Jash Engineering Ltd — Q3 FY26

Jash Engineering Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=_Xe6cBcdxSA Published: 2 months ago

0:00 Good afternoon everyone. 0:03 3 seconds I'm Sidesh Shawan from Unsteam and I would like to welcome you to the judge engineering Q3 Fi26 earnings conference 0:10 10 seconds call. To ensure a seamless experience, all participants are requested to remain on mute during the manager management's 0:18 18 seconds openings remarks. There will be a dedicated Q&A session at the end of the presentation. 0:24 24 seconds If you wish to ask a question during a Q&A, please select the raise an end option under the reaction tab of the Zoom application. We'll call out your 0:32 32 seconds name and then request you to unmute yourself to ask a question. While asking, please begin with your name and your organization. 0:41 41 seconds Please note that this conference is being recorded. The recording will be made available on the website within a day and the transcript of the call shall 0:48 48 seconds be made available subsequently to take us through the results and answer your questions. Today we have the top management of just engineering 0:56 56 seconds limited represented by Mr. Pratik Patel, chairman and managing director and Mr. Dhendra Jen, chief financial officer. 1:04 1 minute, 4 seconds Now I would like to draw your attention to the safe harbor related to the today's funings call. Comments made during the call may contain 1:12 1 minute, 12 seconds forward-looking statements that may involve known or unknown risk, uncertaintities, and other factors. It must be viewed in conjunction with our 1:20 1 minute, 20 seconds business risk that could cause future result performance or achievements to defer significantly from what it is expressed or implied by such forwardlooking statements. 1:29 1 minute, 29 seconds After the end of this call, if you need any further information or clarification, please do get in touch with me. With that said, I will now hand 1:38 1 minute, 38 seconds over the call to Mr. Pratik Patin over to you sir. Good afternoon everyone. 1:47 1 minute, 47 seconds I'm thankful to you to attend this investor call based on the first n 1:53 1 minute, 53 seconds months uh performance of the company. Uh I'm sure that you must have gone through 2:01 2 minutes, 1 second the presentation which we have uploaded onto the stock exchange. However, we are running the same year for explanated 2:09 2 minutes, 9 seconds purpose as already as already 2:17 2 minutes, 17 seconds uh as already uh seen from uh the results. 2:28 2 minutes, 28 seconds uh we have had a very marginal growth in revenue this year and uh the reason for 2:35 2 minutes, 35 seconds the marginal growth is uh well known it was the US tariff which had resulted into 2:43 2 minutes, 43 seconds slowdown in delivery from India to US and uh as a result of that we had uh significantly low revenue towards US. 2:55 2 minutes, 55 seconds However, the however the uh uh the 3:04 3 minutes, 4 seconds drop in US revenue was somehow uh fulfilled by the increase in domestic uh 3:13 3 minutes, 13 seconds revenue and so overall uh even though the drop is uh from our projection but 3:22 3 minutes, 22 seconds actually there has been some growth uh there is significant drop as can be seen when I present later on. There is 3:30 3 minutes, 30 seconds significant drop in pet or in beta as well as gross profit margins. But this 3:38 3 minutes, 38 seconds is also an expected line and I hope that by the end of the year when we announce 3:45 3 minutes, 45 seconds our final results we expect this uh the pet to be in the range of 9 to 10%. 3:54 3 minutes, 54 seconds which I believe is significant because in spite of such a big effect of the 4:01 4 minutes, 1 second tariff we are still able to post bad margin of 9 to 10% which I think is credible 4:10 4 minutes, 10 seconds as can be seen from our experience of us I tried to earlier I tried to diversify 4:18 4 minutes, 18 seconds the business in a way that none of the geography has more than 35% market share share and in US we are around 35 to 40% 4:27 4 minutes, 27 seconds market share but the tariff has taught us that we should uh focus more on 4:34 4 minutes, 34 seconds diversifying in a way that we are no more I'll ransom to future happenings in US 4:42 4 minutes, 42 seconds as a result of this conclusion we had decided to acquire additional businesses which can bring more revenue to the 4:50 4 minutes, 50 seconds company as well as strengthen our of UK operations by acquisition of Pento UK. 4:57 4 minutes, 57 seconds The West acquisition is already done and I think the Pensto uh UK acquisition is also on the verge of closure. If 5:06 5 minutes, 6 seconds everything goes well, we should be able to do it within February. If not, then in March 26. 5:14 5 minutes, 14 seconds However, this two is not enough. That is the acquisition of West and West is not 5:21 5 minutes, 21 seconds enough. We need to become stronger in other geographical uh areas. Middle East is one of the fast 5:29 5 minutes, 29 seconds growing area and in Middle East we have decided to set up a company. Uh already 5:36 5 minutes, 36 seconds we have uh received permission for the company setting up and we are now applying for land and once we get the 5:44 5 minutes, 44 seconds land we should be able to build up a plant and start commercial operations in Middle East. 5:52 5 minutes, 52 seconds Why is this important? Many Indian companies including Wabach and Iron Exchange and Tecton and so on are 6:01 6 minutes, 1 second presently doing jobs in Middle East and for those jobs sooner or later they will 6:07 6 minutes, 7 seconds all be requiring uh Saudi or Middle East value addition and when that happens we 6:15 6 minutes, 15 seconds aim to be ready in Middle East to be able to cater to this business of our 6:23 6 minutes, 23 seconds local EPC contractors. In addition to the business of other EPC contractors worldwide, we will also be ready to 6:30 6 minutes, 30 seconds serve our own local EPC contract. We already have a very good relationship. 6:36 6 minutes, 36 seconds Having said this, uh coming back to the US trade deal, it has been agreed but it 6:44 6 minutes, 44 seconds is not yet signed. However, based on whatever has been agreed, it looks like 6:53 6 minutes, 53 seconds uh the uncertaintity is gone. It looks like now we are back on uh the original 7:01 7 minutes, 1 second uh situation in America with lower tariff and stability of tariff which is more 7:10 7 minutes, 10 seconds important than even lower tariff. And once that takes place then uh our long-term outlook on growth again would 7:20 7 minutes, 20 seconds be in line with what we had projected a year back. 7:27 7 minutes, 27 seconds Next coming to the financial snapshots you can see our growth in revenue has only 7:34 7 minutes, 34 seconds been 3%. However, there has been uh reduction in gross profit margin 7:41 7 minutes, 41 seconds in AITA as well as profit before and after tax as already mentioned by me before. 7:51 7 minutes, 51 seconds I'm not too much worried about it. This is something on expected lines. We still expect to end the year 8:00 8 minutes with a pat of 9 to 10% on the revenues of between 780 8:06 8 minutes, 6 seconds 790 cr to 810 crores on the stand alone. Uh you can see we have had a small drop in revenue. 