Kriti Industries Limited — Q4 FY26

Kriti Industries (India) Limited Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=kD1xEAKGX8o Published: 7 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Q4 FYI26 conference call of Krippy Industries Limited. As a 0:08 8 seconds reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation concludes. Should 0:16 16 seconds you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchstone phone. Please note that this conference is being recorded. 0:28 28 seconds At this time I would like to hand over the conference to Miss Purangi Jane from Valorim Advisors. Thank you and over to you ma'am. 0:36 36 seconds Thank you. Good afternoon everyone and a very warm welcome to you all. My name is Purangi Jen from Valerim Advisers. We represent the investor relations of 0:44 44 seconds Criti Industries Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings conference call for the fourth 0:52 52 seconds quarter and full year ended of the financial year 2026. 0:57 57 seconds Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such 1:05 1 minute, 5 seconds forward-looking statements are subject to risk and uncertaintity which could cause actual results to differ from those anticipated. 1:12 1 minute, 12 seconds Such statements are based on management's belief as well as assumptions made by and information currently available to the management. 1:20 1 minute, 20 seconds Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. 1:27 1 minute, 27 seconds The purpose of today's earnings call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. Let 1:34 1 minute, 34 seconds me now introduce you to the management participating with us in today's earnings call and hand it over to them for their opening remarks. We have with 1:42 1 minute, 42 seconds us Mr. Shift Singh Meta, chairman and managing director and Mr. Rajes Cisodia, chief financial officer. Without any 1:50 1 minute, 50 seconds delay, I request Mr. Shift Singh Meta to start with his opening remarks. Thank you and over to you sir. 1:57 1 minute, 57 seconds Thank you Purwangi. Good afternoon everyone. 2:03 2 minutes, 3 seconds It's pleasure to welcome you to the earnings conference call for the fourth quarter and financial year 2026. 2:15 2 minutes, 15 seconds During the period, our total sales volume stood at 13,577 2:22 2 minutes, 22 seconds micipan reflecting a growth in this quarter. 2:26 2 minutes, 26 seconds Aggregating agriculture segment 10,288 2:34 2 minutes, 34 seconds metric ton registering a 12% growth over Q4 of last year. Building products 2,683 metric t 7% growth over Q4 of last year. 2:46 2 minutes, 46 seconds Indust segment had 606 metric t sales a steep decline of 65%. 2:56 2 minutes, 56 seconds For company first 9 months were challenging. Therefore, overall annual figures appear as under agriculture 3:04 3 minutes, 4 seconds segment 47,638 metric t 11% decline. Building product 7,685 3:12 3 minutes, 12 seconds metric t 16% decline. Industrial segment 3,37 metric ton 29% decline. Overall 3:21 3 minutes, 21 seconds 58,630 metric ton 13% decline. 3:26 3 minutes, 26 seconds company was able to recover in Q4 to end the year with a profit at AITA level 3:32 3 minutes, 32 seconds earning for the year was 35 crores as again 28 crores in the previous year. 3:38 3 minutes, 38 seconds Thank you. I'll now hand over a call to our CFO Mr. Rajes Sodia to take you through the financial highlights. 3:50 3 minutes, 50 seconds Thank you very much sir. Good afternoon everyone. 3:54 3 minutes, 54 seconds Let me now take you through the consolidated financial performance for the period under review. For the quarter 4:02 4 minutes, 2 seconds under review, the company reported revenue of INR 142 crores reflecting a growth of 3% on YI basis. 4:14 4 minutes, 14 seconds Abita stood at INR1 18 crores compared to INR 20 lakhs in the same period last 4:22 4 minutes, 22 seconds year with AITA margin improving significantly to 12.91% from.15%. 4:32 4 minutes, 32 seconds An expansion of 1276 basis points on a yearon-year basis. 4:40 4 minutes, 40 seconds The company reported a net profit of around INR4 crores as against a loss of 4 crores in the corresponding period last year. 4:50 4 minutes, 50 seconds Moving to the fullear performance of FY20 2026. 4:55 4 minutes, 55 seconds The revenue of the company stood at 587 crores reflecting a decline of 19% on Y 5:03 5 minutes, 3 seconds basis. Abita for the year was INR 35 crores up 23% on Ywide basis with AITA 5:14 5 minutes, 14 seconds margin improving to 5.94% from 3.93% 5:20 5 minutes, 20 seconds an expansion of 201 basis points on YI basis 5:27 5 minutes, 27 seconds the company reported profit of INR1 cr compared to a loss of 4 crores in the 5:34 5 minutes, 34 seconds previous year. Thank you. With this, I would like to open the floor for questions and answer session. 