Sharda Cropchem Ltd — Q4 FY26

Sharda Cropchem Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=luZlwGvsusY Published: 2 hours ago

0:01 1 second Ladies and gentlemen, good day and welcome to Sharda Crop Cam Limited Q4 FY26 earnings conference call hosted by 0:09 9 seconds Antique Stock Broking Limited. As a reminder, all participant lines will be in the listenonly mode. There will be an opportunity for you to ask questions 0:17 17 seconds after the presentation concludes. Should you need any assistance during this conference, please signal for an operator by pressing star and then zero on your touchtone telephones. 0:28 28 seconds Participants please note that this conference call is being recorded. I'll now hand the conference over to Mr. Ru Dalui from Antique Stock Broking Limited. Thank you and over to you sir. 0:40 40 seconds Uh thank you Farah. A warm welcome to all the participants on Q4 and April 26 earning call of Sha Prop. Today we have 0:47 47 seconds Mr. Ardi Gupta chairman and managing director. Mr. SFO and Mr. Jkin Gutka company secretary on the call. Uh 0:55 55 seconds without any delay I would like to hand over the call to Mr. BNA for his opening remark. Thank you and over to you sir. 1:03 1 minute, 3 seconds Thank you Mr. Dalvi. 1:06 1 minute, 6 seconds Good afternoon and very warm welcome to everyone present on this call. Along 1:13 1 minute, 13 seconds with me I have Mr. Sales Mahendle our CFO and Mr. Jetkin Budka our company 1:21 1 minute, 21 seconds secretary and SGA our investor relations advisors hope you all have received our investor 1:30 1 minute, 30 seconds deck by now ladies and gentlemen I am very pleased 1:37 1 minute, 37 seconds to share that FY 202526 has been 1:46 1 minute, 46 seconds by every measure the best year in Sarda crop camp's history as a listed company. 1:55 1 minute, 55 seconds Despite the global headwinds from tariffs and recent war, 2:02 2 minutes, 2 seconds we have delivered our best ever annual PAT, our highest ever AIA and our strongest ever revenue performance. 2:12 2 minutes, 12 seconds And this has been achieved with consistent discipline quarter after quarter through a year 2:21 2 minutes, 21 seconds that presented both opportunities and challenges for global agrochemical industry. 2:28 2 minutes, 28 seconds The company expects this growth momentum to continue in the FY 2027. 2:36 2 minutes, 36 seconds Our performance is the result of years of patient investment 2:44 2 minutes, 44 seconds in product registrations, a clear and focused business model and the confidence that our customers and 2:52 2 minutes, 52 seconds suppliers continue to place with Sarda crop. 2:58 2 minutes, 58 seconds I thank every each member of our team for their dedication 3:04 3 minutes, 4 seconds and each of you for this call for your continued interest and trust. 3:13 3 minutes, 13 seconds As you are aware, we are engaged in the marketing and distribution of wide range of agrochemical products catering to a diverse global customer base. 3:26 3 minutes, 26 seconds We develop comprehensive dosias and obtain product registrations in our own name. 3:33 3 minutes, 33 seconds We continue to allocate substantial resources towards securing legislations 3:41 3 minutes, 41 seconds which strengthens our market presence and helps establish a sustainable foothold across the markets. 3:52 3 minutes, 52 seconds As on 31st March 2026, our total product registration stood at 3,11. 4:02 4 minutes, 2 seconds Additionally, 1,04 applications of product registrations globally are in the pipeline. 4:12 4 minutes, 12 seconds Coming to the industry dynamics, a global agrochemical market is showing signs of recovery driven by revival in 4:22 4 minutes, 22 seconds demand complemented by gradual recovery in the pricing. 4:28 4 minutes, 28 seconds Inventories have come to normal levels across distribution channels. 4:34 4 minutes, 34 seconds In Q426, our total revenues have grown by 13% to 262,65 4:44 4 minutes, 44 seconds crores with annual volume growth at 4%. 4:50 4 minutes, 50 seconds We have seen volume growth in Europe and Latam emerging as key contributors. 4:58 4 minutes, 58 seconds Volume from agrochemical segment grew by 5% and non-aggrochemical segment degrrew 5:06 5 minutes, 6 seconds by 2% yearon-year basis. 5:11 5 minutes, 11 seconds Our gross margins have expanded by 750 basis points to 37.3%. 5:20 5 minutes, 20 seconds As guided earlier, we expect the gross margins to be in similar range in FY 27. 5:31 5 minutes, 31 seconds Abita for the quarter stood at 513 crores which is a growth of 75% on Y2Y basis with margins of 24.8%. 5:45 5 minutes, 45 seconds For FY27, we are on track to maintain healthy AITA margins in the range of 18 to 20%. 5:57 5 minutes, 57 seconds PAT for the quarter stood at 319 crores showcasing a growth of 57% yearto-year basis. 6:16 6 minutes, 16 seconds Working capital days stood at 98 days as on 31st March 2026 6:23 6 minutes, 23 seconds showing an improvement by work 20 days as compared to March 2025. 6:30 6 minutes, 30 seconds AEX for FY26 stood at 505 crores. 6:35 6 minutes, 35 seconds Looking at the performance, the board of directors have recommended a final dividend of rupees 9 per equity share 6:45 6 minutes, 45 seconds along with the interim dividend of rupees 6 per equity share paid in December 2025. 6:53 6 minutes, 53 seconds The total dividend for 2026 FY26 is aggregates to rupees 15 per share. 7:02 7 minutes, 2 seconds With this brief overview, I now like to hand over the call to a CFO, Mr. Sales 7:10 7 minutes, 10 seconds Mahendel for discussing our financial performance. Thank you everybody. Thank you once again. 7:22 7 minutes, 22 seconds Thank you sir. Good afternoon everyone. 7:24 7 minutes, 24 seconds Coming to quarter 4's FY26 performance revenue stood at rupes 265 crores in 7:32 7 minutes, 32 seconds quarter 4 FI26 versus 1,829 crores in quarter 4 FI25 with an increase of 13% year-on-year. 7:41 7 minutes, 41 seconds Coming to the split, agrochemical business grew by 14% year-on-year basis to rupees 1,927 7:49 7 minutes, 49 seconds crores whereas the non-aggrochemical business degar to rupes 138 crores. Gross margin stood 7:58 7 minutes, 58 seconds at 37.3% in quarter 4 FY26 as against 29.8% in 8:04 8 minutes, 4 seconds quarter 4 FY25 with an increase of 750 basis points. AITA grew by 75% which 8:12 8 minutes, 12 seconds stood at rupees 513 crores with AITA margin at 25%. 