LT Elevator Ltd — Q4 FY26

LT Elevator Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=vkbIsuDQatQ Published: 2 hours ago

0:00 Ladies and gentlemen, good day and welcome to LT Elevators Limited Q4 FI26 0:07 7 seconds earnings conference call. As a reminder, all participant lines will meet the listen and there'll be an opportunity for you to ask questions after the presentation. 0:18 18 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch. 0:25 25 seconds Please note that this conference is being withdrawn. I now hand the conference over to Mr. Yash Gupta, 0:32 32 seconds director LD elevators Limited. Thank you and over to you. 0:40 40 seconds Hello. Good afternoon everyone. I hope I am audible. Can you confirm that? 0:45 45 seconds Sir, can you come a little closer towards the device and talk? Okay. Is this better now? Yes sir, please. Thank you. 0:52 52 seconds Okay. Okay. Sorry for the delay. I think just uh some difficulty in connecting. 0:57 57 seconds Uh anyway uh good afternoon everyone and welcome to LP elevator limited earning call for financial year 2026. Very happy 1:06 1 minute, 6 seconds to share that uh 2026 financial year was a landmark period for us. Uh it was the 1:13 1 minute, 13 seconds year in which we listed our company on this BCN platform. Uh it was also the year when in the history of the company 1:22 1 minute, 22 seconds for the first time we have surpassed 100 crores of revenue. Uh roughly our top line was 111.7 crores. Uh you know 1:31 1 minute, 31 seconds representing a growth of very close to 100%. 1:35 1 minute, 35 seconds uh also for the year we've maintained decent profitability and reported a profit after tax of 17 cr plus before uh 1:45 1 minute, 45 seconds beyond just the financial numbers for the year it was also a major uh we took 1:53 1 minute, 53 seconds some major strategic decisions primary among them was the fact that we uh started engaging with an elevator D2C 2:01 2 minutes, 1 second company based out of Hyderabad Ricardo elevators and finalized uh our merger terms and agreements with them. That 2:09 2 minutes, 9 seconds position of valuator is very crucial to drive our growth going forward and also help expand our retail footprint and 2:18 2 minutes, 18 seconds direct to consumer capabilities across the country. Further Ricardo Elevators we on the financial business side we 2:27 2 minutes, 27 seconds like that business very much because uh it is a very efficient working capital cycle business. uh helps us create a 2:35 2 minutes, 35 seconds long-lasting D2C brand and elevator brand and complements our general business manufacturing engineering and 2:43 2 minutes, 43 seconds ability to execute large projects for both government and private sector. So Ricardo complements our business in a great way on the elevator side. Very 2:52 2 minutes, 52 seconds happy with that uh merger that we are doing. Also this year we have uh started expanding our infrastructure 3:00 3 minutes significantly. uh we are already we have started uh development of our new plant 3:06 3 minutes, 6 seconds which is uh about 2 hours from Kolkata spread on a land of 6.5 acres we've also completed some high impact projects in 3:15 3 minutes, 15 seconds the year some government EPC projects I mean government mechanized car parking projects uh chief among them is the one 3:22 3 minutes, 22 seconds we completed partially in Shillong under Shillong smart city and various other government projects are currently under execution this year we hope that a lot 3:31 3 minutes, 31 seconds of those uh which are currently under execution we would have more or less completed some of them. 3:38 3 minutes, 38 seconds Firmly me and the entire management we believe that uh you know now since we've listed 3:45 3 minutes, 45 seconds this year uh we have found some great opportunities to pursue both organic and 3:53 3 minutes, 53 seconds inorganic. We feel that now we are just at the starting line and the best is going to come in the years ahead. So we are very excited to just continue executing and grow our business overall. 4:04 4 minutes, 4 seconds Uh that is just uh a general summary of what I wanted to talk about and I think we can open it up for Q&A now. 4:12 4 minutes, 12 seconds Thank you very much. We will now begin with the question and answer session. 4:17 4 minutes, 17 seconds Anyone who wishes to ask a question may press R and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press R and two. 4:27 4 minutes, 27 seconds Participants are requested to use handsets while asking the question. 4:32 4 minutes, 32 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 4:39 4 minutes, 39 seconds Participants, you may press star and one to ask a question. 4:44 4 minutes, 44 seconds First question is from the line of Ma from Sapphire Capital Partners. Please go ahead. Yeah. Hello. Am I audible? 4:53 4 minutes, 53 seconds Yes, sir. Yes, sir. 4:54 4 minutes, 54 seconds Yeah. Hello. Congratulations on crossing the 100 cr top line. A few questions from my side. So firstly on the Ricardo, 5:02 5 minutes, 2 seconds what sort of margins do you see coming in from the B2C side? Uh uh cuz we have I think we mentioned that there's a 70 5:09 5 minutes, 9 seconds cr analyze uh run rate for the order books. So any guidance on the AITA margins from this business? 5:17 5 minutes, 17 seconds So at least in the near term I we expect that it will uh be similar to our other businesses which is elevators and parking systems. 5:27 5 minutes, 27 seconds Uh in the long term we see that uh it can be margin effective simple reason being uh right now we are doing heavy 5:35 5 minutes, 35 seconds brand and marketing spends. We have also expanded to 21 branch offices in India. pretty much we 5:44 5 minutes, 44 seconds cover the entire country at this point and we have started exports to Malaysia and Australia which also requires some initial investment in marketing and 5:52 5 minutes, 52 seconds business development right so right now we are in that expansion phase given I'm just uh we are comfortable that that 6:00 6 minutes category in itself offers higher margin so we are able to finance all of the expansion and marketing which is otherwise difficult to expand at this 6:07 6 minutes, 7 seconds space uh so in the near term I expect that it will be quite similar long-term I think on the B2C side and the journey of grand creation that we are on right 6:16 6 minutes, 16 seconds now. Uh it should you know in the long run in maybe two three years once we have become more stable and then we don't have similar kind of expansion 6:25 6 minutes, 25 seconds expenses uh the margin should start flowing through uh and uh certainly the the category uh suggest that it should be greater than our current margin. 