UPL Ltd — Q4 FY26

UPL Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=y8wSqtrMpw0 Published: 2 days ago

0:01 1 second Thank you. Thank you everybody and good evening everyone. A very warm welcome to UPL's Capital Markets Day 2026. 0:10 10 seconds It is a pleasure to have you with us here today and we sincerely appreciate your time and continued engagement with UPL. 0:20 20 seconds Before we begin, I would like to remind everyone that today's discussions may include forward-looking statements. 0:29 29 seconds These statements are based on current expectations and assumptions and are subject to risks. I would encourage you 0:37 37 seconds to review the safe harbor statement available in our presentation. 0:43 43 seconds Today is not just about sharing our performance. It is about giving you a deeper, more immersive view of how we are building UPPL for the future. 0:54 54 seconds This year's theme, accelerating profitable growth, is both intentional and reflective of where we are in our 1:03 1 minute, 3 seconds journey. Over the past year, we have focused on strengthening the fundamentals of the business, driving 1:11 1 minute, 11 seconds operational excellence, sharper capital allocation, and enhanced margin improvement. 1:18 1 minute, 18 seconds As we look ahead, acceleration for us is not just about growth at plane visibility and sustainability. 1:31 1 minute, 31 seconds Today we bring together the full strength of the UPL ecosystem, UPPL limited and our platforms that are UPPL 1:41 1 minute, 41 seconds corp, UPL SAS, Advant and Superform. 1:46 1 minute, 46 seconds Each of these platforms play a distinct role, but together they represent a more integrated, agile and future ready 1:55 1 minute, 55 seconds business model. One that is designed to unlock value across circles and geographies. 2:03 2 minutes, 3 seconds Let me briefly walk you through the flow of the evening. We will begin with the investor presentation where our executive management team will share the 2:12 2 minutes, 12 seconds highlights of our Q4 and fullear FI26 performance, walk you through the key strategic developments across platforms, 2:21 2 minutes, 21 seconds and outline our outlook and priorities for sustained profitable growth. Our presenters for today are J. 2:30 2 minutes, 30 seconds chairman and group CEO UPL limited who will set the strategic context and 2:36 2 minutes, 36 seconds outline our path forward. Bikash Prasad group CFO UPL limited who will take you 2:43 2 minutes, 43 seconds through our financial performance and our platform leaders Mike Frank CEO 2:50 2 minutes, 50 seconds UPL Corp. Ravi Cherukuri, CEO, UPLSAS, Bhutin, CEO, Advant and Raj Thiari, CEO, Superform. 3:02 3 minutes, 2 seconds This will be followed by an interactive Q&A session and we encourage you to engage in it actively. 3:10 3 minutes, 10 seconds Kindly ensure your mobile phones are on silent mode during the presentations. 3:15 3 minutes, 15 seconds Following the formal session, we invite you to join us for the experience zone high tea and networking. 3:24 3 minutes, 24 seconds For those of us for for those of you who are joining us in person, I would strongly encourage you to spend time at 3:31 3 minutes, 31 seconds the experience zone after the presentation. You will find platform exhibits from our four platforms 3:39 3 minutes, 39 seconds offering a closer look at the technologies, solutions and capabilities that are driving our growth. # a farmer 3:47 3 minutes, 47 seconds can initiative which reflects our belief that farmers are not just participants but heroes in climate action and sustainability. 3:57 3 minutes, 57 seconds And of course, the Edible Labs experience, a curated food experience that brings together innovation, 4:04 4 minutes, 4 seconds sustainability, and essence of our ecosystem in a unique and engaging way. 4:10 4 minutes, 10 seconds You may also step into the learn with your favorite gourmet selects to network and enjoy the twilight. We hope this 4:17 4 minutes, 17 seconds evening gives you a more tangible experience of how UPL impacts farms, food systems, and everyday lives. With 4:26 4 minutes, 26 seconds that, let me now invite Jay Shro, chairman and group CEO UPL Limited to take the stage and share how UPPL is 4:34 4 minutes, 34 seconds accelerating profitable growth. Jay, over to you. 4:47 4 minutes, 47 seconds Do you how do I do I I change the slide? Thank you, Anurra. 4:57 4 minutes, 57 seconds Um, [snorts] pleasure to be here and to see a lot of familiar faces. 5:06 5 minutes, 6 seconds The world gets more chaotic and farmers are getting more stressed. As you can see that while we have some upsides, the 5:15 5 minutes, 15 seconds cost for farmers is continuously going up. Uh and uh prices are not improving too much. In the last 30 days or so, 5:25 5 minutes, 25 seconds we've seen some improvement, but the stress in agriculture continues. 5:32 5 minutes, 32 seconds In spite of this, uh UPL continues to grow. Today the reason for 5:39 5 minutes, 39 seconds our success is the hard work of our team and continuous innovation. Today we lead 5:46 5 minutes, 46 seconds the innovation index in the world with about a 30% portfolio 20% innovation 5:52 5 minutes, 52 seconds index and also driving so uh a lot of uh developments and in industry-leading 6:00 6 minutes uh initiatives across so many platforms whether it's our seed business our specialty chemical business our crop 6:08 6 minutes, 8 seconds protection business or India business the innovation rate is uh driving 6:15 6 minutes, 15 seconds this great success to I'm very happy to report the numbers which you have seen uh the team has 6:22 6 minutes, 22 seconds delivered excellent numbers and we today have achieved our primary focus was deleveraging the company and continuing 6:31 6 minutes, 31 seconds to grow profitability we have in the in the last year 6:39 6 minutes, 39 seconds continued to drive the transformation which we need in agriculture. Today farmers not only feed us but can also 6:47 6 minutes, 47 seconds drive uh climate uh initiatives and we have presented at UPL we are continuously driving the initiative 6:56 6 minutes, 56 seconds around rewarding farmers for sustainable behavior. We need to make it easier and that should be a second income stream 7:02 7 minutes, 2 seconds for farmers. We are incentivizing so many industries like solar energy, EVs etc. We need to reward farmers and I'm 7:11 7 minutes, 11 seconds very happy to say that most governments, most countries, most heads of state are agreeing with that. 7:18 7 minutes, 18 seconds We we have had a lot of meetings at W. 7:22 7 minutes, 22 seconds Uh we recently had meetings in South Africa and in Europe and we continue to drive uh engagement with various thought 7:31 7 minutes, 31 seconds leadership institutes like Oxford University and many other institutes. 7:37 7 minutes, 37 seconds Farmer can was our campaign which we launched in uh COP 30 uh in Brazil and 7:44 7 minutes, 44 seconds it was very well received particularly by our constituents who are distributors, dealers and farmers and 7:51 7 minutes, 51 seconds also many of the agriculture ministries and governments where we uh you were 7:58 7 minutes, 58 seconds talking about how a a little bit of initiative little bit of reward and and support with technology can drive a huge 8:07 8 minutes, 7 seconds transformation uh in agriculture in terms of soil quality and and decarbonization. 8:14 8 minutes, 14 seconds Uh we were the first company uh to be able to get carbon credits for farmers in South Africa and this was an amazing 8:22 8 minutes, 22 seconds achievement by our team and we believe that this program will continue to spread. We've had many discussions with governments in India uh in state 8:31 8 minutes, 31 seconds governments as as uh as uh agriculture is a state subject and they are all willing to reward farmers for 8:39 8 minutes, 39 seconds sustainable behavior and as you know UPL is world leader in sustainable technologies. uh we have a whole portfolio of technologies and we are 8:48 8 minutes, 48 seconds continuously investing in technologies to make uh farmers more more uh resilient and more sustainable. 8:58 8 minutes, 58 seconds We are really happy to announce uh the the portfolio of technologies around reducing fertilizer use and I was so 9:06 9 minutes, 6 seconds happy to see uh Prime Minister's statement this morning about reducing the use of fertilizer. We believe that 9:14 9 minutes, 14 seconds we have the solutions which can actually 30 to 40% reduce the use of fertilizer across crops and we have launched these 9:23 9 minutes, 23 seconds technologies in Brazil, Argentina and many many other countries including India. 9:30 9 minutes, 30 seconds Let [clears throat] me go back and of course uh we are ranked number one on the Dow Jones sustainability index. We 9:37 9 minutes, 37 seconds also uh worked with President Infarandi in in Guyana to launch a crop insurance 9:44 9 minutes, 44 seconds scheme uh to to really encourage farmers to increase yield. My commitment to him was to cross 1 million tons of rice 9:52 9 minutes, 52 seconds production in in one of the countries which is going to be one of the richest countries in the world. The president is 9:59 9 minutes, 59 seconds completely focused on um on on agriculture and he wants to continue to to have that as an important uh u subject. 10:11 10 minutes, 11 seconds Need for uh uh food security continues to to remain important. uh you know the 10:19 10 minutes, 19 seconds world is going through so many challenges and uh I believe that uh companies like UPPL are much more future 10:27 10 minutes, 27 seconds ready than anybody else and we I believe that even though we have these uh current challenges which are you know we 10:34 10 minutes, 34 seconds had US tariffs we had uh the the Iran crisis we have other challenges which we don't know going to come but going to 10:43 10 minutes, 43 seconds come for sure but I don't think any other company is more future ready than UPPL. 10:53 10 minutes, 53 seconds So, uh across all the platforms, we've seen uh good growth and you have uh you will see from the individual company 11:02 11 minutes, 2 seconds presentations and their CEOs how we've been able to continue to grow uh each platform. 11:10 11 minutes, 10 seconds UPPL continues to invest in the future and we believe that we will continue to lead uh the growth in the industry 11:19 11 minutes, 19 seconds today. We are the the probably the fastest growing company in our sector worldwide and I believe that we'll continue to do that with the risk 11:27 11 minutes, 27 seconds pipeline we have and with the investments we've made. 11:38 11 minutes, 38 seconds So crop protection we are focused on on a sustainable portfolio with our fertilizer substitution 11:46 11 minutes, 46 seconds uh our uh sustainable technologies around soil health, our seed production uh innovation, our gem plasin expansion 11:54 11 minutes, 54 seconds and our uh deco integration on specialtity chemicals. We continue to add different customer platforms like uh 12:03 12 minutes, 3 seconds uh as as we've showed you in the video, we're adding oil oil uh industry uh the paint industry, pharma industry, fire 12:12 12 minutes, 12 seconds retardant industry. So we are catering with our strong manufacturing background and a backward integration. We are able to be completely globally competitive 12:21 12 minutes, 21 seconds and are able to continue to grow that business and it's going to be a substantially stronger business uh going forward. 12:32 12 minutes, 32 seconds I hand over to Picass please. 12:39 12 minutes, 39 seconds [applause] 12:49 12 minutes, 49 seconds Uh once again a warm welcome to all of you on behalf of UPL family. 12:56 12 minutes, 56 seconds A year ago, same venue, similar audience. 13:02 13 minutes, 2 seconds I was introduced to you as CFO of Eupil Group. 13:08 13 minutes, 8 seconds Didn't know then that the journey was going to be so exciting, enriching and purposeful. 13:15 13 minutes, 15 seconds Over the last one year, I had the opportunity to engage with many of you 13:22 13 minutes, 22 seconds from the analysts, rating agencies, investors, fund managers, bankers and each of you have really provided your 13:31 13 minutes, 31 seconds candid and honest feedback about your expectations and what we can do to 13:38 13 minutes, 38 seconds improve the performance uh reporting transparency uh from UPL side. And I recollect there 13:46 13 minutes, 46 seconds were five feedbacks or inputs which were given to us and I would like to call you 13:54 13 minutes, 54 seconds uh those feedbacks that were given. The first one was that can we look at financial reporting in terms of 14:01 14 minutes, 1 second consistency including the right KPIs and bringing the full disclosure. 14:09 14 minutes, 9 seconds The second was that while UPPL grows well on the Aida level but below Aida 14:18 14 minutes, 18 seconds four line items which were like effects, losses and gains, exceptional items, net 14:24 14 minutes, 24 seconds finance cost, profit and loss from JV and associates which last year accounted for about 60% of the AIDA. Last year our 14:34 14 minutes, 34 seconds was slightly up more than 8,000 cr and 60% of that 5,000 cr were these four 14:41 14 minutes, 41 seconds line items where market felt that they have a difficulty in understanding the number. So that was the one expectation 14:49 14 minutes, 49 seconds that how can we work on those four items which are 60% of our AIA 14:56 14 minutes, 56 seconds and that will also help us to bring that focus on bottom line which is net income 15:02 15 minutes, 2 seconds or PBT PAT after MI and the net uh income margins which is the part margin 15:10 15 minutes, 10 seconds it will also help us to improve the returns whether it's ROCE or return on equity and the last Last one was about 15:19 15 minutes, 19 seconds the debt and the liquidity uh for the group. 15:23 15 minutes, 23 seconds Market was concerned after FI 2024 impact our industry performance, UPL 15:30 15 minutes, 30 seconds performance in terms of our profitability and uh level of debt going up. Market was concerned. Market was 15:39 15 minutes, 39 seconds also concerned about the liquidity uh to meet the short-term obligations and the last two three quarters it has been 15:46 15 minutes, 46 seconds consistently raised by the analyst and others during the earning calls about our short-term obligation and probably 15:55 15 minutes, 55 seconds it got more momentum after the middle crisis where the prices of raw materials 16:02 16 minutes, 2 seconds and finished good started to go up and there were concerns about the increase in the working capital and whether UPPL 16:09 16 minutes, 9 seconds will have the right level of liquidity to navigate these challenges. 16:20 16 minutes, 20 seconds In the subsequent slides, I hope uh we'll be able to answer some of the 16:28 16 minutes, 28 seconds questions and queries that you had and the valuable inputs and feedback that you provided. We took it very seriously and tried to work on most of them. 16:47 16 minutes, 47 seconds So starting first with the liquidity because uh recent phenomena after the my Middle East crisis that is 16:55 16 minutes, 55 seconds really uh an area to look at we had $500 million of repayments due on 30th of 17:02 17 minutes, 2 seconds March. happy to announce that this entire $500 million of loan that we had, 17:10 17 minutes, 10 seconds we repaid it using our internal cash acrals and we didn't have to refinance it. It was paid completely out of our internal cash acrals. 17:21 17 minutes, 21 seconds We had $400 million of loan obligation maturing in September 2026. 17:28 17 minutes, 28 seconds We have successfully discussed and extended this loan by 3 years. So now 17:34 17 minutes, 34 seconds the maturity of $400 million is still March 2029. So we have now converted 17:41 17 minutes, 41 seconds this short-term obligation into now long-term. What we have also done considering that potential increases in 17:49 17 minutes, 49 seconds the raw material prices, FG prices and potential increase in the fin uh working capital, we have also created cushion in 17:58 17 minutes, 58 seconds terms of having $300 million of committed revolving credit facility that is as a cushion in case uh cash becomes 18:07 18 minutes, 7 seconds very critical or else we this also come as a cushion to meet our next obligation which is there in December. of $500 18:15 18 minutes, 15 seconds million. So the $1.4 billion of shortterm obligation that we have for this entire next 12 month, we have $500 18:24 18 minutes, 24 seconds million to repay out of which $300 million of committed lines we have already put in place. With this, I feel 18:31 18 minutes, 31 seconds that market will feel extremely comfortable with the level of liquidity that we have built in with the change in 18:38 18 minutes, 38 seconds the maturity profile of our loans to only $500 million as a short-term with $300 million of committed lines. I think 18:46 18 minutes, 46 seconds this will put uh the concern to rest. In addition to that what we did uh during 18:53 18 minutes, 53 seconds March when the crisis was it at peaks not just that we were able to uh change 19:00 19 minutes the profile we got the refinancing and the additional lines at a better price than what we got when we were investment 19:09 19 minutes, 9 seconds grade. It shows the trust in UPL by the market by the banks. 19:16 19 minutes, 16 seconds It was a club deal and uh it was uh executed successfully over and above the liquidity throughout 19:24 19 minutes, 24 seconds the year. We have been very very disciplined on our cash management on 19:31 19 minutes, 31 seconds our deleveraging plan. Starting May 2025, we had the perpetual bond which was uh 19:39 19 minutes, 39 seconds falling due in May. We redeemed that on the first call date. the entire $400 19:46 19 minutes, 46 seconds million of perpetual bonds. We were able to redeem that and that also through our internal cash app acrals. 