8:21 8 minutes, 21 seconds uh this drop in revenue of just engineering has been because of a huge reduction in exports to Rodney Hunt. So 8:30 8 minutes, 30 seconds our uh Rodney business from India to America has been affected by close to 25 8:39 8 minutes, 39 seconds 30 crores and as a result of that uh the domestic revenue has gone down little bit. However, it was made up by sorry 8:48 8 minutes, 48 seconds the export revenue has uh gone down by little bit but it was made up by increase in domestic revenue. 8:57 8 minutes, 57 seconds Shipad revenue also has gone down little bit. Rodney revenue is 9:03 9 minutes, 3 seconds affected tremendously and the waterfront uh revenue has gone up. 9:11 9 minutes, 11 seconds At the end I would like to say that uh I'm not too much uh bothered about uh 9:18 9 minutes, 18 seconds Jash engineering and super engineers because uh our order booking is strong 9:25 9 minutes, 25 seconds and uh because of this tariff issue lot of projects everywhere had slowed down 9:33 9 minutes, 33 seconds but now I think slowly slowly the world is coming to reconcile with whatever the revised tariffs are there and with that 9:42 9 minutes, 42 seconds everyone is taking a decision to go ahead. In case of waterfront we are doing well. We expect to do well. I 9:50 9 minutes, 50 seconds think this year we may break even at the end of the year or have some minor losses. But what is important is with 9:59 9 minutes, 59 seconds Pento UK and Waterfront being together, I expect a very positive and very 10:08 10 minutes, 8 seconds good outlook for this company in future. 10:14 10 minutes, 14 seconds [snorts] 10:14 10 minutes, 14 seconds This shows the breakup of our business product wise as well as 10:22 10 minutes, 22 seconds geography wise. As you can see the USA is close to 35% now. Earlier it was 10:30 10 minutes, 30 seconds higher. Uh we would like something like this to be in the future that India is 10:37 10 minutes, 37 seconds around 40% 40 45% America is around 35% and balance is coming from other territories. 10:47 10 minutes, 47 seconds This gives our consolidated uh uh results for quarter 3 as well as 10:55 10 minutes, 55 seconds corresponding quarters last year and 9 month for 25 as well as 26. 11:03 11 minutes, 3 seconds Uh as I said in the beginning we still expect by the end of the year we would have net profit of 9 to 10%. 11:15 11 minutes, 15 seconds Our order book has been continuously 11:22 11 minutes, 22 seconds growing. As of 1st February, our order book is close to 923 crops which is a 11:30 11 minutes, 30 seconds reasonable growth over last year. And so I think that uh we are on the right track. Yes, we had slowed down this year 11:39 11 minutes, 39 seconds in booking our orders, but at the [clears throat] end of this financial year, we would be again going strongly 11:47 11 minutes, 47 seconds forward in America and so our order book will continue to grow up. 11:54 11 minutes, 54 seconds Our consolidated order book position is 923 12:01 12 minutes, 1 second K of which 653 is outside India and 270 K is in India. All our divisions all our 12:10 12 minutes, 10 seconds subsidiaries have good order position and so as far as order book is concerned we are doing quite well. 12:20 12 minutes, 20 seconds Thanks. 12:27 12 minutes, 27 seconds Our orders negotiated and under negotiation 12:35 12 minutes, 35 seconds is also quite good. Uh generally the month of February and March are weak 12:42 12 minutes, 42 seconds little bit. However, it seems that we we will be still doing a respect travel booking in this month. 12:55 12 minutes, 55 seconds In the beginning of the year, we had given a combined uh revenue forecast of 860 crores. 13:03 13 minutes, 3 seconds I regret to inform that due to tariff it is not going to be possible to achieve 13:10 13 minutes, 10 seconds revenue like that. Uh we have As can be seen, we would be 13:19 13 minutes, 19 seconds having a drop in revenue at Rodney Hunt which is significant. It would be to the tune of 70 to 80 cr. 13:28 13 minutes, 28 seconds Because of that drop in revenue at Rodney Hunt, the revenue of just engineering also will drop little bit in 13:35 13 minutes, 35 seconds comparison to the forecast. This is because our export from India to US was 13:43 13 minutes, 43 seconds stopped or delayed for a number of months because of uncertaintity related to tariff. Now we cannot make it up so 13:51 13 minutes, 51 seconds fast. We are trying our best but in spite of that uh we will be losing around 13:59 13 minutes, 59 seconds 50 60 70 Ks in revenue at Rodney Hut. uh at my machine and bow we will be meeting 14:07 14 minutes, 7 seconds whatever we had projected and at waterfront also we'll be meeting whatever we had projected so I expect 14:14 14 minutes, 14 seconds anywhere between 775 and 800 cr as our consolidated revenue for the year uh 14:22 14 minutes, 22 seconds with revenue drop being maximum for export on account of rodihan within 14:30 14 minutes, 30 seconds India we expect to do more than what we had projected However, outside India, we would have a drop on account of the crisis we had faced in America. 14:47 14 minutes, 47 seconds Coming to updates, uh I have to inform about two very good 14:54 14 minutes, 54 seconds development. One is about setting up of MA industries in Saudi Arabia. Saudi Arabian market is booming. Uh lot of 15:04 15 minutes, 4 seconds investment is happening. Not only Saudi Arabian business but also in GCC lot of investment is taking place by setting up 15:13 15 minutes, 13 seconds a plant in Saudi Arabia. We have two benefits. One is price benefit because when uh you do 15:23 15 minutes, 23 seconds production in Saudi Arabia, localization benefits are given also to contractors, EPC contractors and at the same time we 15:33 15 minutes, 33 seconds get price preference also. So setting up this unit in the long run will uh spare 15:41 15 minutes, 41 seconds up our capacity in India and also enable us to do more business and get more revenue from Middle East. The most 15:50 15 minutes, 50 seconds important part is the India US trade deal. It has been very favorable. Uh we I'm pleased to announce we have already 15:59 15 minutes, 59 seconds last week this week sorry this week we have already cleared no last week we have already cleared two consignments at 16:07 16 minutes, 7 seconds 25% tariff rate uh and we were informed by the custom agents that once the ratification of the 16:16 16 minutes, 16 seconds deal is done then we should be able to uh clear at 18%. [clears throat] 16:24 16 minutes, 24 seconds And so it seems we would be uh back 16:31 16 minutes, 31 seconds as it is earlier. Uh even though the tariff rate has gone up but that doesn't affect us. We were never affected by the 16:40 16 minutes, 40 seconds tariff. You are affected by the uncertaintity of tariff that you do your costing considering 0% and then 25% is 16:49 16 minutes, 49 seconds applied. Then you do your costing considering 25% and then 50% is applied. 16:55 16 minutes, 55 seconds And to top it up, Mr. Trump said that I may apply 500%. That put a scare on us 17:02 17 minutes, 2 seconds and stopped us from taking any major orders in America. Now that the bean is 17:08 17 minutes, 8 seconds signed, I'm quite confident that America would be like normal for us and uh in 17:17 17 minutes, 17 seconds next year we'll back to the growth path what we had projected before. 