8:18 8 minutes, 18 seconds PAT stood at rupees 319 crores versus rupees 204 crores last year showing a 8:24 8 minutes, 24 seconds 57% growth year-on-year basis. Coming to the fullear financial at 26 per 8:30 8 minutes, 30 seconds performance revenue stood at rupes 5,268 crores in FI26 versus rups 4320 crores 8:39 8 minutes, 39 seconds in FI25 with an increase of 22% year-on-year basis. Coming to the split, agrochemical business grew by 25% 8:48 8 minutes, 48 seconds yearonear to rupes 4,717 crores whereas the non-aggrochemical business grew by 1% yearon year to rupes 8:57 8 minutes, 57 seconds 551 crores. Gross margin stood at 35.9% in FI26 as against 29.9% in FI25 9:07 9 minutes, 7 seconds increase of 600 basis point. EITA for FY26 stood at rupees 1,040 crores with 9:14 9 minutes, 14 seconds that EITA margin at 19.7% showcasing 69% year-on-year growth. Pat 9:21 9 minutes, 21 seconds stood at rupees 681 crores in FI26 versus rupes 304 crores in FI25 with an increase of 124% on year-on-year basis. 9:33 9 minutes, 33 seconds We remain debt-free company and have cash bank liquid investment of rupes 702 crores as on 31st March 2026. We can now open the floor for question and answers. 9:44 9 minutes, 44 seconds Thank you. 9:47 9 minutes, 47 seconds Thank you very much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star 9:55 9 minutes, 55 seconds and one on the touchdown telephone. If you wish to remove yourself from the question queue, you may enter star and two. Participants are requested to 10:04 10 minutes, 4 seconds please use only handsets while asking a question. We will wait for a moment while the question queue assembles. 10:11 10 minutes, 11 seconds The first question is from the line of Anub Mukharji from Preston Capital. Please go ahead. 10:18 10 minutes, 18 seconds Hello uh sir uh thanks for the opportunity and congrats for the great result. My first 10:25 10 minutes, 25 seconds question is that for the current quarter the revenue growth was 13% and volume growth was 4.3%. 10:33 10 minutes, 33 seconds Can you sh can you share like what was the contribution of for and like I realiz year for the current quarter. 10:44 10 minutes, 44 seconds Mr. Mukharji your first sentence was clear and loud but second and third sentences have become very uh dim. So 10:52 10 minutes, 52 seconds can you repeat the second and third sentences of your question once again? 10:58 10 minutes, 58 seconds Sure sir. Sir I was asking that uh for the current quarter uh Q4 FI26 the volume growth was 4.3% and revenue 11:07 11 minutes, 7 seconds growth was 13%. Can you uh share the contribution of like uh realization increase and forex year on year uh for the current quarter? 11:20 11 minutes, 20 seconds Yes sir. Sir for the please uh don't confuse the people current quarter is April to June FY 27. 11:28 11 minutes, 28 seconds Sorry I last quarter. So let us say last quarter and not the current quarter. Anyway 11:36 11 minutes, 36 seconds the volume growth for the fourth quarter was 4.3% plus 11:44 11 minutes, 44 seconds forex impact was plus 11.7%. 11:50 11 minutes, 50 seconds Price and product mix impact was minus 3.0%. 11:57 11 minutes, 57 seconds Total growth was plus 12.9%. Thank you. 12:04 12 minutes, 4 seconds Uh thanks sir and sir can you please share the theme for the entire financial year? 12:11 12 minutes, 11 seconds Yes please. 12:18 12 minutes, 18 seconds For the entire financial year, the volume growth was 13.4%. 12:25 12 minutes, 25 seconds FX impact was plus 10.3%. 12:31 12 minutes, 31 seconds Price and product mix impact was - 1.8%. 12:37 12 minutes, 37 seconds And total growth was 21.9%. 12:43 12 minutes, 43 seconds Uh thanks uh for the information. Uh thank you sir. Uh we have been uh hearing that uh prices of agrochemicals 12:52 12 minutes, 52 seconds from China uh have been witnessing uh like a major spike since like the war broke out in 12:59 12 minutes, 59 seconds Middle East. So are we also witnessing like uh a major increase in our procurement price from China? 13:08 13 minutes, 8 seconds No sir, I would I would clarify there's no major increase there. There could be 13:15 13 minutes, 15 seconds a small increase in some products but it's not an overall trend as on now up to now. 13:25 13 minutes, 25 seconds Get that and sir uh the uh uh realization and product impact was negative as you mentioned for the coin 13:34 13 minutes, 34 seconds quarter. Uh sir can you please share what are you witnessing like in terms of uh price realization 13:42 13 minutes, 42 seconds in your like uh major markets like Natan uh and NAFTA and Europe 13:49 13 minutes, 49 seconds there is nothing to worry the prices have been stable and there has been a slight increase in the prices. 13:57 13 minutes, 57 seconds get that and uh uh sir can you please share the u uh like uh like guidance for 14:05 14 minutes, 5 seconds the revenue growth for the uh like FI27 uh and also specifically for each of the 14:12 14 minutes, 12 seconds regions see each of the regions it will be not proper for me to elaborate because it 14:20 14 minutes, 20 seconds all depends on many factors which are not in anybody's control particularly weather and the current war situation 14:27 14 minutes, 27 seconds and all those things you know but I can say for the FY27 14:33 14 minutes, 33 seconds we expect the revenue to grow about 10 to 15% 14:39 14 minutes, 39 seconds gross margins to stay around 35% plus or minus uh 14:46 14 minutes, 46 seconds few% and a beta will be 18 to 20%. 14:55 14 minutes, 55 seconds Thanks sir and sir uh Mr. Mukharji uh could you return to the question queue we have participants awaiting their turn. 15:03 15 minutes, 3 seconds Sure I'll get back in queue. Thanks. 15:05 15 minutes, 5 seconds Thank you. The next question is from the line of Disha from Sapphire Capital. Please go ahead. Hello. 15:14 15 minutes, 14 seconds Yes. Am I am I audible sir? Yes madam. 15:18 15 minutes, 18 seconds Yes. Congratulations sir for a great set of numbers despite the challenging geopolitical environment. So my question was again so on the margin as we guided 15:26 15 minutes, 26 seconds for gross margins 35% and EIA of 18 to 20%. So what is giving us the confidence of being able to sustain these margins 15:33 15 minutes, 33 seconds in the back of such volatile environment and any raw material price increase will we be able to pass pass this on completely to customers? If you could 15:41 15 minutes, 41 seconds just elaborate a bit more on that that'll be really helpful. 15:45 15 minutes, 45 seconds Madam you have put three questions in you please answer ask one by one I'll answer you that will be more precise can 15:53 15 minutes, 53 seconds you repeat your questions one by one so firstly sir if you could just highlight what is giving us this confident of being able to maintain high 16:01 16 minutes, 1 second margins in such volatile environment madam our feel of the market our 16:08 16 minutes, 8 seconds communications uh with our customers on a regular basis and the general situation that gives us this confidence. 