Time Technoplast Limited — Q3 FY26

Time Technoplast Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=0UMFiD9KZJk Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to Q3 and 9 months FI26 earnings conference call of Time Technoblast 0:09 9 seconds Limited hosted by Kaviri Securities Private Limited. As a reminder, all participant lines will be in the listen 0:17 17 seconds only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this 0:26 26 seconds conference call, please signal an operator by pressing star 10 on your touchstone phone. Please note that this 0:34 34 seconds conference is being recorded. I now hand the conference over to Mr. Abijit MKkesh Buroit from Kavir Securities Private Limited. Thank you and over to you sir. 0:45 45 seconds Thank you Palak. Good evening ladies and gentlemen. Kavirat Securities welcomes you all for Q3 and 9 month FI26 earnings 0:53 53 seconds conference call of Time Technoplast limited. Today we have with us the management team which is represented by 1:01 1 minute, 1 second Mr. Bat Kumar Vageria managing director Mr. Ragupati Thiagar Rajan wholetime director Mr. Vishal Anil Jane 1:10 1 minute, 10 seconds non-executive director Mr. Hman Sony senior VP accounts and corporate planning and Mr. Mr. Himman Shuadya, 1:18 1 minute, 18 seconds senior manager finance and IR. Now without any further delay, I hand over the call to Mr. Bhat Kumar Vageria for 1:26 1 minute, 26 seconds his opening remarks post which we can open the floor for Q&A session. Thank you and over to you Bhat sir. 1:33 1 minute, 33 seconds Yeah. Uh thank you Aijit and good afternoon to all my valued and esteemed investor and respected colleague 1:42 1 minute, 42 seconds for your kind introduction to the management and it is both an honor and pleasure to address you today as present our 1:51 1 minute, 51 seconds financial and operational performance of Q3 and 9 month ended FY26 1:59 1 minute, 59 seconds along with our outlook for the remainder of the fiscal year. Our momentum remain strong in the 9 month with the 15% volume growth 11% rise in the revenue. 2:10 2 minutes, 10 seconds The gap is primarily due to lower of the raw material cost in spite of considering the exchange rate increased 2:18 2 minutes, 18 seconds which is also 3 to 4%. But the polymer prices are down more than that. Despite this uh we delivered solid operational 2:27 2 minutes, 27 seconds performance balancing volume strength with the effective revenue management. 2:32 2 minutes, 32 seconds The CG composite cascade segment is stood our with the robust 23% growth material boosting our overall performance with a strong contribution 2:40 2 minutes, 40 seconds from other composite products. Composite volume increased 21%. 2:46 2 minutes, 46 seconds Profit after tax rose to 21% yearon year underscoring our focus on the capacity increase in the capacity realization and 2:54 2 minutes, 54 seconds discipline in financial management particularly uh around the finance cost. 2:59 2 minutes, 59 seconds We are encouraged by the sustained demand for type four composite cylinder reflected in a healthy order book of uh 3:06 3 minutes, 6 seconds around 165 crores. This momentum is further supported by rising interest in our value added offering though 3:14 3 minutes, 14 seconds composite products which include LPG, CNG, oxygen and other composite product for automotive sector. Our industrial 3:21 3 minutes, 21 seconds packaging division also continues to perform steady with the confirmed order pipeline of the approximately more than 400 crores for the current calendar 3:30 3 minutes, 30 seconds across the both domestic and international markets. Our results reaffirm the resilience of our diversified business model and strong platform we have built for the future. 3:41 3 minutes, 41 seconds Moving forward, we will continue to pursue new opportunities and accelerated our transition toward the sustainable 3:48 3 minutes, 48 seconds environmentally responsible growth that deliver long-term value for every stakeholders. Now, let's to cover the key highlights for the quarter in the 9 months. 3:59 3 minutes, 59 seconds In the um water, the revenue stood to 1567 crores as against 1389 crores of 4:06 4 minutes, 6 seconds the same previous year. Ibida 236 cr as against 22 crores profit after tax 126 4:14 4 minutes, 14 seconds crores as against 101 crores in terms of the percentage sales increased by 13% which includes India 10% overseas 13%. 4:24 4 minutes, 24 seconds Volume increase 15% India 13% overseas 17% increased by 17% and paid increased by 25%. 4:34 4 minutes, 34 seconds In the 9 months similar you will see that the revenue increased to 4,433 crores as against 3,92 crores. IDIA 655 4:44 4 minutes, 44 seconds crores in the 9 month as against 575 of the previous year same period profit after tax 337 crores as against 278 cr 4:54 4 minutes, 54 seconds last year in terms of the percentage 9 months as I mentioned in my remarks also 11% sale increase volume increase 15% aida increased 14% paid increase 21%. 5:08 5 minutes, 8 seconds Now share of the business is also increased in terms of the valued product grew by 17% as compared to 9 month previous year. 5:19 5 minutes, 19 seconds Another thing you will see that the share of the valued product also is 30% from the total sales in the 9 month which previous year was 27%. 5:28 5 minutes, 28 seconds India and overseas business is also increasing because growth is higher in the overseas market and overseas we do only the packaging product and uh so 5:37 5 minutes, 37 seconds therefore the business level wise I can say India business 64% and overseas business is 36% which represent the 10 5:45 5 minutes, 45 seconds countries IDA margin India and overseas almost same I can say there's hardly difference 5:51 5 minutes, 51 seconds of.5% India IDA margin 15% overseas IDA margin is 14.5% Friends 6:00 6 minutes net cash from the operating activity is quarter on quarter is increasing now in the 9 month it is stood at 332 crores 6:09 6 minutes, 9 seconds and I'm pleased to tell you the total depth in 9 month reduced by 380 crores including the payments made for the crew 6:17 6 minutes, 17 seconds IP funds and now the total depth as of in the 9 month ended is stood only 266 6:24 6 minutes, 24 seconds cr as against 647 crores So I think it can be very clear visibility is there to have a complete debt free in the next 6 months time. 6:35 6 minutes, 35 seconds Capex in the 9 month 177 crores which included 80 crores regular maintenance 6:43 6 minutes, 43 seconds capex and the balance is regular maintenance automation re-engineering and the expansion 97 6:51 6 minutes, 51 seconds crores and this mostly of the capital expenses 6:58 6 minutes, 58 seconds are on account of the valued product where the company has a higher margin. 