17:26 17 minutes, 26 seconds I'm pleased to announce that uh our new plant 17:32 17 minutes, 32 seconds Ness at Pikamur is now ready. It will go on commercial production from the beginning of April. This would free up 17:42 17 minutes, 42 seconds lot of uh spare capacity for us and as a result we can aggressively take more 17:49 17 minutes, 49 seconds orders in America as well as in the various other export markets. 17:56 17 minutes, 56 seconds This is the third plant in Pythur. And with these three plants done, the Priampur plants have reached a 18:04 18 minutes, 4 seconds capability of anywhere between 300 to 400 K depending upon what is the uh the pickup of the material which is ready. 18:17 18 minutes, 17 seconds Our biggest problem has been uh material which is ready but clients don't pick it 18:23 18 minutes, 23 seconds up. I hope that uh we are out of that problem now because once the tariff 18:31 18 minutes, 31 seconds issue is gone lot of material has started moving everywhere but but with this new facility even such type of uh 18:40 18 minutes, 40 seconds interruptions we have spare space to manage and so I believe uh we are now 18:49 18 minutes, 49 seconds back uh in each way for export business. 18:54 18 minutes, 54 seconds Next, the company has been developing new products as well as been uh doing 19:03 19 minutes, 3 seconds special projects. These explain some of the projects or the products which we 19:08 19 minutes, 8 seconds have developed. We are doing great in uh special gates for desalination plants. 19:16 19 minutes, 16 seconds uh more and more projects in Middle East and in India are coming with dalination and I'm pleased to inform that we are 19:24 19 minutes, 24 seconds considered one of the best supplier for these projects projects dalination projects we have also developed special 19:33 19 minutes, 33 seconds search vessel letter type as well as twin screw conveyors for sludge handling all these new product development will 19:42 19 minutes, 42 seconds go a long way in uh increasing our revenue in future 19:50 19 minutes, 50 seconds This showcase some of the projects which we have done worldwide. Uh very 19:56 19 minutes, 56 seconds important is the MSD visel project and the mahasawat and the tali project. What 20:04 20 minutes, 4 seconds is important is the v vide type of equipment which we have supplied to this project. So we have supplied cast iron 20:13 20 minutes, 13 seconds products, we have supplied stainless steel products, we have supplied aluminum products, we have supplied composite products, different type of screens. 20:24 20 minutes, 24 seconds shows the wide variety of material which can be given by a single company to a 20:34 20 minutes, 34 seconds complex project and that is our strength and on that strength alone we are assured of a bright future in the export 20:43 20 minutes, 43 seconds market as well as in the domestic market in future I'm pleased to inform that the 20 to 40 20:53 20 minutes, 53 seconds MGD Retala plant which has installed a 37 kowim discrete turbine is running 21:00 21 minutes very well. This is the first commercial uh generation of electricity in STP 21:10 21 minutes, 10 seconds uh other than the one which we had done in Indoor and uh this will establish that all STPs 21:19 21 minutes, 19 seconds uh should offer this technology in future. 21:24 21 minutes, 24 seconds Another project which again I would like to tell about is the C treatment plant at Bandra where we have supplied the 21:31 21 minutes, 31 seconds screens where we have supplied the fine screen the coarse screen the gates the stop locks the roller gates etc a wide 21:38 21 minutes, 38 seconds range of products in a single project and that is our strength and that is why at midnight it was and and this strength 21:47 21 minutes, 47 seconds no Indian company has and that is why when we were facing said that due to exports in America, the 21:57 21 minutes, 57 seconds Indian market has come to our rescue and our growth has been significant in Indian market and uh and as a result of 22:05 22 minutes, 5 seconds that the revenue shortfall has not been major. 22:11 22 minutes, 11 seconds With this I would like to thank you once again for patiently listening to me and if anyone has any questions it would be my pleasure to attend to the same. 22:23 22 minutes, 23 seconds Thank you. We'll now begin the question and answer session. Gentle reminder to all the participants to ask a question 22:30 22 minutes, 30 seconds please select the raise hand option under the reaction tab of the Zoom application. We will now wait for a moment until the question Q assembles. 22:41 22 minutes, 41 seconds We'll take the first question from Chitan Parma. Please go ahead. 22:47 22 minutes, 47 seconds Good evening. Uh Justin Pratik by Andra G and all uh uh you have given all the 22:55 22 minutes, 55 seconds reasons for performance and uh that is uh I mean that is how business goes. We 23:03 23 minutes, 3 seconds understand that. Uh will you be able to give projections for next year? what are the things I joined the coin call a bit 23:11 23 minutes, 11 seconds late so I don't know whether it was there in the presentation or not so I think we had given our five year 23:18 23 minutes, 18 seconds projection sometime back around a year back and we'll be back to maintaining the same so there has been no this year 23:28 23 minutes, 28 seconds was bad because of the US tariff but now the the order book in US is $42 million so it is only about our starting 23:36 23 minutes, 36 seconds production that There is no no stop gap as such we have to start the production and start shipping material we now know 23:45 23 minutes, 45 seconds fortunately that uh the tariff is not going to exceed 25%. 23:51 23 minutes, 51 seconds Even in those project where we had considered 50%. So we'll be saving some money what we lost this year we'll be saving next year. So we are back to 24:00 24 minutes normal. If nothing another calamity comes some war or something we are normal to maintain the 24:09 24 minutes, 9 seconds same projections which we had given before. 24:13 24 minutes, 13 seconds So basically this year's blip will not affect what projection we had given for next year. Is that what okay perfect. Thank you so much. and 24:21 24 minutes, 21 seconds also with waterfront and now with the UK UK deal also signed. Do we see any 24:29 24 minutes, 29 seconds advantages of that happening to us on waterfront? Uh see uh understand UK deal was done for 24:36 24 minutes, 36 seconds two reason. One was to strengthen waterfront because they were in the north the the main clients are in 24:43 24 minutes, 43 seconds Midlands where this new company is. So the clients had reliability issues on 24:50 24 minutes, 50 seconds service and uh after sales that is taken care of by acquisition of 24:57 24 minutes, 57 seconds this company. But what is very very important is the rest of UK has a design 25:03 25 minutes, 3 seconds which is unique and that design I visited UK last month and that design I would like to roll out worldwide 25:12 25 minutes, 12 seconds and that is something which is very going to be very unique for future. So the acquisition not only brings 25:21 25 minutes, 21 seconds stability to water plant and penetration in the midland market but also brings new product design to us which is like 25:30 25 minutes, 30 seconds Lego blocks very fast and needs very few people and can help me uh roll out this 25:37 25 minutes, 37 seconds product and it is a very competitive product worldwide. 