RSWM Ltd — Q4 FY26

RSWM Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=mDoL5w9qsh8 Published: 6 days ago

0:00 Ladies and gentlemen, good day and welcome to the RSWM Limited Q4 and FY26 earnings conference call hosted by Rick 0:09 9 seconds Capital. As a reminder, all participle lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation 0:18 18 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touchstone phone. Please note that this conference is being recorded. 0:29 29 seconds I now hand the conference over to Miss Rich Singh for management introduction. Thank you and over to you ma'am. 0:37 37 seconds Thank you Ysef. Good evening and welcome everyone to to the RSWM limited Q4 and F 0:44 44 seconds FY26 earnings conference call. Today from the management we have Mr. Rajiv Gupta joint managing director. Mr. Manoj 0:53 53 seconds Bansil chief transformation and risk chief risk officer. Mr. Nitan Tulyani, 1:00 1 minute President and CFO. Mr. Surendra Gupta, Chief Compliance Officer and Company Secretary. Before we proceed with this 1:08 1 minute, 8 seconds call today, I would like to take this opportunity to remind everyone about the disclaimer related to this conference call. Today's discussion may be 1:16 1 minute, 16 seconds forwardlooking in nature based on current beliefs and expectation of management. It must be viewed in conjunction with the risk that business 1:24 1 minute, 24 seconds faces that could that could cause or differ from future results and performance uh which is expressed or implied by such forward-looking statement. 1:36 1 minute, 36 seconds I now hand over conference to Mr. Rajiv Gupta for industry outlook followed by Mr. Duljani to take over for the 1:45 1 minute, 45 seconds financial overview. Thank you and over to you sir. Thank you Richa. Good evening everyone. 1:53 1 minute, 53 seconds I hope you and your families are doing well. It is my pleasure to welcome you to RSWM Q4 and FY26 earning conference 2:02 2 minutes, 2 seconds calls and we sincerely appreciate your continued interest and participation. 2:08 2 minutes, 8 seconds The financial results of RSWM press release and investors presentations have been shared with the stock exchanges and 2:17 2 minutes, 17 seconds we trust you had an opportunity to review these. 2:21 2 minutes, 21 seconds Let me start uh by briefly setting the contest for global and Indian economy. 2:26 2 minutes, 26 seconds As you all know, the past year, the year FY26 has been a period of strategic transformation and disciplined execution for RSW. 2:36 2 minutes, 36 seconds While the global textile landscape remains complex due to continuous challenges on account of geopolitical 2:45 2 minutes, 45 seconds factors. I'm pleased to share that we have navigated these headwinds with uh 2:52 2 minutes, 52 seconds resence and uh could turn around company performance which is uh evident from the results shared yesterday for FY 2526. 3:01 3 minutes, 1 second Our focus has been on improving the quality of earnings rather than chasing only volumes at a cost and the approach 3:10 3 minutes, 10 seconds is now beginning to reflect in our margins and overall profitability. 3:15 3 minutes, 15 seconds Looking at the global environment, textile industry is currently going through a soft p soft patch with demand 3:22 3 minutes, 22 seconds normalizing rather than sharply recovering. 3:27 3 minutes, 27 seconds The stationary spending especially in the western countries continues to be cautious which is impacting overall 3:34 3 minutes, 34 seconds demand. At the same time, we remain mindful of the challenges facing the industry including government 3:41 3 minutes, 41 seconds regulations. For example, road tab was taken off for part of the years. Uh duty 3:47 3 minutes, 47 seconds import duty on cotton was uh uh there for most part of this quarter. US 3:54 3 minutes, 54 seconds tariffs is a concern which all of us know. The recent impact of Gulf War is also very significant. We have headed to 4:03 4 minutes, 3 seconds global uncertainties. These things and these things has also disrupted the trade flows. Compact has been visible in 4:11 4 minutes, 11 seconds terms of volatility in the key raw material cost and also significantly increasing the other uh cost components 4:19 4 minutes, 19 seconds like D and chemical cost, trade cost impacting overall cost structure of the all textile products. Another key 4:28 4 minutes, 28 seconds concern has been uh energy availability especially gas availability due to 4:35 4 minutes, 35 seconds restrictions of the root uh because of this Gulf War along with the supply disruptions on the hubs like 4:43 4 minutes, 43 seconds Surat has affected the part of industry value chain. RSWM is also impacted because of this disruption of gas. 4:52 4 minutes, 52 seconds Especially our Denim division has suffered production for some uh days during the month of March. Despite these 5:00 5 minutes near uh term challenges, there are encouraging structural positive things. 5:05 5 minutes, 5 seconds Now, progress on UK, EU and New Zealand FTAs is expected to be open soon and this will bring new opportunities for 5:14 5 minutes, 14 seconds the entire textile sector. At the same time, we are increasing our focus on new 5:20 5 minutes, 20 seconds geographies, adding new markets to offer all products to diversify our revenues and reduce dependence on few markets. 5:30 5 minutes, 30 seconds Internally, we continue to drive valuation via improved internal processes and uh review mechanism with a 5:38 5 minutes, 38 seconds strong focus on execution, discipline and operational efficiencies. Our strategic direction remains clear with 5:46 5 minutes, 46 seconds more focus on value added products enabling us to enhance margins over the higher up value chain. our productive 5:56 5 minutes, 56 seconds productive shift towards renewable energy which we shared in the last conference call having a taya with Rani 6:03 6 minutes, 3 seconds roundthe-clock power we are now having around 70% of our energy mix coming for sustainable sources like wind and solar 6:12 6 minutes, 12 seconds and this continues to be a key differentiator helping us to mitigate the volatility and strengthen our 6:19 6 minutes, 19 seconds long-term competitiveness while these external challenges persist Our strategic focus remains unchanged. 