Sanjivani Paranteral Ltd — Q3 FY26

Sanjivani Paranteral Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=atcKH5rdLsI Published: 2 months ago

0:00 Ladies and gentlemen, good day and welcome to the Sanjivnney Parental Limited Q3 FI26 earnings conference call. From the Sanjivveni management, we 0:09 9 seconds have with us Mr. Rashwini Kimka, chairman and managing director, Mr. 0:13 13 seconds Shivadan Kimka, executive director and Mr. Pitesh Den, chief financial officer. 0:19 19 seconds We will begin with management commentary after which we will open the floor for questions. As a reminder, all participant lines will be in the listen 0:27 27 seconds only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this 0:34 34 seconds conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now 0:43 43 seconds hand the conference over to Mr. Sadan Kimka. Thank you and over to you Mr. Kimka. 0:52 52 seconds Thank you. Good morning ladies and gentlemen and thank you for joining us for Sanjini Parental Limited's Q3 FI26 1:00 1 minute earnings conference call. Before I begin, let me mention the standard disclaimer. The presentation that we have uploaded on the stock exchange 1:08 1 minute, 8 seconds including interaction in this call contain or may contain certain forward-looking statements concerning our business prospects and profitability 1:17 1 minute, 17 seconds which are subject to uncertainties and actual results could differ from those in such forward-looking statements. For the benefit of participants who may be 1:26 1 minute, 26 seconds joining us for the first time, Sanjivini Parental Limited is a WHO GMP certified pharmaceutical manufacturer with over two and a half decades of operating 1:34 1 minute, 34 seconds experience. We specialize in sterile injectables and oral solid dosage forms with a primary focus on essential and life-saving therapies. Our products are 1:43 1 minute, 43 seconds exported to more than 25 countries across emerging markets and we operate manufacturing facilities in Nav'i, Mumbai and Deradun supported by an 1:51 1 minute, 51 seconds in-house R&D capability. In addition to our core formulation business, we are building new growth platforms through joint ventures in IV fluids in India and 2:00 2 minutes neutrautical manufacturing in Europe. Q3 FY26 marks an important quarter for the company as we transition from a single 2:08 2 minutes, 8 seconds engine business to a multi-vertical growth platform. For the first time, the Pune infusion facility has begun 2:16 2 minutes, 16 seconds contributing to consolidated revenues and our overseas neutrautical venture continues to build commercial traction. 2:23 2 minutes, 23 seconds This reflects the strategic investments we have made over the past few years to diversify both our manufacturing base 2:29 2 minutes, 29 seconds and revenue streams. During the quarter, the operating environment remained stable in terms of demand but uncertain 2:37 2 minutes, 37 seconds from a policy standpoint. Export oriented businesses globally continued to monitor tariff development, currency movements, and evolving regulatory 2:46 2 minutes, 46 seconds expectations. While these factors did not materially disrupt our operation, they reinforced a cautious approach across industries with companies 2:55 2 minutes, 55 seconds prioritizing supply continuity, margin protection and disciplined capital allocation over expansion. 3:02 3 minutes, 2 seconds Within pharmaceutical generic sector, underlying demand remain resilient, supported by chronic therapies, 3:09 3 minutes, 9 seconds affordability pressures in developed markets and expanding healthcare access in emerging economies. At the same time, 3:16 3 minutes, 16 seconds pricing sensitivity and regulatory scrutiny continue to shape competitive dynamics, making quality, compliance strength, and cost efficiency increasingly important differentiators. 3:28 3 minutes, 28 seconds Against this backdrop, our business delivered strong year-on-year growth of approximately 20% driven primarily by 3:36 3 minutes, 36 seconds export markets and product mix improvements. We also recorded the first revenue contribution from SPR infusion private limited which strengthens our 3:44 3 minutes, 44 seconds manufacturing footprint and opens a new long-term growth avenue. The facility is currently in early stages of ramp up and 3:52 3 minutes, 52 seconds its contribution is expected to increase progressively as capacity utilization improves over time. Our Prague based 4:00 4 minutes neutrautical venture is also gaining momentum. 