R R Kabel Ltd — Q4 FY26

R R Kabel Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=ScYsKZD09HQ Published: 13 days ago

0:00 Ladies and gentlemen, good day and welcome to the Q4 and FY26 earnings conference call of RR Kabell Limited. As 0:08 8 seconds a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance 0:17 17 seconds during the conference call, please signal an operator by pressing star 10 on your touchstone phone. I now hand the 0:24 24 seconds conference over to Miss Dashni Desai from MUFG in time their investor relations. Thank you and over to you Dashnney. 0:32 32 seconds Thank you. Good afternoon everyone and I extend a very warm welcome to all participants on the Q4 and FI26 earnings conference call of RR Kill Limited. 0:42 42 seconds Today on this call we have Mr. Mahindra Kumar Kabra managing director, Mr. Rajesh Kabra, executive director, Mr. 0:50 50 seconds Mr. Rajes Jen, Chief Operating Officer and Mr. Meta, Chief Financial Officer. Before we begin this call, I would like to give a short disclaimer. 0:59 59 seconds This call may contain some forward-looking statements which are completely based upon our beliefs, opinions, and expectations as of today. 1:06 1 minute, 6 seconds These statements are not guarantees of our future performance and involve unforeseen risks and uncertaintities. 1:12 1 minute, 12 seconds With this, I hand over the call to Mahindra Kumar Sabra G. Over to you, sir. Thank you. 1:19 1 minute, 19 seconds Hello everyone and good afternoon. 1:23 1 minute, 23 seconds On behalf of Aar Cabel Limited, I warmly welcome all participant 1:30 1 minute, 30 seconds to our quarter 4 and financial year 26 financial results conference call. 1:37 1 minute, 37 seconds On this call I have with me our Rajes K, Mr. Rajes Jin and Mr. Ma. 1:47 1 minute, 47 seconds The quarter was marked by heightened geopolitical tension which created some uncertaintity 1:55 1 minute, 55 seconds in global trade conditions and volatility in input cost. 2:02 2 minutes, 2 seconds Despite this, India continue to benefit from steady demand drivers led by infrastructure, housing and industrial activity. 2:15 2 minutes, 15 seconds Industry demand remained supportive while export continued to perform well. 2:24 2 minutes, 24 seconds Against this backdrop, we are pleased with the way the business performed record as well as across the full year. 2:34 2 minutes, 34 seconds We delivered our highest ever quarterly and annual revenue supported by steady demand and 2:43 2 minutes, 43 seconds disciplined execution across the business. 2:47 2 minutes, 47 seconds Our wires and cable business remain the key growth driver for the company and 2:54 2 minutes, 54 seconds delivered a strong performance and record of profitability during the quarter and for the full year. 3:04 3 minutes, 4 seconds In the SMG segment, market conditions remain competitive while demand trend continues to be selective. 3:13 3 minutes, 13 seconds Revenue remains steady on a year-on-year basis, supported by stable demand across key 3:20 3 minutes, 20 seconds categories and continued distribution expansion. 3:25 3 minutes, 25 seconds We remain focused on optimizing the portfolio and improving profitability over time. 3:34 3 minutes, 34 seconds In line with our history of creating value for our shareholders and considerably paying dividend, 3:42 3 minutes, 42 seconds it pleases me to announce that the board of directors of the company 3:48 3 minutes, 48 seconds has approved a dividend of rupees 550 per share. 3:55 3 minutes, 55 seconds taking the total dividend to rupees 9 rupees 60 pesa per share for FI2 4:03 4 minutes, 3 seconds with that I would like I would like to hand over the call to Mr. Rajes Sabra first. 4:13 4 minutes, 13 seconds Thank you. The wires and cable segment maintained strong momentum during this quarter supported by steady demand 4:20 4 minutes, 20 seconds across domestic and export markets while domestic business has shown healthy growth. Export growth also remained 4:28 4 minutes, 28 seconds encouraging despite the disruption in the Middle East. This performance was supported by a wide distribution 4:35 4 minutes, 35 seconds network, strong brand equity and diversified presence across retail institution uh institutional and 4:43 4 minutes, 43 seconds international markets. We continue to focus on scaling our B2B business by strengthening availability and 4:51 4 minutes, 51 seconds distribution. Last year, we had set a three-year road map under project rise 4:57 4 minutes, 57 seconds with targets of 18% car in wires and cables along with 25% kagger in FME 5:05 5 minutes, 5 seconds leading to a cumulative 2 and a half times IIDA growth. Based on progress achieved so far and the performance 5:13 5 minutes, 13 seconds delivered by the business, we remain on track towards these targets through focused execution. 5:21 5 minutes, 21 seconds Looking ahead, we will continue to invest in our brand, deepen customer engagement and pursue growth 5:28 5 minutes, 28 seconds opportunities across the domestic and international markets while creating sustainable long-term value. With that, 5:36 5 minutes, 36 seconds I would now like to hand over the call to Mr. Rajes Chen for further financial insights. Thank you. 5:48 5 minutes, 48 seconds Thank you Rajes G. The quarter witnessed a mixed but supportive environment for the wires and cable industry. Domestic 5:56 5 minutes, 56 seconds demand remained healthy while export demand was relatively strong during the quarter benefiting from our established 6:03 6 minutes, 3 seconds global presence for quality and diversified market reach. At the same time, raw material prices, particularly 6:11 6 minutes, 11 seconds copper, aluminum and PVC remain volatile during the period while currency movement and cost added pressure across 6:19 6 minutes, 19 seconds the value chain. In this environment, timely pricing actions, disciplined procurement and effective efficient 6:27 6 minutes, 27 seconds execution remain critical for sustaining performance. 6:31 6 minutes, 31 seconds Against this backdrop, RRA delivered its highest ever quarterly and annual revenue. Revenue for Q426 6:40 6 minutes, 40 seconds stood at rupees 2,964.1 K up 33.7% yearonear. 6:48 6 minutes, 48 seconds Full year revenue stood at rupees 9,722.4 crores reflecting growth of 27.6% 6:57 6 minutes, 57 seconds over the previous year. Growth was supported by strong performance in the wires and cable business across both domestic and export markets. 7:07 7 minutes, 7 seconds IITA for the PA stood at rupees 263.5 crores up 34.6% 7:16 7 minutes, 16 seconds yearonear while pet stood at rupees 168 crores up 30.1% yearonear. 7:24 7 minutes, 24 seconds Profitability improved on the back of operating relays and disciplined cost management despite raw motor volatility 7:32 7 minutes, 32 seconds and global tur tur for the full year stood at rupees 7:39 7 minutes, 39 seconds 789.1 crores up 61.8% yearonear 7:45 7 minutes, 45 seconds and p stood at rupees 492.2 2 crores up 58% yearonear. 