6:26 6 minutes, 26 seconds Strengthening our product mix, driving the value added growth, improving operational efficiencies, and maintaining strict control on our cost. 6:37 6 minutes, 37 seconds As we step into FI27, we do so with a cautious but confident outlook. We are 6:44 6 minutes, 44 seconds prepared for a gradual cooling in the global markets by maintaining downside 6:50 6 minutes, 50 seconds readiness and also upside opportunities that we are likely to have. Our approach is capital allocation would remain 6:59 6 minutes, 59 seconds disciplined with a strong focus on capital expenditure projects that offer shorter payback periods of 1 to 3 years 7:09 7 minutes, 9 seconds particularly in the area of modernization and productivity improvement which help us in uh management of cost and also creating 7:17 7 minutes, 17 seconds more competitiveness to us. Also as you are aware our board of directors in April approved the proposal for infusion 7:24 7 minutes, 24 seconds of equity through the preferential issue of 24.7 lakh convertible grunts which 7:31 7 minutes, 31 seconds are equivalent to almost 36 cr to LJ textile advisory LLP which is promoter 7:39 7 minutes, 39 seconds company of LJ Bada group. This shows the confidence of promoters in the company's performance. Again a positive signal for 7:47 7 minutes, 47 seconds all our investors. As I mentioned earlier, FY26 has been a turnaround year for RSW where 7:57 7 minutes, 57 seconds we could move from negative AIA from a negative path to a positive path. So this significant improvement we are sure 8:05 8 minutes, 5 seconds we will be able to carry this forward and this will further strengthen our financial position for FY 2627 8:14 8 minutes, 14 seconds through our financial prance strong operational controls and growth oriented initiatives. I would like to thank all 8:22 8 minutes, 22 seconds the members of RSWM family for dedicated efforts during this full year FY 2326. 8:30 8 minutes, 30 seconds board of directors for the timely advice, confidence of our valued shareholders and support of our chairman 8:38 8 minutes, 38 seconds which enable us to turn around this company in this year with visible margin improvements across quarterly and fully 8:45 8 minutes, 45 seconds year periods. We believe RSWM is well positioned to deliver profitable and sustainable growth in the coming 8:52 8 minutes, 52 seconds quarters as well. With this I would not now like to hand over this call to our CFO Mr. Nitan Tulyani to take you 9:01 9 minutes, 1 second through the financial performance for the more details. Over to you N. Thank you sir. Good evening everyone and thank 9:10 9 minutes, 10 seconds you for joining us on the Q4 and FY26 earnings call. I'll take you through the key financial heights and the operational metrics for the quarter and fullear period ended March 2026. 9:22 9 minutes, 22 seconds But the business environment during the quarter reflected a gradual stabilization across the textile value chain following a period of demand volatility. While recovery in the global 9:31 9 minutes, 31 seconds market remains measured, we have seen early signs of improvement driven by the normalization of the inventory level and relatively better visibility in the 9:40 9 minutes, 40 seconds select six. From an industry perspective, there's a clear shift toward the value added and the differentiated product category. Coming 9:48 9 minutes, 48 seconds to the financial performance for Q4 FY26, revenue from operations stood at 1142 Ko 9:56 9 minutes, 56 seconds registering a quarter overon quarter growth of 4.5%. 10:00 10 minutes While declining 9.1% year-over-year primarily due to weaker export demand. 10:06 10 minutes, 6 seconds Our exports showed a recovery of 11.4% quarter over quarter at 368 crores indicating early signs of improvement. 10:15 10 minutes, 15 seconds Our domestic sales remain relatively stable at 774 cr reflecting resilience in the domestic market despite overall demand softness. 10:25 10 minutes, 25 seconds Power and fuel cost stood at 123.3 cr in Q4 reflecting a sequential decline of 10:32 10 minutes, 32 seconds 4.6 cr from 127.9 cr in Q3 F26 driven by the improved utilization for 10:39 10 minutes, 39 seconds the renewable sources of energy. On a year-on-year basis, costs were marginally lower by 1.5 cr compared to 10:46 10 minutes, 46 seconds 124.7 cr in Q4 FY25, indicating a stable input cost management despite the external volatility. 10:55 10 minutes, 55 seconds Bida stood at 85 cr up 4.3% quarter over quarter and 8.5% year-over-year with 11:04 11 minutes, 4 seconds margin being stable at 7.4% 4% quarter over quarter and improving by 115 basis points year-over-year 11:11 11 minutes, 11 seconds supported by operating leverage and cost efficiency. Now coming to the full year 26 financial performance our revenue 11:19 11 minutes, 19 seconds from operations to that 45 cr reflecting a year decline of 5.6%. 11:26 11 minutes, 26 seconds primarily impacted by the weak demand conditions particularly in the first half. Domestic revenue declined 4.5% 11:33 11 minutes, 33 seconds while exports were down 8% year-over-year. 11:38 11 minutes, 38 seconds Despite of all these odds with respect to the declining revenue, we have been able to sustain our margins. Our gross 11:45 11 minutes, 45 seconds profit improved to 1753 cr up by 1.4% 4% year-over-year with a margin expanding to 38.1%. 11:54 11 minutes, 54 seconds An increase of 246 basis points primarily supported by better raw material cost management and improved spreads in the second half. 12:03 12 minutes, 3 seconds The cost of raw material declined 9.5% year-over-year to 2801 cr. Our employee cost marginally increased by 1.8% 12:12 12 minutes, 12 seconds year-over-year while power and fuel cost reduced by 3.4% 4% year-over-year reflecting effective cost control. For 12:20 12 minutes, 20 seconds the full year, there has been a reduction of 17.6 cr in the overall power and fuel expenses. The consistent 12:30 12 minutes, 30 seconds reduction underscores the company's focus initiative on energy optimization, operational efficiency and cost realization, contributing positively to 12:37 12 minutes, 37 seconds the overall margin performance. Our other income increased significantly to 51 cr in FY26 from 29 cr in FY25 12:48 12 minutes, 48 seconds registering a strong growth of 22 cr a year over GRE of 74.5% primarily driven from the gain from the 12:56 12 minutes, 56 seconds sale of the nonvalue assets. The fullear finance cost for FI26 was 123 cr down from 135 cr in FY25. 13:07 13 minutes, 7 seconds A steep decrease of 12.5 cr or we can say 9.2% 2% compared to the last year 13:15 13 minutes, 15 seconds following the enactment of the income tax act 2025 which got implemented uh from 1st April 2026 13:23 13 minutes, 23 seconds which provide us option to move to a conceptional corporate tax overall at a rate of 25.17%. 13:30 13 minutes, 30 seconds including search charge and sales carry forward of math credit. We have reassessed our tax defer tax liability at 25.17%. 13:40 13 minutes, 40 seconds As of March 31st compared to 35% earlier, the company has decided to opt for this new tax regime from FY 27 13:49 13 minutes, 49 seconds resulting in the overall reduction in the deferred tax liability by 22 66. 13:57 13 minutes, 57 seconds Other expenses declined 8.3% year-over-year to 441 cr highlighting the continued focus on operational 14:05 14 minutes, 5 seconds efficiency. The IBIDA stood at 327 cr from 233 cr registering a strong growth 14:11 14 minutes, 11 seconds of 40.5% year-over-year with margin improving to 7.1% from 4.8 person and 14:19 14 minutes, 19 seconds expansion of 231 basis point. Our path stood at 52 cr compared to the loss of 14:26 14 minutes, 26 seconds 41 cr last year with margin improving to 1.1% from being negative.9%. 