4:04 4 minutes, 4 seconds Customer engagement had increased meaningfully and we remain encouraged by the pipeline of potential business from 4:11 4 minutes, 11 seconds European markets. Overall, we remain confident that FI26 will be a milestone year with all three business verticals contributing to consolidated performance 4:20 4 minutes, 20 seconds and positioning the company for a broader growth trajectory going forward. 4:24 4 minutes, 24 seconds With that, I will now hand over the call to our CFO Mr. Pitesh Jen who will take you through the financial performance in detail. 4:34 4 minutes, 34 seconds Thank you Shar. Good morning ladies and gentlemen. A very warm welcome to you all. Let me share the update on the 4:41 4 minutes, 41 seconds financial performance of the company for Q3 FY26. 4:45 4 minutes, 45 seconds On the base business that is the standalone numbers the company reported a revenue of 20.9 a growth of 20.2%age 4:54 4 minutes, 54 seconds year on year. The growth was driven by higher shipments due to easing of the logistics as compared to the previous 5:01 5 minutes, 1 second quarter. The EITA was at 3.9 cr a growth of 36% year on the AITA margin was at 5:09 5 minutes, 9 seconds 18.4 percentage versus 16.2%age in Q3 FI25. 5:16 5 minutes, 16 seconds The year-on-year expansion in AITA margin was due to the product mix which we were able to ship during the quarter. 5:23 5 minutes, 23 seconds Profit after tax was at 2.6 crores for the quarter, a year-on-year increase of 37.9%age. 5:31 5 minutes, 31 seconds Let me provide the segment wise performance for Q3 financial year 26. 5:36 5 minutes, 36 seconds Injectable revenues declined 9.7% yearonear to 11.7 crores. 5:42 5 minutes, 42 seconds Oral ink revenues increased by 153.3%age to 8.6 crores. Neutraical revenue stood 5:51 5 minutes, 51 seconds at.56 crores in Q3 FY26. 5:57 5 minutes, 57 seconds On market wise performance exports constitutes 76.9%age of the total revenue. The core markets 6:06 6 minutes, 6 seconds of Middle East, Africa, Latin America accounted to 76.9%age. 6:13 6 minutes, 13 seconds Our subsidiary SPL Infusion Private Limited Pune recorded revenues for the first time in the history at 1.2 crores. 6:21 6 minutes, 21 seconds On consolidated basis, the company reported revenue of 22.1 cr a growth of 27.1% 6:29 6 minutes, 29 seconds yearonear. The growth was driven by strong grow in strong growth in the business base business and contribution 6:36 6 minutes, 36 seconds from the Pune subsidiary. The AITA was at 14.1 cr a growth of 44.8%age. 8 percentage the AITA margin was at 6:45 6 minutes, 45 seconds 18.5%age result 16.2 percentage in Q3 FY25 profit after tax was at 2.8 crores for 6:54 6 minutes, 54 seconds the quarter a yearon-year increase of 46.3%age the profit after tax after non-controlling interest was at 2.7 7:03 7 minutes, 3 seconds crores for the quarter a yearon-year increase of 42.6% 6%. With this, we can now open the floor for the question answers. Thank you. 7:13 7 minutes, 13 seconds Thank you very much. We will now begin the question and answer session. Anyone who wish to ask a question may press star and one on the touchstone 7:21 7 minutes, 21 seconds telephone. If you wish to remove yourself from the question, you may press star and two. Participants are requested to use handsets while asking a 7:30 7 minutes, 30 seconds question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 7:53 7 minutes, 53 seconds Participants who wish to ask a question may press star and one on the touchstone telephone. 8:15 8 minutes, 15 seconds anyone who wishes to ask a question may press star and one on the touchstone Telephone. 8:44 8 minutes, 44 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. Our first question comes from the line of Rahil Sha from Crown Capital. Please go ahead. 