19:55 19 minutes, 55 seconds In between we had the balance rights issue uh proceeds of $200 million that we got it. So during this year we have 20:04 20 minutes, 4 seconds been able to repay $400 million of perpetual bonds and $500 million of 20:10 20 minutes, 10 seconds loans. So $900 million. So that uh that really helped us to reduce our gross 20:16 20 minutes, 16 seconds debt for this year by $850 million and the net debt by $400 million. So 20:24 20 minutes, 24 seconds this is just to give a quick update on the liquidity where many of you were concerned and have been raising 20:31 20 minutes, 31 seconds questions and concerns about uh our repayment obligations and how we are going to meet that and especially 20:38 20 minutes, 38 seconds after the Middle East crisis uh we got many such uh concerns from all of you. 20:46 20 minutes, 46 seconds Moving now to our Q4 results. 20:49 20 minutes, 49 seconds We all know that last year Q4 was stellar for us. It was exceptional Q4 last year but again happy to 20:58 20 minutes, 58 seconds uh present to you that over a very strong base of last year we continued to 21:05 21 minutes, 5 seconds grow and deliver. So Q4 of this year we grew our revenue by 18%. 21:13 21 minutes, 13 seconds We grew our AIDA by 13%. 21:17 21 minutes, 17 seconds And we grew our net income which is backed me by 18%. So double-digit growth on all the KPIs. What is heartening to 21:25 21 minutes, 25 seconds note that our contribution margin continued to improve. So last year we had improved our contribution margin on a full year 21:34 21 minutes, 34 seconds basis by 500 basis point. During the entire year we continued to uh improve our contribution margin. Not just one 21:43 21 minutes, 43 seconds quarter but if you look at our quarter 1, quarter 2, quarter 3, all the four platforms have improved their contribution margin compared to the 21:51 21 minutes, 51 seconds previous year and that journey continued in Q4 as well where we have been able to improve our contribution margin by about 21:59 21 minutes, 59 seconds 50 basis point. So while we got a very decent growth uh both in terms of revenue 22:07 22 minutes, 7 seconds contribution AIDA and net income, I just wanted to call out that considering the current uncertainty 22:16 22 minutes, 16 seconds form level uh stress and distributor credit uh concerns as a 22:24 22 minutes, 24 seconds group conservatively and as a prudence we have provided 350 crores has provision for doubtful debt which is 22:33 22 minutes, 33 seconds part of the SGNA. So you can see that the SGNA has gone up by 27% and that 22:39 22 minutes, 39 seconds also reduced the AIDA growth to 13%. If adjusted for the conservative or prudent 22:47 22 minutes, 47 seconds provision that we have made during Q4, our AIDA growth would have been uh 22%. 22:54 22 minutes, 54 seconds and our aida margin which ended at around 19.9% 23:01 23 minutes, 1 second would have been uh 22%. So very good quality of earnings that we have seen in 23:08 23 minutes, 8 seconds Q4 and we would like to continue with the same uh trajectory going forward. 23:15 23 minutes, 15 seconds Now we'll come to the fullear results 23:23 23 minutes, 23 seconds just uh our balance scorecard on a fullear year basis as you would have noticed that our revenue on a fullear 23:31 23 minutes, 31 seconds basis against a guidance of 4 to 8% who grew by 11%. Largely led by volume. 23:39 23 minutes, 39 seconds Our contribution grew by 17%. Our contribution margin grew by 220 basis 23:46 23 minutes, 46 seconds point. Our EIDA grew by 18% against our initial guidance of 10 to 14% and 23:53 23 minutes, 53 seconds upgraded guidance of uh 12 to 16% that we gave during uh Q2 of this year. Happy 24:00 24 minutes to inform and present that we finally close the year with 18% AIDA growth. But more importantly our AIDA margin also 24:09 24 minutes, 9 seconds continue to to improve and that led to have a better performance on the 24:18 24 minutes, 18 seconds bottom line. So below a bit all the four items that you had talked about when we 24:25 24 minutes, 25 seconds had uh meetings with you and engagement with you again happy to inform you that below a bida line items which uh was 24:34 24 minutes, 34 seconds totaling to around 5,000 cr this year we have been able to reduce that same cost by 1300 crores in I mean around 28% of 24:44 24 minutes, 44 seconds the total cost versus last year we have been able to reduce on the four components below aid line item and that 24:51 24 minutes, 51 seconds really helped us to improve our profit before tax which is now almost at a four times versus last year. 25:00 25 minutes We are very satisfied with the improvement in our bottom line. If you look at our reported pacme which also 25:07 25 minutes, 7 seconds grew which doubled compared to the last year our operational uh net income or operational pacme grew by over 2.5 times 25:17 25 minutes, 17 seconds as you recall last year we had one of tax provision reversal of 592 crores uh 25:23 25 minutes, 23 seconds adjusting for that and exceptional our uh operational pme improved by over 2.5 25:31 25 minutes, 31 seconds times Last year we talked about our capital efficiency, capital productivity and we 25:39 25 minutes, 39 seconds had a significant release of working capital and that led to a very healthy cash flow. We continue with that journey 25:46 25 minutes, 46 seconds and this year also if you look at it our working capital cycle time has been rb bound. It is marginally up by 4 days. If 25:56 25 minutes, 56 seconds you recall during the last capital market we had called out that while we achieved 52 53 days during the last year 26:05 26 minutes, 5 seconds but it's not sustainable. We will be comfortable more between 60 to 65 days of cycle time while the team again has 26:12 26 minutes, 12 seconds surprised us with a much better cycle time than what they had uh told us. So this focus on capital and the cycle time 26:20 26 minutes, 20 seconds will continue and that will drive our efficiency and the cash flow for us going forward. 26:28 26 minutes, 28 seconds Capex we have always guided the market about uh for this year about $250 million between tangible capex and 26:35 26 minutes, 35 seconds intangible capex. We ended at around $261 uh million. 26:42 26 minutes, 42 seconds We talked about the gross debt which is lower by $850 million. 26:48 26 minutes, 48 seconds from $3.8 billion which was in FY 2024, now it is down to $2.3 billion in 2026, a reduction of 40%. 27:00 27 minutes Our net debt, which was $3.1 billion in FY24, is now at $1.6 billion, a reduction of 48%. 27:11 27 minutes, 11 seconds And that really helped us to reduce our gearing ratio which stood at 4.6 times 27:17 27 minutes, 17 seconds in FY24 reduced to 2.1 time in F25 and further reduced to below 1.6 time better 27:26 27 minutes, 26 seconds than what was the guidance given to you and our returns 27:33 27 minutes, 33 seconds further uh improved compared to the last year almost we have doubled our return in terms of return on equity. So this is 27:40 27 minutes, 40 seconds the balance scorecard for us as a UPL group. You'll see it gives me immense 27:48 27 minutes, 48 seconds satisfaction to report this set of financials to you when we see that we are not just growing on our top line but 27:56 27 minutes, 56 seconds we are improving our quality of earnings through the margin expansions. We are improving all the noises below a beta 28:03 28 minutes, 3 seconds line item that is leading to improvement in our bottom line. We are very disciplined on our debt management. We 28:11 28 minutes, 11 seconds have significantly reduced our debt. We have significantly reduced our gearing ratios and our returns are also 28:18 28 minutes, 18 seconds doubling. So overall this is the uh balance scorecard for FY26. 28:28 28 minutes, 28 seconds This is the line by line P&L. Broadly I've talked about the key drivers of the P&L and balance sheet but you can look 28:37 28 minutes, 37 seconds at it line by line P&L where you can see that uh on a full year basis our turnover improved by increased by 11%. 28:48 28 minutes, 48 seconds Our a beta increased by 18%. Our contribution margin improved by 220 28:54 28 minutes, 54 seconds basis point. The four boxed item is what I talked about has reduced by 1300 29:00 29 minutes crores or 28% in terms of the cost and overall on a operational parti basis 29:08 29 minutes, 8 seconds against 714 crores of last year we ended at 1,860 cr more than uh 2.5 times. 29:21 29 minutes, 21 seconds This is just the more details about the different drivers or the different KPIs in the P&L. If you look at revenue, 29:30 29 minutes, 30 seconds all the four platforms continue to grow only on the India SAS business because of the monsoon effect. 29:41 29 minutes, 41 seconds We have a flat revenue. But if you look at Advanta which had a stellar growth rate over the last many years continue 29:50 29 minutes, 50 seconds with this uh trajectory and this year also they grew their top line by 23%. 29:55 29 minutes, 55 seconds UPL COP which is our global crop production business grew their top line by 11%. Amidst all the global certainty 30:04 30 minutes, 4 seconds and the macro impact superform while you can see a small number in terms of the growth but as you 30:12 30 minutes, 12 seconds know that almost 80% of the business is the CMO and on a CMO we have a cost plus margin structure so while the margins 30:20 30 minutes, 20 seconds are protected but with the falling re input prices that we have seen during the last year the revenue also got 30:27 30 minutes, 27 seconds reduced it didn't impact their returns or the profitability But just the top line got reduced 30:34 30 minutes, 34 seconds because of the CMO model and the cost plus margin structure. But overall I think all the platforms have done very 30:42 30 minutes, 42 seconds well compared to the last year in terms of the top line. 30:47 30 minutes, 47 seconds The uh UPL cop growth has largely been led by volume. 30:51 30 minutes, 51 seconds uh India SAS business while we are not seeing it in the numbers but the new product launches the product makes has been uh exceptional during this year. 31:03 31 minutes, 3 seconds Advant continued this trajectory. They are expanding in the new geographies, expanding to new crops and further 31:11 31 minutes, 11 seconds consolidating their positions in the dominant countries where they have that presence. And superform 31:18 31 minutes, 18 seconds a year ago the mix between a and specialtity was about 7030. Now this 31:25 31 minutes, 25 seconds year it has moved to uh 78 uh 70 uh 28% speciality and 72% egg. So the 31:33 31 minutes, 33 seconds proportion of speciality chemical as part of this super form is increasing and we are seeing that in many advanced chemistries and downstream derivatives. 31:42 31 minutes, 42 seconds We have huge opportunity and many of the global players are in discussions with our team to secure our capacity for a 31:50 31 minutes, 50 seconds long term and this business comes at a much higher margin compared to the ACAM where we have a because of the uh 31:59 31 minutes, 59 seconds contract plus margin model cost plus margin model the upsides are limited. So on the a side you will see around 12 to 32:07 32 minutes, 7 seconds 13% margin. However on the specialtity you will see that the margin profile will between 18 to 20% a betida and this 32:15 32 minutes, 15 seconds share of a specialtity into total uh super form is increasing which changed from uh I mean uh 20% share of a 32:25 32 minutes, 25 seconds specialtity now to 28% during this year and that uplifts the overall margin 32:31 32 minutes, 31 seconds profile of superform this is 32:38 32 minutes, 38 seconds region wise cut where you will see that all the regions across all the platforms that we have have continued to grow and 32:47 32 minutes, 47 seconds this year it's a very broad-based each region has grown compared to the previous year whether it's a latam 32:55 32 minutes, 55 seconds business or it's a North America or it's a Europe or rest of the world all the regions have grown compared to the 33:03 33 minutes, 3 seconds previous year so that gives more uh comfort that is not dependent on one 33:11 33 minutes, 11 seconds particular platform or one particular region. It is broad-based across platforms across region and hence it is more resilient and sustainable. 33:24 33 minutes, 24 seconds If you look at the contribution margin again is similar trajectory like turnover or revenue. We'll see that each 33:30 33 minutes, 30 seconds platform has improved both in terms of absolute contribution. In terms of contribution margin all the four 33:38 33 minutes, 38 seconds platforms have improved. Advant is already at a very strong uh contribution margin at around 56 57%. They have been 33:46 33 minutes, 46 seconds able to hold on to it and maintain the same margin. But all other platforms or can see that have also improved compared to the previous year. 33:59 33 minutes, 59 seconds Coming to Aida story is again consistent all platforms have improved compared to the last year 34:09 34 minutes, 9 seconds and more hardening is to see the improvement in the AIDA margin which is a reflection of the quality of the 34:16 34 minutes, 16 seconds business that we are building or we have built. So contribution margin so AIDA margin continue to improve and that is 34:25 34 minutes, 25 seconds leading to absolute increase in AIDA. 34:31 34 minutes, 31 seconds This is just to show you a waterfall on our our net income which was 714 crores last year which 34:40 34 minutes, 40 seconds increased to close to 2,000 cr this year. The two rates that you see, one is on the depreciation and amotization 34:49 34 minutes, 49 seconds which was due to the planned capex that we have and the planned increase uh 34:56 34 minutes, 56 seconds on the P&L. The second is taxation because we have made more money so the tax uh cost is more in our P&L and in 35:06 35 minutes, 6 seconds tax also while we can see that the amount we have been extremely prudent and conservative while recognizing our DTAs. So in some of the difficult 35:15 35 minutes, 15 seconds locations where we have lesser visibility about uh recoverability we have been very [clears throat] very prudent and we have not recognized those 35:24 35 minutes, 24 seconds details and those DTS recognition can be a potential for us in the future. 35:32 35 minutes, 32 seconds Moving to the balance sheet and the cash flow statement. If you look at the balance sheet, the left side 35:40 35 minutes, 40 seconds of is in the INR and the right hand side you can see is in the US dollar. I just want to call out that this year uh the 35:49 35 minutes, 49 seconds currency has moved a lot. So while on the P&L basis on a weighted average basis the currency has moved between 35:55 35 minutes, 55 seconds last year of 84 to 88 a change of around 4 to 5% it has not moved much but on the 36:02 36 minutes, 2 seconds balance sheet the last year closing rate was 88 and this year the closing is 94.5 36:08 36 minutes, 8 seconds so almost 10% devaluation on uh on the balance sheet rate. What it does is that 36:16 36 minutes, 16 seconds more our functional currency is dollars and all the globally the the the assets that we hold say fixed assets it's all 36:24 36 minutes, 24 seconds dollarized and those dollar balances of fixed assets are converted into INR using the closing balance sheet rate. So 36:32 36 minutes, 32 seconds this year when we converted the fixed asset at the closing rate of say 94 we got much higher fixed assets amount 36:41 36 minutes, 41 seconds versus the same asset at 88 during the last year. So that notionally showed you 36:48 36 minutes, 48 seconds an increase in the fixed asset value as you can see here the fixed asset last year was 41,000 cr this year is showing 36:55 36 minutes, 55 seconds 45,000 cr and increase of roughly 4,000 cr. It's not the increase. It's just because of the currency translation. So if you don't report it in probably 37:04 37 minutes, 4 seconds properly and and the right way to look at it in the constant currency and the dollars, it will be misguiding you and 37:12 37 minutes, 12 seconds it will not give you the right perception. So on the right hand side if you look at it is how you should look at the balance sheet in the current 37:19 37 minutes, 19 seconds currency turmoil situation where the fixed asset actually the balance has gone down because of depreciation high 37:28 37 minutes, 28 seconds depreciation and amotization and very disciplined capex that we had. So overall our FX FA has gone down, fixed 37:37 37 minutes, 37 seconds asset has gone down. But if you look at just the inner balance, it will not give you the right indicators and same thing 37:44 37 minutes, 44 seconds can happen for our gross debt and the net data also because of the conversion. 