Vibhor Steel Tubes Ltd — Q3 FY26

Vibhor Steel Tubes Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=dZXKTO6Ecoo Published: 2 months ago

0:00 Ladies and gentlemen, good day and welcome to Q3 and 91's FI2026 earnings 0:07 7 seconds conference call for VBO Steel Tubes Limited. We have with us today Mr. 0:12 12 seconds Vibbor Koshik, managing director of the company. As a reminder, all participant lines will be in the listen only mode 0:20 20 seconds and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please 0:28 28 seconds signal an operator by pressing star then zero on your touchstone 4. Please note that this conference is being recorded. 0:38 38 seconds I now hand the conference over to Mr. 0:40 40 seconds Vibbor Koshik, managing director of Vibbor Steel Tubes Limited for his opening remarks and to share with the audience the company's performance in Q3 and 9 months FI26. 0:51 51 seconds Thank you and over to you sir. 0:54 54 seconds Hello everyone. Uh I Vhor Koshek welcome everybody 1:02 1 minute, 2 seconds all the old and all the new investors to this earning call. 1:10 1 minute, 10 seconds This uh uh quarter three has uh shown lot of promise as we were anticipating 1:19 1 minute, 19 seconds and we talked about it in the last uh quarter meeting as well that uh the 1:27 1 minute, 27 seconds uptake and uh the production growth and the turnover 1:33 1 minute, 33 seconds growth shall become visible with a lot more clarity. 1:40 1 minute, 40 seconds in quarter three and and then going ahead. So before uh we start 1:49 1 minute, 49 seconds and I give you update on everything that is happening I would like to highlight 1:54 1 minute, 54 seconds that uh uh compared to Q3 of uh last year now we have a jump a clear jump of 2:04 2 minutes, 4 seconds uh 21% yearonear in our revenue 2:10 2 minutes, 10 seconds which uh stands at 301 1 uh CR 2:16 2 minutes, 16 seconds and uh as opposed to 247.25 CR last year. So the the Jasura plant 2:26 2 minutes, 26 seconds has started to show its potential and uh it took a little while 2:35 2 minutes, 35 seconds around about a couple of quarters to for us to spread the awareness in that region that uh our plant is operational and we have arrived in the market. 2:47 2 minutes, 47 seconds And after that now everything is uh seems to be getting very streamlined which we were anticipating as well. 2:58 2 minutes, 58 seconds So the revenue has uh has increased and uh I'll prim primarily talk about the 3:07 3 minutes, 7 seconds Urisa project today. Having said that, Bombay or Maharashtra plant and 3:14 3 minutes, 14 seconds Telangana plant are consistent year on year. It uh it is touching the cap installed capacity of 70 to 72%. 3:26 3 minutes, 26 seconds So they they are uh performing continuously at the same levels uh a few level up not a few level down. 3:38 3 minutes, 38 seconds So, so because the Orisa is a new plant so I will talk more on Odisa and its development and where we have reached 3:47 3 minutes, 47 seconds and what it appears to be in a incoming time for us. 3:53 3 minutes, 53 seconds Um so the overall revenue year on year has seen a 15% growth. It stands at 88 814 CR. 4:04 4 minutes, 4 seconds last year was 708. 4:08 4 minutes, 8 seconds Um for all the new investor I will give a short background of reor steel tubes. 4:16 4 minutes, 16 seconds Um what we've been doing for past 20 years and what we plan to do in the 4:24 4 minutes, 24 seconds future will not take a lot of time. I'll only give a brief on it. So, Vibost 4:31 4 minutes, 31 seconds started off as a pipe manufacturing unit in Maharashtra 4:38 4 minutes, 38 seconds in uh 2003 2004 with a 4:44 4 minutes, 44 seconds very small unit only one pipeline one tube tube mill. 4:50 4 minutes, 50 seconds Over the years from one tube it became two to three with one 4:57 4 minutes, 57 seconds galvanizing line it became two galvanizing line and that started to increase the 5:05 5 minutes, 5 seconds production production increase subsequently every year we were at 60,000 capacity 5:13 5 minutes, 13 seconds then it became 90,000 capacity and we seeing a lot of growth we started our export of pipes 5:21 5 minutes, 21 seconds uh ERW pipes in in Egypt. Now we have our export presence in uh Europe quite a lot from Maharashtra unit. 5:34 5 minutes, 34 seconds This happened from 2003 to 2017 18 in and then we established our 5:41 5 minutes, 41 seconds Telangana unit. Uh and that was also a pipe production unit. Both the units 5:48 5 minutes, 48 seconds were pipe. Maharashtra was from/2 in to 8 in or currently is also from/2 in to 8 5:55 5 minutes, 55 seconds in. Telangana we had added few few divisions of pipe 6:02 6 minutes, 2 seconds few diameters of pipe that is from/2 in to 12 in. 6:09 6 minutes, 9 seconds We from there the company has uh always increased its turnover its production. 