Rashi Peripherals Limited — Q4 FY26

Rashi Peripherals Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=raJGGe-NSL8 Published: 1d ago

0:01 1 second Ladies and gentlemen, good day and welcome to Rashi Peripherals Limited Q4 0:07 7 seconds FI26 earnings conference call hosted by Choice Equity Broking Private Limited. 0:14 14 seconds As a reminder, all participant lines will be in the listen only mode and there'll be an opportunity for you to ask questions after the presentation 0:21 21 seconds concludes. Should you need assistance during this conference call, please signal an operator by pressing star then 0:28 28 seconds zero when you touch 4. Please note that this conference is being recorded. I now hand the conference support Mr. Karan 0:36 36 seconds Kand from Choice Equity Broking. Thank you and over to you sir. Thank you. Good morning everyone. On behalf of the 0:45 45 seconds management team of Prashi Peripherals Limited, I welcome you to the Q4 and fullear FI26 earnings conference call. 0:53 53 seconds Joining us today to discuss the company's performance, we have from the management team, Mr. Kapal Pansari, managing director, Mr. Rajes Goena, CEO, 1:01 1 minute, 1 second and Mr. Himmanu Shas, Chief Financial Officer. Before we begin, we must remind you that the discussion on today's call may include certain forward-looking 1:10 1 minute, 10 seconds statements that may involve known and unknown risks, uncertaintities, and other factors and thus must be viewed in conjunction with the risk that the 1:17 1 minute, 17 seconds company faces. Future results, performance or achievements may differ significantly from what is expressed and implied by such forwardlooking 1:26 1 minute, 26 seconds statements. I now request mi Mr. Kapal Pansari to take us to the company's business outlook and financial highlights. After which we will open the 1:34 1 minute, 34 seconds floor for Q&A. Over to you sir. Thank you. 1:37 1 minute, 37 seconds Thank you Choice Equity Broking for hosting this call. On behalf of the entire Rashi peripherals team I want to 1:44 1 minute, 44 seconds thank our shareholders analysts partner and well-wishers who have made this time with us to be with us this morning to give you a backdrop of the industry. 1:59 1 minute, 59 seconds FI26 has been without exaggeration the most consequential year for Indian ICT distribution industry in over a decade. 2:09 2 minutes, 9 seconds Three structural forces converge at the same time and they will continue to define a sector for the next 3 to four years. First, India crossed a 2:18 2 minutes, 18 seconds generational PC milestone. According to IDC, India's traditional PC market shipped a record 15.9 million units in 2:26 2 minutes, 26 seconds calendar year of 2025, growing at about 10.2% yearonear, the strongest ever year, surpassing even the pandemic peaks of 2021 and 2022. 2:38 2 minutes, 38 seconds Second, the AIPC inflection is real and accelerating. AI enabled notebooks grew 129% yearonear in calendar 2025. 2:48 2 minutes, 48 seconds Gartner projects AI PCs will cross 50% of all PC shipments globally in calendar year 2026 2:56 2 minutes, 56 seconds with India tracking that curve very closely. The Windows 10 end of support in October 2025 has triggered a 3:04 3 minutes, 4 seconds multi-year refresh cycle. This is not a one quarter tailment. It is a structure structural multi-year upgrade super 3:11 3 minutes, 11 seconds cycles. And the third component economics turned in distributors favor 3:17 3 minutes, 17 seconds with me memory DAM uh NAND GPU processors all have sustained pricing firmness 3:26 3 minutes, 26 seconds through 20 FI26 driven by AI data center demand absorbing global capacities 3:34 3 minutes, 34 seconds for a distributor with scale deep OEM relationships and inventory discipline. This environment rewards execution. 3:43 3 minutes, 43 seconds IDC has flagged that calendar year 2026 may see a temporary dip of 5 to 10% in PC shipments as a component cost works 3:51 3 minutes, 51 seconds through the system. We read this not as a headwind but at as a normalizing year after a record run and one where 4:00 4 minutes disciplined distributors with strong working capital and balance sheets will continue to take share. 4:06 4 minutes, 6 seconds Where does Rashi stands in this industry is that this ITC industry marks almost about 1.5 lakh cr plus opportunity with 4:15 4 minutes, 15 seconds roughly 70% concentrated among top players. 4:19 4 minutes, 19 seconds With India's PC penetration sits at just about 15 to 20%. There is enough room 4:25 4 minutes, 25 seconds for runway to digitize deepen into as we deeper uh as the penetration deepens into tier 2, tier three and tier four markets. 4:36 4 minutes, 36 seconds with a strategic initiative that will uh uh with a strategic initiative 4:45 4 minutes, 45 seconds that has been built on Rashi's strong ICT distribution driven by high volume 4:52 4 minutes, 52 seconds anchored on reach relationship and executions. We are now positioned to look forward from here on our focus will be on three key pillars. 5:04 5 minutes, 4 seconds One is expand our high margin and high growth verticles. 5:09 5 minutes, 9 seconds The second is to evaluate margin expansions in the entire value chain. 5:16 5 minutes, 16 seconds And the third is to continue to focus on the core engines of personal computing enterprise and our existing business 5:24 5 minutes, 24 seconds that will drive the that will fuel the growth for the rashi's transformation. 5:31 5 minutes, 31 seconds We remain confident that with the Indian ICT distribution market growing structurally with our balance sheet brand relationships and execution track 5:38 5 minutes, 38 seconds record, Rashi is positioned to deliver not just continued above industry average growth but a meaningful 5:45 5 minutes, 45 seconds differential earning quality for over next 3 to 5 years. I now hand over the call to Rajesh Guinka for his opening speech. 5:54 5 minutes, 54 seconds Thank you uh couple. Uh good morning everyone. Let me uh take you briefly 6:01 6 minutes, 1 second through the uh operational highlights of Rashi peripherals. During the quarter, demand conditions remain healthy across 6:10 6 minutes, 10 seconds key categories supported by enterprise refresh demand, improving traction on AI 6:17 6 minutes, 17 seconds ready devices and higher channel procurement. 6:21 6 minutes, 21 seconds As the price uptrend continues, we continue to maintain strong execution momentum and benefited from our strong 6:30 6 minutes, 30 seconds distribution network of 55 city branch offices with 10,000 plus customers in 6:37 6 minutes, 37 seconds 700 plus towns of India. We continue to be the leading value added distributors for various AI solutions including the 6:47 6 minutes, 47 seconds recently launched Nvidia DGX Spark which brings affordability to SMB and 6:54 6 minutes, 54 seconds corporates and developers uh which can help uh these customers to develop 7:00 7 minutes agentic AI solutions inferencing and run local LLMs in their office premise. 