14:34 14 minutes, 34 seconds Which clearly reflects a strong turnaround in profitability. 14:39 14 minutes, 39 seconds From the balance sheet perspective, our net worth increased to 1372 cr in FY26 from 138 cr in FY25. 14:49 14 minutes, 49 seconds Total borrowing reduced to 1510 cr from 1621 cr last year reflecting continued deleveraging and a stable capital structure. 15:00 15 minutes The capital employ deployed remain steady at 3468 crores. On the asset side, we saw improved working capital 15:08 15 minutes, 8 seconds efficiency with inventory reducing to 620 crores from 730 crores and trade receiver declining to 631 cr from 696 15:16 15 minutes, 16 seconds crores. Our financial assets has increased to 387 cr from 299 cr primarily on account the investment the 15:24 15 minutes, 24 seconds company has done in adanu power and strengthening overall liquidity indicating ongoing investments in the growth initiative. Overall these 15:33 15 minutes, 33 seconds movements reflect disciplined capital allocation improved working capital management and a stronger balance sheet position. Now with a stronger balance 15:42 15 minutes, 42 seconds sheet, improved cash flows and continued investment in modernization of our plans, we believe the company is well positioned to deliver steady revenue growth and margin expansion in FY27. 15:55 15 minutes, 55 seconds Thank you. We will now be happy to take your questions. Thank you very much sir. 16:03 16 minutes, 3 seconds We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on that edgestone telephone. 16:12 16 minutes, 12 seconds If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. 16:22 16 minutes, 22 seconds Ladies and gentlemen, we'll wait for a moment while the question Q assembles. 16:31 16 minutes, 31 seconds Participants to ask a question you may press star and one. 16:37 16 minutes, 37 seconds First question is from the line of sake Kapoor from Kapoor and Co. Please go ahead. 16:43 16 minutes, 43 seconds Yeah, sir. Hope I'm Yes. Yeah. Yes. 16:48 16 minutes, 48 seconds Yes. Yes. Yes. Thank you siri for the uh opportunity and uh sir as you me 16:55 16 minutes, 55 seconds mentioned that uh we have laid the foundation for uh improving our return ratios going ahead. So in context to 17:04 17 minutes, 4 seconds that if you could just give us some color of uh what will bring that uh the rate of change in terms of its 17:12 17 minutes, 12 seconds profitability in terms of how the utilization levels are currently and what are we anticipating uh going ahead 17:20 17 minutes, 20 seconds for so uh if I could gather you right you are talking about the utilizations of uh 17:28 17 minutes, 28 seconds the plant operations. Yes, plant operations and how are what what exactly are we expecting when we are alluding to 17:35 17 minutes, 35 seconds the fact that our profitability we will be improving on our profitability going ahead. 17:42 17 minutes, 42 seconds Okay. So uh the year under discussion particularly the quarter four has been really really challenging for entire 17:49 17 minutes, 49 seconds textile industry. Uh Needless to mention this uh uh you know US tar was already 17:56 17 minutes, 56 seconds creating lot of issues and then this disturbance in Gulf between Iran and Israel put many things uh for uh you 18:06 18 minutes, 6 seconds know challenge particularly availability of uh gas and then uh you know uh 18:12 18 minutes, 12 seconds transportation period for export freight cost for export to these countries dies and chemical cost. So all these things 18:21 18 minutes, 21 seconds have actually impacted majorly in uh the quarters under discussion. 18:28 18 minutes, 28 seconds Now when we say that we are better uh hopeful or we expect things to be better off in the coming quarter. One is that 18:37 18 minutes, 37 seconds we expect the things to be normalizing and uh normaly to prevail in uh this period. But at the same time we also are 18:46 18 minutes, 46 seconds looking at for better uh utilization of uh assets particularly denim and net. 18:52 18 minutes, 52 seconds These are the two business which were impacted largely because of uh this uh you know geopolitical situation. Our uh 19:02 19 minutes, 2 seconds other businesses synthetic yarn and uh sustainable textile business which is recycle plaster are more domestic 19:10 19 minutes, 10 seconds businesses and the challenges were comparatively less. Denim and net are the most affected and then milange 19:17 19 minutes, 17 seconds particularly uh was impacted because most of the sales are deemed export we supply to the governmentals who are 19:25 19 minutes, 25 seconds exporting in turn that was also disturbed. So we expect utilization in these three businesses to be slightly 19:32 19 minutes, 32 seconds better and the cost also to be controlled in current quarter and the quarters uh uh you know now onward. So 19:40 19 minutes, 40 seconds this probably will help us in getting the better margins. Otherwise focus on internal efficiencies, internal 19:47 19 minutes, 47 seconds operational controls will continue to be the same and we are likely to get benefit of whatever steps we took in last four quarters for the same. 19:59 19 minutes, 59 seconds So in terms of utilization of of the assets uh if you could just give category wise how what have been the utilization 20:08 20 minutes, 8 seconds in percentage terms? So if you look at in synthetic and fiber business we are more or less utilizing this optimally in 20:16 20 minutes, 16 seconds milangean the utilization are to the tune of uh 65 to 70% which we expect to 20:23 20 minutes, 23 seconds go back to 85 to 90% level in uh you know maybe within this quarter or early 20:30 20 minutes, 30 seconds next quarter dm utilization has been comparatively better we currently are able to utilize 80% flaps and we can 20:37 20 minutes, 37 seconds improve it further to 85 85 to 90% uh to optimize our operations net operations were affected more we were having the 20:47 20 minutes, 47 seconds utilization below 80% which can go to plus 85% level so I think in all three businesses there is a potential to 20:54 20 minutes, 54 seconds improve utilization between 7 to 10% in the coming quarters against uh the utilization level in quarter four 21:03 21 minutes, 3 seconds okay the disturbances which we face particularly with the availability of that that uh that that things have been 21:11 21 minutes, 11 seconds corrected and post March exit uh are are things back to normal or the cost and 21:17 21 minutes, 17 seconds all have gone up the the the cost of gas procurement of gas. 21:25 21 minutes, 25 seconds So get you are updated uh on these issues probably though the availability is uh better. We had the disturbance in 21:34 21 minutes, 34 seconds mid of March for 2 three days and uh then you know on and off disturbance of availability throughout the March but 21:43 21 minutes, 43 seconds now in April availability of uh gas is there but the cost has uh significantly 21:51 21 minutes, 51 seconds you know gone for uh upward revision. So uh that that is a challenge and we expect this to resolve maybe towards the 21:59 21 minutes, 59 seconds end of uh this that is only a hope till the time things normalize in Gulf. So this cost may still continue to be an 22:08 22 minutes, 8 seconds issue with us but availability for sure is okay. Now can you give some more on the spread 22:15 22 minutes, 15 seconds part then how although there have been a cost increase so that that should have been passed on to your customer and and 22:23 22 minutes, 23 seconds and how have the currently the spread uh in our in our yarn business. 