7:53 7 minutes, 53 seconds Now coming to segment performance the wire and cable segment remains the corona strong of our business 8:01 8 minutes, 1 second contributing significantly to revenue in f6 90% of our revenue was generated from 8:08 8 minutes, 8 seconds this segment while the FMG segment contributed the remaining 10%. 8:14 8 minutes, 14 seconds Re revenue for w cable in Q46 stood at rupees 2666.4 8:22 8 minutes, 22 seconds cr as compared to rups 1,956.2 2 crores in Q4 FI25 8:30 8 minutes, 30 seconds earning 36.3% yearonear for FI26 the revenue stood at rupees 8:38 8 minutes, 38 seconds 8763.7 K as compared to rups 6,688.8 8:45 8 minutes, 45 seconds 8 crores in FI25 reflecting 31% growth year on year. 8:51 8 minutes, 51 seconds Segment profit for Q426 stood at rupees 257.3 K compared to rupees 194.1 Kores in Q4 9:01 9 minutes, 1 second FI25 up 32.5% year one year 9:07 9 minutes, 7 seconds for FI26 segment profit stood at rupees 775.6 6 crores compared to rupees 496.5 9:16 9 minutes, 16 seconds crores in FI25 up 56.2% yearonear supported by scale 9:24 9 minutes, 24 seconds benefits effective management of price volatility and operational efficiency 9:30 9 minutes, 30 seconds in the segment revenue for the cutter stood at rupees 297.7 crores as compared 9:37 9 minutes, 37 seconds to rups 261.6 6 cr in Q425 with growth of 13.8% yearonear 9:46 9 minutes, 46 seconds for FI26 revenue stood at rupees 958.6 6 crores as compared to rups 929.5 crores in FY25. 9:57 9 minutes, 57 seconds Uh steady growth of 3% year on year despite seasonal headwinds performance was supported by stable 10:05 10 minutes, 5 seconds demand across key categories and expansion and distribution. 10:10 10 minutes, 10 seconds Importantly FMSG losses have reduced as compared to last year and we remain on track to achieve break even in FI27. 10:19 10 minutes, 19 seconds Our balance sheet and working capital position remained healthy during the year supported by tight control on inventory and receivables. 10:29 10 minutes, 29 seconds Our rupees 1,200 K capex program for FI26 to FI28 is progressing as planned. 10:38 10 minutes, 38 seconds The program is the increase on expanding cable capacity along with wire capacity and improving operating efficiency. 10:46 10 minutes, 46 seconds Once fully commissioned, this expansion is expected support higher volumes, faster distributions of cable orders and better 10:54 10 minutes, 54 seconds operating lease over time. Going forward, our focus remains clear to further strengthen our position in the 11:03 11 minutes, 3 seconds wires and cables industry, improve margins through scaleics and move the FM business steadily towards profitability. 11:12 11 minutes, 12 seconds We remain committed to delivering consistent operating per performance while executing initiatives under project rise. 11:21 11 minutes, 21 seconds Though through disciplined execution, we remain confident of achieving the growth and profitability milestone set out in 11:29 11 minutes, 29 seconds our strategic road map. With this, I now request to open the floor for the question and answer. 11:36 11 minutes, 36 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 11:44 11 minutes, 44 seconds star and one on their touchstone telephone. 11:48 11 minutes, 48 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies 11:57 11 minutes, 57 seconds and gentlemen, we will wait for a moment while the question queue assembles. 12:05 12 minutes, 5 seconds We'll take our first question from the line of Monoji from Capital. Please go ahead. 12:12 12 minutes, 12 seconds Yeah, thanks for the opportunity. So, just wanted to understand uh we have definitely clocked strong revenue growth 12:21 12 minutes, 21 seconds in difficult uh business environment. If you can throw some light like how the quarter panned out uh especially on the 12:28 12 minutes, 28 seconds exposed business domestic we were hearing that there was lot of channel inventory correction but if you look at the volume growth seemed to be still in 12:37 12 minutes, 37 seconds double digits during the quarter. So probably how the quarter panned out and how how should we look at from a 12:46 12 minutes, 46 seconds near-term point of view especially from uh for one uh if you can highlight over there. 12:53 12 minutes, 53 seconds Thanks so much. Actually if you see always Q4 in this industry remains uh with the higher volumes and the same 13:00 13 minutes deputed this year also and uh whatever initiative we are taking to increase our volume growths uh we were able to 13:09 13 minutes, 9 seconds achieve this kind of growth and uh uh in near future of it remains uh to be positive uh and we remain on our growth 13:17 13 minutes, 17 seconds track. Of course uh since there were some disturbance in our export segment and uh uh since now this war is also prolonging so there may be some impact 13:26 13 minutes, 26 seconds uh in short term but in long term we are quite positive but should we expect uh probably uh high 13:34 13 minutes, 34 seconds singledigit to low double digit volume growth to continue in the coming quarters as well. 13:40 13 minutes, 40 seconds So for uh particularly now quarter to quarter might be very tough to predict but on yearly basis whatever prediction we have given on like our yearly basis 13:50 13 minutes, 50 seconds volume growth will be like always remain better than will to have better than industry growth and uh whatever we have 13:57 13 minutes, 57 seconds projected uh in our right in the range of uh 16 18%. 14:03 14 minutes, 3 seconds Sure sir. So one bookkeeping question if you can highlight uh inventory in absolute terms has gone up significantly 14:11 14 minutes, 11 seconds from roughly around 10.1 billion to 17.7 billion and uh so if you can highlight 14:18 14 minutes, 18 seconds on the other hand payables have also increased so if you can highlight what's happening over there so that would be 14:25 14 minutes, 25 seconds helpful so uh one thing like our sit in uh not many exports are remain in uh tangent 14:33 14 minutes, 33 seconds also during the period and as you know in international business always till this material reaches to customer it remains in my uh sales in transit only 14:42 14 minutes, 42 seconds so my inventory is a bit high and when you compared with last year figure of course you know met have like ris 30% so 14:51 14 minutes, 51 seconds there's impact on uh value side also but otherwise in volumes we are quite on track with our normal inventory uh 14:58 14 minutes, 58 seconds records as per increasing volume side of the Yes. 15:04 15 minutes, 4 seconds Okay. because when I look at his number of days also in the presentation we have highlighted like it has increased by 15:11 15 minutes, 11 seconds only roughly around 8 days but uh every 15:18 15 minutes, 18 seconds so that's what I'm telling since my sit of exports has changed so there may be some impact of three days in that terms 15:26 15 minutes, 26 seconds and uh since we are export heavy companies always major part of our like uh inventory is covered through SIP also 15:35 15 minutes, 35 seconds So otherwise uh you also only 8% uh 8 days impact in my inventory. 