the company. Um we've crossed a 1,00 K milestone in revenue which is an 5:42 5 minutes, 42 seconds important milestone in our journey and while we look forward to more we want to take this time to also celebrate and 5:49 5 minutes, 49 seconds thank the key stakeholders at Bodium including all of our teammates to help deliver this result. Um we look forward 5:57 5 minutes, 57 seconds to in the coming year as well an introduction in of high ASP fashion jewelry um specifically in the tennis 6:06 6 minutes, 6 seconds bracelets and tennis necklaces segment at Goldam which will provide added growth and incremental value addition to 6:13 6 minutes, 13 seconds to our company which has 12 been predominant in the bridal jewelry segment. At Origam as mentioned by our 6:21 6 minutes, 21 seconds chairman we have 24 operational stores 12 of which have opened less than 60 about 60 days ago or less. While we have 6:30 6 minutes, 30 seconds another eight plus signed up our focus is also now on adding on sales enablers 6:37 6 minutes, 37 seconds within the origam stores. These include, as you may have seen, India's first 360 6:44 6 minutes, 44 seconds 3D digital ring builder where a customer can both online and in an origam store 6:51 6 minutes, 51 seconds truly build their own ring with variations of up to nine center stone shapes, six sizes, multiple um different 7:00 7 minutes shank options and setting options as well, including customizing even with an engraving. All of which is re rendered 7:09 7 minutes, 9 seconds in a photorealistic manner live with live pricing. It's an important step in our endeavor to build a higher quality 7:17 7 minutes, 17 seconds jewelry shopping experience in our country. Further we hope to expand into additional categories with this 360 ring 7:25 7 minutes, 25 seconds builder experience as well as in the future very soon hopefully hope work we hope to launch additional sales enablers 7:34 7 minutes, 34 seconds like old gold exchange facilities purchase plan and advanced purchase plan facilities and so on and um for the alternate carriage of gold um inventory. 7:48 7 minutes, 48 seconds This includes 9K as well as potentially even um reviewing an addition or a small line of jewelry studied in silver. Um, 7:58 7 minutes, 58 seconds we hope all of these enable Origam to be the jeweler of choice in the lab grown diamond space and allows multiple use 8:06 8 minutes, 6 seconds cases both in daily wear as well as in higher value um in the higher value 8:13 8 minutes, 13 seconds segment to allow Orient to be the mindshell winner in the lab grown diamond jewelry space in India. Uh thank 8:22 8 minutes, 22 seconds you. I now request um participants um to join in in the question and answer session and we look forward to providing clarity and answering your questions. 8:33 8 minutes, 33 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove 8:42 8 minutes, 42 seconds yourself from the question Q, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. 8:59 8 minutes, 59 seconds The first question is from the line of Pikshi from Whitton PMS. Please go ahead. 9:04 9 minutes, 4 seconds Uh yeah, thanks for the opportunity. Uh so my first question is related to our B2B business. So if you can throw some 9:12 9 minutes, 12 seconds light uh in terms of uh you know demand scenario in the US market and uh we are also expanding to the other geographies 9:19 9 minutes, 19 seconds as well. So if you can uh you know throw some light on the demand scenario and also uh over last couple of years uh 9:27 9 minutes, 27 seconds let's say uh our top three to three to five retailer brands how our wallet 9:34 9 minutes, 34 seconds share has increased uh in uh each of those brands. 9:40 9 minutes, 40 seconds Sure. Thank you Mr. Dshi. Um so yes the demand scenario continues to look positive specifically in the labroom 9:48 9 minutes, 48 seconds diamond studed jewelry space. In general we see um our retailers um in order to 9:57 9 minutes, 57 seconds minimize the advent of higher raw material costs specifically in gold moving down in in KT. So somebody who 10:05 10 minutes, 5 seconds was specializing in 18 would is increasing their lines of jewelry in 14. 10:10 10 minutes, 10 seconds Some view specializing in 14 would is now increasing the lines of jewelry in 10k and so on and so forth. This allows 10:17 10 minutes, 17 seconds the retailer to maintain price points um for the end customer and still managed to capture demand in the key price 10:26 10 minutes, 26 seconds points such as for example $1,000 retail, $2,000 retail, $3,000 retail, and so on and so forth. Um with these 10:33 10 minutes, 33 seconds changes in mind, we see the demand scenario remaining um robust. And um for us in particular at Goldam, we have 10:42 10 minutes, 42 seconds always been a bridal jewelry specialist in the US and global um retail jewelry segment. The bridal specifically refers 10:51 10 minutes, 51 seconds to rings which are engagement rings and wedding bands. Um and this has been the core of what we do at Bodium. So as we 10:59 10 minutes, 59 seconds further strengthen our assortment here and keep pushing in more SKUs within this segment, we have also been able to 11:08 11 minutes, 8 seconds launch um high value fashion jewelry and start adding SKUs within this category 11:15 11 minutes, 15 seconds as well. Um effectively uh increasing the addressable market and the dollars per store and per retailer 11:24 11 minutes, 24 seconds that we can capture at Bold. Um, two line categories in particular are tennis bracelets and tennis necklaces which 11:31 11 minutes, 31 seconds allow us to maintain and perhaps even increase our average selling price at Bodium as these are high skill set 11:39 11 minutes, 39 seconds categories with um sizable value addition per piece of jewelry. Um so on our side as well with the introduction 11:48 11 minutes, 48 seconds of new categories demand scenario remains robust and we hope to uh test and enhance the addressable market at 11:56 11 minutes, 56 seconds Goldam even within our existing retailer segments. 