8:55 8 minutes, 55 seconds Uh yes. Hi sir, good morning. Can you hear me? Yeah, we can hear you. 9:01 9 minutes, 1 second Yes. So sorry I missed the opening few minutes. Can you just uh please reiterate what led to this uh increase 9:09 9 minutes, 9 seconds in margins for this quarter? What helped us? 9:14 9 minutes, 14 seconds It was the product mix that we shipped out uh in this quarter that enabled us to achieve better margins. 9:23 9 minutes, 23 seconds Product mix was was the only reason then. 9:26 9 minutes, 26 seconds So do you see this mix to continue and the margins to sustain at these levels for coming quarters? 9:35 9 minutes, 35 seconds Yeah. Yeah. Of course we do look forward to maintaining this but uh as you know this business demand is the various kinds of products. So there is going to 9:43 9 minutes, 43 seconds be a little bit of uh shifting quarter to quarter but uh the the general trajectory will be upward. 9:52 9 minutes, 52 seconds Okay. And uh out of the three segments we have injectables oral init which is going to be the key growth driver ahead 10:00 10 minutes for us. Um where is the key focus for the company and in in line with that if you could you know guide us with some 10:06 10 minutes, 6 seconds sort of uh growth uh when it comes to uh quarter for exit run rate and 527 when 10:14 10 minutes, 14 seconds it comes to revenue injectables definitely is going to it is always been our forte and it is going to 10:23 10 minutes, 23 seconds be the growth driver for the company as well uh especially with the commercialization of the IV facility. 10:30 10 minutes, 30 seconds facility. Uh it expands our offering uh product basket and uh we will be tapping into more and more hospitals uh because 10:38 10 minutes, 38 seconds IV is something that is very easy to get your foot in the door with. Along with that our injectable uh offerings from the small volume plant will increase. 10:52 10 minutes, 52 seconds So would you like to say any sort of uh guidance for F97 when it comes to topline growth? What is the company targeting? 11:02 11 minutes, 2 seconds I believe you closed sorry I didn't get your question you closed FI25 with 70 crores of top line sir so uh going into 11:09 11 minutes, 9 seconds FI27 uh and for that matter even FI26 what will you end the year with and the next year what sort of growth are you looking 11:16 11 minutes, 16 seconds at uh FY27 from our core business of 11:24 11 minutes, 24 seconds Sanjivney based business we are looking at somewhere around 90 90 crores topline and uh SPL infusion will also contribute 11:34 11 minutes, 34 seconds uh around uh 60 to 65 crores. So that should be our injectable. Uh I mean and it will all be focused by mainly by injectables. 11:47 11 minutes, 47 seconds Uh you said SPL contributed for the first time right in quarter 3 to consolidated revenues. 11:54 11 minutes, 54 seconds How much was that? The quantum 1.2 cr and for quarter 4 are there any uh 12:02 12 minutes, 2 seconds expectations any uh numbers you have forecasted it is pretty good the facility is still in the ramp up 12:11 12 minutes, 11 seconds phase we cannot project the number but it will be significantly higher from this 1.3 okay do you think it will be in double 12:18 12 minutes, 18 seconds digits cross already or it will take time I think we should be able to match that 12:27 12 minutes, 27 seconds okay and And what about the core business for FI26 as a whole any so you've done just a moment I think 12:36 12 minutes, 36 seconds 22 15 37 and you've done 55 crores or so in 9 months so what can we end the year 12:44 12 minutes, 44 seconds this year from the sorry this year from the core business we're looking somewhere between 73 to 75 12:53 12 minutes, 53 seconds 75 okay uh okay sir thank you so much for Yeah, 13:01 13 minutes, 1 second thank you. Our next question comes from the line of Karthik, an individual investor. Please go ahead. 13:09 13 minutes, 9 seconds Uh you able to hear me? Yeah, we can hear you. 13:17 13 minutes, 17 seconds Okay. So, uh so I I just heard from the previous uh question that uh you were expecting 90 from 13:27 13 minutes, 27 seconds Sorry to interrupt you, sir, but you're not audible. Can you please repeat? Can you hear me? Uh, yes I can. 13:35 13 minutes, 35 seconds Okay. So, so my question was uh the in so can we 13:45 13 minutes, 45 seconds Sorry to interrupt you, sir, but your voice is breaking. Can you move to a different environment and speak? 