5:46 5 minutes, 46 seconds Thank you very much. We will now begin with the question and answer session. 5:51 5 minutes, 51 seconds Anyone who wishes to ask a question may press star and then one on their touchstone phone. 5:57 5 minutes, 57 seconds If you wish to remove yourself from the question queue, you may press star and two. This participants are requested to use handsets while asking a question. 6:08 6 minutes, 8 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 6:21 6 minutes, 21 seconds Your first question comes from the line of Danish Chavei from Boring AMC. Please go ahead. 6:28 6 minutes, 28 seconds Hi. Yeah. Uh so I wanted to ask uh what is the management's focus right now like considering the PVC prices are falling. 6:36 6 minutes, 36 seconds So right now we saw a uh inventory gain will we see an inventory gain going ahead in Q1? Uh that is my first 6:43 6 minutes, 43 seconds question. Second question is on the demand side uh how are we seeing the demand shape up and uh when can we see a 6:50 6 minutes, 50 seconds meaningful volume growth uh for the company? 6:55 6 minutes, 55 seconds uh you see the there were certain inventory gains yes and going forward in Q1 also as things are very volat 7:04 7 minutes, 4 seconds volatile today it's difficult to predict but still we may see some advantage on inventory side but the question about 7:14 7 minutes, 14 seconds the quarter will depend on how the market turns up because there were sudden upheavalss because of the wars in 7:22 7 minutes, 22 seconds south um uh Iran, Iraq area which has resulted into lot of volatility in 7:31 7 minutes, 31 seconds petrochemical prices and that has affected market and how far that will continue is still uncertain. 7:43 7 minutes, 43 seconds Okay. And can you give us uh some uh detail on the demand side like how how do you see demand shape up and uh how is 7:50 7 minutes, 50 seconds the underlying demand for our products building material and agriculture? 7:56 7 minutes, 56 seconds Demand for agriculture and building products were impacted immediately after the war broke out because of the sudden 8:06 8 minutes, 6 seconds very high increase in the raw material and finished good prices. But now they have settled. So demand is again back to almost average normal. 8:19 8 minutes, 19 seconds Okay, great. Uh so any kind of a guidance that you would want to give like for volume growth for the FI27? 8:27 8 minutes, 27 seconds Yes, we certainly look forward to a positive growth and it should be in access to the industry average because 8:35 8 minutes, 35 seconds we had a bad year last year. So for us it is a comfort low base on which we have to grow this year. So we expect a 8:43 8 minutes, 43 seconds healthy growth over last year and that is because of a lower base because we had shrunk last year. So we have every reason and a lot of headroom to grow up. 8:54 8 minutes, 54 seconds Sure. Thank you. Any capeex guidance like any capeex that you're doing or are we putting it on hold for now? No, we are putting capex on board because we 9:03 9 minutes, 3 seconds have already invested for all the developments and we will observe first two quarters as I told you last time before we decide for the further capex plans. 9:12 9 minutes, 12 seconds Sure. Thank you. That's it from my side. Thank you. 9:20 9 minutes, 20 seconds The next question comes from the line of Prit Basi an individual investor. Please go ahead. 9:27 9 minutes, 27 seconds Uh hi. Uh thank you for the opportunity. Uh I'd like to apologize if I'm re asking the questions from previous participant. 9:34 9 minutes, 34 seconds So I was wondering in terms of the company's plans. I I understand the capex is on hold right now but the thing is as we see in the market right now all 9:42 9 minutes, 42 seconds the big players most of players are putting up capacities across the country in the south and the north and east and the west but we have a plant in the 9:51 9 minutes, 51 seconds center. I agree that we putting the pose and all of that but how do we manage how are we planning on staying competitive beyond let's say our central location 9:59 9 minutes, 59 seconds because everyone's putting up capacities and everyone being aggressive in terms of pricing also in terms of passing on logistics cost and all of it so what's 10:07 10 minutes, 7 seconds the company's plan in terms of staying competitive and growing the manufacturing base because I understand the efficiency is