7:09 7 minutes, 9 seconds We further strengthen our market presence through strategic partnerships and brand additions across multiple 7:16 7 minutes, 16 seconds technology segments. Our partnership with Dell Technologies enhanced our commercial portfolio specially on the 7:24 7 minutes, 24 seconds server and the storage space while our association with Teachment Technologies enabled us to expand into AI powered 7:33 7 minutes, 33 seconds classroom and digital learning solutions. 7:36 7 minutes, 36 seconds In addition, we supported the India launch of Aura Health Rings, strengthening our presence 7:44 7 minutes, 44 seconds in the premium health tech and lifestyle technology segment. We also continue to evaluate selective opportunities in 7:52 7 minutes, 52 seconds emerging technology areas including the semiconductor ecosystem as a part of our long-term growth strategy. 8:03 8 minutes, 3 seconds As part of our expansion strategy, we continue to add our infrastructure by adding 8:10 8 minutes, 10 seconds three new branches namely in Nand, Baramati and Cholapur in Maharashtra. Uh which now totals to 55 branch operations 8:19 8 minutes, 19 seconds by far the largest and unprecedented further deepening our reach across the C 8:26 8 minutes, 26 seconds and Dclass cities. We also conducted an 8 city AI boot camp engaging about 2,500 8:34 8 minutes, 34 seconds developers and 300 plus CXOs focused on AI infrastructure and real world 8:42 8 minutes, 42 seconds enterprise use cases reflecting our commitment to accelerating AIEL adoption across industries. 8:50 8 minutes, 50 seconds Finally, we remain committed to building a strong workplace culture and are proud to have been recognized as a great place 8:58 8 minutes, 58 seconds to work for for the fifth consecutive time. 9:03 9 minutes, 3 seconds Thank you so much. Uh now I hand over to our CFO Mr. Himmanusha to take over the 9:10 9 minutes, 10 seconds financial performance for the period under review. 9:14 9 minutes, 14 seconds Thank you Rajes and good morning to everyone. I'll now take you through the financial performance of the period under review. Our consolidated 9:22 9 minutes, 22 seconds performance for the fourth quarter of financial year 2026. Revenue from operations increased by 51% yearonear to 9:30 9 minutes, 30 seconds INR 4,489 crores. Abita increased by 41 year on year with AITA margins at 2.95%. 9:39 9 minutes, 39 seconds Profit after tax was 87 crores registering a growth of 65% yearonear with pet margins of 1.93%. 9:46 9 minutes, 46 seconds For the financial year 2026, consolidated revenue from operations grew 15% yearonear to INR 15,827 9:55 9 minutes, 55 seconds crores. AITA increased by 53% to 459 crores with AITA margin expanding by 72 bits to 2.9%. 10:04 10 minutes, 4 seconds Profit after tax rose 35% yearonear to 282 crores with bad margins at 1.78%. 10:12 10 minutes, 12 seconds In terms of segmental performance for the period under review PCP PCD which is 10:18 10 minutes, 18 seconds uh constitutes around 58% of our business and lit contributed uh 42%. 10:28 10 minutes, 28 seconds uh our cash flows for the period of the uh in as compared to the outflows in the earlier years we generated a healthy 10:37 10 minutes, 37 seconds operating cash flow of INR 114 crores for the period. On the working capital front we continued to maintain 10:44 10 minutes, 44 seconds disciplined control across key parameters while supporting business growth and higher procurement activity during the year. Inventory days stood at 10:52 10 minutes, 52 seconds 56 days reflecting calibrated inventory management to ensure product availability across key categories. 10:58 10 minutes, 58 seconds Dattors were at 46 days in line with higher business volumes and continued expansion across channels while created 11:05 11 minutes, 5 seconds at 44 days reflecting balanced vendor management and procurement planning. 11:10 11 minutes, 10 seconds Consequently, working capital days remained well managed at 58 days aligned with the operating requirements of the business. I'm also glad to inform you 11:19 11 minutes, 19 seconds that the ROC on an annualized basis has crossed 16%. And for the quarter it was 19 plus%. 11:27 11 minutes, 27 seconds With this I would like to hand it back to the moderator and open up for question and answer session. Thank you so much. 11:34 11 minutes, 34 seconds Thank you very much. We'll now begin with the question and answer session. 11:38 11 minutes, 38 seconds Anyone who wishes to ask a question may press star one on the telephone. If you wish to remove yourself from the 11:46 11 minutes, 46 seconds question queue, you may press star and two. 11:50 11 minutes, 50 seconds Participants are requested to use handsets while asking a question. 11:54 11 minutes, 54 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 12:01 12 minutes, 1 second Participants may press star and one to ask a question. 12:13 12 minutes, 13 seconds First question is from the line of Melon Meta from Monat Capital. Please go ahead. 12:19 12 minutes, 19 seconds Hi sir, congratulations on great set of numbers. Uh sir, uh how much was the topline growth driven by pricing versus 12:28 12 minutes, 28 seconds volume and moving ahead after this exceptional growth what would be the normalized growth that we see for FI27 12:36 12 minutes, 36 seconds onwards? And secondly uh I just want to understand about the semiconductor and AIEL business uh from when can it 12:44 12 minutes, 44 seconds meaningfully alter the overall margins like over near-term and how much can it benefit us? 12:53 12 minutes, 53 seconds Okay Felony I think you have asked three questions I'll try to answer one by one. 12:57 12 minutes, 57 seconds So first your question is about the impact of the price on our uh top line. 13:03 13 minutes, 3 seconds So as a clarification uh the price increase predominantly has started from uh second half uh of the financial year. 13:12 13 minutes, 12 seconds So first half of the year uh the price increase impact was uh minuscule uh but sec at the same time second half there 13:21 13 minutes, 21 seconds was a substantial uh impact. So H1 whatever growth we had was primarily on 13:28 13 minutes, 28 seconds account of uh larger uh unit sales and more uh customers. uh H2 uh roughly on 13:36 13 minutes, 36 seconds an average basis if I see the growth has been about 46 47% 13:44 13 minutes, 44 seconds uh H H2 to H2 uh I would account uh half of it or at least 20 22% growth because 13:53 13 minutes, 53 seconds of the increase in the price. So that's the answer to your first question. Uh 14:00 14 minutes second question on the uh uh upcoming uh trajectory. So we always maintain that 14:08 14 minutes, 8 seconds Rashi peripherals has continued to deliver 20% CAGGR for last 