16:19 16 minutes, 19 seconds Okay. And so this raw material price hikes, will we be able to completely pass this on to the customers? What is the situation there? 16:27 16 minutes, 27 seconds Normally we are able to pass because uh the competition is limited. We are not dealing with products which are freely 16:35 16 minutes, 35 seconds tradable and registration process is very expensive and uh time consuming and not very interesting to most of the investors. 16:44 16 minutes, 44 seconds So the competition is also limited for the agrochemical products particularly in developed markets and that gives us a 16:54 16 minutes, 54 seconds confidence that in and so far it has been our experience 80 to 90% we have been able to pass the 17:01 17 minutes, 1 second price increase of the raw materials and the customers have very gracefully accepted it. 17:08 17 minutes, 8 seconds Okay. 17:10 17 minutes, 10 seconds Unless there's a unique situation where there's a lot of product in the pipeline and in the uh sort of storage those are 17:19 17 minutes, 19 seconds only special but in the normal cases most of the price increases are able we are able to pass on to our customers. 17:26 17 minutes, 26 seconds Okay that is great to know sir. So so and the next thing was on our revenue growth. So in our interview on television we we mentioned this year 17:33 17 minutes, 33 seconds we're targeting 18 to 20% sort of growth and this and right now you just mentioned that we are targeting 10 to 15%. So is this are we being too 17:42 17 minutes, 42 seconds conservative? How should we look at that? 17:45 17 minutes, 45 seconds If I have said 18 to 20% then maybe I misstated you know I would say it will be 10 to 15%. 17:53 17 minutes, 53 seconds Okay. Okay. And then just I was talking about EIA because 18 to 20% was EITA and not the revenue growth. 18:01 18 minutes, 1 second Okay. So 10 to 15% is what we should work with, right? Yes. Yes. Okay. And just the last question. 18:08 18 minutes, 8 seconds So I was looking at the segmental breakups in the agrochemical sector particularly in the NAFTA. I think we've seen some revenue growth by 6%. So what was the cause for that? 18:19 18 minutes, 19 seconds No specific cause. It could be based on the weather conditions and the economic situations in United States. 18:30 18 minutes, 30 seconds Okay. But no major challenge as such. No. Okay. Okay. That is it from my side. Thank you so much and all the best. 18:37 18 minutes, 37 seconds Thank you. Thank you. 18:39 18 minutes, 39 seconds The next question is from the line of Rajat Satya from I thought PMS. Please go ahead. 18:47 18 minutes, 47 seconds Mr. Satya, your line is unmuted. Please ask your question. Yeah. Hi, can you hear me? Okay. Yeah. Yes. Yes. Please go ahead, sir. 18:56 18 minutes, 56 seconds Okay. Thanks. So, sir, uh my first question is uh about the gross margins. 19:01 19 minutes, 1 second So, if we remove the impact of uh forex volatility uh what would be the gross margins for the company for the whole year? 19:12 19 minutes, 12 seconds Sir, I have stated it'll be around 35%, it could be 36, 37% or it could be 34%. 19:19 19 minutes, 19 seconds Oh no sir sorry sorry I'm I didn't mean for the next year guidance like this year we have reported 36% gross margins 19:29 19 minutes, 29 seconds and uh the lot of contribution from forex exchange movement as well so I'm 19:36 19 minutes, 36 seconds just wondering if we strip off the forex movement uh from the numbers what will be the gross margins 19:45 19 minutes, 45 seconds that this will require some calculations which I'm not uh ready during this uh phone call, you know. 19:52 19 minutes, 52 seconds Sure, I understand. So, is it possible to uh touch base on this point later on through the investor relations team or uh by any other means? 20:03 20 minutes, 3 seconds Yes, it is possible. 20:06 20 minutes, 6 seconds Thank you. I will touch base on this later later on. Uh and and sir, uh what was the gross margins in Europe in this quarter as well as the full year? 20:20 20 minutes, 20 seconds 1 minute. 20:24 20 minutes, 24 seconds The gross margins in Europe was 41.5% in this quarter and the whole year 20:34 20 minutes, 34 seconds it was also 40 42.5%. 20:40 20 minutes, 40 seconds Thank you sir. Answer what was the volume growth in Europe in uh FI26 full 20:47 20 minutes, 47 seconds year volume growth was about 16%. 20:56 20 minutes, 56 seconds 16% and uh in terms of the outlook for next year for Europe do you see uh similar 21:04 21 minutes, 4 seconds uh yes growth or okay similar growth? No, we see the sim. 21:10 21 minutes, 10 seconds Okay, understood. Sir, one uh question about the forex losses that we reported in Q4. 21:18 21 minutes, 18 seconds Uh so if we look at the USD EUR uh you know euro uh movement during the last 21:27 21 minutes, 27 seconds quarter, it was pretty much in a very tight range of 1.15 to 1.7 and yet we 21:34 21 minutes, 34 seconds reported 26 crores of forex losses. Uh so I was just uh confused or if you can help us understand 21:41 21 minutes, 41 seconds uh despite such a tight movement between USD and euro there were still losses uh on forex side. 21:50 21 minutes, 50 seconds I would request Mr. 21:52 21 minutes, 52 seconds Shales Mahendra our CFO to answer this question. 21:57 21 minutes, 57 seconds Yeah. So this un this particular forex loss which is reported in quarter 4 is 22:04 22 minutes, 4 seconds mainly on account of unrealized forex loss on the realignment of foreign currency trade payables. Right? So that 22:13 22 minutes, 13 seconds is the only uh this is unrealized loss which is accounted uh so euro USD moment 22:20 22 minutes, 20 seconds is uh not really uh that uh moment there is no but this is on on account of the 22:26 22 minutes, 26 seconds realignment of USD uh realignment loss Mr. Mr. Rajat I'll elaborate here 22:35 22 minutes, 35 seconds these losses are calculated for the exchange rate which is there on the last day of the quarter 22:42 22 minutes, 42 seconds but this this does not reflect the total trend the last days there could be many reasons and that's becomes the uh key 22:50 22 minutes, 50 seconds factor after 2 days the situation may change if the dollar 22:56 22 minutes, 56 seconds euro exchange rate changes so all this is unrealized loss it is actual loss. Understood. 23:04 23 minutes, 4 seconds Got it, sir. Thank you. And sir, what was sales return during uh full year? 23:12 23 minutes, 12 seconds Sales return was not very significant. 23:14 23 minutes, 14 seconds I'm not ready with this information because it was not so significant. 