the level of having one plant but won't it be easier to 10:15 10 minutes, 15 seconds access different markets by expanding beyond one plant you have Very valid question. You see, 10:23 10 minutes, 23 seconds we are very clear that there is a limitation to grow beyond a regional territory if you have a located plant at 10:31 10 minutes, 31 seconds one location. That is true for agriculture. But in building material, the ability to afford a distant 10:40 10 minutes, 40 seconds logistics is still feasible. We are still working out as we had told you last time. Will we consolidate our 10:48 10 minutes, 48 seconds because we had a bad year. So we will consolidate our position and fortunately for us this territory where we are we 10:55 10 minutes, 55 seconds are a leading penion brand and that gives us an advantage. So any further major expansions will be certainly 11:04 11 minutes, 4 seconds thought through and new capacity expansion or diversification of locations will depend how we take up next two quarters of our business. 11:15 11 minutes, 15 seconds Understood sir. And in terms of the dealers, I think we have four around 400 at this point of time. So I was wondering in terms of how many of them 11:23 11 minutes, 23 seconds are agree versus let's say other building products and what is the strategy in terms of growing them because 400 in the grand scheme of things is not that much. So I was 11:32 11 minutes, 32 seconds wondering what's the what how much how many resource like what are the kind of resources the company has put behind growing this network in terms of the team? Did we add new people recently? 11:42 11 minutes, 42 seconds Could you just give some idea on that? 11:44 11 minutes, 44 seconds So we are expanding our dealer base but we are already fairly well entrenched in the major areas where we don't see much 11:52 11 minutes, 52 seconds scope of expanding further. So those new dealers are getting added into the regional regions which are closer to our 11:59 11 minutes, 59 seconds existing territories and in building material space. Yes for sure we are expanding everywhere that we can. 12:07 12 minutes, 7 seconds Let's say what are what is the kind of team we establish to grow this in terms of members predication numbers in the sales team we have a 12:16 12 minutes, 16 seconds fairly well established network and team members and that's where we are quite comfortable we are not looking major 12:24 12 minutes, 24 seconds expansion on this sales team and but for a lower end of uh uh team where you have 12:31 12 minutes, 31 seconds the ground um I mean foot soldiers which we keep adding as and when the demand the areas get activated. 12:41 12 minutes, 41 seconds Understood. And in 400 dealers, so how are the spread across from each state? 12:45 12 minutes, 45 seconds Like I understand Mad Pradesh would be probably the largest but how many of them are from each state? Could you give well entranced dealership in MP, 12:54 12 minutes, 54 seconds Rajasthan and Maharashtra and we are expanding in your teams as well? No, I was just curious because I wanted to understand what kind of 13:02 13 minutes, 2 seconds exact numbers I would not have here but you can get in touch with our CF. We give you numbers state by state if required. 13:10 13 minutes, 10 seconds Got it sir. And so going forward so our focus will be on building products. 13:15 13 minutes, 15 seconds That's a fair understanding right and capacities and we're not having any more capacity expansion at this point of time immediately. No. Yes. 13:24 13 minutes, 24 seconds Got it. And in terms of building products and uh what is the strategy of PPVC and OPVC? I understand if you want 13:30 13 minutes, 30 seconds to get into right now those are the most trending products at this point of time. 13:35 13 minutes, 35 seconds So what does the company think about expanding those kind of capacities for CPV and PBC? 13:41 13 minutes, 41 seconds CPBC we are expanding PBC is not on our agenda at this moment. 13:47 13 minutes, 47 seconds Okay. So, so in terms of building products, how many what percentage would be CPVC versus uh normal PVC and other 13:56 13 minutes, 56 seconds things you see we have a full range of CPV and obviously CPVC is area where we are 14:05 14 minutes, 5 seconds focusing more for expansion and growth in terms of building up volumes because comparatively if you see CPVC offer better margins. 14:15 14 minutes, 15 seconds Correct. 