7:03 7 minutes, 3 seconds Now I want to draw your attention to couple of things which is the process for taken in the last quarter and 7:10 7 minutes, 10 seconds further planning and the projects which were undertaken time to time. So I will just tell something brief. Now for 7:18 7 minutes, 18 seconds example sale of the non-core assets which 18 years 18 months back decided 124 crores now only 37 crores value is 7:25 7 minutes, 25 seconds remaining that also companies in discussion and would like to utilize or it will be liquidated in the next 6 months time 7:34 7 minutes, 34 seconds and that fund will be utilized for value products and expansion and roundfield expansion. Now in the QIP matter it is 7:41 7 minutes, 41 seconds already reported in the month of February but once again I will give highlights. The QIP was 800 crores which 7:49 7 minutes, 49 seconds is subscribed. I mentioned last time also around 940 cr was supplied but company accepted 800 crores and the 7:57 7 minutes, 57 seconds issue price was 20 rupees 12 pisa fund utilize as per the object which is 8:03 8 minutes, 3 seconds controlled by the care rating agency which is appointed for the monitoring agency and that report separately 8:11 8 minutes, 11 seconds monitoring agency submitting and yesterday for the quarter 31st December already submitted 800 which is original 8:20 8 minutes, 20 seconds allotment uh original money received fund utilized 340 crores balance 460 crores companies lying in the FD account which is also the consideration is 8:28 8 minutes, 28 seconds available on the NCNBC site one another the management is focusing 8:36 8 minutes, 36 seconds on the ROC which 3 years back it is decided company ROC when 14% was there it was decided the 14 16 18 and 20 so 8:45 8 minutes, 45 seconds company in the last four years working on the deduction only so 14 to 16 achieved 16 to 18 achieved now is the 8:53 8 minutes, 53 seconds this year's targeting to 20%. Already in the 9 months it is 8 18.6%. 8:59 8 minutes, 59 seconds And we always know in the last quarter company do business of 30% of the overall estimated business. The coupon 9:06 9 minutes, 6 seconds white short it will be uh 20% targeted it will be around that company will manage achieve. 9:14 9 minutes, 14 seconds Now another things company has taken in the last 12 months I can say consolidation of the products and the manufacturing unit that to reduce the 9:23 9 minutes, 23 seconds operational cost and to consolidate the products to use of the uh people at the one place specialized people. So that 9:31 9 minutes, 31 seconds process is on already consolidation manufacturing unit and ground expansion that will continue as far as green 9:39 9 minutes, 39 seconds energy is concerned. Yes, the electricity consumed by of a solar power especially states wherever the 9:47 9 minutes, 47 seconds government is allowing wherever the power companies are available as I have mentioned in the my last call also as 9:56 9 minutes, 56 seconds for the India we requirement of the 15 cr units all of the in India which is growing by 15% if at all at all the 10:05 10 minutes, 5 seconds states wherever we have a presence if I get the solar power 75% % then company can save substantial amount maybe 40 45 10:15 10 minutes, 15 seconds crores annualize but it is not available currently the purchase power facility is available in Karnataka it is available 10:23 10 minutes, 23 seconds in Tamil Nadu it is available in Maharashtra it is available in Gujarat it is available in Zurakhand 10:31 10 minutes, 31 seconds so company has signed the agreement wherever the this facility is available and I'm pleased to tell you now from 10:38 10 minutes, 38 seconds this month Gujarat where We have a major facilities the benefit have been started but I'm sure in the next 6 months time 10:46 10 minutes, 46 seconds as we are in discussion Maharash government is also policy is already there so we have already signed the agreement and we are going to get 10:53 10 minutes, 53 seconds benefits in the maras units also but certainly I can visibility is there at 11:00 11 minutes least for I can say the 26 27 company will have a power benefit on account of the power benefit will be approximately 11:08 11 minutes, 8 seconds 10 crores rupees where the investment is almost equivalent to one year saving only. So 11:15 11 minutes, 15 seconds that benefit next 14 years cost free benefit will be available because this power benefit will be available for more than 15 years. 11:24 11 minutes, 24 seconds Then another thing certain products which company had under development has taken which is 11:31 11 minutes, 31 seconds progressing very well. For example I can tell you the fire exchange yes I'm 11:38 11 minutes, 38 seconds talking since last I can say the 6 to 8 months now I'm pleased to tell you both the products of 6 kg and 9 kg is ready 11:45 11 minutes, 45 seconds and that will be the commercialization will take place from upper 2026. 11:53 11 minutes, 53 seconds CNG cylinders. Yes, presently we are manufacturing 156 L but we are ready with 250 L. You will very shortly heard 12:02 12 minutes, 2 seconds that 250 L CG cylinders ready. So that number of the cylinder in one casket will be reduced from 60 to 36 that will 12:11 12 minutes, 11 seconds be the more cost competitive and per liter cost will be reduced and the substantial saving will be there. So you 12:19 12 minutes, 19 seconds will heard very slowly in the next 45 to 60 days time about this approval. The company is ready with that product. 12:26 12 minutes, 26 seconds Another oxygen cylinder already we have mentioned we got all the approvals for 2 kg, 4 kg, 9 kgs and commercialization has already started. 12:35 12 minutes, 35 seconds Hydrogen cylinder. We have submitted approvals for hydrogen cylinder used in the drone. And if anybody would like to 12:44 12 minutes, 44 seconds visit the drone operation by the hydrogen cylinder company owned one drone which is lying in Silvasa which is 12:51 12 minutes, 51 seconds 140 kilometers from Mumbai. They are free to see that uh drone working on this uh working by hydrogen cylinder. So 12:59 12 minutes, 59 seconds they can see how this 8,000 m drone can fly. how the weight of the drone is reduced by using the hydrogen cylinder instead of the uh battery used. 13:11 13 minutes, 11 seconds Another thing our one of the subsidiary company power build batteries have developed the 13:18 13 minutes, 18 seconds battery batteries and another just recently signed the contract for uh 13:26 13 minutes, 26 seconds which battery we have signed that advanc advanced VR batteries for the uh the data center which has a very high potential and the international company 13:34 13 minutes, 34 seconds listed company that contract have been signed that is also we have updated on on BS NC site. 13:42 13 minutes, 42 seconds So there are lot of opportunity composite products and dissolve products are available now 13:50 13 minutes, 50 seconds because in the gradually way many time we told how the comp company will grow 13:57 13 minutes, 57 seconds now the green field composite product I'm pleased to tell you and giving you certain background currently composite 14:05 14 minutes, 5 seconds cylinder which were manufacturing in Dun where the capacity is only 36 36,000 cylinder uh where I can manufacturers 14:14 14 minutes, 14 seconds 400 cascade. Now expansion took place 2 years back and I'm pleased to tell you that expansion is now on completion 14:21 14 minutes, 21 seconds stage. Erection installation plant and me will already begin March it is going to be complete. Commercialization will 14:29 14 minutes, 29 seconds take place from April because erection installation is going. So at one place you will find a company can generate the 14:36 14 minutes, 36 seconds revenue of 800 crores in the 2 years time from the new plant after the consolidation of the existing plus the 14:43 14 minutes, 43 seconds new expansion facilities and on this plant the hydrogen cylinder will also be we can make from this plant itself. 14:54 14 minutes, 54 seconds Another we have made one separate subsidiary and uh 6 month back we have announced is 15:01 15 minutes, 1 second a part of the QIP also because compliance at the statatory government is also would like to have a pollution 15:09 15 minutes, 9 seconds free recycling for the packaging product made compulsory. So company has formed the separate company time ecotech and in 15:18 15 minutes, 18 seconds that company it was a part of the QIP to have a three locations recycling plant beginning with the western region. So 15:25 15 minutes, 25 seconds I'm pleased to tell you first plant commissioning is ongoing and it will be ready in March and will be operational from April 2026. 