15:43 15 minutes, 43 seconds No the reason why I was saying is when I calculate in at cogs or even at revenues the number of days seems higher uh 15:52 15 minutes, 52 seconds versus what we have highlighted in presentation. So just wanted to understand how we calculate this uh inventory days. So inventory days are 16:00 16 minutes calculated on the basis of opening and uh closing inventory average days are calculated and it is a standard practice 16:07 16 minutes, 7 seconds uh whatever we are counting is now uh it's like consistent practice so there's no change of uh it's like accurate days. 16:17 16 minutes, 17 seconds Sure sir, you got it sir. And so on the margin side uh we have been aspiring to improve margins by roughly around 100 16:26 16 minutes, 26 seconds basis point on Y basis and somewhere for FI28 we have been targeting 10.5% margin especially into wires and cables 16:35 16 minutes, 35 seconds business segment. uh if you can throw some light uh probably that 100 basis point of margin expansion continues to 16:43 16 minutes, 43 seconds remain on track and also on the FMEG side if you look at we were looking to achieve break even a bit earlier there 16:50 16 minutes, 50 seconds has been some delay obviously the macro environment also remains a bit challenging so if you can throw some light on both both the business segment 16:59 16 minutes, 59 seconds on the segmental margins that's my last question yeah so if you see in project we had uh 17:06 17 minutes, 6 seconds plan to have improvement of 300 basis point in my cable margins by FI28 and uh like uh if you see current year 17:15 17 minutes, 15 seconds already we are on track we have achieved uh uh the almost 130% kind of uh 130 17:21 17 minutes, 21 seconds basis point in margin and even going forward uh we are like quite positive to achieve our target of 10.5% with this 17:31 17 minutes, 31 seconds margin in Y and K segment by FI28 same way of Of course in FMEG there are some impact what we have planned to achieve 17:39 17 minutes, 39 seconds like even in 26 could not be achieved and there were two major reasons one of course like uh the volumes what we were 17:46 17 minutes, 46 seconds expecting due to bad weather and uh it could not be achieved but at the same time input cost uh like there was major 17:54 17 minutes, 54 seconds impact uh in FMG input cost uh where in that industry takes some more time to 18:01 18 minutes, 1 second pass on and therefore our gross margins are impacted in Q4. for to some extent and therefore now we have uh now we are 18:09 18 minutes, 9 seconds targeting to achieve that even in uh FI27. 18:13 18 minutes, 13 seconds Sure sir very clear sir thank you and wish you all the best for future performance. Thank you. 18:20 18 minutes, 20 seconds Thank you. Next question is from the line of Pravin Sahai from PL Capital. Please go ahead. 18:27 18 minutes, 27 seconds Yeah thank you for opportunity. Uh so my first question is uh related to the volume. if you can uh give some color on 18:34 18 minutes, 34 seconds the overall wire and cable volume how has been and uh especially the domestic one. 18:42 18 minutes, 42 seconds So uh in this year uh quarter our volumes were like around 10% uh in volume terms and uh if I see in like 18:51 18 minutes, 51 seconds wires it will be was in like single digit but and in cables it was in the high teens and if I see some domestic 19:00 19 minutes and export then export volumes was bit higher than domestic in this quarter. 19:06 19 minutes, 6 seconds So on the export side that's the revenue also up by 39% around if I calculate. So 19:14 19 minutes, 14 seconds even after a destruction or the you know the shipment or the cost increase uh even after that you had delivered a very 19:22 19 minutes, 22 seconds strong numbers. So uh do we believe that the impact of the export uh uh we will see in the Q1 more than the Q4? 19:33 19 minutes, 33 seconds Comparatively when you will compare with Q4 of course there will be it seems there may be some more impact in Q1 uh of this year. Reason being that uh like 19:42 19 minutes, 42 seconds in month of March we saw major impact and since it is still continue so uh there will be higher impact in this 19:50 19 minutes, 50 seconds quarter it seems uh but it depends how long this will war will go on. 19:56 19 minutes, 56 seconds Mhm. Uh next question is related to the uh expense uh because uh uh if I look at your uh margin profile has been quite uh 20:06 20 minutes, 6 seconds uh strong and uh as a percentage of sales other expenses has gone down. So uh is there anything uh any expense item 20:15 20 minutes, 15 seconds in the other expenses which has restricted in the quarter? No no our business was as usual and uh uh since uh 20:23 20 minutes, 23 seconds there were like there was more impact in uh value terms uh where like prices are rising. So as a percentage our expenses 20:31 20 minutes, 31 seconds have come down but at the same time of course we are working how efficiently we can increase our productivity how can we uh like have better controls of 20:40 20 minutes, 40 seconds expenses. So these are normal exercise but there is no like oneoff cut in my expenses or cut down in expenses. So 20:46 20 minutes, 46 seconds these are mixed message uses and uh lastly sir uh how has been the 20:54 20 minutes, 54 seconds you know the way forward 27 the capeex plan is for we are on so we are on track what we 21:02 21 minutes, 2 seconds have planned uh like investment of 1,200 KES out of which almost 300 uh 350 kores 21:09 21 minutes, 9 seconds we have uh invested in FI6 already and uh uh this like in this year also there will be major expansion during this year where our capex will be more. 21:22 21 minutes, 22 seconds Okay. Majority of 1200 would be in this financial year. Yes. 21:29 21 minutes, 29 seconds Thank you sir and all the best. Okay. 21:33 21 minutes, 33 seconds Thank you. Next question is from the line of Achelare from Noama Institutional Equities. Please go ahead. 21:42 21 minutes, 42 seconds Yeah. Good evening sir. Uh thank you for the opportunity and congratulations for excellent earnings uh very remarkable performance even the uh current headway. 21:52 21 minutes, 52 seconds I just wanted a clarification. You said um you know the inventory days went up because the goods are in transit for the 21:58 21 minutes, 58 seconds export right. Uh but at the same time you also highlighted the impact will be 22:04 22 minutes, 4 seconds more in uh this uh quarter. Uh you know if you could just clarify is it because 22:13 22 minutes, 13 seconds it's uh we are assuming that it will be for the entire 3 monthly issues and hence the impact or have I understood wrongly? 22:21 22 minutes, 21 seconds So a there are two issues one like uh think export uh could not take uh effect 22:28 22 minutes, 28 seconds cable from my factory in the month of March. So whatever inventory we kept ready for uh those dispatches also increased my inventory and at the same 22:37 22 minutes, 37 seconds time like in February and what exported we made that could not reach to the destination. So few of now those 22:45 22 minutes, 45 seconds consignments are on the way and will reach in uh this quarter also. But at the same time since like physical sales 22:52 22 minutes, 52 seconds not was not possible in the month of March to some extent and even in April uh particularly related to Middle East 22:58 22 minutes, 58 seconds area. So there there will be some impact on my uh sales uh or revenue side. 23:05 23 minutes, 5 seconds I hope this is clarified. 