6:20 6 minutes, 20 seconds First Maharashtra then Telingana. 6:22 6 minutes, 22 seconds Telangana added to its production. Then we realized that there is potential to add 6:31 6 minutes, 31 seconds more projects because India is a infrastructure growing country and an infrastructure 6:37 6 minutes, 37 seconds requires lot of steel and different uh infrastructures. Road requires highway guardrails. 6:46 6 minutes, 46 seconds Our electricity requires lot of transmission lines. 6:52 6 minutes, 52 seconds So keeping in all these in view we kept on expanding into other divisions as well. So two years three years ago in 7:02 7 minutes, 2 seconds Telangana we started besides pipe we started uh highway crash barrier or highway guard rails which are used on 7:10 7 minutes, 10 seconds the highway and they play a significant role in in the safety of the vehicle in 7:17 7 minutes, 17 seconds case of any unseen event. Uh it can it does uh uh prevent major accidents to 7:26 7 minutes, 26 seconds occur because the steel acts as a barrier. If if a if a car skids off the 7:34 7 minutes, 34 seconds highway to the left or or and if it ever has 7:41 7 minutes, 41 seconds gone out of balance and it goes off track, these crash barriers keep them 7:49 7 minutes, 49 seconds under control and keep them within the highway because of the steel which is on both side of the highways. 7:57 7 minutes, 57 seconds Then we put put up our plant in in Jasura and we realized that the 8:04 8 minutes, 4 seconds northeast uh does not have our presence for pipe. 8:10 8 minutes, 10 seconds We've been catering to west from Maharashtra. 8:15 8 minutes, 15 seconds The state of Maharashtra the state of Gujarat was catered from there and then we put up a plant in Teneagana. 8:24 8 minutes, 24 seconds So we had uh south covered the south the state of Telangana the state of 8:31 8 minutes, 31 seconds Andhra Pradesh the state of Tamil Nadu was covered from Telangana unit. So over 8:38 8 minutes, 38 seconds the years we realized that we need to install our and have our presence in northeast which is a relatively good and even bigger market. 8:51 8 minutes, 51 seconds So we identified um Jasugura as one of the prime location for this vision and 8:59 8 minutes, 59 seconds uh uh in Jasugura we also decided that besides pi we will go right from the 9:08 9 minutes, 8 seconds beginning for other products as well. And therefore at the same time 9:16 9 minutes, 16 seconds while we were installing pipe we also installed highway guard guardrail. We also installed transmission line towers. 9:23 9 minutes, 23 seconds We also installed uh pole division which is used in lighting, 9:32 9 minutes, 32 seconds stadium lighting, tour booth lighting, street lightings 9:37 9 minutes, 37 seconds and uh uh with all of it. Our vision has always been to uh to cater to products 9:47 9 minutes, 47 seconds which has healthier margins than uh than our baseline of pipe. So besides all of 9:56 9 minutes, 56 seconds these divisions, we also have installed monopole which is uh one of the best and 10:04 10 minutes, 4 seconds and one of the strongest machine in the in the country that we have installed in the bore steel jasura and the 10:12 10 minutes, 12 seconds installation of it uh just got completed last month that is capable of catering to a power transmission. 