12:01 12 minutes, 1 second the top three retailers we've the concentration has all increased of course um and uh in terms of our market 12:09 12 minutes, 9 seconds share with them as the world and as the US moved over the last five years increasingly into the lab grown diamond 12:16 12 minutes, 16 seconds states um we've been able to capture a sizable share of this which is visible in the revenue growth delivered on a 12:23 12 minutes, 23 seconds threeyear or five year keel period um I hope that answers your question thank you yeah in this uh this uh bracelet and 12:32 12 minutes, 32 seconds necklaces which we are entering uh how big would be that market compared to the rings 12:39 12 minutes, 39 seconds um it's so in general for the US jewelry industry f uh bridal jewelry is about 12:47 12 minutes, 47 seconds 50% of the market and fashion jewelry is about 50% of the market within fashion our endeavor is to capture the higher 12:55 12 minutes, 55 seconds value um harder to execute technically challenging categories of these bracelets and 13:02 13 minutes, 2 seconds necklaces as opposed to low value silverbased uh products which um is not 13:09 13 minutes, 9 seconds suitable for our ASP in general. Um so I don't have the exact number for these two categories but overall the entire 13:18 13 minutes, 18 seconds fashion jewelry space is as big as the bridal jewelry space in the US. 13:24 13 minutes, 24 seconds Okay. And uh in terms of margins, so uh you know in last call you were mentioned that uh after this uh you know hybrid 13:33 13 minutes, 33 seconds casting model uh and whatever price hikes we have taken uh with our B2B customers uh we were thinking uh that 13:41 13 minutes, 41 seconds our uh margins will expand going forward. Uh now just one clarification. 13:47 13 minutes, 47 seconds So basically what you give in a presentation or a press release the IBIDA margin you include the other 13:53 13 minutes, 53 seconds income as well. uh and if I exclude the other income we are broadly in 21% range 14:00 14 minutes uh uh uh range so do you feel uh margins can expand from here or it uh whatever we have seen in Q4 is uh will be the 14:09 14 minutes, 9 seconds steady state margins yes we certainly believe margins are 14:16 14 minutes, 16 seconds stabilized and increasing in for our industry um we do include other income as a portion of that is true business 14:24 14 minutes, 24 seconds income as we are um um have dollar exposure and uh generating gain from 14:31 14 minutes, 31 seconds that uh as well which is part of our regular course of business. Um in 14:37 14 minutes, 37 seconds general though even outside of um the forex rates we see margins increasing um 14:45 14 minutes, 45 seconds on a steady state basis specifically due to the hybrid casting model where we are 14:51 14 minutes, 51 seconds able to leverage um production in the US and um working with fantastic factories 14:59 14 minutes, 59 seconds in America to support our jewelry um value addition and production in India. 15:05 15 minutes, 5 seconds which is then shipped back to retailers uh across the US. Um um so we do see margins increasing um with and without 15:14 15 minutes, 14 seconds the other income coming in and we look forward to a robust FY27 as um as we'll 15:21 15 minutes, 21 seconds have a full year of operations with hybrid casting in the near future. 15:27 15 minutes, 27 seconds Okay. Now couple of questions for the origin side. So uh firstly uh if you can uh you know mention let's say on the 15:34 15 minutes, 34 seconds last 2 3 months on a monthly basis uh so obviously in let's say April so some store would be profitable at a store 15:43 15 minutes, 43 seconds level some would be lossmaking and in May let's say some of the profitable might be doing loss and some loss making 15:50 15 minutes, 50 seconds would be doing profitable so on average how many of the 24 stores would be you know u closer to 18 20 like kind of 15:59 15 minutes, 59 seconds revenue which is you know store level break even on a monthly basis. 16:04 16 minutes, 4 seconds Sure it's a great question Mr. Doi. Um I will start by saying 12 out of our 24 16:11 16 minutes, 11 seconds stores. So exactly half our capacity is very new has been opened only in the last 60 days or less. Um as a result of 16:19 16 minutes, 19 seconds which there is a lot of operational um enhancements that we look forward to and stabilization in the micro markets in 16:27 16 minutes, 27 seconds which we've opened. Um we have currently finished the Q4 with about 5.56 16:35 16 minutes, 35 seconds um uh crores of revenue at Origam and um have happy to announce also that our 16:41 16 minutes, 41 seconds April sales numbers crossed three and a half crores at the at the origam level for the month. We look forward to this 16:50 16 minutes, 50 seconds stabilizing and increasing shortly. I don't have um the ready number for how many stores were operationally break 16:58 16 minutes, 58 seconds even on a store level and how many weren't but it's safe to say that um given that 12 stores were just open 17:05 17 minutes, 5 seconds within 60 days that that would be the store count which has yet to hit operational break even. Um the idea and 17:13 17 minutes, 13 seconds target for us as I mentioned in opening remarks is to now work on adding sales enablers to push and take up Origam's 17:21 17 minutes, 21 seconds post store revenue higher such that a larger group is consistently um and that that's very important to us 17:29 17 minutes, 29 seconds consistently hitting um store level break evens um especially once the stores are four to six months old um in 17:39 17 minutes, 39 seconds general also given the states is both new um small and yet growing and extremely competitive. We believe that 17:48 17 minutes, 48 seconds these sales enablers whether that's um better tech and en tech enabled jewelry shopping experience like a 360 ring 17:56 17 minutes, 56 seconds builder or whether that's offering a lucrative old gold exchange program, payment programs, etc. will allow us to 18:04 18 minutes, 4 seconds be over time the go-to brand for jewelry shoppers within the lap room diamond space. 18:12 18 minutes, 12 seconds Okay. And last question on the origin. 