20 years. So even if with this year's overall 14:16 14 minutes, 16 seconds performance of 15% and if I I exclude the one uh AI project that we did last 14:24 14 minutes, 24 seconds year then our growth is uh 31%. But then our average continues to be 20% CAGR. So 14:32 14 minutes, 32 seconds we are very confident to maintain our trajectory of 20% CG CAGR in the coming 14:38 14 minutes, 38 seconds year as well. And your third question was about semiconductor. I am happy to share with all of you that uh our 14:47 14 minutes, 47 seconds semiconductor business we have had 131% growth on a year-to-year basis. It is 14:54 14 minutes, 54 seconds trending well. uh although the base is small but it is uh building very strong 15:01 15 minutes, 1 second and we are having as I said 131% growth last year uh but yes considering the overall size of 15,800 15:10 15 minutes, 10 seconds crores semiconductor meaningful impact to our top line and bottom line is few years away. 15:20 15 minutes, 20 seconds Yeah Melanie I hope I have answered all your three points. 15:24 15 minutes, 24 seconds Okay sir. Okay. And any uh like margin impact due to the semiconductor or currently it's not that significant. So like by when do we expect again few years from now? 15:34 15 minutes, 34 seconds Yeah, it is few years from now because our overall size of the company is 15,800 15:41 15 minutes, 41 seconds crores and uh semiconductor business is relatively newer baby. So few years we'll have to wait but we have on a very strong wicket with 131% growth. 15:53 15 minutes, 53 seconds Okay. Thank you so much. That's clear. Thank you participants. A kind request. 16:01 16 minutes, 1 second Please limit yourself to two questions per participant. 16:05 16 minutes, 5 seconds Next question is from the line of manin from Monat Capital. Please go ahead. Hi sir. I thank you for the opportunity. 16:12 16 minutes, 12 seconds A couple of questions. One uh you mentioned AIPC growing. I just want to understand that you know what would you 16:20 16 minutes, 20 seconds define to be an AIPC? because you know there are multiple definitions in the market. So are you talking about a PC 16:26 16 minutes, 26 seconds which has an MPU or is it specifically is there anything which you look at to categorize it as an AIPC? 16:34 16 minutes, 34 seconds Absolutely. So a PC or a laptop which predominantly has an NPU is identified as an AIPC. 16:42 16 minutes, 42 seconds uh but at the same time uh higher high-end processors with GPUs also are 16:49 16 minutes, 49 seconds identified as AI PCs which can take AI workloads. uh to give you some uh idea 16:56 16 minutes, 56 seconds currently uh around 25% of the PCs and notebooks uh sold in the 17:03 17 minutes, 3 seconds country are uh AI PCs but this uh is only accelerating and uh next one to two 17:10 17 minutes, 10 seconds years we we see multiple uh growth in this particular segment which will also drive the average selling price of the notebook further up. 17:22 17 minutes, 22 seconds Okay, that helps. And and just to talk on the overall PC refresh cycle, you know, we saw some kind of a you know delay because of you know these price 17:31 17 minutes, 31 seconds hikes. So are you seeing that demand come in Q4 or you think that will be more in H1 or H2 or Q7? So this is a 17:38 17 minutes, 38 seconds very good question uh Ve the when the price hike cycle started around Q3 and 17:46 17 minutes, 46 seconds early Q4 uh lot of large corporates ISVS uh extended their refresh cycle from 3 17:54 17 minutes, 54 seconds years to 4 years and four years to 5 years but then the way the price increase is happening now the uh my 18:03 18 minutes, 3 seconds observation is the trend is reversing that now everyone is realizing that if I delay the purchase by 1 year, I may have to pay another 30% or 40% more price. 18:13 18 minutes, 13 seconds So, it is better to refresh it right now rather than waiting for one. And that is the reason as couple mentioned uh last 18:21 18 minutes, 21 seconds year we had a record 15.9 million PC sold. So that now is getting reversed uh 18:30 18 minutes, 30 seconds of the refresh cycle and looks like that refresh uh cycle will continue to be the it was uh normal as in previous years. 18:40 18 minutes, 40 seconds Okay, that that helps sir. And one last thing on the semiconductor thing uh how much we have understood that you know in 18:47 18 minutes, 47 seconds semiconductor the the number of the working capital cycle is a little stressed and you know you see uh 100 18:55 18 minutes, 55 seconds plus odd days there. So just want to understand that you know what what would be our uh you know working capital is there and is it uh is it stretching our 19:04 19 minutes, 4 seconds working capital a bit and will it do that in maybe in a few years once the scale is there. 19:09 19 minutes, 9 seconds So while the working capital must be is higher but at the same time the gross margins are also substantially higher. 19:18 19 minutes, 18 seconds So in terms of uh ROC if we look at it then it is higher than our regular 19:25 19 minutes, 25 seconds business. So it is not a cause of worry and at the same time at this moment we do not require too much of working 19:33 19 minutes, 33 seconds capital because the size uh in the overall scheme of thing is still very small. 19:40 19 minutes, 40 seconds Okay. Okay. One last thing on this right and can I please request you to come back? 19:48 19 minutes, 48 seconds Thank you. Participants kindly limit yourself to two questions per participant. 19:54 19 minutes, 54 seconds Next question is from the line of Madurati from counter cyclical investments. Please go ahead. 20:01 20 minutes, 1 second Sir, thank you for the opportunity. Sir, I wanted to understand what has led to uh so for LIIT segment has seen a decent 20:08 20 minutes, 8 seconds growth this year. So what if you could help us understand what was the price uh growth year and what was the volume growth here uh and where do we see this segment uh going forward? 