6:37 6 minutes, 37 seconds any quantification on like the long-term margins you expect maybe a four five% higher differential than the B2B 6:45 6 minutes, 45 seconds look I mean so we already you know since uh our last call when we announced this now it's been almost four five months of 6:51 6 minutes, 51 seconds us uh running that company jointly with the directors of that company so it is 6:58 6 minutes, 58 seconds very clearly understood by us that uh our B2B B2G business if it operates at 7:05 7 minutes, 5 seconds roughly 50% % kind of gross margin. B2C uh does operate at a higher uh 58 to 60% 7:12 7 minutes, 12 seconds kind of gross margin right uh so hopefully that is very sustainable as the category keeps evolving also uh 7:20 7 minutes, 20 seconds right now we have greater marketing spends uh because you're expanding so as that subsides uh this gross margin will 7:28 7 minutes, 28 seconds start flowing into flowing into the okay great uh also the multi-layer car parking we kind of completed the phase 7:37 7 minutes, 37 seconds one in Shillong. So uh what sort of uh incremental like peak revenue you can expect from phase one and the capex of 7:45 7 minutes, 45 seconds phase 2 that you're planning and also the peak revenue we expecting from phase 2 if you could mention that. 7:51 7 minutes, 51 seconds So the Shilong project that you are referring to we've already completed roughly 12 crores of uh 13 crores of 7:59 7 minutes, 59 seconds work there in FY26. This year uh we will be completing another 30 crores of work there. 8:06 8 minutes, 6 seconds Uh this is for phase two. Yes, phase two. 8:10 8 minutes, 10 seconds Okay. And the phase one will I uh what sort of uh revenue at peak utilization that we can expect? 8:17 8 minutes, 17 seconds Okay. So this is a government project of mechanical car parking that we have taken. So it's in two phases. Phase one we've completed uh which was about 13 8:26 8 minutes, 26 seconds crores in building uh which has already happened in FI26. Uh the remaining will happen in 27. 8:33 8 minutes, 33 seconds Okay. And do we expect more such orders coming in from the government side going forward in in the current audit book? Do 8:40 8 minutes, 40 seconds we have such executions lined up for uh FI27? 8:45 8 minutes, 45 seconds Yes, we do. I mean we have uh couple of these government projects going on. Uh by the end of uh this financial year, we 8:51 8 minutes, 51 seconds would have completed uh you know a 33 cr single project and 43 cr single project for government. We've done some part of 9:00 9 minutes it already in previous financial years but those projects will get fully completed this year which makes our credential great uh and we become 9:08 9 minutes, 8 seconds eligible for many many car parking projects uh across India also. I think so far we've worked in a lot of states in East India with the government also. 9:18 9 minutes, 18 seconds uh so far we've not worked in Bengal where we are baked out of uh for various reasons and I think with the given 9:25 9 minutes, 25 seconds election results and stuff we are also now finally uh exploring opportunities in our home market which we've not done so far. 9:34 9 minutes, 34 seconds That's great. um the 250 K order book work uh what sort of timeline do you have on the complete execution for it 9:42 9 minutes, 42 seconds and if you could give me a split between the elevators and the car parking if that's possible. 9:47 9 minutes, 47 seconds So at this point the elevator and car parking is uh almost 55 45% in order 9:54 9 minutes, 54 seconds book and uh one change that has happened between when we last spoke which maybe around or when we IPOed around September 10:02 10 minutes, 2 seconds and now is that now we have become more B2C at least on the elevator side where the execution cycles are much faster. On 10:10 10 minutes, 10 seconds average the execution cycle from order to handover is generally between 5 to 7 months. uh and so a lot of 10:20 10 minutes, 20 seconds these orders in the 250 will just are B2C orders now at this point and uh also a lot of the projects we'll do this year 10:29 10 minutes, 29 seconds those orders are incrementally coming through right so there is some sort of change in nature of business at that 10:37 10 minutes, 37 seconds point okay that is correct and lastly we are expecting to commission a very large facility that's going to increase our 10:44 10 minutes, 44 seconds capacity by 2.5 times Any color on the capeex you are expecting on this? Uh when will the commissioning start and 10:52 10 minutes, 52 seconds how do you expect the order inflow to kind of increase so we have higher utilizations of the facility coming in coming up FYI28. 11:02 11 minutes, 2 seconds So the uh new facility we are already doing the construction work total capex expected by the time we are done and 11:10 11 minutes, 10 seconds building capacity for approximately uh 350 to 400 topline out of that facility. 11:16 11 minutes, 16 seconds Uh that expecting that by March next year which is FI and Q4 of FI27 we would have commissioned and moved our 11:25 11 minutes, 25 seconds operations there. Uh and yeah that's I think that's your question and the payex uh the cex for the 11:33 11 minutes, 33 seconds facility is roughly 25 crores total 2 million yes okay that's a very high asset turnover 11:41 11 minutes, 41 seconds that we are expecting and when do you expect us to reach the 350 400 cr top line from this facility um and any order 11:49 11 minutes, 49 seconds book number you expect uh at 527 closing if that's possible uh on 11:58 11 minutes, 58 seconds I mean I don't have any order book targets to be honest uh on the elevator side particularly we are 12:07 12 minutes, 7 seconds extremely bullish on B2C which is the lever we are using to grow very fast okay uh and like I explained that that is 12:14 12 minutes, 14 seconds quicker turnaround time compared to B2B and B2G so right now the focus is month on month we should be growing and as our 12:22 12 minutes, 22 seconds digital ads gain more traction and just our digital and branding uh becomes better with this passing month. Our 12:31 12 minutes, 31 seconds conversion for orders should get higher, right? So right now the focus is just on that we want to exit the financial year 12:38 12 minutes, 38 seconds at uh 100 plus elevators per month from B2C alone. So that is we have an we have a order procurement target uh where we 12:47 12 minutes, 47 seconds want to exit on a month over month basis but don't really have a order book target as such. 12:53 12 minutes, 53 seconds Yes. And lastly just any guidance for FYI27 on revenue on topline and on profitability. 13:03 13 minutes, 3 seconds I would maintain I mean we are we had a call a few months back and where I specifically said that uh we are still 13:10 13 minutes, 10 seconds very new and very recently we found uh our legs right in the market. So I 13:18 13 minutes, 18 seconds expect that just the number of opportunities that are that we are pursuing right now we are looking to grow very very fast. Certainly uh the 13:27 13 minutes, 27 seconds estimates that we had given uh 3 4 months back nothing has changed on that front. Uh on the downside I mean things 13:36 13 minutes, 36 seconds are only looking up. So I expect that we should continue to have the similar kind of growth momentum going forward also. 13:43 13 minutes, 43 seconds uh could you quantify the estimates that you mentioned a few months ago about that possible? 