Uflex Ltd — Q3 FY26

Uflex Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=1bx9xOLq7yo Published: 2 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to UFX Limited Q3 and 911 FY26 earnings conference call. As a reminder, 0:08 8 seconds all participants lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the 0:17 17 seconds conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now 0:25 25 seconds hand the conference over to Mr. Rona Koswal. Thank you and over to you. Uh thank you. Hello and good afternoon to everyone. On behalf of Capital Market 0:34 34 seconds Limited, I thank you all for joining into quarter 3 and 9 months earning conference call of Limited. Today from 0:42 42 seconds the management we have Mr. Sumit Kumar, Executive Vice President Finance and Mr. 0:48 48 seconds Sujit Parn, Vice President, Head of Investor Relations. So without any further delay, I will hand over call to 0:55 55 seconds Mr. Sujitpar, vice president, head of investment for his opening remarks. Thank you and over to you sir. 1:04 1 minute, 4 seconds Thank you Ashwad. Good afternoon everyone. Thank you for joining us today for Q3 and 9 month FI26 earnings 1:12 1 minute, 12 seconds conference call of Inflex Limited. Let me draw your attention to the fact that on this call our discussion will include 1:21 1 minute, 21 seconds certain forward-looking statement which have predictions, projections or other estimates about future events. These 1:30 1 minute, 30 seconds estimates reflect management's current expectations about the future performance of the company. Please note 1:37 1 minute, 37 seconds that these estimates involve several risk and uncertaintities that could cause our actual results to differ 1:45 1 minute, 45 seconds materially from what is expressed or implied. I would now request Mr. Sumit Kumar, executive VP finance elex group 1:54 1 minute, 54 seconds for his opening remarks following which we will open the forum for question and answer session. Over to you sir. 2:05 2 minutes, 5 seconds Hello, good afternoon everyone. Thank you so much for joining UFX Q3 and 9 2:11 2 minutes, 11 seconds months uh FI26 earnings call. I'm Sumit Kumar. I'm executive vice president finance. And in fact, I'll take this 2:19 2 minutes, 19 seconds opportunity for those joining us for the first time to briefly introduce EULEX and our business operations for those who are joining us for the first time. 2:29 2 minutes, 29 seconds Euplex Limited is India's largest multinational flexible packaging and solutions company. Uniquely integrated 2:36 2 minutes, 36 seconds across the entire packaging value chain from raw materials to finished consumerready packaging solutions. 2:43 2 minutes, 43 seconds Our integrated ecosystem begins with the production of virgin pet chips and recycled pet chips which form the backbone of our BOP based films. Our 2:52 2 minutes, 52 seconds packaging films portfolio includes bopet, bop, cpp, recycled pet films and a wide range of value added specialty 2:59 2 minutes, 59 seconds films which includes alloc specialty films, high barrier films etc. And these upstream capabilities are complemented 3:08 3 minutes, 8 seconds by a strong intermediary products portfolio of high performance inks, adhesives, coatings, holography solutions, printing cylinders and 3:15 3 minutes, 15 seconds engineering equipment enabling a full in-house capability, quality control and operational efficiencies. At the 3:22 3 minutes, 22 seconds downstream end, we provide complete packaging solutions including flexible laminates, pouches, tubes, and aseptic liquid packaging cartons. We serve 3:31 3 minutes, 31 seconds leading global brands across SMCG, across food and beverages, pharmaceutical, personal care and industrial sectors. 3:39 3 minutes, 39 seconds This fully this fully backward integrated model enhances supply chain reliability, drives innovation, strengthens sustainability initiatives 3:47 3 minutes, 47 seconds and positions UFFLEX as a comprehensive one-stop packaging partner globally. 3:53 3 minutes, 53 seconds Now before I come to performance about the quarter uh in fact I would like to uh highlight uh that this was a 4:00 4 minutes challenging quarter in terms of the macro headwinds which were there were two major macro uh economic events which 4:08 4 minutes, 8 seconds were the drivers under which we have uh done this quarter and 9 month performance and both coming from domestic as well as you know 4:16 4 minutes, 16 seconds internationally. So overall for our international markets we had the impact of the US tariff related uncertainty as 4:25 4 minutes, 25 seconds a major driver impacting the performance and at the same time we were in the midst of a GST transition and as a GST 4:33 4 minutes, 33 seconds rationalization had an impact within India to a great extent and despite such a challenging demand 4:40 4 minutes, 40 seconds environment in certain segments we remain focused on operational discipline product mix improvement cost optimization and long-term value creation. 4:48 4 minutes, 48 seconds All of that is reflected in the numbers of the quarter which are for the 9 months we clocked a revenue of 114 4:55 4 minutes, 55 seconds billion 157 million rupees which was on a corresponding period of last year was up 0.8% 8% yearonear we had the reported 5:05 5 minutes, 5 seconds aida at a at a stable level of 13 bill571 million which was more or less in line with last year's aid of 9 months 5:14 5 minutes, 14 seconds for the same period we had the normalized aida which was at almost 13 5:21 5 minutes, 21 seconds billion rupees which was down 9.6% yearon year and margin at 11.4%. 5:29 5 minutes, 29 seconds We had PBT of 136 PBT which was up 136% to to rupees 1 bill863 million which was 5:38 5 minutes, 38 seconds supported by lower exceptional impact versus last year and we had a major swing in the PAT at 1.21 5:46 5 minutes, 46 seconds billion rupees versus loss of 263 million in the 9month period of last year. Coming to the performance for the 5:54 5 minutes, 54 seconds quarter 3 per se, we had revenue at 36 billion 329 billion versus 37 billion 3775 6:03 6 minutes, 3 seconds million rupees which was 3.8% down on the corresponding quarter of last year and that was largely on account of 6:10 6 minutes, 10 seconds volume softness because of the factors mentioned below and also because of a lot of import related pricing pressure in the market. 6:18 6 minutes, 18 seconds We had a reported aida which which rose 7 9.7% at rupees 4 billion 596 million 6:26 6 minutes, 26 seconds and there was a margin expansion of 180 basis points on a quarteron quarter at 12.7%. 6:33 6 minutes, 33 seconds During the quarter we also had foreign exchange and derivative gains of uh rupees 21 million which were adjusted resulting in a flat normalized beta for 6:42 6 minutes, 42 seconds the quarter and hence the normaliz beta was at 4 billion 395 million which was up 12.8% 8% on a sequential quarter 6:51 6 minutes, 51 seconds basis and margin overall improved to 12.1% which was a 200 basis point expansion on quarter and quarter. We had 7:00 7 minutes the profit before exceptional items which increased 56% quarter and quarter to rupees 643 million and PAD stood at 7:09 7 minutes, 9 seconds 361 million rupees which was up by 34% on a signification quarter basis and EPS was at rupees 5.01 per share. I'd like 7:19 7 minutes, 19 seconds to touch upon slightly on the aseptic packaging business. Our aseptic liquid packaging business delivered steady growth during the period with volumes 7:26 7 minutes, 26 seconds increasing by 2.3% yearonear to 1.8 billion packs as against 1.76 million 7:34 7 minutes, 34 seconds packs in corresponding quarter 3 of last year. And for the 9-month period, volumes grew 4.4% 4% to 5.9 billion 7:41 7 minutes, 41 seconds packs as against 5.7 billion packs in the 9 months of last year reflecting strong execution and improved product 7:49 7 minutes, 49 seconds mix. This reinforces the structural growth potential of the aseptic liquid packaging category as we see and looking 7:56 7 minutes, 56 seconds ahead as we know quarter 4 and quarter 1 are easily the strongest quarter for aseptic packaging business. So the current quarter and next quarter are 8:04 8 minutes, 4 seconds expected to witness much better prospects supported by category tailwinds and also pre-season loading. 