15:35 15 minutes, 35 seconds So company will have own recycling plant can maintain their quality standard as per the need of the Indian institute of packaging for the packaging product. 15:45 15 minutes, 45 seconds Another facility company has taken automation which is also automation is 15:52 15 minutes, 52 seconds very clear day by day cost of the main power power operation cost is including nowadays we'll have to think out of the 16:01 16 minutes, 1 second box and automation is must for the cost reduction and make our product more competitive. 16:07 16 minutes, 7 seconds So in automotive IBC manufacturing facility Silhoua is already operational phase one but the 16:15 16 minutes, 15 seconds larger facility also phase 2 also will be there that is target taken for the 26 27 but phase one is ready with the fully 16:23 16 minutes, 23 seconds automatic plant for manufacturing IPC with a very high capacity which can have annual capacity of 150,000 pieces. 16:37 16 minutes, 37 seconds Another thing P pipe company has consolidated one plant is having in Gumbrii that is 40 km from 16:46 16 minutes, 46 seconds Chennai in one location manufacturing packaging pipes everything so better utilization of the assets better 16:54 16 minutes, 54 seconds utilization of the space increase the productivity company has expanded new building have been constructed for 40,000 square ft that's completed and that plant is operational now. 17:06 17 minutes, 6 seconds So which will give the benefit of the main power skill specific plus space utilization better way and 17:15 17 minutes, 15 seconds consolidation of the product in the specified area and this is the expansion which I have told to India which have been completed 17:23 17 minutes, 23 seconds and near to completion in this 2526 now overseas also I'm pleased to tell you the place called Georgia USA company 17:32 17 minutes, 32 seconds completed this plant and already in operational and It is in USA. I mentioned in my last call also the 17:40 17 minutes, 40 seconds tariff nothing to do with our company because we have a manufacturing location in USA and supplying for the local in 17:47 17 minutes, 47 seconds USA. So tariff has not affected any of our revenue in the USA. They are growing 10 to 12% growing because they are the locally supplying. 17:58 17 minutes, 58 seconds Another plant which also we have identified to be completed in 26 27 to you know very well I have already 18:06 18 minutes, 6 seconds explained company has a ready projections to grow 15% for the next 3 years which includes various segment of 18:15 18 minutes, 15 seconds the companies where the higher growth will be from the compite but something I will highlight you and I given in my 18:22 18 minutes, 22 seconds earning presentation also the segment wise where the growth compan is projecting So to achieve the production now I'm 18:30 18 minutes, 30 seconds pleased to tell you in Gujarat company got the allotment in this month broad area of around three acre land 18:38 18 minutes, 38 seconds already allotted agreement is under process that plant expansion for the next 26 27 for the packaging products 18:46 18 minutes, 46 seconds and other products wherever time to time requirement because 3 acre area is good enough to take care of the company's other product. 18:55 18 minutes, 55 seconds Another looking to the infrastructure development in Udisha especially companies got the allotment of the government lease old land it is ready 19:03 19 minutes, 3 seconds companies in process of completing building plant order of the plant and equipment etc. So they can take the benefit of uh infra requirement 19:12 19 minutes, 12 seconds especially PE pipe business in the Udisa uh region. 19:18 19 minutes, 18 seconds Another is Maharasht you know that Maharasht now government is fixed everything is fixed government changing the policies is the policy business one 19:26 19 minutes, 26 seconds of the subsidiary company TPLast tech 75% down by time technoplast limited has already allotted land in chibun place 19:34 19 minutes, 34 seconds called marat for the packaging business is almost five acre land is more than five acre land is there so already 19:41 19 minutes, 41 seconds submitting the building plan and there has a plan to manufacture packaging business especially valued product that is called IBC 19:50 19 minutes, 50 seconds and Kiplun is a fully chemical zone where most of the big chemical companies in the Maharashtra are situated there. 19:58 19 minutes, 58 seconds So in packaging business we already explained you cost of the logistic is the main important cost you should be near to the customer to reduce the 20:07 20 minutes, 7 seconds packaging cost and timely delivery to the customer. 20:15 20 minutes, 15 seconds Now growth drivers because in many my conference call in many of the meetings people ask what are the growth drivers 20:22 20 minutes, 22 seconds of the company. So I have just divided my growth drivers into four regions like packaging company has which is a 75% 20:29 20 minutes, 29 seconds witness packaging product which include them Jerry P and IBC which companies estimating growth of the 20:36 20 minutes, 36 seconds 11 to 13% range because overseas is more than 13% India is 10 to 11% so range is 11 to 13% 20:45 20 minutes, 45 seconds growth we are projecting for next 2 to three years especially composite product because expansion has taken place product development taken with composite 20:54 20 minutes, 54 seconds which include LPG, CNG, hydrogen, fire extinguisher etc and auto related products which is 25 to 30% growth 21:02 21 minutes, 2 seconds projection is there and for that companies capacity already expanded which is completion in the this Q4 of 21:09 21 minutes, 9 seconds the FI26 PIP business I mentioned to you Odrisa is there China is there already existing 21:17 21 minutes, 17 seconds capacity company manufacturing pipe in Suasa Hyderabad so there is a growth potential looking to development policy 21:25 21 minutes, 25 seconds looking to the government uh infraed activity government I can say the water management system improving road 21:34 21 minutes, 34 seconds construction activity because this P pipe which is used for the water management seage management det management power duct line smart cities 21:42 21 minutes, 42 seconds various applications then I can say this um uh gas pipeline which is government is 21:50 21 minutes, 50 seconds also planning to increase the gas pipeline supply of the gas there's also we got the approval which already we have updated company now got the approval for the gas pipe manufacturing 21:58 21 minutes, 58 seconds facilities also and other products which is very small percentage terms 10 to 12%. So all put together I can say the 22:07 22 minutes, 7 seconds the consolidated growth will be above 15% that is the projection is there 22:14 22 minutes, 14 seconds then okay revenue growth I explained to you but at the same time what are the growth drivers of the IBIDA because 22:22 22 minutes, 22 seconds IDIDA which is currently ranging from 14.5 to 14.8%. 22:27 22 minutes, 27 seconds Now to increase the margin which will finally will increase the ROC which company's targeting 2% yearon-year 22:34 22 minutes, 34 seconds increase and pet increase is there finally because everybody's concerned what is the net company has earned and 22:43 22 minutes, 43 seconds what is the dividend payout ratio what the investors are getting. 