22:31 22 minutes, 31 seconds So spread in business to business are different and uh you know they are maintained in few businesses is improving but the business uh under 22:40 22 minutes, 40 seconds discussion is danning where this uh gas uh increased prices has impacted and as 22:47 22 minutes, 47 seconds you uh know you have already booked uh orders in hand passing on uh the cost or 22:55 22 minutes, 55 seconds trying to increase the prices happen for the future order. So there is a lag between cost increase and the price increase. To that extent you always 23:04 23 minutes, 4 seconds suffer and sometime it is not possible to increase all cost to the final product. Now particularly if I talk 23:12 23 minutes, 12 seconds about denim there has been four or five fronts where cost has increased. One is gas, second is dyen chemical, third is 23:20 23 minutes, 20 seconds freight and fourth and biggest is yarn prices. So though as a company we have 23:27 23 minutes, 27 seconds advantage if the yarn prices go increase for our yarn business but for the denim 23:33 23 minutes, 33 seconds yarn denim business the increase in the yarn prices both in cotton or in plster cotton have impacted increase in the 23:43 23 minutes, 43 seconds price of denim per meter but passing on it to the customer always take time and there is a lag. So to that extent our 23:51 23 minutes, 51 seconds margins and the spreads are impacted uh in denim to some extent this also impacted our uh knitting business but 23:59 23 minutes, 59 seconds for other business normally the round deal stockage and uh the sales are more or less of the similar days and the 24:08 24 minutes, 8 seconds spread is kind of maintained but passing on the increase in cost to the customer normally takes some time right last two points. 24:18 24 minutes, 18 seconds Sorry to interrupt Mr. Kapoor may we please request you to reach out. Yeah. Thank you sir. 24:25 24 minutes, 25 seconds Before we move to the next question a reminder to the participants to ask a question you may press star and one. 24:31 24 minutes, 31 seconds Next question is from the line of Rioen from Equity Intelligence. Please go ahead. 24:38 24 minutes, 38 seconds Yeah. Hi good evening. Uh first congrats Mr. 24:41 24 minutes, 41 seconds and traje um and the entire RSW team for delivering a a very good set of numbers even though it was a very challenging 24:48 24 minutes, 48 seconds period. Um so I just wanted to say kudos to you all. 24:52 24 minutes, 52 seconds Um so my first question I just want to know see in in your spinning division right what percentage um is currently 25:00 25 minutes you know structurally not viable at the current yarn and cotton spread you know and what are the plans for those divisions? Are you looking at uh 25:08 25 minutes, 8 seconds shutting it down or are you looking to continue to operate it but maybe at lower levels? Can you help me understand that? 25:16 25 minutes, 16 seconds So I appreciate you continue discussions from the last investors call we had. So last time we discussed that we'll cut 25:23 25 minutes, 23 seconds down certain uh operations spenders or uh the products where we are not able to have the right margins. So uh we did 25:32 25 minutes, 32 seconds that as uh we discussed in the last conference call also operations of chhatta spinning were curtailed which 25:39 25 minutes, 39 seconds was having inefficient production and we were not able to clock the required uh margins there few other uh products 25:47 25 minutes, 47 seconds within the businesses were uh changed for the better products where the margins were there lot of work has been 25:54 25 minutes, 54 seconds done on product mix and elevating uh the product from low contributing to better contribution. ing products. So at the 26:02 26 minutes, 2 seconds same time we are not emphasizing any close of uh uh spindles or loom or uh 26:11 26 minutes, 11 seconds you know other operations uh in this quarter and next quarter format of those uh challenges probably that journey is 26:20 26 minutes, 20 seconds largely done and we will keep on evaluating as and when it is required. 26:26 26 minutes, 26 seconds Okay. Okay. So see at the current uh yeah you know the spread I mean your margins are at a bit margins are around 26:33 26 minutes, 33 seconds 7.6%. So it has been steadily increasing. Uh but um you know and [clears throat] where where do you see 26:40 26 minutes, 40 seconds this uh the spread going to be? Uh do you for in order for ALM to hit like a double digit AIDA? Um you know is it 26:48 26 minutes, 48 seconds dependent on maybe demand or is it going to be an internal change or is it a customer mix? What would or make what 26:56 26 minutes, 56 seconds changes would be required to hit that double digit margin? 27:00 27 minutes So first of all as you want it to reach double visit more than that I want it to see in double digit at the earliest. So 27:08 27 minutes, 8 seconds that is you know we are aligned fully there. Now how this will happen it cannot be because of one particular 27:15 27 minutes, 15 seconds thing. It has to be combination of many things. All internal operations have to be you know at right level of 27:23 27 minutes, 23 seconds performance. We have to closely participate with the customer in terms of product development creating value 27:31 27 minutes, 31 seconds for them and uh partner with them in their product development and also we have to be efficient in our supply chain 27:39 27 minutes, 39 seconds in terms of sourcing our raw materials and ensuring that we sweat our assets right utilize them right and uh you know work on the inefficiencies continuously. 27:51 27 minutes, 51 seconds So uh the directions which we have started in uh FY26 we like to continue in the coming quarters as well and as 27:59 27 minutes, 59 seconds the market start looking slightly better we uh you know more than you are looking forward to see double digit a beta at the earest. 