18:14 18 minutes, 14 seconds So you mentioned we will be planning 8 to 10 more stores by September. Uh so let's say in H2 uh do we have a focus uh 18:23 18 minutes, 23 seconds are we focusing for add uh more number of stores or the focus will be towards you know uh first increasing the per 18:32 18 minutes, 32 seconds store sales of this 30 35 stores and we have not yet finalized the strategy for H2. 18:39 18 minutes, 39 seconds Uh yes. So great question. We hope to have around 45 to 50 stores by exit FY27. 18:48 18 minutes, 48 seconds Um so we may have a quarter where we decide to um focus on enhancing revenues 18:54 18 minutes, 54 seconds from existing stores but by exit FY27 the ideal goal is to be in the range of 45 to 50 coco stores. 19:03 19 minutes, 3 seconds Okay. Okay. Fine. That's it from my side. I joined. Thank you. Thank you Mr. Kushi. 19:09 19 minutes, 9 seconds Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question 19:16 19 minutes, 16 seconds is from the line of Nikon Japani from Wall for PMS. Please go ahead. 19:23 19 minutes, 23 seconds Um, hi, thanks for the opportunity. Sir, if you could just uh comment on the uh older mature store that we have in 19:31 19 minutes, 31 seconds origin. Uh, what kind of sales are we getting there and how is the profitability there? uh are they 19:38 19 minutes, 38 seconds crossing the 18 to 20 lakh uh sales targets per month? 19:43 19 minutes, 43 seconds Hi Mr. Nikon. Yes, thank you for the question. Um so yes, largely the older more mature stores are crossing the 18 19:52 19 minutes, 52 seconds to 20 lakh sales targets which is the break even target uh revenue for an origam store. Um we're in fact very 20:00 20 minutes pleased with some mall based stores. our um store which is one of the only two lab grown diamond stores in Phoenix, 20:08 20 minutes, 8 seconds Saladian, Mumbai is um doing north of 40 lakhs of sales and um that is an even newer store. So we're very pleased with 20:16 20 minutes, 16 seconds performance over there in general the um yes all of our more mature older stores are hitting this revenue target. 20:26 20 minutes, 26 seconds Okay. And uh lastly in our uh Q4 uh the other expenses uh went up quite a bit. 20:32 20 minutes, 32 seconds It reached about 14% of our uh revenues. 20:36 20 minutes, 36 seconds So what what was the reason for that and what uh what are taking up those charges? 20:43 20 minutes, 43 seconds Sure. So um Mr. nickel dressing there was uh generally in Q4 we have a high have a higher little expense due to 20:52 20 minutes, 52 seconds additional manufacturing that is being done looking into Q1 and and uh moving forward um outside of that we have our 21:01 21 minutes, 1 second origam related um expenses as well as certain one-offs on the um investment 21:08 21 minutes, 8 seconds side which have created a um higher expense for this quarter. 21:14 21 minutes, 14 seconds Okay. And this would be one off or uh would it be uh going forward into the next quarters as well? 21:22 21 minutes, 22 seconds All oneoff. Okay, that's it. Get back in the queue. Thank you. Thank you, Mr. Nikos. 21:30 21 minutes, 30 seconds Thank you. The next question is from the line of Vidish Sha from CRA and Suns. Please go ahead. 21:38 21 minutes, 38 seconds Hello sir. Uh so firstly I would like to understand what led to the margin decline in this quarter. 21:47 21 minutes, 47 seconds Sure thank you for the question miss Vivi. Um so we have again as I mentioned certain one of other expenses um related 21:55 21 minutes, 55 seconds to the investment side and general uh additional uh expense on the production being baked in for Q1 coming up. Um so 22:05 22 minutes, 5 seconds slight margin change but otherwise we're in general very happy with our margins and we look forward to as I mentioned a 22:12 22 minutes, 12 seconds very strong FY27 particularly in the margin front. Um the dual casting method that we are operating for our United 22:21 22 minutes, 21 seconds States business is making Goldium tariff agnostic and providing us the opportunity to leverage um strong 22:31 22 minutes, 31 seconds manufacturing network in America in order to further enhance the margin profile for the company. Um we are 22:38 22 minutes, 38 seconds extremely excited and have strong belief that um the margin profile in FY27 will 22:45 22 minutes, 45 seconds be significant um strong and um certainly higher than the Q4 numbers at the moment. Um so looking forward to 22:54 22 minutes, 54 seconds further growth there and again as I mentioned it's driven by the dual hybrid casting method which we have employed um for our for our United States business. 23:07 23 minutes, 7 seconds So on the origin front so as you mentioned so the break even for the store is 18 to 20 lakhs per month uh so 23:15 23 minutes, 15 seconds what is sorry sorry yes yeah please proceed Mr. 23:20 23 minutes, 20 seconds Uh so I would like to know what is the cost of opening uh opening one. 23:25 23 minutes, 25 seconds So um so that's a great um you know segue for me to share a little bit about the balance sheet side of Origam. Um so 23:35 23 minutes, 35 seconds per store approximately it cost 3.5 crores to open one store 2.5 crores of 23:41 23 minutes, 41 seconds which is inventory um um investment needed in gold diamond making charges all put together 23:49 23 minutes, 49 seconds about 50 50 to 60 lakhs is the capex required per store which is the 23:55 23 minutes, 55 seconds furniture and fit out costs and about 30 35 to 40 lakhs is the um uh security 24:03 24 minutes, 3 seconds deposit or rental deposit that we pay um which is refundable um with uh with the landlord at these at these locations. So 24:11 24 minutes, 11 seconds all in if you add these three buckets up the um total expense to open an origam store or cash out to open an origam 24:19 24 minutes, 19 seconds store is about 3.5 cr give or take um a certain amount on the P&L side um 24:27 24 minutes, 27 seconds effectively the break evens at the current operating margin levels are in the range of 17 to 19 lakhs so slightly 24:35 24 minutes, 35 seconds better than the 18 to 20 lakh figure and we hope to um um sort of hit these numbers stores within the first 6 to 9 24:43 24 minutes, 43 seconds months of opening. In some stores where there is high footfall and fantastic uh traction um particularly mall stores, we 24:51 24 minutes, 51 seconds are able to deliver this number even faster. In some high street stores, of course, it's either with this stated time frame or little bit extended. 