23:20 23 minutes, 20 seconds So answer if you can help us understand non agrochemical uh segment where we went the whole year we grew by probably 23:27 23 minutes, 27 seconds 1% or so. So what's happening in that segment? give chance to some other uh uh speaker you had questions and wait in the queue for the next round. 23:39 23 minutes, 39 seconds Sure sir. Thank you. Thank you. 23:41 23 minutes, 41 seconds Thank you. The next question is from the line of Raju Dali Antique Stock Broking. Please go ahead sir. 23:48 23 minutes, 48 seconds Yeah. Uh hi sir. Uh so uh my question regarding your topline uh res growth. So we are guiding 10 to 15% of a problem 23:55 23 minutes, 55 seconds but if you look at with technical prices Mr. Dali 24:03 24 minutes, 3 seconds can you please speak can you speak a little uh slowly and little more loudly because we are not able to uh get your questions slowly and loudly. 24:15 24 minutes, 15 seconds Okay sir. Uh is it is it audible now? No it is more audible more clearer. 24:21 24 minutes, 21 seconds audible was before also but not thank you sir so uh my question regarding the uh topline growth guidance 24:29 24 minutes, 29 seconds for fa 27 that we are writing 10 to 15% kind of a topline growth uh but if you look at in terms of cre prices for the 24:37 24 minutes, 37 seconds agrochemical prices of agrochemical increase by 10 to 15% uh on a sequential 24:44 24 minutes, 44 seconds basis so are we expecting only price growth and volume growth will be lower 24:51 24 minutes, 51 seconds how how we are we are guiding 10 to 15% topline growth so that I wanted to understand 24:58 24 minutes, 58 seconds Mr. Delvi I am not doing all these detailed calculations. I have given you my impression and the feelings that we 25:05 25 minutes, 5 seconds have about the year financial year 2027. 25:12 25 minutes, 12 seconds All these are just impressions they can change and uh this is just my impression as on today. 25:21 25 minutes, 21 seconds Understood. And uh one question uh for uh sle. So uh how much tax rate we can 25:28 25 minutes, 28 seconds work for 27 and 28 because if I look at last two years tax rate uh as a as the PV that was roughly 20%. So now how much we can work it? 25:41 25 minutes, 41 seconds Yeah. So uh the the effective tax rate could be between 18 to 20%. 25:48 25 minutes, 48 seconds 18 20%. Okay. 25:50 25 minutes, 50 seconds 18 to 20% because globally we are having different tax rates applied. 25:56 25 minutes, 56 seconds H yeah. Okay. 26:02 26 minutes, 2 seconds Yeah. Okay. Okay. Uh thank you sir. Uh thanks. Uh that's all from my end. 26:07 26 minutes, 7 seconds Thank you. The next question is from the line of Vive Gotham from GS Investment. Please go ahead. 26:14 26 minutes, 14 seconds Yeah. Congratulations on a very good set of numbers. Uh my question is sir um a is an IPled motored business with 26:23 26 minutes, 23 seconds registration not getting registration is not that easy uh but still uh sort of uh 26:30 26 minutes, 30 seconds trading we are getting uh being treated like a trading company and how to counter that and it has been a very hard 26:37 26 minutes, 37 seconds work of yours for the last so many years so that we have been able to reach to this level so how how can you counter 26:44 26 minutes, 44 seconds that oppression that is not a trading company it's an IPled promoted business sir and the second thing was yeah first question is this sir yeah 26:54 26 minutes, 54 seconds sir who has said that we are treating ourselves as a trading company my always statement that we are a 27:01 27 minutes, 1 second marketing company and for this marketing uh registrations is the 27:08 27 minutes, 8 seconds most important and very strong requirement to market the products and we are not doing trading that buying 27:16 27 minutes, 16 seconds a few kilograms here and there and selling and all that. We are only selling we buying from our regular 27:24 27 minutes, 24 seconds suppliers and selling to our regular customers. 27:29 27 minutes, 29 seconds Yeah. Yeah. Yeah. Very I agree with that sir and the numbers also show that ours is a zero debt company good cash good ROC but somehow perception is there. So 27:38 27 minutes, 38 seconds I just wanted to uh say ask about the per how to change the perception sir that is most important and second thing 27:46 27 minutes, 46 seconds perception people who are having the perceptions we are not having that perception thing was about uh this uh uh inventory this write off which we had in 2022. 27:58 27 minutes, 58 seconds So uh any what have been the learning from that and how are we able to uh how can we be able to counter it? So because 28:07 28 minutes, 7 seconds our is an asset light model so inventory which we will have to carry on or sort of this time we have learned the lessons and it will not be that CBS in 2022. 28:19 28 minutes, 19 seconds Mr. Vive I don't know whether you heard that inventory situation was not created 28:26 28 minutes, 26 seconds or caused by any states by Sharda crop game. 28:31 28 minutes, 31 seconds This was created by the lot of players in the market. 28:36 28 minutes, 36 seconds who had seen a big uh scarcity of products during the corona and times. 28:44 28 minutes, 44 seconds So when that the hunger for the sourcing the products continued and it 28:51 28 minutes, 51 seconds got extended very long. So every everybody wanted to buy whatever was available and the manufacturers had also increased 29:00 29 minutes their capacity. So they were able to deliver and supply as much as the people wanted. It was only after some 29:08 29 minutes, 8 seconds quarters or months the market realized that there's a lot of in the pipeline and in warehouses. 29:17 29 minutes, 17 seconds So it was not any step done by an individual company like Sarda came. We were only facing the situation but we 29:25 29 minutes, 25 seconds were not having any contribution to the cause of the situation. Understood. 29:30 29 minutes, 30 seconds Got it sir. And uh that is the future is looking quite good for us and I believe in our numbers are 29:38 29 minutes, 38 seconds quite good and future is also all the best for those things sir. Thank you very much. Thank you sir. 29:44 29 minutes, 44 seconds Thank you. The next question is from the line of Madu Agra from Agraal family office. Please go ahead. 29:52 29 minutes, 52 seconds Hi Mr. Bner. So I have a couple of questions. One is on the inventory increase or the inventory normalization 29:58 29 minutes, 58 seconds that we have seen. Do we have a sense of whether this is restocking or it is sell through demand to the end market? 30:07 30 minutes, 7 seconds Madam, I would only comment that today the inventory situation is uh absolutely under control and very well managed. 