13:51 13 minutes, 51 seconds I mean uh yeah we expect that you know at least uh this year should be very similar. I think I have to have 14:00 14 minutes okay yeah that is my thank you all the thank you. 14:06 14 minutes, 6 seconds Next question is from the line of fcom family office. Please go ahead. 14:13 14 minutes, 13 seconds Uh uh hi hi Ash uh just one question to start with on the could you just walk us through your 14:20 14 minutes, 20 seconds billing cycle uh for an elevator because it seems like I think 50% of working capital generally we require uh so when 14:27 14 minutes, 27 seconds we're growing to from 100 to say uh doubling our revenue in the coming year like how are we going to be funding this working capital and like could you just walk us through that cycle? 14:37 14 minutes, 37 seconds I'll walk you through the cycle but just to answer your question more specifically that uh how do we plan to 14:44 14 minutes, 44 seconds uh uh either one find the funding to manage our working capital or just to make the working capital cycle better. I think we have 14:53 14 minutes, 53 seconds chosen option two which is the nature of business that we have done in the last five six years to grow our revenue and 15:02 15 minutes, 2 seconds business and just presence substantially is we have pursued uh B2G as a strategy 15:08 15 minutes, 8 seconds correct uh since 2021. Uh going forward uh what we are increasingly pursuing and 15:16 15 minutes, 16 seconds successfully pursuing as of now is we are pursuing the D2C B2C market. The advantage with the B2C market is unlike 15:24 15 minutes, 24 seconds B2B and B2G uh payments are pretty much in advance before material gets shipped out uh which helps us increase our 15:32 15 minutes, 32 seconds working capital cycle and just has much lesser working capital requirement. In the current financial year I expect that 15:40 15 minutes, 40 seconds uh roughly 35% of our overall business will come from 15:47 15 minutes, 47 seconds B2C elevators. Okay, which is uh which does not have any working capital requirement as such and therefore as a 15:56 15 minutes, 56 seconds consequence of that the overall working capital requirement will not go up significantly. Of course particularly on 16:02 16 minutes, 2 seconds the B2G and B2B side here also we will be executing a lot of projects and we have a higher order book uh from the business that we've been doing so far. 16:13 16 minutes, 13 seconds So on that front I expect that things will be similar to what they are now. 16:17 16 minutes, 17 seconds But at least we have this uh new category of business and customer segment that we are now working with where the working capital just uh cycle 16:26 16 minutes, 26 seconds improves for the overall business. On the billing cycle for B2G typically there are milestone based payments. Uh 16:35 16 minutes, 35 seconds generally there is no advance. So you would would do work against a milestone over a couple of months. uh spend on the 16:43 16 minutes, 43 seconds inventory and raw material and all of that that is required ship the product at site. Two things end up taking some 16:51 16 minutes, 51 seconds some time. One is just the process of bill validation at site which can depending on which month of the year it 16:59 16 minutes, 59 seconds is take varying amounts of time that number two is just our experience I don't know how broadly it is true but uh 17:06 17 minutes, 6 seconds last uh six 7 months maybe last year we felt that on the government side the 17:13 17 minutes, 13 seconds payments are not as fast and smooth as they used to be prior to this period. So 17:19 17 minutes, 19 seconds uh at this point on the B2C side the bills are taking roughly uh 4 months to get cleared 3 to four months but that 17:28 17 minutes, 28 seconds says to my experience good and uh so also can you just clarify 17:34 17 minutes, 34 seconds so let's assume from a from D2C side like X of government uh so could you just walk us through like for example manufacturing one unit of elevator last 17:43 17 minutes, 43 seconds call you mentioned roughly is selling price around 10 lakh so if you have to take that as a cycle like when you start to start to finish like ordering your 17:50 17 minutes, 50 seconds inventory to uh when the customer first starts paying you uh to then the end and then the the last is the support and 17:58 17 minutes, 58 seconds installation. Could you just walk us through that one cycle like how would it look like in terms of timeline and as well as in terms of cash cycle I think. 18:06 18 minutes, 6 seconds So which uh category of customer are you talking about prefer any ex of government? So D2C and even the car parking space both would be useful. 18:16 18 minutes, 16 seconds Okay. Both are slightly different but uh let me take the D2C one up first. So D2C typically we would get 30% advance uh 18:23 18 minutes, 23 seconds when we secure the order. Uh then we would get roughly 20 to 20% uh 25% of 18:31 18 minutes, 31 seconds the contract value when either the drawing is approved or the material has to uh production has to be initiated for 18:38 18 minutes, 38 seconds that project. So generally at least 45 typically 50 50% of the money is in the bank by the time we are beginning 18:46 18 minutes, 46 seconds production. Uh once we are through with production our cycle can be between 2 to 3 months of producing the material in 18:52 18 minutes, 52 seconds our factory. Uh then we raise uh an invoice with the customer and uh generally 90% of the contract value so 19:00 19 minutes another 40% will be released by the customer. The last 10% is uh generally paid when the lift installation at site 19:07 19 minutes, 7 seconds and all of that is complete. So that is generally how the payment terms are. 19:13 19 minutes, 13 seconds Got it. And on the car parking side, on the car parking side, it can vary a lot depending on who the customer is. So we have projects going on with Tata 19:22 19 minutes, 22 seconds Realy and God and the large pan India developers also. Now there often we get no advance pretty much and you would get 19:31 19 minutes, 31 seconds maybe 50 60% of the contract price after you have shipped product and the product has reached their uh project. 19:39 19 minutes, 39 seconds Post that uh once installation uh is completed you would expect to get 20 25% and the remaining 15% you will often get 19:48 19 minutes, 48 seconds after the system is fully handed over and all of the formalities have happened all the testing has happened. So that is for large developers. The smaller 19:55 19 minutes, 55 seconds regional developers you can expect to get 20 25% advance uh and often sometimes 30% advance but the rest of 20:03 20 minutes, 3 seconds the money you get after you have dispatched the product and it has reached their project they've done the vetting uh and then they release your bill after due process. 