25:01 25 minutes, 1 second However, on average, we hope to across the store fleet deliver break even within um the 6 month period. And the 25:08 25 minutes, 8 seconds idea with Origam is um to effectively create a a a store fleet where over time 25:17 25 minutes, 17 seconds we mature um over 2 three years to towards that 30 35 40 45 lakh sales per 25:24 25 minutes, 24 seconds store per month figure. Um again sharing this is a um you know not a significantly high barrier to hit over 25:32 25 minutes, 32 seconds the longer term. We have peers in the everyday fine jewelry space within the same ASP even lower ASPs 25:41 25 minutes, 41 seconds that are hitting um monthly sales figures of 65 lakhs, 80 lakhs, even over 1 cr across the entire stock. Um so with 25:51 25 minutes, 51 seconds the lower even even the lower goal in mind we will be able to deliver um a three-year payback uh upon the 25:59 25 minutes, 59 seconds investment that is made in an origam creating a you know long-term growth driver for the company. Um so we are on 26:08 26 minutes, 8 seconds the job here and that is the model for origam that we are following. Um of course lot of work to be done such as as 26:16 26 minutes, 16 seconds I mentioned um you know key sales enablers lower carage of gold based jewelry introduction of silver for that 26:24 26 minutes, 24 seconds fast gifter who wants to um come in and purchase something under 10 15,000 rupees. So category addressment, 26:31 26 minutes, 31 seconds inventory addressing inventory, addressing sales enablers like purchase plans, old gold exchange, etc. will help 26:38 26 minutes, 38 seconds us drive store revenue towards that um stated long-term target. 26:45 26 minutes, 45 seconds Uh on the uh um competition in B2C category in India, so we have a lot of uh new uh companies that are coming up. 26:54 26 minutes, 54 seconds So how do we see uh the demand side uh like uh in terms of competition and in the long term what is our vision like 27:01 27 minutes, 1 second where do we want to take this B2C segment two as a share of the total revenue. 27:06 27 minutes, 6 seconds Sure thank you Misha. Um yes so you know like you very clearly um identified there is very strong competition um this 27:15 27 minutes, 15 seconds early on for the category um of lab diamond jewelry in India. Um the category today is nent especially from 27:24 27 minutes, 24 seconds the overall jewelry segment from the stud jewelry segment also it's in perhaps low single digits as a 27:31 27 minutes, 31 seconds portion of um of market share but it is certainly growing fast and growing quite quickly. Um we we do believe that um we 27:41 27 minutes, 41 seconds do believe that the demand is and we are seeing demand increasing very quickly 27:48 27 minutes, 48 seconds within this segment. Um and we hope to build Origam as the go-to brand within 27:54 27 minutes, 54 seconds the space um for uh everyday fine jewelry particularly in the lab room space. Um I think Origam has a right to 28:03 28 minutes, 3 seconds win into a certain degree and that's why we have delved into the segment. Um we have two or three very strong um forces 28:12 28 minutes, 12 seconds that are behind us. One, of course, having the parentage of a publicly listed company allows us access to some 28:19 28 minutes, 19 seconds key real real estate that is not otherwise available to um you know younger startups that are um that don't have um lineage parentage. 28:31 28 minutes, 31 seconds So for example we are already present for such a young brand in Phoenix paladium in Mumbai. R city mall in 28:38 28 minutes, 38 seconds Mumbai infinity mall in Mumbai. The best mall in Kolkata South city best mall in Chandigarante um Nexus Hyderabad Nexus 28:48 28 minutes, 48 seconds Mangala Bangalore Nexus Whitefield Bangalore Phoenix Bangalore and you know many more to come in the future. 28:54 28 minutes, 54 seconds This kind of distribution strength is one particular mode that we are um have as a crutch at oram. The second is the design expertise and experience of gold. 29:06 29 minutes, 6 seconds Um particularly in the bridal space which is in in rings and solid earrings which is a I would say a predominant 29:13 29 minutes, 13 seconds category for origam. Almost every single ring at origam only comes into the store if it has sold multiple times over in 29:22 29 minutes, 22 seconds the export market. So proven performance, novel designs, um best-in-class design language which is 29:29 29 minutes, 29 seconds then brought to India to further enhance um the jewelry shopping experience. One big learning from the US also was was 29:37 29 minutes, 37 seconds this ring builder and um you know as and we developed and invested in developing this technology which again is the first 29:45 29 minutes, 45 seconds in the country on the new re um shopping experience side to allow a enhanced experience for customers. Um so again 29:53 29 minutes, 53 seconds that's the second big benefit that we that we have at Orium. And thirdly um the joint efforts of both gold's 30:01 30 minutes, 1 second management our sourcing capability for lab grown diamonds manufacturing capability as well as retail experience 30:07 30 minutes, 7 seconds coming in with um you know a top top class professional team to help further drive the 30:15 30 minutes, 15 seconds long-term objectives for reg. So within within these three um sort of crutches, we believe is skated to have a right to 30:24 30 minutes, 24 seconds win um especially in the face of competition that may come and go over the next few few years. Um and and we 30:33 30 minutes, 33 seconds look forward to continuously building on the base that we've built. Um today with 24 cocoa stores, we're happy to share 30:40 30 minutes, 40 seconds that we would be among the top um lab grown diamond retailers um in terms of cocoa stores 30:49 30 minutes, 49 seconds and certainly in the top three with overall um store count and this this lead will only increase as we open the 30:57 30 minutes, 57 seconds next um 6 8 10 stores in the coming few uh coming few months. 