23:08 23 minutes, 8 seconds Just a follow up on that uh if I may sir um you know given it couldn't get delivered before 31st March now that 23:17 23 minutes, 17 seconds will that will also get accounted for in the month of April right and I presume that whatever um uh volume loss or 23:25 23 minutes, 25 seconds whatever issues we have on the west in the Middle East that uh much capacity or volume could get diverted to other uh 23:33 23 minutes, 33 seconds global customers. So in that case the the impact should not be very large. Am I right? Is that understanding right? 23:42 23 minutes, 42 seconds Yeah. Yes. To some extent you are right. 23:43 23 minutes, 43 seconds But see what happened uh since like uh in the month of March suppose I uh we could not make uh exports to Middle 23:51 23 minutes, 51 seconds East. So this will like now will not come to my revenue in the month in this quarter. At the same time though we have diversified export market even one 24:00 24 minutes domestic market and that is one of the reason if you see in spite of really very like sales to middle east still the 24:09 24 minutes, 9 seconds impact is very least on our uh top line so same there will be in some impact I cannot deny because it's uh one 24:16 24 minutes, 16 seconds particular geography is uh contributing uh to great action to your revenues so there will be some impact of course this 24:23 24 minutes, 23 seconds will be compensated through some uh different product category also and different geography of markets also be it domestic or export. 24:33 24 minutes, 33 seconds Got it. The second question I had was uh is there uh any um inventory gain etc in the fourth quarter? 24:42 24 minutes, 42 seconds So as you know it's like always continuous process where you keep having some impact of inventory either in the 24:49 24 minutes, 49 seconds gain side or sometimes uh like negative side also. So in this quarter yeah we had some uh positive impact in my 24:56 24 minutes, 56 seconds profitability but it is in normal cost of uh business. Would you be able to quantify that? 25:04 25 minutes, 4 seconds No not uh specifically uh it is not because since it is continuous uh process so not able to quantify. 25:12 25 minutes, 12 seconds No problem sir. But it is positive impact marginally. 25:17 25 minutes, 17 seconds Got it. Sir, if you could uh call out you know the cables capacity expansion because wires I you know uh given wires 25:25 25 minutes, 25 seconds we always have surplus capacity. I'm more curious to understand the cables capacity expansion's timeline. Uh would 25:32 25 minutes, 32 seconds it be possible to know you know uh since the uh project rise you know when and how much capacity got added or getting 25:41 25 minutes, 41 seconds added actually like we have planned our this capex plan in a such a way that every like every six month we will keep adding 25:50 25 minutes, 50 seconds few capacity it will be not like one overnight I will big capacity and uh uh because overnight neither I can build 25:58 25 minutes, 58 seconds sales side and uh measure capacity also and uh when we have targeted like 15% volume growth uh year on year or in 26:05 26 minutes, 5 seconds which also like majority will be through cable sites. So it means and since in already we are at optimum utilization of 26:13 26 minutes, 13 seconds more than 90%. So to meet this micro uh uh plan uh we will keep adding capacity 26:20 26 minutes, 20 seconds in every 6 months we'll keep adding true capacity. 26:25 26 minutes, 25 seconds Understood. In this last question if I may ask you know particularly on cables front how's the demand supply situation 26:32 26 minutes, 32 seconds do you see a risk of over supply or because every single player is adding large capacity so do you see a risk of 26:41 26 minutes, 41 seconds excess capacity like in next 12 15 months in cable known not no no particularly for us we do not see any 26:50 26 minutes, 50 seconds such kind of challenge because overall uh we like uh our we are establishing our B2B business line and particularly growth plan in this area and I don't 26:58 26 minutes, 58 seconds find that there will be excess capacity looking to the overall uh demand in cable side of the business 27:08 27 minutes, 8 seconds um okay I I'll fall back I have more questions but I'll fall back in the queue thank you so much thank you next question is from the line 27:17 27 minutes, 17 seconds of Rahul Agarwal from Ikigai Asset please go ahead good evening uh thank you for the opportunity uh sir Just to get this 27:26 27 minutes, 26 seconds number right, volume growth for KM wire for fourth quarter was 10%. What was it for full year? 27:34 27 minutes, 34 seconds Full year it is around uh 15%. 27:38 27 minutes, 38 seconds Okay. And just in terms of outlook for next year uh c for cable and wire and FMG separately uh cable and wire we 27:46 27 minutes, 46 seconds should look at double digit volume in growth uh between 10 to 15% and FME purely because SI 26 was a weak year and 27:54 27 minutes, 54 seconds we've also mentioned that some price hikes will actually go through in fiscal 27. What should be the revenue growth number we should expect for FMG? 28:03 28 minutes, 3 seconds So in wire cable already like we have projected a volume growth of around 18% on CR basis uh CGR basis and uh we are 28:12 28 minutes, 12 seconds on track like in this year also we achieved uh uh on my uh targeted number also. So next year also uh we are quite 28:21 28 minutes, 21 seconds hopeful to achieve our targeted figures of uh 16 to 18% volume growth and in FMEG uh of course last year was not very 28:30 28 minutes, 30 seconds good but still I think it is like as far or better than industry whatever growth we have done if I see 9 months year of 28:37 28 minutes, 37 seconds years also so it seems uh in this year uh if everything remains same then uh we are targeting uh daily value growth of 28:45 28 minutes, 45 seconds around 20 to 25% much much difference. 