25:42 25 minutes, 42 seconds Perfect. And uh a little more on the EU deal. Uh does do we have any do we get 25:49 25 minutes, 49 seconds any benefits of that? Uh Inash I think we may get benefit but most important is 25:58 25 minutes, 58 seconds there is no limitations for us compared to what was before. So that deal that way is positive for us. 26:07 26 minutes, 7 seconds Great. Thank you. Thank you so much. I wish you all the best. I mean we know you have been very very transparent over the years and uh I mean generally there 26:16 26 minutes, 16 seconds is uh we generally won't even need to ask you any questions because your FAQ and everything cover that. So heads off 26:22 26 minutes, 22 seconds to that and uh I I I really appreciate the transparency you've shown over the years and wishing you all the best. 26:32 26 minutes, 32 seconds Thank you. 26:33 26 minutes, 33 seconds Thank you. We'll take a next question from Rushab Shaha. Please go ahead. 26:38 26 minutes, 38 seconds Yeah. Uh so my first question was how do you see the investments on the private side especially in the semiconductor 26:46 26 minutes, 46 seconds business. Do you think this could be large opportunity business for us going ahead? 26:53 26 minutes, 53 seconds Semiconductor business is for very fine quality of water. We are not into that. 26:59 26 minutes, 59 seconds We are into water. They will need water and when they need water whatever equipment are required to collect, 27:06 27 minutes, 6 seconds transport and treat that water we are doing but high treatment is a different subject altogether we are not into that. 27:16 27 minutes, 16 seconds The next question is a couple of quarters back we have talked about filling the gaps in our product portfolio on the convey side of the business. So any update on that? 27:28 27 minutes, 28 seconds Uh no I would say uh we are talking with few companies and few people to add such 27:36 27 minutes, 36 seconds products but as of now I have got nothing to announce. 27:41 27 minutes, 41 seconds Okay sir. Uh a question the next question is how big is our O andM business because the replacement time 27:48 27 minutes, 48 seconds for gates as you say is 25 to 35 years but O&M would be a high part of it and 27:55 27 minutes, 55 seconds for and for the other product product categories what is the replacement time sir for let's say valves and screen and 28:03 28 minutes, 3 seconds how is the OM business for those for those products. 28:07 28 minutes, 7 seconds So the awaren business is not big for us. It is 5 to 10%. 28:15 28 minutes, 15 seconds However, what is uh the life is 25 30 or sometimes faster. It is worn out faster 28:23 28 minutes, 23 seconds based on the type of application. So I would say we are mostly going to be in project business. 28:32 28 minutes, 32 seconds M will depend upon certain products which have needs more and certain products which needs low onm and low after sales requirement. 28:44 28 minutes, 44 seconds Okay. And now for my last question since we don't have pass through mechanism on projects we have fixed price projects. 28:53 28 minutes, 53 seconds So what happens when the raw material prices are volat volatile asking this question from the risk management perspective of the company. 29:03 29 minutes, 3 seconds See when we are bidding for the project we are always forecasting what would be the pricing of the raw material and 29:11 29 minutes, 11 seconds accordingly we are taking it in our estimates. However, if a project is long gestation say 2 years and something 29:19 29 minutes, 19 seconds happens in between like COVID happened then it is very difficult for us to project that and cover for that in that 29:28 29 minutes, 28 seconds case we take a hit. However, if you go through our effect, you will see that whenever something like this has 29:34 29 minutes, 34 seconds happened, say for example, current when the US tariff hit us, 29:42 29 minutes, 42 seconds the US dollar to Indian rupee was something around 82 83. 29:49 29 minutes, 49 seconds Because of the tariff, the Indian rupee weakened and became 9192. 29:54 29 minutes, 54 seconds So whatever we lost is partially compensated by the 30:01 30 minutes, 1 second depreciation of the rupee and this is something which has been also during the raw material prices. Whenever the raw 30:09 30 minutes, 9 seconds material peaks you will see that generally the rupee also depreciates and that has been written by me in my FAQ as well. 30:20 30 minutes, 20 seconds So generally because our export is at a very high level, the 30:30 30 minutes, 30 seconds drop or rise in prices is always one way or other covered partially by the drop 30:38 30 minutes, 38 seconds or increase in the uh rupee value. 30:44 30 minutes, 44 seconds Okay. up uh if I remember since we don't have the pipeline valves and the commercial valves for a pipeline and 30:53 30 minutes, 53 seconds about a year back we were visited by a French company so any progress on that front are we looking to add those products in our product portfolio 31:02 31 minutes, 2 seconds we are looking but until an understanding is not achieved we we cannot say anything 31:10 31 minutes, 10 seconds okay thank you so much thank you we'll take our next question from Kura. Please go ahead. 31:19 31 minutes, 19 seconds Hi Pratik. So very uh very good evening. 31:22 31 minutes, 22 seconds So my first question is uh out of the 370 380 cr of uh order book of uh which 31:30 31 minutes, 30 seconds is exp has US exposure. How much of it uh is to be executed uh by FI26 31:38 31 minutes, 38 seconds and how much of it will spill over to Q1 of FI27? because I believe that now that the trade deal has been announced uh we 31:47 31 minutes, 47 seconds might you know uh try to push more shipments out in Q4 which will lead to a 31:54 31 minutes, 54 seconds uh higher sales in Q1 because once the uh uh goods reach there and is recognized as sale. So Q1 will be really 32:03 32 minutes, 3 seconds good for FI27 should be good. Uh material lot of material is under shipment already and 32:11 32 minutes, 11 seconds lot of material is expect to reach shortly to us and with 25% or maybe if 32:19 32 minutes, 19 seconds you are lucky 18% obviously whatever we had held up we will now like to produce fast and send. So next year uh we hope to have a good year in America. 32:32 32 minutes, 32 seconds Just to give you an indication, last year we did 36 million revenue in America. Yes sir. 32:39 32 minutes, 39 seconds This $ 36 million has come down will come down this year to something like 29 million or $7 million 32:48 32 minutes, 48 seconds drop because of this problem. 32:53 32 minutes, 53 seconds So next year obviously with the order book and everything in hand we will go aggressively to build up our US business once again. 33:06 33 minutes, 6 seconds And sir uh my next question is that are we do you feel we are late to uh set up 33:13 33 minutes, 13 seconds uh you know a factory and uh production in Saudi I mean lot of orders have been rolled out and if you know 33:20 33 minutes, 20 seconds we see it's it's never late but yes if you are thinking that someone has gone 33:27 33 minutes, 27 seconds before us then yes maybe we are late uh I think in the the products which we make there is no There is only one 33:36 33 minutes, 36 seconds company in Saudi Arabia today. So if we are able to start production then we will be maybe second or third company. 