8:12 8 minutes, 12 seconds We expect this momentum to strengthen and anticipate a robust season and summer in FI27. 8:18 8 minutes, 18 seconds Assuming trade inventory liquidation and inclement weather conditions are now largely behind us and we expect our aseptic packaging 8:26 8 minutes, 26 seconds business to uh have uh a total uh sales volume of close to about 8.5 billion 8:34 8 minutes, 34 seconds packs in the next fiscal subject to overall FNB beverage industry behind. Thank you. 8:42 8 minutes, 42 seconds I now request if you have any questions would love to take that. 8:47 8 minutes, 47 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone 8:55 8 minutes, 55 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. 9:06 9 minutes, 6 seconds The next ladies and gentlemen, we will wait for a moment while the question assembles. 9:15 9 minutes, 15 seconds The first question comes from the line of Aman Kumar from AK Securities. Please go ahead. 9:23 9 minutes, 23 seconds Yeah, good afternoon sir. Good afternoon. 9:27 9 minutes, 27 seconds Uh sir, so far so good. We are doing very well as far as turnover is concerned. Sir, but uh could you please 9:36 9 minutes, 36 seconds outline the company's road map for data reduction and uh are there any specific leverage target uh or timeline over the 9:44 9 minutes, 44 seconds next one three years that the investors should be aware of? 9:50 9 minutes, 50 seconds Yes. So in fact we see at the current leverage level we see this trend seem to be plateauing at the current level. We 9:58 9 minutes, 58 seconds must keep in mind at this stage that we are near commissioning stage for three of our large projects which includes our 10:05 10 minutes, 5 seconds 12 billion expansion 12 billion tax expansion of aseptic liquid packaging facility in Egypt. We are having uh 10:13 10 minutes, 13 seconds almost 40,000 tons uh recycling plant at the near commissioning stage in India and we have also uh woven polyropene 10:22 10 minutes, 22 seconds backs which is 80 million backs uh production capacity in Mexico. So we are almost end of this three major project 10:31 10 minutes, 31 seconds uh commissioning and given that we largely feel that now on it will be a leverage will be a function of improving 10:38 10 minutes, 38 seconds AITA as a result of these project being operational and significantly it should reduce the leverage overall. We are not looking at this debt level in isolation. 10:49 10 minutes, 49 seconds We look at the impact of the bearing on the leverage. So with the improving aida and largely this capex cycle uh being at 10:57 10 minutes, 57 seconds the at the juncture that we are we expect this leverage should be more or less should be peaked at the current level. 11:06 11 minutes, 6 seconds Oh sorry you have uh told that you will freeze the debt level to this level but again you have announced the BP project. 11:14 11 minutes, 14 seconds So um every now and then you are announcing projects and uh keeping the 11:21 11 minutes, 21 seconds debt level to the man to a very high level. So uh whenever there is a downturn in the economy all over the 11:30 11 minutes, 30 seconds world I think the company will be in deep trouble if we don't look in to control the debt because in the past Mr. 11:38 11 minutes, 38 seconds Bhyia used to say that this is that uh uh debt we will not increase anymore but 11:45 11 minutes, 45 seconds again we see that there is increase in the next quarter. So um I think you have 11:51 11 minutes, 51 seconds to uh assure the investor that uh this is the debt uh the maximum debt the company will have and then how the 12:00 12 minutes management will repay this debt over a period of time. 12:05 12 minutes, 5 seconds Yes. So in fact uh thank you for uh for this point and in fact we take this point in the spirit of know the guidance 12:13 12 minutes, 13 seconds that the concern about this leverage is something which is very much very much talk of our priority too and we look at 12:21 12 minutes, 21 seconds it as an interplay of the debt level the current debt level and the current capex but at the at the same time we see this 12:29 12 minutes, 29 seconds improving more on account of this aa improvement from here. So what I can say is that we see this leverage ratio which 12:37 12 minutes, 37 seconds is at the current level more or less being at the peak and uh so far as you know reduction of that it will be an 12:44 12 minutes, 44 seconds interplay of overall repayment which in fact is during the year and at the same time a bit improvement will lead to this 12:53 12 minutes, 53 seconds leverage thing coming more under moderation is what I can see. 12:58 12 minutes, 58 seconds So which uh key markets are currently performing well for UPLEX and where we are facing challenges and uh what 13:06 13 minutes, 6 seconds factors are driving the differences in uh performance across geographics. 13:13 13 minutes, 13 seconds Yes. So in fact as you see that we have now current revenue mix of close to about 44% coming from within India. We 13:22 13 minutes, 22 seconds have 56% of the revenue now coming from overseas markets. We see that uh overseas Egypt and Mexico are the two 13:30 13 minutes, 30 seconds largest setup outside India definitely driving the growth and uh while most of the markets not just in India but as you 13:39 13 minutes, 39 seconds know the tariff related uncertainties have also resulted in our packaging films business which contributes to almost twothird of the overall revenues 13:48 13 minutes, 48 seconds also being impacted because of the US related headwinds and also peripherated uncertainties a lot of exports were 13:55 13 minutes, 55 seconds reoriented to the non- US markets and that meant that to some extent even the Europe or Middle East North Africa market which are the other major markets 14:03 14 minutes, 3 seconds that we operate in also impacted by this kind of supply gap uh mismatch and also that uh resulted in some kind of pricing 14:12 14 minutes, 12 seconds pressure or the realization. Now we see the good part is that we see in the current quarter that trend in fact is 14:20 14 minutes, 20 seconds showing some signs of reversal. We and as we all know that now this direct related thing is easing there 14:27 14 minutes, 27 seconds uncertainty which will mean that this will be stabilizing going back to the normal supply chain operation that will 14:34 14 minutes, 34 seconds help us improve our performance in these major markets and also definitely in India where we have seen already the prices improving uh there is a price 14:42 14 minutes, 42 seconds recovery for pocket films currently at about 110 likewise we have seen uh marked improvement in the BP films 14:50 14 minutes, 50 seconds during the quarter as we started the quarter These were the things which were actually weighing on the industry as a whole. But we see by the end of the quarter and most particularly in the 14:58 14 minutes, 58 seconds current quarter those trends being reversed. So we are confident that overall we feel that this is will result in the current quarter and more 15:06 15 minutes, 6 seconds pronounced places in the in the next fiscal these seems to hold extremely good for us. 15:13 15 minutes, 13 seconds So this is the domestic scenario. What about this international scenario as far as Bit and B is concerned? 