30:18 30 minutes, 18 seconds Okay. And my other one is um we have about a thousand molecules currently under um application. 30:25 30 minutes, 25 seconds Uh are there any that we are expecting to come through in this uh financial year? 30:32 30 minutes, 32 seconds Your question is very general and my reply is yes. We expecting many registrations to come in this financial 30:38 30 minutes, 38 seconds year but uh I have been repeating that the process of registration is full of uncertaintities. 30:45 30 minutes, 45 seconds Nobody can plan and collect calculate that I'm going to get this registration in this month or this year 30:54 30 minutes, 54 seconds because the requirements of the authorities keep on changing and uh the process of registrations also requires 31:01 31 minutes, 1 second lot of field trials and field trials have to be repeated. So these are all dependent upon the weather conditions 31:10 31 minutes, 10 seconds and controlled by the bureaucracies in every country that we want to register the product and the bureaucracies are 31:19 31 minutes, 19 seconds really bureaucratic sometimes they meet I mean if they are supposed to meet once in a quarter sometimes they don't meet for two three quarters 31:27 31 minutes, 27 seconds so that is affecting the space and speed of the registration which for which we have no control and that is not 31:35 31 minutes, 35 seconds highest priority thing for the bureaucrats. Am I clear? Sure. 31:42 31 minutes, 42 seconds Sure. I understand that. So then the 10 to 15% topline growth that we are guiding is not assuming any new molecules, right? It's assuming our current product portfolio only. 31:53 31 minutes, 53 seconds No, your statement is not correct. I have not said that we do not expect any registrations in the current year. 32:01 32 minutes, 1 second I have said I cannot tell you precisely how many but we are definitely going to get registrations during this year and 32:10 32 minutes, 10 seconds we are very optimistic about getting good amount of registrations in the current financial year for financial year 2027. 32:19 32 minutes, 19 seconds Understood. Okay. So the topline growth then assumes a certain number of registrations will come through. We don't know how many but it assumes current portfolio and new registrations. 32:29 32 minutes, 29 seconds My understanding is correct. Now one minute the topline growth is not fully dependent upon the registrations that we 32:38 32 minutes, 38 seconds get the this only changes the needs and requirements and other economic factors 32:45 32 minutes, 45 seconds but not the growth because the agriculture remains the same and agricultural needs uh agrochemicals as well as fertilizers. 32:56 32 minutes, 56 seconds Right? 32:58 32 minutes, 58 seconds You understand? And they keep on increasing because the increase in the population of the world and need of uh agricultural products. 33:13 33 minutes, 13 seconds Understood. 33:17 33 minutes, 17 seconds Sure. I think that's all for now. Thank you. Thank you. 33:20 33 minutes, 20 seconds Thank you. The next question is from the line of Ru Dalui from Antique. Please go ahead. 33:32 33 minutes, 32 seconds Uh Mr. Zali, you can ask your question. 33:35 33 minutes, 35 seconds Okay, we'll move on to the next question. It's from the line of Rohit Nadrj from 361 Capital. Please go ahead. 33:42 33 minutes, 42 seconds Uh thanks for the opportunity and congrats on a very strong set of numbers. Uh so first question is on 33:49 33 minutes, 49 seconds China sourcing. Uh so post the war have we seen uh any challenges in terms of 33:56 33 minutes, 56 seconds availability of material in China uh and that uh I mean in the last say two two and a half months. Thank you. 34:06 34 minutes, 6 seconds No sir there's not no challenges in the sourcing of products in view of this war or the current situation. 34:15 34 minutes, 15 seconds Only thing is there's a there's a uncertainty in the minds of the people and that what will happen if this 34:22 34 minutes, 22 seconds happens or that happens but that has not impacted the supplies till date 34:29 34 minutes, 29 seconds and nobody can predict what turn the war will take after one week or after 1 month or after 6 months nobody can 34:37 34 minutes, 37 seconds predict lot of uncertainty is there about the war and I'm very positive that there'll always be a solution rather than things going so much out of control. 34:48 34 minutes, 48 seconds Got that sir. Uh the second question is uh in terms of logistic uh availability 34:54 34 minutes, 54 seconds uh have we seen any delays of shipments from China to any geography and the higher logistic cost 35:03 35 minutes, 3 seconds will we be completely you know transferring that to our product incrementally? Thank you. 35:12 35 minutes, 12 seconds you had again two two or three questions uh in this thing. Now I would say that we have not seen any what was your first question Mr. uh Rohit? 35:23 35 minutes, 23 seconds Uh yeah sir in terms of logistic have we seen any delays or non-availability of ships from transportation perspective from China to any geographies? 35:34 35 minutes, 34 seconds See I would not I mean I would say that the delays have been there but very insignificant not impacting or geopardizing our sourcing or transport. 35:47 35 minutes, 47 seconds Similarly there there have been a slight increase in the to cost but that is very insignificant 35:55 35 minutes, 55 seconds and none of particularly for our business and for sa crop came none of the 36:03 36 minutes, 3 seconds uh transportation is going through the farmos and Iran and Iraq area they are going through south of Africa so there's 36:12 36 minutes, 12 seconds a increase in the time of the transportation but otherwise things are under controlled and very normal. 36:20 36 minutes, 20 seconds God, sir. Uh, thanks for answering all the questions and all the best, sir. Thank you. 36:24 36 minutes, 24 seconds Thank you. The next question is from the line of Van from Mass Investments. Please go ahead. 36:30 36 minutes, 30 seconds Hi sir. In the Q3 call, uh, you gave guidance for FI27 where you mentioned that 15% volume 36:38 36 minutes, 38 seconds growth is achievable. So the current guidance you have given 10 to 15%, is it the volume growth that you are given? 36:48 36 minutes, 48 seconds He said uh I have not said that volume will be 15% and this I have said the business will grow by 10 to 15%. 36:57 36 minutes, 57 seconds Revenue will grow by 10 to 15%. 37:01 37 minutes, 1 second Okay. So this includes volume plus price both kind of. Yes. Okay. 37:07 37 minutes, 7 seconds Okay. Because uh I was recolcting from the Q3 call where you mentioned 15% volume growth is achievable. So wanted to clarify on that. 37:16 37 minutes, 16 seconds Okay, I'm very happy that you're remembering these questions. I'm very happy. Thank you. Thank you, sir. 37:24 37 minutes, 24 seconds Thank you. The next question is from the line of Kush Bava from Bafna Brothers. Please go ahead. 