14:17 14 minutes, 17 seconds So I just I just curious in terms of the concentration on how what you're planning on doing in the future because CPVC has been growing at a fast pace 14:25 14 minutes, 25 seconds compared to the other segment right. I was wondering like how is the growth in terms of CPVC segment for the company itself. So we are all our dealers who 14:34 14 minutes, 34 seconds are in building material space would be selling both UPVC and CPVC because you know both products go together as a 14:40 14 minutes, 40 seconds family of products for any building whatever you have you have all the products requirement. So it's a family. 14:48 14 minutes, 48 seconds So proportions are almost like settled in terms of what you require in a building. 14:54 14 minutes, 54 seconds Got it sir. So one last question at depos I understand. Do we have any plans of further expanding the number of depos we have or we are satisfied with the coverage we have at this point of time. 15:04 15 minutes, 4 seconds So we are growing our market and we are trying to expand our uh portfolio also but it's a gradual 15:13 15 minutes, 13 seconds um uh strategically decided process in which we are moving. 15:18 15 minutes, 18 seconds Got it sir that's it from my side. Thank you so much. 15:25 15 minutes, 25 seconds Thank you. Your next question comes from the line of sha and individual investor. Please go ahead. Hello. 15:33 15 minutes, 33 seconds Yes. Hello. Am I audible? Yeah. Yeah, you are audible. 15:37 15 minutes, 37 seconds Thank you for this opportunity. I have just a few questions. So, I I want to know who are your main competators in this place that you are in multi pra in central India uh major competition. 15:49 15 minutes, 49 seconds So, all the nesting players are present here with the many of them are planned here, many have their here. So, everyone is around here. 15:59 15 minutes, 59 seconds Oh, okay. Uh the next question is uh could you give a margin difference particularly in your building and agriculture products uh exact margin 16:08 16 minutes, 8 seconds that we get? You see building product offer a better margin than agriculture. 16:14 16 minutes, 14 seconds Normally agriculture would have about 8 to 9% margin or 10% it depends on time of the year while building offers from 14 to 18%. 16:26 16 minutes, 26 seconds Okay. And uh last question uh in our earlier annual report we said we going 16:33 16 minutes, 33 seconds to reach 1,000 crores uh revenue uh is that still achievable? 16:39 16 minutes, 39 seconds Uh we are working to improve our figures because last year was a very difficult year for us because there was heavy rains as we have been telling you in the 16:48 16 minutes, 48 seconds other areas of operation which has impacted our markets very badly. So we are re I mean revitalizing the whole 16:56 16 minutes, 56 seconds thing. Fortunately um going forward if rain gods are right and everything is right we should be able to aim 17:04 17 minutes, 4 seconds substantial increase over last year and we will definitely target towards our guided guidance that is what we had said earlier. 17:13 17 minutes, 13 seconds Yeah. And one last question on our sourcing from for PVC resins now with such a big uh increase in the prices. Do 17:22 17 minutes, 22 seconds we have uh any uh strategy or where do we source our PVC resin from? 17:28 17 minutes, 28 seconds We import and we buy locally as well. So it's a combination of local as well as import. 17:36 17 minutes, 36 seconds Okay, that was it. Thank you. Thank you for taking question. Bye. Thank you. 17:43 17 minutes, 43 seconds A reminder to all the participants. If you wish to register for a question, please press star and then one. 17:50 17 minutes, 50 seconds Your next question comes from the line of Kawatch. An individual investor. Please go ahead. 17:56 17 minutes, 56 seconds Uh hello sir. So my question is that uh for Q4 our cost of cons cost of 18:02 18 minutes, 2 seconds materials consumed stood at 170 K against a revenue of 142 crores which implies a negative gross margin before 18:10 18 minutes, 10 seconds any uh inventory adjustments. So with a 72 cr inventory build driving profitability can you explain whether 18:17 18 minutes, 17 seconds this is strategic stocking or any unsold finished goods? You see normally you'll see every year in March all the 18:25 18 minutes, 25 seconds manufacturers up inventory because the main season starts from April and you are always 18:33 18 minutes, 33 seconds ready for the coming season at the end of March because April May June is a major quarter for agriculture sales. 18:43 18 minutes, 43 seconds Okay sir thank you and my uh next question is that for FY26 our ROC is close to 7%. So what ROC can you expect 18:52 18 minutes, 52 seconds at the targeted 1,000 cr revenue and 10% margin by FI28? 