15:20 15 minutes, 20 seconds Do you think that the margin will improve like India overseas? 15:26 15 minutes, 26 seconds Yeah. So in fact I can talk about the way we see the market improving because if you talk about there's no US market 15:33 15 minutes, 33 seconds currently has a major imports of BOP films. So B US itself is not a local producer of BOP and with the increased 15:42 15 minutes, 42 seconds demand of BOP it is being scattered by different market. We definitely see US markets as a major prospect for the BOP films for industry for us as a whole. 15:52 15 minutes, 52 seconds Overall, we see that an Egypt and largely Mexico plant being benefited by this overall demand which is which is showing us signs of improvement. 16:02 16 minutes, 2 seconds Sir, could you share the expected commissioning and stabilization timeline for Septe? 16:14 16 minutes, 14 seconds Yeah. So largely it seems to be very much on course. Uh I think uh I can say that uh between the current and the next 16:22 16 minutes, 22 seconds quarter we should see these three projects being commissioned. Uh give and take a few months here and there. But I 16:29 16 minutes, 29 seconds expect that between now and uh end of the first quarter we should have all these three projects up and running. 16:37 16 minutes, 37 seconds Thank you. This is from the my side. Yeah. Thank you. 16:43 16 minutes, 43 seconds The next question comes from the line of chiak signal signal from first waterf fund. Please go ahead. 16:51 16 minutes, 51 seconds Yeah. Uh thanks for the opportunity. My first question is onceto. So what are the target volumes for FI26 and if you 16:59 16 minutes, 59 seconds can also help me with your targets for 27 and 28. 17:06 17 minutes, 6 seconds So in fact we see that uh in the current uh uh 9 months the 9 months entered 17:13 17 minutes, 13 seconds December 25 we had a total of 5.9 billion packs as against 5.7 billion 17:20 17 minutes, 20 seconds packs in the 9 months of last fiscal. Uh largely we see that year we should be uh having this total acceptic packaging 17:29 17 minutes, 29 seconds business to be in the range of around 8.5 billion packs. uh though we expect that this can this can be slightly 17:37 17 minutes, 37 seconds better but we are keeping our guidance to about 8.5 million packs and next year onwards as we are uh almost near 17:45 17 minutes, 45 seconds commissioning stage of the similar capacity in uh Egypt and now with the full impact of the extra 5 billion pack 17:53 17 minutes, 53 seconds expansion in India uh with increased capacity utilization and particularly as I said quarter four 18:00 18 minutes and quarter one being the peak reason we expect that to translate in better utilization of these capacities. So I 18:07 18 minutes, 7 seconds can I can say without putting uh a number that it should show a significant improvement from the current year numbers of 8.5 billion packs or thereabout. 18:17 18 minutes, 17 seconds Is it possible to give a range uh at least for FI27 because you'll have the uh India as well as Egypt uh up and 18:26 18 minutes, 26 seconds running. So just trying to understand what kind of increase in volumes we should expect. 18:32 18 minutes, 32 seconds Yeah. So in fact we are very very upbeat about the current quarter and we feel that by end of this quarter we would be 18:40 18 minutes, 40 seconds in a fairly in a good position to give a proper sense of the numbers to expect from fiscal 27. I think that will be an 18:48 18 minutes, 48 seconds appropriate time because now we have to first reach a stage of commissioning of the SFG liquid packaging facility in in Egypt and once we have that first year 18:57 18 minutes, 57 seconds of course will be a ramp up and utilization level we have to calibrate as to what extent of course it will be linked to the market demand and everything but we feel that both the 19:06 19 minutes, 6 seconds faculties you know firing together and also the improved demand should lead to a much more improved number in the next 19:14 19 minutes, 14 seconds fiscal at this stage I'd rather wait for another quarter to give a specific number guidance for the next year. 19:23 19 minutes, 23 seconds Okay. And this Egypt plant are you expecting uh the commissioning to happen in current quarter or in June? 19:31 19 minutes, 31 seconds So I expecting this between current and next quarter we are just around the corner about commissioning of that plant. I uh think it maybe it may be 19:41 19 minutes, 41 seconds somewhere somewhere maybe within 90 days from now. So that can be either either end of this quarter or some somewhere in 19:49 19 minutes, 49 seconds the first quarter. So I I'll rather put it as as over the next uh 90 days or so. 19:56 19 minutes, 56 seconds Okay. Uh uh next question is on uh you know specific locations capacity utilization. So if I look at Mexico, 20:05 20 minutes, 5 seconds Hungary, Poland, there was a sharp dip in the capacity utilization during the quarter. So what were the key reasons and uh what should we expect for uh the coming fiscal year? 20:18 20 minutes, 18 seconds Yeah. So most of the places I think this is uh this is not different from the overall theme which impacted to some 20:25 20 minutes, 25 seconds extent the packaging film production volume and Europe, Poland, Hungary as you talked about were also to a great extent impacted by the reorientation of 20:34 20 minutes, 34 seconds the exports and a little bit of supply glut and that meant that to some extent the production volumes were curtailed 20:42 20 minutes, 42 seconds and uh but at the same time having said that uh the trend seems to be reversing many places largely is a fallout of 20:49 20 minutes, 49 seconds things happening in US uh thankfully that should result into restoring of the normal utilization level for these markets as well. But overall if you ask 20:58 20 minutes, 58 seconds me to answer your question it was impacted for the same factor that I mentioned earlier of uh of US related 21:06 21 minutes, 6 seconds fallout also impacting the non- US markets overseas including EU and what are we guiding for uh like 21:15 21 minutes, 15 seconds capacity utilization at the three locations for the current fiscal. 21:21 21 minutes, 21 seconds So yeah so overall we see it will be at the level where it was earlier which is 21:28 21 minutes, 28 seconds about 80% plus hydropion is what we can expect from this so Poland which is showing that 56.7 in 21:36 21 minutes, 36 seconds Q3 even that you are saying it should go to 80% do in the coming fiscal because the rest are uh uh not as low as Poland 21:45 21 minutes, 45 seconds but uh I'm just trying to uh get a confirmation Yes. So overall in fact we are saying 21:55 21 minutes, 55 seconds that know these three locations put together uh looks like uh improved capitude len and uh also for Hungary and 22:03 22 minutes, 3 seconds this more particularly for Poland if I request to to pitch him. He had a point to make. 22:10 22 minutes, 10 seconds center into Yeah, Chira. Uh you must be aware that you know this is seasonally uh pretty uh 22:18 22 minutes, 18 seconds uh dimminited character in Europe particularly in Eastern Europe. So plus holiday season. Uh so every year similar 22:27 22 minutes, 27 seconds kind of things happens but this time along with these seasonal uh you know fallacy we also have the impact of this 22:35 22 minutes, 35 seconds extra supply from the uh the kind of frames which we have received which was 22:43 22 minutes, 43 seconds actually destined for us but because of this uncertainty that has actually flooded the European market as well as North Africa and Middle East. That is one of the reasons. 