37:30 37 minutes, 30 seconds Uh good afternoon and uh congratulations on a great set of numbers. Sorry, I'm coming back to this point but I had attended the previous call after quarter 37:38 37 minutes, 38 seconds 3 and one Mr. Anub Mukharji if I remember the name right had asked guidance for FI27 revenue and you had 37:45 37 minutes, 45 seconds mentioned 15 to 20% that time I just rechecked the transcript and I saw that so that guidance is being changed now to 10 to 15% right I just wanted to confirm 37:54 37 minutes, 54 seconds that I don't remember when I mean maybe last time I say 15 to 20%. Mhm. 38:02 38 minutes, 2 seconds But uh today for the coming year my uh h feeling is that it will be about 10 to 38:09 38 minutes, 9 seconds 15%. It could go up and we will not stop if it goes up. 38:15 38 minutes, 15 seconds Yes sir. Right sir. Thank you sir. Thank you. All the best. Yes. 38:20 38 minutes, 20 seconds Thank you. The next question is from the line of Vijay Yadhav. Please go ahead. 38:27 38 minutes, 27 seconds What would be what would be the volume growth for FY27 sir? 38:33 38 minutes, 33 seconds Sir I can only project I don't have detailed calculations to tell you what will be it would be it should be around 15%. 38:42 38 minutes, 42 seconds Volume growth volume growth yes so that means uh when the revenue grows by 10 to 15% and the volume is growing 38:51 38 minutes, 51 seconds by 15% that means there is a drop in realization. 38:55 38 minutes, 55 seconds I cannot comment on that. I've just given you an impression. 39:03 39 minutes, 3 seconds So you are not expecting any foreign impacts in the next years. 39:08 39 minutes, 8 seconds I have never said so. This forest impact is not under my control. 39:14 39 minutes, 14 seconds We only have to face the situation and uh handle it as and when the situation unfolds in front of us. 39:21 39 minutes, 21 seconds But this 10 to 15% is on the lower side or that or is that is is our best chance sir. 39:30 39 minutes, 30 seconds I have said 10 to 15% but I have also said it can go up and it can also go down depend upon lot of factors which we cannot foresee today. 39:40 39 minutes, 40 seconds Okay sir. Thank you so much. Thank you. Thank you. 39:44 39 minutes, 44 seconds The next question is from the line of Anubhab Mukharji Christian. Please go ahead. 39:50 39 minutes, 50 seconds Uh sir, thanks for the follow-up opportunity sir. Uh the strong revenue growth uh that the company has shown in 39:58 39 minutes, 58 seconds the last two years uh have we benefited from like uh launch of uh like uh any 40:06 40 minutes, 6 seconds generic uh for any agrochemical that has gone off patent in the last two years in uh North America or Europe. 40:16 40 minutes, 16 seconds See I think there are there are some products which have gone off uh you said of patent. 40:23 40 minutes, 23 seconds Yeah. This is a normal trend in the market. 40:28 40 minutes, 28 seconds Some products go off patent and some products go even banned and new products come in with the new registrations. So 40:37 40 minutes, 37 seconds this is a normal process. There's nothing very specific or very u sort of controlling that I can point 40:47 40 minutes, 47 seconds out to you. This is a absolutely normal process. 40:53 40 minutes, 53 seconds Okay sir. And sir, will it be possible to share the contribution of like top five or 10 products to our revenue? 41:02 41 minutes, 2 seconds Uh I think it would be possible. Give me a few minutes. 41:11 41 minutes, 11 seconds Sure. 41:18 41 minutes, 18 seconds See, I would say top five the contribution is about uh 22 36. 41:30 41 minutes, 30 seconds So the top five the contribution is about he says it's 22%. But uh I think it could be more. 41:38 41 minutes, 38 seconds Okay. 41:40 41 minutes, 40 seconds And sir the contribution uh has remained in the same range over last 2 three years or have we seen like some 41:48 41 minutes, 48 seconds particular molecule like contributing a lot of growing Mr. Mukharji this is a business. 41:59 41 minutes, 59 seconds So the contribution keep on going up and down from product to product depending 42:05 42 minutes, 5 seconds upon uh supply and demand and many other factors. 42:10 42 minutes, 10 seconds So I cannot say specifically that this is because of this factor. 42:18 42 minutes, 18 seconds Thanks sir. I'll get back in the Thank you. 42:21 42 minutes, 21 seconds Thank you. Next question is from the line of Rajat Satya. I thought PMS please go ahead. 42:28 42 minutes, 28 seconds Thanks sir. Uh uh sir, what would be the revenue from new products that we would have launched in the last 3 years? 42:39 42 minutes, 39 seconds What did you say? New products in the last 3 years. 42:42 42 minutes, 42 seconds Yes sir. The revenue from those products let's say last three four years. 42:48 42 minutes, 48 seconds I can make a guess it could be about 30%. 42:53 42 minutes, 53 seconds Okay. Sure sir. Answer. Uh if you can also share the region wise you have shared Europe uh gross margins in 43:02 43 minutes, 2 seconds Europe. If you can also share gross margins in other geographies for the quarter as well as for the whole year. 43:09 43 minutes, 9 seconds Yes sir. 43:14 43 minutes, 14 seconds Now I I given you the figures for Europe. 43:18 43 minutes, 18 seconds Yeah. Yeah, gross mar uh gross margin 43:23 43 minutes, 23 seconds uh in NAFTA region was 28% uh in the 43:28 43 minutes, 28 seconds quarter quarter 4 and uh 25% for the year 20 uh 2526 43:39 43 minutes, 39 seconds for latam it was 28% and 25%. 43:45 43 minutes, 45 seconds Rest of the world it was 46% and 43%. Answer Europe for the full year. 43:54 43 minutes, 54 seconds Europe for the full year was uh 42% 42.5%. Approximately 42%. 44:01 44 minutes, 1 second Right. And you can also talk about the non agrochemical segment little bit. How are you seeing the outlook now? Last 44:10 44 minutes, 10 seconds year was pretty flat in terms of our volume growth or the overall revenue growth, business growth. 44:18 44 minutes, 18 seconds Yes, I would say we should be able to grow about 5 to 10%. 44:24 44 minutes, 24 seconds Okay. And sir, how is the pricing scenario there or the margin overall? How are you seeing? 44:30 44 minutes, 30 seconds The margins have improved in the last year compared to previous years. 44:36 44 minutes, 36 seconds Okay. And the reason would be our product mix or the pricing scenario has changed. 44:43 44 minutes, 43 seconds Reason for which uh you mean agro? 44:46 44 minutes, 46 seconds For margin improvement uh nonaggro margin improvement. 