28:10 28 minutes, 10 seconds Yeah. Okay. And one last question before I head back into the queue. Um so I'm I'm also following your turnaround series. I think that's was a very nice uh I I follow it every week that you put 28:19 28 minutes, 19 seconds out. And thank you so much. Thank you so much. 28:22 28 minutes, 22 seconds Yeah. Uh I think um it's really good. Uh so see the thing is when we compare your working capital to your peers um it 28:30 28 minutes, 30 seconds still seems to be slightly higher and you were talking about cash flows last time. So is there a targeted working capital to sales ratio you're looking 28:38 28 minutes, 38 seconds at? Um is that something you have in mind? 28:42 28 minutes, 42 seconds So uh I agree with you but when you compare uh you know with the yan people maybe our working capital ratios are 28:50 28 minutes, 50 seconds slightly higher but please uh be aware that we are a combination of five businesses. Our working capital in 29:00 29 minutes cotton yarn, milan yan uh then synthetic yan is more or less in line with uh the 29:06 29 minutes, 6 seconds peers in the same industry. And now Dame has a different set of uh working capital where uh you know outstanding 29:15 29 minutes, 15 seconds has a different uh uh know this thing but we are continuously working on this area and Nan want to add something in this let me hand over to him. 29:25 29 minutes, 25 seconds So just adding to what Rajiv G said if you come to the working capital which is visible in the balance sheet it consists 29:32 29 minutes, 32 seconds of two portions. One is in the form of the structure term loan which we have taken in the recent past for the 29:40 29 minutes, 40 seconds expansion of our denim business mid business as well as the kapas unit which exists in Basara. So as a balance sheet 29:49 29 minutes, 49 seconds there we have roughly 700 crores of term loan which forms the part of the total borrowings. But if you talk about the 29:56 29 minutes, 56 seconds working capital, it's close to around 800 crores which is structured across all the different businesses which we 30:02 30 minutes, 2 seconds have. Uh so I hope uh this answers to your uh curiosity of the working capital. 30:10 30 minutes, 10 seconds Okay. Yeah. Sure. Okay. 30:12 30 minutes, 12 seconds And the loans which are there Yeah. And the loans which are there we are repaying them uh year over year and 30:20 30 minutes, 20 seconds hopefully in next 3 years our uh entire loans will be finished the major portion [clears throat] of it. 30:29 30 minutes, 29 seconds Okay. Okay. Thank you. I I'll get back in the queue. I have a few more questions. I'll get back in the queue. Thank you. 30:36 30 minutes, 36 seconds Thank you participants to join the question queue you may press star and one. I repeat to 30:44 30 minutes, 44 seconds join the question queue you may press star and one. 30:48 30 minutes, 48 seconds Next question is from the line of Rishab Sharma from VT Capital. Please go ahead. Hello. Um thank you for the opportunity. 30:57 30 minutes, 57 seconds So sir uh could you quantify the patent of the default tax reversal in quarter 4 and uh help us understand the normalized earnings rate going forward. 31:10 31 minutes, 10 seconds So if you want to understand the path so in overall there is a impact of 23 crores for the defer tax liability which 31:18 31 minutes, 18 seconds we reverse. If we have opted for the existing income tax rates we would have closed the path at 29 crores and uh this 31:27 31 minutes, 27 seconds is clearly given in the notes to accounts also if you have gone through the same. 31:33 31 minutes, 33 seconds Got it. Uh and the revenue decline has been sharper than the industry expectations over the last few quarters. 31:41 31 minutes, 41 seconds So are we losing market share in any categories or is this a weakness entirely demand driven? 31:50 31 minutes, 50 seconds Okay. So uh good that you observed that I was expecting this question. So uh this revenue uh decrease is in two 31:58 31 minutes, 58 seconds fronts. One is that we closed chhatta operations. So for the year we had approximately 250 cr of revenue from 32:06 32 minutes, 6 seconds chhatta spinning. So which uh has impacted this uh revenue deg growth. And second has been tough marketing 32:15 32 minutes, 15 seconds environment particularly because of US tariff which we have uh witnessed in quarter three uh that impacted our major 32:24 32 minutes, 24 seconds exports. So I think these are the two major causes which has impacted this uh revenue and as I mentioned earlier we 32:31 32 minutes, 31 seconds focused more on uh the profitability than pure revenue. So wherever it made more sense for us we worked on the 32:40 32 minutes, 40 seconds operations in a way that we may have less volume but it should be profitable revenue. Okay. 32:49 32 minutes, 49 seconds Got it. Sir under RSM 2.0 We are seeing that turn around in the company's profitability. Can you share the current 32:57 32 minutes, 57 seconds year KPIs or target under which uh this initiative particularly around margins and rot? 33:06 33 minutes, 6 seconds So uh I'm happy that you want to know you know the current year targets and everything. I can share with you that we 33:15 33 minutes, 15 seconds will continue to work in the similar fashion and uh the outlook at this point of time is that uh current quarter is uh 33:24 33 minutes, 24 seconds going to be slightly or uh slightly better or equal to last quarter and uh 33:29 33 minutes, 29 seconds our KPI remains uh a beta revenue and uh you know positive cash flow. So working 33:37 33 minutes, 37 seconds capital control uh beta enhancement and revenue maintenance are the major key 33:43 33 minutes, 43 seconds capex that we that major three KPIs that entire organization is working on. Then you have each department have 33:51 33 minutes, 51 seconds operational KPIs but broadly as an organization we are focused for sustainable growth. 33:58 33 minutes, 58 seconds So sir in the abita uh in the abita which factor would be the most uh uh positive uh step which will be giving the outcome positive. 34:10 34 minutes, 10 seconds So there has been uh you know uh you improve where you lack. So we have been uh you know having lot of challenge in 34:17 34 minutes, 17 seconds our knitting business in the year 26 and with the the new fdas with UK and EU 34:25 34 minutes, 25 seconds happening. So and this uh US tariff now being settled this uh business of uh NIT 34:33 34 minutes, 33 seconds is likely to improve and a beta enhancement will happen from there. 34:37 34 minutes, 37 seconds Secondly as we discussed in uh last and uh call prior to that that we are having 34:44 34 minutes, 44 seconds 92 codes of expansion in our knitting business. We are adding printing as one of the segment. So as a result of this 34:52 34 minutes, 52 seconds uh new capex we may also add vita in third and fourth quarter in our knitting 34:58 34 minutes, 58 seconds business uh you know accordingly sir um any capex plan in the future. 