31:05 31 minutes, 5 seconds FY 27. 31:08 31 minutes, 8 seconds Um so we we are hoping and targeting an exit revenue of about 7 crores per month 31:14 31 minutes, 14 seconds for FY27 for the Origam business. Um that I think is a realistic achievement that we can hit and take forward from there. 31:25 31 minutes, 25 seconds Yes. and uh on the total complete any revenue guidance um we hope for and we are looking 31:33 31 minutes, 33 seconds forward to build towards a very positive growth um doubledigit growth in FY27 on an overall basis. 31:40 31 minutes, 40 seconds All right. Thank you and all the work to Thank you. 31:45 31 minutes, 45 seconds Thank you participants who wish to ask questions may char and one at this time. 31:49 31 minutes, 49 seconds The next question is from the line of Kusha from Vivo Commercial. Please go ahead. 31:54 31 minutes, 54 seconds Uh hi sir congratulations for the big set of member. Uh my first question would be related to marketing expense. 32:01 32 minutes, 1 second What would be uh the marketing expense for this quarter 246? Um sorry is this Mr. Kusha? 32:09 32 minutes, 9 seconds Yeah. Yes sir. 32:10 32 minutes, 10 seconds Yeah. Thank you Mr. Sha. So um I don't have the marketing expense ready with me at the moment. I'm happy to share that uh offline. Uh maybe I can share that. 32:20 32 minutes, 20 seconds Sorry. Yeah. Yeah. Yeah. Sorry. Sorry. 32:24 32 minutes, 24 seconds Yes. Uh I was saying that um I can share that this overall IBIDA level loss at or level was about 15 crores for the full fiscal year. 32:34 32 minutes, 34 seconds No. So uh if you can give us the marketing expense for the whole year as a percentage of revenue or the current quarter as a percentage of revenue of 32:42 32 minutes, 42 seconds the Sure. So Mr. Sasha as I mentioned I don't have the um um level by level break up of the expense but happy to 32:50 32 minutes, 50 seconds pull it out and share those numbers over email. Okay. So uh if you can uh provide us the overall marketing expense going forward for the six to eight quarters. 33:00 33 minutes How much would be the marketing expense as a percentage of revenue if you could give us or is there any number that you can provide to the marketing or 33:08 33 minutes, 8 seconds advertisement budget of the overall consolidated uh obviously it's only for the origin as well origin only but uh 33:15 33 minutes, 15 seconds overall what will be the percentage or the expense. Sure. So we're looking forward for the first half of the fiscal 33:22 33 minutes, 22 seconds year. We are um of course given the number of stores opening and the store fleet expansion. We do a budgeting 33:30 33 minutes, 30 seconds exercise on a halfearly basis for the first half of fiscal 2027. 33:36 33 minutes, 36 seconds We are looking for to spend between 4 to 4.5 crores in marketing expense. 33:43 33 minutes, 43 seconds 4 to 4.5. That's right. 33:47 33 minutes, 47 seconds Okay. Okay, sir. Okay. Thank you. All the best sir. Thank you. 33:53 33 minutes, 53 seconds Thank you. The next question is from the line of Sep Go by Patel, an individual investor. Please go ahead. 34:08 34 minutes, 8 seconds Question. Your line has been unmuted. Please go ahead with your question. Yeah. Can you listen? Hello. 34:17 34 minutes, 17 seconds Hello. Yes. Hello Mr. Patel. Yeah. Can you listen me? We can. Yes, we can hear you. 34:24 34 minutes, 24 seconds Yeah. Uh I just have one question. I wanted to understand our subsidiary structure. We have a four subsidiaries 34:31 34 minutes, 31 seconds if I'm not wrong. Uh can you please elaborate what subsidiary does what? 34:38 34 minutes, 38 seconds Sure that's a great question Mr. Patel. 34:41 34 minutes, 41 seconds Um so Goldium International being the parent company has um four subsidiaries as you mentioned. One is Goldium Jewelry 34:49 34 minutes, 49 seconds Limited. It is um in the same line of business as Boldam International. It's a separate production facility but also 34:57 34 minutes, 57 seconds located within seeps in East. It's effectively a company set up and um a stone throw away from our peril factory. 35:06 35 minutes, 6 seconds Um both Golium International facilities and Golium jewelry facilities are engaged in the production of diamond 35:14 35 minutes, 14 seconds studied jewelry and export of the set jewelry to um global markets. Um gold 35:22 35 minutes, 22 seconds further other than gold international there is also gold USA. Um this is our marketing arm. Effectively goods are 35:31 35 minutes, 31 seconds produced in Goldium International, Goldium Jewelry, sold to Goldium USA and Goldium USA is a marketing arm which is 35:39 35 minutes, 39 seconds 100% subsidiary of Goldium International doiciled in the United States which then sells to large retailers in in the US. 35:48 35 minutes, 48 seconds So all of our largest customers are effectively a pass through through Goldium USA into their um retail um into their retail um shops in America. 36:00 36 minutes Thirdly, our last subsidiary at Goldam International is um Eco-friendly Diamonds LLP. Um, Golium International I 36:09 36 minutes, 9 seconds believe is a 88% shareholder at eco-friendly diamond where um and this is the business in which we are growing 36:16 36 minutes, 16 seconds diamond lab grown diamond. Um our growing plant is also located in seeps um sez in and eastern Mumbai. All 36:25 36 minutes, 25 seconds diamond here are utilized inhouse by goldam for our lab grown diamond purposes and lab grown diamond jewelry 36:33 36 minutes, 33 seconds purposes. Um so effectively it is um an arm that grows diamonds inhouse and 36:40 36 minutes, 40 seconds which is 100% captive consumed by Goldam um for jewelry uh operations. I hope 36:47 36 minutes, 47 seconds that gave a fair and clear overview of our three subsidiaries which is Goldium Jewelry Limited, Goldium USA incororated and Eco-friendly Diamonds LMP. Yeah. 36:59 36 minutes, 59 seconds Yeah. Got it. Got it. Uh one question is that regarding uh casting a gold uh raw material casting which we do in USA 37:07 37 minutes, 7 seconds after the tariffs right so that is handled by the gold USA only marketing 37:14 37 minutes, 14 seconds that is that is um either direct through gold through our relationships in India 37:20 37 minutes, 20 seconds with US casters. So we both purchase in gold international gold jewelry as well 37:26 37 minutes, 26 seconds as in gold USA. Um so um we purchase at all three facilities depending on speed of delivery needed. 