44:51 44 minutes, 51 seconds See nonagro is a special kind of business. 44:57 44 minutes, 57 seconds I mean we are not stocking and selling and you can so every time the customer gives us a requirement it's a specific 45:05 45 minutes, 5 seconds requirement for every customer you know depending upon the specification width length and content of the conveyor belts. 45:14 45 minutes, 14 seconds So after we receive an order we conclude the order we get quotations and then we start manufacturing. Goods are manufactured after having received a confirm. 45:29 45 minutes, 29 seconds Sorry sir, I I was not able to hear your last line. 45:33 45 minutes, 33 seconds What I'm saying like unlike agrochemicals the conveyor belt res uh business is uh 45:43 45 minutes, 43 seconds goods getting manufactured to the specific requirement of the customers. 45:50 45 minutes, 50 seconds You understand? So after the specifications are concluded and finalized. 46:02 46 minutes, 2 seconds Sure. So you mean uh it's a customized product. 46:05 46 minutes, 5 seconds It's a it's a made to order not already made and then supplied. 46:11 46 minutes, 11 seconds Sure. Sure. So so sir what led to margin improvement? Uh I was not able to understand that part. 46:21 46 minutes, 21 seconds See what did you say margin improvement? 46:25 46 minutes, 25 seconds Yeah. What is driving the improvement in margin? 46:29 46 minutes, 29 seconds Uh because now we are seeing the trend that we are having very good demands more requirements and we are able to 46:36 46 minutes, 36 seconds improve over the margins because the demand is also improving. 46:41 46 minutes, 41 seconds Got it. Got it sir. And sir over the next two three years uh what is the kind of opportunity that 46:49 46 minutes, 49 seconds exist from uh from new from the products which are going off patent and have are 46:56 46 minutes, 56 seconds we registering for such products uh yeah Mr. 47:06 47 minutes, 6 seconds This uh process is not done by us. We are only seeing our innovators, our gurus who invented the products. They are planning much ahead in advance. 47:18 47 minutes, 18 seconds So they are doing all the R&D and developing the products and then they also have an exposure of uh selling 47:26 47 minutes, 26 seconds those products and the patent for the first 10 years. Our goal comes only thereafter. 47:34 47 minutes, 34 seconds So we choose and select from what is available to us and what is presented to us by the innovators. 47:43 47 minutes, 43 seconds Right. Right. Yes sir. That is what my question was like uh what is the opportunity you see from these products 47:51 47 minutes, 51 seconds going off patent in the next 2 three years? Now some products will continue to go off patent because as the 47:59 47 minutes, 59 seconds technology is developing some products which were have been used in the past they also have some weaknesses 48:08 48 minutes, 8 seconds some side effects on the health or climate and so many things. 48:13 48 minutes, 13 seconds So you know let us try to find out the products similar to them but without those uh weaknesses. 48:23 48 minutes, 23 seconds Sure. Sure. Tik uh it last I'm sorry to interrupt. So please return to the question Q. 48:31 48 minutes, 31 seconds Sure. 48:32 48 minutes, 32 seconds Thank you. The next question is from the line of Vive Gotham from GS Investments. 48:37 48 minutes, 37 seconds Please go ahead. Peter I just wanted to understand are the tailwinds for the agriculture and agrican sector uh back 48:45 48 minutes, 45 seconds as much better than past u and uh so it's helping us and companies like us for example and and Ukraine war any impact hasn't because Ukraine used to be 48:53 48 minutes, 53 seconds the grand of the world and the Europe sir you'll be very much surprised Mr. Vive 49:02 49 minutes, 2 seconds we continued we have been supplying our goods to Ukraine for the last 5 years even now 49:09 49 minutes, 9 seconds they are buying from us then ports have been destroyed that the goods are getting transported to European ports 49:17 49 minutes, 17 seconds and from European ports the trucks come from Ukraine and pick up the goods we are paying for the cost and then we are 49:26 49 minutes, 26 seconds able to pass it on to our customers but our business Ukraine is going on we are able we are getting orders on time and 49:33 49 minutes, 33 seconds we are getting payments on time. This is a very big surprise to the world but this is what is happening in agrochemical business. 49:43 49 minutes, 43 seconds People need food and they need food and they need also agrochemicals and I have not heard in the war that 49:52 49 minutes, 52 seconds some fields agricultural fields having got destroyed or damaged in they damage a lot of other things but not the agricultural fields. 50:02 50 minutes, 2 seconds me other than Ukraine also the same situation is prevailing in western Europe and US market in Africa and Brazil helping also supplying our goods 50:11 50 minutes, 11 seconds to Israel to give you an also selling to Israel. 50:19 50 minutes, 19 seconds Okay. Okay. So, so tangents are quite strong for our sector for agriculture and for agrochem as such worldwide. Yes sir. 50:28 50 minutes, 28 seconds Yeah. That is the key reason. The world population is increasing. The demand of agrochemical agrochemical products is 50:35 50 minutes, 35 seconds also agricultural products is also increasing. Correct sir. Correct. 50:43 50 minutes, 43 seconds Okay sir. Thanks sir. Thank you. 50:46 50 minutes, 46 seconds Thank you. The next question is from the line of Samir Desh Pande from Fair Deal Investments. Please go ahead. 50:55 50 minutes, 55 seconds Hello. 50:57 50 minutes, 57 seconds Thank you for the opportunity to uh bub this is uh really I would like to 51:04 51 minutes, 4 seconds congratulate you for the stupendous success and uh for the first time we cost 5,000 crores that has been a big 51:14 51 minutes, 14 seconds achievement for the company and the consistency is also really appreciable and uh as you 51:22 51 minutes, 22 seconds mentioned we are uh really surprised to understand that they have been supplying to Ukraine, Israel and almost. So 51:33 51 minutes, 33 seconds how many countries do we supply? Any rough uh idea? Beg your pardon? 51:41 51 minutes, 41 seconds Our exports are happening to what uh total number of countries any idea 51:48 51 minutes, 48 seconds about 70 to 75 countries around the globe. 