28:50 28 minutes, 50 seconds Got it sir. And you know because these new capacities come on stream every six months uh it gets difficult for us 28:58 28 minutes, 58 seconds analysts to calculate you know what is the new capacity and new utilization for the company. So let's say for example as 29:06 29 minutes, 6 seconds on 31st March 2026 based on the capex you've done so far what is the peak revenue for cable and 29:14 29 minutes, 14 seconds wire for the entire company could we get that number assuming that we utilize 90 95% of capacity as of 31st March what 29:24 29 minutes, 24 seconds could based on current copper aluminium pricing what could be the value it becomes very difficult to calculate 29:31 29 minutes, 31 seconds because revenue depends on so many things of course one is raw material prices second is product mix also so uh 29:39 29 minutes, 39 seconds like it will be very tough to predict that kind of numbers okay even if you assume current pricing 29:47 29 minutes, 47 seconds still like we did 9,000 crores cable and wire sales basically 8700 crores to be precise 29:55 29 minutes, 55 seconds okay so that's why we always say based on these figures also do not 30:03 30 minutes, 3 seconds annual uh in revenue uh in rupees guidelines because on volumes what we are focusing and always we say like now 30:10 30 minutes, 10 seconds we we are having uh estimates of 16 to 18% volumes of then revenue we 30:18 30 minutes, 18 seconds think about on same pricing terms also so because on month our roles keep changing so it is very tough to praise 30:25 30 minutes, 25 seconds in uh financial terms got it sir no worries lastly on April 2026 I know It's a just thought to do 30:34 30 minutes, 34 seconds into the business. But qualitatively if you could just share what's really happening on cable and wire in the you know in the domestic market uh you know 30:42 30 minutes, 42 seconds how is it behaving purely because there's too much volatility on you know on demand on costs everything right so 30:49 30 minutes, 49 seconds just some qualitative statements on what's happening with industry or with cable for April 26 for cable wire separately. 30:57 30 minutes, 57 seconds So business is like on normal even in April we have witnessed a normal uh whatever it uh uh was year-on-year 31:04 31 minutes, 4 seconds basis. So it's a normal business environment apart from the export what we could not make to media it's a quite normal business. 31:15 31 minutes, 15 seconds Thank you so much and best wishes for fiscal 2020. Thank you. 31:20 31 minutes, 20 seconds Thank you. Before we take the next question, we would like to remind participants to ask a question, please press star and one on your phone. 31:29 31 minutes, 29 seconds Next question is from the line of Ashish Canodia from city. Please go ahead. Yeah. Uh thank you for the opportunity. 31:35 31 minutes, 35 seconds Sir, uh the first question is on on the demand side. Uh if you can highlight uh you know how was the demand for domestic 31:43 31 minutes, 43 seconds uh in March because at least what we understand is domestic demand was impacted in March. So if you can uh you know kind of quantify that and also how 31:51 31 minutes, 51 seconds the channel inventory was at the end of March. Have you seen any channel Dto stocking? Um so that would be the first question. 32:00 32 minutes Yeah. So Ashish if you see my numbers are already reflecting that March or particular quarter we had a good growth and even March was also a normal month. 32:11 32 minutes, 11 seconds uh of course we have seen so much uh like volatility in titles but if you see as a overall business as a whole then uh 32:18 32 minutes, 18 seconds we we did not find any major restocking or uh demand side even in domestic market. 32:26 32 minutes, 26 seconds Got it. And sir uh you know when you look at April again just on the domestic side when you say you know demand has been normal. Or is this more channel 32:35 32 minutes, 35 seconds feeling or do you see that even you know from a underlying demand point of view from a citex point of view uh you know the demand uptake has been kind of normal. 32:45 32 minutes, 45 seconds So what uh what feedback we have from secondary market also it seems so that demand is normal and uh and that is like 32:52 32 minutes, 52 seconds if you see March or after that April also sales is going normal. So I don't think there will be major uh issue in domestic demand. 33:03 33 minutes, 3 seconds Got it sir. And sir just uh on the payables day right I think that number has increased meaningfully this quarter. 33:09 33 minutes, 9 seconds So uh if you can just help us understand what led to this increase in the payable days. 33:15 33 minutes, 15 seconds So like uh we used a letter of trade facility and working uh so that we can uh if we effectively manage our working 33:22 33 minutes, 22 seconds capital. So we use this uh great facilities more effectively in the this quarters. 33:29 33 minutes, 29 seconds Got it sir. And uh maybe just last question is on the pricing side one if you can highlight uh that uh in the in 33:37 33 minutes, 37 seconds the 4Q if you look at the gross margin profile does it uh capture entire pricing because as you said right the RM 33:45 33 minutes, 45 seconds prices was pretty volatile and if I remember correctly in 3Q uh you know the entire pricing was not passed on. So does the 4Q cross budget reflects entire 33:54 33 minutes, 54 seconds pricing and uh secondly uh if you can also highlight in April has there been any pricing action. 34:01 34 minutes, 1 second So again this pricing is continuous process in our business. So if if somebody says entire ting done or not done it will not be a right statement 34:10 34 minutes, 10 seconds here. The more importantly it is continuous process where we keep passing on this pricing either positive side or negative side and same thing happens in 34:18 34 minutes, 18 seconds April also where we came up with one price rise to match uh this price guys whatever we are facing in my motor side. 34:25 34 minutes, 25 seconds So it is continuous process uh there is nothing extraordinary in last quarter or even in this month after we got it. about it. Thank you. 34:37 34 minutes, 37 seconds Thank you. Next question is from the line of Yash Jen from Ambit Capital. Please go ahead. 34:45 34 minutes, 45 seconds Hello. Thank you for the opportunity. 34:47 34 minutes, 47 seconds Just wanted to better understanding what was the contribution to exports from the Middle East region and FI26. 34:56 34 minutes, 56 seconds So normally uh like if I said out of our total iron cable business uh uh 30% is our export and within that uh we have 35:05 35 minutes, 5 seconds almost 40% is uh export to Middle East side. So if I say if I see by their figures then of course like uh it's 35:14 35 minutes, 14 seconds around 12% in the overall top line on yearly basis but since last year the impact was only for 30 40 days so you 35:22 35 minutes, 22 seconds can factor those percentage and and this has continued in April so far right yes 35:29 35 minutes, 29 seconds okay thank you sir thank you next question is from the line of viti 35:36 35 minutes, 36 seconds from Asian market securities. Please go ahead. 35:40 35 minutes, 40 seconds Yeah. Hi, sir. Thank you for the opportunity. Um, you just said, you know, you have a share of 40% of the Middle Eastern exports. So, I just wanted your comment on the overall 35:49 35 minutes, 49 seconds outlook for the exports especially in the Middle Eastern region for FI27. 35:55 35 minutes, 55 seconds I think it will be very tough to predict in such a scenario because nobody is aware whether this war will finish tomorrow or maybe 15 days or 1 month. 36:04 36 minutes, 4 seconds But uh of course uh we know key uh there will be it will be not very long problem and uh we can confront it through other 36:12 36 minutes, 12 seconds geography also and uh this year also uh whenever this war will finish again we'll regain our let's say from that region. 