37:48 37 minutes, 48 seconds So the right way I will guide you that we should look at whether is the debt 37:54 37 minutes, 54 seconds number or these assets in the dollar uh dollar terms. So balance sheet again 38:01 38 minutes, 1 second very healthy because we could uh reduce our gross debt and net debt strengthen our balance sheet. Uh because of very 38:09 38 minutes, 9 seconds healthy net income pi our equity also grew by $241 million 38:25 38 minutes, 25 seconds as a company. When we reflect on our uh capital structure and the funding mix, we just want to ensure that 38:33 38 minutes, 33 seconds all the long-term assets are fully funded by long-term sources of capital so that even in any 38:40 38 minutes, 40 seconds adverse impact, any adverse macro situations, we are not exposed to capital and 38:47 38 minutes, 47 seconds liquidity. So in this case all our fixed assets and the working capital is largely funded by long-term sources of 38:55 38 minutes, 55 seconds capital which is the long-term loans and the equity. The balance which is cash and some other uh components of the 39:03 39 minutes, 3 seconds balance sheet are only getting funded by the short term. Otherwise we have the full uh resilience of our capital 39:11 39 minutes, 11 seconds structure and the funding mix and we will not be prone to any uh impact if 39:18 39 minutes, 18 seconds global macros change and the liquidity dries out. 39:24 39 minutes, 24 seconds I talked about our focus on cash management on working capital on capital 39:31 39 minutes, 31 seconds efficiency. So if you look at last year versus current year, we broadly maintained the same level of efficiency 39:40 39 minutes, 40 seconds at 57 days. Still I feel that 57 days is very difficult to maintain. It should be somewhere around 65 days of cycle time. 39:48 39 minutes, 48 seconds But the team is taking the aggressive targets and they are delivering it uh year on year. 39:58 39 minutes, 58 seconds We talked about the debt and the gearings where you can see that our net debt to aida dropped from 2.1 times to 40:07 40 minutes, 7 seconds less than 1.6 times and also net debt to equity reduced from 0.5 times last year to 0.4 times this year. 40:24 40 minutes, 24 seconds And the last on the cash flow again happy to report that we have a very healthy cash flow of over 3,000 cr during this year. 40:35 40 minutes, 35 seconds The last but one the line you can see on the right hand side is for the full year 3,226 crores of positive cash flow and this is 40:44 40 minutes, 44 seconds the cash available to the equity holders. they say FCFE uh it looks lower compared to the last 40:52 40 minutes, 52 seconds year but last year as you know that we had a significant squeeze in the working capital from FY24 and FY24 our working 41:01 41 minutes, 1 second capital cycle time was 84 days and then from 84 days we brought it down to 52 days and there was significant release 41:09 41 minutes, 9 seconds of working capital had happened. So going forward we will not see a release of working capital because we are 41:15 41 minutes, 15 seconds already at a very uh tight cycle uh time. So we will not see a release of the working capital through the second 41:24 41 minutes, 24 seconds line item which is the change in the working capital. But what is hardening to see in this cash flow compared to the previous year that all the foundational 41:33 41 minutes, 33 seconds component of cash flow or the structural component of the cash flow have done much better than last year whether it is 41:40 41 minutes, 40 seconds an improvement in AIDA which is by more than 2,000 crores or reduction in the 41:46 41 minutes, 46 seconds interest cost reduction in uh tax cost reduction in other components of the balance sheet of non-curren uh current 41:55 41 minutes, 55 seconds assets every single component in the cash flow we have delivered better than uh the last we have delivered strongly. 42:04 42 minutes, 4 seconds The right way to look at the cash flow also is that we are we have a seasonal business. Now you are seeing the working 42:11 42 minutes, 11 seconds capital cycle time of say 56 57 days uh and a level of cash flow is here but again in Q1 you will see that the cycle 42:19 42 minutes, 19 seconds time has gone up. Uh the net debt has gone up. It will further go up in Q2. 42:26 42 minutes, 26 seconds cycle time will go up and then Q3 will remain largely flat and Q4 you will see the release. If you look at 42:35 42 minutes, 35 seconds if you look at Q4 cash flow you will see that almost of billion dollars of cash flow is released each year during Q4 42:43 42 minutes, 43 seconds because of the seasonality that we have in the business. So the right way to look at cash flow is to adjust it with 42:50 42 minutes, 50 seconds the change in the working capital and then look at what is the cash flow that we are generating. That is the right way to review the cash flow. We have given 42:58 42 minutes, 58 seconds both the numbers. I will leave it up to you to how do you analyze uh cash flow when you look at UPL. 43:08 43 minutes, 8 seconds With this I will now hand it over to Mike. 43:25 43 minutes, 25 seconds Thank you, Beash, and thank you, Jay, for those very inspiring remarks and and the strong performance. What I'll do 43:33 43 minutes, 33 seconds over the next few minutes is give an overview of UPPL Corp, our global crop protection business, looking back at FY26, both Q4 and and fullear results. 43:44 43 minutes, 44 seconds I'll then talk about what we see as opportunities in FY27, and I'll end the presentation on our very exciting uh 43:53 43 minutes, 53 seconds innovation and our pipeline that we see ahead of us. The cash started by talking about the last 12 months and maybe I'll 44:01 44 minutes, 1 second start by talking about the last 36 months. Um, as I think about the global crop 44:08 44 minutes, 8 seconds protection industry, it's gone through an incredible cycle over the last 36 months. You know this time three years 44:15 44 minutes, 15 seconds ago as China was opening from COVID suddenly we could see that there was a situation of overcapacity 44:23 44 minutes, 23 seconds with many active ingredients and prices quickly began to fall and at the same time because there was constraints 44:31 44 minutes, 31 seconds leading up to that point. We we realized that distributors and even farmers had been overstocking crop protection 44:39 44 minutes, 39 seconds products in their warehouses and on their farms. And so there was an incredible correction that needed to happen. And it took about 18 months for 44:47 44 minutes, 47 seconds that correction to take place where there was higher returns, there was rebates, there was price negotiations, 44:55 44 minutes, 55 seconds prices declined and ultimately distributors destocked to get back into a normal inventory position. And we 45:03 45 minutes, 3 seconds could see by the really the end of 2024, the global crop protection market began to stabilize. I would say by then it hit 45:11 45 minutes, 11 seconds had hit the bottom and began to stabilize and in 2025 and in our crop in our fiscal year FY26 45:20 45 minutes, 20 seconds we began to see many opportunities emerge even though the market hasn't rebounded. I would say it's recovered 45:28 45 minutes, 28 seconds and it's stabilized, but we found many opportunities to introduce new technologies to serve our 45:36 45 minutes, 36 seconds farmer customers and to disproportionately grow in a very challenging market. And so I'm excited to talk about our results for FY 26. 45:49 45 minutes, 49 seconds In FY26, our execution centered on operational excellence, working capital efficiency, customer engagement, and 45:58 45 minutes, 58 seconds supply chain performance. And these efforts combined created created an incredible opportunity for us. In FY26, 46:07 46 minutes, 7 seconds similar to FY25, we continued our growth trajectory, improving the quality of our business and leading the industry in 46:15 46 minutes, 15 seconds volume growth and in gaining market share. And in fact in the last six consecutive quarters we saw uh 46:22 46 minutes, 22 seconds consecutive quarters of revenue volume and IBIDA growth that have led the industry in each of those quarters. 46:31 46 minutes, 31 seconds Our focus on operational excellence resulted in improved capacity utilization and disciplined working 46:38 46 minutes, 38 seconds capital management. Most importantly we remained resilient adapting to new challenges as we experience every day. 46:46 46 minutes, 46 seconds as Jay talked about as they emerged in this market and now we assume market volatility is the norm. 46:56 46 minutes, 56 seconds On the innovation front, in FY26, we launched more than 300 new products, 47:02 47 minutes, 2 seconds generating over $ 160 million in sales revenue, which exceeded our targets last year that we talked about of around $130 million. 47:14 47 minutes, 14 seconds Revenue from these launches alone represented about 4% of our total revenue last year. And we improved our innovation rate from 14% last year to 47:24 47 minutes, 24 seconds 16% by the end of FY26, which means that 16% of all of our sales were products and technologies that we've introduced within the last 5 years. 47:35 47 minutes, 35 seconds This encouraging performance reinforces that our strategy to serve customers through innovation and differentiated offerings is really delivering results. 47:45 47 minutes, 45 seconds And in parallel, we delivered strong execution across our regulatory, digital, and organizational priorities. 47:53 47 minutes, 53 seconds Regulatory performance remained robust with more than 2500 dossas submitted through the course of last year and 48:00 48 minutes approximately 2700 approvals globally. On the R&D front, we made encouraging progress with 48:07 48 minutes, 7 seconds successful development trials on key product uh pipeline molecules, including cyproflanolide, our new and exciting insecticide. 48:17 48 minutes, 17 seconds And then finally, our enterprisewide digital transformation continues to scale with the launch of several digital tools, strengthening our engagement with 48:26 48 minutes, 26 seconds the channel and with our grower customers. And at the same time through our transformation we also focused our efforts on rethinking our target 48:36 48 minutes, 36 seconds operating model streamlining operations and continuing our journey to transform into a future ready high impact organization. 48:46 48 minutes, 46 seconds We now have three operational global capability centers that unlock efficiencies, 48:52 48 minutes, 52 seconds simplify our business, and allow us to scale our operations in finance, supply chain, HR, and marketing. And we're 49:02 49 minutes, 2 seconds confident that the success of these efforts has not only strengthened our foundation, but will continue to create lasting value in FY27 and beyond. 49:13 49 minutes, 13 seconds Our fourth quarter results show us strong performance with fourth quarter revenue 49:22 49 minutes, 22 seconds up 20% versus last year. This growth is driven by strong volumes across geographies such as Brazil, North 49:30 49 minutes, 30 seconds America, Europe, and the Asia-Pacific geography. It continues to demonstrate our resilience, reinforcing the strength 49:37 49 minutes, 37 seconds and effectiveness of our growth strategy. Our portfolio saw all key markets record significant volume uh 49:45 49 minutes, 45 seconds growth primarily in herbicides and fungicides. Herbicides benefited from volume growth in Brazil, North America and Europe with key molecules like clethodum and esmatul. 49:56 49 minutes, 56 seconds Fungicide growth was driven by sustained momentum with volumes growing in our fungicide portfolio in every one of our 50:04 50 minutes, 4 seconds geographies. Also in Q4, we began to see a recovery in our insecticides portfolio, particular particularly our 50:11 50 minutes, 11 seconds acipate based uh brands in Brazil where our differentiated products like Ferosce and Pareto and newly launched Propose 50:19 50 minutes, 19 seconds and Constell performed uh particularly well. 50:24 50 minutes, 24 seconds Also revenue growth in our NPP business was driven by bio controls and bio stimulants with growth in Europe and the 50:33 50 minutes, 33 seconds Asia-Pacific geography. So despite a challenging market environment, we delivered growth and we delivered a 50:40 50 minutes, 40 seconds strong contribution margin improvement improving overall contribution margins by 100 basis points. This margin was a 50:48 50 minutes, 48 seconds result of supply chain efficiencies, lower clogs, and better capacity utilization. 50:54 50 minutes, 54 seconds In Q4, our differentiated and sustainable portfolio grew by 25% versus the same quarter last year. Our 51:03 51 minutes, 3 seconds sustainable portfolio posted 9% growth in revenue compared to the same quarter driven by biocontrol volumes in Europe 51:10 51 minutes, 10 seconds and North America. Our post-patent business also performed strong with growth driven by key molecules across 51:18 51 minutes, 18 seconds all geographies such as as Asia-Pacific, North America and Brazil. And on the back of strong volumes and contribution 51:26 51 minutes, 26 seconds margin, our fourth quarter performance delivered a 13% improvement in IBIDA compared to the same quarter last year. 51:34 51 minutes, 34 seconds For the full year, we delivered 11% revenue growth year-on-year, driven by industry-leading volume growth across herbicides and fungicides. 51:43 51 minutes, 43 seconds Contribution margins grew by more than 250 basis points to 31.5% versus 20 FY25. 51:53 51 minutes, 53 seconds Turning to SGNA, we maintain strong discipline on discretionary spend while continuing to invest in innovation, 52:01 52 minutes, 1 second transformation, and growth focused initiatives. I'd like to mention as Bash did earlier that within SGNA, we did 52:10 52 minutes, 10 seconds account for a much larger than normal amount of expect of expected credit loss or ECL's provision in FY26 and in 52:19 52 minutes, 19 seconds particular in the fourth quarter. SGNA was further impacted by FX headwinds leading to a 20% overall increase versus 52:28 52 minutes, 28 seconds last year. But even in this environment, we grew IBIDA by 20% with margins expanding over 100 basis points. 52:40 52 minutes, 40 seconds In our Q4, our Latam region posted an impressive 21% volume-ledd growth 52:48 52 minutes, 48 seconds primarily from Brazil and particularly through the recovery of our insecticides differentiated portfolio. 52:55 52 minutes, 55 seconds Elsewhere in Latin America, growth in markets like Argentina and Chile helped mitigate the impact in Mexico, which saw 53:02 53 minutes, 2 seconds their crop protection market shrink by 10% this year. That said, even in the Mexico market, we continue to gain market share and lead this market from an overall market leader perspective. 53:15 53 minutes, 15 seconds North America continues to experience strong inseason demand for our products despite tariffs uh which created 53:22 53 minutes, 22 seconds uncertainties during the past fiscal year. The region reported 21% revenue growth supported by strong herbicide 53:29 53 minutes, 29 seconds portfolio but really strong performance across every one of our categories. In Europe, revenue was up by 17% boosted by 53:38 53 minutes, 38 seconds favorable weather conditions which supported applications of crop protection products driving volume growth and fungicides as well as our 53:45 53 minutes, 45 seconds biocrol products uh in the region. In the rest of the world which comprises really of Asia-Pacific and Africa, we 53:53 53 minutes, 53 seconds delivered a strong volumedriven growth of 23% in that region as well. So you can see that in Q4 we had strong growth across every one of our regions. 54:05 54 minutes, 5 seconds Looking at the performance on the full year, North America led the way with an impressive 18% growth while Europe 54:12 54 minutes, 12 seconds delivered a solid 11% growth in the year. In Latam, our volume growth was particularly was partially offset by 54:21 54 minutes, 21 seconds market pricing headwinds, but we still posted an overall 8% revenue growth in Latin America. And in the rest of the 54:28 54 minutes, 28 seconds world, Africa and Asia Pacific, we posted a strong 13% year-on-year growth in a very competitive market uh environment. 54:43 54 minutes, 43 seconds Our focus on sustainable growth through innovation is clearly reflected in the strong contribution from new products. 54:50 54 minutes, 50 seconds As mentioned earlier, new products launched in FY26 generated over $ 160 million in revenue. The more the 54:58 54 minutes, 58 seconds majority of these launches were in our differentiated and sustainable segment, cutting across herbicides, insecticides 55:06 55 minutes, 6 seconds and plant, soil, and health products. As an example on this slide, Nutiva, Nuvita, sorry, was successfully launched 55:15 55 minutes, 15 seconds in Argentina, Brazil, and Thailand with bold differentiated position and as Jay talked about earlier, as a as a 55:22 55 minutes, 22 seconds technology that allows plants to more efficiently use fertilizer or nutrients in the ground. This allows farmers to 55:29 55 minutes, 29 seconds get a better return on their fertilizer investment and in some cases also decrease the amount of fertilizer that they need to put on the farm. 55:38 55 minutes, 38 seconds We continue to drive strong innovations across all our key markets. Newly launched products generate above margin, 55:45 55 minutes, 45 seconds above average margins and at at and they're at the core of our growth strategy. 55:52 55 minutes, 52 seconds So moving to our FY27 priorities, we continue to see strong farmgate demand for our products and technologies and 56:00 56 minutes foresee opportunities for continued volume growth. However, as mentioned at the beginning, marketing pricing 56:08 56 minutes, 8 seconds dynamics continue to structurally limit the pricing upside, especially in the post patent segment. So, our approach in 56:15 56 minutes, 15 seconds driving growth in FY27 is through a disciplined multi-prong strategy. 56:21 56 minutes, 21 seconds Firstly, we're going to continue to grow organically and gain market share. Our priority is to outpace the market by 56:29 56 minutes, 29 seconds strengthening customer relationships to gain share in our core markets through strong execution, continued operational 56:36 56 minutes, 36 seconds excellence, and a disciplined focus on sellout. 56:41 56 minutes, 41 seconds Our mitigation measures against the conflict in Iran and the closing of the straighter hummus include focusing on 56:49 56 minutes, 49 seconds discipline sourcing, agile supply chain management and pricing actions to cover higher costs. 