22:54 22 minutes, 54 seconds Another reasons is that when this kind of opportunity are seen by the market players particularly the warehouse guys 23:02 23 minutes, 2 seconds or the wholesaler guys they were also holding less because they were expecting price will come down. So as a result of 23:10 23 minutes, 10 seconds it they are not buying very big quantity they are not giving big commitment. Now once these uh various multiple countries 23:19 23 minutes, 19 seconds are making deals with the US and more or less these unfortunately are tapered off and everybody is getting back to 23:27 23 minutes, 27 seconds normalization these things we already are observing in the reflection of price realization both 23:34 23 minutes, 34 seconds in India and export market and that's why suggested is that you might be 23:41 23 minutes, 41 seconds seeing much better improved in Q4 Okay. Uh got it. Uh just one last 23:49 23 minutes, 49 seconds question. Uh on the uh P uh residence plants uh uh both the plants that we have uh what what was the capacity 23:58 23 minutes, 58 seconds utilization in Q3 and again uh the same what are you guiding for in FI27? 24:05 24 minutes, 5 seconds Yeah. So Egypt plant operated at about 45 46% caps utilization in quarter and for months uh about 57.8%. 24:17 24 minutes, 17 seconds Uh in fact uh this was on back of the commissioning of this rig plant in the quarter 4 of last year. So in very first 24:25 24 minutes, 25 seconds year in 9 months of operations we have seen utilization close to about 60% since commissioning last year and India's plant palpat for bed chips in 24:34 24 minutes, 34 seconds fact had uh the overall 9 months utilization of close to about 79%. For the quarter again for the same reason it 24:41 24 minutes, 41 seconds was slightly less compared to uh previous year at 68%. 24:47 24 minutes, 47 seconds And uh should we uh uh is it fair to assume full capacity utilization in the coming year? 24:57 24 minutes, 57 seconds Yeah. So in the coming year in fact we'll see number one the substation is steadily improving and uh from a 9 25:04 25 minutes, 4 seconds months uh utilization of 58% 60% we should see Egypt plant utilization in the range of close to about 80%. And for 25:14 25 minutes, 14 seconds palypus plants we expect this to be further improving from the current level of 79% to a point of uh uh 85 90%. 25:24 25 minutes, 24 seconds Understood. Yeah. 25:26 25 minutes, 26 seconds I can add to what sums commentary is that uh we have also technically improved ourselves in palip into more 25:35 25 minutes, 35 seconds into BG grade chips. So what it means is that even if we stay at the similar kind of utilization our realization will be 25:43 25 minutes, 43 seconds much better our margin profile will be much better in panip. So we are not focusing on say 75 80 for initial 2 years is pretty good utilization level. 25:54 25 minutes, 54 seconds So if you cross 80% then you are thinking of 90% you are thinking of putting up a new plant which is not required actually at this point of time 26:03 26 minutes, 3 seconds because given that government's u you know uh initial phases of implementing 26:09 26 minutes, 9 seconds uh you know chips and recycle chips and all these things. Uh so situation what what has tumbled out is that we are 26:18 26 minutes, 18 seconds focusing on more value addition and and if government implementation more and more expanding across the industry there 26:25 26 minutes, 25 seconds will be more uh demand for value added BG product or bottle grade chips product of where we are focusing more on that. 26:33 26 minutes, 33 seconds Uh so so so going forward you can say that uh we are definitely going to increase our capacity utilization but quality value utilization. 26:45 26 minutes, 45 seconds Understood. Uh uh that would be a comment. Thank you. Thank you chair. Thank you. 26:52 26 minutes, 52 seconds Thank you. 26:55 26 minutes, 55 seconds The next question comes from the line of Koshik Poda from KB Capital Markets Private Limited. Please go ahead. 27:03 27 minutes, 3 seconds So what is the kind of margin you are looking at right now? You're at a margin of 12%. What is the kind of margin you're looking at for this quarter as well as for the next year? 27:15 27 minutes, 15 seconds So overall if you see in fact we are still not at 12% we are at 11 and a half% of margin for the 9 months. uh we 27:23 27 minutes, 23 seconds definitely see that margin uh while it has shown on a sequential quarter basis it has seen a expansion of 200 basis 27:30 27 minutes, 30 seconds point over the previous quarter which is currently at for 9 months it's about 11.5%. We see it in the range of know 27:38 27 minutes, 38 seconds about 12% or so for the year as a whole and moving forward as the product mix improve as we are able to realize price 27:46 27 minutes, 46 seconds realization is better for our packaging films and for valuated films that should show a consistent and steady improvement 27:54 27 minutes, 54 seconds but as for this fiscal we expect this to be in the range of 10% of can we expect a better margin next year 28:03 28 minutes, 3 seconds next year yes that's exactly What in fact we have we see it as unfolding because as a 28:11 28 minutes, 11 seconds result of I said that improved product mix we see a more of know cost digitalization and also a better price 28:20 28 minutes, 20 seconds realization from our OC's in Indian market all this translating into a better AITA margins improving from 12% 28:27 28 minutes, 27 seconds further upwards and uh this is what we can see as a the trend as a expectation in the next of FY27 28:35 28 minutes, 35 seconds Yeah, see another thing these three plants that are coming into operation this uh this quarter and next quarter the I think what the projection given 28:43 28 minutes, 43 seconds was that these three plants will give a an incremental turnover of 2,000 crores with a margin in uh margin for these 28:51 28 minutes, 51 seconds three plants at 20%. Uh are you sticking to that? 28:57 28 minutes, 57 seconds Yeah. So I think I just to place it in the right perspective these three plants once commissioned the numbers which are 29:05 29 minutes, 5 seconds what we are discussing is in context of the full capacity utilization of these three plants and uh as youly expect and it's very 29:14 29 minutes, 14 seconds very uh much expected that this utilization will be a ramp up over a period of time. So say for the next 29:21 29 minutes, 21 seconds fiscal if we are having 60 70% utilization we can accordingly calibrate the numbers but we expect on a full 29:30 29 minutes, 30 seconds capacity utilization yes these numbers do hold good and we should get an incremental revenue on account of these three projects contribution of close to 29:38 29 minutes, 38 seconds about 2,2500 crores with the with the margin which if not 20% between we can 29:45 29 minutes, 45 seconds expect the IT margin there Okay. Okay. Thank you. Thank you. Thank you. 29:55 29 minutes, 55 seconds Thank you. 29:57 29 minutes, 57 seconds The next question comes from the line of sake Kapoor from Kapoor and Co. Please go ahead. Yeah, Namaskar. Sir, I hope I'm audible. 30:06 30 minutes, 6 seconds Yes, you are. 30:07 30 minutes, 7 seconds Yes, sir. As you mentioned uh that uh there were there were external factors that led to lower utilization for the 30:14 30 minutes, 14 seconds film segment especially domestically. So in terms of the exit of Q4 what should be the uh film segment utilization 30:23 30 minutes, 23 seconds levels that we we we may expect or if as an entity including aesthetic as well as the frame packaging everything where 30:31 30 minutes, 31 seconds where should we land for Q4 which is seasonally also a better quarter. 30:38 30 minutes, 38 seconds Yes. So when we talk about quarter 4 we'll have to basically look at it more. 30:43 30 minutes, 43 seconds I'd like to give a more nuanced response to that coming from different segments. 