36:21 36 minutes, 21 seconds Uh and so how's the overall uh shipping uh routes uh in this region? I mean you know we have heard that the uh insurance 36:28 36 minutes, 28 seconds costs are shot up, the freights have gone up. So as of today are uh are we facing any issue with respect to the exports? 36:36 36 minutes, 36 seconds No. Uh apart from Middle East we are not facing any issue and uh since uh in our case state and uh insurance and 36:44 36 minutes, 44 seconds everything is passed through to our customers. So there is like uh direct impact I will say. 36:52 36 minutes, 52 seconds Uh got it sir. So lastly on the overall pricing action so if you could just give us some sense on the pricing action for 36:59 36 minutes, 59 seconds the overall year and during this uh month as well if there's any. 37:04 37 minutes, 4 seconds Yes. So uh as you know in our case whatever prices in raw material prices we pass on uh to our customers uh by 37:13 37 minutes, 13 seconds changing our selling price and I as a thumb rule like whenever there is plus or minus uh raw material prices by two or 3% then we change our selling prices 37:21 37 minutes, 21 seconds also and since this is continuous process and we see average of last 15 20 days so based on that changes we keep 37:28 37 minutes, 28 seconds changing our selling prices and this is continuous process. 37:33 37 minutes, 33 seconds Uh got it sir. Thanks a lot. Very helpful. 37:37 37 minutes, 37 seconds Thank you. Next question is from the line of Natasha Jen from Philip Capital. Please go ahead. 37:44 37 minutes, 44 seconds Thank you for the opportunity and congratulations on a good set of numbers especially given the macro volatility. 37:50 37 minutes, 50 seconds My first question is on uh wires and cables only. So uh what we got to know from the ground was that you know there 37:59 37 minutes, 59 seconds there is continued stress in Modi because of which you know ceramics is having a problem and then bias is a ancillary to that. So when we spoke to 38:08 38 minutes, 8 seconds few channel partners they told us that uh there's detox volatility problems and all of that and 38:15 38 minutes, 15 seconds despite that we've clocked in a volume growth of 10%. And I think wires have seen more pressure than cables. So just 38:22 38 minutes, 22 seconds want to know what is it that you're doing different? Are you indexing yourself to new market where growth is coming out for you? So could you throw some detailed color on that? And I apologize for it question. 38:33 38 minutes, 33 seconds No but said by you know uh of course uh there are some impact and if you see in my 10% volume growth like my wire growth 38:42 38 minutes, 42 seconds is single digit mid single digit while tables is on high teams. So in that sense uh there was some pressure but at the same time we are doing so many 38:50 38 minutes, 50 seconds initiatives uh to uh uh establish our business uh uh by B2B side also and wire 38:57 38 minutes, 57 seconds side also and this is again a continuous process where we keep uh looking to new geography or increasing our distribution 39:04 39 minutes, 4 seconds or second uh monitoring our secondary space. So this is a regular process. 39:11 39 minutes, 11 seconds All right. Uh so just to follow up on that as well. So you said definitely cable is doing better for you. So uh first of could you just give a little 39:18 39 minutes, 18 seconds detailed color as to how cable's business is scaling up for you both on exports and domestic and because we have a low base in terms of the trading 39:26 39 minutes, 26 seconds quarters for cables can we expect you to beat industry growth for cables and can that drive strong growth for you in the coming quarters compared to incumbents. 39:36 39 minutes, 36 seconds Yes. So when you see our business plan in our commentaries also we have said that uh we are planning to increase our B2B base and expanding our capital 39:45 39 minutes, 45 seconds capacity also it means my growth will also come from cable side also be domestic market or export market and uh 39:53 39 minutes, 53 seconds at the same time if you see still like uh we are very small players in terms of cable and uh with this capacity 40:00 40 minutes expansion and with our established already established uh network uh we are quite confident to beat the industry 40:08 40 minutes, 8 seconds errors and we are planning to grow more than industry particularly in cable side of the business. 40:15 40 minutes, 15 seconds Thank you sir. Thank you so much. 40:18 40 minutes, 18 seconds Thank you. Next question is from the line of Chirat Muchella from Sentum Brooking. Please go ahead. 40:26 40 minutes, 26 seconds Oh yeah thank you and congratulations for the excellent quarter in year. So first question is on the cable side. Uh 40:33 40 minutes, 33 seconds so sir after the capex that we have done in fi 26 I think what you doing keep your portfolios ready and uh over the 40:42 40 minutes, 42 seconds next couple of years uh how is the uh I mean pipeline to scale it up for further. 40:49 40 minutes, 49 seconds So right now uh we can make up to 66 KV of SE and uh with new capex plan we'll 40:56 40 minutes, 56 seconds be able to achieve uh capability to build up to 220 KV which is like uh lower end of ESV or higher end of HP 41:04 41 minutes, 4 seconds side of the table with this capex span of 1,200 K. 41:10 41 minutes, 10 seconds Correct sir. So uh partly it will be ready in 27 or this is likely to come up towards the end of 28. 41:17 41 minutes, 17 seconds No, it will be some part will come in mid of uh FI27 also by end of FI77 also. 41:25 41 minutes, 25 seconds So it is a continuous process but it will be get completed by uh FI28 but uh every uh half year we will keep adding few capacities. 41:36 41 minutes, 36 seconds Okay for FI26 whatever cables and wire seeds mix product mix. 41:44 41 minutes, 44 seconds Yeah. So cables contribution of cables and wires in the cable and wire segment. 41:50 41 minutes, 50 seconds So uh this year my mix was around 23% in wire and 27% in cable uh and reason 41:59 41 minutes, 59 seconds being since copper prices have risen more. So it reflected more in the win side. So is this mixes as of now it is 73 versus 27. 42:09 42 minutes, 9 seconds Okay. And lastly sir on FG uh as you mentioned we are targeting 20 25% growth in FI27. So just a color on individual 42:19 42 minutes, 19 seconds key product categories like fans and lighting regarding how the current summer season is panning out and the outlook for overall FI 27. 42:29 42 minutes, 29 seconds So like we will actually major growth in of course F is our major contributor but apart from uh F also switch switch gears 42:37 42 minutes, 37 seconds appliances and uh all segments are still we are a very small player and we expected to achieve this kind of volume 42:45 42 minutes, 45 seconds uh value growth in F2 by focusing on all of these sectors where we are present in FMG. 42:52 42 minutes, 52 seconds Correct. So that specifically for fans if you can highlight how the summer season is playing out and uh uh you know 42:59 42 minutes, 59 seconds I mean for the future what kind of growth are we targeting in fan like also if you see like we have 43:08 43 minutes, 8 seconds seen mix season in April also in few part of the countries there are like rain but in few parts there are summer 43:14 43 minutes, 14 seconds also so it's mix season I'll uh say now it is picking up the fan season also so 43:22 43 minutes, 22 seconds Initial few days there was some disturbance but now it is picking up and for full uh full year that's uh there will be good growth in front side also. 43:33 43 minutes, 33 seconds Okay. Okay. Thank you sir. 43:35 43 minutes, 35 seconds Thank you. We'll take our next question from the line of Nat Parmar from Dishai. Please go ahead. 