20:13 20 minutes, 13 seconds Got it. 20:13 20 minutes, 13 seconds And then the balance 10 20 sometimes 50% you would get after the installation and handover and all that is complete. 20:21 20 minutes, 21 seconds So it's very case to case on the B2B side basically. 20:24 20 minutes, 24 seconds Sure. And yeah, if I may ask, what is your what would be like your USP with when you're dealing with like you know customers and what kind of players are 20:32 20 minutes, 32 seconds active in this this small elevator sort of space and USP in terms of going to be price quality support after I mean during installation. So which which 20:41 20 minutes, 41 seconds aspect would you say is driving you know people or customers to you know uh be uh choosing LT elevators say over other smaller players in the same space. 20:53 20 minutes, 53 seconds So in East India we have a natural advantage that we have a good reputation built over many years. Uh we have very reliable product. We have offered great 21:02 21 minutes, 2 seconds service to customers here and therefore there is a lot of pull that is there. 21:07 21 minutes, 7 seconds Most of the orders like I mentioned earlier also on the private sector side are actually referrals or inbound uh 21:14 21 minutes, 14 seconds till a few months back we did not even have a sales team uh that was dedicated to selling elevators right so most of 21:21 21 minutes, 21 seconds the business uh was through referrals uh that we used to get in East India currently we are uh operating 21 offices 21:30 21 minutes, 30 seconds uh including and have channel partners in Malaysia and Australia that 21 domestic offices are run by us. Uh and 21:39 21 minutes, 39 seconds it includes cities like Jammu and Kimbatur and Kochi. So uh literally the entire country. Uh there uh 21:49 21 minutes, 49 seconds what helps us we we try to primarily sell home elevators which is which are more compact elevators that end users 21:57 21 minutes, 57 seconds are buying for themselves. These elevators the customer is often a first-time buyer of our product. So couple of things that help us is number 22:05 22 minutes, 5 seconds one just the act of generating that inquiry uh requires some amount of skill. Uh number two is uh the technical 22:15 22 minutes, 15 seconds guidance that we are able to give these customers uh and just the product explanation the engineering feasibility 22:23 22 minutes, 23 seconds and product feibility at practical locations. So all of that in a very spread out way is uh you know just operationally we are able to do that. 22:32 22 minutes, 32 seconds And then number three is we offer some amount of customization to match sometimes the interior or the exterior of their house uh which uh customers are 22:41 22 minutes, 41 seconds happy to pay extra for. So these are the few things that help us uh generate orders. 22:48 22 minutes, 48 seconds And uh what kind of uh uh competing uh players would be in this uh market load like maybe more like like you mentioned 22:56 22 minutes, 56 seconds last call there was one uh company which is lead the leader but are would there be other two three other small players? 23:03 23 minutes, 3 seconds Yeah, there are smaller fl I there are many regional a few regional 23:10 23 minutes, 10 seconds LT elevator right there there's an eleator equivalent in north India and west India there may be four equivalent 23:17 23 minutes, 17 seconds in south India there may be two or three uh but uh generally speaking none of them have the kind of distribution that 23:24 23 minutes, 24 seconds we now have uh among the smaller players and therefore just being a pan India uh 23:32 23 minutes, 32 seconds brand helps Number two, most of these regional players don't have their in manufacturing which we also do. Uh they 23:40 23 minutes, 40 seconds would often rely on outsourcing and buying kits from other elevator manufacturers and uh so just having 23:47 23 minutes, 47 seconds control over product and manufacturing and uh the product offering helps us out complete like these guys. 23:56 23 minutes, 56 seconds Got it. Could could you emphasize a little bit more on your distribution and like you know how uh your skills are I mean your skill set and your team in on that side. 24:06 24 minutes, 6 seconds So distribution I mean so as of now most of the leads for new elevators across India that we generate are through 24:13 24 minutes, 13 seconds digital ads. So we have uh campaigns on all major social media platforms uh 24:21 24 minutes, 21 seconds where we put our message out and our USP and all of that. We run ads. uh that's how we generate inquiries and then there 24:30 24 minutes, 30 seconds is a whole process of running a back office to follow up with those inquiries and do the technical assistance uh 24:39 24 minutes, 39 seconds overall organizing site visits stuff like that. So any city in India that you that someone requires an elevator in we 24:47 24 minutes, 47 seconds are now more or less within uh 4 500 kilometers of warehouse. So that helps 24:54 24 minutes, 54 seconds to organize visit and meetings quite uh quickly. So that's all I mean. Yeah. 25:02 25 minutes, 2 seconds Sure. Thank Thank you. Thank you. Thank you. 25:08 25 minutes, 8 seconds Next question is from the man of Ashish Sony from Sony family of you spoke about some exposition 25:16 25 minutes, 16 seconds possibilities. also like uh on that because I think initial spoke about that. 25:24 25 minutes, 24 seconds Yes, correct. It's still uh exploratory. 25:27 25 minutes, 27 seconds So I think there will be more word on that uh in a few weeks to months. any particular vertices or areas you are 25:34 25 minutes, 34 seconds trying to get into by any acquisition whatever you're right now 25:42 25 minutes, 42 seconds trying yeah in the now on the elevator side our strategy for next 2 three years is very very clear and we are already 25:49 25 minutes, 49 seconds pursuing that uh fully uh so the next acquisition we are looking for is within the car parking space elevator side for 25:57 25 minutes, 57 seconds now we don't want to look at anything uh car parking we have some ideas some Exploratory conversations are going on but it's still too early to talk about 26:06 26 minutes, 6 seconds actually and when you do the expansion two and a half times expansion so you said peak revenue 350 to 400 K but uh based on 26:15 26 minutes, 15 seconds your uh business planning where do you see you can achieve that uh revenue target in FY 2829 or 30 just give a 26:25 26 minutes, 25 seconds broad perspective on that the target is to get there by FI 2829 26:33 26 minutes, 33 seconds Okay, good. Thanks and thank you. Thank you. 26:42 26 minutes, 42 seconds Next question is from the line of Punicha from Ora Capital. Please go ahead. Hello. 26:50 26 minutes, 50 seconds Good sir. Am I audible? 