22:48 22 minutes, 48 seconds So therefore company decided increase in the efficiency like automation consolidation of the molds machineries 22:56 22 minutes, 56 seconds centralized systems of the material conveying systems high productivity machines. Another thing power cost 23:04 23 minutes, 4 seconds reductions. Another main power cost reduction by doing the automation using the latest technology of the robotic technologies. 23:14 23 minutes, 14 seconds Power cost by way of using the solar power. Another big thing which will also give some benefit finance cost because 23:21 23 minutes, 21 seconds company has repaid the debt and further in the next 6 months time it will be paid entirely. I'm just telling would 23:29 23 minutes, 29 seconds like to clarify you will see in the last three to four years the finance cost is the range of 90 crores to 100 crores 23:37 23 minutes, 37 seconds which is slowly slowly reducing now and at at after the depth repayment the finance cost will be in the range of 25 23:45 23 minutes, 45 seconds to 30 crores annualize only and that is on account of the use of the non fund based facilities export documentation 23:52 23 minutes, 52 seconds import documentations bank guarantees LC's cost that only will continue. 24:01 24 minutes, 1 second So that will give the substantial benefit. Another accomplish to improve the ROC the working of the cycle time. 24:06 24 minutes, 6 seconds If I go back to four years back, the working capital cycle time was 120 days. 24:11 24 minutes, 11 seconds This is now reduced to almost 98 to 99 days. And the next two to three years time it is targeting to reduce to 90 24:18 24 minutes, 18 seconds days. And that is also very clear how it is possible because the 65 days inventory, 24:25 24 minutes, 25 seconds 70 to 75 days is the receivable and the 40 to 45 days is the predators. So networking time companies targeting 90 24:34 24 minutes, 34 seconds days non-core assets already I have explained to you the balance assets that also will be liquidated. So most of the things 24:42 24 minutes, 42 seconds which I have covered if anything left I'm now leaving for the answers and questions. I tried to giving most of the information in my presentation. Okay. 24:53 24 minutes, 53 seconds But again I'm leaving for you. If any specific questions I'm willing to answer and if he if there any questions which 25:02 25 minutes, 2 seconds has some calculations which have some return they are free to send their mail. We will send the reply by the mail. 25:12 25 minutes, 12 seconds Thank you. 25:15 25 minutes, 15 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please 25:24 25 minutes, 24 seconds press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you 25:30 25 minutes, 30 seconds may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will 25:40 25 minutes, 40 seconds wait for a moment while the question cue assembles. 25:51 25 minutes, 51 seconds The first question is from the line of Jatin from Swan Investments. Please go ahead. 25:58 25 minutes, 58 seconds Good good evening sir. Say am I audible? Yeah. And yeah. Yeah. 26:04 26 minutes, 4 seconds Good evening sir. Thank you for the opportunity. First of all congratulation on the good set of numbers in a current scenario. So on the composite product 26:13 26 minutes, 13 seconds now when a capacity is going to expand by Q4 of FI26 and there will be consolidation of the product at one place. So with 30% of the value added 26:23 26 minutes, 23 seconds product which we are doing in 9 months when you do a 800 crores of incremental revenue of composite product what sorts of valuated product contribution month 26:31 26 minutes, 31 seconds will expect over an 2ear period I I think currently by remember the 27% is the value product is there composite 26:40 26 minutes, 40 seconds how much 27%. 26:43 26 minutes, 43 seconds We are targeting overall growth is 15% but belated product will reach to 35% in the 2 years time. 26:50 26 minutes, 50 seconds Okay. 35%. 26:53 26 minutes, 53 seconds And I I again you know very well the margin in the other products and composite product is different in the standard product in the range of 12 to 27:01 27 minutes, 1 second 13.5%. But the composite products and the valid product margin in the range of 17 to 18%. 27:09 27 minutes, 9 seconds But sir the margin in the hydrogen and the firefighting cylinder and 14.2 L cinder will be also get a better margins compared to the average composite products right. 27:19 27 minutes, 19 seconds Oh, I can say the same range because I have to I don't I I'm telling you I believe in the two things. One you want volume or you want small volume. I 27:28 27 minutes, 28 seconds believe in the volume when if anything is a high volume then you will able to whenever if your volume is increase you 27:36 27 minutes, 36 seconds can negotiate better way your inputs and you offer your product. Now you know the file extensure very clear I have to 27:42 27 minutes, 42 seconds offer my product as against a metal file extensure. Yes, it is a lightweight long shell fly within ending that all benefits there but at the same time 27:51 27 minutes, 51 seconds people would like to see not everybody will like to pay the additional cost of 10% 20% 30% but if I will say the far 28:00 28 minutes extensure of the m 2,000 rupees composite it will be 4,000 people will little thing but 500 to 100 rupees 28:08 28 minutes, 8 seconds everybody willing to pay more because of the advantage of the product so I'm very happy we are very happy to earn we don't 28:15 28 minutes, 15 seconds want to if I tell you if anything margin over and above the 18 or 20% eida margin you are keeping then you are inviting 28:22 28 minutes, 22 seconds your competitors right right and sir on the costing you should have a reasonable everything 28:30 28 minutes, 30 seconds yeah so on the costing front just wanted to understand you indicated that next year we'll get a benefits of the power in the range of 10 to 12 crores but with 28:39 28 minutes, 39 seconds the consolidation of the product at one place the automation and the re-engineering that we will be doing in FI27 11 what sorts of overall cost 28:47 28 minutes, 47 seconds benefit one can see on the company level I I tell you this way uh you know very 28:55 28 minutes, 55 seconds well if normal way everything is running then then do you know in case of the main power cost we'll have to give the 29:04 29 minutes, 4 seconds incremental cost of 8 to 10% at the same time I don't want I want like to reduce that at the same time I don't want to 29:12 29 minutes, 12 seconds leave away that people also so whatever My new plant is coming I will exhaust that people in my plant itself. I will not give the recruitment of the new 29:20 29 minutes, 20 seconds people but that for example I have expanded last time also for example I am doing the investment I have explained you that one 29:28 29 minutes, 28 seconds machine call 2,200 tons I have invested 25 lakhs rupees in my robot technology and I able to save a 60,000 rupees a 29:37 29 minutes, 37 seconds month which give me the saving of 40 months equivalent to I'm saving now. 29:42 29 minutes, 42 seconds That is the one example I have given for 2,000 full ton machine. Similarly, for example, 1,00 machines. There also I'm incurring 29:50 29 minutes, 50 seconds 60,000 rupees per month on account of the three labor in each shift. But I have to incur 15 lakhs rupees only for my robot technology and software 29:59 29 minutes, 59 seconds technology. So there the payback period may be the uh 25 months. So we have bugged out the average in my blue molding induction molding everywhere. 