37:36 37 minutes, 36 seconds Okay. And eco-friendly is only the factory which produces the electrons. Am I correct? 37:41 37 minutes, 41 seconds That's correct. We have our own machinery and our own um laboratory where um via the CBD method we are 37:49 37 minutes, 49 seconds growing diamond inhouse at at Golium through eco-friendly LIP. How many machines do you do we have? 37:58 37 minutes, 58 seconds So we have about 30 machines um within the facility in seats that are operating non-stop. 38:05 38 minutes, 5 seconds Uh do we have any plan to expand and purchase more machines? 38:09 38 minutes, 9 seconds Um no sir not at the moment. Um for us we believe that as the industry um pricing of loose lap grown diamonds have 38:18 38 minutes, 18 seconds come down over the last 3 four years um the margin potential is uh truly in the 38:26 38 minutes, 26 seconds distribution parts of the business which are from our intent the global distribution of jewelry on the B2B side 38:35 38 minutes, 35 seconds and distribution of jewelry B2C in India via origam. Um we believe investing further in these farms is um certainly 38:45 38 minutes, 45 seconds more ROE um creative than enhancing capex to grow via more machinery um for 38:54 38 minutes, 54 seconds for in-house consumption to share today eco-friendly production um is perhaps 39:01 39 minutes, 1 second less about 10 is about 10% of gold's overall consumption of lab grown diamonds. The rest is procured from 39:10 39 minutes, 10 seconds vendors, suppliers and supplier partners located in Surat and elsewhere and other such geographies. 39:18 39 minutes, 18 seconds Yeah. So in in conclusion I can say that we are not going to be a producer of the Labron but we will market our Labron diamonds. 39:25 39 minutes, 25 seconds That's correct. 39:27 39 minutes, 27 seconds That's correct. Our focus is on production, design and development of jewelry and marketing of that jewelry and distribution globally as a B2B company and in India as a B2C company. 39:39 39 minutes, 39 seconds Yeah, got it. Got it. And uh regarding the origin uh if I'm correct what you said is that 3 and a half cr something 39:47 39 minutes, 47 seconds total cost we require for the uh one origin store to open. uh among that two and a half cr is our for inventory 50 or 39:55 39 minutes, 55 seconds 60 lakhs for the uh 1 cr is for other stuff like furniture and all am I correct that's correct sir including the rental 40:03 40 minutes, 3 seconds deposit yes rental deposit and all and we can uh what will be our uh what we can say and how much time we can recover this three 40:11 40 minutes, 11 seconds and a half cr for one store if it's mature in so once it fully matures um I I would 40:19 40 minutes, 19 seconds say once we hit um a full maturity Um we believe rec payback period for stores will be 3 years or under. 40:28 40 minutes, 28 seconds Oh 3 years and yeah got it. Got it. Yeah that's all from my side. Yeah. Thank you. Thank you sir. 40:35 40 minutes, 35 seconds Thank you. The next question is from the line of Praoshi from Whitstone BMS. Please go ahead. 40:42 40 minutes, 42 seconds Uh yeah thanks for the opportunity again. Uh so uh you mentioned uh the 15 cr I beta loss we have done for Origamin FI26. 40:53 40 minutes, 53 seconds Um yes Mr. Dshi that's that's correct. 40:55 40 minutes, 55 seconds So uh just to confirm so this includes the rent as well because uh for retail we record rent in interest and depreciation. 41:05 41 minutes, 5 seconds That's that's that's correct Mr. Bush. A lot of the stores are on the Yeah that's correct. So uh this 15 cr include the 41:12 41 minutes, 12 seconds rent as well or it does not include the rent. It it includes it. 41:16 41 minutes, 16 seconds It includes now my question is let's say in FI27 we are targeting 50 stores by exit and we are almost 24 25 right now. 41:27 41 minutes, 27 seconds So we'll be doubling. Uh now uh this current 25 stores will obviously ramp up in FY27. 41:36 41 minutes, 36 seconds Uh so uh is it fair to assume that this loss will not go up significantly? 41:43 41 minutes, 43 seconds Thank you for the question Mr. Dshi. 41:45 41 minutes, 45 seconds Yes. So uh our endeavor is to control the overall loss with a higher and 41:52 41 minutes, 52 seconds higher stop which means older more mature stores have to move into break even and there and thereafter 41:59 41 minutes, 59 seconds subsequently into generating cash profits on a store level basis which helps subsidize the um operating losses 42:09 42 minutes, 9 seconds for newer and younger stores. So this is our endeavor and um that's why we you know have a measured approach to uh 42:17 42 minutes, 17 seconds opening storefleet. We want to add on these sales enablers help push sales per store further higher and allow some 42:26 42 minutes, 26 seconds space so such that mature and older stores as mentioned move towards break even and then move into profitability. 42:36 42 minutes, 36 seconds The same which is going to be used to help subsidize operating losses for younger stores and allow them their 42:43 42 minutes, 43 seconds respective breed breathing room to move into maturity thereafter. 42:49 42 minutes, 49 seconds Okay. Okay. And this so 15 K is like uh uh Okay. Okay. Fine. That's it for me. 42:56 42 minutes, 56 seconds Thank you Mr. Dushi. 42:58 42 minutes, 58 seconds Thank you. The next question is from the line of Kunal Bharta from Dalal and Brochia Stock Broking Private Limited. Please go ahead. 