10:24 10 minutes, 24 seconds of uh 440 even 765 kilowatt and the it is a 10:33 10 minutes, 33 seconds machine which is called press bake which uh gives a plate or a sheet it folds it into into 10:42 10 minutes, 42 seconds a form of a pole and the diameter is we can go as large as even 10:50 10 minutes, 50 seconds uh 765 kW W and I'm proud to announce that this is the biggest uh capacity the 10:59 10 minutes, 59 seconds biggest and the strongest machine installed in the country 11:06 11 minutes, 6 seconds and uh um with all of this I'll like to highlight that 11:14 11 minutes, 14 seconds that uh our vision of uh highway crash barriers uh we have touched over 1,000 tons in 11:24 11 minutes, 24 seconds Jasugura already which means that our install capacity for highway guardrail has has come to 11:33 11 minutes, 33 seconds the maximum and now we are in expansion mode. We are expanding we're installing a couple of more lines. 11:41 11 minutes, 41 seconds We are installing a galvanizing new galvanizing unit because the galvanizing unit that we've installed has come to its maximum potential. 11:51 11 minutes, 51 seconds So every step of Jasubaray is very carefully watched. All the capeex is 11:59 11 minutes, 59 seconds very carefully deployed, invested, seeing the market, gauging the market and taking the decision. Uh not very 12:08 12 minutes, 8 seconds soon but also not very late just when it it is required we taking the decision of the expansion. 12:17 12 minutes, 17 seconds So mo our product may that be pipe may that be highway guardrail may that be 12:24 12 minutes, 24 seconds transmission line tower the end result is galvanizing. 12:29 12 minutes, 29 seconds So the galvanizing tank is is uh the backbone of uh our factory our company. 12:39 12 minutes, 39 seconds May that be Maharashtra unit for galvanizing pipe. May that be Telangana unit for galvanizing of pipes and 12:47 12 minutes, 47 seconds highway guard rail. May that be jasuga for galvanizing of pipe highway guard rail transmission line 12:53 12 minutes, 53 seconds towers pose or monopol. At the end most of our product which is which has a uh a 13:02 13 minutes, 2 seconds good aida margin comes from our galvanizing tank. So I'm very happy to announce that our galvanizing capacity 13:11 13 minutes, 11 seconds in Jasugura has already seen its its maximum level and I'm very happy to announce that we are now installing 13:20 13 minutes, 20 seconds um our one more galizing line in Jasubura so that we can smoothly cater to all the new products that we have started. 13:33 13 minutes, 33 seconds The new products which uh recently been installed is uh the pole division 13:40 13 minutes, 40 seconds octagon pole high mass pole conical pole that's a that's recently been established we have uh a a good 13:51 13 minutes, 51 seconds order from uh uh EPC contractors and uh 13:58 13 minutes, 58 seconds and we are very aggressively marketing this product and we are very 14:05 14 minutes, 5 seconds uh aggressively getting ourselves registered because this project uh this product needs to be uh certified and 14:14 14 minutes, 14 seconds registered in every state department. So our files are submitted in most of the state 14:22 14 minutes, 22 seconds either they are submitted or they are on the process of submission. 14:28 14 minutes, 28 seconds So our hard work uh has started to pay off. 14:33 14 minutes, 33 seconds As we as I've said that the galvanizing tank is full and we're putting another galvanizing tank and uh 14:42 14 minutes, 42 seconds uh I hope that the galvanizing tank for the third galvanizing in so we we we have one 14:50 14 minutes, 50 seconds galvanizing in Jasura so far second one we we're installing and I hope if the momentum continues we shall very soon be 14:59 14 minutes, 59 seconds installing one more galvanizing in in Jasugura. 15:07 15 minutes, 7 seconds I hope uh I've been able to narrate in a very short conversation 15:14 15 minutes, 14 seconds what jasura has has achieved where vibor steel have have come from the 20 years journey 15:24 15 minutes, 24 seconds the growth that we've seen in quarter three and uh the same hopefully the same growth we will continue to see in quarter four and years ahead. 15:37 15 minutes, 37 seconds Having said and having explained what we have achieved in quarter 3 and so far as 15:44 15 minutes, 44 seconds a company, I I'm happy to take any any questions or 15:53 15 minutes, 53 seconds any comments of all the investors, new investors and old investors. 16:01 16 minutes, 1 second Uh so you're welcome to to have any any of your questions or comments passed to us. 16:11 16 minutes, 11 seconds Thank you very much. We will now begin with the question and answer session. 