56:57 56 minutes, 57 seconds To date, the overall market reaction has been uneven, but we are focused on what we can can control and that we believe 57:06 57 minutes, 6 seconds our actions will enable us to adapt to this rapidly changing environment and protect the quality of our business in FY27. 57:16 57 minutes, 16 seconds Our second key strategic focus area is margin expansion driven by innovation and differentiated growth. We are 57:24 57 minutes, 24 seconds scaling innovation-led growth by accelerating growth and shifting and and shifting our overall mix towards higher margin differentiated and sustainable 57:32 57 minutes, 32 seconds solutions including our NPP and Ponotiva solutions. This strategic shift not only allows us to deliver more resilient 57:41 57 minutes, 41 seconds margins in a volatile environment, but also positions us structurally for higher quality growth underpinned by 57:50 57 minutes, 50 seconds innovation, sustainability, and closer engagement with our customers. We expect our new product launches this year will 57:58 57 minutes, 58 seconds generate in the range of $115 million in new revenue with over a hundred new products that will be launched across all regions this year. 58:06 58 minutes, 6 seconds These new products cut across all segments of fungicide, herbicides, insecticides, including uh new products in our NP portfolio. However, just as 58:16 58 minutes, 16 seconds important, new products that have been introduced in the last 5 years will also grow disproportionately in our mix in 58:23 58 minutes, 23 seconds FY27, which will lead to an innovation rate closer to 18% as we close out FY27. 58:32 58 minutes, 32 seconds And finally, our third key strategic focus area is to further build our lean, high impact organization 58:41 58 minutes, 41 seconds that's scaled for growth. Following the success of our transformation initiative last year where we simplified our 58:49 58 minutes, 49 seconds operating model. This year we're bu we're building on that foundation creating a lean high impact organization. We're deploying automation 58:57 58 minutes, 57 seconds and global capability centers where we are scaling growth and increasing our productivity and efficiency. Our resilient business model and strong 59:05 59 minutes, 5 seconds momentum gives us confidence that we can accelerate our profitable growth even in this challenging environment. 59:15 59 minutes, 15 seconds The natural plant protection business remains one of our top priorities and it's a key pillar for our sustainable 59:22 59 minutes, 22 seconds growth. We remain focused on our ambition to grow faster than the market in our sustainable solution segment with an expected kagger of around 12% between FY26 and FY31. 59:35 59 minutes, 35 seconds This segment comprises biologicals, bio controls and bio stimulants and the portfolio carries products that help our farmers uh helps our farmers improve 59:44 59 minutes, 44 seconds soil quality, enhance plant health, reduce their far their carbon footprint and builds greater resilience in their operations. 59:53 59 minutes, 53 seconds Looking ahead, we have 10 new technologies in our national plant protection development pipeline, and we are pleased to report that we are on 1:00:01 1 hour, 1 second track to achieving close to our target of 700 million US in revenue in this upcoming financial year. We're also 1:00:10 1 hour, 10 seconds confident that we can generate close to the $1 billion target we have in revenue for this segment by FY31. 1:00:22 1 hour, 22 seconds As a reminder, our crop protection and sustainable solutions pipeline is built around customer centricity and a balance between traditional crop protection and 1:00:31 1 hour, 31 seconds bios solutions. Our current pipeline value is approximately $4.4 billion at 1:00:38 1 hour, 38 seconds peak sales of which around$ 1.5 billion will be actualized by FY30. 1:00:45 1 hour, 45 seconds What is particularly encouraging is the composition of our pipeline. At peak around 80% of our pipeline is made up of differentiated and sustainable solutions 1:00:54 1 hour, 54 seconds with about 20% coming from post patent products. This reflects a structurally stronger portfolio built around 1:01:03 1 hour, 1 minute, 3 seconds innovation, biologicals, NPP and sustainable technologies that deliver both grower value and attra and attractive economics for us at UPL. 1:01:15 1 hour, 1 minute, 15 seconds We have 27 molecules in our development pipeline with five new entrance since our last capital markets day and 17 new solution platforms. 1:01:28 1 hour, 1 minute, 28 seconds So in summary in FY26 it was a year of strong performance by our global crop protection business in a very 1:01:36 1 hour, 1 minute, 36 seconds challenging market. Our FY26 successes have given us momentum and we will use this to compete profitably and deliver 1:01:45 1 hour, 1 minute, 45 seconds on our FY27 growth and IBIDA and cash flow commitments. 1:01:51 1 hour, 1 minute, 51 seconds Looking ahead, our strategy is very clear. We are focused on driving strong organic growth while continuing to gain 1:01:58 1 hour, 1 minute, 58 seconds market share across all of our core markets. A key pillar is accelerating our NPP and PNOVA portfolio as we shift 1:02:07 1 hour, 2 minutes, 7 seconds the mix towards higher value, more differentiated and sustainable solutions. And at the same time, we're reinforcing our cost leadership through 1:02:16 1 hour, 2 minutes, 16 seconds operational excellence, improving efficiency and productivity by leveraging AI and advanced tools across 1:02:23 1 hour, 2 minutes, 23 seconds the organization. This combination supports continued margin expansion underpinned by strong financial discipline, efficient working capital 1:02:32 1 hour, 2 minutes, 32 seconds management, and consistent cash generation ensuring profitability and sustained growth. 1:02:38 1 hour, 2 minutes, 38 seconds Before I conclude, I'd like to thank our highly engaged teams around the world for their dedicated efforts as well as 1:02:46 1 hour, 2 minutes, 46 seconds our val valuable channel partners for their continued support driving together with purpose to help farmers increase 1:02:54 1 hour, 2 minutes, 54 seconds their resilience and improve their sustainability. Thank you. 1:03:00 1 hour, 3 minutes With that, I'd like to call up Bupin to talk about our seed business. 1:03:19 1 hour, 3 minutes, 19 seconds Thank you Mike. 1:03:21 1 hour, 3 minutes, 21 seconds Uh exciting time of the year where we we love to present our hard work of 364 days where organization is engaged with the farmers day and night. 1:03:44 1 hour, 3 minutes, 44 seconds No, I can change it. 1:03:47 1 hour, 3 minutes, 47 seconds Oh, I came early. 1:03:55 1 hour, 3 minutes, 55 seconds [laughter] 1:03:56 1 hour, 3 minutes, 56 seconds It's always a good mixup to be mixed up for buping. 1:04:00 1 hour, 4 minutes Good afternoon everyone. I hope everyone is having a great time listening to the amazing work that's happening across platforms. My name is Ravi. I've been 1:04:10 1 hour, 4 minutes, 10 seconds with UPPL for a year and a few months. I took over from Ashish and I want to give him a vote of thanks to say you have 1:04:18 1 hour, 4 minutes, 18 seconds given us an amazing foundation and we are carrying forward the torch that you gave us. So that's the theme I would 1:04:25 1 hour, 4 minutes, 25 seconds like to start with. It is this year that has been has been a year of continuity. 1:04:33 1 hour, 4 minutes, 33 seconds It has also been a year of change. So let's let's dive into some details. 1:04:42 1 hour, 4 minutes, 42 seconds The continuity was in driving operational excellence. 1:04:47 1 hour, 4 minutes, 47 seconds First and foremost, it was on business quality. 1:04:51 1 hour, 4 minutes, 51 seconds We we improved margins quite a lot with both prudent pricing but also with mix 1:05:00 1 hour, 5 minutes improvements while we had sales losses from outgoing genericized older molecules and older 1:05:08 1 hour, 5 minutes, 8 seconds formulations. We also drove newer products more differentiated products with better margins scale them up quite significantly. 1:05:19 1 hour, 5 minutes, 19 seconds We significantly drove working capital improvements on inventory on on 1:05:26 1 hour, 5 minutes, 26 seconds collectibles from the market as well as other operational improvements in terms of returns etc. And finally 1:05:35 1 hour, 5 minutes, 35 seconds we completely aligned our sales force to sales becoming collected sales. It was always the case that we had we had that 1:05:44 1 hour, 5 minutes, 44 seconds focus but we also aligned our incentives internally. But we didn't just work on business quality. We also worked on the 1:05:51 1 hour, 5 minutes, 51 seconds portfolio quality. Like I mentioned, we significantly drove new products 1:05:59 1 hour, 5 minutes, 59 seconds to scale up at levels that had not been seen before. 1:06:04 1 hour, 6 minutes, 4 seconds That led us to expanding our footprint on newer crops. 1:06:09 1 hour, 6 minutes, 9 seconds corn, sugarcane are lead examples, but we are also working on significantly diversifying our presence and this is a 1:06:16 1 hour, 6 minutes, 16 seconds theme you will recognize from last year's presentation too. 1:06:21 1 hour, 6 minutes, 21 seconds We are driving for excellence in launches and scaleups. 1:06:25 1 hour, 6 minutes, 25 seconds We're also driving R&D partnerships to to continue to improve our portfolio and continue to have new and differentiated 1:06:33 1 hour, 6 minutes, 33 seconds molecules and formulations in our portfolio. 1:06:37 1 hour, 6 minutes, 37 seconds Last but not least, we are using digital across everything we do. 1:06:44 1 hour, 6 minutes, 44 seconds We are scaling up and significantly changing our key retailer reward program. We call it family. But this 1:06:52 1 hour, 6 minutes, 52 seconds will become our tool to encourage the right behaviors in the channel which will hold us in goodstead in the future. 1:07:00 1 hour, 7 minutes Similarly, we're using our internal field force applications to drive more 1:07:07 1 hour, 7 minutes, 7 seconds aligned behaviors on the ground to drive greater success in scaleups and and to ensure 1:07:15 1 hour, 7 minutes, 15 seconds that everyone is working towards the same aligned goals. Last but not the least, we are using AI and ML for things 1:07:23 1 hour, 7 minutes, 23 seconds like forecasting. Mike mentioned that, but also for predicting default risk and 1:07:30 1 hour, 7 minutes, 30 seconds thus making better use of our credit to the market. With all of that stuff, let me talk a little bit about how the 1:07:39 1 hour, 7 minutes, 39 seconds year was. Q4 for us is a very small quarter. It's also a quarter where 1:07:45 1 hour, 7 minutes, 45 seconds there's much lesser consumption and a lot more positioning of inventory for the next year. This year we chose to 1:07:54 1 hour, 7 minutes, 54 seconds position inventory closer to the consumption. So that was a deliberate move which has improved the quality of 1:08:02 1 hour, 8 minutes, 2 seconds our business. In addition, as we started seeing the supply chain disruptions coming through or the cost disruptions 1:08:10 1 hour, 8 minutes, 10 seconds coming through, we already took our price moves in the month of March when many other companies were waiting till 1:08:17 1 hour, 8 minutes, 17 seconds April. Despite all of that stuff, we did land up with the year remaining flat. 1:08:26 1 hour, 8 minutes, 26 seconds I would actually call it revenue preservations. 1:08:29 1 hour, 8 minutes, 29 seconds We preserved our revenue in the face of many headwinds. We had existing revenue pools in formulations 1:08:38 1 hour, 8 minutes, 38 seconds and brands which were phased out close to 150 crores worth. We had 1:08:46 1 hour, 8 minutes, 46 seconds a very tough monsoon especially focused on the on the markets that are the strongest for us 1:08:54 1 hour, 8 minutes, 54 seconds and that was another 100 200 crores. We had we had revenue pools facing extreme price erosion across all industry participants. 1:09:04 1 hour, 9 minutes, 4 seconds Despite all of that stuff, we scaled up the brands that we focused on in a way that we ended up preserving our revenue 1:09:12 1 hour, 9 minutes, 12 seconds while significantly improving our contribution by 19%. And AITA by 24%. 1:09:20 1 hour, 9 minutes, 20 seconds This is quality of business which will help us as we continue to scale up and improve the business, it'll help us to 1:09:28 1 hour, 9 minutes, 28 seconds start delivering results both in top line and bottom line. 1:09:34 1 hour, 9 minutes, 34 seconds And that brings me to the last important point. We are focusing on three pillars to drive our competitive advantage in 1:09:42 1 hour, 9 minutes, 42 seconds the market. Pillar number one is what we call launch big and scale fast. It's about taking full advantage of the new 1:09:52 1 hour, 9 minutes, 52 seconds and differentiated products that are coming to coming our way. We want to ensure that we are leaving no stone unturned in driving scale up of those products. 1:10:03 1 hour, 10 minutes, 3 seconds and driving them across crops. The best part is all these new products are applicable across crops. They are helping us in our crop diversification 1:10:10 1 hour, 10 minutes, 10 seconds effort. We've aligned our team incentives to the strategy to the strategy of hyperscaling the new brands. 1:10:20 1 hour, 10 minutes, 20 seconds We're also using our technology or tech uh digital in our field force in order 1:10:27 1 hour, 10 minutes, 27 seconds to measure make every activity highly accountable and drive excellence in both digital and influencer marketing. 1:10:37 1 hour, 10 minutes, 37 seconds The second big pillar is deeper channel engagement. It starts with the elite for all our elite customers. We've launched 1:10:44 1 hour, 10 minutes, 44 seconds openact partners. It's a way for us to honor, recognize, and invite our biggest partners to have an even greater skin in the game in our growth. 1:10:56 1 hour, 10 minutes, 56 seconds We are leveraging family, like I said, to not only drive the business, but also drive the right behaviors. And finally, 1:11:03 1 hour, 11 minutes, 3 seconds we've begun fine-tuning our distribution network to be to to to give greater skin in the game for our best partners and 1:11:11 1 hour, 11 minutes, 11 seconds also slowly, you know, allow for partners who are not aligned with us to move on. 1:11:19 1 hour, 11 minutes, 19 seconds And finally, we are using every asset available in our hand. Whether it is the spray machines, whether it is the 1:11:26 1 hour, 11 minutes, 26 seconds digital distribution network, whether it is our sustainability program, including our carbon programs and our wonderful sugarcane programs as well as value 1:11:35 1 hour, 11 minutes, 35 seconds chains. We are putting all our assets together to become much more competitive in the market than merely the portfolio 1:11:43 1 hour, 11 minutes, 43 seconds would allow. And this way we have a very fond outlook for the future. With that now hopefully I get it right this time. 1:11:52 1 hour, 11 minutes, 52 seconds I invite Bupin to take over. 1:12:08 1 hour, 12 minutes, 8 seconds Thank you Ravi. Welcome to Advanta. 1:12:11 1 hour, 12 minutes, 11 seconds uh very very happy to report to you this uh this year again the advantage journey of 1:12:20 1 hour, 12 minutes, 20 seconds profitable growth continues year after year. Uh the key contributors are leading crop portfolio. Uh you know you 1:12:29 1 hour, 12 minutes, 29 seconds are aware Advant strategy has been diversified portfolio and diversified geographies. These are extremely 1:12:36 1 hour, 12 minutes, 36 seconds important to protect our growth uh from the vagaries of nature which is a common thing in agriculture. 1:12:44 1 hour, 12 minutes, 44 seconds Another important point which last year I reported and want to continue to emphasize now advantage uh one of top 10 1:12:51 1 hour, 12 minutes, 51 seconds seat company in the world like UPPL is one of top four top five similarly advantage is one of top 10 and our road 1:12:58 1 hour, 12 minutes, 58 seconds map to really scale up the ranking from 10 to 9 and 8 going forward is already uh constructed the bridge road map is 1:13:06 1 hour, 13 minutes, 6 seconds ready uh this is possible because of our R&D team who's working very hard day in day out the innovation is our core of our 1:13:14 1 hour, 13 minutes, 14 seconds strategy. Uh we we have now 900 plus hybrid varieties. In a couple of years probably we will be hitting about thousand plus hybrids across 40 crops. 1:13:25 1 hour, 13 minutes, 25 seconds Uh second important aspect of our strategy is diversified global footprint like we we have a relatively compared to 1:13:32 1 hour, 13 minutes, 32 seconds UPL our parent group uh revenue is modest but strategy is global. As a result of that our presence is in all 1:13:40 1 hour, 13 minutes, 40 seconds four continent advantage present in Australia, Asia, Africa, Europe and Americas. So blueprint is ready and we 1:13:48 1 hour, 13 minutes, 48 seconds are building up uh further is for the future growth. Our presence is multiple high growth geographies extremely 1:13:55 1 hour, 13 minutes, 55 seconds selective in and identifying our grow growth trajectories which we try to link to our strength of jump plasm and our people. 