26:51 26 minutes, 51 seconds Yeah. Okay. First of all, congratulations for the amazing set of numbers. So my question is as the steel prices are going up so it does that 26:59 26 minutes, 59 seconds affect our margins how do we see that and we like as it so please explain that. 27:08 27 minutes, 8 seconds Yes uh you are right raw material prices have gone up significantly in last uh two months since the war. uh two things 27:16 27 minutes, 16 seconds one is uh we are not hedged on raw material uh historically uh two measures 27:23 27 minutes, 23 seconds that we have taken is from April we have done price increases on our product as well that we sell in the market so all our base pricing and stuff has been 27:31 27 minutes, 31 seconds revised since April uh the second thing is uh we have I mean this year we expect 27:38 27 minutes, 38 seconds that the portion of revenue coming in from government projects will be uh similar to last year and uh in that 27:47 27 minutes, 47 seconds range and uh in those contracts fortunately there are there is escalation clause uh so we are hoping to 27:55 27 minutes, 55 seconds pass on and we are already applying to pass on some of the raw material increases uh to the client on those projects. So 28:04 28 minutes, 4 seconds by this year uh the target certainly is that whatever hit we are taking on raw material uh price increase side we are 28:12 28 minutes, 12 seconds able to pass on to the various government departments that we have contracts with. 28:18 28 minutes, 18 seconds Got it. So what will be the arguments for this year? It's it's too early in the year. 28:27 28 minutes, 27 seconds So similar to FI26 I would think. Okay. Thank you sir. 28:35 28 minutes, 35 seconds Thank you sir. Thank you. 28:39 28 minutes, 39 seconds Next question is from the line of Sonia Keswani from Huran. Please go ahead. 28:49 28 minutes, 49 seconds Hello. Yes. Hi. Am I audible? Yes ma'am. 28:54 28 minutes, 54 seconds Yeah. Thanks for the opportunity. I had a couple of repeating questions. Uh first of all, sir, if you could tell me 29:02 29 minutes, 2 seconds uh on goodwill there is a 7 cr impairment. So what is this goodwill towards and why have you taken an impairment this year? 29:13 29 minutes, 13 seconds I I mean our CFO could not join this call but uh I I I have to check this. 29:21 29 minutes, 21 seconds Okay. And my next question was also on other current assets which has increased almost 17 times. 29:32 29 minutes, 32 seconds So here on so what are the components which are contributing to this growth? 29:38 29 minutes, 38 seconds Why is there been this significant spike if you could help me understand? 29:44 29 minutes, 44 seconds We'll have to check that also. Is there a way to for you to send these questions uh by mail or something so we can get back or we can publish it somewhere? 29:56 29 minutes, 56 seconds Sure. I I can do that. I'll send across the questions. I have the Yeah, I'll get back offline. 30:01 30 minutes, 1 second That will be um Yeah, thank you. Uh I also wanted to understand on the working capital cycle as you said that you're seeing some 30:09 30 minutes, 9 seconds delays on the government side. So have you started seeing any improvement starting this year? 30:17 30 minutes, 17 seconds uh not yet. So I mean the one thing that did happen this financial year is March generally we get a lot of payments cleared this year that did not happen. 30:28 30 minutes, 28 seconds So uh otherwise there would have been greater improvement in working capital cycle but uh a lot of those payments came through in April ultimately right. 30:38 30 minutes, 38 seconds So it's it's too early to say whether there is clear improvement because the payments we are receiving now is for are against old uh invoices right so for the 30:47 30 minutes, 47 seconds new invoices uh we still have to see how much uh that has improved. 30:54 30 minutes, 54 seconds Okay. Okay. 30:56 30 minutes, 56 seconds Um and on the order book bit if I remember clearly during December the order book from LG elevators and 31:04 31 minutes, 4 seconds parksmart combined with 244 crores and from Ricardo we were expecting 45 crores 31:12 31 minutes, 12 seconds of order book sure of that date which so that combined was close to 290 crores but right now if I 31:19 31 minutes, 19 seconds see the press we are giving a number of 250 crores so there has been a decline or this 250 cr doesn't include Ricardo if you can help me on this one. 31:29 31 minutes, 29 seconds Uh this so Ricardo is uh not merged the merger uh filing will happen uh end of 31:37 31 minutes, 37 seconds May. So this is just LT elevator and park smart numbers. So the Ricardo order numbers or the revenue and all of those 31:44 31 minutes, 44 seconds numbers are not part of uh this uh disclosure that we've done now. 31:53 31 minutes, 53 seconds So within this order this order book is so we've only received okay so this is only for LT elevators and parks smart 32:01 32 minutes, 1 second yes correct right but we've started executing projects for Ricardo but that is not consolidated in the current financial 32:10 32 minutes, 10 seconds it's not actually the yeah so we I mean we spent two three months uh 32:18 32 minutes, 18 seconds Jan Feb March more or less uh building systems around how both companies can work together. From March and April uh 32:26 32 minutes, 26 seconds is when we started executing Ricardo orders. So the orders placed under Ricardo uh at arms length were uh those 32:34 32 minutes, 34 seconds orders were passed to LT elevator as in when like the customer requirement keeps coming up. So from March and April is when the production against those orders has started. 32:46 32 minutes, 46 seconds So what will be the order book for Ricardo separately? 32:51 32 minutes, 51 seconds At this point that order book will be 70 to 80 crores from 45 cr. 32:59 32 minutes, 59 seconds Yes. Last quarter. 33:06 33 minutes, 6 seconds Okay. So that's about it from Thank you so much. 33:09 33 minutes, 9 seconds Thank you. 33:13 33 minutes, 13 seconds Next question is from the line of sankit individual inves. Yeah. Uh hi yesesh I hope I'm audible. 33:22 33 minutes, 22 seconds Yes you are please. 33:24 33 minutes, 24 seconds Uh yes. So uh referencing the IPO call that we had right. Uh what I understand is that we have five units which are 33:34 33 minutes, 34 seconds used for production right now and our max revenue potential from that was 150 to 160 crores. uh now that we have a 33:43 33 minutes, 43 seconds very healthy order book uh but our integrated capacity is only going to come in Q4 FI27 right uh does this uh 33:52 33 minutes, 52 seconds restriction or does this limit our ability to you know generate revenue for the coming year because we are already 34:00 34 minutes at 110 crores plus we have about 250 crores plus 70 crores around 300 crores plus of order book right so do you see 34:09 34 minutes, 9 seconds this as a bottleneck for revenue of FI27 and are there any actions that we are taking to kind of deal bottleneck this 34:17 34 minutes, 17 seconds uh this production cycle or this entire manufacturing capacity issue that we have right now. 34:24 34 minutes, 24 seconds Yes, a great question. So in that con call I may have also mentioned that uh 34:31 34 minutes, 31 seconds it is possible to expand capacity quite rapidly as and when required although it's not very organized but uh there is 34:39 34 minutes, 39 seconds some possibility to do that we are already doing that so some uh processes we have started to outsource which we 34:46 34 minutes, 46 seconds were almost not doing at the time of IPO we've also purchased additional machinery uh where the bottlenecks get 34:55 34 minutes, 55 seconds identified and rented a small uh shed next to our factory. So we've already uh in the last four months purchased 35:04 35 minutes, 4 seconds machinery, rented a small place and you know just last month also started outsourcing a few things. So we we have already started doing all of that. 35:15 35 minutes, 15 seconds Understood. So from that perspective we are not limited by the 150 160 cr uh revenue max out potential for this year. 35:25 35 minutes, 25 seconds We can still exceed it uh to whatever best possible we can. Is that correct? 