16:16 16 minutes, 16 seconds Anyone who wishes to ask a question may press R and one on the TON telephone. If you wish to withdraw yourself from the question Q, you may press R2. 16:27 16 minutes, 27 seconds Participants are requested to use handset while asking a question. 16:32 16 minutes, 32 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 16:48 16 minutes, 48 seconds Participants, you may press star and one to ask a question. 17:06 17 minutes, 6 seconds Participants, you may press star and one to ask a question. 17:20 17 minutes, 20 seconds The first question is from the line of disha individual investor. Please go ahead. Uh hi, good afternoon. 17:29 17 minutes, 29 seconds Good afternoon. 17:30 17 minutes, 30 seconds I want I want to understand that what is the plan for metal crash barrier product for the near future and what are the 17:37 17 minutes, 37 seconds margins in that segment and how much positive impact can it provide to revenue and AITA. 17:48 17 minutes, 48 seconds Thank you for asking this question. We started metal crash barrier very recently compared to our pipe production which has been happening for 20 years. 17:59 17 minutes, 59 seconds We started with one galvanizing galvanizing tank in Hazabad which was common between pipe and crash barrier or metal cartridge. 18:09 18 minutes, 9 seconds It's second name. We realized that one one galvanizing tank is not enough. We 18:15 18 minutes, 15 seconds installed a separate dedicated to metal crash barrier which received its full capacity 18:24 18 minutes, 24 seconds in as soon as it started. Similarly, same thing happened in Jasu Jasur as well. We installed one big tank of 13 m 18:34 18 minutes, 34 seconds which which is one of its own kind galvanizing tank. I'm not sure if in the country that that type of galvanizing 18:41 18 minutes, 41 seconds tank is available anywhere where you have at the same time a production of pipe and metal crash barrier from the 18:49 18 minutes, 49 seconds same tank at the same time and that has also come to a maximum level. Our installed capacity was around about 18:58 18 minutes, 58 seconds 1,000 ton in Hyderabad about 1,000 tons in Jasugura. We have 19:05 19 minutes, 5 seconds ordered um one extra machine for Hyderabad and one extra machine for Jasura because um 19:16 19 minutes, 16 seconds we have captured so much of the market that unfortunately some of the orders uh we 19:23 19 minutes, 23 seconds have to outrightly uh regret because our capacity is full at the moment. We have the orders 19:33 19 minutes, 33 seconds inquiries of more than 2,000 tons of what we can we can cater. So the 19:40 19 minutes, 40 seconds machines that we have ordered are due to arrive it will take uh 2 months. The new 19:46 19 minutes, 46 seconds galvanizing tank in Jasugura will take 2 months. And uh while while 19:56 19 minutes, 56 seconds uh I'm happy that this question was put and uh uh I also would like to highlight 20:05 20 minutes, 5 seconds that we are also considering putting another galvanizing tank in Hyderabad unit only for metal crash barrier. 20:15 20 minutes, 15 seconds So the metal crash barrier at the moment has a lot of potential and we see this 20:21 20 minutes, 21 seconds potential for uh years to come because as we all know uh uh the roads and 20:30 20 minutes, 30 seconds transportation um has gets a gets a a lot from the budget. It's a requirement of our nation 20:38 20 minutes, 38 seconds that we make a lot of roads. Everywhere there's a road, we will have a crash barrier. And besides the roads, now we 20:46 20 minutes, 46 seconds see the railways also stepping into this bandwagon because they require crash barriers as well. And we're installing 20:55 20 minutes, 55 seconds we're catering to railways and we're catering to the to the highways as well. 21:00 21 minutes So we see a lot of potential in this product which is in two years every machine that we've installed are almost 21:07 21 minutes, 7 seconds running at full capacity and we're always uh increasing our production by increasing our installed capacity. May 21:15 21 minutes, 15 seconds that be through making of it by installing a machine or by bumping up 21:22 21 minutes, 22 seconds our galvanizing uh zinc kettle so that we can galvanize and give more uh production. 