18:59 18 minutes, 59 seconds We are targeting and we are doing our best that we achieve these numbers. 19:06 19 minutes, 6 seconds Okay sir. And my uh last question is about the import mix. So has it uh changed and what is the cost impact if 19:14 19 minutes, 14 seconds any amp anti-dumping duty is implemented? 19:18 19 minutes, 18 seconds No, there is no emptying duty rather because of this challenge of war government of India has withdrawn import 19:25 19 minutes, 25 seconds duty on PVC and all other polymers till the period of end of June up to 1st July. 19:34 19 minutes, 34 seconds Okay, thank you so much sir. That was all from my side. 19:40 19 minutes, 40 seconds Thank you participants. You may press star and then one to ask a question. 19:47 19 minutes, 47 seconds Your next question comes from the line of Jir Patil and individual investor. Please go ahead. 19:53 19 minutes, 53 seconds Good afternoon sir. So my question is that other expenses for the year declined 33% yearonear. So can you break 20:02 20 minutes, 2 seconds down the key cost drivers for that and what can you clarify what why is it uh reduction happening and is this reduction sustainable in the future? 20:12 20 minutes, 12 seconds I can you repeat question which expenses have gone down? I couldn't hear you clearly. 20:17 20 minutes, 17 seconds Hello, I'm audible sir now. Can you hear me clearly? Yeah. 20:21 20 minutes, 21 seconds Yeah sir. So my question was that uh we can see your other expenses have declined. So I just wanted to know what were the rational behind this decrease 20:29 20 minutes, 29 seconds and whether this is sustainable going forward in the future. 20:33 20 minutes, 33 seconds Other expenses you see other expenses include mostly freight and other related expenses. the 20:41 20 minutes, 41 seconds exact breakup I will not have it here but there has to be reason with which geographies and what kind of rates you 20:48 20 minutes, 48 seconds have incurred so our CFO will get back to you with details you please get in touch with him okay sure sir that is fine so my next 20:57 20 minutes, 57 seconds question was on the building brother segment as the company has mentioned repeatedly that they are going to focus on that segment in particular I just 21:04 21 minutes, 4 seconds wanted to get a picture on how much it is contributing right now to the revenue has has it crossed that 100 cr and what is the revenue contribution that we're 21:13 21 minutes, 13 seconds expecting going in the future from the building product segment coming the current year we are focusing more on building product 21:21 21 minutes, 21 seconds revenue growth as I was telling to some earlier question that they offers better margins and sustained volume throughout 21:28 21 minutes, 28 seconds the year so you would see that we'll see a quantum jump in this year we are targeting a fairly substantial increase 21:36 21 minutes, 36 seconds last year our actual re revenues from building reduced as I was telling in my opening remark itself as compared to last year 21:45 21 minutes, 45 seconds because of a lot of rationalization we must have done during this year. So next going forward next year we will certainly exceed uh numbers um and we'll 21:54 21 minutes, 54 seconds try to achieve uh almost uh substantial growth on this segment that will be the major growth driver for the company. 22:02 22 minutes, 2 seconds Sure sir. And sir, one last question on the PVC cost. So what is the can you give an idea on the weighted cost that we have in the current inventory in terms of our PVC cost? 22:12 22 minutes, 12 seconds We have as per the market prices we are comfortable as I would say we may see some inventory gain for the quarter one. 22:22 22 minutes, 22 seconds Okay sir. Yeah that's it from my side and all the best for the future. Thank you. Thank you. Thank you. 22:31 22 minutes, 31 seconds A reminder to all the participants, you may press star and then one to ask a question. Your next question comes from the line of Akshai and individual investor. Please go ahead. 22:40 22 minutes, 40 seconds Yeah. Hi, good afternoon sir. Uh my question was regarding your market share in the key states like Rajasthan, Maharashtra MP. Can you provide some guidance on that? 22:51 22 minutes, 51 seconds Maharashtra MP and uh Rajasthan if you ask me MP would have a fairly large market share. we are the leading brand 23:00 23 minutes and majority um market share. Rajasthan also we have a significant market share 23:07 23 minutes, 7 seconds but Maharashtra we are still developing we are under a development state so we'll have a comparatively much lower 23:13 23 minutes, 13 seconds market share maybe sub 10% at the moment okay and my second question was 23:22 23 minutes, 22 seconds regarding the segment wise volume and the revenue guidance for FI27 can you throw some light on that 23:29 23 minutes, 29 seconds as I've said that last year was a year of decline for our sales volume because of the major rains in our area of operation. 