30:48 30 minutes, 48 seconds So for packaging films to start with for packaging films as we see uh this was a quarter of softer demand. This was a 30:56 30 minutes, 56 seconds quarter of pricing pressure and definitely that all translated into a little bit uh I'd say resilient but not 31:03 31 minutes, 3 seconds robust performance for the quarter. And having said that for quarter 4 for packaging films as such we expect that not the worst that the challenges is 31:11 31 minutes, 11 seconds behind us and which is very much reflected in the current signals that we're getting from the market. As you are aware, the prices are firmed up. In 31:18 31 minutes, 18 seconds fact, it has held up and now holding up at the level of uh 110 or thereabouts for Bopit and likewise for BP. And if 31:26 31 minutes, 26 seconds you see in the quarter performance, we also had uh uh definitely a marked improvement in our flexible packaging business contributing to the overall 31:35 31 minutes, 35 seconds revenues. So while overall numbers state one but at the same time within that if you if you actually little bit analyze 31:42 31 minutes, 42 seconds you'll find the packaging business has already started showing signs of improvement from the successful GST transition and also we expect that a lot 31:51 31 minutes, 51 seconds of knowtoing which is over will result into much better prospects for flexible packaging business and as business as 31:59 31 minutes, 59 seconds you rightly said the quarter four definitely is typically one of the better quarters quarter one being the best and quarter two also So is very 32:06 32 minutes, 6 seconds good. So all that for the different segments I think will will looks good looks promising for us for quarter 4 overall as the performance and on the 32:15 32 minutes, 15 seconds back of this behind us we expect these numbers to be to be much much better for quarter 4 as a whole and definitely as 32:23 32 minutes, 23 seconds we talked about the three projects we are commissioning I think the full impact of that or at least the substantial impact of that will be also 32:31 32 minutes, 31 seconds seen in the fiscal 27. So here on in fact I'm very confident that we see starting quarter four a improved 32:38 32 minutes, 38 seconds trajectory which we will be more particular about rather than chasing a number right. So you mentioned about prices for 32:47 32 minutes, 47 seconds the flame uh holdings and uh so can you give some color on how the trades are shaping up for the commodized flame for 32:55 32 minutes, 55 seconds both as well as for for the month of February or what what was January and February trends? 33:04 33 minutes, 4 seconds So in fact if you see uh it had gone all the way low of almost like 90 rupees per 33:13 33 minutes, 13 seconds kg. We are talking about Bit films which with a steady uh increase and also as part of the consciousness strategy to 33:20 33 minutes, 20 seconds some extent has resulted and import uh uh the pricing pressure from import of those films now subsided. As a 33:27 33 minutes, 27 seconds combination of these things, the prices have been steady, have held up and now reached the level of close to about 100 33:34 33 minutes, 34 seconds on the bucket side. Likewise on on uh likewise on BP if you see the prices are 33:42 33 minutes, 42 seconds for the different grade which is TNT and NT. So you see the prices of entity largely the segment that we operate in 33:49 33 minutes, 49 seconds is the prices of 120 121 per kg now which was which has again improved significantly from the previous month 33:58 33 minutes, 58 seconds and had the RM also moved in that basket and putting pressure on margins or these are all demand le and RM being the 34:06 34 minutes, 6 seconds convergent margins are higher so RM it's actually an interesting uh uh aspect that we need to understand that 34:15 34 minutes, 15 seconds RM RM was also to a great extent also to do with to some extent as we gather from China and uh as uh RM was uh in fact 34:25 34 minutes, 25 seconds weighed down by a lot of imports from China and because of Chinese producers more changing the volume than the price. 34:33 34 minutes, 33 seconds But we understand there has been a conscious shift or at least direction from Chinese government to rather focus more on holding the price and not 34:41 34 minutes, 41 seconds changing the volume. And with that we expect that of late the trend has been the RM prices have been more consistent 34:49 34 minutes, 49 seconds and moving on I think it should be more tracking the RM prices rather than being moving in different direction. So largely the prices uptrend and all will 34:57 34 minutes, 57 seconds also be will be underscored by the same trend being followed in the raw material prices. 35:04 35 minutes, 4 seconds So last point come again I miss you. 35:07 35 minutes, 7 seconds So I was telling that raw material prices in fact have now shown some kind of steady trend and to some extent it 35:15 35 minutes, 15 seconds was also to do with uh what we gathered from the landscape is that there is a direction in China also about focusing 35:23 35 minutes, 23 seconds not on changing the volume not on increasing the volume but focusing more on price realization which has meant that there is no undue pressure on the 35:31 35 minutes, 31 seconds raw material prices which are also reflected in the firm prices for the packaging films Largely we feel that this trend which like tracks the raw 35:39 35 minutes, 39 seconds material prices to continue and that's where we feel that there will be there will be no some kind of steady trajectory for both the raw material as well as for the end packaging prices. 35:50 35 minutes, 50 seconds All right sir. And now coming to the debt part as as our first participant uh samar has mentioned about uh the the 35:58 35 minutes, 58 seconds debt uh being at at the higher levels I think. So uh just a case in point sir 36:05 36 minutes, 5 seconds what are our current maturities uh going ahead for the next financial year I think so peak debt is uh our 36:13 36 minutes, 13 seconds gross debt is 8,000 for net debt. So what is our first first year current majorities for the coming in year? 36:22 36 minutes, 22 seconds Yeah. So in fact when we talk about the debt profile uh this is actually important also to understand that number 36:29 36 minutes, 29 seconds one uh the it has to be also seen that we see an improvement in the debt profile in the sense that cost of funds 36:37 36 minutes, 37 seconds we see it's maybe a little premature for me to give specific but we are working on a plan where we see cost of funds is 36:44 36 minutes, 44 seconds steadily going down and uh as we are uh significantly done with this know three 36:51 36 minutes, 51 seconds projects uh capex plans. So we feel that uh combination of three factors which is like the three projects major capex 37:00 37 minutes cycle being over number two the uh translation or result of this into a positive improvement in a bita and 37:07 37 minutes, 7 seconds number three the cost of funds is is expected to come down further based on certain plans that we are working on. We 37:14 37 minutes, 14 seconds see this debt profile and moving forward it will give you a lot more comfort to all of you. 37:22 37 minutes, 22 seconds So can you give me the current maturity part and then s small point even with the restization of cost for the uh the 37:29 37 minutes, 29 seconds finance cost is going to rise since we will be capitalizing projects uh in the in between two causes so the absolute number will go up. 37:40 37 minutes, 40 seconds Yeah, but at the same time even the repayment cycle it's it's a kind of no kind of no offsets each other as you rightly said with the capitalization 37:48 37 minutes, 48 seconds with the capex spend part so that way the debt part will not be showing an increase on that count at the same time 37:55 37 minutes, 55 seconds very rightly pointed out by you that it will reflect in that being expensed out which will definitely mean slightly higher interest cost per se but what I 38:04 38 minutes, 4 seconds was alluding to was the cost of funds so cost of funds we expect that to come down based on the plan that we are working on. 38:12 38 minutes, 12 seconds What is the current blended cost of funds sir? My last two questions. 