30:08 30 minutes, 8 seconds Therefore you see in my QIP person we have put the automation cost of the automation everything is around 75 crores. So that benefit will come in the 30:17 30 minutes, 17 seconds 3 years time now. Yes 3 years time mean it will take 1 year in completion and 3 years payback period. So entire four 30:26 30 minutes, 26 seconds years for example 75 crores I'm investing and payback period is 4 years including the investment period. Then you can see 20 crita margin will be on 30:34 30 minutes, 34 seconds account of the automation which will be saved by of a main power cost. So I mean that's a good amount. 30:40 30 minutes, 40 seconds Similarly similar in power also for example in Gujarat my requirement is 4 crores unit. If I'm saving 2 and a half 30:48 30 minutes, 48 seconds cr rupees 2 and a2 rupees per unit the saving will be 10 crores. I'm investing 10 crores as equity that will come back 30:55 30 minutes, 55 seconds after 15 years as a face value. But as a management I'm presuming I will not get that by 15 years. I don't know but my payback period is one year only. 31:06 31 minutes, 6 seconds So Gujarat is commence this year. So if visibility is there next year sure 10 crores on account of the power benefit I 31:14 31 minutes, 14 seconds can earn more. So the normal IDA for example you know this year IDA overall 31:20 31 minutes, 20 seconds IDA range will be around 900 cr. Now you know the percentage by 15 to 20 basis point every year increase because 31:29 31 minutes, 29 seconds composite product percentage business is increasing the business where the evida margin is. 31:36 31 minutes, 36 seconds So when this 20 to 30 basis point is increasing on account of the change in the composition of the product. 31:42 31 minutes, 42 seconds Similarly you will see 10 basis points on account of the increase in the main power power and other administrative cost on account of the consultation of the business. 31:52 31 minutes, 52 seconds Another thing I have no need to borrow any money because for the automation for the expansion company has already 31:59 31 minutes, 59 seconds accounted money and that money is lying under the escro account that is only to be incurled in the next 6 to 8 months time because every automation will take 32:09 32 minutes, 9 seconds based on the experience best of the costsaving time to time even project is identified machine is identified 32:17 32 minutes, 17 seconds location is identified so so better than that only that QIP amount which is raised whatever repayment was required 32:24 32 minutes, 24 seconds that have been done balance have been kept the escro account wherever the need that automation recycling plant the 32:32 32 minutes, 32 seconds process is on. So if you see the visibility yes after 2728 you will have a complete visibility on account of the 32:41 32 minutes, 41 seconds main power cost on account of the power caving of additional 25 crores eida annually. 32:48 32 minutes, 48 seconds So thank you for the detailed answer. So second question on the recycling I mean now that's a need of an R and we are 32:55 32 minutes, 55 seconds probably doing 54 55 crores of the capex on the recycling at the three unit. So how shall one look at the viability of 33:04 33 minutes, 4 seconds this particular project as compared to the existing 14 and a half 15% business? 33:10 33 minutes, 10 seconds Yeah. Yeah. I tell you different I therefore you know that is not in time technobl. Why I have kept the separate company time ecote tech because time 33:19 33 minutes, 19 seconds ecote tech I considered as a separate company as a time techno I'm investing 75 crores in that project. Now the 75 33:26 33 minutes, 26 seconds crores I should have ROC of 20% more than that because I I don't want to go below that. I'm telling you if for example today virgin raw material prices 33:35 33 minutes, 35 seconds are 100 rupees a kg right now I will buy the recycled drums from the market I will appoint the agent my 33:44 33 minutes, 44 seconds cost of the buying maybe 65 rupees a kg plus I will have a 12 to 13 rupees kg my cost 33:51 33 minutes, 51 seconds of the power main power machine cost everything so I will definitely work down in such a way that company will 33:58 33 minutes, 58 seconds earn a separate because they will give whether customer is concerned is the is the is compliance for both if I am using 34:07 34 minutes, 7 seconds a recycled material okay I do not need to give my price deduction I I'm obliging my customer because ultimately 34:15 34 minutes, 15 seconds is the obligations of the chemical manufacturers companies also so he's not asking me for any price reduction they 34:22 34 minutes, 22 seconds are asking you should use the PCR material I'm using that so he don't want any reduction so as main companies 34:30 34 minutes, 30 seconds earning 15% eida so that time ecote tech is also on 15% margin and cost basis they will supply to the time techno that 34:38 34 minutes, 38 seconds will be the cost and then the product will be supplied to them so as a separate the profit center separately 34:45 34 minutes, 45 seconds right and so last question before I come back in a queue so I just wanted to understand your thought process on the flexible IBC which you are talking last 34:54 34 minutes, 54 seconds couple of quarters so what is the scenario out there what is the growth road map out there on flexible IDC if you can throw some light on that. 35:03 35 minutes, 3 seconds Ah but I am just telling you that that the revenue figure if the figure not accounted anywhere because I I'm 35:09 35 minutes, 9 seconds remember very well we have signed the imprincipal agreement we will review we will do the due diligence. 35:18 35 minutes, 18 seconds Yesterday we discussed our board meeting due diligence for the six month because we we signed that agreement of the uh in 35:25 35 minutes, 25 seconds the month of August or September somewhere. So quite data is encouraging and as per the company projected they 35:33 35 minutes, 33 seconds are going to have an business of 250 cr annualized business. We have seen 9 month business. Yes it is on par. At the 35:40 35 minutes, 40 seconds same time my boards are giving me the comments. We have a timeline to to confirm the deal by March 2026 35:50 35 minutes, 50 seconds because first we have seen the six months data for them that is from July to December. Now I am just my board 35:57 35 minutes, 57 seconds yesterday certain comments was there which we are going to discuss with the management of that company name called Ibulant packaging which is unlisted 36:05 36 minutes, 5 seconds company having their manufacturing plant in Wii and Silwata and yes I remember that the flexible IP is good market they 36:14 36 minutes, 14 seconds have doing 60% they are doing product export and 40% locally good uh business cliental they have some of the common I 36:22 36 minutes, 22 seconds can say it's a packaging business only But and that business is also growing 25 to 30%. 36:30 36 minutes, 30 seconds That money still it's lying under the FD account because uh it's taken under the general corporate purpose because on that day of 36:38 36 minutes, 38 seconds the QIP it was not the identified specifically for inorganic growth but it was part of the inorganic growth. 