23:37 23 minutes, 37 seconds Now we see if rain gods are right, everything should be we should see a substantial growth in a lower base we had last year. 23:45 23 minutes, 45 seconds Okay. And also the utilization rate for Q4 26 what was it? 23:53 23 minutes, 53 seconds The plant utilization was fairly good, fairly comfortable in Q4. Okay. 24:00 24 minutes Any number specific or like in percentage terms? I don't have a ready hand in terms of exact numbers but 24:07 24 minutes, 7 seconds fairly we are almost uh above average utilization for our company. We have done better than last year if you have 24:15 24 minutes, 15 seconds seen the numbers in terms of both volume and performance in the Q4. 24:23 24 minutes, 23 seconds Okay. And also on the you know timeline for the second manufacturing plant so hasn't decided yet? No, as had said earlier in the question, we'll wait for 24:32 24 minutes, 32 seconds first two quarters to make up our mind when and how where. Okay. Thank you so much, sir. 24:40 24 minutes, 40 seconds Thank you. 24:43 24 minutes, 43 seconds Participants, if you wish to register for a question, please press star and then one. The next question comes from 24:50 24 minutes, 50 seconds the line of are you show from countercyclical PMS? Please go ahead. Uh hello. 24:59 24 minutes, 59 seconds Hi. Yes. Hi sir. 25:00 25 minutes I just wanted to ask uh the competitive uh intensity of the whole industry increase this uh post was this recovery that has happened. 25:11 25 minutes, 11 seconds No can you again repeat the question please? 25:15 25 minutes, 15 seconds I wanted to the competitive in the overall industry increased because you know the prices have recovered and you 25:23 25 minutes, 23 seconds know the companies are posting good numbers like uh you you just did. 25:29 25 minutes, 29 seconds Competition is quite aggressive and industry was always in a competitive scenario because we have sufficient number of manufacturers. 25:40 25 minutes, 40 seconds But yes certainly the branded segment has a better acceptability. So organized sector is improving as compared to unorganized sector. 25:54 25 minutes, 54 seconds Have I been able to answer your question? Hello. 26:00 26 minutes Hello. Are you sure? Does that answer your questions? Yes. Yes. 26:05 26 minutes, 5 seconds I also have uh Are you sure? Sorry to interrupt but your line is not very clear. It's breaking up in between. 26:17 26 minutes, 17 seconds Uh sir we could not hear you at all. 26:21 26 minutes, 21 seconds I have one more question. Uh I wanted to ask about the trade receivables. They've declined to 28 crores from 48 crores. So is this due to improved collections? 26:31 26 minutes, 31 seconds Uh and how does how do you how do you look at it from a by 27 perspective? You see our in outstanding are mostly 26:40 26 minutes, 40 seconds towards institution and you must have seen in the Q4 we have reduced our institutional sales as per our 26:47 26 minutes, 47 seconds projections given to you. So this is why the outstandings have declined. 26:57 26 minutes, 57 seconds Hello I don't not audible at all. 27:04 27 minutes, 4 seconds Are you sure we are not able to hear you? Does that answer your question? Uh, sir, your line is not very clear. 27:14 27 minutes, 14 seconds May I request to get into a better reception area? Yes. Thank you. 27:23 27 minutes, 23 seconds Thank you. 27:25 27 minutes, 25 seconds Participants, you may press star and then one to ask a question. 27:41 27 minutes, 41 seconds A reminder to everyone, if you wish to register for a question, please press star and then one. 28:07 28 minutes, 7 seconds As there are no further questions from the participants, I now hand the conference over to the management for closing comment. 28:20 28 minutes, 20 seconds Thank you for participating in this earning conference call. I hope we have been able to answer your questions to your satisfaction. 28:30 28 minutes, 30 seconds If you have any further questions or would like to know more about us or the company, please reach out to our IR 28:38 28 minutes, 38 seconds managers at Volerum Advisor. Thank you. 28:45 28 minutes, 45 seconds Thank you. On behalf of Kiti Industries, that concludes this conference. Thank you everyone for joining us and you may now disconnect your lines. Thank you.