20:20 20 minutes, 20 seconds Yeah. So first of all let me just clarify that the good thing for Rashi peripherals particularly is that we have 20:28 20 minutes, 28 seconds a very wide range of uh products and solutions. So we are not dependent on either on lit or PS because lit 20:37 20 minutes, 37 seconds contributes to 42% of our total gross revenue and PS contributes to 58%. So that means there is a very good uh 20:45 20 minutes, 45 seconds balance and I also am happy to share with you that uh in the LIT category we have grown on a year-to-year basis at 20:54 20 minutes, 54 seconds the rate of 24%. And in the PS category we have grown at 37% which which is 21:01 21 minutes, 1 second obvious because of the higher uh H2PC demand and because of the higher uh ASPS 21:13 21 minutes, 13 seconds right uh and sir as LIT is a better gross margin product 21:20 21 minutes, 20 seconds so um if you could help us understand uh can we expect a further if this uh SH mix in business increases. Can you 21:27 21 minutes, 27 seconds expect a further gross margin improvement? And second question would be sir, where are we on our software side of business? The software and 21:35 21 minutes, 35 seconds hyperscaler side of business with so much um data center and new cloud companies coming out. So if you could help us understand on that. 21:45 21 minutes, 45 seconds Yeah. So LIIT we continue to grow almost 2x of the industry. LIIT one uh Rashi 21:53 21 minutes, 53 seconds peripheral's market share is very high and second in that category the growth is also not as uh PS but we continue to 22:03 22 minutes, 3 seconds beat the market and as I said we continue to grow at uh 2x whereas PS because of the PC refresh because of the 22:11 22 minutes, 11 seconds price price going up the natural the growth opportunity is very is there so we will continue to have growth momentum 22:19 22 minutes, 19 seconds in both the categories but uh to me it does not appear that we will lit will be able to take over or come closer to uh 22:27 22 minutes, 27 seconds PS so that's one and second question was on 22:33 22 minutes, 33 seconds your hyperscalers so if you remember uh uh last year that was 202425 22:43 22 minutes, 43 seconds we had the privilege of executing India's first and the largest AI data center uh very successfully ufully uh 22:51 22 minutes, 51 seconds last year we have not done consciously a meaningful business in that segment uh because we already had a hyper growth of 23:00 23 minutes 37% uh if I just remove that project order uh but this year we plan to have growth 23:07 23 minutes, 7 seconds both in regular business plus in project business and uh we are in the race uh to win some of them uh some of the AI data 23:16 23 minutes, 16 seconds center projects as we And sir, do we see our working inventory days coming down with uh make in India 23:24 23 minutes, 24 seconds initiatives of this uh hardware uh component that is moving to India a lot faster similar to seen in the mobile 23:32 23 minutes, 32 seconds ecosystem. Do we see our inventory days coming down maybe over the next two to three years because of this shift? 23:38 23 minutes, 38 seconds Yeah. So theoretically there should be some impact of inventory days correction as the making India grows. But the real 23:47 23 minutes, 47 seconds fact right now is that making India is still very uh limited. And second uh we 23:54 23 minutes, 54 seconds have uh excluding the project we have had a 31% growth on a Y basis. So when you are having 30% growth in regular 24:03 24 minutes, 3 seconds business then you need to continuously buy inventory and keep inventory. So these two factors right now are not 24:11 24 minutes, 11 seconds enabling us to uh reduce the inventory days but going forward yes there is a good chance and scope of improving the inventory days. 24:20 24 minutes, 20 seconds Thank you mother I'll request to come back for a follow-up question. 24:25 24 minutes, 25 seconds Next question is from the line of Hesh Kel from Origin Capital. Please go ahead. 24:31 24 minutes, 31 seconds Thanks for taking my question and congrats to the management for a very good set of numbers. Sir on Dell part can you give us numbers what is the what 24:38 24 minutes, 38 seconds is the part of revenues Dell in absolute revenues this quarter and last quarter just to see the trajectory uh in this uh I am not the privilege to 24:47 24 minutes, 47 seconds give the specific numbers uh brandwise uh because even as per our agreement we cannot disclose but only thing I can 24:56 24 minutes, 56 seconds indicate to you uh that uh last year we started midway uh and we've tested 25:03 25 minutes, 3 seconds waters good thing is that we are doing their entire uh products and solution groups right from their uh PCs to 25:12 25 minutes, 12 seconds laptops to servers, storage uh monitors everything and give you an indication uh 25:20 25 minutes, 20 seconds it should it should be a double digit share in our overall topline in fourth quarter you're saying? 25:27 25 minutes, 27 seconds No, I'm talking on the entire year. 25:30 25 minutes, 30 seconds Okay. is for because the trajectory I think it came in second quarter only last year right correct yeah yeah so trajectory 25:37 25 minutes, 37 seconds right now it is at low single digit but on a yi basis uh next financial year we think that it should be close to double 25:45 25 minutes, 45 seconds digit share okay and sir you also alluded to margin expansion in fi 27 can you explain uh 25:52 25 minutes, 52 seconds you know I didn't get this how will you increase the margin in this hyperinflation environment so can you just give us 26:00 26 minutes Yeah. So, uh there are two thought two points to this. The margin expansion business that we are trying to talk about is how do we create a better value 26:08 26 minutes, 8 seconds chain and value proposition for the organization. Uh typically when you expand into semiconductors enterprise 26:15 26 minutes, 15 seconds businesses. These businesses are not of just supply chain but they are solutiondriven uh econom uh economics. 26:22 26 minutes, 22 seconds So when you provide solutions whether it is related to services whether it is related to designled uh uh sales uh 26:30 26 minutes, 30 seconds strategy they always give you a potential to earn higher margins and that expansion will drive our higher 26:37 26 minutes, 37 seconds margin portfolios. So, so this is a more of a strategy for two, three years, not like 26:44 26 minutes, 44 seconds Absolutely. Yeah. Okay. Okay. Oh, got it. Thank you and all the best. Excellent. 26:51 26 minutes, 51 seconds Thank you. Next question is from the line of Tushar Kandelar from Nexus Equity. Please go ahead. 27:01 27 minutes, 1 second There's a bit of background noise from your line. Can you move to a different location, please? 27:06 27 minutes, 6 seconds Sure. Sure, sir. Congratulations from good sets. So my question is from 27:13 27 minutes, 13 seconds like next year and year forward what would be the split between lifestyle and enterprise segments and if you can uh give me the volume numbers volume and 27:22 27 minutes, 22 seconds price growth where what would be the share of volume growth and price growth. 27:28 27 minutes, 28 seconds Yeah. So as I explained already our last year lifestyle growth lit growth is 24%. 27:35 27 minutes, 35 seconds And pees growth is 37%. 27:38 27 minutes, 38 seconds So I think similar ratio uh will continue in the next year also again because in lit we have a higher market 27:47 27 minutes, 47 seconds share. Uh that is one. As far as the price increase is concerned uh lit there is no major price increases happening. 