36:47 36 minutes, 47 seconds Therefore that amount is taken but finally uh we will announce after the getting the final due diligence report 36:55 36 minutes, 55 seconds and everything before March we will do that. So that process is on we have a timeline up to the March and that also 37:02 37 minutes, 2 seconds can be further extended subject to the due diligence compliance and everything and uh we have a dead timeline and as time comes we will announce that deal but yes it is it is on. 37:14 37 minutes, 14 seconds Okay. 37:14 37 minutes, 14 seconds Sure sir. Thank you sir and all the best. I have one more question but I'll come back in a queue. Thank you. 37:19 37 minutes, 19 seconds No problem. No dakin by you are welcome always. You know very well if you don't cannot come in the queue because of the long queue is there. You are always 37:26 37 minutes, 26 seconds welcome to the office and get your square clarification in time. 37:30 37 minutes, 30 seconds Sure sir. Thank you. Thank you for thank you for that response. Thank you. 37:33 37 minutes, 33 seconds Yeah thank you sir. The next question is from the line of Danj from Alchemy. Please go ahead. 37:44 37 minutes, 44 seconds Hello sir, congratulations. Good numbers. Just want to ask you a couple of questions. In this drone you mentioned uh have you got any approval 37:52 37 minutes, 52 seconds from any customers uh for using our cylinders and how is that uh conversation going? 37:59 37 minutes, 59 seconds Uh Mr. Danja this is the pilot project we did it if you recall 60 days back I told we have imported entirely fuel 38:07 38 minutes, 7 seconds cells cylinder we made it. We have given we have tied up with company drone shark 38:15 38 minutes, 15 seconds what is the name of the company drone stark that he will make the drone for us so we have signed the contact with team for the 3 years is the confidential 38:23 38 minutes, 23 seconds agreement and I'm again clarifying you we have no any plan to manufacture drone 38:30 38 minutes, 30 seconds first no just I'm coming as far as this drone is concerned we have made one pilot project so that whoever customer 38:38 38 minutes, 38 seconds would like to use the hydrogen cylinder for the drone. They are very welcome to my plant. They can see how the cylinder 38:45 38 minutes, 45 seconds are useful. What is the capacity? What because we have a particular add on today we have developed a particular 38:52 38 minutes, 52 seconds size of the cylinder and for the particular drone application various types of the drones are application 38:59 38 minutes, 59 seconds various sector using the drone. So still that commercialization will take place next year. But yes, as I mentioned this 39:08 39 minutes, 8 seconds year our commitment was to have our round drawn ready and that is visibility is there and that we have submitted our 39:14 39 minutes, 14 seconds video also how it is benefit what are the benefit of using the hydrogen cylinder instead of the batteries that 39:22 39 minutes, 22 seconds is the benefit and that available now very I can say you will come to know as 39:28 39 minutes, 28 seconds the commercialization you know that if somebody want to hydrogen cylinder I can't give it because I have a limited capacity 39:36 39 minutes, 36 seconds I mentioned to you in the March 2026 my plant is commissioning we will be ready for the hydrogen cylinder for the 39:44 39 minutes, 44 seconds expansion any new requirement comes for the automotive supply in in supply of the CG cylinder for auto industry also 39:52 39 minutes, 52 seconds we'll be ready afterward expansion so from April 2026 we will be ready then we will approach now we have a capacity 40:00 40 minutes energy supply them till now our objective for this year was to keep ourself product ready and as the expansion complete we will able to 40:08 40 minutes, 8 seconds supply because if today somebody will come to me I will not able to supply yet because I don't have a capacity at all my capacity is full 40:16 40 minutes, 16 seconds sure and um I think one more question is uh regarding your PP plant in what capacity will we be by the end of the 40:25 40 minutes, 25 seconds expansion and how is demand shaping up on ground no PP for your plastic pipes 40:34 40 minutes, 34 seconds plastic pipes pipe. Okay, I just give you the business of the PA pipe. 40:39 40 minutes, 39 seconds Currently, we are manufacturing PAIP in my Silvasa location in the western region. Southern region, we are in 40:46 40 minutes, 46 seconds Hyderabad. Then we are in Bumbruri near Chennai and another plant is in available in my Kolkata for the eastern 40:53 40 minutes, 53 seconds region. All current business for the existing investment we can do maximum of around 450 cr. current utilization is 41:02 41 minutes, 2 seconds almost around 70% is there but the expansion we know that India 41:09 41 minutes, 9 seconds the last I can say the four five months the financial government has started timely payments inra business is growing 41:17 41 minutes, 17 seconds so definitely looking to the government infrastructure development we have invested in the Urisa where the land the 41:26 41 minutes, 26 seconds plant will be ready this year so it will be available for next year only but yes this business current capacity itself is 41:35 41 minutes, 35 seconds available for 20% growth for the 26 27 for example this year suppose we are closing around 350 crores so almost if I 41:42 41 minutes, 42 seconds take 20% then I have a capacity available but again for the 27 28 if I need I don't have so therefore 41:51 41 minutes, 51 seconds we will be leading so looking to the India development looking development looking to the smart 100 smart city development taken 41:59 41 minutes, 59 seconds You know very well in Andhra Pradesh Amraati project which was shut now which is now started and fast growing as as a 42:06 42 minutes, 6 seconds city separately. So the demand has grown. Udisa now you see the BR some of 42:13 42 minutes, 13 seconds the people are approaching from BR that you come there we need pipe so we can take supply from our Kolkata plant we can make supply from our register plant. 42:23 42 minutes, 23 seconds So lot of requirement is coming. So I'm very sure as per pipe business growth will be more than 20 to 25%. 42:31 42 minutes, 31 seconds But yes, capacity for 26 27 available. 42:34 42 minutes, 34 seconds We keeping ourselves ready for 27 28 and enter later period. Okay. Sure sir. Thank you so much. 42:44 42 minutes, 44 seconds Yeah. Thank you. 42:45 42 minutes, 45 seconds Thank you sir. The next question is from the line of Vishnar Singh from Prudent Equity. Please go ahead. 42:54 42 minutes, 54 seconds Hi sir. 42:56 42 minutes, 56 seconds Yeah. Uh sir I have a couple of questions related to TPL plastic. So can you share what is the expected capacity to be added from the low persam plant? 43:08 43 minutes, 8 seconds Yeah. Yeah. You know that if you have gone through the TPL plastic working I think TPL is also grown more than 25%. 43:18 43 minutes, 18 seconds They have also the pet growth of 25%. There's my 75% subsidiary. 