1:14:04 1 hour, 14 minutes, 4 seconds uh uh what is our core is rather than every patchy uh growth scenario we we we look for resist uh resistant resilient 1:14:13 1 hour, 14 minutes, 13 seconds and consistent growth year after year which you can see last 10 years you know track record of advant 1:14:21 1 hour, 14 minutes, 21 seconds first is a slogan almost all the organization talks about we try to leave in our DNA day in day out right from our 1:14:27 1 hour, 14 minutes, 27 seconds chairman J and all our team members highly plugged in to key markets and key farmers this all the time uh which which 1:14:36 1 hour, 14 minutes, 36 seconds help us uh to get the right pulse and take a right decision on time. Climate smart hybrid is in need of our it's no no more a future futuristic project now 1:14:45 1 hour, 14 minutes, 45 seconds we already are we are in April in India we are experiencing historically high temperature there was some report that globally 20 cities temperature highest 1:14:53 1 hour, 14 minutes, 53 seconds 15 are in India and we feel it now similarly the same impact is on the plant I mean we have a lake actually we 1:15:01 1 hour, 15 minutes, 1 second move away from the heat and go to the air conditioned rooms but plant cannot do that plant they have to survive the same land and therefore what kind of 1:15:08 1 hour, 15 minutes, 8 seconds plant design adaptation has to be developed is something which our R&D team is plugged in and working day in day out to make sure that uh you know 1:15:16 1 hour, 15 minutes, 16 seconds the plants are resilient and can handle this heat and the and the changing the atmosphere very fast. Digital tools 1:15:23 1 hour, 15 minutes, 23 seconds again uh the digitalization of the processes in various function uh is accelerating further with the group uh 1:15:30 1 hour, 15 minutes, 30 seconds the group level initiative at a data and analytics center in Bangalore. Our team is leveraging that capability very very 1:15:37 1 hour, 15 minutes, 37 seconds fast. Started deploying in R&D and in College Station in in USA. Uh in fact a couple of days back I got a report that 1:15:44 1 hour, 15 minutes, 44 seconds we pilot run with the AI our team in Argentina is running that where we had first AI engineer in our one female AI 1:15:52 1 hour, 15 minutes, 52 seconds engineer in our team and along with our business team. They uh they they started deploying AI agent in one process and 1:16:00 1 hour, 16 minutes that process is onboarding the customer in Argentina. Onboarding customer is a long process and because of this now 1:16:08 1 hour, 16 minutes, 8 seconds they can finish in no time and then the the transaction can start very very fast. One one one uh pilot project example. 1:16:16 1 hour, 16 minutes, 16 seconds Uh fourth point important point which is a core of our strategy is innovationdriven R&D platform as I 1:16:23 1 hour, 16 minutes, 23 seconds indicated earlier also the core of any seat company. Seat company want to continue to serve the farmer on and all the time. It's important that investment 1:16:32 1 hour, 16 minutes, 32 seconds in R&D is continuous which we continue to do that integrated global supply chain. We design our product portfolio 1:16:39 1 hour, 16 minutes, 39 seconds in such a manner that we optimize supply chain. I'll give you two example let's say in in Asia our our prime drivers are 1:16:46 1 hour, 16 minutes, 46 seconds vegetables and the and the tropical corn. So when we select the product portfolio or the corn product portfolio for Thailand and for Vietnam, 1:16:54 1 hour, 16 minutes, 54 seconds Philippines, Indonesia and India, we try to make sure that out of let's say 10 hybrid in each country at least six, seven, eight hybrids are more or less 1:17:02 1 hour, 17 minutes, 2 seconds identical. If this is a kind of screen based on that we take a decision which allow us to have a 60% plus overlap of the business portfolio. As a result of 1:17:11 1 hour, 17 minutes, 11 seconds that we are man able to manage our business cycle uh to use the vicass uh language the cash cycle cash flow cycle 1:17:19 1 hour, 17 minutes, 19 seconds we manage very well uh we build the inventory in India suppose there is a production cost is lower in India which is reality in in in uh in Asia in that 1:17:28 1 hour, 17 minutes, 28 seconds case we we produce for let's say uh Thailand we produce for China etc and then we can move it easily so of course 1:17:35 1 hour, 17 minutes, 35 seconds it's it's not as easy as as I'm explaining to you because a lot of permissions are required the countries there is a PPA uh a lot of you know 1:17:43 1 hour, 17 minutes, 43 seconds clearance are required which requires three to four years time but we have been able to build this entire closed need uh value chain in in in Asia for 1:17:51 1 hour, 17 minutes, 51 seconds corn similarly we are in the in the process of building that in in uh for sorghum grain sorghum in Americas see 1:17:59 1 hour, 17 minutes, 59 seconds what we produce grain sorghum in in USA is one of the most competitive and high quality and and there there we are able to move to Brazil and now move to north 1:18:08 1 hour, 18 minutes, 8 seconds Argentina so entire cycle we are able to build that up. So so this is extremely important for us and that role of supply chain is very very critical. 1:18:19 1 hour, 18 minutes, 19 seconds Uh these are the results of quarter four and and a full year in terms of INR cr uh quarter four as you are aware among 1:18:28 1 hour, 18 minutes, 28 seconds four quarter is is always heavy uh contributor historically which is true this year also it continues in quarter 1:18:35 1 hour, 18 minutes, 35 seconds four our revenue was 2,198 cr which is 23% growth contribution also in line 1:18:42 1 hour, 18 minutes, 42 seconds with that 22% SGNA uh fully under control 12% about 33% against one one of the most profitable quarter among four. 1:18:52 1 hour, 18 minutes, 52 seconds Uh as a result of that when you look at annualized picture revenue is 6,837 1:18:59 1 hour, 18 minutes, 59 seconds cr 23% growth contribution in line with it 22%. SGNA 16% much lower than that 1:19:06 1 hour, 19 minutes, 6 seconds and EITA growth is about 30%. And with this margin EITA margin is about 25%. 1:19:12 1 hour, 19 minutes, 12 seconds This this benchmark we maintain try to retain there. 1:19:16 1 hour, 19 minutes, 16 seconds uh some of the comment on the revenue very well well balanced the growth has come 12% by volume and 6% uh via price 1:19:25 1 hour, 19 minutes, 25 seconds and and 5% is forex so that how this total is adding adding upput 23%. And in terms of crops mainly by field corn, 1:19:33 1 hour, 19 minutes, 33 seconds India, Len, Argentina and Asia. Uh in terms of margin uh the volume is the 1:19:41 1 hour, 19 minutes, 41 seconds biggest contributor to it and also some of the geography we have been able to cut the cost of production uh uh dramatically. 1:19:50 1 hour, 19 minutes, 50 seconds uh terms of geographic contribution uh in the quarter four you can see all the four uh uh continents have contributed 1:19:57 1 hour, 19 minutes, 57 seconds all of green lines America uh growth is 19% Asia Africa 21% Australia highest 1:20:04 1 hour, 20 minutes, 4 seconds 39% as some of you may be aware Australia is driven in quarter 4 by canola uh which planting takes place in 1:20:12 1 hour, 20 minutes, 12 seconds March and April May and and then the purchase starts in February as a result of that the they have a very record 1:20:20 1 hour, 20 minutes, 20 seconds business in Australia in quarter 4 39% growth Europe small base about 15% growth so all the continent contributed very well and when you look at 1:20:28 1 hour, 20 minutes, 28 seconds annualized number America contribution is highest this year 25% uh growth Asia Africa 24% Australia 13 and Europe 17 so 1:20:38 1 hour, 20 minutes, 38 seconds so very well balanced by crop and by geography uh the growth is very well distributed 1:20:46 1 hour, 20 minutes, 46 seconds uh when you look at the uh contribution of key crop crop within the revenue. Uh number one is field corn 40%. Uh grain 1:20:55 1 hour, 20 minutes, 55 seconds and forest gum is 16%, sunflower canola is which is oil seed primarily 15%, vegetable and fresh corn is 10%, post-h 1:21:03 1 hour, 21 minutes, 3 seconds harvest is about 17%. So we operate in five segments primarily and our R&D our resource deployment is around this 1:21:11 1 hour, 21 minutes, 11 seconds segments and all all are contributed quite handsomely this year. 1:21:17 1 hour, 21 minutes, 17 seconds uh vision for tomorrow uh we continue on the same path which have been delivering a good result to us. Product innovation 1:21:24 1 hour, 21 minutes, 24 seconds is core uh while core of seed seed companies genetics but in genetics also there are various tools like like uh you 1:21:32 1 hour, 21 minutes, 32 seconds know double hloid came a year ago and then now the the GMO came and now we have a gene editing coming up. We collaborate with many university around 1:21:41 1 hour, 21 minutes, 41 seconds the world to develop the product using the gene editing tools and that innovation continues uh in R&D part of 1:21:48 1 hour, 21 minutes, 48 seconds it. We wherever now we have very good product portfolio. We are now developing GTM and deploying resources in GTM to make sure that our penetration is very 1:21:57 1 hour, 21 minutes, 57 seconds very high. Uh we have ident our product portfolio is operating is is addressable market is about 75 million hectare. 1:22:05 1 hour, 22 minutes, 5 seconds Currently we are we are covering about 12 million hectare. So still we have a lot of space to get cover and as and 1:22:12 1 hour, 22 minutes, 12 seconds when we start deploying GTM resources we start converting that opportunity into revenue uh scale postth harvest uh a lot 1:22:21 1 hour, 22 minutes, 21 seconds of opportunities there primarily posth harvest is operating Europe, America uh you know the Chile, Australia all the 1:22:29 1 hour, 22 minutes, 29 seconds learnings which we have opportunities there to really you know replicate in the Asia and African countries going forward. 1:22:38 1 hour, 22 minutes, 38 seconds Uh before I close this uh presentation, I would like to thank farmers who are continuing uh express their support to 1:22:46 1 hour, 22 minutes, 46 seconds us via regular purchase of the seed. Our own team, dedicated team of the employees who are working day in day out with the farmers without the 1:22:55 1 hour, 22 minutes, 55 seconds contribution by the farmers and our team results are not possible. Uh last but not the least of course the the trust of 1:23:02 1 hour, 23 minutes, 2 seconds the investors promoters here uh towards Advanta we advant used to cont contribute about five or 6% of uh you 1:23:11 1 hour, 23 minutes, 11 seconds know AITA few years ago right now the contribution of advant is about 20% and I believe that it will continue to grow 1:23:19 1 hour, 23 minutes, 19 seconds thank you very 1:23:21 1 hour, 23 minutes, 21 seconds [applause] 1:23:36 1 hour, 23 minutes, 36 seconds Thank you bupin. Uh good evening everyone. Thank you for joining us today. 1:23:43 1 hour, 23 minutes, 43 seconds Today I want to uh take you through a superform success story. A business that 1:23:50 1 hour, 23 minutes, 50 seconds has grown with purpose with discipline and with a clear vision for future. A business that is accelerating 1:23:59 1 hour, 23 minutes, 59 seconds uh profitable growth in one of the most dynamic segment of global chemical industry. 1:24:07 1 hour, 24 minutes, 7 seconds Over next few minutes, I will walk you through what we have achieved in FI26 and how our uh super speciality 1:24:15 1 hour, 24 minutes, 15 seconds chemicals segment is outpacing the industry and why we believe the best is still ahead of us. 1:24:35 1 hour, 24 minutes, 35 seconds FI26 has been a landmark year for superform and the numbers tell a compelling story across three key dimensions. 1:24:46 1 hour, 24 minutes, 46 seconds First, the improved business mix. 1:24:50 1 hour, 24 minutes, 50 seconds Our super specialtity segment or what we call it as SSC delivered an industryleading growth of 20% year on 1:24:59 1 hour, 24 minutes, 59 seconds year. This reflects a strategic shift towards a higher value 1:25:07 1 hour, 25 minutes, 7 seconds externally sold uh uh specialty chemicals. 1:25:11 1 hour, 25 minutes, 11 seconds Our specialy chemicals um business also crossed a thousand cr uh in exports from 1:25:20 1 hour, 25 minutes, 20 seconds India alone. A testament of global uh relevance um of our industry. The second 1:25:29 1 hour, 25 minutes, 29 seconds is manufacturing and supply chain excellence. We have made our operations leaner and more efficient. We have 1:25:37 1 hour, 25 minutes, 37 seconds significantly enhanced the operating capacity of our key active ingredients and now delivering sustainable cost 1:25:45 1 hour, 25 minutes, 45 seconds savings that are structurally expanding our margins over long term. And the third is building foundations for the 1:25:54 1 hour, 25 minutes, 54 seconds future. We expanded our lubricant additive capabilities to three times the 1:26:01 1 hour, 26 minutes, 1 second last uh financial year. We also forged uh strategic tie-ups and broaden our 1:26:08 1 hour, 26 minutes, 8 seconds offering across various sectors such as mining, neutrauticals and rubber chemicals. 1:26:16 1 hour, 26 minutes, 16 seconds In short, FY26 was a year where superform built momentum, it built scale and built the right foundation. 1:26:30 1 hour, 26 minutes, 30 seconds Now let's look at uh the financials for FI26. 1:26:34 1 hour, 26 minutes, 34 seconds The revenue comes in at 10,298 crores growing 1% yearonear at an 1:26:41 1 hour, 26 minutes, 41 seconds overall level. While the revenue was largely flat, the quality of the revenue has transformed dramatically. 1:26:50 1 hour, 26 minutes, 50 seconds Our contribution margin expanded by 240 basis points to 24.7% 1:26:57 1 hour, 26 minutes, 57 seconds driven by an increased share of uh super specialtity uh business in our overall revenue mix which and therefore the 1:27:07 1 hour, 27 minutes, 7 seconds specialtity chemicals business in the overall revenue mix moved as uh Bash alluded from 20% last year to 28% this 1:27:15 1 hour, 27 minutes, 15 seconds year and by improved uh product cost uh position through operational excellence. 1:27:22 1 hour, 27 minutes, 22 seconds EIDA grew by 10% uh yearon year to 12,000 uh sorry 1,258 1:27:29 1 hour, 27 minutes, 29 seconds crores with thea margin expanding by by over 100 basis points to 12.2%. 1:27:36 1 hour, 27 minutes, 36 seconds This margin expansion in a year u where the broader chemical industry faced significant headwinds is a clear 1:27:44 1 hour, 27 minutes, 44 seconds indicator of structural improvement we have made. 1:27:52 1 hour, 27 minutes, 52 seconds Let us now uh give you a more granular view of uh what is driving this uh 1:27:58 1 hour, 27 minutes, 58 seconds performance at superform. Now basically superform operates in two primary business segments. The first one of 1:28:07 1 hour, 28 minutes, 7 seconds course is our active in ingredient business uh or we call it AI wherein we have two key customers 1:28:16 1 hour, 28 minutes, 16 seconds uh which is a cost plus model which is UPL corporation and UPL SAS. 1:28:22 1 hour, 28 minutes, 22 seconds Um and the second one is the specialtity chemicals business um um which 1:28:29 1 hour, 28 minutes, 29 seconds represents our um you know solutions which we offer outside the group for 1:28:37 1 hour, 28 minutes, 37 seconds FY26 AI revenue come uh has come at 7,43 crores a decline of 5% yearonear this 1:28:47 1 hour, 28 minutes, 47 seconds decline however is largely attributed to the favorable cost inputs which is actually a pass through. So therefore 1:28:56 1 hour, 28 minutes, 56 seconds this is not a demand concern. This is actually a cost optimization story. 1:29:03 1 hour, 29 minutes, 3 seconds Whereas the specialty chemical business delivered 2,894 crores in FY26 1:29:11 1 hour, 29 minutes, 11 seconds growing 20% year on year. This growth was powered by two key engines. the 1:29:18 1 hour, 29 minutes, 18 seconds contract manufacturing in the specialtity chemical space. I mean speciality chemical business has 1:29:25 1 hour, 29 minutes, 25 seconds two kinds of uh model. One is the contract u u you know the CMO model and 1:29:33 1 hour, 29 minutes, 33 seconds the s and the second one is the solutions model which we offer to our uh customer. 1:29:40 1 hour, 29 minutes, 40 seconds Um uh wherein in in the in the lubricant business uh lubricant additive business 1:29:47 1 hour, 29 minutes, 47 seconds itself we tripled our business last year and a strong demand of our application across sectors such as mining, 1:29:56 1 hour, 29 minutes, 56 seconds pharmaceutical, flame retardants and of course agrochemicals. 1:30:01 1 hour, 30 minutes, 1 second You know remember in agrochemicals we also have a CMO which is non-group which we do with other key players other other multinationals. 1:30:11 1 hour, 30 minutes, 11 seconds The trajectory of uh specialtity chemicals is remarkable 20% growth in a year where industry peers struggled to 1:30:19 1 hour, 30 minutes, 19 seconds grow in a single digit. This is what super uh um uh this is what sets superform apart. 1:30:30 1 hour, 30 minutes, 30 seconds So where do we go from here? Let me share with you our strategic blueprint for FY27 and beyond. 1:30:40 1 hour, 30 minutes, 40 seconds Built on three powerful pillars. The first pillar is vertical integration. 1:30:48 1 hour, 30 minutes, 48 seconds We are moving decisively to own the key nodes of our supply chain. By internalizing high value nodes, we will 1:30:56 1 hour, 30 minutes, 56 seconds optimize cost, perfect margins, and build a more resilient business that is insulated from external supply disruptions. 1:31:06 1 hour, 31 minutes, 6 seconds In the current context with frequent supply disruptions uh has been the norm, this strategy becomes even more relevant. 1:31:16 1 hour, 31 minutes, 16 seconds The second pillar is new product uh launches. We are making a deliberate shift from being a chemical company to 1:31:25 1 hour, 31 minutes, 25 seconds being a solution-led company. Our pipeline includes exciting growth areas in neutrauticals, 1:31:34 1 hour, 31 minutes, 34 seconds flame retardants, paints, rubber vulcanization, and battery chemicals. 