35:31 35 minutes, 31 seconds Yeah. I mean uh we don't have a choice. We have to exceed that because otherwise we will we would be failing on customer commitments 35:40 35 minutes, 40 seconds right uh which one should not do. So there is no way that uh 150 60 crores if 35:46 35 minutes, 46 seconds we limit to that uh that would uh not be palatable with a lot of our customers just because of the timelines that have 35:55 35 minutes, 55 seconds been committed against the orders that we've taken. 35:59 35 minutes, 59 seconds Understood. Uh the second question was on on the shareholding right because the merger with Ricardo is still pending 36:06 36 minutes, 6 seconds right and uh if I look at the shareholding pattern currently it is about 63% held by the promoters and 37% 36:13 36 minutes, 13 seconds held by everybody else right can you just give some idea as to post this merger how will the shareholding look 36:20 36 minutes, 20 seconds like between the promoters between the the the Ricardo uh folks and you know the others which will be there uh even 36:29 36 minutes, 29 seconds broad. Yeah, that the dilution from the Ricardo merger will be very low single digit basically. 36:38 36 minutes, 38 seconds Okay. So possibly about 55 56 will be with the promoters uh and you know 56 36:45 36 minutes, 45 seconds with Ricardo and 2 3% like and 40 with roughly let's say uh the others or am I 36:53 36 minutes, 53 seconds lower much lower than that I think a dilution from that transaction will be low single very low single digit right 37:01 37 minutes, 1 second so we are at 63% 55 would indicate that it's almost a 15% kind of dilution uh it There's no single unit actually. 37:11 37 minutes, 11 seconds Understood. And any risk that we see in terms of uh this you know merger completion or any timeline as to when 37:20 37 minutes, 20 seconds when this entire process of merging will get completed. See uh the thing with this transaction is that Ricardo uh was 37:29 37 minutes, 29 seconds not a manufacturer and therefore uh I'm not that uh bothered by that timeline simply because the entire execution from 37:38 37 minutes, 38 seconds April anyway is being done by LT elevator right so for the entire order book on Ricardo uh that's being executed 37:46 37 minutes, 46 seconds by LT elevator so uh slight the fact is we cannot apply for the 37:54 37 minutes, 54 seconds merger now uh until May end but even after that if there is a slight delay it I mean it does not affect our uh 38:02 38 minutes, 2 seconds business in the short run because all the execution is already being done by 38:09 38 minutes, 9 seconds right uh and one last just piece of uh uh suggestion or request from my end I think probably more for your CFO and the 38:17 38 minutes, 17 seconds finance team I think this time there were a couple of times that the results got uploaded because there was some changes is that had to be done. Uh just 38:25 38 minutes, 25 seconds a small request if you know it can be checked before just makes it quite difficult to kind of tell you what sorry you are very feeble. 38:35 38 minutes, 35 seconds Can you repeat the entire question once again under the closer please? Yeah I hope I'm audible right now. Thank you. Yes. 38:44 38 minutes, 44 seconds Yeah. So just uh one request. I think the results were uploaded a couple of times this time because there were some errors in the first time. suggest a 38:52 38 minutes, 52 seconds request if that could be taken up for next time. Thank you. Thank you. 39:01 39 minutes, 1 second Thank you. Next question is from the man of Abhishek Sharda from H Securities. Please go ahead. 39:08 39 minutes, 8 seconds Yeah, thank you for the opportunity and congratulations. Great of uh so my first question would be I would 39:16 39 minutes, 16 seconds like to ask about the seasonality in the business. So how does H1 versus H2 revenue mix typically look like? 39:23 39 minutes, 23 seconds Uh so till 39:30 39 minutes, 30 seconds FI 26 for last couple of financial years H1 is usually 40% of our overall business. H2 is 60%. 39:40 39 minutes, 40 seconds Uh this year is also probably similar. 39:45 39 minutes, 45 seconds uh 27 onwards will be more even as we start more uh B2C and export business. 39:52 39 minutes, 52 seconds So as we start more of that uh the government share of business uh becomes a lesser fraction of overall results and 40:00 40 minutes then that seasonality sort of uh reduces so it becomes more evenly distributed. 40:09 40 minutes, 9 seconds Okay. Thank you sir. Uh so my another question will be like as you mentioned that Ricardo acquisition Ricardo merger 40:16 40 minutes, 16 seconds basically will be done after May end right but uh the current order book of Ricardo 70 to 80 cr still 100% 40:24 40 minutes, 24 seconds executable by us only so no other third parties executing the orders is it is right absolutely correct 40:33 40 minutes, 33 seconds okay okay and sir another thing just I want to uh clarify I missed the earlier part so Our did you give any revenue 40:42 40 minutes, 42 seconds growth guidance or our vision like historically if we see last year the growth was around 45 to 50%. Right? So 40:51 40 minutes, 51 seconds uh so what we are aiming we are aiming similar growth for coming two three years or is there any upgrade in the guidance 40:58 40 minutes, 58 seconds in the next 1 two years I think uh the growth is higher than what we have 41:06 41 minutes, 6 seconds guided in the past or done in the past simply because we have uh done an inorganic uh transaction 41:15 41 minutes, 15 seconds uh in the last year. So as a consequence of that of course the next this year and 41:22 41 minutes, 22 seconds then the year after our growth I expect will surpass what we've done in the past. Uh 41:31 41 minutes, 31 seconds I'm expecting this year we should be growing I would believe at least so so we are able to fulfill the orders that 41:39 41 minutes, 39 seconds we have and the customer commitment that we made on those contracts. uh the target is to grow roughly 80% plus this year 41:48 41 minutes, 48 seconds 80%. And sir for the new facility that you have expand you are expanding your facility and in Q4 FY27 it will be live. 41:55 41 minutes, 55 seconds So some portion of this new basically the expended revenue will also come in this year of the expanded uh capacity. 