43:23 43 minutes, 23 seconds They have a current plant in Silvasa, BJ, Ratlam, OISA. They have a full plants available in DH latest fully 43:32 43 minutes, 32 seconds automatic plant for IBC is there now but they are the mostly in the packaging products only. So this lot person TP is 43:41 43 minutes, 41 seconds coming with a packaging product where they are going to investment of 30 to 35 crores. So they can have an revenue of more than 100 crores in a 3 years time. 43:49 43 minutes, 49 seconds The plant will be completed in the financial year 26 27 so that they can uh plant will be completed and 27 onwards the plant will be ready for that area. 44:01 44 minutes, 1 second So currently I can say the TL plastic contribute to the time technoplast 8% or 9% of the total revenue. the revenue in 44:09 44 minutes, 9 seconds the range of estimated revenue for financial year 20 uh 526 is around 4450 crores and that company certainly 44:18 44 minutes, 18 seconds looking to their growth plan looking to their product looking to the location where they have they will grow more than 20% annually and I am glad to tell you 44:27 44 minutes, 27 seconds their ROC is also more than us our ROC is 20% we are doing this year in 25 26 44:33 44 minutes, 33 seconds but they are more 20 more than 22% ROC Okay sir. Uh another question on the 44:40 44 minutes, 40 seconds utilization. So on a consolidated basis and for TTL cluster can you share the utilization 44:46 44 minutes, 46 seconds because packaging product is a different okay consolidation wise I can say if if the capacilization IBC they are almost doing 44:55 44 minutes, 55 seconds 80% capacityization with plan setup last year. Silvasa almost 75% they can say wisak around 70% 45:04 45 minutes, 4 seconds bush maybe 65% because company put up the plant at the new location when the break even is there and company break 45:11 45 minutes, 11 seconds even comes when the capacity utilization is 50%. Above 50% you have a contribution positive contribution from that plant. 45:21 45 minutes, 21 seconds Okay. Okay. Just last question on the solar power. So in the filing that was posted yesterday, it was mentioned that 45:28 45 minutes, 28 seconds uh it the company plans to shift on 75% to solar energy. Yes. So you right. 45:34 45 minutes, 34 seconds So and uh 4 K of annual savings would be there. So by when can we expect such savings sir? 45:40 45 minutes, 40 seconds Oh I I think you have not heard what I have explained clearly. I told you as a group company I have a TPL time my 45:47 45 minutes, 47 seconds subsidiary account put together. We have a annual requirement of 15 crores units in a year and if company is growing 15% 45:57 45 minutes, 57 seconds so 15 crores 15% every year growth will be there but again 15 crores unit wherever the company present locations 46:05 46 minutes, 5 seconds like in damun sirasa gujarat utra and everywhere companies they plant but yes currently 46:13 46 minutes, 13 seconds we have availability we have seen the solar power available in Karnataka Uttakand, Tamil Nadu, Gujarat and Maharashtra. 46:24 46 minutes, 24 seconds Karnataka benefit last year started where compan is already getting benefit of 2 crores annualized. 46:30 46 minutes, 30 seconds Gujarat I have explained that this month this month means February benefit started in Gujarat area. The company 46:38 46 minutes, 38 seconds consumption is 4 cr units. The 2 rupees 50 pesa per unit saving will give the saving of 10 crores rupees from next 46:47 46 minutes, 47 seconds year onwards. Company has made an investment equivalent to one year benefit. 10 crores equity investment put 46:55 46 minutes, 55 seconds all companies put together. So 10 crores benefit will come first year that that 10 crores which investment is there is 47:03 47 minutes, 3 seconds by of investment equity investment not an expenses but the income will come straight saving in the power cost and 47:11 47 minutes, 11 seconds then benefit many will get continues for the next 15 years. 47:17 47 minutes, 17 seconds Okay. The Gujarat already started Maharashtra policy is already there but because of some government 47:24 47 minutes, 24 seconds has delayed clearance of the policy what latest I heard yesterday in my board meeting now Maharashtra has cleared so 47:31 47 minutes, 31 seconds we I'm quite hopeful Mars benefit should also come in the operational because we have a operation in Maharashtra existing 47:39 47 minutes, 39 seconds operation subsidiary and joint venture company in Mahar we have a unit in P but as the Lotus TPL plastic is coming up in 47:46 47 minutes, 46 seconds L that will company will also have a benefit of solar power. So that company unit will come by that time this benefit will also be made available. 47:56 47 minutes, 56 seconds Okay sir. Thank you sir. Yeah. 48:00 48 minutes Thank you sir. The next question is from the line of Prakash Kapadia from Kapadia Financial Services. Please go ahead. 48:08 48 minutes, 8 seconds Thank you for the opportunity. 48:11 48 minutes, 11 seconds Couple of question thank you for the opportunity. I was saying congrats for the 20% ROC target. 48:18 48 minutes, 18 seconds You are ahead of expectations. So that's a very good sign. 48:35 48 minutes, 35 seconds Very very good. 48:40 48 minutes, 40 seconds ratio also will be increasing absolutely 48:50 48 minutes, 50 seconds and and again as promoters are holding 48% 52% is the other investors and I'm glad to tell you today your company's 48:58 48 minutes, 58 seconds having more than one lakh 53,000 shareholders of the company like 4 years back company had 25,000 49:05 49 minutes, 5 seconds shareholders only and another thing I'm glad to tell you today your company equity owned by 15% overseas investors 49:13 49 minutes, 13 seconds fi all put together and 15% mutual fund that's very good to know and only 20% is more than one lakh 49:21 49 minutes, 21 seconds 50,000 high netw worth and other little shareholders very widely uh holding India held by absolutely absolutely 49:30 49 minutes, 30 seconds held by yes but by the consolidation you were talking about you know manufacturing units now yes 49:37 49 minutes, 37 seconds whereas I I remember there are 50 units across you know the world and 33 are in India. 49:42 49 minutes, 42 seconds So the consolidation will happen in India only is what I'm guessing. No no no no no overseas no need to consultation overseas I'm very clear for example I'm in Mina region I have a 49:51 49 minutes, 51 seconds plant in char one I have a plant in bahin I have a plant in Saudi I plant four plants are there that is going to 49:57 49 minutes, 57 seconds be continue as far as Mina region Southeast Asia is concerned we have a three plant in Thailand different 50:05 50 minutes, 5 seconds continents is there all over Thailand three plant is going to be continue in then Taiwan Malaysia Indonesia Vietnam one one plant is going to be continue 50:14 50 minutes, 14 seconds USA four plants were there fifth plan ji already started 6 months back consolidation is there nothing to do as 50:21 50 minutes, 21 seconds far as consolidation of the facilities in India is concerned you know that some we have started in India operation 30 years back now I have a plant in Silvata 50:30 50 minutes, 30 seconds three plant I have a two plant in dam so I thought why to have a four or five plants there I do a bigger plant I can consolidate for example three machines 50:39 50 minutes, 39 seconds at one location large blue molding another plant and the three machines so we thought why we should not have eight machines at one place only. So I can 50:47 50 minutes, 47 seconds accumulate I can have a material common I have a material supply units common I have a convert system 7 I can utilize the main power effectively for the 50:55 50 minutes, 55 seconds special product special people so that kind of the process is on that I call as a consolidation of facilities and the consolidation of products 51:04 51 minutes, 4 seconds understood understood that that's helpful I'm telling you I had a plant in damuser okay now I had a plant in Ahmedabad also 51:13 51 minutes, 13 seconds as I mentioned to you I have allotted land of 13,000 square meter in San2 area. You know Tan2 area is a very 51:20 51 minutes, 20 seconds automotive industrial area. I got a lot of land from government. Now I no need to have my plant in Jabus because I know 51:27 51 minutes, 27 seconds the new highway is coming from from Banodora to Ahmedabad. It's