1:31:42 1 hour, 31 minutes, 42 seconds All high growth and high value segments. 1:31:46 1 hour, 31 minutes, 46 seconds We are backing this with strategic tie-ups for both technology access and offtake commitments ensuring that our 1:31:53 1 hour, 31 minutes, 53 seconds new uh products have a market before they reach a commercial scale. 1:31:59 1 hour, 31 minutes, 59 seconds The third pillar is building a future fit organization. 1:32:05 1 hour, 32 minutes, 5 seconds Our growth delivers our our growth uh drivers going forward will be contract uh manufacturing and 1:32:14 1 hour, 32 minutes, 14 seconds advanced chemistries. We are strengthening our internal capability pipeline and 1:32:20 1 hour, 32 minutes, 20 seconds importantly we are embracing AI adoption to drive value across our operations from process optimization to customer intelligence. 1:32:31 1 hour, 32 minutes, 31 seconds Together, these pillars represent a business that is not resting on its FY26 1:32:38 1 hour, 32 minutes, 38 seconds achievement, but is actively building the capabilities to sustain and accelerate growth into future. 1:32:47 1 hour, 32 minutes, 47 seconds Let me leave you with this thought. 1:32:50 1 hour, 32 minutes, 50 seconds Superform is a business at an inflecting point. 1:32:55 1 hour, 32 minutes, 55 seconds We have demonstrated that we can grow our our speciality chemicals uh business 1:33:01 1 hour, 33 minutes, 1 second at 20% plus growth rate year on year well ahead of industry peers. 1:33:09 1 hour, 33 minutes, 9 seconds We have expanded margins while investing in our future. We have built manufacturing capabilities, 1:33:17 1 hour, 33 minutes, 17 seconds secured long-term partnerships and laid strategic groundwork for the next phase of growth. 1:33:25 1 hour, 33 minutes, 25 seconds We are not we are not just a chemicals business. We are a solutions business. 1:33:32 1 hour, 33 minutes, 32 seconds One that is deeply integrated with our customers value chains across 50 plus 1:33:38 1 hour, 33 minutes, 38 seconds industries and growing. We are confident in our ability to deliver sustained, 1:33:45 1 hour, 33 minutes, 45 seconds profitable and purposeful growth. Thank you. 1:33:50 1 hour, 33 minutes, 50 seconds I now call upon Bash to take forward the next segment. Thank you. 1:34:05 1 hour, 34 minutes, 5 seconds Just to just to recap, this year has been a year of 1:34:13 1 hour, 34 minutes, 13 seconds transformation, a year of resilience to show that how we have delivered on all the specific themes of financing whether 1:34:22 1 hour, 34 minutes, 22 seconds it's a growth, it's a profitability or it's a balance sheet. I think in maintaining a balance amongst all the 1:34:30 1 hour, 34 minutes, 30 seconds three are going to be extremely critical this year. We are satisfied with the results that we have delivered and the 1:34:37 1 hour, 34 minutes, 37 seconds balance that we have maintained between the three of them. Each KPIs are important but how do we bring that 1:34:45 1 hour, 34 minutes, 45 seconds balance is going to be uh critical for us going forward as well. And again just to summarize that this year if you look 1:34:51 1 hour, 34 minutes, 51 seconds at our revenue which grew from 46,000 cr to 52,000 cr at 11% 1:34:59 1 hour, 34 minutes, 59 seconds uh growth rate our profitability whether it's a PBT which grew from 800 cr to almost 33,200 1:35:07 1 hour, 35 minutes, 7 seconds crores four times or operational padme from 700 crores to 1,900 cr at 2.5 times. 1:35:15 1 hour, 35 minutes, 15 seconds We have focused on balance sheet this year and that has really helped us to reduce our debt and improve our gearings 1:35:23 1 hour, 35 minutes, 23 seconds and more importantly our return off on equity as well. And this focus will continue uh in the years ahead as well. 1:35:32 1 hour, 35 minutes, 32 seconds And again I just want to thank all of you for your inputs, for your feedbacks and that will really help us to always 1:35:42 1 hour, 35 minutes, 42 seconds strengthen our uh uh business, we strengthen our uh performance and we'll 1:35:48 1 hour, 35 minutes, 48 seconds keep uh getting feedbacks from all of you. The last part of this is about 1:35:55 1 hour, 35 minutes, 55 seconds giving the guidance for the next year. I know uh many of you have suggested us not to give the guidance. Some of you 1:36:03 1 hour, 36 minutes, 3 seconds are optimistic uh bunch of people also who are asking to give a fullear guidance. So he's always like Dil Mang 1:36:11 1 hour, 36 minutes, 11 seconds more uh we have to look at what we can deliver u and uh we are cautiously 1:36:19 1 hour, 36 minutes, 19 seconds optimistic about Q1. We are already 40 days in this quarter. We have some visibility about our Q1 results. Still 1:36:28 1 hour, 36 minutes, 28 seconds we do not know how the Middle East crisis will unfold. How the uh supply chain disruptions will lead to increase 1:36:36 1 hour, 36 minutes, 36 seconds in the price the cost inflation and how much pass on impact will happen to the market. So there are many ifs and buts. 1:36:45 1 hour, 36 minutes, 45 seconds So at this point in time we are only guiding you for the first quarter FI27 uh outlook which is a revenue growth of 1:36:54 1 hour, 36 minutes, 54 seconds 10 to 14%. If you would see the last three years, the best revenue growth we had in during Q1 was 2%. 1:37:04 1 hour, 37 minutes, 4 seconds Uh you also know that the Q1 usually is our slow quarter. Uh Q3 and Q4 when uh 1:37:12 1 hour, 37 minutes, 12 seconds uh America's start that's the main uh the two quarters for us. Q1 is uh slow 1:37:19 1 hour, 37 minutes, 19 seconds quarter and the last three years we have been broadly flat to negative but this year we are cautiously optimistic and we 1:37:28 1 hour, 37 minutes, 28 seconds are providing a guidance on a 10 to 14% uh revenue growth on a bida with the operating leverage that we will have we 1:37:37 1 hour, 37 minutes, 37 seconds are again guiding you between say 14 to 18% again if you recall last capital market day for a full year we had guided 1:37:45 1 hour, 37 minutes, 45 seconds about 10 to 14 upgraded to 12 to 16 during Q2 and this year for Q1 again 1:37:53 1 hour, 37 minutes, 53 seconds which is a slow quarter for us we are guiding for 14 to 18%. While we are 1:37:59 1 hour, 37 minutes, 59 seconds guiding on Q1, we'll remain focused on uh the key initiatives that we have been driving and will continue to drive. 1:38:09 1 hour, 38 minutes, 9 seconds Whether it's a rationalization of our portfolio, rationalization of our SKUs or also looking at some of the countries 1:38:16 1 hour, 38 minutes, 16 seconds not performing if we can rationalize it, change the business model or if nothing works out, exit those countries. We are 1:38:25 1 hour, 38 minutes, 25 seconds very focused on improving our plant utilizations and we are looking at every each and every plant that how we improve 1:38:33 1 hour, 38 minutes, 33 seconds for the the utilization. Can we rationalize that? Those are again continue to be our focus areas going ahead. 1:38:42 1 hour, 38 minutes, 42 seconds All that will lead to improvement in our quality of earnings. So I think that is going to be the key. This year it has really helped us going forward. will 1:38:51 1 hour, 38 minutes, 51 seconds continue to focus on the quality of earnings. Cash flow focus, capital productivity 1:38:57 1 hour, 38 minutes, 57 seconds uh will continue to be our focus and having the uh deleveraging plan 1:39:05 1 hour, 39 minutes, 5 seconds while we are almost there. Uh we have guided now uh between say 1.2 to 1.5 times in the in the medium term and we 1:39:14 1 hour, 39 minutes, 14 seconds are quite uh hopeful of achieving that shortly. But just point to note that 1:39:22 1 hour, 39 minutes, 22 seconds below 1.5 once we achieve that we would like to probably stay at that level as 1:39:29 1 hour, 39 minutes, 29 seconds reducing it further can impact our return on equity. So in our capital structure we will have to look at what 1:39:36 1 hour, 39 minutes, 36 seconds is the most optimal capital structure which drives our bottom line through the lower interest cost have a decent 1:39:45 1 hour, 39 minutes, 45 seconds gearing and but at the same time also have a better returns. So we'll continue 1:39:52 1 hour, 39 minutes, 52 seconds to look at evaluating our capital structure and uh taking the necessary 1:40:00 1 hour, 40 minutes calls as per that. So with that uh the floor is open to Q&A. 1:40:07 1 hour, 40 minutes, 7 seconds Thank you. 1:40:20 1 hour, 40 minutes, 20 seconds I will request if uh Jay, Mike, Bupen, Ravi, Raj can join us on the stage. 1:41:25 1 hour, 41 minutes, 25 seconds Look at that. 1:42:10 1 hour, 42 minutes, 10 seconds You want to I hope you have some mics there. 1:42:28 1 hour, 42 minutes, 28 seconds Anurog, you want to come up and moderate and choose the people or 1:42:45 1 hour, 42 minutes, 45 seconds so thank you uh everyone for for joining us. we can kick off the question, you want to just find 1:42:53 1 hour, 42 minutes, 53 seconds Yeah, I think uh Okay, just just give us a minute. Just give us a minute. Yeah. 1:43:01 1 hour, 43 minutes, 1 second Hello. Yeah. 1:43:02 1 hour, 43 minutes, 2 seconds Yeah. I think the first question is from Sorup from HSBC. 1:43:05 1 hour, 43 minutes, 5 seconds Yeah. Thank you for the opportunity and congratulations on a very good set of numbers. Uh obviously the first question is on the guidance, right? So a bit 1:43:14 1 hour, 43 minutes, 14 seconds peculiar way of providing the guidance for this year. uh one Q guidance 10 to 1:43:20 1 hour, 43 minutes, 20 seconds 14% on revenue and then no increase of more than that on the AIDA possible to break down in terms of how you are 1:43:29 1 hour, 43 minutes, 29 seconds looking at the volume pricing and currency because currency there would have been a big factor when you think about the revenue guidance for this and 1:43:37 1 hour, 43 minutes, 37 seconds a related question is while the AITA growth looks to be quite impressive for one Q but then when I look at the margins it is still sub 15% margins 1:43:46 1 hour, 43 minutes, 46 seconds right in the past we have been doing almost like 20% margins in good years. 1:43:51 1 hour, 43 minutes, 51 seconds So uh when the operating leverage kicks in for you now with this volume growth and other things should have been the margins better and does it concerned for 1:44:00 1 hour, 44 minutes the rest of the 9 months in terms of aid the growth kind of declining to single digit that's my first question 1:44:09 1 hour, 44 minutes, 9 seconds would you want to answer that so Q1 guidance is uh obviously there are 1:44:16 1 hour, 44 minutes, 16 seconds different platforms uh we do see that the India SAS business will have a volume growth The Advant will continue to have the volume growth for Q1. 1:44:26 1 hour, 44 minutes, 26 seconds Our uh superform business also will have a volume growth. Probably UPL cop will be more stable. Uh because it's not the 1:44:33 1 hour, 44 minutes, 33 seconds main season for them. So in terms of the volume, it will be largely flat. Uh we will have 1:44:41 1 hour, 44 minutes, 41 seconds positive price [clears throat] uh impact coming from most of the platforms. we 1:44:48 1 hour, 44 minutes, 48 seconds will have FX positive impact which will be say between 7 to 9%. 1:44:54 1 hour, 44 minutes, 54 seconds So these are the different uh components of uh revenue and the guidance that we have given in terms of a beta. If you 1:45:02 1 hour, 45 minutes, 2 seconds look at it our Q1 aida margin is always lower and as it progresses when we have 1:45:10 1 hour, 45 minutes, 10 seconds uh uh the season starts in Q3 and Q4 then we see that a bit margin improvement and on a full year basis 1:45:18 1 hour, 45 minutes, 18 seconds like say this year also it's we are close to 19%. after considering the the one of provision that we have taken this 1:45:26 1 hour, 45 minutes, 26 seconds year otherwise we are close to 20% uh a bit margin but it's a seasonality Q1 1:45:33 1 hour, 45 minutes, 33 seconds because the uh the volume will be lower the turnover number is lower the SGNA 1:45:40 1 hour, 45 minutes, 40 seconds will will fully kick in and that impact of the full operating leverage we will see it with uh with each passing 1:45:48 1 hour, 45 minutes, 48 seconds quarters but for Q1 some aspect of uh these factors have been considered while giving the guidance. 1:45:56 1 hour, 45 minutes, 56 seconds So uh if I get it right 7% 7 to 8% is the currency impact when you think about the 10 to 14% revenue guidance and what 1:46:03 1 hour, 46 minutes, 3 seconds could be the benefit of currency you will be factored in when you think about the AITA growth for one Q. 1:46:13 1 hour, 46 minutes, 13 seconds So generally currency reflects more pronounced way on the top line but when it comes to aida the impact is much lesser. So what I'm trying to understand 1:46:22 1 hour, 46 minutes, 22 seconds is because of this benefits of currency that is the reason why the AITA growth is better than your revenue growth or otherwise on a normalized basis could 1:46:30 1 hour, 46 minutes, 30 seconds have been bit softer but a beta level also you can have a similar impact so 6 to 7% of currency impact at a beta level 1:46:39 1 hour, 46 minutes, 39 seconds and uh what about the uh you know so 1Q 2 of course are more India heavy and progresses towards the latam heavy mix 1:46:48 1 hour, 46 minutes, 48 seconds uh last year we noticed that the trade was much cautioned when we think about LATAM geography. We also booked uh ECL 1:46:55 1 hour, 46 minutes, 55 seconds of about 350 odd cr rupees. How would you imagine the you know momentum in the LATAM for this year? How are you looking 1:47:03 1 hour, 47 minutes, 3 seconds at your advanced orders? Are they have are your advanced orders at a YA growth uh as we speak at this point in time? 1:47:12 1 hour, 47 minutes, 12 seconds Yes. So across the LA Latam region we are expecting FI27 to be a growth region for us. Um as 1:47:21 1 hour, 47 minutes, 21 seconds I mentioned in much of LATAM the growth was muted at the industry level last year in countries like Mexico largely because of the tariffs that the Mexican 1:47:30 1 hour, 47 minutes, 30 seconds farmers uh dealt with uh early in the year last year. So that's kind of normalized now. So we do expect to see 1:47:37 1 hour, 47 minutes, 37 seconds growth across the region. Now managing our credit risk is one of our key priorities. Uh we look at concentration 1:47:44 1 hour, 47 minutes, 44 seconds of credit um and you know we're in in some countries say like Argentina we're 1:47:51 1 hour, 47 minutes, 51 seconds really managing our low margin products and so that we're only selling medium to high margin products in in some of those countries now. So we've got a variety of 1:48:01 1 hour, 48 minutes, 1 second strategies that we're implementing across the region. Of course it's a multi-country region in Brazil. Uh the Brazilian farmers uh will once again 1:48:09 1 hour, 48 minutes, 9 seconds likely plant a record crop uh in the next 12 months and um you know we have a strong position across the region. We 1:48:17 1 hour, 48 minutes, 17 seconds continue to grow our business with the co-ops. We continue to grow our direct to farmer business which is our original business the joint venture we have with 1:48:25 1 hour, 48 minutes, 25 seconds Bungi where we're calling on the very large growers and and selling a whole portfolio including UPL crop protection products. We do think that that business 1:48:33 1 hour, 48 minutes, 33 seconds is going to grow. It's also somewhat derisked because Bungi is taking the grain as an uh uh as a tool to help 1:48:40 1 hour, 48 minutes, 40 seconds manage the the credit risk with the growers. And so we have a variety of risk management um strategies across the region, but it's something we're we're paying a lot of attention to. 1:48:50 1 hour, 48 minutes, 50 seconds So how are the advanced orders looking like uh specific in numbers on a Y basis? 1:48:56 1 hour, 48 minutes, 56 seconds Yeah. So you know, so I would say we don't take advanced orders like we did maybe two or three years ago. the distribution is buying closer to the 1:49:03 1 hour, 49 minutes, 3 seconds season. So as as farmers get ready to to plant, you know, their soybeans in the September, October time frame, uh the 1:49:11 1 hour, 49 minutes, 11 seconds channel is is negotiating now for deliveries in uh July, August. Uh so some of that will potentially hit us in 1:49:19 1 hour, 49 minutes, 19 seconds in Q1, but Q1 for us in Brazil is mostly just the the small inseason business. 1:49:24 1 hour, 49 minutes, 24 seconds It's quite a small business for us. Q2 is when we start uh you know uh stocking for the upcoming season and so that the 1:49:32 1 hour, 49 minutes, 32 seconds whole market in Brazil has moved much more to just in time and that's how we've changed our business model there as well. 1:49:39 1 hour, 49 minutes, 39 seconds Uh thank you that is helpful. Uh one last question if I may. My question is to Raj Raj the inventories in the balance sheet seems to be higher than 1:49:47 1 hour, 49 minutes, 47 seconds what it was last year. So is it a function of more finished stocks or more raw material given the current disruption that we are seeing globally? 1:49:54 1 hour, 49 minutes, 54 seconds You're talking about inventory at the year end. Yes. So what's the question? Sorry. 