33:46 33 minutes, 46 seconds Okay. So it's not that we'll be losing out on much business and if we we are set coming up next year in 2027 33:53 33 minutes, 53 seconds we may lose some business because of localization issue. Okay. 33:58 33 minutes, 58 seconds Uh I will like to clarify one thing. If I get the land and if I submit the drawings and if 34:07 34 minutes, 7 seconds drawings are approved then one year from that time 34:12 34 minutes, 12 seconds [clears throat] 34:13 34 minutes, 13 seconds I can take the benefit of localization by producing the same equipment in India also 34:22 34 minutes, 22 seconds and export it and export it. 34:25 34 minutes, 25 seconds Okay. So my last question is how much is the order book of west that we acquired 90% of it? uh western book is uh 45 34:35 34 minutes, 35 seconds 45 cr uh to be executed by FI27 or what is the gestation period for uh the products 34:43 34 minutes, 43 seconds invest 20 25 cr will be executed 15 cr will be executed in remaining two months and 34:51 34 minutes, 51 seconds okay and balance will carry forward okay sir fall back in the queue for more questions 34:58 34 minutes, 58 seconds thank you we'll take a next question from please go ahead. 35:08 35 minutes, 8 seconds Yeah. Uh by u just one um you know hygiene question. Uh if we are going 35:16 35 minutes, 16 seconds back to business as usual next year, uh is it uh fair to assume that our operating model will also become same as 35:26 35 minutes, 26 seconds earlier and we will make around 20 to 24% operating margin and 12 to 14% pat margin going forward next year onwards. 35:36 35 minutes, 36 seconds Yes. If everything works out, it should happen like that. 35:39 35 minutes, 39 seconds Fine. Great. Um um I will tell you one thing there's a good possibility I I I don't cannot forecast 35:47 35 minutes, 47 seconds the future so accurately today but there's a good possibility because those projects which we had taken concerning 50% tariff will now go at 25 or 18%. 35:59 35 minutes, 59 seconds Oh great yeah that's good that's good. 36:02 36 minutes, 2 seconds So we were hit this year we will get some benefit next year. 36:06 36 minutes, 6 seconds Very good. uh sir uh you know including the current year's acquisitions both in 36:13 36 minutes, 13 seconds UK and in India uh u I you know we would add around 100 crores of inorganic 36:20 36 minutes, 20 seconds business next year 70 80 crores 70 80 crores I would say 50 crores okay okay 36:28 36 minutes, 28 seconds please understand one thing whenever you acquire a company everything looks very rosy but when then we go in then we have to 36:36 36 minutes, 36 seconds reestablish lish our systems on profitability, our systems on how to 36:42 36 minutes, 42 seconds do business etc. and to rebuild the team and that takes time. 36:49 36 minutes, 49 seconds So my experience in any acquisition has been we think we'll be able to do everything very fast. However, once we 36:57 36 minutes, 57 seconds go in we realize these are the lacuna this has to be taken care of. This is the weakness of the team that is to be 37:04 37 minutes, 4 seconds taken care of. So to rebuild the team to take over all the process and system and convert them to what we have in Indor is not easy. It takes time. 37:17 37 minutes, 17 seconds So I would say in any acquisition my experience is first year is gone in rebuilding the company or re 37:25 37 minutes, 25 seconds reorganizing the company and then next year onwards you start catching up and then the third year is when the peak reaches. 37:35 37 minutes, 35 seconds Sure. Sure. So, uh so uh does that also mean that we uh might see some uh 37:44 37 minutes, 44 seconds profitability hit in UK and you in in invest? 37:49 37 minutes, 49 seconds In UK whatever hit we had to take we have taken now it is gone. 37:54 37 minutes, 54 seconds Sure. Sure. Uh Pratik the second question is uh we are having around three SCZ assets in India. one uh in US, 38:04 38 minutes, 4 seconds two in UK and one in Europe and now we are going to have one in in Saudi. So 38:11 38 minutes, 11 seconds that's like most of our manufacturing assets are now for export oriented or in in other countries. 38:21 38 minutes, 21 seconds uh so is it uh fair to assume that the current breakup of 540 and 340 38:29 38 minutes, 29 seconds uh will grow you know much faster outside India than in Indian revenue because you know India 38:37 38 minutes, 37 seconds doesn't have we still produce I would say we steel whether it is Saudi Arabia whether it is UK or whether it is America see the 38:45 38 minutes, 45 seconds concept of setting up these plants there are that fast to deliver and simple products would be made there. 38:55 38 minutes, 55 seconds I imagine complex products would be made in India. 38:59 38 minutes, 59 seconds So when we see Rodian 36 million revenue 9 to 10 million was produced in India. 39:08 39 minutes, 8 seconds When you see UK 40 45 cr 15 to 20 cr was produced in India. 39:15 39 minutes, 15 seconds So this will still continue. We start means by setting up a unit abroad doesn't mean that production will be 39:23 39 minutes, 23 seconds shifted completely there. If they need something fast in 3 months, 4 months time, it will be produced there. If they 39:31 39 minutes, 31 seconds have big project needing lot of people and if I don't have those people there, then I will produce here. 39:40 39 minutes, 40 seconds Sure. Sure. And we had uh we had plants in uh in Houston. I if I remember uh for 39:47 39 minutes, 47 seconds US uh which I think we didn't discuss much because of whatever is happening there. So uh what is the plan for us for 39:55 39 minutes, 55 seconds next 3 to 5 years in terms of investments. So Houston planned we had placed the order on a contractor 40:04 40 minutes, 4 seconds he has gone bankrupt and he has closed the company. 40:08 40 minutes, 8 seconds So now we are searching another contractor and uh we would be able to get his 40:15 40 minutes, 15 seconds pricing in this month and we'll negotiate a new job with him in order with him next month and we expect to 40:22 40 minutes, 22 seconds start in June July the construction and uh commission the plant next year before September. 40:32 40 minutes, 32 seconds Sure. So and it will be a office and manufacturing. No, only manufacturing office is dropped. With this shock of one year, we have dropped the office. 40:43 40 minutes, 43 seconds Maybe once we are back on this high growth profitable path, then we'll think of office. 40:50 40 minutes, 50 seconds Thank you. That's very helpful. Thank you. 40:53 40 minutes, 53 seconds Thank you. We'll take a next question from Sah Dshi. Please go ahead. 40:58 40 minutes, 58 seconds Uh hi sir, good afternoon and thank you for the opportunity. Uh so firstly just want to check you know last quarter you 41:04 41 minutes, 4 seconds had said a legal opinion was obtained that possibly the duty which you obtain in the US there was some benefit which 41:12 41 minutes, 12 seconds you could uh you know get back so just wanted to check on that so two consignments have already been 41:19 41 minutes, 19 seconds cleared last week with 25% duty not 50% 25% duty so so based on that 41:30 41 minutes, 30 seconds legal opinion only and if the tariff is reduced to 18% based on the ratification 41:38 41 minutes, 38 seconds of the deal then we will be all future consignments which are also already on the way would be given at 18%. 41:49 41 minutes, 49 seconds Okay. No my question was you know you alluded to the fact that the 50% tariff which you had paid in certain projects there was a scope of us getting it back 41:57 41 minutes, 57 seconds uh you know based on some legal opinions. 