43:44 43 minutes, 44 seconds Yeah. Thank you so much for the opportunity. So just wanted to know any new product that we are adding because currently seeing a very good traction on 43:53 43 minutes, 53 seconds the data center and the best market any products that we are able to cater to that market. 44:00 44 minutes So data center is one of the area where uh this table we are looking at the growth but uh since uh our B2B still we 44:09 44 minutes, 9 seconds are uh very uh like we are focusing on all product range and uh sectors also. 44:15 44 minutes, 15 seconds So data is one of them apart from infrastructure or uh uh wind and solar energy. So uh but of course data center 44:24 44 minutes, 24 seconds is one of the very big area where maybe in next 3 to four years there will be huge demand and uh we will target that market also. 44:32 44 minutes, 32 seconds Okay. So any timeline on that when the product only get commercialized? 44:37 44 minutes, 37 seconds So in test center the normal wiring cable only goes uh uh so 44:45 44 minutes, 45 seconds okay understood thank you we'll take our next question from the 44:53 44 minutes, 53 seconds line of Tanesa from Dam Capital please go ahead yeah hi sir um good evening and congratulations on a great uh set of 45:01 45 minutes, 1 second numbers in Q4 so I just wanted to uh understand um you know our margin improvement uh which we're speaking about over the 45:09 45 minutes, 9 seconds next couple of years. Um you know given that we're entering FI27 uh with stable but elevated copper prices and obviously 45:18 45 minutes, 18 seconds now inventory gains would be diminishing on a quarteron quarter basis to some extent. Um and given the highs of last 45:25 45 minutes, 25 seconds year as well not to mention you competition sort of entering in the second half of this year. Um you know 45:32 45 minutes, 32 seconds what are our thoughts on how we want to improve our margins? I do understand that we want to scale cables up uh to a greater extent in our portfolio but you 45:41 45 minutes, 41 seconds know what do we think about uh you know our efforts on increasing the margin from you know current levels to uh the uh margin which we guided. 45:52 45 minutes, 52 seconds Yeah thanks but if you see whatever margin guidelines we have given based on normal uh business environment. So when 46:00 46 minutes we say that from uh in 3 years our margins will improve by 300 basis points and uh uh if you see last year already 46:08 46 minutes, 8 seconds we have done 130 basis points but still like we are guiding for uh 9.5% for FI27. 46:15 46 minutes, 15 seconds So it means this uh considering that uh uh whatever business plan we made based on our volume increase or better uh 46:23 46 minutes, 23 seconds product mix or uh more efficient utilization or benefit our skill by this we will improve our margins to uh this 46:31 46 minutes, 31 seconds 9.5% uh um this year. 46:35 46 minutes, 35 seconds Sure. And so uh if I got the number correct we spoke about a 16 to 17% volume growth for FI27 right? 46:43 46 minutes, 43 seconds Yeah. 16 to 18%. 16 to 18%. And FI26 for 4Q is what we did a 10% volume growth. 46:52 46 minutes, 52 seconds Yes. Because our uh base was quite high uh uh for Q45. 46:59 46 minutes, 59 seconds Yes. Makes sense. Makes sense. Okay. So great. Thank you. Thanks for answering my questions. 47:05 47 minutes, 5 seconds Thank you. Ladies and gentlemen, to ask a question, please press star N1 on your phone. 47:11 47 minutes, 11 seconds Next question is from the line of Kadija Mantri from Capri Global. Please go ahead. 47:17 47 minutes, 17 seconds Yeah. Uh good evening sir. Uh my question is regarding uh data centers. 47:22 47 minutes, 22 seconds Uh so I just wanted to know if we have the required products to cater to data centers and what is what could be uh is it going to be distribution le or we 47:31 47 minutes, 31 seconds will be approaching the uh customers uh on our own and uh does these approvals uh take a lot of time? 47:40 47 minutes, 40 seconds So it's like always mix approach where we approach to end customers but we may supply through my distributor network 47:47 47 minutes, 47 seconds also or direct also and uh again this is a continuous process where we'll keep approaching to data center take approval 47:54 47 minutes, 54 seconds and uh start supplying. So uh there since uh there is no new product for which we are waiting but it is only 48:02 48 minutes, 2 seconds existing product. So it is uh continuous process where we are approaching to customers and uh quite helpful to enter this segment effectively. 48:10 48 minutes, 10 seconds In is it true that the requirement of cables in our data center is much higher as compared to uh let's say uh uh putting up a factory. 48:22 48 minutes, 22 seconds cannot compare directly because it depends on what kind of scale uh that factory is there. But of course since data center where like continuous power 48:30 48 minutes, 30 seconds supply or electrical supply is very important they cannot afford even 01% of the power failure. So they have four or 48:38 48 minutes, 38 seconds five kind of power backup and therefore there is lot of cables and wires are like okay is it a substantial part of our revenue as of now or no? 48:49 48 minutes, 49 seconds No no not as of now. Get okay. Okay, sir. Thank you so much. 48:55 48 minutes, 55 seconds Thank you. Next question is from the line of Sil Meta from Kota KMC. Please go ahead. 49:02 49 minutes, 2 seconds Uh yeah, thanks for the opportunity sir. 49:04 49 minutes, 4 seconds In terms of the prevailing April prices versus the quarter which went by. Uh what would be the ballpark increase uh 49:14 49 minutes, 14 seconds in spot markets or at least contracts where we'll be supplying in May or June? 49:21 49 minutes, 21 seconds No again this is like continuous process and wherever we have like PV close so it depends if I have a big order then that 49:28 49 minutes, 28 seconds order may have PV close where we selling on the last month and in our case majority of the our business is like on 49:36 49 minutes, 36 seconds order basis only and uh we uh it is like continuous process in like in the month of uh June I mostly will supply on the 49:46 49 minutes, 46 seconds average of uh May or something like So there is no relation between Q1 price or 49:53 49 minutes, 53 seconds no fair to assume that the current prices uh would be higher than the Q4 average prices. Would there be a fair assumption or not? Really? 