1:49:59 1 hour, 49 minutes, 59 seconds No, I'm asking the inventories are higher y basis. Is it more like more finished inventory that is sitting or more raw material that you might have 1:50:07 1 hour, 50 minutes, 7 seconds procured given the uncertain times that we are witnessing? No, I think it's in the same proportion if you compare with 1:50:13 1 hour, 50 minutes, 13 seconds FI 24 uh sorry FI 25 and 26 the the WIP 1:50:20 1 hour, 50 minutes, 20 seconds or the uh semi-finish goods with the finished is in the same uh range. So there's no much of change and our 1:50:27 1 hour, 50 minutes, 27 seconds inventory if you see between the last year and the and and March end is is 1:50:34 1 hour, 50 minutes, 34 seconds only marginally up. So there is no much change in the inventory, right? 1:50:39 1 hour, 50 minutes, 39 seconds So uh imagine a situation that we the inventory that we would have procured from March onwards and as we move into the further months right and there will 1:50:48 1 hour, 50 minutes, 48 seconds be a moment when there is a cost deflation just like it happened in 2023. 1:50:53 1 hour, 50 minutes, 53 seconds So how UPL strategically you know is thinking about to kind of navigate through this situation so that we don't face the problems that we faced way back 1:51:01 1 hour, 51 minutes, 1 second in 2023. So you know first of all our always principle has been that we don't have any u long-term commitments you know we buy today and we live uh today. 1:51:13 1 hour, 51 minutes, 13 seconds So therefore our our principle has been that you know uh first of all we are also a back you know backward integrated 1:51:20 1 hour, 51 minutes, 20 seconds you know company. So we buy largely the basic uh raw materials of course some intermediate as well and what we do is 1:51:27 1 hour, 51 minutes, 27 seconds that we buy we do the value ad and then sell. So we don't we you know we don't punt we don't take uh you know u uh you 1:51:36 1 hour, 51 minutes, 36 seconds know you know we don't believe in speculations and therefore we should be able to pass on whatever the cost increase has been there we should be 1:51:45 1 hour, 51 minutes, 45 seconds able to uh pass on and therefore when the cost comes down uh that's the reason I feel that we should be least impacted as compared to 1:51:52 1 hour, 51 minutes, 52 seconds I think uh um it's a it's a very pertaining question in a very challenging time But it's no different 1:52:01 1 hour, 52 minutes, 1 second for anybody else uh in the industry. And uh the tendency is to be extremely 1:52:07 1 hour, 52 minutes, 7 seconds conservative in uh our pricing uh strategy uh for uh based on replacement 1:52:14 1 hour, 52 minutes, 14 seconds cost and uh make sure that we don't end up uh at the wrong end of the the cycle 1:52:20 1 hour, 52 minutes, 20 seconds and also u make sure that uh any sales we do are uh committed sales and not on 1:52:28 1 hour, 52 minutes, 28 seconds a renegotiable basis. We we learned that very very well. uh few years ago as you 1:52:35 1 hour, 52 minutes, 35 seconds rightly pointed out. So I think the we are being extremely careful as careful as you can be um much more so than I 1:52:43 1 hour, 52 minutes, 43 seconds believe other people and uh being very uh uh in in the end um what we have seen 1:52:51 1 hour, 52 minutes, 51 seconds is the other supply sources also um uh are are being extremely conservative. So 1:52:58 1 hour, 52 minutes, 58 seconds across the board uh what we have seen u is that there is not enough room to uh 1:53:05 1 hour, 53 minutes, 5 seconds for the industry to take any risk. So I don't believe any of our uh uh peers are 1:53:11 1 hour, 53 minutes, 11 seconds also uh taking any kind of risk at least in the big markets uh where there's large volumes and uh uh at least our 1:53:20 1 hour, 53 minutes, 20 seconds instructions to the team are uh let's make sure we don't uh repeat that mistake. Yeah. So, thank you and all the best. 1:53:29 1 hour, 53 minutes, 29 seconds Thanks. Thanks, Arab. I think uh next question. 1:53:37 1 hour, 53 minutes, 37 seconds Yeah. Okay. Hi. Yeah, Tarang. 1:53:39 1 hour, 53 minutes, 39 seconds Hi. Uh good evening. Uh I'm Tarang. I'm from uh Old Asset Management. I'm going to probably sit down. It's going to take some time. So, yeah. 1:53:47 1 hour, 53 minutes, 47 seconds Okay. Uh so, just to give you a background, a lot of us uh you know have been tracking this business for a reasonably long time. We've seen it uh 1:53:56 1 hour, 53 minutes, 56 seconds you know evolve from a regional business to a Latin America plus regional business to a global powerhouse that it 1:54:03 1 hour, 54 minutes, 3 seconds is today. Uh we've actually seen it transcend through each of its journeys of uh you know boom and busts. uh what 1:54:11 1 hour, 54 minutes, 11 seconds was uh really uh uh you know humbling to see this quarter of the matter of fact FI27 is that FI26 is that you've 1:54:20 1 hour, 54 minutes, 20 seconds actually delivered your um highest epida and uh at the same time by making sure that you know you're not really given up 1:54:28 1 hour, 54 minutes, 28 seconds on your balance sheet so congratulations I think from our vantage it's fantastic work done uh the place where I'm coming 1:54:35 1 hour, 54 minutes, 35 seconds from is you know UPL today from an Indian context um um has the largest cash flows uh as a chemical company. 1:54:43 1 hour, 54 minutes, 43 seconds It's got the largest scale um but u and is uh significantly more uh consumer 1:54:51 1 hour, 54 minutes, 51 seconds focused or consumer oriented uh than most of the chemical folks in the industry today. Um still languishes at u at at the market cap that it is today. 1:55:01 1 hour, 55 minutes, 1 second uh where I'm coming from is uh specifically uh uh from from the merger event uh the reorganization that was 1:55:09 1 hour, 55 minutes, 9 seconds sort of announced um about about a month month and a half back uh I just wanted to uh as a owner current as a holder 1:55:18 1 hour, 55 minutes, 18 seconds into the business we believe that uh it's it's fairly detrimental uh uh to to the current shareholders of the business 1:55:26 1 hour, 55 minutes, 26 seconds u so we were just wondering uh if if uh you know you guys had a chance to sort of review it. Uh you know are you all 1:55:35 1 hour, 55 minutes, 35 seconds open to alternate structures u because uh you know there are uh facets currently there are structures which are 1:55:43 1 hour, 55 minutes, 43 seconds available uh which could actually make this reorganization far better than what has been proposed right now. So what's 1:55:52 1 hour, 55 minutes, 52 seconds your view and are you all open to organized structures? 1:55:57 1 hour, 55 minutes, 57 seconds Thanks u thanks for all the uh thoughtful comments. Uh yeah actually UPPL has uh transitioned and if you look 1:56:05 1 hour, 56 minutes, 5 seconds at some of our uh core high growth high margin businesses uh you will see u in 1:56:13 1 hour, 56 minutes, 13 seconds the next few years the transition of uh the uh more u uh consumer le brandled uh 1:56:21 1 hour, 56 minutes, 21 seconds businesses where uh we are able to to get a substantial premium u in markets around the world because of our brands 1:56:30 1 hour, 56 minutes, 30 seconds and our IP P and all the uh things Mike talked about and uh Bupin talked about 1:56:37 1 hour, 56 minutes, 37 seconds you will see uh a tremendous uh value difference in brands. uh all these businesses need um long-term um need a a 1:56:47 1 hour, 56 minutes, 47 seconds kind of a uh independent u uh life right and uh after a lot of discussion and thought and all these 1:56:56 1 hour, 56 minutes, 56 seconds companies are all high growth companies while uh we uh we see where we are today 1:57:03 1 hour, 57 minutes, 3 seconds uh our focus has been deleveraging but in a year or so u u we we we believe that we'll be ready for much higher 1:57:12 1 hour, 57 minutes, 12 seconds growth rates and uh separating the platforms. Uh we've had a lot of discussions with uh um uh all the tax 1:57:21 1 hour, 57 minutes, 21 seconds and structuring experts and had a lot of discussion for more than much more than what uh you see u u before the 1:57:30 1 hour, 57 minutes, 30 seconds announcements. Uh and we believe that this is uh uh going to create tremendous amount of unlocking of value uh for uh 1:57:39 1 hour, 57 minutes, 39 seconds shareholders. Um obviously if there is some better ideas um but I I'm sure that 1:57:45 1 hour, 57 minutes, 45 seconds uh the team has looked at all different structures uh the unlocking of value uh 1:57:52 1 hour, 57 minutes, 52 seconds for superform advant for um uh I mean superform stays with UPL as a manufacturing platform as limited and 1:58:01 1 hour, 58 minutes, 1 second that's a a very high growth company and you will see the road the the plan road map which we have which as it unfolds um 1:58:10 1 hour, 58 minutes, 10 seconds uh these companies are um going to grow uh at least 3x 4x uh the other players 1:58:18 1 hour, 58 minutes, 18 seconds you've ever seen in this space uh growing. So when we have to have such high focus and attention uh for these 1:58:26 1 hour, 58 minutes, 26 seconds companies to grow. Uh we believe that um uh having uh u uh uh sort of uh 1:58:36 1 hour, 58 minutes, 36 seconds structures which which while we can capture the synergies and also uh the the benefits of working together but al 1:58:44 1 hour, 58 minutes, 44 seconds be uh autonomous to a certain extent will drive uh the right kind of value. 1:58:51 1 hour, 58 minutes, 51 seconds We've also made sure that uh the uh the as as uh in the past leverage was an 1:58:58 1 hour, 58 minutes, 58 seconds issue uh for which kept the the multiple of the company that is uh I'm I'm sure 1:59:04 1 hour, 59 minutes, 4 seconds gone away uh now and I think we will see the unlocking of uh shareholder value and and with the scheme which we have 1:59:12 1 hour, 59 minutes, 12 seconds announced will give the shareholders the option to uh look at uh what they want to invest in and what they want to keep 1:59:20 1 hour, 59 minutes, 20 seconds uh or they want to uh focus on. So I think it will create an uh tremendous uh 1:59:27 1 hour, 59 minutes, 27 seconds uh uh company. Uh we believe that uh in the current uh uh uh environment in the 1:59:34 1 hour, 59 minutes, 34 seconds world, UPPL can continue to grow and and gain market share in almost every uh as 1:59:41 1 hour, 59 minutes, 41 seconds every platform and in every uh market which we operate in. We have tremendous customer loyalty. We have tremendous 1:59:49 1 hour, 59 minutes, 49 seconds energy among our people and we have uh one of the best uh portfolios of technologies for uh from any company on 1:59:57 1 hour, 59 minutes, 57 seconds whether it's a seed whether it's uh uh superform and and obviously uh on on the uh UPR corp side 2:00:06 2 hours, 6 seconds uh J I think uh we're not questioning the fundamentals of the business here fully on board with it um and that's essentially the reason why we continue to be uh part owners into the business. 2:00:18 2 hours, 18 seconds Uh but the challenge is that the manner in which that the current structure has been announced, it's likely to trigger a significant uh cold discount and for a 2:00:27 2 hours, 27 seconds person who is an existing shareholder uh notwithstanding the great fundamentals of the business, it significantly 2:00:34 2 hours, 34 seconds dilutes uh uh our ownership into the business. Uh a lot less for me than for you as as a promoter owner of the business. Uh so while I might be 2:00:43 2 hours, 43 seconds concerned about a sub 1% ownership in the business uh there's about 33% from your vantage uh we do believe uh having 2:00:51 2 hours, 51 seconds gone through the transaction and having seen the business and uh having some element uh some uh uh nuances around the 2:00:58 2 hours, 58 seconds modalities of why this has been done. We do believe that there is an alternate structure which could potentially be a win-win situation for most of the folks 2:01:06 2 hours, 1 minute, 6 seconds involved. Um and if you guys are open for it um I would strongly urge you to uh review it. 2:01:13 2 hours, 1 minute, 13 seconds Sure. Happy to have a meetings later. 2:01:16 2 hours, 1 minute, 16 seconds So Tarang you know that we have been talking post the announcement we have been talking to uh many of the analysts and investors fiis diis over the last 2:01:25 2 hours, 1 minute, 25 seconds two months. We have a detailed tracker of our discussions with each of you and uh we have noted the feedback and inputs 2:01:35 2 hours, 1 minute, 35 seconds and comments from each of you and very shortly u we will be presenting that unfiltered to the board and board will 2:01:43 2 hours, 1 minute, 43 seconds assess on its own merit or considering the all the feedback that we have gone from got from the different uh uh 2:01:49 2 hours, 1 minute, 49 seconds investors. However, the purpose of this yog as you know that it is to unlock value for everyone whether it's a UPL 2:01:56 2 hours, 1 minute, 56 seconds shareholders or platform level shareholders. J talked about the growth opportunities for each of the platforms. 2:02:05 2 hours, 2 minutes, 5 seconds So one these platforms have their independent capital structure, independent governance structure uh it will grow 2:02:14 2 hours, 2 minutes, 14 seconds much faster and with that grow growth and what and these three are these businesses are completely distinct. 2:02:22 2 hours, 2 minutes, 22 seconds So this will create value for these three platforms. It will bring that value visibility at each platform level 2:02:30 2 hours, 2 minutes, 30 seconds and the sum of the parts will be much much clearer than what it is today. You know that even today market is valuing 2:02:38 2 hours, 2 minutes, 38 seconds us using a single uh conglomerate multiple they are applying on us. So even today if you look at it we have a 2:02:45 2 hours, 2 minutes, 45 seconds huge conglomerate discount which we feel that we have today by going to a structure and before we uh come to 2:02:52 2 hours, 2 minutes, 52 seconds conclusion on this structure. It has been discussed reviewed by our advisers and we have looked at at least 10 2:03:01 2 hours, 3 minutes, 1 second different structures to come up to this uh structure. But your inputs and 2:03:08 2 hours, 3 minutes, 8 seconds feedbacks are extremely u appreciated important and just like say you we have 2:03:14 2 hours, 3 minutes, 14 seconds been talking to multiple such uh I mean stakeholders and once we present to the 2:03:22 2 hours, 3 minutes, 22 seconds board probably in a month or two board will take the uh decide we'll decide on the next steps. 2:03:32 2 hours, 3 minutes, 32 seconds Thanks. Thanks Jay and Bash for responding. 2:03:36 2 hours, 3 minutes, 36 seconds Uh where do I see the next uh question from? 2:03:46 2 hours, 3 minutes, 46 seconds Yeah. Abijit. 2:03:50 2 hours, 3 minutes, 50 seconds Yeah. Hi, this is Abiji from KOK. Um thank you for the presentation. Thanks uh you know for the guidance as well in a very challenging environment. A couple 2:03:59 2 hours, 3 minutes, 59 seconds from my side. Um first if we could also guide to capex for the upcoming year. um your expectation for working capital 2:04:07 2 hours, 4 minutes, 7 seconds days and then the tax aspect you know why has there been a sharp increase in tax rate this year and what should we expect next year? 2:04:14 2 hours, 4 minutes, 14 seconds So first on the capex we had in the past we had guided uh between $225 to $250 million and this year we ended at around 2:04:23 2 hours, 4 minutes, 23 seconds $261 million for next year that now we are much more comfortable with our level of debt uh level of gearing ratios that 2:04:33 2 hours, 4 minutes, 33 seconds we have. We want to slightly add more capex and we do see lot of opportunity especially in the speciality 2:04:41 2 hours, 4 minutes, 41 seconds chemicals the number of global players who are in discussions with us for long-term 2:04:48 2 hours, 4 minutes, 48 seconds uh contracts they want to source our capacity we do see huge opportunity second we do see lot of opportunity in 2:04:56 2 hours, 4 minutes, 56 seconds terms of backward integration so I think those are the some of those opportunity will take it up during this year which 2:05:03 2 hours, 5 minutes, 3 seconds will enhance the overall margin profile for the business make it more resilient. 2:05:08 2 hours, 5 minutes, 8 seconds So my sense probably the next this year we will be between say 300 to $350 million or $325 million of capex not 2:05:17 2 hours, 5 minutes, 17 seconds significantly higher but we have some real good opportunity which can enhance the margins and uh build the additional 2:05:25 2 hours, 5 minutes, 25 seconds aida. Your second question was on uh working capital. 