14:04 14 minutes, 4 seconds Uh you're able to hear me now. 14:07 14 minutes, 7 seconds Uh yes, comparatively better. So please go ahead. Okay. So uh I heard that uh the from the injectables 90 cr revenue 14:15 14 minutes, 15 seconds is the peak revenue that is expected out of the core business. And what is the time frame that we are looking to achieve this 90 crores? Will it be in a 14:23 14 minutes, 23 seconds two years time frame or will it be in the next financial year? 14:30 14 minutes, 30 seconds Uh sir as I said by FY27 we are projecting to hit 90 crores from our base business. So that is the thing that I mentioned. 14:42 14 minutes, 42 seconds Okay. Thank you. Thank you sir. So one more question on that is is I I could see a filing on the warrant conversion. 14:49 14 minutes, 49 seconds Uh I I could also see that few warrants are remaining to be converted. Uh I mean what is the latest uh update on that? Is everything converted and the company received the money from the promoters? 15:02 15 minutes, 2 seconds Uh so uh all the warrants have been converted and all the money has also been received from the promoters. 15:09 15 minutes, 9 seconds Okay. Um um another follow-up question is on the capex projections. Now that we have done a substantial capex on the 15:17 15 minutes, 17 seconds injectables and then uh we have already got into a JB uh uh in the Prague. So the what is what would be the capex expectation for the next financial year? 15:28 15 minutes, 28 seconds I I believe it is too early to expect that but what would be the rough uh capex projection that you would be looking at? 15:40 15 minutes, 40 seconds Sir the capacity of the existing facilities with the base business the injectable facility and the tablet plant will be able to tune out four to six. 15:53 15 minutes, 53 seconds Okay. Okay sir. Thank you. Uh that's it from my end. Thank you. 15:58 15 minutes, 58 seconds Thank you. Participants who wish to ask a question may press star and one on the touchstone telephone. 16:06 16 minutes, 6 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. 16:20 16 minutes, 20 seconds Our next question comes from the line of Santosh Karunakar from financial finance. Please go ahead. 16:26 16 minutes, 26 seconds Good morning sir. Uh can you please let us know what's the current utilization for SPL and what ex utilization should 16:35 16 minutes, 35 seconds be expected you know how do you plan to ramp up next year 16:43 16 minutes, 43 seconds the do you mean the utilization for the Pune ID plant correct yeah capacity utilization 16:50 16 minutes, 50 seconds of the plant that plant is practically a new so it is with a very slow Currently we are 16:58 16 minutes, 58 seconds operating at 20 23% capacity but next year going forward to FI 27 that time 17:06 17 minutes, 6 seconds the it will be around 40 to 50%. And more than that but currently it is operating at 23 to 27%. 17:16 17 minutes, 16 seconds Okay. Thank you. And in the past we've had some issues with the treat you know and uh especially uh when we are 17:23 17 minutes, 23 seconds ascending to African markets and so are we all you know able to uh manage that 17:30 17 minutes, 30 seconds properly now is it all yeah some logistic issues were there initially because of the geopolitical situation in the world now the things 17:39 17 minutes, 39 seconds have been sorted out and there are three different routes for logistics which are in operation so those hiccups have been 17:49 17 minutes, 49 seconds Okay. Thank you. And uh just to reit you mentioned you know our uh projections for the next year for the base business 17:56 17 minutes, 56 seconds will be around 90 crores and uh the inclusion will be around 50 to 60 crores. Right. 18:04 18 minutes, 4 seconds Yes. Yes. 18:06 18 minutes, 6 seconds Yeah. Thank you. Thank you. That's it from my side. All the best. Thank you. 18:13 18 minutes, 13 seconds Thank you. Participants who wish to ask a question may press star and one on the touchstone telephone. 18:26 18 minutes, 26 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. Our next question comes from the line of go from India bridge limited. Please go ahead. 