21:31 21 minutes, 31 seconds So there is a lot of potential and uh uh we are very streamlined to cater to the requirement of the nations. 21:42 21 minutes, 42 seconds Okay. So uh is there any new upcoming project or the new client with whom you will deal in future apart from Jindal? 21:55 21 minutes, 55 seconds Jindal uh is uh we are associated with Jindal. 22:00 22 minutes It's a longtime agreement for the past 20 years for pipe. 22:04 22 minutes, 4 seconds Mhm. The product type I is extensively for Jinders although we do also also do export in Maharashtra. 22:14 22 minutes, 14 seconds Mhm. 22:15 22 minutes, 15 seconds At the moment it is about 80% of our revenues that come from Jindal 22:21 22 minutes, 21 seconds and uh we are uh we are catering to Jindal as a brand in west for 20 years 7 22:30 22 minutes, 30 seconds years now in Telangana and now in Jasugura. So that revenue stream shall continue to uh shall shall continue for 22:39 22 minutes, 39 seconds years because we are catering them for all of these these states. So that partnership shall continue but besides 22:48 22 minutes, 48 seconds that uh all the other products that we are doing they will increase increase their uh 22:55 22 minutes, 55 seconds share. So the revenue bifurcification uh in in the future will have more of 23:04 23 minutes, 4 seconds these these products as uh taking up on the in terms of percentage. 23:10 23 minutes, 10 seconds Okay. So is there any plan to do uh government projects or any tie up with the government 23:20 23 minutes, 20 seconds directly or indirectly? Most of the products that we are doing uh is uh is a government product 23:29 23 minutes, 29 seconds project. Metal crash barrier is is totally and completely taken up mostly by the by the government. Transmission 23:37 23 minutes, 37 seconds line towers are taken up by state electricity board. So through uh we have already catered to a few electricity 23:46 23 minutes, 46 seconds boards. Sikkim very recently. We are in conversation with other state. Hopefully we'll get orders from other states as 23:55 23 minutes, 55 seconds well. Uh so most of the are our our borders. Even the octagon pole and high mass they're 24:03 24 minutes, 3 seconds all taken up by government or by private uh large companies which have these 24:11 24 minutes, 11 seconds requirements. Especially in the area where we are in Jasugura for example uh NTPCs have requirement of poles of 24:19 24 minutes, 19 seconds lightnings all the all the mining divisions the strong mining companies have requirements of poles and lightning 24:28 24 minutes, 28 seconds poles and high mass pole and stadium stadium poles. 24:33 24 minutes, 33 seconds So largely the requirement is by the government or very very large players who have acres of land to control where 24:42 24 minutes, 42 seconds they they want their uh lightings to be proper where they want their communication to be proper where they 24:49 24 minutes, 49 seconds want their seed surveillance to be proper. So so the all the new products are catering to government and to large players. 25:00 25 minutes Okay. Thank you and all the best for next quarter. I'm done with Thank you very much. Thank you. 25:08 25 minutes, 8 seconds Thank you. Participants, you must press star and one to ask a question. 25:17 25 minutes, 17 seconds Ladies and gentlemen, you may press star and one to ask a question. 25:25 25 minutes, 25 seconds Next question is from line of Adi Sha, individual investor. Please go ahead. 25:32 25 minutes, 32 seconds Hi sir. So my question is on KPEX. So any plans sir for FY26 and FY27? 25:43 25 minutes, 43 seconds Uh when we do our KEX generally we try to gauge in which direction 25:52 25 minutes, 52 seconds uh we are going and what is the call of the markets. 