43:07 43 minutes, 7 seconds Hi. Uh yeah, so thanks for the opportunity and uh congrats on a good set of numbers. Um uh I just wanted to understand in in terms of the our lap 43:16 43 minutes, 16 seconds diamond export business uh we have seen uh the realization in uh USD terms on a 43:24 43 minutes, 24 seconds flattish kind of a basis um from a 742 to 737. I just wanted to uh know here uh 43:31 43 minutes, 31 seconds did we have uh any kind of a volume uh increase this [clears throat] quarter in terms of the overall uh jewelry uh 43:40 43 minutes, 40 seconds exported or uh there was a volume dip. Sure Mr. 43:47 43 minutes, 47 seconds So um uh yes as the ASP has been similar but overall revenue is higher volumes 43:54 43 minutes, 54 seconds have certainly gone up in Q4. Um for us um you know we are on the trajectory of 44:01 44 minutes, 1 second increasing volumes also slightly increasing ASP maintaining to slightly increasing ASP as we get into higher 44:09 44 minutes, 9 seconds value segments such as large carrot weight bracelets necklaces etc. 44:17 44 minutes, 17 seconds Okay. Okay. And and in in terms of uh the um origin, I just missed out on the number that you mentioned for the payback period. I'm sorry. 44:27 44 minutes, 27 seconds Yes. So Mr. B has mentioned that upon um hitting majority of a store in terms of 44:34 44 minutes, 34 seconds um revenue um revenue target that was mentioned previously the payback period 44:41 44 minutes, 41 seconds has to be around three 3 years give or take um for one or store where the cost 44:48 44 minutes, 48 seconds of opening is 3.5 K okay okay got it got thank you thank you so much thank you Mr. 44:56 44 minutes, 56 seconds Thank you ladies and gentlemen. In order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The 45:05 45 minutes, 5 seconds next question is from the line of Shubhanu Bangal from Three Head Capital. Please go ahead. 45:10 45 minutes, 10 seconds Yeah. Uh good evening. Hope uh sir as you mentioned uh our B2B segment uh top three retailer concentration mix 45:18 45 minutes, 18 seconds increased. uh can you tell me the top three concentrated on uh mix or let me 45:25 45 minutes, 25 seconds know mix thank you Mr. Shubanu I mentioned that our market share with our top three customers has increased over the last 3 45:34 45 minutes, 34 seconds to 5 year period. Um effectively we've been able to enhance our distribution with these retailers and and because of 45:42 45 minutes, 42 seconds that enhance the overall wallet share or market share that is enjoyed by Goldium um within these large uh large retail customers in America. 45:54 45 minutes, 54 seconds Oh okay. Pocket share. 45:59 45 minutes, 59 seconds Yes. Yes. Our market share within these retailers overall bank. Okay. And my next question on our margin uh uh sorry 46:08 46 minutes, 8 seconds I am very new in this business. Uh because I want to know why our gross margin increased that so much and but 46:16 46 minutes, 16 seconds our margin missed other expense. uh but I but I could not understand why our go margin increased so much. 46:28 46 minutes, 28 seconds Uh sure thank you Mr. Shbang. So as I mentioned the margin increase on the growth side is very clearly a function 46:37 46 minutes, 37 seconds of the fact that we are um of the benefit that we are able to get in terms of pricing 46:44 46 minutes, 44 seconds um as opposed to the cost um which is on the lower side thanks to um the dual 46:51 46 minutes, 51 seconds casting method where we are able to manufacture part jewelry pieces and uh in the United States um these shell 47:00 47 minutes These pieces are reexported back once India alteration is completed such as activities like polishing, diamond 47:08 47 minutes, 8 seconds setting etc. and duty tariff um you know whatever is being levied is levied only on the India value addition component. 47:18 47 minutes, 18 seconds Um as a result of which there is a delta that we are able to we are able to take advantage of and 47:27 47 minutes, 27 seconds that's why you see a higher gross margin um than than uh than in general we hope to continuously deliver that and that 47:36 47 minutes, 36 seconds flow through to come in into aa and subsequently into PAT into FI27. Um specifically in the coming year we 47:44 47 minutes, 44 seconds should have an entire full fiscal year where we are operating this dual casting method um and we are able to leverage 47:52 47 minutes, 52 seconds the the the benefit of the of of this dual casting method um and um deliver 47:59 47 minutes, 59 seconds similar such um results um to our shareholders. 48:05 48 minutes, 5 seconds Okay, that means I I can assume we can easily charge 25 margin. 48:11 48 minutes, 11 seconds So, we don't want to put a number in place, Mr. Shabban Shabbanu, but um we hope to on the full fiscal year basis 48:20 48 minutes, 20 seconds increase the margin percentage from where it is today. 48:28 48 minutes, 28 seconds Thank you. The next question is from the line of Shwa from I thought BMS. Please go ahead. 48:35 48 minutes, 35 seconds Hi sir. Uh I just had one question regarding your perspective on the certification landscape since you deal with both P2B as well as B2C customers. 48:44 48 minutes, 44 seconds So do you see a format of these certificates changing in the mid long term? 48:51 48 minutes, 51 seconds Sure. So I'll answer from the lens of origam which is the B2C um supplier. Um 49:00 49 minutes and I truly believe that certification um and the requirement of the same is fully dependent on retailers. So for 49:08 49 minutes, 8 seconds Goldium, whatever our retailer requires, requests and wants, we are able to work with all certification parties and 49:16 49 minutes, 16 seconds deliver the same to them. Whether they have any changes, we are quick to adapt and provide them the same. For Origam, 49:24 49 minutes, 24 seconds we are very clear. Um for the time being we are pro proceeding forward with 100% 49:30 49 minutes, 30 seconds certification particularly IG certification for jewelry products in our stores. Um we believe this is a 49:38 49 minutes, 38 seconds prudent measure as our brand is very young and um has yet to deliver and grow customer love and tr customer trust. um 49:48 49 minutes, 48 seconds having a fully certified product that is understood well understood by our customers as well as um um you know is 49:58 49 minutes, 58 seconds similar in terms of the four C's to natural diamond jewelry product allows a easy transition or a easier transition 50:05 50 minutes, 5 seconds for customers to port over the lab grown jewelry uh side um in terms of their purchases and in terms of demand. So 50:15 50 minutes, 15 seconds that's all I can share. In my opinion, it is what the retailer wants and in speaking 50:22 50 minutes, 22 seconds on behalf of our mother retailer, we for the foreseeable future proceeding with 100% diamond jewelry certification. 