42:00 42 minutes that that we don't know to get money out of any government is very difficult. So whether that will happen or not I don't 42:09 42 minutes, 9 seconds know. I think uh what I had said that point of time was not that I had said that instead of 50 we are we got a legal 42:17 42 minutes, 17 seconds opinion that we can go on reciprocal tariff not iron and steel tariff 42:27 42 minutes, 27 seconds is not something I discussed it was the reciprocal tariff was 25% which was increased to 50%. 42:36 42 minutes, 36 seconds But I understand that it was 50%. 42:39 42 minutes, 39 seconds So I had alluded to this that the legal opinion is 42:48 42 minutes, 48 seconds that we can give a 25% tariff instead of iron and steel tariff. Now that the 42:55 42 minutes, 55 seconds reciprocal tariff has been reduced from 50 to 25, we have been able to get to consignments here at 25%. 43:04 43 minutes, 4 seconds Understood sir. Uh thank you for that clarification. Uh so second on the US like you said because of the tariff uncertainty you know your business plans 43:14 43 minutes, 14 seconds were you know on hold and you were not too aggressive in terms of order booking. So how much do you believe that you know orders you would have passed or 43:22 43 minutes, 22 seconds business you would have let go because of this and once that clarity has emerged how do you see the US over the 43:30 43 minutes, 30 seconds next one year because you know the order book in the US for the last one year has more or less been stagnant in that yeah so in the month of January we have 43:39 43 minutes, 39 seconds already booked more than 3.5 million orders so ultimately we decided that 50% is 43:48 43 minutes, 48 seconds going to remain 50% and will not increase. So we started taking orders. 43:53 43 minutes, 53 seconds We have taken few orders of 1 million plus two orders of 1 million plus last 43:59 43 minutes, 59 seconds month. So I would say uh whatever maybe we have not taken 78 10 million worth of 44:08 44 minutes, 8 seconds orders but now from January we have restarted taking orders and so I don't see that in future we'll have any shortfall on that front. 44:20 44 minutes, 20 seconds No sir. 44:20 44 minutes, 20 seconds And just lastly sir, you know in previous interactions we've said at one point of time that we could make 9 to 10% margins in Rodney Hunt at a optimal 44:30 44 minutes, 30 seconds level in that sense. Uh once we start scaling and you know going back to that number with the new you know the 44:36 44 minutes, 36 seconds environment etc. do you really think uh that number is yet achievable? 44:42 44 minutes, 42 seconds Yeah that is achievable once the revenue grows. 44:47 44 minutes, 47 seconds The revenue growth has nothing to do with tariff. Please understand whether it is 25% tariff or 50% tariff. We are comfortable at that tariff. 44:57 44 minutes, 57 seconds We are not comfortable when we estimate 25 and it becomes 50 or when we estimate at 50 and it becomes 100. 45:05 45 minutes, 5 seconds Uncertaintity is the uncertaintity of tariff because when you do costing you quot to client you have to add tariff in it. We add the 45:14 45 minutes, 14 seconds tariff put to the client. The order comes in two months time and the execution may take 6 months to one year and before we execute the job if the 45:23 45 minutes, 23 seconds tariff increases the heat is coming on the company. 45:27 45 minutes, 27 seconds So margins was never an issue. It was about revenue. Because of tariff revenue goes 45:34 45 minutes, 34 seconds down. As revenue goes down overhead percentage increases. Profitability goes down. As revenue goes up, 45:44 45 minutes, 44 seconds costing remains same, overhead goes down, profitability goes up. 45:50 45 minutes, 50 seconds Sure sir. And just lastly, sir, on shipad, just wanted to check, you know, that's fallen. I mean, we've seen a dip there. Could you just talk about uh 45:58 45 minutes, 58 seconds what's really transpiring there and what's the outlook on ship? So we set up a new plan for ship power and we put a 46:06 46 minutes, 6 seconds new theme in place for production because this is a big plant and as I said in our industry the biggest problem 46:14 46 minutes, 14 seconds is manpower if you don't get the right man power you will suffer and we had lot of problem with the manpower the quality 46:23 46 minutes, 23 seconds was not coming out lot of customer complaints were there so we had to send a team from Indor train a team in Indor 46:31 46 minutes, 31 seconds and send the team in Indoor. So first 10 people have already started working in shipad from 1st of February and slowly 46:40 46 minutes, 40 seconds slowly we will set up the complete team in shipad through trained people sent from Indonor. 46:48 46 minutes, 48 seconds As a result of that we have had some setback on deliveries but quality is more important than revenue because once you lose the trust 46:57 46 minutes, 57 seconds of clients then you are in a deep problem. As a result, we have had some drops at Sri, but we'll recover soon. 47:06 47 minutes, 6 seconds Sure. And now with this vest, you know, since they were outsourcing a bit of it, when do we see that alignment coming 47:12 47 minutes, 12 seconds through? By 27 or that should be a year later. A year later. 47:18 47 minutes, 18 seconds As I said, any new company you take over? Our first meeting at Westech is next week. So we will be going and 47:26 47 minutes, 26 seconds reviewing all their operations and what changes needs to be done and all strategy discussions and then we'll need 47:33 47 minutes, 33 seconds few months to implement it and thereafter the results will come 6 months or 8 months later. 47:42 47 minutes, 42 seconds Thank you so much and I'll come back in the queue. 47:45 47 minutes, 45 seconds Thank you. We'll take a next question from Kumar Jin. Please go ahead. 47:51 47 minutes, 51 seconds Yeah, thank you so much. uh uh Pratik by Dhan by uh I was at the plant recently 3 days back. Uh thank you for kind of 48:00 48 minutes organizing uh the visit and was amazed to see the level of motivation 48:06 48 minutes, 6 seconds uh in the employees at the plant. So while I was visiting the plant there were products being made for NPCIL and 48:14 48 minutes, 14 seconds uh disc filters being manufactured. So I have like uh two three probably questions. Uh Pratik by uh how has the 48:22 48 minutes, 22 seconds perception of uh Jash uh probably changed uh once we started supplying to NPC. So how how that perception is 48:31 48 minutes, 31 seconds probably helping us uh to get uh probably new orders either in India or outside India that is my first question. 48:39 48 minutes, 39 seconds So can I answer question by question? 48:42 48 minutes, 42 seconds Yeah. So yeah. So second question uh yeah the second question is uh Pratik by uh about the uh you know the uh disc 48:51 48 minutes, 51 seconds filters. So what is the opportunity size for selling disc filters in India? Uh those are my two questions here. The first question is NPC. 49:02 49 minutes, 2 seconds See NPCIL experience will not go outside India. Means when 49:09 49 minutes, 9 seconds you work for NPCIL that will not get me business outside India but it will definitely get me lot of business within 49:17 49 minutes, 17 seconds India because NPCIL needs good supplier and today they consider us as one of their top suppliers. 