25:57 25 minutes, 57 seconds That's why even in Jasugura we have taken our our time to go ahead with the second ganizing line. 26:05 26 minutes, 5 seconds So we uh are going to encourag 26:15 26 minutes, 15 seconds by buying all the machineries for for crash barriers and buying the extra galvanizing tanks and the year year 26:24 26 minutes, 24 seconds ahead we will gauge it but give or take it shall be uh somewhere it's difficult to say about the future but to the tunes 26:32 26 minutes, 32 seconds of 5CR or So in next year and onwards 26:40 26 minutes, 40 seconds so the capeex capeex shall be there but uh uh but I am uh very very vigilant in 26:49 26 minutes, 49 seconds the capeex this is something I I take a call after judging after measuring 26:58 26 minutes, 58 seconds every angle and every aspect of the products and its requirement. So capeex 27:04 27 minutes, 4 seconds will only occur when it is gauged to be the utmost important and necessary step. 27:10 27 minutes, 10 seconds That's when we get into the capeex and install new machineries. 27:17 27 minutes, 17 seconds So around about 10 you can say for 26 we will be we'll be having okay thank you sir. 27:28 27 minutes, 28 seconds Thank you. Thank you. 27:32 27 minutes, 32 seconds A reminder to all the participants, you may press star N1 to ask the question. 27:44 27 minutes, 44 seconds Ladies and gentlemen, you may press start and one to ask the question. 27:50 27 minutes, 50 seconds Next question is from Maashar, individual investor. Please go ahead. 27:58 27 minutes, 58 seconds Okay. So my question is by when do you expect the expanded capacity of the sundad unit to reach 28:06 28 minutes, 6 seconds polluted as uh 28:15 28 minutes, 15 seconds we are expecting it to reach uh 30 40% of the ut utilize well see going forward 28:24 28 minutes, 24 seconds it's it's difficult to be very precise is but so far what we have seen is for example 28:31 28 minutes, 31 seconds in the month of December uh because we're talking about quarter 3 we had reached 21% of our installed 28:39 28 minutes, 39 seconds capacity so it is very very on the safer side to say that we shall be able to 28:48 28 minutes, 48 seconds uh complete 30% to 40% in the next year and then 60% 28:56 28 minutes, 56 seconds uh subsequently in the the year after if the momentum continues to be like 29:04 29 minutes, 4 seconds this and there are all the signs and uh all all the signals the the requirement 29:12 29 minutes, 12 seconds is there the order bookings are there so we shall be able to reach uh capacity 29:19 29 minutes, 19 seconds utilization up to 60% in two years that's that is how I am looking at it at 29:26 29 minutes, 26 seconds the moment Okay, sir. That's it from us. Thank you. 29:34 29 minutes, 34 seconds Thank you. 29:36 29 minutes, 36 seconds Ladies and gentlemen, you may press RN1 to ask a question. 29:44 29 minutes, 44 seconds Next question is from the line of Rahul Kumar and divisional investor. Please go ahead. 29:51 29 minutes, 51 seconds Hello everyone. Uh I wanted to ask what is the expected revenue share from the um new products such as monopol 30:00 30 minutes um transmission line and etc in the next 12 minutes 30:08 30 minutes, 8 seconds I think uh uh it's so the 30:16 30 minutes, 16 seconds it is very important to understand that the the In terms of inventory or in terms of 30:25 30 minutes, 25 seconds order booking or in terms of sale in kgs or tonnage, crash beer is increasing, pole is also increasing, transmission 30:34 30 minutes, 34 seconds line tower is also increasing. But at the same time, pipe is also increasing. 30:38 30 minutes, 38 seconds So if if we are to stay where are in pipe production and look at crash 30:46 30 minutes, 46 seconds barrier and everybody else, the percentage will look very big. But because pipe production and the pipe sale is also increasing because of our 30:54 30 minutes, 54 seconds presence in northeast we will be somewhere at the moment we we can easily say that it will be 20% we 31:03 31 minutes, 3 seconds will have from all the other products crash barrier uh monopoles and transmission line 31:12 31 minutes, 12 seconds towers and also pole but uh uh the the revenue is one one thing the beta 31:21 31 minutes, 21 seconds margins in all of it is uh uh fairly improved if 3.8 or 3.5 a beta margins in 31:31 31 minutes, 31 seconds pipe it'll be 4.5 in crash barrier over five in transmission line and monopore 31:38 31 minutes, 38 seconds could be as as much as 10%. So uh it will have a significant impact on the 31:45 31 minutes, 45 seconds epida levels and about the uh we will see 31:52 31 minutes, 52 seconds uh what how uh the production will increase and we will take