50:32 50 minutes, 32 seconds All right. Thank you so much. Thank you, Mr. 50:36 50 minutes, 36 seconds Thank you. The next question is from the line of Ganesh Ra from Punari Capital. Please go ahead. 50:43 50 minutes, 43 seconds Hi uh thanks for the opportunity. I have two questions. Uh one is uh you know if you can uh it's a short-term question if 50:52 50 minutes, 52 seconds if you can help in the uh last year Q1 we had a higher base driven by you know we announced duties that that were done 51:00 51 minutes by the US government. Do you think we can grow on that uh higher base also in upcoming quarters? 51:08 51 minutes, 8 seconds Um so thank you for the question Mr. 51:10 51 minutes, 10 seconds Rao. Um we don't you know we don't want to answer on a quartertoquarter basis. 51:16 51 minutes, 16 seconds Um overall for the full financial year we are extremely positive as mentioned and hope to deliver double digit growth in FY27 51:24 51 minutes, 24 seconds um over this high base that we have already achieved. 51:30 51 minutes, 30 seconds Thank you. Uh thank you. Now on the tariff uh uh topic right uh thank you for putting that on the presentation that was very helpful for us. Right. uh 51:39 51 minutes, 39 seconds just wanted to ask like how many competitors actually currently you know might use this model right have a similar US origin uh manufacturing 51:47 51 minutes, 47 seconds structure uh which is approved by US customs and use the same part that we might have established right um it's a great question Mr. 51:55 51 minutes, 55 seconds Uh it's exactly why we see our industry as a supplier to large um retailers in 52:03 52 minutes, 3 seconds the US consolidating. Um only large suppliers in our industry, those with significant presence in the US, offices 52:11 52 minutes, 11 seconds in the US, key management also in America are have been able to um port 52:18 52 minutes, 18 seconds over to the US casting and do and hybrid casting model. 52:23 52 minutes, 23 seconds I would say it's um certainly a lot of the larger players that we compete with have ported over to this model as well. 52:32 52 minutes, 32 seconds um which means that the tail end of jewelry suppliers to the US is very quickly diminishing as they cannot um 52:40 52 minutes, 40 seconds manage the intricacies and complexities of business today where we have to do dual casting produce jewelry in in in 52:49 52 minutes, 49 seconds both America and in India and also manage to maintain your time frames and lead time. delivering finished product 52:57 52 minutes, 57 seconds to America. Um if you can imagine you know the biggest challenge for us was the entire.com business. Um lead times 53:05 53 minutes, 5 seconds which were earlier 5 6 7 days while there is a slight extension to 10 days it doesn't go beyond that and within 53:12 53 minutes, 12 seconds that itself we are able to manage dual cast in America producing in India finishing value addition in India and quickly transferring that inventory back 53:21 53 minutes, 21 seconds to um towards our customers. So business is certainly becoming more complex, more intricate and as a result of that larger players are able and capable to keep up. 53:34 53 minutes, 34 seconds Smaller players we see being consolidated um over over time as um because of all these intricacies. So you know thank you 53:42 53 minutes, 42 seconds for raising this point and I'm glad to share this is what we're seeing on the ground. 53:49 53 minutes, 49 seconds Thank you. Appreciate it. And just one follow up on that. Right. So uh you you have alluded to this in the past but if you can quantify right uh what is the 53:58 53 minutes, 58 seconds incremental uh gross margin uh impact for us right in the course of a US casting versus what if we had done you 54:05 54 minutes, 5 seconds know through India manufacturing uh right uh including the customer pass through that we are a I mean customer price pass through that we are able to 54:13 54 minutes, 13 seconds do sure yeah absolutely Mr. So now it's about between 200 to 300 basis point 54:20 54 minutes, 20 seconds increment um that we are expecting on a full year basis. Um of course we've seen some benefit of that in um Q3 little bit 54:28 54 minutes, 28 seconds in Q4 and we hope to continue that on similar lines in FY20. 54:38 54 minutes, 38 seconds Awesome. Thank you. Thank you sir. Thank you Machina. 54:42 54 minutes, 42 seconds Thank you. The next question is from the line of Shivanu Bangal from Three Head Capitals. Please go ahead. 54:48 54 minutes, 48 seconds Yeah, thank you for followup. I have just one question on origin. Uh sir, as you told uh normal event time around, uh 54:56 54 minutes, 56 seconds 3 years uh what how much revenue you are targeting for a mature store? Sorry, uh nature store. 55:04 55 minutes, 4 seconds Sorry, could you repeat the question? Uh as you mentioned, normal origin store uh payback time around 3 years. Uh and how 55:14 55 minutes, 14 seconds much revenue you are targeting for a mature store? 55:18 55 minutes, 18 seconds For a mature store about between um around 35 lakhs in terms of monthly revenues, fully matured. Yes. 55:28 55 minutes, 28 seconds Thank you. Thank you so much. 55:32 55 minutes, 32 seconds Thank you ladies and gentlemen. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. 55:42 55 minutes, 42 seconds I want to thank all the participants for joining us today. If you have any further questions and queries or need additional information, please feel free 55:50 55 minutes, 50 seconds to contact Dario Consulting, our investor relation team. Thank you all and everybody have a good evening. Thank you all so much. 55:58 55 minutes, 58 seconds Thank you. Thank you. 56:00 56 minutes On behalf of Monarch Network Capital Limited, that concludes this conference. 56:04 56 minutes, 4 seconds Thank you for joining us and you may now disconnect your lines.