38:16 38 minutes, 16 seconds Yeah. So current blended cost of funds will be about 7% uh 6.9 to 7%. Then the cost of funds. 38:25 38 minutes, 25 seconds Okay. And can you give the number for the current maturity for next year? For next year 38:33 38 minutes, 33 seconds uh it will be close to about 1,450 to 1500. 38:38 38 minutes, 38 seconds the CTLD the current maturity for over next one year. 38:43 38 minutes, 43 seconds Right. Thank you sir. I joined with Thank you so much. 38:50 38 minutes, 50 seconds Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Krisha from Grow Capital. Please go ahead. 39:05 39 minutes, 5 seconds So in the last earning call topline growth guidance to that five person and EITA to be in the range of 1,800 to 1815 39:13 39 minutes, 13 seconds crores. So are we confident of achieving the same? Can you provide some guidance range for EITA margins? 39:23 39 minutes, 23 seconds Yeah. So in fact a margin I said that for the FI26L we expect it to be in the range of 12%. 39:33 39 minutes, 33 seconds translating to an AITA which largely should hold the guidance given earlier of 1,800 to 1850 cr for the year. So we 39:42 39 minutes, 42 seconds are confident with this uh improved performance in quarter 4 which we expecting and we are witnessing to some extent. We feel that that guidance holds 39:50 39 minutes, 50 seconds good in terms of the victed numbers for 526. Okay sir. Got it. 39:59 39 minutes, 59 seconds Thank you. Thank you. 40:03 40 minutes, 3 seconds Thank you. A reminder to all the participants that you may press star and one to ask a question. 40:09 40 minutes, 9 seconds The next follow-up question comes from the line of Aman Kumar from AK securities. Please go ahead. 40:16 40 minutes, 16 seconds My question is that uh we are uh setting up a liquid packaging plant in Egypt. We are expanding our we have already 40:25 40 minutes, 25 seconds expanded our capacity in India since lot of uh export was happening to the market 40:32 40 minutes, 32 seconds where Egypt free cattle. So do you think that uh since export market will now take care by 40:42 40 minutes, 42 seconds Egypt plant so how we will sell from this Indian plant. So can we can um fully utilize the capacity here? 40:55 40 minutes, 55 seconds Yeah. So largely if you see right now at 8.5 uh expected 8.5 billion packs of uh capacity or number of packs for the 41:03 41 minutes, 3 seconds fiscal it's largely being catered to by the plant in India which is at you know that 7 billion capacity we 41:11 41 minutes, 11 seconds expanded by another five billion packs to to 12 billion packs here. And given the demand which is now uh which is from 41:18 41 minutes, 18 seconds overseas which is largely expectedly catered from the plant in Egypt. Why we chose Egypt was also because you will 41:25 41 minutes, 25 seconds you will realize that Egypt generally is a is geography 41:32 41 minutes, 32 seconds stable tariff regime very stable now the trade relations with most of the major markets including US and EU. So Egypt 41:40 41 minutes, 40 seconds for us was a strategic decision to set up this expansion of facility. From there we see that as a gateway catering to many markets which are not to the 41:47 41 minutes, 47 seconds fullest extent or being catered to from here. So we see that this will be very complimentary to each other rather than 41:54 41 minutes, 54 seconds being in any kind of conflict in terms of market. 41:59 41 minutes, 59 seconds Yes. because 40% of our production uh uh the capacity when it was 7 billion pack 42:05 42 minutes, 5 seconds the 40% was exported now our capacity is 12 billion pack and the export market 42:12 42 minutes, 12 seconds will be taken care by Egypt so do you confident uh that we will be able to say 42:19 42 minutes, 19 seconds 12 billion pack in India only yes so I think this is where to some 42:26 42 minutes, 26 seconds extent this is also uh we are talk we are actually relying on two things. 42:31 42 minutes, 31 seconds Number one, we expect an exponential growth in industry segment per se for liquid packaging and on top of that in 42:38 42 minutes, 38 seconds India we are already the market leader and we expect to consolidate further that position from number two to uh the leader that will mean that there's a lot 42:47 42 minutes, 47 seconds of upside in terms of market demand within India which of course will be captured and that has been the reason for us to strategically invest in 42:55 42 minutes, 55 seconds expansion of the capacity. Had we not been confident of the domestic market demand, we would have at first added the 43:02 43 minutes, 2 seconds overseas facility to more look at the export market. We see this India market and also the larger global market being 43:09 43 minutes, 9 seconds of of great prospect for our liquid packaging business and hence both the things of the same capacity looks like 43:17 43 minutes, 17 seconds we are confident of that being leveraged in a position to cater to the increasing market share and holding the margins to 43:24 43 minutes, 24 seconds great extent and that's what we expect from our liquid packaging business on a whole. 43:31 43 minutes, 31 seconds What is the reason for deepening the chemical business in this quarter? 43:38 43 minutes, 38 seconds So overall in fact uh chemical business yeah it was it was actually a combination of the change in the product 43:45 43 minutes, 45 seconds mix and also something to do all derivatives and no value added products largely reflecting the broader trend in 43:53 43 minutes, 53 seconds the in the underlying industry segment which were also impacted. So but we feel just like no other segment this also 44:01 44 minutes, 1 second stabilizing and we expect better performance from the from the chemical segment as well. 44:09 44 minutes, 9 seconds Sir one more question that we have invested lot of money in uh this commodity film business whether it is 44:16 44 minutes, 16 seconds profit or BP or CTP. So instead of putting money in commodity film where it requires lot of capex why we are not 44:24 44 minutes, 24 seconds invested in value added film where the capex is quite low but the margin and uh are quite high. 44:35 44 minutes, 35 seconds Yeah. So actually in fact if you see that's exactly what I was meaning by improved product mix in the cells that on one hand we have the base layer as uh 44:44 44 minutes, 44 seconds as the base packaging cell but most of the places including Egypt including Hungary and other places we have also 44:51 44 minutes, 51 seconds invested and added the capacity of uh as I talked about metallized and ultra high barrier films and those are now forming 45:00 45 minutes an increasing share of the overall packaging films segment because on one And this does not mean that incremental 45:07 45 minutes, 7 seconds capex of the same proportion and also it helps in terms of the better realization and most of the evolved markets in fact 45:15 45 minutes, 15 seconds there is a great demand for these high barrier metalized value added in specialized film and that's where this segment has nothing systemized in US and 45:23 45 minutes, 23 seconds other places we expect that now this investment and strategic focus on this high uh value added film segment will will hold good for us. 45:34 45 minutes, 34 seconds Okay sir, thanks for this is from my sir. 45:41 45 minutes, 41 seconds Thank you. The next question comes from the line of Koshi Poder from KV Capital 45:48 45 minutes, 48 seconds Markets Private Limited. Please go ahead and we are going to start another year 45:55 45 minutes, 55 seconds uh in another 15 days and do you see any change on the APR front as far as um your company is concerned? 