51:52 51 minutes, 52 seconds Okay, really good. And the uh the niche we have developed with uh new new product registrations etc which last 52:01 52 minutes, 1 second year also we have I think uh we secured some 40 50 registrations from 2,950 to 3,000 plus and uh as you mentioned the 52:10 52 minutes, 10 seconds pace is unpredictable but uh it is good that slowly if we are in a position to 52:18 52 minutes, 18 seconds grab more it is going to benefit us more because of the limited competition which our regist product face in the countries 52:27 52 minutes, 27 seconds and uh it was nice to hear the Middle East crisis is not affecting our exports because we were fearing that maybe the 52:35 52 minutes, 35 seconds state of is likely to affect our export to Europe but uh I think you mentioned that uh it is not at all affecting us 52:44 52 minutes, 44 seconds and our freight costs are also in the similar range or so not affecting our gross margins. 52:51 52 minutes, 51 seconds So I uh our gross margin guidance is around 35%. Yes sir. For the next year. Good. 52:59 52 minutes, 59 seconds Yes sir. Yes sir. 53:01 53 minutes, 1 second Okay. And congratulations and uh we'll be happy to see the company growing at this brisk pace. 53:09 53 minutes, 9 seconds Thank you. 53:10 53 minutes, 10 seconds Thank you sir. We need your good wishes and motivation. 53:15 53 minutes, 15 seconds Surely thank you. Thank you. Thank you. 53:18 53 minutes, 18 seconds The next question is from the line of Madhur Rati from Counter Cyclical Investments. Please go ahead. 53:24 53 minutes, 24 seconds So thank you for the opportunity sir. If I look at our registration pipeline as well as uh the products that are uh 53:32 53 minutes, 32 seconds registration as well as pipelines. So the uh amount of intensity for incremental registration that we receive 53:38 53 minutes, 38 seconds YI as well as the registration that very stagnant for the past 3 four years. So 53:46 53 minutes, 46 seconds how should we look at our business going forward? Because one we say that the compet approval by uh authorities has uh uh 53:55 53 minutes, 55 seconds stretched. So how should we look at our uh competition going forward? 54:01 54 minutes, 1 second Sir your there was a echoing in your voice and uh the question I'll repeat my question I'll repeat my question sir so 54:09 54 minutes, 9 seconds I wanted one by one yes sir I'll yeah yes sir so I was trying to 54:17 54 minutes, 17 seconds understand sir the registration that we have sir in yi incremental whatever so 54:24 54 minutes, 24 seconds they were like 2,700 during fi22 right now there are 3,000 so there has not been a lot of jump over this 5 years. At 54:32 54 minutes, 32 seconds the same time, our pipeline has been closer to,000 or 1100 uh registration that we are planning to add. So, so the 54:39 54 minutes, 39 seconds incremental addition has got very slowed down versus what it was earlier. So, so how should we look at our business going 54:46 54 minutes, 46 seconds forward? Because on one side we mentioned that because of authorities stretching the registration timeline uh 54:55 54 minutes, 55 seconds competition is limited but also our own registration pipeline is getting impacted. So how do you look at our 55:03 55 minutes, 3 seconds business going forward from this perspective? 55:07 55 minutes, 7 seconds Mr. Mazul know just like when you go to have you have your meals or food Sometimes you are able to get some 55:15 55 minutes, 15 seconds sweets. Sometimes you get a special dish. Sometimes third special dish. So all those foods are capable of filling 55:22 55 minutes, 22 seconds filling your stomach and satisfying your uh hunger. 55:28 55 minutes, 28 seconds So this products that are new products are coming. They're more sophisticated, more safer to use and more effective. 55:36 55 minutes, 36 seconds But if they don't come that does not mean the agricultural stops. 55:40 55 minutes, 40 seconds Agricultural still continues with the older products. 55:45 55 minutes, 45 seconds So this has nothing to do with the growth of our business. 55:50 55 minutes, 50 seconds You understand? There were some products which were being used I know for last 20 years or 25 years for all all of sudden 55:57 55 minutes, 57 seconds banned that they say they caronic but they still being used for lot of times a lot of period in the history. 56:06 56 minutes, 6 seconds So yes, so I was trying to understand is please go. Sorry. 56:15 56 minutes, 15 seconds No, I'm listening. 56:17 56 minutes, 17 seconds Yes sir. So I was trying to understand that in going forward should we look at our realizations improving because of limited uh competition because of uh due 56:27 56 minutes, 27 seconds to the lower approvals by these authorities or how should I look at like that whatever new registration will come 56:34 56 minutes, 34 seconds they'll come their value as well as volume growth would be much higher for us going forward. So how should I look at our business? I was trying to understand on that front. 56:43 56 minutes, 43 seconds Mr. Madur Raji we are having not more than 5% of that market share globally 56:53 56 minutes, 53 seconds you understand so we have a lot of scope to improve market share if it goes from five to 6% 57:02 57 minutes, 2 seconds it's almost 20% increase in Sardakian business and these are not dependent upon a 57:10 57 minutes, 10 seconds particular product or particular registration it It is mainly depend dependent on our contacts market share 57:19 57 minutes, 19 seconds and the confidence that the customers are having in Sardakam's ability to supply the promised product in promise time and at promise value. 57:33 57 minutes, 33 seconds The new registration is not dictating the growth in the volume of the business. 57:40 57 minutes, 40 seconds Is it clear? 57:42 57 minutes, 42 seconds Yes sir. Sir, that was from me. Thank you so much and all. Thank you. 57:48 57 minutes, 48 seconds Thank you ladies and gentlemen. That was the last question. I now hand the floor over to the management for closing remarks. 58:02 58 minutes, 2 seconds Okay. 58:03 58 minutes, 3 seconds I would like to thank everyone who have joined us and for having spared their time to take part into this uh conference call. 58:13 58 minutes, 13 seconds I hope we have been able to answer all your queries. We look forward to such interactions in the future. 58:21 58 minutes, 21 seconds We hope to meet your expectations in the future. Also, in case you require any 58:28 58 minutes, 28 seconds further details, you may contact us or our strategic uh growth advisor. This is SGA, our investment relations partners. 58:39 58 minutes, 39 seconds Thank you very much. Have a nice day. 58:43 58 minutes, 43 seconds Thank you very much sir. On behalf of Antique Stock Broking Limited, that concludes this conference call. Thank you all for joining us and you may now disconnect your lines. Thank you.