42:05 42 minutes, 5 seconds Yeah, expanded capacity in Q4 FI 27. 42:09 42 minutes, 9 seconds So in Q4 FI 27 the whole like the whole I'm sorry to interrupt in Q4 FI 27 uh like your new facility will be able to 42:18 42 minutes, 18 seconds cater around I think 1 1500 to 2,000 elevators. So this complete facility will be live in Q4 FI27. 42:25 42 minutes, 25 seconds Yes that's correct. And uh the the transfer of operations will happen 42:32 42 minutes, 32 seconds pretty much in one go. uh the facility is quite far from where we operate and uh we are building it in a way where all 42:40 42 minutes, 40 seconds the processes are quite integrated and therefore that movement and shift will happen over just a month rather than 42:48 42 minutes, 48 seconds being spread out and so the entire thing needs to be ready before we start operating out of this but uh yes Q4 FI27 42:56 42 minutes, 56 seconds by the end of that uh we want to make it live and just start our operation in FI it's in FY28 We were like uh our 43:05 43 minutes, 5 seconds capacity will be around 1,500 to 2,000 LS right? Uh yeah. 43:13 43 minutes, 13 seconds So so basically our aim is to grow organically what we are going like 45 to 50% organic growth plus the Ricardo 43:20 43 minutes, 20 seconds revenue whatever the 70 to 80 cr it's it's under rate right is this under yes that's correct that's correct. 43:29 43 minutes, 29 seconds Okay sir. And also sir I just want to ask about this uh what are our sustainable AITA margins this year? It 43:36 43 minutes, 36 seconds has the AITA margins are sustainable like I've seen in H1 and H2 there is a huge volatility in the AITA margin. 43:44 43 minutes, 44 seconds Correct. 43:45 43 minutes, 45 seconds Some of it is because of government projects. Uh the invoicing and billing happens in X2 and those are higher 43:52 43 minutes, 52 seconds margin projects. So that causes some uh this variance. Uh long-term between the 44:01 44 minutes, 1 second combination of uh everything that we do that we currently do it is generally speaking a 25% IITA margin kind of business. 44:12 44 minutes, 12 seconds Okay. So basically 24 to 25% is the blended sustainable aida margins for I can. 44:18 44 minutes, 18 seconds Yeah. Yes. and and sir for this FYI 26 uh could you please give me the mix of B2C B2B and B2G. 44:28 44 minutes, 28 seconds So B2C for 26 was almost negligible. uh okay 43 44% is B2G and the rest is B2B 44:40 44 minutes, 40 seconds 46 basically 45 55 B2B to B2G and in FI27 you are targeting something around 44:48 44 minutes, 48 seconds 35% from B2C fi 27 we are targeting 35% from B2C 44:55 44 minutes, 55 seconds uh roughly 30 to 30 to 35% from B2G G and about 30% from B2B. 45:05 45 minutes, 5 seconds It's very even mix and and and and roughly uh 5% from exports also. 45:13 45 minutes, 13 seconds That's nice to hear. Uh thank you sir for detailed responses and all the best for your Thank you. Thank you. Thank you. 45:22 45 minutes, 22 seconds Thank you. Next question is from Nanopia from Safi Capital Partners. Please go ahead. 45:29 45 minutes, 29 seconds Yes sir. Am I audible? Yes, you are. Please tell me. 45:34 45 minutes, 34 seconds So this revenue of 350 to 400 cr that you mentioned that will be from the entire capacity or just the expanded 45:42 45 minutes, 42 seconds capacity that is going to come in Q4 by 27. 45:49 45 minutes, 49 seconds uh where we are building our new capacity. Uh there is a lot of room around our new facility to keep growing. 45:57 45 minutes, 57 seconds Uh expanding fac uh capacity there is easier than where we are situated today. 46:03 46 minutes, 3 seconds Right. Today where we are located has sort of become a residential area and therefore there is not a lot of cheap land available to keep growing. uh once 46:12 46 minutes, 12 seconds we move to the new facility like uh there is a lot of uh just land available to keep expanding as and when required. 46:20 46 minutes, 20 seconds This 35400 crores is what uh we are making live now uh which will help us 46:27 46 minutes, 27 seconds sustain till let's say 28 mid 29ish and as and when required whichever 46:34 46 minutes, 34 seconds processes uh we find bottlenecks in we'll keep adding uh plant and machinery right to fix those bottlenecks. 46:45 46 minutes, 45 seconds Thank you and all the best. Thank you. Thank you. Thank you. 46:50 46 minutes, 50 seconds Next question is from please go ahead. 46:57 46 minutes, 57 seconds Thanks for the opportunity. Again I just had a follow up u on the export side. I think you're that that is where you're 47:05 47 minutes, 5 seconds expanding the elevator business but then how does the competition look like and what would be the difference in margins on the export side? 47:14 47 minutes, 14 seconds Yes. So right now we have already shipped some product to Malaysia. Uh we have uh orders coming from Malaysia roughly five to six elevators per month. 47:27 47 minutes, 27 seconds Uh in next few months we would also set up Thailand, Indonesia and Philippines. 47:33 47 minutes, 33 seconds So pretty much and possibly Vietnam and uh Cambodia at some point. So Southeast Asia uh is good focus area for us. We 47:42 47 minutes, 42 seconds found some great partners there. Most of that market we don't compete with Indian many Indian companies. All the competition is from the Chinese 47:50 47 minutes, 50 seconds companies. Uh Indian elevator prices compared to Chinese prices you'll be surprised is very competitive simply 47:59 47 minutes, 59 seconds because there there is some manual process involved in building of an elevator. Uh and uh labor costs are just 48:06 48 minutes, 6 seconds cheaper in India compared to China. So we are quite competitive in the elevator space uh on the cost and manufacturing 48:13 48 minutes, 13 seconds side. uh most of the competition we face there is from the Chinese and naturally you can understand that because we are 48:20 48 minutes, 20 seconds selling to end consumers the brand and uh marketing matters and I think we have an edge there versus the Chinese 48:28 48 minutes, 28 seconds companies. We have also set up a partnership in Australia where our partner there is uh marketing under our 48:35 48 minutes, 35 seconds brand. our products got approved uh in Australia uh technically and uh he has 48:42 48 minutes, 42 seconds been able to also just in one month of starting uh take a couple of orders uh 48:50 48 minutes, 50 seconds within Australia right so those are nature between both these like all the export business that we have got so far 48:58 48 minutes, 58 seconds uh it's still very early to be sure of this side but we have roughly uh 25 49:06 49 minutes, 6 seconds elevators that our partners have sold under the Ricardo brand across these two three countries and generally the 49:15 49 minutes, 15 seconds pricing that we have offered to them is uh 50% higher than our India pricing and 49:22 49 minutes, 22 seconds uh as far as like our experience is has been over last few months this pricing has not been a challenge in those 49:30 49 minutes, 30 seconds markets. So let's see. I mean it's still very early to know for sure but I I would assume that there is some premium to be add selling into these markets. 