18:37 18 minutes, 37 seconds Hi sir, thank you so much for the opportunity. Um I believe I heard that next year you're targeting 40 to 50% utilization in SP inclusion. Um I guess 18:46 18 minutes, 46 seconds you had a JV with people who are already in the business of selling these products for quite some time. So why are are expected ramp up uh you know only to 18:55 18 minutes, 55 seconds the extent of 40 to 50% next year since everything is now on board uh you know why such low capacity utilizations productions over the next year. 19:07 19 minutes, 7 seconds See in infusion what happens is the plant is done new and there are new products which gets on approval month on month basis. So once the entire product 19:16 19 minutes, 16 seconds and approvals of new additional products are there in the place then it can go up. A single product cannot go to a certain level and in this between we 19:25 19 minutes, 25 seconds have in the last also we have told that we are going to do a specialized product also for these trials and the stability 19:32 19 minutes, 32 seconds studies are also going on in between. So that is the reason we are going slow on this thing. So that by the end of November, December we have a good 19:41 19 minutes, 41 seconds portfolio of around 30 to 23 products which most of the competitors do not have. They are having to around 14 products. will be our basket will be 23 19:49 19 minutes, 49 seconds 24 products in the pack of and then it will be given the 19:59 19 minutes, 59 seconds yeah go ahead and u sir and you know given this product mix value mix that you are sort of 20:08 20 minutes, 8 seconds targeting what's the peak revenue that you can accomplish from this uh you know facility it can be uh it will go around 130 120 to 100. 20:20 20 minutes, 20 seconds Yeah, because in last call we have mentioned somewhere around 110 110. So uh and we sort of uh what's the rate for the significant increase? 20:31 20 minutes, 31 seconds What's the reason for? 20:34 20 minutes, 34 seconds No the product mix there there are certain run-of-the-mill products and certain are specialized products in this 20:41 20 minutes, 41 seconds IV segment which we have developed in our R&D team has developed this product for this the stability studies are going 20:48 20 minutes, 48 seconds on and once approached so they are getting fetching better margins and better pricing in the 20:55 20 minutes, 55 seconds so it may be going on 120 130 in the PK and what kind of aa margins can we achieve uh you know from this facility P utilizations. 21:08 21 minutes, 8 seconds We have told around 19 to 22. 21:13 21 minutes, 13 seconds Understood. And sir, uh, one final question from my side. 21:20 21 minutes, 20 seconds Okay. One, one final question from my side. Uh, you know, you have this facility that is ramping up capacities now. You have your base business that's 21:28 21 minutes, 28 seconds growing, you know, 15%, 15%. So where is the maybe FI28 onwards where is the next leg of growth going to come from? What 21:36 21 minutes, 36 seconds are your plan? Because you mentioned that your capex plans are only to the extent of 4 to 4.5 crores in FI27. So where is the next leg of growth after 21:45 21 minutes, 45 seconds this completion of uh where do you expect that growth to come from? 21:51 21 minutes, 51 seconds See we as we have told in as well that our company's approval in the west Africa and now east Africa is in place 21:59 21 minutes, 59 seconds and started and those approvals are expected in the current uh coming financial year 27 F2 F28. So our base 22:09 22 minutes, 9 seconds business will be doing a growth which is around 18 20%. And it may jump up more also infusion business 22:16 22 minutes, 16 seconds is also going to pick up everywhere. All the markets are really and the Prague business also. Now all the four plants 22:24 22 minutes, 24 seconds are in operation and there are no hiccups and no regulatory hurdles left behind. So it is just the plant approvals getting more approval because 22:33 22 minutes, 33 seconds the Pune plant has just started. So W inspection will be delivered in the month of March and after that we will be getting that plant also inspected by 22:41 22 minutes, 41 seconds various authorities where our products are selling in the market. So then