35:07 35 minutes, 7 seconds So currently we are not having any major capex. There are two things which are happening. One is this knitting expansion which is uh under execution 35:16 35 minutes, 16 seconds and we are implementing that. Then we have certain modernization capex for all the plants where we want assets which 35:24 35 minutes, 24 seconds are old uh that be replaced and uh these are the two uh you know major things we are doing in RS. 35:33 35 minutes, 33 seconds Thank you sir. uh hope we are doing uh better results uh in the future and uh thank you. Thank you very much. 35:41 35 minutes, 41 seconds Thank you so much for your wishes. Thank you. 35:50 35 minutes, 50 seconds Participants to ask a question you may press star and one. 36:00 36 minutes Ladies and gentlemen, anyone who wishes to ask a question may press star and one. 36:10 36 minutes, 10 seconds Next question is from the line of Rohit Ori from Progressive Shares. Please go ahead. Uh hi team Rajiv G Nitan GI many 36:18 36 minutes, 18 seconds congrats on this uh genuine operational turnaround that uh the company is showing. Uh I hope it is not some 36:25 36 minutes, 25 seconds cyclical optical recovery. uh but I think uh that all the efforts that you all are putting in since last two two 36:31 36 minutes, 31 seconds years or so uh they they tend to be uh showing fruits right now. Thank you. 36:40 36 minutes, 40 seconds Uh so I have some questions uh uh very quickly I'll go through them. Uh the first one being uh that uh we see this uh uh good growth uh but uh in terms of 36:49 36 minutes, 49 seconds the uh recovery uh that is coming through how much uh percent would you uh attribute to maybe uh product mix or 36:56 36 minutes, 56 seconds maybe the uh discounting which you must be giving lower to the uh clients or customers. In addition to that the 37:04 37 minutes, 4 seconds energy optimization or inventory discipline or is it because of the uh exit of some low margin businesses that 37:12 37 minutes, 12 seconds how much percent could you give to each of these entities? 37:17 37 minutes, 17 seconds Okay. So Rohit first of all thank you very much and uh I will assure you that this is not a cyclical thing. Uh the 37:24 37 minutes, 24 seconds year under consideration has been really very tough uh for us as well as for entire textile industry. whatever could 37:32 37 minutes, 32 seconds have been uncertainties prevailing in the world have uh prevailed in this year as a whole. So uh the year was tough and 37:41 37 minutes, 41 seconds uh the turnaround which we are seeing is more because of internal operations than market led. Now coming to uh you know 37:51 37 minutes, 51 seconds what led to this uh turnaround or what are uh the you know basis of this uh recovery. So largely as you mentioned 38:00 38 minutes this is optimization of product mix. Now we have five businesses and each business we try to optimize uh product 38:07 38 minutes, 7 seconds mix essentially reducing our volumes of the low contributing products and enhancing or developing new products 38:15 38 minutes, 15 seconds which give you comparatively better uh volumes and then uh you know optimally utilizing your value added product lines 38:24 38 minutes, 24 seconds wherever attachments or competencies are built. how to utilize uh them for better and uh then try to you know focus on 38:32 38 minutes, 32 seconds your working capital. If you look at we saved around 12 CR 12.5 CR of interest so that more has been in terms of 38:40 38 minutes, 40 seconds optimizing our working capital both in dattors as well as in uh stocks. So the team has been trying to work on on uh 38:50 38 minutes, 50 seconds you know lower uh availability of stocks and try to work more closely with the customers for the better collection. So 38:57 38 minutes, 57 seconds everything has contributed in this uh recovery and uh there is still a margin which we have to continuously keep on improving. 39:06 39 minutes, 6 seconds Uh true Rajiv G uh how much percentage uh would be the uh value added products or value added volumes if you can if you have that number handy with you. 39:17 39 minutes, 17 seconds So it will vary from business to business but still we have a very less uh you know products which are really 39:25 39 minutes, 25 seconds value added. Now what happened is whatever the value added products we developed in last 2 three years they turned into commodity very soon. you 39:33 39 minutes, 33 seconds know value added is only till the time you are not uh you know uh there uh with 39:41 39 minutes, 41 seconds most of the spinners or most of the other uh products you have to continuously keep on working so as on 39:48 39 minutes, 48 seconds today we are not mapping this exactly the way you are saying but I would uh accept that it is not high in numbers it 39:56 39 minutes, 56 seconds is less than maybe 1/5if of our sales okay okay uh but thanks question is uh you 40:04 40 minutes, 4 seconds did mention a bit about uh the customer edition or geographic additions in your opening remarks uh but but if you can 40:11 40 minutes, 11 seconds take us through uh that uh how many of these uh customer addition or deletions have happened maybe in the domestic or the international market and and uh 40:20 40 minutes, 20 seconds which are the global customers which have actually started uh uh procuring from us when we talk about uh UK FTA or 40:28 40 minutes, 28 seconds maybe uh maybe New Zealand FTA or the other FTAs that are coming through from Australia. 40:35 40 minutes, 35 seconds So these FTAs are yet to be reality. 40:37 40 minutes, 37 seconds These are more in the terms of uh you know expectancy and we will have real 40:44 40 minutes, 44 seconds implementation of this early next year or maybe uh towards the end of this year. Now what we did was optimizing 40:52 40 minutes, 52 seconds within our own uh markets and seeing that which market is comparatively better for products. So we've added 41:01 41 minutes, 1 second couple of countries for example in Milan we were exporting more to say Korea and Bangladesh. So we added few more markets 41:08 41 minutes, 8 seconds of Europe and now few customers from Sri Lanka and uh you know uh the focus on 41:15 41 minutes, 15 seconds developing the niche markets where the competition uh is more in the quality of the product rather than uh you know the 41:23 41 minutes, 23 seconds suppliers. So similarly in Denim we try to work on few domestic as well as international brands. US we added two 41:32 41 minutes, 32 seconds more customers during this year and within India our volume to brand have increased over a period of uh you know 41:41 41 minutes, 41 seconds uh time nomination business and uh you know this specialized cotton or fibers 41:48 41 minutes, 48 seconds is another thing which we focus. So I think it is a combination of many things not exactly uh you know only addition of 41:57 41 minutes, 57 seconds markets the paying markets or the rewarding markets or the rewarding customers have been uh something which we try to get. 42:06 42 minutes, 6 seconds Okay. Okay. That's encouraging. So you mentioned about this uh investment made uh in the knitting business uh which is 42:13 42 minutes, 13 seconds around 92 K. So, so, so can you take us through that? What sort of asset turns or maybe the AITA margins that you expect from this business going forward 42:21 42 minutes, 21 seconds maybe in next one and a half, two years or so? Okay fine. So, Mano Manal Gi is with me. 42:28 42 minutes, 28 seconds