49:25 49 minutes, 25 seconds So with the nuclear environment opening up for private industry in future, we 49:33 49 minutes, 33 seconds expect our experiences with NPC and their experience with us to be very positive. As a result of which both 49:41 49 minutes, 41 seconds would like to go ahead with this type of business which is highly critical. It's not an easy business. Highly critical. 49:48 49 minutes, 48 seconds But if you can master it, you have a huge opportunity in future. But that is only domestic nothing to do with exports. 49:58 49 minutes, 58 seconds Coming to your second question, this filter this filter we have already mentioned in our FAQ etc. What is the potential for 50:07 50 minutes, 7 seconds this filter? We do not make big size this filter which are made by other companies. We make small disc filters 50:14 50 minutes, 14 seconds and we expect we domestic and export together 20 to 25 cr worth of business. 50:22 50 minutes, 22 seconds Okay. Uh yeah. So I have one more question to add here. Uh Pratik Bay I understand that we have uh the average 50:29 50 minutes, 29 seconds order size that we have ranges from you know 1 cr to 4 cr. Uh but I have a kind of question wherein where we get bigger 50:36 50 minutes, 36 seconds size orders like say uh the kind of NPCL orders where we get like 50 cr 60 cr 70 crores kind of order size. uh is there 50:44 50 minutes, 44 seconds any way of kind of having some pass through clause uh wherein the material cost increases and you know something of 50:52 50 minutes, 52 seconds that sort is possible for the big size orders it is very difficult however please understand that we have stage 50:59 50 minutes, 59 seconds wide payment so we get 10 or 15 or 20% advance and then balance 30 or 35% 51:08 51 minutes, 8 seconds before by the time the material is ready for inspection. So because we are getting stage wise payment sometimes 51:15 51 minutes, 15 seconds that also helps in mitigating the price rises. Okay, understood. Thank you very much. 51:24 51 minutes, 24 seconds Thank you very much. 51:26 51 minutes, 26 seconds Thank you. A gentle reminder to all the participants to ask a question please select a raise option under the reaction tab of the zoom application. 51:35 51 minutes, 35 seconds We take a next question from Naven. Please go ahead. 51:39 51 minutes, 39 seconds Hello audible. Yeah. Yeah, thank you for the opportunity sir. So the uh you 51:46 51 minutes, 46 seconds previously spoke about uh the demand environment uh because of the tariffs uh the decision- making had slowed down. 51:55 51 minutes, 55 seconds Now uh with the deal signed how is the demand environment looking outside US 52:01 52 minutes, 1 second also because even in the outside uh geographies uh the decision making because of the tariff had uh they had 52:11 52 minutes, 11 seconds had lengthened it is not going to be improved so soon in America also slowly slowly things are 52:20 52 minutes, 20 seconds improving it that was a shock for everyone Even for EPC contractors in America because 52:28 52 minutes, 28 seconds they were getting something at 3% and all of a sudden now it is coming from Europe in 25% and elsewhere at higher 52:37 52 minutes, 37 seconds rate from China or India or anywhere. So everyone have suffered however business has to go on. So all 52:46 52 minutes, 46 seconds new projects people have added high tariffs and bided and got the job. So now it has stabilized 52:54 52 minutes, 54 seconds and my second question is regarding integration of Westc. Uh you mentioned previously it will take some time but will you be beefing our team at our end? 53:05 53 minutes, 5 seconds Uh because they only had a sales team uh and major production was outsourced. Uh 53:11 53 minutes, 11 seconds so and their team uh consisted of uh seniors. Uh so will we be beefing the team at our end? 53:20 53 minutes, 20 seconds No no no no we will not be using the team at our end we will be rebuilding the team there. So we we are already we 53:27 53 minutes, 27 seconds have already sanctioned uh recruitment of few key people in marketing to go for faster growth. 53:38 53 minutes, 38 seconds So we we have to build the team in west not in India in the 53:46 53 minutes, 46 seconds want to put our team some one or two people from our team may go there but other than that it is west team and we'll strengthen that team by 53:55 53 minutes, 55 seconds recruiting best competent people available wherever we feel we need and will you be retaining the west brand 54:03 54 minutes, 3 seconds or it will be marketed under Jush under Jush formally 54:14 54 minutes, 14 seconds not as for we can put it and you spoke about rupee depreciation benefit uh uh could you quantify the 54:24 54 minutes, 24 seconds number I think uh there is a in our balance sheet you can see the foreign exchange gain 54:31 54 minutes, 31 seconds it's important realize or unrealize but in real it's 4 It is around 4 to 5 crores. 54:40 54 minutes, 40 seconds Okay. 9 months. That's all from my answer. Thank you. 54:47 54 minutes, 47 seconds Thank you. We'll take the next question from Kunal. Please go ahead. 54:56 54 minutes, 56 seconds Yeah. Hi sir. I just have two questions. 54:57 54 minutes, 57 seconds One is uh sir I think last call you mentioned that uh there was a client from Vietnam who was not taking the delivery of the order. So because of 55:06 55 minutes, 6 seconds that so how is the uh how is the sedar in the Southeast Asian markets I see some kind of uh growth decline I think 55:12 55 minutes, 12 seconds the guidance previously was about 15% now it's uh reduc I mean I think I think this year we'll close around 6 7% growth 55:21 55 minutes, 21 seconds am I right yes so how do we see this going ahead uh is that market also showing some signs of 55:29 55 minutes, 29 seconds uh sluggish growth uh every market like whether it is Vietnam, 55:37 55 minutes, 37 seconds Vietnam, I'm glad to inform Vietnam material will be leaving in a week or so but every 55:43 55 minutes, 43 seconds market has gone through trouble once the tariff hit because tariff does not just it it it 55:51 55 minutes, 51 seconds boils the market confidence and market sentiments and so everywhere things that slow down 55:59 55 minutes, 59 seconds whether it is Vietnam or whether is Hong Kong or Singapore everywhere some or 56:04 56 minutes, 4 seconds other uh problem has occurred and so subsequently the tariff everywhere has 56:12 56 minutes, 12 seconds come down okay except India India has happened now so things are now stabilizing and maybe we'll all be 56:20 56 minutes, 20 seconds reconciling to the new tariff and planning our activities according to that okay and sir uh just one question so why 56:29 56 minutes, 29 seconds have we like named the subsidiary Rodney Hunt in Saudi is that name more uh like is is it beneficial for us in some way? 56:37 56 minutes, 37 seconds Why why not why not Jash? Uh because Jash in Saudi language is Jash 56:45 56 minutes, 45 seconds same as Jash and Mohammed or so they do not allow me approval of that name. 56:53 56 minutes, 53 seconds Okay. Okay. 56:54 56 minutes, 54 seconds I was in Saudi Arabia for 3 days. I tried everything. Finally, I got these 57:00 57 minutes two names with with possibility that tomorrow we will bring judge also into this name. 57:10 57 minutes, 10 seconds Okay. Okay sir. Yeah. Thank you. 57:13 57 minutes, 13 seconds Thank you. We'll take a next question from Prash. Please go ahead. 