27:55 27 minutes, 55 seconds It is uh routine price increase only. 27:57 27 minutes, 57 seconds the price increase uh is happening and is expected to further increase in the PS uh category only and that uh increase 28:07 28 minutes, 7 seconds now onwards it is expected on an average should be another 20%. Thank you. Thank you sir. 28:17 28 minutes, 17 seconds Thank you. 28:19 28 minutes, 19 seconds Next question is from the line of ages from Unifi Mutual Fund. Please go ahead. 28:26 28 minutes, 26 seconds Uh yeah hi team congratulations on a very strong execution really speaks about the uh you know how the 28:33 28 minutes, 33 seconds organization is set up and is delivering at scale and size. Uh two questions from my side. Uh first is team could you call 28:42 28 minutes, 42 seconds out that you know um from whatever is available publicly we're hearing about a lot of these incremental data center 28:49 28 minutes, 49 seconds opportunities uh that is coming in the country. uh can you just articulate how we should 28:56 28 minutes, 56 seconds understand FI 27 and 28 and your ability to participate in uh in deals that you know like you have done with the first 29:05 29 minutes, 5 seconds data center deal. Uh how do you intend to participate in them because we understand that you know there is a a 29:12 29 minutes, 12 seconds certain capital requirement for such deals and they are definitely accurative. uh but uh given the capital requirement of these deals and your 29:20 29 minutes, 20 seconds learnings from the first uh deal uh how should we really understand how RPC can participate in them? Thanks. 29:28 29 minutes, 28 seconds So uh Agis I think again this is a very relevant uh question in this prevailing 29:36 29 minutes, 36 seconds time. So before I answer your point, I just want to take this opportunity to share with the all our investor 29:43 29 minutes, 43 seconds community that Rashi periphers was the first company to execute a 2,000 cr 512 29:51 29 minutes, 51 seconds server 4,000 GPU AI data center uh at Yota very successfully uh which included 29:58 29 minutes, 58 seconds installation as well. We are again the only company distribution company in India which has this kind of expertise 30:07 30 minutes, 7 seconds of doing basic pre-esign uh uh ordering logistics and installation. So that's the first point 30:16 30 minutes, 16 seconds that I want to give you confidence to you ages on this. Now there are multiple 30:22 30 minutes, 22 seconds AI related data center and nonAI data center projects are uh going on in the country primarily because of the data 30:31 30 minutes, 31 seconds sovereignty primarily because there is a uh major push from the PMO office. uh we 30:38 30 minutes, 38 seconds are there in almost all the projects and we are discussing uh uh they are at various stages of discussions but then 30:47 30 minutes, 47 seconds uh as you rightly mentioned the size could be very big uh right now as I 30:53 30 minutes, 53 seconds speak there are funnels of almost 20 25,000 crores uh which are under 31:01 31 minutes, 1 second consideration I am not very sure whether uh they can final get finalized or no Rashi will pick up proportionate to our 31:11 31 minutes, 11 seconds uh capacity of these amongst these opportunities and obviously not run after uh everything because they are one capital in 31:19 31 minutes, 19 seconds intensive and second uh the margins are also lower on this front but then we are there in this in the forefront. 31:30 31 minutes, 30 seconds Uh understood. So Rajes Gi um I hear you uh but uh could you give me some 31:37 31 minutes, 37 seconds incremental color on your thought process because uh participating in these deals uh is is is relevant because 31:46 31 minutes, 46 seconds of your ability to stitch things together, right? So it it gives you a certain visibility and a presence and there these are fastmoving items and uh 31:56 31 minutes, 56 seconds and they're growing quickly. So uh but uh again like you mentioned it's capital consuming with slightly lower margins. 32:03 32 minutes, 3 seconds So uh you know how will you make that tradeoff between participating in a deal or you know continuing to use that 32:11 32 minutes, 11 seconds capital in your regular uh business per se. So how how does that how do you make these decisions? That's what I'm trying to just get a a sense of. 32:20 32 minutes, 20 seconds Yeah. So while we first of all do not compromise on our regular run rate business where we continue to aspire to 32:28 32 minutes, 28 seconds have uh 15 to 20% growth uh and then over and above uh we I think we 32:36 32 minutes, 36 seconds currently post IPO we have the capacity to pick up these kind of projects subject to ROIs. So if there is an 32:44 32 minutes, 44 seconds opportunity where we have a decent ROI then we can pick up these projects as a 32:50 32 minutes, 50 seconds add-on uh this without uh compromising our regular uh run rate growth of 20% YI 33:01 33 minutes, 1 second okay and uh could you team just call out that uh I mean broadly this year from the 15,800 crores of revenue what's been 33:10 33 minutes, 10 seconds the cut between uh you know the large deals is including maybe the spillover of the data center, the enterprise segment and uh the core distribution 33:19 33 minutes, 19 seconds business. Could you just give some revenue cuts or color around them and second uh could you just lastly could you speak about how the enterprise side of the segment is doing for you? 33:29 33 minutes, 29 seconds Yeah, so uh last year we did not do any AI large deals. They were all small deals to the tune of 5 10 15 crores 33:38 33 minutes, 38 seconds only. So our 15% growth is without any large deals. Uh and therefore I said if 33:46 33 minutes, 46 seconds I remove the last to last year Yota deal then we have a growth of uh 31%. 33:52 33 minutes, 52 seconds And to answer your question on the enterprise piece uh we are having a very high uh growth on the enterprise piece 33:59 33 minutes, 59 seconds which is nonAI particularly driven uh by uh Nvidia solutions. One example I 34:06 34 minutes, 6 seconds shared during my uh speech about the Nvidia, DGX, Spark and so on so forth. 34:12 34 minutes, 12 seconds So there of course we are having a high growth and the market also is growing exponentially and third now the price is 34:20 34 minutes, 20 seconds also very strong uptrend. All three are in our favor. 34:26 34 minutes, 26 seconds Understood team. Thanks and all the best. Thank you. 34:30 34 minutes, 30 seconds Thank you. I request all the participants kindly limit yourself to two questions per participant. 34:36 34 minutes, 36 seconds Next question is from the line of Sumuk from Corman Capital. Please go ahead. 