2:05:30 2 hours, 5 minutes, 30 seconds Working capital as we had guided during the last capital market day also we feel like and we feel comfortable uh at a 2:05:37 2 hours, 5 minutes, 37 seconds working capital days around say 65 and while we had last two years we have squeezed it we have we are getting uh 2:05:44 2 hours, 5 minutes, 44 seconds between say 53 to 57 days but probably our comfortable level of working capital will be 65 days. Your third question on 2:05:54 2 hours, 5 minutes, 54 seconds the effective tax rate I think is a great question you asked uh a visit. um 2:06:02 2 hours, 6 minutes, 2 seconds on all these ECLs that we have there and there are conservative provisions that we have taken we have not recognized any 2:06:09 2 hours, 6 minutes, 9 seconds uh DTA and and Mike talked about the quantum of the ACL this year on those AC 2:06:16 2 hours, 6 minutes, 16 seconds on these ACL we have not recognized DTS our approach to be very very conservative when it comes to 2:06:24 2 hours, 6 minutes, 24 seconds recognition of the DTAS so this year we have been considering the current environment and uh the countries are getting impacted. So we have been more 2:06:33 2 hours, 6 minutes, 33 seconds conservative and hence if you look at this year's EI ETR uh it comes to around 27 to 28%. It's slightly higher than 2:06:41 2 hours, 6 minutes, 41 seconds what probably we had spoken during Q1 earnings call but I feel that uh it's more prudent to be cautionary on 2:06:50 2 hours, 6 minutes, 50 seconds recognition of the DTS and when situation improves the macros improves probably those are the opportunities we 2:06:56 2 hours, 6 minutes, 56 seconds will have in our pockets to uh to look at uh the ETR and that can that can improve our bottom line when it comes 2:07:05 2 hours, 7 minutes, 5 seconds but as of now we are just being very very cautious and conservative in terms of recognition of the DTS. 2:07:12 2 hours, 7 minutes, 12 seconds So for next year what would your uh guidance be on the tax rate? tax rate I think is still uh I think around say 20 2:07:19 2 hours, 7 minutes, 19 seconds to 22% uh should be our guidance and even this year if you look at while our effective tax rate is coming at 27 28 2:07:28 2 hours, 7 minutes, 28 seconds uh% and in terms of total tax expense in the P&L which is a function of current uh year tax plus deferred tax it coming 2:07:37 2 hours, 7 minutes, 37 seconds around $1056 million but our if you look at our cash tax that we have paid it's around $60 million so we have not 2:07:44 2 hours, 7 minutes, 44 seconds increased our cash tax that we are paying in the countries but just because the deferred tax is higher this year I 2:07:51 2 hours, 7 minutes, 51 seconds mean we have not recognized it you are in the P&L you are seeing a higher uh tax expenses thank you uh the I just have two more if 2:08:01 2 hours, 8 minutes, 1 second I may um the first one is actually with regard to your target up for the net debt to ibida you said 1.5 times uh you 2:08:09 2 hours, 8 minutes, 9 seconds know you you intend to keep it there um now as the business generates cash and you know the cash builds on the balance sheet. What might the possible uses of 2:08:18 2 hours, 8 minutes, 18 seconds that cash be? Would we possibly consider any interesting M&A opportunities that might arise? For example, say you know 2:08:25 2 hours, 8 minutes, 25 seconds one of our peers which is uh reportedly shopping for buyers in the US. 2:08:31 2 hours, 8 minutes, 31 seconds Yeah. So like this year we have generated around $340 million of cash flow. Um and next year I talked about the our capex will be slightly higher. 2:08:42 2 hours, 8 minutes, 42 seconds uh we will have we will use some of the cash flow generation for deleveraging also because 2:08:48 2 hours, 8 minutes, 48 seconds from 1.6 6 we want to comfortably be within or less than 1.5 times any excess 2:08:56 2 hours, 8 minutes, 56 seconds cash that we have we will obviously evaluate uh the opportunity set that we have in front of us and we are flooded with opportunities you will know that 2:09:04 2 hours, 9 minutes, 4 seconds the number of companies and the players who are there in the market but we have been extremely cautious about selecting those opportunities and we'll continue 2:09:12 2 hours, 9 minutes, 12 seconds to do so if something comes on its own merit it looks very valuable we will consider that. 2:09:20 2 hours, 9 minutes, 20 seconds Cool. Just one last question. Um, with regard to the, uh, investment in Sinoa 2:09:27 2 hours, 9 minutes, 27 seconds that we announced on April 25th, the $86.7 million, is that entirely a primary infusion? Um, and uh, if so, the 2:09:37 2 hours, 9 minutes, 37 seconds implied valuation for Senova seems to be about $650 million based on that infusion. if you could confirm that 2:09:44 2 hours, 9 minutes, 44 seconds number and it seems to you know be sharply higher compared to last year's infusion which was about at a valuation 2:09:51 2 hours, 9 minutes, 51 seconds of $250 million. So what exactly is going on there? Are the other partners in Sinova also increasing their stake or is it largely coming from our side? 2:10:00 2 hours, 10 minutes No so happy to see that you are close so closely following it and your numbers are absolutely correct. uh uh we have 2:10:07 2 hours, 10 minutes, 7 seconds injected $87 million in Senova and you also know that Senova is extremely strategic to UPPL and uh Senova is a 2:10:17 2 hours, 10 minutes, 17 seconds joint venture between us and a global commodity measure. We make our margins when we supply our agree inputs to Sinoa 2:10:25 2 hours, 10 minutes, 25 seconds and the other player the global measure has a guaranteed offtake from the growers and they make their own trading margin. So it's a it's a win-win joint 2:10:34 2 hours, 10 minutes, 34 seconds venture for both us and other JV partner. This is a purely a distribution company Senova. So it will make a 2:10:42 2 hours, 10 minutes, 42 seconds distribution margin which is between say 4 to 6% is a margin that at in enormous circumstances they will be making. So we 2:10:51 2 hours, 10 minutes, 51 seconds expect them to make 4 to 6% margin. It will never be a very high profitable uh entity. 2:11:00 2 hours, 11 minutes last I mean two years the business had gone through some challenges and FI24 2:11:07 2 hours, 11 minutes, 7 seconds challenge you all know uh it had impacted everyone including UPL as a group Sinoa also was impacted. So when 2:11:14 2 hours, 11 minutes, 14 seconds we looked at this business, we felt that this business has to be well supported and this business has a huge potential 2:11:23 2 hours, 11 minutes, 23 seconds to uh enable growth for UPL Brazil and that was a conscious decision that we have taken along with the other JV 2:11:31 2 hours, 11 minutes, 31 seconds partner and we we will closely monitor that and we'll see that how uh it uh performs over the next few quarters. 2:11:41 2 hours, 11 minutes, 41 seconds There are management change that has happened. So all the necessary changes we have done it structurally from the 2:11:48 2 hours, 11 minutes, 48 seconds capital structure perspective also we felt that is a right uh capital infusion both from our side and the other uh 2:11:56 2 hours, 11 minutes, 56 seconds equity partners. So we are we are taking all the I mean decisions to support the business because this will enable growth 2:12:04 2 hours, 12 minutes, 4 seconds for UPL Brazil. But we we are also closely monitoring it. I know this amount is is high 2:12:12 2 hours, 12 minutes, 12 seconds uh but probably we feel that the business will be able to turn uh turn around. 2:12:20 2 hours, 12 minutes, 20 seconds Okay, thanks thanks Aijit for your questions and thanks Bash for responding. I now see Rohit ready with the mic. So Rohit please. Yeah. 2:12:29 2 hours, 12 minutes, 29 seconds Yeah. Uh Rohit Nagaraj [clears throat] from 361 Capital. So first question is on the fertilizer availability. And we 2:12:37 2 hours, 12 minutes, 37 seconds have seen that it has got compromised plus prices are higher and probably farmers uh may get impacted because of 2:12:44 2 hours, 12 minutes, 44 seconds this. Uh there are reports that uh it may culminate into lower food grain production. How do you foresee the 2:12:52 2 hours, 12 minutes, 52 seconds impact on agrochemical consumption globally due to this event? Uh if not this year, will it have a cascading 2:12:59 2 hours, 12 minutes, 59 seconds impact next year? uh if the farmer income is you know getting impacted this year and maybe next year capability to 2:13:06 2 hours, 13 minutes, 6 seconds further you know apply agrochemicals may get uh impacted. Thank you. 2:13:13 2 hours, 13 minutes, 13 seconds Yeah very good question. So look, I think with the uh higher fertilizer prices, even if there is ample supply, 2:13:21 2 hours, 13 minutes, 21 seconds farmers are going to do the economics and we expect some farmers are going to make a switch to crops that are less 2:13:28 2 hours, 13 minutes, 28 seconds fertilizer intensive. And so that that'll take place in every region based on, you know, agonomics and what the options the farmers have. That being 2:13:37 2 hours, 13 minutes, 37 seconds said, we do expect the total crop land in the next 12 months to be adder larger 2:13:43 2 hours, 13 minutes, 43 seconds than the previous 12 months. And you know, no matter what crop the farmer puts in, they're still going to have to control the weeds and the insects and 2:13:52 2 hours, 13 minutes, 52 seconds the diseases. And so I think we're well positioned uh in every geography based on our broad portfolio. I I don't think 2:14:00 2 hours, 14 minutes the switching in crops is going to have a impact on uh crop protection volumes and so we'll be positioned and ready to 2:14:09 2 hours, 14 minutes, 9 seconds supply the growers even if they do make that switch. Now that being said, obviously farm economics are are challenged. When we look at our NPP 2:14:18 2 hours, 14 minutes, 18 seconds portfolio and products like Nvita, these are technologies again that can really help farmers in these challenging 2:14:25 2 hours, 14 minutes, 25 seconds situations to get more uh utilization of the fertilizer that they put in the in the plants. And so we're really leaning 2:14:32 2 hours, 14 minutes, 32 seconds into some of our new technologies and our NPP products which we think will have uh an upside opportunity going into 2:14:39 2 hours, 14 minutes, 39 seconds this uh market where fertilizer prices are extremely high. 2:14:44 2 hours, 14 minutes, 44 seconds Sure. Thanks. Uh second question is on super farm. uh given that this year the entire growth has been led by uh SSE uh 2:14:53 2 hours, 14 minutes, 53 seconds how do you foresee a sustainable growth rate for the platform given that we had uh ambitious targets both in terms of 2:15:01 2 hours, 15 minutes, 1 second topline growth as well as margins and where do we see the margins over the next 2 three years in terms of sustainable margins. Thank you. So as I 2:15:10 2 hours, 15 minutes, 10 seconds said you know our two two parts of the business one is one is a which we do for uh corp and SAS and the second one is 2:15:20 2 hours, 15 minutes, 20 seconds specialtity a will keep on growing uh between uh anywhere between 6 to 10%. 2:15:28 2 hours, 15 minutes, 28 seconds Uh and uh the specialtity will grow upwards of 20. So and the currently uh you know a is uh you know 72 and 2:15:36 2 hours, 15 minutes, 36 seconds speciality is uh 28. So you can do that math in in so in my view uh when when the business is like you know because 2:15:44 2 hours, 15 minutes, 44 seconds speciality is growing much faster than a has to um and therefore in next uh 48 2:15:51 2 hours, 15 minutes, 51 seconds months we expect it will be 40 and 60 and that's when we feel that we should be able to touch uh 20% uh um a bida for the business. 2:16:03 2 hours, 16 minutes, 3 seconds Thanks. Thanks. Thanks Raj. Uh, next question is, uh, do I see any raised hands here? 2:16:14 2 hours, 16 minutes, 14 seconds Uh, yeah, at the back. Yeah, if you could get the mic at the back. Yeah. 2:16:18 2 hours, 16 minutes, 18 seconds Hello. Uh, good evening everyone. Uh, I have largely two questions. Uh, invest uh, in impairment on financial assets 2:16:27 2 hours, 16 minutes, 27 seconds which lays up sharply. Uh, which geographies are driving this? And the current rate is new normal or do we like 2:16:37 2 hours, 16 minutes, 37 seconds expect normalization FI in FI27? And second question specially to Vikas uh just circling back to Mang on FI27 2:16:46 2 hours, 16 minutes, 46 seconds guidance manga FI27 India business guidance especially for seed and SAS. Thank you. 2:16:55 2 hours, 16 minutes, 55 seconds So the first question on the uh impairment of the financial assets is nothing but the ECL the expected credit 2:17:03 2 hours, 17 minutes, 3 seconds loss loss uh that is the component and we called out that during this quarter we have boo booked or uh we have 2:17:12 2 hours, 17 minutes, 12 seconds provided for additional 350 million 350 crores at the group level. So if you look at the Q4 financial and I know that 2:17:19 2 hours, 17 minutes, 19 seconds you are referring to the new sprint that we submit in SEB uh out of 379 cr that has been booked in 2:17:28 2 hours, 17 minutes, 28 seconds Q4 350 uh crores is pertaining to the provision we have taken at the group level on a full year basis it's 750 so 2:17:37 2 hours, 17 minutes, 37 seconds if you remove 350 from here uh it's 400 cr net and this year Mike had talked 2:17:45 2 hours, 17 minutes, 45 seconds about the difficult uh macro environment largely in Latam and Brazil. So we will say that we we talked about it that 2:17:55 2 hours, 17 minutes, 55 seconds ideally our ECL should be in the range of 0.5 to 6% of our revenue and this is how probably we should uh model it and 2:18:02 2 hours, 18 minutes, 2 seconds this year also if we adjust this provisions you will get to the same percentage. 2:18:09 2 hours, 18 minutes, 9 seconds The second question about the outlook for India business for uh on the guidance. Yeah. Yeah. 2:18:17 2 hours, 18 minutes, 17 seconds Obviously, so they will also have a at least for the SAS business will also have the similar impact because uh superform will sell to SAS. If there is 2:18:26 2 hours, 18 minutes, 26 seconds a cost inflation coming on the raw materials from SAS, they will they will they will invise at a higher cost. 2:18:36 2 hours, 18 minutes, 36 seconds No just revenue. Okay. Revenue revenue and evida. So now I'm reflecting more on reida now. uh because then there will be 2:18:44 2 hours, 18 minutes, 44 seconds uh cost push will be there to SAS as well and then there is ability to pass it on to the market probably we will will we'll have to wait and watch and 2:18:53 2 hours, 18 minutes, 53 seconds see that how does it happen but if wants to add something anything you can the dynamics the dynamics guide which limit 2:19:02 2 hours, 19 minutes, 2 seconds our guidance for the global business is exactly the same in India so I don't think we should be making promises we should instead promise to drive the 2:19:11 2 hours, 19 minutes, 11 seconds business with great agility through these turbulent times. Thank you. 2:19:22 2 hours, 19 minutes, 22 seconds India advant guidance uh I think I the amount of petrol all of you are using it and which is blend blended with 2:19:29 2 hours, 19 minutes, 29 seconds bioeththanol more and more you do that more and more business will grow. 2:19:37 2 hours, 19 minutes, 37 seconds So while without putting any numbers I think broadly uh in India seed drivers if you look at it almost all the crops 2:19:45 2 hours, 19 minutes, 45 seconds are driving because hybridization is going up seed replacement rate is going up. So India is a long-term sustainable 2:19:52 2 hours, 19 minutes, 52 seconds growth story for seed. Any company putting a good amount of money in in breeding good hybrids, they have a 2:19:59 2 hours, 19 minutes, 59 seconds long-term uh future here. In terms of let's say this current year, if you look at it going forward, corn is driving the 2:20:07 2 hours, 20 minutes, 7 seconds business seed business. Cotton is subdued. We are not into the cotton. Uh in corn, the starch, poultry, 2:20:15 2 hours, 20 minutes, 15 seconds bioeththanol are the segments. All the three segments are pulling in demand and therefore you must have seen last three four years time if you look at the data 2:20:23 2 hours, 20 minutes, 23 seconds available corn area has gone up from let's say 9 million hectare to nearly 12 million hectare productivity has gone up 2:20:30 2 hours, 20 minutes, 30 seconds from 2.8 metric ton per hectare to about 3.5 3.6 6 metric ton per hectare. Global average is about 6 to 7 metric ton per 2:20:38 2 hours, 20 minutes, 38 seconds hectare. So we have a miles to go and all this delta is available for good seed companies uh to breed good hybrids 2:20:46 2 hours, 20 minutes, 46 seconds and release to the marketplace. So so very robust future ahead going forward. 2:20:51 2 hours, 20 minutes, 51 seconds Maybe I too will share some thoughts on why India is such an attractive market without specifically talking of this year's guidance. I think that's futile. 2:21:02 2 hours, 21 minutes, 2 seconds Fundamentally India is a very fragmented market and farmers face a lot of information asymmetry. So in this 2:21:10 2 hours, 21 minutes, 10 seconds context any company that can deliver consistent quality as UPL has and which which has brands that are trusted as UPL 2:21:18 2 hours, 21 minutes, 18 seconds is has and is building will continue to gain the trust and affection of farmers. 2:21:24 2 hours, 21 minutes, 24 seconds So we are in a very good plane here and our strategy is exactly tuned to serving those needs. It's extremely unlike large farm farmer markets like US and Brazil. 2:21:35 2 hours, 21 minutes, 35 seconds The second thing is there is a very large informal uh sector right there's a very 2:21:42 2 hours, 21 minutes, 42 seconds large informal uh turnover and that will change over time as as farmers get savvier that will change. So there's a 2:21:51 2 hours, 21 minutes, 51 seconds very large value that should eventually shift to more formal trusted brands and our job would be to accelerate that. So I'll leave it at that. Thank you. 2:22:03 2 hours, 22 minutes, 3 seconds Thanks Ravi. In the interest of time, we just have scope for one further question if there's any. Uh so in case if there 2:22:10 2 hours, 22 minutes, 10 seconds are any raised hands. Uh I don't see any. So thank you. Thank you 2:22:18 2 hours, 22 minutes, 18 seconds all ladies and gentlemen for joining us in person or remotely through webcast. 2:22:23 2 hours, 22 minutes, 23 seconds Uh thank you for your insightful questions and going through the presentation that we presented today. 2:22:28 2 hours, 22 minutes, 28 seconds Thank you the leadership team of UPL for answering the questions and we hope this has been a very fruitful insightful 2:22:35 2 hours, 22 minutes, 35 seconds questions uh session for you all. Please uh join us outside for height and networking. Uh we hereby conclude the main event today. Yeah. 2:22:46 2 hours, 22 minutes, 46 seconds Thank you. Thank you so much. Thank you.