further call on which product to emphasize on more or 32:01 32 minutes, 1 second shall we take all of it together. So that decision we will be able to take in uh once all of them start to show their 32:10 32 minutes, 10 seconds their potential. We successfully only really watched and tried and uh uh saw 32:18 32 minutes, 18 seconds the result of highway crash barrier so far. Transmission line and pole is very 32:24 32 minutes, 24 seconds very recent uh in our division. Although they are showing a lot of potential but 32:30 32 minutes, 30 seconds it has a lot of uh uh challenges in terms of certification. So uh we have 32:37 32 minutes, 37 seconds accelerated in uh a very big manner in quarter 3 in terms of getting 32:45 32 minutes, 45 seconds ourselves registered everywhere once all of this happens. I think uh that is why I've I've already indicated that very 32:53 32 minutes, 53 seconds soon we will be putting gamizing number three as well because we are seeing all these products to show a lot and lot of uh uh potential in terms of its uh sale. 33:06 33 minutes, 6 seconds So coming back to your question these very easily will be 20% and then from there it will increase its share. 33:15 33 minutes, 15 seconds So this year itself u once all the certification and everything happens it it will be very visible that these percentage or these 33:25 33 minutes, 25 seconds products are showing their significance presence in terms of the revenue share with uh bikes 33:33 33 minutes, 33 seconds understo Thank you so much. Mhm. Thank you. 33:41 33 minutes, 41 seconds Ladies and gentlemen, you must press R and one to ask a question. 33:56 33 minutes, 56 seconds A reminder to all the participants. You may press RN1 to ask a question. 34:14 34 minutes, 14 seconds As there are no further questions, I would now like to hand the conference over to Mr. Vibore Koshek, managing director from Vort Limited for closing comments. 34:25 34 minutes, 25 seconds Uh thank you everyone to be uh present in this uh conference. I hope I've been 34:33 34 minutes, 33 seconds able to answer every uh question uh to the satisfactory level. Before we 34:42 34 minutes, 42 seconds close, I once again want want to highlight that 34:48 34 minutes, 48 seconds uh the reason why at the time of IPO we had mentioned that we are coming up with 34:57 34 minutes, 57 seconds this unit and we had given a timeline that we shall be able to start and our production and we shall be able to cater 35:05 35 minutes, 5 seconds to so many different divisions. I would like uh to highlight that we have kept 35:12 35 minutes, 12 seconds up with that promise and all these divisions are now uh running. Some have 35:20 35 minutes, 20 seconds taken uh a very large leap of acceleration in terms of its uh uh production and sale. 35:29 35 minutes, 29 seconds Some of them are showing a lot of potential uh and uh they shall be catching up. the 35:38 35 minutes, 38 seconds new products such as transmission line towers, the octagon pose, they will be catching up uh hopefully uh sooner than 35:47 35 minutes, 47 seconds what we anticipate as we have seen with other products and as as I have uh as 35:55 35 minutes, 55 seconds I've highlighted that our galvanizing tank is is already full that is a clear 36:01 36 minutes, 1 second s signal that uh the products are uh have a lot of demands. and is reaching 36:08 36 minutes, 8 seconds its potential and it it is urging us to increase our install capacities of galvanizing tanks and our install capacities of machineries as well. 36:19 36 minutes, 19 seconds So thank you very much for being a part of Vivore Steel Tube this growth and uh 36:26 36 minutes, 26 seconds we are uh very confident that uh the the Orisa 36:34 36 minutes, 34 seconds plant uh uh it's already showing a lot of potential and it shall be reaching to 36:41 36 minutes, 41 seconds a very very high standard in very short period of time 36:48 36 minutes, 48 seconds And uh uh once again thank you everyone to be uh part of this conference. Thank you. 36:57 36 minutes, 57 seconds Thank you very much ladies and gentlemen. On behalf of TV series that concludes today's session. Thank you for your participation. You may now 37:06 37 minutes, 6 seconds disconnect. Thank you. Thank you. Thank you.