34:46 34 minutes, 46 seconds May I request to unmute your line and proceed with the questions? Uh hi team. Uh can you hear me? 34:54 34 minutes, 54 seconds Yes. Yes. 34:56 34 minutes, 56 seconds Yeah. Thanks for the opportunity. Sir uh my question is on the partnership with uh SD Finserve. So how does this u 35:04 35 minutes, 4 seconds impact your uh working capital days going forward and uh what percentage of your uh revenue would uh be coming under 35:14 35 minutes, 14 seconds this uh working capital sorry uh supply chain deal and who will be wearing the credit risk on this. So SPF financer is 35:22 35 minutes, 22 seconds a channel finance program which we have onboarded and it is a normal channel finance program without any recourse to 35:30 35 minutes, 30 seconds us. It is basically to enable uh the channel partner fraternity to have 35:36 35 minutes, 36 seconds capacities to buy more uh without uh affecting the credit risk. 35:43 35 minutes, 43 seconds Okay. So this should actually uh bring down your working capital because my guess is this is boned by you currently and so 35:50 35 minutes, 50 seconds no the cost if if we draw the money early uh then only it is bonded by us which we normally don't do and it is uh 36:00 36 minutes it the credit cost or the funding cost is bonded by channel partner. So it has no recourse to us no impact on us and no cost to us. No cost to us. 36:10 36 minutes, 10 seconds Okay. Thank you. And uh on the semiconductor business sir, so who are your predominant customers so far on this line? 36:18 36 minutes, 18 seconds Uh all the large uh manufacturers in the automo space, robotic space, uh IoT space, they are all our customers. 36:31 36 minutes, 31 seconds So any exposure to hyperscaler here? 36:35 36 minutes, 35 seconds Hyperscaler is more uh not on the embedded side, semiconductor side, but that is more on the server storage side. 36:45 36 minutes, 45 seconds Okay. Yeah, that's it from my side. Thank you and all the best. Thank you. 36:50 36 minutes, 50 seconds Thank you. Next question is from the line of Nishita from Sapphire Capital Partners. Please go ahead. 36:58 36 minutes, 58 seconds Yeah. Hello. 37:00 37 minutes Uh so am I audible? I uh just had a question on your uh project business. So 37:07 37 minutes, 7 seconds uh you mentioned that if we would have excluded uh if 25's large deal that we did in project so our growth would have 37:15 37 minutes, 15 seconds been 31%. So how much if you can like how much revenue did we did in uh FI26 from the project business if you can say 37:23 37 minutes, 23 seconds and how is that going to grow going forward? How much revenue do we see from project in FI27? 37:31 37 minutes, 31 seconds So just a clarification you have misunderstood uh when I said 131% that is only in our semiconductor business. 37:39 37 minutes, 39 seconds As far as project business is concerned in 2425 we did 2,000 crores of uh project business. However consciously in 37:49 37 minutes, 49 seconds 2526 we did not do any uh substantial project business. uh but in 2627 37:58 37 minutes, 58 seconds plan yes we have plans to get into project business subject to viability and ROI. 38:07 38 minutes, 7 seconds Okay. Okay. And on margin fund do we get better margins in PJ? 38:17 38 minutes, 17 seconds Uh definitely no. And that is why I said that subject to ROI and feasibility we will uh try to win some project orders. 38:26 38 minutes, 26 seconds That that's the last word I added. Uh that's the reason. 38:32 38 minutes, 32 seconds Okay. Okay. Understood. Thank you so much. Thank you. 38:38 38 minutes, 38 seconds Next question. Sorry. Next followup question is from the line of Madurati from counter cyclical. Please go ahead. 38:46 38 minutes, 46 seconds So thank you for the opportunity on sir I wanted to understand on the hyperscaler business uh so so are there 38:54 38 minutes, 54 seconds any plans to sell that uh server storage that what readington does because it seems that that is a very big 39:02 39 minutes, 2 seconds business and these hyperscalers do like generally don't take lot of distributors so two or three distributors at maxer so 39:12 39 minutes, 12 seconds is there any plan to get into that business or how should I look at So as I said Madur earlier that 2425 we 39:21 39 minutes, 21 seconds did the largest order ourselves and uh Rashi peripherals is uniquely placed and 39:28 39 minutes, 28 seconds has the expertise of doing pre-sales sales execution installation and post 39:34 39 minutes, 34 seconds installation support also. So therefore therefore we have the core strength uh to cater to these hyperscalers but at 39:43 39 minutes, 43 seconds the same time yes uh in the year 2526 we have not uh picked up any substantial 39:50 39 minutes, 50 seconds order because non-p project our business was already growing at uh 31% on a yi basis and especially if you see Q3 and 39:59 39 minutes, 59 seconds Q4 our brew business grew by 42% and 51% namely so our focus attention our 40:07 40 minutes, 7 seconds capital uh was more deployed there. So I want to recclarify that we are very much 40:14 40 minutes, 14 seconds capable we have the experience to do these kind of uh businesses and we are looking for opportunities in the coming 40:21 40 minutes, 21 seconds year right and sir you also created one semiconductor subsidiary so uh if you could help us on plans for that. 40:36 40 minutes, 36 seconds So the semiconductor subsidiary is created to give higher focus 40:43 40 minutes, 43 seconds and more optimized operations uh in this category. 40:49 40 minutes, 49 seconds Uh so therefore we created this subsidiary to transition from within the group company into this subsidiary so 40:58 40 minutes, 58 seconds that partnerships, alliances, team structures and even customer acquisitions can be accelerated. 41:09 41 minutes, 9 seconds Okay, got it. Uh sir, that was from M. Thank you so much and all the question. 41:14 41 minutes, 14 seconds Thank you. Next follow-up question is from the line of Vay Manan from Monarch Capital. Please go ahead. Uh 41:21 41 minutes, 21 seconds hi sir, thanks for the opportunity. Just couple of things. One is this AI boot camp which you have mentioned. Uh if you can give some color on that and uh you 41:30 41 minutes, 30 seconds know what could it add to our business that would be helpful. 41:33 41 minutes, 33 seconds Yeah. So basically these AI boot camps we do along with our vendor uh suppliers all the big AI vendor suppliers. uh I 41:42 41 minutes, 42 seconds cannot just name in this uh forum. We invite uh developers, we invite CXOs. uh 41:50 41 minutes, 50 seconds we give them use case uh uh live experiences how they can use various 41:57 41 minutes, 57 seconds products and solutions uh that we have to develop uh agentic AI solutions. how 42:04 42 minutes, 4 seconds they can do uh uh rendering all these training programs we do and this 42:10 42 minutes, 10 seconds indirectly then uh gets into a BOQ or inquiry state which eventually uh gets 42:18 42 minutes, 18 seconds into order but uh it's a more of seeding uh and training program which has a very 42:25 42 minutes, 25 seconds long lead uh cycle uh usually 6 months to a year. 42:33 42 minutes, 33 seconds Okay. And uh one thing for him sir like what could be like PL for work camp what were there and uh you know what could be 42:40 42 minutes, 40 seconds the time going ahead because of all these disruption and shipments uh will we see any impact on that? 42:46 42 minutes, 46 seconds So the lead time and the delivery times have not affected uh too much because of the you know so-called disruption of 42:54 42 minutes, 54 seconds shipments because uh our uh shipments are not rooted through the affected routes. Secondly, working capital 43:02 43 minutes, 2 seconds there's a minusual shift because of uh you know the change in dattors days to four days creditors and inventory set 43:11 43 minutes, 11 seconds off each others in terms of incremental working capital. 