just now before the plants and we are the 22:48 22 minutes, 48 seconds only company with the combination of infusions, small volume injections, tablet capsules and neutral speaker and 22:55 22 minutes, 55 seconds one. So this will help the company to have a good presence in the presence in the market and acceptability because the 23:04 23 minutes, 4 seconds distributor needs the combination of these four which we have with us. 23:10 23 minutes, 10 seconds Okay. And on our base business exports business you know uh we are working with a small base right now and going at 10 23:17 23 minutes, 17 seconds 15% I believe a lot of time it you know gets taken to get registrations and approvals in these territories but given the small base uh you know when can we 23:26 23 minutes, 26 seconds expect to to you know grow at a significantly higher pace of 25% which is possible given that you have capacity uh you know available when can we see 23:35 23 minutes, 35 seconds the base business start to grow you know sales growth 25% or We we expect next year from quarters uh 23:44 23 minutes, 44 seconds second or third quarter we'll be seeing this result in the base going at a much higher growth rate. 23:54 23 minutes, 54 seconds Okay. 23:56 23 minutes, 56 seconds Thank you so much for the opportunity sir. Thank you. 23:59 23 minutes, 59 seconds Thank you. Participants who wish to ask a question may press star and one on the touchstone telephone. 24:09 24 minutes, 9 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. 24:24 24 minutes, 24 seconds Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for closing comments. 24:38 24 minutes, 38 seconds Hello. Thank you everyone. 24:43 24 minutes, 43 seconds Um, 24:56 24 minutes, 56 seconds we have a question from the line of Suri Sarogi from Nexom Capital Market. Please go ahead. Hello. Am I audible? 25:05 25 minutes, 5 seconds Yes, ma'am. You're go ahead. 25:08 25 minutes, 8 seconds Okay. Uh, sorry, sir, if I'm asking a repeat question. I joined a bit late. 25:14 25 minutes, 14 seconds Uh, can you give some guidance regarding revenue and profit for quarter 4 and next year and and some update regarding 25:23 25 minutes, 23 seconds the um the new JV plant? 25:32 25 minutes, 32 seconds So um I mentioned in my opening remarks the JV plant is now operational and it is the first quarter which has contributed in our consolidated revenue to the tune of 1.2 crores. 25:45 25 minutes, 45 seconds There's a lot of disturbance from Sorry to interrupt you sir but uh m Miss Suri there's some disturbance in your background in the background. 25:54 25 minutes, 54 seconds Uh can you just mute yourself and let the management speak? 26:02 26 minutes, 2 seconds Perfect. Uh sure you can go ahead. 26:06 26 minutes, 6 seconds Yeah. So as I was saying uh the plant has contributed 1.2 crores of revenue in our consulted revenue for the first time 26:13 26 minutes, 13 seconds um and it is functional now. Uh regarding the guidance uh this year we 26:20 26 minutes, 20 seconds would be closing at around 73 to 75 crores uh on our base business uh for so 26:28 26 minutes, 28 seconds that that includes the Q4 and uh next year we are targeting somewhere around 90 crores in FI27 from our base business 26:36 26 minutes, 36 seconds and around 60 to 65 crores from our uh SPL infusion private limited. 26:53 26 minutes, 53 seconds answer and sir uh regarding profit margins. 27:01 27 minutes, 1 second So uh the profit margins for the base business would be uh in the same trajectory as we have done for the quarter uh last 9 months around AITA 27:11 27 minutes, 11 seconds would be around 16 to 17 percentage and as far as the Pune business uh since it's the beginning so we are targeting 27:19 27 minutes, 19 seconds the AITA in the range of 17 to 18% there which would further ramp uh go upwards 27:25 27 minutes, 25 seconds as we as the plant achieves a higher utilization of the capacity. 27:33 27 minutes, 33 seconds Okay sir. Got it. Thank you. Thank you. 27:40 27 minutes, 40 seconds Participants who wish to ask a question may press star and one on the touchstone telephone. 27:50 27 minutes, 50 seconds Our next question comes from the line of Akash Dana an individual investor. Please go ahead. 