He is leading this project. I'll request Manoj to you know up. 42:33 42 minutes, 33 seconds Yeah. Hi. Currently, we have around 600 tons of net capacity which we taking to 9 tons. So, one of the lesions we're 42:40 42 minutes, 40 seconds doing is printing. So out of 920 120 tons would be uh netting. So this actually adds a new product segment with 42:48 42 minutes, 48 seconds this 900 tons of expansion probably our product should be you know better than what we are supplying today. That is number one. Currently the AITA we are 42:57 42 minutes, 57 seconds actually you know we intend to kind of implement the entire product in the third quarter of this year. So once this is in place we are definitely you know 43:05 43 minutes, 5 seconds expecting the bit improvement by 3 to 4% in the country levels. So that is what our outlook is and obviously with this 43:12 43 minutes, 12 seconds improved product mix as Raj mentioned we are targeting the number of new markets both India and outside. So this will actually strengthen the entire business per. 43:22 43 minutes, 22 seconds Okay. Okay. Sir, anything uh would you like to share on the uh on the green pet project? Uh anything on the uh capeex 43:30 43 minutes, 30 seconds guidance or maybe that what is the threshold that you're targeting for this RP? 43:38 43 minutes, 38 seconds Yeah. See this B2B project is the total capacity is 427 which you already you know shared with the is on the public 43:45 43 minutes, 45 seconds domain. So this project we already started working this project is coming in ratnam place called is NP. So we 43:52 43 minutes, 52 seconds intend to start uh the construction in the middle of May per se. Land is already acquired everything is there. 43:58 43 minutes, 58 seconds We've already got the consent to establish certificate from the government. So intented to start towards the middle of May and we want to make it 44:06 44 minutes, 6 seconds operational next year the first finan first quarter of the financial year. 44:11 44 minutes, 11 seconds That is the overall plan and we are very you know exciting about this product and machines itself have been fined as this product. So that is about the B2B part 44:18 44 minutes, 18 seconds in case you any specific question on V2 I can give answer on that but as of now this is the plan on uh ground. 44:24 44 minutes, 24 seconds Okay. Okay. Uh Raji G if if uh the last question if uh you can take us through that uh how do you see India positioning 44:33 44 minutes, 33 seconds uh against Bangladesh, Vietnam or China and and uh what are the things that you look at maybe in the next uh 3 years or 44:41 44 minutes, 41 seconds five five years or so? Uh do you think uh that uh we can probably grow at maybe 15% kaga growth for the next uh uh maybe four years or so? 44:53 44 minutes, 53 seconds So government of India has worked out a very clear uh growth plan and ministry of textile along with uh you know all uh 45:01 45 minutes, 1 second other ministries including ministry of commerce and finance ministry is supporting we are getting the required 45:08 45 minutes, 8 seconds tools and with the FDAs of uh UK and EU coming in we will have an excellent 45:15 45 minutes, 15 seconds opportunity as a country for textile industry to make an impact. Now India has abundance of cotton. Government is 45:24 45 minutes, 24 seconds also encouraging man-made fibers to uh create. Now if you talk about Bangladesh 45:31 45 minutes, 31 seconds and Vietnam, Bangladesh has a huge garmenting capacity and India still is predominantly a spinner which is 45:39 45 minutes, 39 seconds catching up in downreams like knitting, weaving and processing. But in garmenting we still have a major gap. So 45:47 45 minutes, 47 seconds next three years if you look at India as a country has to focus more on creating the more governmenting facilities and 45:55 45 minutes, 55 seconds then try to see that uh you know we build on and uh we come up to this story of uh the Indian government's target of 46:03 46 minutes, 3 seconds going to 100 billion export from 39 of current and 250 billion in domestic from 46:10 46 minutes, 10 seconds current of 147. So I think uh with all the things falling in place whatever we missed in last three four quarters next 46:19 46 minutes, 19 seconds two three years are going to be good period for the Indian textile industry if geopolitical situation settle down 46:27 46 minutes, 27 seconds and sir in terms of RSWM maybe reaching to 6,200 or 6,500 cr kind of a topline 46:34 46 minutes, 34 seconds index 3 four years do you think it is possible? 46:38 46 minutes, 38 seconds Yeah. Yeah. It is possible. The way India is growing, RSWM will not miss out this opportunity. Only thing is uh you know let's keep our fingers crossed and we need the wellishes like you. 46:50 46 minutes, 50 seconds Thank you sir. Uh thank you for answering my question. Thanks a lot. Thank you. Thank you. 46:56 46 minutes, 56 seconds Thank you ladies and gentlemen. In order to ensure that the management is able to address questions from all the participant in the question queue, please restrict 47:05 47 minutes, 5 seconds yourself to two questions only. Should you have a follow-up question, please rejoin the queue. 47:11 47 minutes, 11 seconds Next question is from the line of Nihar from Millennium Money Finance. Please proceed. 47:18 47 minutes, 18 seconds Hello. Thank you very much for the opportunity sir and congratulations on wonderful recovery of the company. So 47:24 47 minutes, 24 seconds sir, I have uh two questions. As you stated that US tariffs impacted the company. Uh so would you say that the US 47:31 47 minutes, 31 seconds order book has fully recovered after the tariff settlement? 47:38 47 minutes, 38 seconds So uh you know I will say that it is under recovery. Normally the garmenting is a long cycle. Once you miss a cycle 47:47 47 minutes, 47 seconds uh you know sampling and the product orders are done to maybe the alternate countries it takes time to come back to 47:54 47 minutes, 54 seconds the supplier and uh you know wherever uh we stuck to those customers offer 48:01 48 minutes, 1 second discounts. those volumes are coming back but the product development which suffered during this period of uh 3 to 6 48:08 48 minutes, 8 seconds months that is still impacting and if everything goes well I think another two quarters uh things should be kept or 48:19 48 minutes, 19 seconds okay and uh the second question is that uh what percentage of total exports are from US currently and uh how much you think it will grow in the future. 48:32 48 minutes, 32 seconds So if you talk about India, India has a good share of exports to US particularly the market the products like home 48:41 48 minutes, 41 seconds textile. Now for if you talk about RSWM our direct sale to US are limited. You know most of the products that we supply 48:49 48 minutes, 49 seconds are going to uh the governmentals or if I talk about yarn to the weavers and knitts will in turn convert into 48:57 48 minutes, 57 seconds garments and then they get exported. So our exposure to US market is not direct. 