a 2-hour journey now. The new highways which is connected. So why I should have a two 51:35 51 minutes, 35 seconds plant? Why I should have a two administrative cost? Why I should have a two commercial manager? Why I should have a two quality manager? I can have a 51:42 51 minutes, 42 seconds bigger plant. So I can reduce my administrative cost. I know the labor cost variance will be different based on 51:50 51 minutes, 50 seconds my requirement. I will hire the labor and that also when you are putting the new plant from day one you do the automation you will reduce the man power 52:00 52 minutes that's the objective and and sir based on you know 9th month numbers and you know the entire initiatives which you talked about right 52:08 52 minutes, 8 seconds from you know the debt reduction composite scale increasing share of value added products green organic you know should get closed very soon so 52:17 52 minutes, 17 seconds based on this you know the profit growth should be at least 25% over the next 2 years. Is that the right direction? I'm thinking 52:25 52 minutes, 25 seconds yes. You see that when my my growth is 13 to 14% volume growth you will see thea growth at 18% you will go the see 52:34 52 minutes, 34 seconds the paid growth of 25%. Now paid growth will be further more because after rebida interest cost is there which I 52:41 52 minutes, 41 seconds mentioned to you one point of time my 90 crores was the interest cost which now going to be reduced to 25 to 30 crores because company is a definite company 52:49 52 minutes, 49 seconds and the payout ratio will continue so definitely the p is going to be more than the volume growth 52:58 52 minutes, 58 seconds understood look look forward to that journey sir thank you of course 3 years I'm clear visibility is there because 3 years plan for 53:05 53 minutes, 5 seconds international and India business consultation consultation of facilities it's already paper layout plan already 53:12 53 minutes, 12 seconds discussed board with approval is there right you see in my my presentation we mentioned what are the growth drivers 53:20 53 minutes, 20 seconds for the revenue and both are the growth drivers for the margin absolutely sir absolutely sir that's a 53:28 53 minutes, 28 seconds very helpful insight look forward uh to seeing you after annual results thank you so much for the Thank you. 53:36 53 minutes, 36 seconds Yeah. 53:37 53 minutes, 37 seconds Thank you sir. The next question is from the line of Deepak Pod from Safire Capital. Please go ahead. 53:46 53 minutes, 46 seconds I'm audible sir. Yeah. 53:49 53 minutes, 49 seconds I just wanted to um wanted to check on the debt side. You mentioned we have a clear visibility of being debtree. 53:56 53 minutes, 56 seconds Current debt stands around that's a gross debt 266 crores that you mentioned has. 54:01 54 minutes, 1 second Yeah. Yeah. Yeah. Yeah. Yeah. It mentioned because you see the last year it was around more than 680 crores. So out of the QIP amount have been paid and 54:09 54 minutes, 9 seconds another identified QIP amount have been kept separately for the expansion for the for the general corporate purpose for the automation that have been kept separately. 54:19 54 minutes, 19 seconds Correct. So so what was the target I mean by when we are looking to be debtree? Next 6 month. Very clear. 54:27 54 minutes, 27 seconds Next 6 months. So, so ideally I mean uh whatever interest cost you mentioning of 25 to 30 crores that I don't count the interest cost I 54:35 54 minutes, 35 seconds can say it's a financial cost it's a document you know I'm doing export I'm doing imports so always some the minimum document charges another thing another 54:45 54 minutes, 45 seconds thing when I'm doing the composite products and certain government company contract almost do in my revenue of this 54:52 54 minutes, 52 seconds packet business 2,000 crores 800 crores composite product 3,000 cr revenue Almost we do government business true 55:00 55 minutes government company maybe around 1,00,200 K now we have to give the performance guarantee maybe 55:09 55 minutes, 9 seconds 2 years or 3 years some performance guarantee okay so that guarantee cost you know every bank has a bank guarantee 55:17 55 minutes, 17 seconds charges they charge 1% or one and a half% annualize and if I giving the 2 years guarant so that documentation cost 55:24 55 minutes, 24 seconds that would be there that is not a not the draft cost I can tell you so 25 to 30 crores is the going to be 55:33 55 minutes, 33 seconds continuation of the utilization of the non facilities hello yes yes yes yeah non facilities documentation 55:42 55 minutes, 42 seconds charges import charges because we do the import 60% document imports so that that's only will continue 55:49 55 minutes, 49 seconds otherwise around 67 crores which company were utilizing earlier if average cost of 9% so that cr will go away. 55:58 55 minutes, 58 seconds Correct. And this will be visible in FI28. I mean assuming next 6 to9 months you uh you become debtree before before March 27. Okay. 56:06 56 minutes, 6 seconds Not understood. Next year of course. 56:11 56 minutes, 11 seconds Um got it. Got it. Got it. Um all other my queries have been answered. Yeah. That's it from my Thank you. Thank you so much and all the way. 56:19 56 minutes, 19 seconds Yeah. Thank you. 56:21 56 minutes, 21 seconds Thank you sir. Ladies and gentlemen, due to interest of time, we will take this as the last question for today, I would 56:29 56 minutes, 29 seconds now like to hand the conference over to Mr. Bat Vageria for closing comments. 56:36 56 minutes, 36 seconds So once again I would like to thank you my valued investor having confidence in the management and management assure you 56:43 56 minutes, 43 seconds what our commitment and guidance is giving we will try our best to achieve that in the you know very well in the 56:51 56 minutes, 51 seconds last 18 months challenging period to everybody but in spite of that company has saved and achieved the growth 56:59 56 minutes, 59 seconds because the company has a risk distributed geographically as present in the 11 countries. Company 57:07 57 minutes, 7 seconds has a various segment which have a users are different. So if one sector is down, company can get the revenue from the 57:14 57 minutes, 14 seconds other sector. So that's the that's the management policy always have a d-risk by way of geographically and product 57:21 57 minutes, 21 seconds wise and company as already mentioned and everybody knows is a professionally managed company who do and every company 57:30 57 minutes, 30 seconds has a more than 4,000 people working in India and overseas and each of the department is headed by the experienced professional people who have a more than 57:38 57 minutes, 38 seconds 20 25 30 years with the company if you'll see in my average age of the people in the company is around 35 to 30 57:47 57 minutes, 47 seconds C because most of the people have grown with the company and they are continue with the company. I again thanks to my 57:55 57 minutes, 55 seconds all valued investor to having a patience and listening to our management commentary for quarteron quarter and 58:02 58 minutes, 2 seconds company management will continue to give updates and insight time to time whichever is available with the company. 58:09 58 minutes, 9 seconds Thank you very much. Thank you sir. 58:13 58 minutes, 13 seconds On behalf of Kavirat Securities Private Limited, that concludes this conference call. Thank you for joining us and you may now disconnect your lines. Thank 58:22 58 minutes, 22 seconds you. Yeah. Thank you very