50:03 50 minutes, 3 seconds If mathematically you may assume that it will be higher side and and versus the entire FY26 would 50:10 50 minutes, 10 seconds there be a decent double digit pricing which will happen? 50:16 50 minutes, 16 seconds uh till now we have seen uh more than double digit price. 50:21 50 minutes, 21 seconds uh so you know ballpark if I were to assume you know prices stay there you know there is stability obviously uh the will have a slightly up and down but 50:30 50 minutes, 30 seconds broadly if there is not much meaningful increase or decrease in the commodity prices FI27 as a year can be a 30% 50:39 50 minutes, 39 seconds topline growth assuming 16 18% volume growth is what you have you know highlighted in terms of guidance 50:46 50 minutes, 46 seconds again it will be very tough to break but mathematically if you go by like uh my volume growth versus the price rise what 50:53 50 minutes, 53 seconds we have seen on average basis uh 30%. Uh you can assume sure and in terms of the total mix of 51:02 51 minutes, 2 seconds cables uh in maybe for FI 27 or 28 once you commission the entire 1200 crex uh 51:09 51 minutes, 9 seconds uh ballpark in terms of range what would be the cable contribution in the cable and wire segment. 51:16 51 minutes, 16 seconds So like uh though in this year my contribution is around 27%. 51:22 51 minutes, 22 seconds Again it depends on the pricing of copper and aluminum also because both are moving in different direction but uh by normal means my cable contribution 51:31 51 minutes, 31 seconds can increase by 3 to 4% in overall business. So like if this is 27% on normalized basis by year end it can become 31%. 51:40 51 minutes, 40 seconds And the overall contribution of cables would move towards more value added as install if you would have sold more uh 51:47 51 minutes, 47 seconds uh LB you would have you'll start now selling more HD cable would that be a fair assumption. 51:53 51 minutes, 53 seconds No no this is uh nothing very specific uh role in that comes because it depends on product mix and uh how you will 52:02 52 minutes, 2 seconds quantify that I don't know but otherwise there that is fair assumption that my HV role will increase or HV contribution in 52:10 52 minutes, 10 seconds my top line will increase that is sure okay okay thank you sir thank you 52:18 52 minutes, 18 seconds thank you next question is from the line of Deepak Lalwani from Unifi Capital hospital please go ahead. Uh hello sir 52:26 52 minutes, 26 seconds thank you for the opportunity sir I wanted to understand what is the uh wires and cables mix in 52:34 52 minutes, 34 seconds domestic and export separately and a connected question to that is that uh I 52:41 52 minutes, 41 seconds wanted to understand the macro you know the end markets that we are servicing the use cases uh that we're servicing 52:48 52 minutes, 48 seconds and what kind of growth that you're advising for both the products across geographies domestic pick and export if 52:56 52 minutes, 56 seconds you can elaborate on the macro also please. Thanks. 53:02 53 minutes, 2 seconds So our uh product mix is largely same in my uh uh export versus domestic which I have shown like 73 27 largely it is 53:10 53 minutes, 10 seconds quite similar to that only but if you see at a smaller level then in uh cable we see higher growth when I compare to 53:19 53 minutes, 19 seconds wire for next two years if I can figure out like in wire our growth may remain around uh 11 12%. While in cable we 53:28 53 minutes, 28 seconds since our base is small so we are expecting growth of uh 25% in terms of volumes and uh since uh we see any 53:37 53 minutes, 37 seconds opportunities in B2B side infrastructure or data center or wind and solar and at the same time in export 53:45 53 minutes, 45 seconds market also we have seen huge uh uh opportunities in cable side of the business. 53:53 53 minutes, 53 seconds Sure. And uh so going so so this year uh RR table has performed uh remarkably 53:59 53 minutes, 59 seconds well. So uh if you have to pick out uh two three pointers as to what has 54:06 54 minutes, 6 seconds exactly changed in the way we do business uh or the strategic changes that you've brought in the company. uh 54:14 54 minutes, 14 seconds if you have to pick up two three pointers that has mainly driven this uh can you please spell out the strategy uh 54:22 54 minutes, 22 seconds that the company has undertaken and also going forward we see that this industry is going to have many new players. So 54:31 54 minutes, 31 seconds how are we internally placed to tackle this? Thanks. 54:37 54 minutes, 37 seconds One of the biggest thing if you see uh we have planned our business to grow very structurally in particularly in B2B 54:45 54 minutes, 45 seconds side where we are focusing few segments like uh since this wire cable business is quite deep and we are focusing few 54:53 54 minutes, 53 seconds segments few geography so that uh we can achieve a structured uh growth. Same times we have taken uh various 55:01 55 minutes, 1 second operational uh operating projects also to improve our margin and these are working well what you have already seen our this year's results and we are 55:10 55 minutes, 10 seconds confident to remain on track in next few quarters and years also 55:18 55 minutes, 18 seconds and uh as much as your question regarding competition so again of course there are new players and uh but we 55:26 55 minutes, 26 seconds think competition is always part of your business uh so uh we will keep driving our business based on our quality 55:33 55 minutes, 33 seconds business structure and uh uh uh focusing on esports and B2B side of the business. 55:41 55 minutes, 41 seconds Okay. Can you please elaborate on your strategy on expanding margins as to what exactly you've done so far and the 55:50 55 minutes, 50 seconds outlook on margins of 100 bips expansion? 55:54 55 minutes, 54 seconds uh you know despite having the inventory gain this year uh how will we be able to expand on the margin side 56:04 56 minutes, 4 seconds uh so uh if you see our project wise we have seen that based on our operational efficiencies and uh product mix and 56:12 56 minutes, 12 seconds expanding export business. So there are multiple things which are working well and we have planned and uh uh event this 56:19 56 minutes, 19 seconds future uh margin improvement will be achieved through these only 56:27 56 minutes, 27 seconds thanks all the best thank you ladies and gentlemen we'll take that as the last question for today I now hand the conference over to Mr. 56:36 56 minutes, 36 seconds Raji Shen for closing comments. Over to you sir. 56:40 56 minutes, 40 seconds Thank you everyone for taking some time out of uh to participate in this call. 56:45 56 minutes, 45 seconds In case of any queries reach out to us or our investor relation agency M USG investor relation. We wish you all the best and hope to interact with you soon. 56:55 56 minutes, 55 seconds Thank you so much. 56:57 56 minutes, 57 seconds Thank you members of the management team. On behalf of RR Kabell Limited that concludes this conference. Thank you for joining us and you may now 57:05 57 minutes, 5 seconds disconnect your