43:16 43 minutes, 16 seconds Okay. Okay. So we can we can expect this range for FI27 as well or any improvement expected? 43:23 43 minutes, 23 seconds Yeah, we can expect around same range. Okay. Okay. Thank thank you so much. Thank you. 43:32 43 minutes, 32 seconds Next question is from the line of Deep Pakalwani from Unifi Capital. Please go ahead. 43:38 43 minutes, 38 seconds Hello sir, thank you for the opportunity. Uh sir, I had a question on the future volume growth of the company. 43:45 43 minutes, 45 seconds So today uh we are benefiting from both price and volume. Uh you said that people are stocking up uh in the fear of 43:53 43 minutes, 53 seconds further price hikes. So uh I want to understand how sustainable uh what should be the sustainable volume growth 44:00 44 minutes for the company in FI27 uh and the drivers for this volume growth. If you can explain how the 44:08 44 minutes, 8 seconds secondary demand uh for your products are looking like both in LIT and EES if you can if you can uh give a macro uh 44:17 44 minutes, 17 seconds picture of how the demand is really shaping up on ground that will really help. 44:22 44 minutes, 22 seconds Uh thanks Deepak. Uh let me answer your uh query for the first part. Uh for the secondary sales I'll let Rajes to 44:30 44 minutes, 30 seconds answer. Uh please see that currently the industry is an upswing and super cycle of the 44:38 44 minutes, 38 seconds adoption price rise and availability. 44:44 44 minutes, 44 seconds When these things are happening, it is natural tendency to prepone the buyings, 44:51 44 minutes, 51 seconds build up inventory to sustain the price hikes so that there is an immediate and near-term advantage that we can take from this cycles. 45:02 45 minutes, 2 seconds With AI applications growing, the demand for refresh towards AI pieces will also accelerate as the acceleration for the applications continues to grow. 45:13 45 minutes, 13 seconds And in this scenario we are also trying to that uh increase the working capitals of inventories so that those opportunities can be expanded. 45:24 45 minutes, 24 seconds While from a demand perspective we do not see any softness at this point in time. While the predictions obviously the affordability will come into picture 45:33 45 minutes, 33 seconds but we do not see any demand slowing down uh in the current economics and the scheme of things that we operate upon. 45:42 45 minutes, 42 seconds However, to answer you that in case uh you should not only just go by what we are saying in fact you should look at 45:49 45 minutes, 49 seconds companies like Intel, AMD, SKH Highex, Samsung, Micron, Sundisk of the world, 45:56 45 minutes, 56 seconds Western Digital. Please study these companies and you will realize the demand cycle is only growing and there 46:04 46 minutes, 4 seconds is no anticipation of softening of the prices as well. This has never happened in the history of any economic cycle or 46:12 46 minutes, 12 seconds any distribution or IT hardware industry and therefore we say that is a super cycle and the most opportune time for the industry 46:22 46 minutes, 22 seconds at any given point in time this softness we are here to stay and we will the first person to come and tell you about what is the industry cycle looks like 46:30 46 minutes, 30 seconds when it comes to the secondary PC cycle uh and the demand at the tier 2 level I'll let Rajes Rajes to answer that question 46:37 46 minutes, 37 seconds so Deep Kai just want to clarify once again that for which I have already said and I repeat that Rashi Perif's 46:45 46 minutes, 45 seconds dependency on one product one brand is minuscule so LIIT business uh 42% of our business 46:54 46 minutes, 54 seconds comes from LIIT that business continues as in the past there is no major variation in the demand or there is no 47:03 47 minutes, 3 seconds major impact even on the pricing there is a regular So this 42% of business of our business is unaffected. 47:12 47 minutes, 12 seconds the remaining 58% business which is PS there there is a uh price major price 47:19 47 minutes, 19 seconds increase uh impact that is coming in and there could be a potential uh shortage in supply also which should come but our 47:29 47 minutes, 29 seconds guesstimate says and IDC also says that on a entire year basis the unit wise the 47:36 47 minutes, 36 seconds market size could degrow by 5 to 10%. So even if I assume that the market size of 47:43 47 minutes, 43 seconds this 58% of the rashi's revenue degross by 10%. But the price itself will grow 47:50 47 minutes, 50 seconds by about 20 25%. So net we will continue to have 10 to 15 uh% growth on a as is 47:58 47 minutes, 58 seconds where basis without any doing any change. But as we continue our momentum with our penetration in newer geography, 48:07 48 minutes, 7 seconds newer customers and increasing our market share, uh we will be able to maintain our momentum even in this uh 48:16 48 minutes, 16 seconds pees category. And coming to your point on secondary demand of consumer and 48:22 48 minutes, 22 seconds commercial uh we think that commercial demand will continue to be strong 48:29 48 minutes, 29 seconds because of our overall economic situation of the country uh uh country 48:36 48 minutes, 36 seconds but in the consumer there could be a softness softness in the H2 of this financial year because of the 48:44 48 minutes, 44 seconds affordability. Today a laptop a year back was easily available at 30 35,000 rupees. Today you can't even get a 48:52 48 minutes, 52 seconds laptop at 50,000 rupees. But another 15 20% price rise in 6 months could make 48:59 48 minutes, 59 seconds this laptop to 70,000 which could impact the affordability of the consumer. So in 49:08 49 minutes, 8 seconds H2 there could be some software softness on the consumer uh demand but that also can be offset. So I am very optimistic. 49:18 49 minutes, 18 seconds Uh we are already discussing with various uh vendors and suppliers to have uh longer EMI schemes. uh if the current 49:27 49 minutes, 27 seconds EMI schemes are 6 months or 12 months, maybe we can have a 24 months and 34 36 months EMI interest free schemes which 49:35 49 minutes, 35 seconds will trigger the demand. So while there is a uh some uh softness could happen in H2 49:44 49 minutes, 44 seconds but otherwise there's no nothing much to worry about. 