27:58 27 minutes, 58 seconds Yeah. Yes. So I had a query regarding the shareholding. I mean promoters have bit low shareholding and I was listening 28:06 28 minutes, 6 seconds to one of the interviews before and there were plans of increasing it and I think going by the stock price it's last 28:15 28 minutes, 15 seconds week it was very close to where you guys did preferential allotment also. So do we plan to increase shareholding for promoter in future? 28:26 28 minutes, 26 seconds As we have seen this year the warrants were been issued to the promoters. Six lakh warrants were issued in the current year and those all are converted and the 28:35 28 minutes, 35 seconds promoters and contain the money in the company. So every year you cannot take more than 5% as a promoter increase in 28:42 28 minutes, 42 seconds the share. So every year if you see down the line for last three four years promoters have been constantly increasing the sharing holding in the 28:50 28 minutes, 50 seconds company and we as a company and as a promoter would like to increase our share building year onwards. 29:00 29 minutes I think the warrants were converted last year right so I mean for for future I'm asking do we plan to at least make it 40 29:08 29 minutes, 8 seconds 45% it was converted current year not last year they issued and they had a period 29:16 29 minutes, 16 seconds of 18 months so partly they were converted last year partly they converted this year so once the warrant is over then before that 29:25 29 minutes, 25 seconds as you said rightly every year we are going to take an increase of shareholding 29:32 29 minutes, 32 seconds And maybe another question. I think last year February you mentioned about like similar PPP projects and some progress. 29:40 29 minutes, 40 seconds It's been like almost a year. So has anything progressed on that part 29:48 29 minutes, 48 seconds that is that is there in the pipeline and this will be uh known and informed to the shareholders and stakeholders of 29:56 29 minutes, 56 seconds the company in the fourth quarter. Yes, thank you. That's 30:05 30 minutes, 5 seconds Thank you. Our next question comes from the line of Rahil Sha from Crown Capital. Please go ahead. 30:14 30 minutes, 14 seconds Uh hi. Uh thank you again. So just uh getting some clarification on the cape part. So you're saying currently you're 30:21 30 minutes, 21 seconds done with the KEX uh cycle, right? You won't be having any in FI27. 30:30 30 minutes, 30 seconds So I told you that the major take plant is over all the plant operations but it promis 30:39 30 minutes, 39 seconds every year there's a capex upgrading the machines buying the new machines software everything so this year our 30:46 30 minutes, 46 seconds cape will be around 4 in the business of Mumbai and 30:54 30 minutes, 54 seconds so so this uh constant like recurring capex amount is what usually year on year for maintenance and so 31:02 31 minutes, 2 seconds four to three and a half four to four and a half. 31:24 31 minutes, 24 seconds Yes. Yes. That's it. Thank you. 31:28 31 minutes, 28 seconds Participants who wish to ask a question may press star and one on the touchstone telephone. 31:38 31 minutes, 38 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. 31:53 31 minutes, 53 seconds Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for closing comments. 32:04 32 minutes, 4 seconds Thank you everyone for joining us on the call today. One small announcement uh that I would like to make is uh the revised schedule M uh by the FDA has 32:13 32 minutes, 13 seconds been made live and uh I'm happy to report that all our plants are compliant with the revised scheduleM in which uh 32:21 32 minutes, 21 seconds from our estimates in our country there are only 20 to 30% of the plants who will actually comply. So your company has all its plans coming under it 32:30 32 minutes, 30 seconds compliance. We sincerely appreciate your trust, support and continued confidence. 32:34 32 minutes, 34 seconds We look forward to delivering on our commitments and to speaking with you again on our next earnings call. This concludes today's earnings call. Thank you very much. 32:44 32 minutes, 44 seconds Thank you. On behalf of Sanjivney Parental Limited, that concludes this conference. Thank you for joining us.