57:26 57 minutes, 26 seconds uh if you say to unmute yourself and ask the question 57:35 57 minutes, 35 seconds um yeah we'll move on to the next uh uh sushi please go ahead 57:44 57 minutes, 44 seconds uh yeah hi sir just want to check in this 9 months how much has been the exposed to us for us just if you can 57:52 57 minutes, 52 seconds quantify or maybe 35 yeah 35 cr Okay. So the the entire revenue booking 58:00 58 minutes essentially now would happen in Q4 is what it's not possible. It's not possible because the material should have left 58:09 58 minutes, 9 seconds and be in America by I said 20th of March so that they reach 58:16 58 minutes, 16 seconds the site by end of March otherwise Detroit will not allow in revenue. 58:23 58 minutes, 23 seconds Okay. So how much do we drop is coming because of that only right right understood understood. So 58:30 58 minutes, 30 seconds how much do we possibly can cover up in Q4? We just had to put if you see the presentation you know we 58:38 58 minutes, 38 seconds have said uh we have given the presentation in which we have said we will reach around 800 cr say for example 58:47 58 minutes, 47 seconds and then uh you can find out from there and what what can we have 58:56 58 minutes, 56 seconds uh okay sure sir and just correspondingly sir we've seen a uh you know drop in our gross margins in the nine months you know is That entirely because of this drop in US sale? 59:08 59 minutes, 8 seconds Not because of the drop in USL. It is also because I pay it from my pocket. Understood. Understood. 59:16 59 minutes, 16 seconds It is a cost. Gross profit is not linked with the reduction on the revenue. It is directly 59:24 59 minutes, 24 seconds related to the turnover. So it is variable cost. So it will not affect the revenue up and down. 59:36 59 minutes, 36 seconds It is the consumption consumption and cost also the cost has gone up because of the tariff 59:42 59 minutes, 42 seconds but is the addition for good and and just uh lastly to check uh 59:49 59 minutes, 49 seconds sir in you know we had given a previous guidance was around thousand odd cr by fi27 given the entire situation now 59:57 59 minutes, 57 seconds globally do we believe we should be in a decent footing uh to get you know stride for that 1:00:05 1 hour, 5 seconds I think Was it 1,000 or 950 cr? 950 975 cr. So we we are quite confident of 950 crust. 1:00:15 1 hour, 15 seconds Uh let's see how this 18% ratification is done when it is done. But I feel uh 1:00:24 1 hour, 24 seconds with all these initiatives which we have taken, we should be in striking distance of the same. 1:00:29 1 hour, 29 seconds Yeah. And there is good chance of US closure this year with 45 to 50 million 1:00:36 1 hour, 36 seconds of uh opening or 40 is the December but March closing will be better than 1:00:45 1 hour, 45 seconds let us not let us based on this we forecast in April. 1:00:51 1 hour, 51 seconds Yeah sure sir best wishes to the team sir. Thank you. 1:00:55 1 hour, 55 seconds Thank you. We'll take a follow-up question from Kunal. Please go ahead. 1:01:00 1 hour, 1 minute Uh so we have almost spent 30 uh cr in the west deal. Uh how much expected in the pen stock UK? Six crus. 1:01:10 1 hour, 1 minute, 10 seconds Okay. Uh and sir uh how much will be the total exports probably from uh India to US on which the tariff will be 1:01:19 1 hour, 1 minute, 19 seconds applicable in what range at the end of FI26? FI26. 1:01:28 1 hour, 1 minute, 28 seconds worry. 1:01:28 1 hour, 1 minute, 28 seconds Yeah. Yeah. I mean for for this year for this year for I think you said 25 cr worth of orders have been already dispatched how much more because I think 1:01:36 1 hour, 1 minute, 36 seconds tariff is on that right I mean tariff will be on the so total pending order on first yeah 1:01:46 1 hour, 1 minute, 46 seconds total 35 we have already displayed okay 10 to 15 cr further in 1:01:53 1 hour, 1 minute, 53 seconds okay so 18% or 25% whatever would be on that 50 cr or 25 25 as of today 1:02:01 1 hour, 2 minutes, 1 second maybe sometime 25 sometime 50 and now 80 1:02:08 1 hour, 2 minutes, 8 seconds up to March is 25 okay so so there is no uh like because I think last time when I had did factory 1:02:17 1 hour, 2 minutes, 17 seconds uh there was uh something like you would uh you know uh the orders that were not meant for the US that would directly be 1:02:24 1 hour, 2 minutes, 24 seconds showed to like let's say Canada or whatever where the Rodney so are there percentages of those orders executed as 1:02:32 1 hour, 2 minutes, 32 seconds of like of this year orders that were not meant for US uh territory but in Rodney Han's order book which can be 1:02:41 1 hour, 2 minutes, 41 seconds directly be exported to that land is is that something that is possible 1:02:47 1 hour, 2 minutes, 47 seconds those see as when this issue dropped all such orders dried 1:02:56 1 hour, 2 minutes, 56 seconds So why would they place an order on an American company if their country is going to place reciprocal tariff on 1:03:06 1 hour, 3 minutes, 6 seconds America? So as a result there was a big mess for few months no one was willing to touch American products. 1:03:14 1 hour, 3 minutes, 14 seconds Now I think still it is settling down and all countries are evaluating how to go ahead. companies are also evaluating 1:03:21 1 hour, 3 minutes, 21 seconds how to go ahead and I think that only next year we'll start that type of business coming back. 1:03:30 1 hour, 3 minutes, 30 seconds Okay. Okay sir. Thank you so much. 1:03:34 1 hour, 3 minutes, 34 seconds Thank you. Uh that was the last question for there are few questions on our chat box. Um some of has been covered. Uh the 1:03:44 1 hour, 3 minutes, 44 seconds question is this question is from Ravi Shankarand. What will be our product mix looks like five years from now on segment by 1:03:52 1 hour, 3 minutes, 52 seconds no one can predict it uh because we are in projects and it varies from year to 1:03:59 1 hour, 3 minutes, 59 seconds year and this I have clearly explained even in our FAQ. 1:04:05 1 hour, 4 minutes, 5 seconds The next question is from Navani. How much revenue sh are we expecting to get from Saudi Arab going forward? 1:04:13 1 hour, 4 minutes, 13 seconds See in the beginning in the first year we don't expect more than 20 25 30 crores but slowly slowly we are 1:04:20 1 hour, 4 minutes, 20 seconds expecting 100 cr revenue from uh that company okay 1:04:31 1 hour, 4 minutes, 31 seconds the questions got covered yeah that was the last question sir I will hand over to you for a closing comments 1:04:39 1 hour, 4 minutes, 39 seconds uh whomever we have not been able to uh reply to and they have given us uh 1:04:47 1 hour, 4 minutes, 47 seconds message on the chat. Uh we will come back to you with our answers later on. 1:04:53 1 hour, 4 minutes, 53 seconds Um for the others, thank you for spending your valuable time and listening to us 1:05:00 1 hour, 5 minutes and if you have any doubt or if you want any clarity, you can always write to us to Mr. Dinen or to EI and it would be our pleasure to reply to you. Thank you. 1:05:13 1 hour, 5 minutes, 13 seconds Thank you. Thank you everyone for joining us today. If you have any additional questions like Pratik said, you can reach out to us anytime. We wish you a good health and look forward to uh 1:05:22 1 hour, 5 minutes, 22 seconds seeing you again next quarter. Have a good day. Thank you.