49:41 49 minutes, 41 seconds Understood. That's very good to hear. Uh so but our strategy will entirely be around like we'll only be focusing on 49:48 49 minutes, 48 seconds selling these elevators under Ricardo brand. We won't be doing any white labeling. No, we'll only sell under our own brand. 49:55 49 minutes, 55 seconds All the partnerships that we've done is also we've extended a brand license to these partners and all the the marketing 50:03 50 minutes, 3 seconds funnel is essentially controlled fully by us so that uh we are on top of whatever inquiries and are generated 50:10 50 minutes, 10 seconds whatever brand uh is built in across these markets. Uh it's all under the Ricardo brand. So and we would not be interested in doing actually. 50:21 50 minutes, 21 seconds Understood. Um my next question was on the payment cycle from corporates and 50:28 50 minutes, 28 seconds government on the park parks smart um side. Sure. 50:34 50 minutes, 34 seconds What is what is the difference in payment cycle from these different lines? 50:40 50 minutes, 40 seconds Uh on the government side park smart contracts are quite lumpsome. So there is often little bit of civil work 50:46 50 minutes, 46 seconds involved and some mystical me and these activities involved. So it's very milestone based. Generally on the 50:54 50 minutes, 54 seconds government side they would make the payment after the milestone is completed. 51:00 51 minutes Rarely is there any advance or something of that sort paid by them. Uh and uh once a milestone has been reached they 51:06 51 minutes, 6 seconds will typically take a month to two month uh to audit and verify the bills and then another month month and a half two 51:13 51 minutes, 13 seconds months to get that bill signed across the various desks where that bill needs to move. So it can take roughly four months between raising an invoice and 51:22 51 minutes, 22 seconds getting paid. On the B2B side, we will we will get typically 70 80% of the 51:31 51 minutes, 31 seconds project cost within 3 to four months of supplying materials and then the balance uh is paid after the installation 51:39 51 minutes, 39 seconds handover everything is done. That can take another two to three months. 51:45 51 minutes, 45 seconds So what is the typical execution cycle here for these typical execution cycle? 51:52 51 minutes, 52 seconds Yeah, very case to case basis. But let's uh say that to uh you can think of it as on a per car basis. On a per car basis, it 52:01 52 minutes, 1 second generally takes 2 days at a project to do the installation. Two days per car basis. 52:10 52 minutes, 10 seconds Per car. Yeah. If a project is 100 cars roughly it will take 180 200 days to execute. 52:16 52 minutes, 16 seconds What was the scale for a shillong project? 52:20 52 minutes, 20 seconds Uh the one so we have a couple of project there. One is a 43 cr rupee project of which 6 and a half 7 crores 52:29 52 minutes, 29 seconds has been built. Another one is a two 13 and a half cr project of which roughly 3 4 crores has been built. Uh the third I 52:39 52 minutes, 39 seconds am in that project in a JV where I am 30% partner only looking at the car parking place. Uh there we have not had 52:48 52 minutes, 48 seconds any billing yet but the project is ongoing. Okay. Sure. Okay. Yeah that's about it. 52:56 52 minutes, 56 seconds Thank you so much. Thank you. 52:59 52 minutes, 59 seconds Thank you. Next question is from the line of ro from Widget Global Securities. Please go ahead. 53:06 53 minutes, 6 seconds Yes, thank you for giving me the opportunity and congratulations to the management for giving such strong regards for FI26. 53:14 53 minutes, 14 seconds So my question is regarding the potential acquisition which you have mentioned in the precedes. I understand that you have already mentioned it is 53:21 53 minutes, 21 seconds under the due diligence and you won't be able to share much but since you have mentioned that it is an international plating holding company it would be 53:30 53 minutes, 30 seconds great for us you know to analyze about the company if you could share the business model or in which particular 53:37 53 minutes, 37 seconds segment that company is catering to whatever you can share with the investor community today. 53:44 53 minutes, 44 seconds So I believe that we are in an NDA uh on that transaction but what I can share is 53:52 53 minutes, 52 seconds that uh like I mentioned uh there is some technology mode which we feel that 53:59 53 minutes, 59 seconds company has uh which will help us achie and then there is a distribution piece also wherein they've worked across 54:08 54 minutes, 8 seconds multiple multiple geographies have approvals from uh western markets for their products and have products which are complimentary to what we do. 54:18 54 minutes, 18 seconds So there is hardly any overlap between the products that they have technology expertise in and the products that we 54:26 54 minutes, 26 seconds currently manufacture. So uh that transaction helps us expand our product offering to pretty much cover the entire 54:34 54 minutes, 34 seconds spectrum of uh mechanical car parking projects. uh it also helps us uh get this uh technology which is uh which 54:44 54 minutes, 44 seconds like they are perhaps the best at in the world and it gives us exposure to all these markets. uh that will help us 54:52 54 minutes, 52 seconds number one also grow domestically because now as a as an international company when we expand uh outside of 55:00 55 minutes East India uh there is just a lot more pull for that technology and product and brand and of course then we get exposure 55:07 55 minutes, 7 seconds to all these export markets also. So but that is the limited context that I can share I mean at this point. Okay. Okay. 55:16 55 minutes, 16 seconds Any timeline? Can we expect this transaction to get completed before H1 ends of this financial year? Most certainly. Yes. 55:24 55 minutes, 24 seconds Okay. Okay. That really helps. Thank you so much and all the very best. Thank you, sir. Thank you. Thank you. 55:33 55 minutes, 33 seconds As there are no further questions, I'll now hand the conference over Cupta for closing comments. 55:39 55 minutes, 39 seconds All right. I think uh I hope I have addressed all the questions. I think couple of people had some questions which I was not uh 55:48 55 minutes, 48 seconds prepared to immediately take. I'm happy to get those questions on mail or some other platform and happy to get back on those. But that's all. 56:00 56 minutes Thank you very much on behalf of LP Elevators Limited. That concludes this conference. Thank you for joining us and you may now discuss. 56:10 56 minutes, 10 seconds Thank you.