49:02 49 minutes, 2 seconds It is indirect and we are impacted indirectly and also recovering indirectly. 49:11 49 minutes, 11 seconds Okay sir. Got it. Thank you very much and all the very best. 49:14 49 minutes, 14 seconds Thank you. Thank you Niha. Thank you so much. Thank you. 49:19 49 minutes, 19 seconds Next question is from the line of promote from interglobe finance. Please go ahead. 49:26 49 minutes, 26 seconds So uh I wanted to understand the power cost. Uh in the standalone I can see 495 crores while in consolidated is 484 49:34 49 minutes, 34 seconds crores. The first question is why the consolidated number is lower than the standalone number in terms of power and fuel and second is the investment of 60 49:42 49 minutes, 42 seconds crores in the uh renewable energy what is the power cost reduction that we are looking at. 49:50 49 minutes, 50 seconds So coming to your first question with respect to the power cost like uh in our consolidated financial we have another 49:58 49 minutes, 58 seconds entity called uh BG wind private limited so which is primarily for the wind energy so maybe because of that the 50:07 50 minutes, 7 seconds number is uh you are finding the difference so and uh coming to the 50:15 50 minutes, 15 seconds energy right coming to the power cost impact which you're talking out. So I would like I would like Maloji to answer this question. 50:24 50 minutes, 24 seconds See regarding this adani power we are anticipating the impact of almost uh one rupee per year in the overall production 50:32 50 minutes, 32 seconds and how many units would that be? Can you help me translate that in terms of amount sir for the next year? 50:39 50 minutes, 39 seconds Uh around we use currently around 4050 lakh unit per day. So the impact would be that one 40 50 lakh unit per day. 50:50 50 minutes, 50 seconds So this impact is varying from season to season. You know this is a solar and wind power and the availability of wind 51:00 51 minutes and uh you know power generation of solar is something which varies from season to season. So on an average we 51:07 51 minutes, 7 seconds are likely to get uh you know saving on say between 3 to five lakh units per day 51:15 51 minutes, 15 seconds and uh you know that that's how the saving so 40 to 50 lakh units per day right 51:24 51 minutes, 24 seconds no no it's a total see what we are saying is because of this project the impact will be almost 3 to 400 lakhs unit per day and the impact 51:32 51 minutes, 32 seconds is 1 rupee per unit so you can anticipate probably you can see the three lakhs around three to four lakhs impact per day. So monthly if you see it's almost a growth. 51:45 51 minutes, 45 seconds Okay. Okay. Thank you. Thank you. Thank you. 51:54 51 minutes, 54 seconds Next followup question is from the line of Ruben from Equity Intelligence. Please go ahead. 52:02 52 minutes, 2 seconds Um hi. Yeah. Um so it was good to see like you're doing this capital raise. um even though you know you're just increasing your estate by 2.5%. 52:12 52 minutes, 12 seconds Um I just wanted to understand that a little bit better because earlier in the news it was saying that Bilazada was looking at investing 700 crores for this 52:19 52 minutes, 19 seconds green pet plan. Uh but now it seems to be largely done through RSW and we are raising debt for it. Uh so I is is there 52:29 52 minutes, 29 seconds a possibility that you know maybe the promoter would be increasing more equity um in this project or could you just 52:36 52 minutes, 36 seconds help me understand that or yeah so we could not get their question can you uh rephrase it in a way that we 52:45 52 minutes, 45 seconds can so before it was like Bilbara was looking at investing uh 700 crores that's what I read in the news um right 52:53 52 minutes, 53 seconds yeah yeah no I got it you are talking about B2B project yeah the group as a as a group it was being uh you know 53:02 53 minutes, 2 seconds explored by our uh B energy uh company but originally this project was 53:09 53 minutes, 9 seconds emphasized by RSWM and we were exploring uh this project you know at location other than the current location 53:18 53 minutes, 18 seconds and then RSWM financials at that point of time and overall uh you know fitment 53:25 53 minutes, 25 seconds within RSWM was uh taking time that is why this defment was there. But now since we already are in fiber 53:33 53 minutes, 33 seconds manufacturing and we produce 130 metric tons of blister fiber from recycled uh 53:42 53 minutes, 42 seconds uh you know cut bottles every day and we consume 60 lakh bottles per day. So uh management uh per se thought that it 53:50 53 minutes, 50 seconds makes more synergy to have this project in RSW and in order to ensure that we do not uh open a big uh capacity right in 54:00 54 minutes the beginning the project MGS size originally was around 700 plus CR and then we scale it down almost to 60 65%. 54:10 54 minutes, 10 seconds And the current project which our subsidiary in RSM is taking it's around 427 cr. 54:19 54 minutes, 19 seconds So I'm just what I'm trying to understand is you know um isn't the worry that it's going to be majority through debt like 300 crores in the last 54:27 54 minutes, 27 seconds call that was mentioned. Um so it is 7050. Yes. So wouldn't it be better 54:35 54 minutes, 35 seconds wouldn't it been better to have raised funds and not use debt instead? 54:43 54 minutes, 43 seconds So this slide. So just to answer your query. So the total project cost is 427 54:50 54 minutes, 50 seconds crores out of which we have raised almost 70% of the amount by way of project financing. We have 54:59 54 minutes, 59 seconds already got a loan approved for 300 crores and rest of the portion is being cons uh 55:07 55 minutes, 7 seconds introduced by a mix of equity and a loan from holding company. This is how the structure is for the entity. 55:18 55 minutes, 18 seconds Okay. Okay. 300. Sorry to interrupt the open. 55:26 55 minutes, 26 seconds Okay. 55:27 55 minutes, 27 seconds Um yeah uh just one sorry to interrupt Rioan uh we'll take that as a last question for the day. Thank you. 55:34 55 minutes, 34 seconds Okay. Okay ladies and gentlemen that was the last question for the day. I now hand the conference over to the management for the closing comments. 55:45 55 minutes, 45 seconds Thank you. So in closing, I extend my sincere gratitude to our employees, stakeholders, and partners 55:53 55 minutes, 53 seconds for their unwavering support. With collective effort and a shared vision, we are well positioned to drive innovation, strengthen our market presence, and deliver sustainable value. 56:04 56 minutes, 4 seconds The road ahead holds great promise, and I'm confident in our ability to grow and succeed in the years to come. Thanks. 56:13 56 minutes, 13 seconds Thank you, sir. On behalf of RSWM Limited, that concludes this conference. 56:18 56 minutes, 18 seconds Thank you all for joining us. And you may now disconnect your lines.