46:07 46 minutes, 7 seconds EPR in fact is very close to our heart. 46:10 46 minutes, 10 seconds It is very strategic investment from our side and we feel that uh this uh government is also equally committed to 46:18 46 minutes, 18 seconds this thing translating into uh uh what we believe should be uh something which 46:24 46 minutes, 24 seconds should uh be uh of excellent no prospect for us. And if you see the general 46:31 46 minutes, 31 seconds guidelines about the EPR mix for rigid flexible as well as no multiateral multimaterial flexible plastic where uh 46:40 46 minutes, 40 seconds the there were guideline about 30% to 10% or 5% of uh this recycling material government has only pushed it out to 46:49 46 minutes, 49 seconds some extent and largely it has meant that no that what is expected to happen by uh this fiscal is only going to pan 46:56 46 minutes, 56 seconds out play out in the coming years There has been the window available for next three years to make up for what was not implemented now. And that also shows in 47:05 47 minutes, 5 seconds our view that shows the commitment of government of the highest order and we feel that this will mean that sooner or later as more and more you know 47:14 47 minutes, 14 seconds manufacturers adopts this it will it will help our strategic investment in this and and uh should hold good for your company. 47:25 47 minutes, 25 seconds I mean uh do you see as a result your margin also coming up? 47:32 47 minutes, 32 seconds Yes, overall in fact we see as this know actual implementation of this happens that will largely track the increased 47:40 47 minutes, 40 seconds utilization and we being one of the best entrenched players in the recycling capacity. We will be the early 47:46 47 minutes, 46 seconds beneficiary and should be able to to get the benefit of our significant strategic investment in that as it start getting 47:53 47 minutes, 53 seconds implemented. resulting in the numbers of uh this renewable. Okay. Thank you. 48:04 48 minutes, 4 seconds Thank you. 48:07 48 minutes, 7 seconds A reminder to all the participants that you may press star and want to ask a question. The next question comes from the line of sake Kapoor from Kapoor and Co. Please go ahead. 48:17 48 minutes, 17 seconds Yes sir. 48:18 48 minutes, 18 seconds Thank you for the opportunity sir. As you mentioned that uh the current maturities are tune of 14 50,500 K sir 48:26 48 minutes, 26 seconds is that your number correct for the next year? Yeah. 48:30 48 minutes, 30 seconds So we should be yes uh so for the next year should we expect that debt to decline by that that number itself or uh 48:39 48 minutes, 39 seconds on an absolute number because uh net debt to AITA would be a big number with with the contribution from the new 48:46 48 minutes, 46 seconds projects. Still we are just contemplating and planning for the next year. So uh on an absolute number basis 48:54 48 minutes, 54 seconds uh will this number uh will be reduced the the the opening the closing number for December. 49:03 49 minutes, 3 seconds So as I said that uh in isolation looking at the net debt number will not give the right perspective in the sense 49:11 49 minutes, 11 seconds that we see this a bit performance for the nexus fell to improve bringing uh or making this uh leverage ratio net debt 49:20 49 minutes, 20 seconds to aida ratio which in our opinion has peaked at the current level to improve. 49:25 49 minutes, 25 seconds Now with the uh repayment or current portion of the long-term debt repayment over next uh 12 months of 14,500 crores 49:34 49 minutes, 34 seconds and there is a remaining capex of those about 1200 crores largely it should uh square off we don't expect any significant addition in the debt but at 49:43 49 minutes, 43 seconds the same time improvement in the leverage profile based on the improved evict is what I can say not necessarily reflecting in the reduced debt number 49:51 49 minutes, 51 seconds but we can see improvement in the leverage ratio the 1200 which you mentioned right now will be extended for the next financial year in this project. 50:03 50 minutes, 3 seconds So some part of this as we talked about these projects which are uh yet to see the full completion of commissioning. Uh 50:10 50 minutes, 10 seconds we we have uh yeah we have about 36 million we have 50:18 50 minutes, 18 seconds about close to about 350 crores of capex spend which will be which is remaining after the quarter three for our uh Egypt 50:26 50 minutes, 26 seconds aseptic plant. we will have uh for uh remaining capex of close to about 110 120 crores for the recycling plant at 50:34 50 minutes, 34 seconds NOA and we will have uh the next one will be the the BP harvard plant expenditure. So all put together that is 50:44 50 minutes, 44 seconds the residual capex which uh based on the current plans of the capex seems to be incurred to a significant uh level over 50:52 50 minutes, 52 seconds the course of next one year. So given the repayment of this and remaining capex uh requirement of so much I think largely it will kind of offset each 51:01 51 minutes, 1 second other holding the debt level uh I don't say that it will come down in the immediate year but uh this has to be 51:08 51 minutes, 8 seconds seen in the context of the improved debita and resulting in a leverage ratio being better is what we can expect. 51:15 51 minutes, 15 seconds Okay, that point is well taken. Now just to conclude uh so we are operating in various geographies. So in in the net 51:23 51 minutes, 23 seconds debt numbers if we could provide us uh in next time in the presentation with geography wise a working capital debt as 51:31 51 minutes, 31 seconds well as long-term debt. So that will suffice uh some understanding of where the debt is currently being held. 51:39 51 minutes, 39 seconds uh that would give us a much more clear picture about the same and uh so hello. 51:47 51 minutes, 47 seconds Yeah. Yeah. So that bifurcation is would be would suffice lot of lot of our queries where where the that is is 51:55 51 minutes, 55 seconds holding with geography and then we can contemplate about the uh the currency transmission and other issues also the risk part there itself that that is 52:04 52 minutes, 4 seconds different part of ball game but my request is that if one can look forward presentation of debt geography wise uh 52:12 52 minutes, 12 seconds segmentally so that will suffice the issue sir and then we are operating in all across the globe sir what kind of 52:18 52 minutes, 18 seconds systems IT systems SAP are in place wherein we get realtime position of uh uh all all the all the plants that are 52:28 52 minutes, 28 seconds operating across the globe or do we need to accumulate data post the quarter ends and how how do we uh reconcile things 52:35 52 minutes, 35 seconds sir yeah so I think there were two parts to your question one was related to debt profile and you were specifically 52:43 52 minutes, 43 seconds looking at the split of long-term and working capital and also to get some sense of India and overseas. So in fact 52:52 52 minutes, 52 seconds uh we probably kind of having an inkling of uh this and uh from our side if it if 52:58 52 minutes, 58 seconds you actually see slide number 24 of the presentation shared there is already uh profiled a split given of long-term debt 53:06 53 minutes, 6 seconds and working capital. So long-term debt is about 74% of the total debt and working capital and short-term is 26%. 