49:49 49 minutes, 49 seconds Thank you. The next question is from the line of Sumar Reddi from Alpha XQR. Please go ahead. 49:57 49 minutes, 57 seconds Thanks. Thanks for the opportunity. Uh there couple of questions from my side. 50:01 50 minutes, 1 second What is the aspiration in terms of that margins? I mean I know already we have really expanded quite well in the last 1 50:09 50 minutes, 9 seconds two years but because we are in a super cycle like you mentioned in the next 2 three years like how do you see the pat margins expanding and what is the aspiration of the management? 50:20 50 minutes, 20 seconds So distribution industry has got very finely defined margins and we continue to operate in that. So uh around the 50:29 50 minutes, 29 seconds range of 1.5 to 1.75 is the range applicable to this industry unless the product makes or the customer makes 50:36 50 minutes, 36 seconds changes um you know to a greater extent we can expect some shift otherwise this is the range which we generally advise for. 50:45 50 minutes, 45 seconds Yeah. And I would just quickly like to add that if this is a super cycle then we think that this super cycle will 50:53 50 minutes, 53 seconds continue for another year or two and we are a very bullish and optimistic on this. 51:00 51 minutes Got it sir. Also on the data center uh deals which you just mentioned which the company will start to take up what is 51:08 51 minutes, 8 seconds the typical uh margin structure like if you can reiterate and uh how do you see 51:14 51 minutes, 14 seconds what is the kind of potential probably in the next 1 to two years or probably in the next two to three years if if you want to take a medium-term view like 51:23 51 minutes, 23 seconds what is the extent of revenues uh Rashi can probably uh pick 51:31 51 minutes, 31 seconds So margins I cannot uh say this because it's at at the end of the day it is an ROI uh what are the commercial terms 51:40 51 minutes, 40 seconds what is the margin what is the delivery terms uh and it varies uh from project to project but all I can share uh from 51:49 51 minutes, 49 seconds India perspective uh that as we speak currently there are funnels uh ex uh uh 51:58 51 minutes, 58 seconds doing more than 20,000 crores uh funnels are there uh funnels does not always mean that they will get converted into 52:06 52 minutes, 6 seconds orders and that does not always means that everything will come to Rashi peripherals but that's the funnel that is building up and this funnel can only 52:15 52 minutes, 15 seconds uh will only be increasing in next two years uh further as AI adoption increases more. 52:25 52 minutes, 25 seconds Thank you. 52:27 52 minutes, 27 seconds Next question is from the line of Gupta from Bohead Investment Advisors. Please go ahead. 52:33 52 minutes, 33 seconds Yeah. Hi sir, thanks for the opportunity and congrats on a great set of number. 52:38 52 minutes, 38 seconds Sir, I just wanted to understand with the current price hike environment, what is the uh impact on uh margins? Uh is 52:47 52 minutes, 47 seconds there any negative impact or are they more or less intact? 52:53 52 minutes, 53 seconds So margins are intact with the price rise and in fact the overall profiling has little bit bettered only and which 53:00 53 minutes is evident from the numbers uh delivered and declared. 53:06 53 minutes, 6 seconds Uh as far as expectations on price rates uh on the margins front as I mentioned 53:13 53 minutes, 13 seconds that distribution industry has got very finely defined margins and we continue to improvise uh with the operating leverages and 53:20 53 minutes, 20 seconds volumes which we attain in our growth fund. 53:23 53 minutes, 23 seconds So what Himu is trying to say is that Raship earns as a percentage of margin. 53:27 53 minutes, 27 seconds So when the price rise happens on a percentage basis absolute value also grows while on the selling side the 53:36 53 minutes, 36 seconds value does not grow to that extent our fixed cost and our people and uh operating cost remains the same. So we have an operating leverage advantage 53:45 53 minutes, 45 seconds which is little understood sir and uh when we see gross 53:54 53 minutes, 54 seconds margins of Q425 versus Q426 uh how should we see it like there is a 54:02 54 minutes, 2 seconds slight deterioration in margins gross margins no it's not deterioration we have uh you 54:09 54 minutes, 9 seconds know um uh some aging some caging in slowmoving inventory I would say we have taken additional charge on that and uh 54:17 54 minutes, 17 seconds brought down the value of that slow uh slowmoving inventory as a prudent accounting practices understood sir 54:25 54 minutes, 25 seconds there's no thank you 54:33 54 minutes, 33 seconds next question is from the line of karan kander from choice equity broking please go ahead yeah hello hello sir uh sir I I 54:42 54 minutes, 42 seconds understand you have a very large distribution network and I believe it's one of the largest ones uh in this space. So could you help me understand 54:50 54 minutes, 50 seconds how the distribution network is our business and uh what kind of benefits and do we extend to our channel partners and branch managers? 54:59 54 minutes, 59 seconds Uh can we take this question offline? 55:02 55 minutes, 2 seconds This is overall business uh cycle uh discussion which is which needs 15 minutes. So if you don't mind can we take it offline? 55:12 55 minutes, 12 seconds Sure sure. One one thing if you can just throw some color. Sure. No problem. Thank you. 55:16 55 minutes, 16 seconds And I would also suggest you to go through our investor presentation. There is a dedicated slide on our distribution 55:24 55 minutes, 24 seconds structure of GTM uh LFR and online. Okay. Sure sir. Thank you. 55:32 55 minutes, 32 seconds Thank you very much. As there are no further questions. I'll now have the conference over to the management for closing comments. 55:39 55 minutes, 39 seconds Yeah. Uh thank you uh Karan. Uh to our shareholders, thank you for your continued trust. To 55:47 55 minutes, 47 seconds our 82 brand partners, thank you for choosing Rashipers as a distribution partner in India. To our 10,000 plus 55:55 55 minutes, 55 seconds customers and partners across 700 towns of India, you are why this business 56:02 56 minutes, 2 seconds exists. and to our family of 1,500 plus colleagues. Every number that we're 56:09 56 minutes, 9 seconds reporting today is a result of your work. Thank you so much and looking forward to FYI 2627 with all of you. 56:18 56 minutes, 18 seconds Thank you. Thank you very much. 56:21 56 minutes, 21 seconds Thank you on behalf of Choice Equity Broking Private Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.