53:14 53 minutes, 14 seconds Likewise, within the long-term debt, there is a split given of domestic and overseas. So, domestic at 40% and overseas at about 60%. And largely, you 53:23 53 minutes, 23 seconds will also see this also bringing out a very clear pointer that 60% of the overseas business is is in line with our 53:31 53 minutes, 31 seconds major growth plans which are from overseas. So this debt is aligned to our capex investment major growth plans and 53:38 53 minutes, 38 seconds that largely is being reflected in the split between domestic and overseas business overseas debt at 40 60%. Coming 53:46 53 minutes, 46 seconds to the second point which you made about uh the IC system ERP implementation as a policy in fact in all location we follow 53:54 53 minutes, 54 seconds the uniform ERP or that is already implemented across all locations all entities. So there's nothing like water 54:02 54 minutes, 2 seconds and screening for the numbers and trying to pull those numbers based on a parallel Excel kind of. So that is very 54:10 54 minutes, 10 seconds much part of the ERP implementation which is which is uh has been done across all the entities on across all the 54:18 54 minutes, 18 seconds s then then sir what should investors read into the always declaration of result on the penultimate day of the 54:26 54 minutes, 26 seconds secondary requirement every quarter either our results are declared on 10th 11th or 12th that is 54:33 54 minutes, 33 seconds the penultimate day remains or 14th. So uh why why is that uh in fact set since 54:40 54 minutes, 40 seconds we are on call of ULEX we should discuss only the other in fact the industry itself the entire concept for the film 54:47 54 minutes, 47 seconds industry every results for uh the film packaging film industries are at the frag end either on 10th to 14th are the 54:55 54 minutes, 55 seconds numbers. So we will be speaking to other companies on their platform but would like to know from uh the UPLEX uh uh 55:02 55 minutes, 2 seconds team uh that uh what remains pending that we need to come up with results only on the penultimate day. 55:11 55 minutes, 11 seconds Yeah. So number one first of all let me assure you that this is not because of anything pending as such. This is not something to do if it is related to the 55:20 55 minutes, 20 seconds ERP or Oracle system implementation. As I told that is something which is already in place. it is not something results in any hold back or delay in 55:28 55 minutes, 28 seconds terms of getting the data. So we take your point that uh penultimate day or a day before and all maybe something that 55:35 55 minutes, 35 seconds can be a pointer can be a can be a suggestion for us to look at and uh having said that I think about other 55:42 55 minutes, 42 seconds industry players uh I should not be commenting on that but uh maybe to some extent we being the industry leaders to some extent this may also be know 55:51 55 minutes, 51 seconds somewhere closer to there's no major industry players are not seeing the result but I take your point I think this is a suggestion which is welcome suggestion and It is not for any kind of 56:00 56 minutes constraint or anything. It is largely something that we can talk about. I will refrain from talking about other players in this who have more or less as you 56:09 56 minutes, 9 seconds rightly said announced around the same time. So, so that part I will not comment on but I take your suggestion as a welcome suggestion to see if we can actually uh push it a bit ahead. 56:20 56 minutes, 20 seconds Yes. So just look at the bottlenecks and get them get that sorted out. So this will help your investor community and and since we are we set the benchmark so the other people will also follow suit. 56:32 56 minutes, 32 seconds That is what my understanding was. Uh and lastly sir one more request if we could also have on our conference call 56:38 56 minutes, 38 seconds our vice chairman co Mr. Anantri to spare time with the investing community since the pro since there is no representation from the promoter. 56:47 56 minutes, 47 seconds Although sir this is not to undermine your or sujida or pand significance or credibility but it is just a humble 56:56 56 minutes, 56 seconds suggestion from minority shareholders that there should be some representation in one form or the other either on a halfly basis or on an annual basis 57:04 57 minutes, 4 seconds wherein we hear from from the promoter who are also partner with us in this in this entire profile. uh I think all 57:12 57 minutes, 12 seconds other are professional people including you uh Surjida and and Pandai G who are conducting and answering to us during 57:20 57 minutes, 20 seconds the course. So that's again a humble suggestion if that could be deliberated on the merit of it and look forward. 57:27 57 minutes, 27 seconds No, most definitely. I think that is uh that is a suggestion which is definitely worth taking home and uh as you rightly said that no uh I mean end of the day in 57:36 57 minutes, 36 seconds our own humble ways we try our best to do justice to this presentation but I understand there is a difference always 57:44 57 minutes, 44 seconds know in terms of a strategic vision in the road map ahead hearing it from the promoters know does have a different impact at least in terms of vision 57:52 57 minutes, 52 seconds sharing. So this point is well taken. We we we will definitely take it to the promoters to hear it. 57:57 57 minutes, 57 seconds But only only to add to that vision and everything is being informed by them to you and you are deliberating and explaining to us. Am I correct on that front sir? 58:08 58 minutes, 8 seconds No that point I will say that uh is is despite now with all humility I'll say that's that's something which basically 58:17 58 minutes, 17 seconds needs more understanding. It is not something that we hear and we are communicating. 58:21 58 minutes, 21 seconds This is actually from the management side with all responsibility it is something which is on behalf of whether you hear it from Mr. annunciation or 58:29 58 minutes, 29 seconds from us it will be the same coming from I got your point at the same yes sir 58:36 58 minutes, 36 seconds heading it vision ahead of course there can't be any substitute to the promoters the content that point yes sir with all humility I made my 58:44 58 minutes, 44 seconds submission sir not to print on and we are to be satisfied with the way the calls are conducted presentation are 58:51 58 minutes, 51 seconds given updates are sent so no uh no questions on that but we we would definitely want to have our promoter recommendation on the call going live. 59:00 59 minutes So that's and that's all from my side. 59:02 59 minutes, 2 seconds Thank you sir and all the best to the team for the coming in quarter sir. Thank you. We need your wishes. Thanks. 59:12 59 minutes, 12 seconds Thank you very much ladies and gentlemen. 59:15 59 minutes, 15 seconds As there are no further questions I would now like to hand the conference over to management for closing remarks. 59:23 59 minutes, 23 seconds Thank you for joining us today. We appreciate your time, questions, and continued support. The transcript of 59:31 59 minutes, 31 seconds this call will be made available shortly on our website at www.iflexlimited.com. 59:38 59 minutes, 38 seconds We value this platform as it enables us to engage meaningfully with our investors and stakeholders and look 59:45 59 minutes, 45 seconds forward to keeping you updated on our progress in the coming quarters. Wish you all those present here. Thank you. 59:56 59 minutes, 56 seconds wonderful experience interacting with you. We welcome your questions, suggestions, lot of insights and look forward to engaging with you again. 1:00:03 1 hour, 3 seconds Thank you so much. 1:00:07 1 hour, 7 seconds Thank you on behalf of Orian Capital Markets Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines.