Vidya Wires Ltd — Q4 FY26

Vidya Wires Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=kkFe40xuR04 Published: 2 hours ago

0:01 1 second Ladies and gentlemen, good day and welcome to Vidya Wires Limited Q4 and FY26 earlings conference call. 0:11 11 seconds As a reminder, all participant line will be in listenonly mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:23 23 seconds Should you need assistant during the conference call, please signal an operator by pressing star then zero on your touchstone phone. 0:33 33 seconds I now hand the conference over to Miss Nirvi Asher from Aseti Ma investment intermediates. Thank you and over to you ma'am. 0:44 44 seconds Yeah, thank you Ria and good afternoon everyone. So on behalf of Aitri Meta I welcome you all to the Q4 FI26 and folar 0:53 53 seconds FI26 earnings conference call of Vidya from the management side we have Mr. 1:00 1 minute Sesh Rati managing director Mr. Naven Patishia chief financial officer and Mr. 1:07 1 minute, 7 seconds Suman Batara Gi plant. So now I hand over the call to the management for their opening remarks which will be followed by Q&A. Over to you sir. 1:19 1 minute, 19 seconds Good afternoon ladies and gentlemen. 1:22 1 minute, 22 seconds Thank you for joining us for Vidya's second investor conference call and our first since concluding a full financial 1:30 1 minute, 30 seconds year as a public listed company. This call marks a landmark moment in our journey. Since our halfearly one first 1:39 1 minute, 39 seconds half financial year 26 update, we have remained focused on disciplined execution and capacity growth. I am 1:47 1 minute, 47 seconds pleased to report that we have closed the year with significant operational progress and continued strength across our core business segments. 1:58 1 minute, 58 seconds As we reflect on the financial year 25 2026, the Indian economy has demonstrated remarkable structural 2:06 2 minutes, 6 seconds resilience despite global geopolitical headwinds with the union budget for 2026 2:13 2 minutes, 13 seconds 27 providing a strong impetus to capital expenditure. We are witnessing an unprecedented thrust towards 2:20 2 minutes, 20 seconds infrastructure, renewable energy and the making India initiative. As the construction and power sector continue their rapid 2:28 2 minutes, 28 seconds expansion, the demand for highquality electrical and industrial winding and conductivity solutions have shifted from 2:36 2 minutes, 36 seconds a cyclic requirement to a structural necessity. We believe in growth through efficiency. 2:43 2 minutes, 43 seconds Over the past years, Vidya has moved from being a participant to an active driver in the winding and conductivity 2:51 2 minutes, 51 seconds sector. We have achieved this by maintaining a capital efficient balance sheet, optimizing our working capital 2:58 2 minutes, 58 seconds and maintaining low leverage to ensure that every rupee is deployed towards strategic manufacturing expansion. 3:06 3 minutes, 6 seconds The successful completion of of our IPO in December 2025 was a vote of confidence in this philosophy. 3:15 3 minutes, 15 seconds I am pleased to report that we have stayed true to our promises ensuring our core operations remain insulated from 3:23 3 minutes, 23 seconds base metal price volatility through disciplined procurement and inventory management. 3:29 3 minutes, 29 seconds The LQ milestone was a significant strategic milestone in this year. We launched LQ Industries with new wings 3:38 3 minutes, 38 seconds while we have commenced manufacturing on February 7th, 2026. 3:43 3 minutes, 43 seconds I want to emphasize that we are currently in a phased ramp up period. 3:48 3 minutes, 48 seconds By design, we are not yet at full capacity. This measured approach allows us for meticulous process stabilization 3:56 3 minutes, 56 seconds and quality benchmarking ensuring our new product lines to meet stringent stringent standards before hitting 4:03 4 minutes, 3 seconds maximum volume. His expansion is moving in lock steps with your customer onboarding ensuring that our growth remains both sustainable and operationally sound. 4:15 4 minutes, 15 seconds LQ is the physical manifestation of our intent to move up the value chain. With this palace facility now operational, we 4:23 4 minutes, 23 seconds have successfully introduced several new specialized product categories which includes aluminium paper covered 4:30 4 minutes, 30 seconds conductors, aluminium enamelled wires and strips, PV round ribbon, multi-purper covered copper conductors 4:39 4 minutes, 39 seconds and copper bus bars. which allow us directly address high growth segments such as in e infrastructure transformer 4:47 4 minutes, 47 seconds manufacturing and renewable renewable green connectivity etc. As we look ahead 4:53 4 minutes, 53 seconds to the financial year 202627, the outlook for our sector is increasingly positive. Industry research 5:02 5 minutes, 2 seconds indicates a rebound in India's power demand growth to w 5 to 5.5% range driven by data centers, industrial 5:10 5 minutes, 10 seconds consumption and the ongoing energy transition. 5:14 5 minutes, 14 seconds For Vidya's financial year 27 will be the first full year where we hopefully realize the consolidated benefits of our 5:21 5 minutes, 21 seconds expanded capacity. Our focus for the coming year is clear. Capacity utilization is scaling up and production 5:30 5 minutes, 30 seconds at the LQ facilities align with our output and with a strong market demand for our new product categories. 5:37 5 minutes, 37 seconds Leveraging our new specialized categories to expand our presence within our ex existing base of large scale institutional and global clients. 5:46 5 minutes, 46 seconds Maintaining our lean cost structure to ensure that volume grows and translates effectively into margin expansion. 5:54 5 minutes, 54 seconds We have the capital the expanded capacity the manufacturing momentum and demands for our products. We remain 6:02 6 minutes, 2 seconds committed to our goal of delivering sustainable long-term value to our shareholders. 6:08 6 minutes, 8 seconds Now I will hand over to Mr. Naven, our CFO, to discuss the audited financials results in detail. 6:20 6 minutes, 20 seconds Thank you. 6:25 6 minutes, 25 seconds Thank you. Good afternoon everyone. I will now walk you through our audited financial results for the year end March 6:33 6 minutes, 33 seconds 29 2026. This has been a transformative year for wise characterized by a significant strengthening of our 6:41 6 minutes, 41 seconds financial position following a successful listing in December. For the third financial year FY26, our revenue 6:49 6 minutes, 49 seconds from operations stood at 18,396.4 million representing a 24.42% growth 6:56 6 minutes, 56 seconds over the previous fifth year. The dicta reached 857.8 million with a margin of 4.66 an increase of 35 basis points 7:05 7 minutes, 5 seconds year-over-year improvement. PAT has reached 576.1 million. These figures reflect the underlying resilience of our 7:14 7 minutes, 14 seconds core business and their ability to maintain healthy margins despite the raw material close volatility observed in 7:21 7 minutes, 21 seconds the global markets during the later half of the year. A key priority this year has been the discipline and phase 7:29 7 minutes, 29 seconds deployment of our IPO proceeds. As of 31st March, we have remained focused on ensuring these funds are utilized to 7:38 7 minutes, 38 seconds drive high impact growth. We have deployed a significant portion of IPO proceeds to fund the capital 7:46 7 minutes, 46 seconds expenditures required for expansion of an industries. By phasing this expenditure, we ensure our capacity 7:54 7 minutes, 54 seconds scales in tandem with our operational readiness. In line with our commitment to a new balance sheet, we have utilized 8:01 8 minutes, 1 second 100 crores to repay our working capital borrowings, successfully reducing our interest budget and strengthening our 8:09 8 minutes, 9 seconds credit profile. As CL noted, the commencement of manufacturing at Alu's new plant on February 7th is a vital 8:16 8 minutes, 16 seconds milestone. We have successfully moved from the investment phase to the operational phase of the subsidiary. 8:23 8 minutes, 23 seconds With production now underway, we have introduced specialized higher margin product category including enameled aluminium wires and strips, aluminium 8:32 8 minutes, 32 seconds paper conductors, PB round ribbon and multi-paper covered copper conductors. 8:37 8 minutes, 37 seconds These offering allow us to target high growth signals in EV and renewable energy sector. The infrastructure is now 8:45 8 minutes, 45 seconds operational and is ready already contributing to our consolidated manufacturing output. 8:53 8 minutes, 53 seconds To protect our margins, we have continued our strict backto-back hedging policy for copper aluminium procurement. 9:01 9 minutes, 1 second This risk management framework ensures that our financial performance remains insulated from sudden commodity price swings allowing our results to reflect 9:10 9 minutes, 10 seconds our manufacturing efficiency rather than market market volatility. In summary, Vidya wires enters SI27 with a 9:18 9 minutes, 18 seconds strengthened financial position, a reduced interest budget and a newly operationalized manufacturing base. We believe this foundation set a solid 9:27 9 minutes, 27 seconds stage for the year ahead. We are now happy to open the floor for question and answers session. Thank you. 9:38 9 minutes, 38 seconds Thank you very much. 9:42 9 minutes, 42 seconds We will now begin the question and answer session. 9:47 9 minutes, 47 seconds Anyone who wishes to ask a question may press star and one on their touchstone telephone. 9:56 9 minutes, 56 seconds If you wish to remove yourself from the question queue, you may press star and two. 10:03 10 minutes, 3 seconds Participants are requested to use handset while asking a question. 10:08 10 minutes, 8 seconds Ladies and gentlemen, we'll wait for a moment while the question assembles. 10:17 10 minutes, 17 seconds First question the line of Mahesh Pendri from LIC mutual fund. Please go ahead. 10:25 10 minutes, 25 seconds Uh hi sir uh thank you so much for the opportunity and uh very impressive performance uh in FI26. 10:32 10 minutes, 32 seconds Uh sir uh what was the volume uh number in terms of metric done uh for the FI26. 10:43 10 minutes, 43 seconds Good afternoon sir. So by volume wise our company has grown by 6 and a half% 10:49 10 minutes, 49 seconds or so and uh the revenue growth is around 17 to 18%. 10:56 10 minutes, 56 seconds Okay. So, so volumes will be roughly around 16,000 uh metric t. 11:01 11 minutes, 1 second Uh no volume will be around 18,000 24 metric t. 18,000. Okay. Okay. Yeah. 11:09 11 minutes, 9 seconds And uh sure the new plan that has come up uh what contribution has been from that uh plant. 11:18 11 minutes, 18 seconds So basically uh in February mid only and in the first uh week only we have started and we have done some 800 metric 11:26 11 minutes, 26 seconds tons approximately volume from LP industries. 11:31 11 minutes, 31 seconds So how much time it will take up to scale up this uh uh plant or is it fully uh no so uh currently I mean we are already 11:41 11 minutes, 41 seconds we have added some 6,000 metric tons of capacity and uh the remaining uh 8 to 9,000 9,000 tons or so will be added 11:50 11 minutes, 50 seconds over a period of around September or October or before Diwali we are expecting to operate at 100% capacity planned in LQ. 12:00 12 minutes So by by 26 the total capacity available will cost us will be what 30,000 more than so we will be close to by Diwali we will 12:09 12 minutes, 9 seconds be close to 35 36,000 metric tons of capacity which was planned. 12:15 12 minutes, 15 seconds Okay. Okay. So that means the volume growth should be very strong for next two years. 12:20 12 minutes, 20 seconds Yes definitely we anticipate a good strong volume growth in the coming time. 12:27 12 minutes, 27 seconds Sure. And sir uh you mentioned that we have entered into this expansion with the validated parts validated uh 12:35 12 minutes, 35 seconds products. So the AITA per turn will change for us meaningfully. 12:41 12 minutes, 41 seconds Yes, it will definitely go up. Already in the last year also our AITA per metric ton has improved and we are expecting that this will be better uh 12:50 12 minutes, 50 seconds considering a new product addition and of course our selection of the new product has also been on the same uh 12:58 12 minutes, 58 seconds motive that uh the AITA per metric needs to be improved. 13:03 13 minutes, 3 seconds Sure. Sure. So last question for my so what are the capex plan for next two years? 13:10 13 minutes, 10 seconds So sir uh currently uh we have already been doing uh the major expansion. You can understand that from uh around 13:18 13 minutes, 18 seconds 19,000 ton metric t capacity we are planning to make it 36,000 metric t capacity. So a good volume growth uh we 13:27 13 minutes, 27 seconds are already planning. So I think uh we are sticking to this and uh make it more operational and efficient performance 13:34 13 minutes, 34 seconds with the added capacity and uh whenever the board decides uh further to expand the capacity or put the new investment we'll definitely let you know. 13:46 13 minutes, 46 seconds Sure. Thank you. Thank you so much sir. 13:52 13 minutes, 52 seconds Thank you. Next question is from the line of Mihir Manohar from Trust Mutual Fund. Please go ahead. 14:00 14 minutes Yeah, thanks for giving the opportunity and congratulations on great set of numbers. Uh I mean you know 50 50% growth but stronger group. Uh just 14:08 14 minutes, 8 seconds wanted to get a stand on the raw material side. I mean some of the companies are reporting uh contraction margins. We also had contraction 14:15 14 minutes, 15 seconds margins. uh do we see I mean the copper prices going up aluminum prices going up acting as a headwind for us on the 14:22 14 minutes, 22 seconds market side how to understand that sir uh basically uh the copper prices or 14:30 14 minutes, 30 seconds the aluminium prices going up or down really does not affect much on the margin terms because uh our model of 14:38 14 minutes, 38 seconds business is completely back to back so I don't think any increase in the price of copper or aluminium 14:45 14 minutes, 45 seconds it will be just a marginal uh shift here and there but uh it has nothing to do in a big uh fashion. 14:53 14 minutes, 53 seconds Sure. Sure. So our average execution period is what 2 months 3 months how to understand that execution period of 15:01 15 minutes, 1 second uh in the sense let's say if you receive a certain contract uh of certain size and that gets executed over one month these are not longer contracts. 15:09 15 minutes, 9 seconds Yeah. So normally in our business operations uh 30 days is normal standard period like customer first book the 15:17 15 minutes, 17 seconds copper on a LM and we also book in turn with our supplier on the same LME. So it is completely head and normally the 15:25 15 minutes, 25 seconds period given by the customer is 30 to 45 days mostly uh only very few orders are back that they give a forecast okay this 15:34 15 minutes, 34 seconds you have to deliver every month 50 tons for the four more months in the four five months whatever so basically it is 15:40 15 minutes, 40 seconds a 30 to 45 days cycle where the order needs to be executed from our side that is also on the maximum side I'm 15:48 15 minutes, 48 seconds mentioning normally it is 25 20 days we are probably delivering our goods to our customers. 15:56 15 minutes, 56 seconds Understood. Sure. Sure. Sure. Uh just one thing on working capital side when I see OCF uh so to AIDA for last two years 16:04 16 minutes, 4 seconds uh I mean last three years has been relatively on the lower side and you know how should we as investors see OCF for us I mean what are the specific 16:12 16 minutes, 12 seconds measures that we are taking to our working capital because the appear to be quite high but conversion was on the weaker side. So just to get a sense of that. 16:22 16 minutes, 22 seconds Yes. So basically uh we rightly said that our working capital cycle has been increasing year on year basis and we are 16:30 16 minutes, 30 seconds taking measures to bring this down to uh to the levels of 50 to 52. Uh currently 16:37 16 minutes, 37 seconds it is at 60 uh days of working cycle. Uh so we are planning to increase our credit period days and reduce our uh 16:44 16 minutes, 44 seconds data days. Basically inventory is roughly between 20 to 23 days. So which is in line with the business requirement. So there is a scope of 16:53 16 minutes, 53 seconds improvement of depth collection and uh to increase the CR basically is that I mean is the communications 17:01 17 minutes, 1 second with uh with the vendors and the customers. Uh does the communication also indicate that we will be able to improve our working? 17:09 17 minutes, 9 seconds Yeah. Yeah. We will be able to reduce this and we are working on this basically. Oh sure. Yeah. For thank you very much. 17:17 17 minutes, 17 seconds Thank you. 17:20 17 minutes, 20 seconds Thank you. Next question is from the line of Pravin Motwani from Bank of India Mutual Fund. Please go ahead. 17:28 17 minutes, 28 seconds Yeah. Uh hi team. Uh thanks for this opportunity sir and firstly congrats on the great set of uh sorry to interrupt sir your voice is really very low. 17:36 17 minutes, 36 seconds Yeah I'm audible now. Yes please go ahead. 17:40 17 minutes, 40 seconds Yeah. Hi. Uh congrats sir on the great set of numbers. uh couple of questions from my end. Firstly, sir, Q4 revenue 17:47 17 minutes, 47 seconds growth was very strong at 58%. So what were the key drivers in terms of volume growth and the better realization? So if 17:54 17 minutes, 54 seconds you can just give us a breakup of these two parameters. 17:59 17 minutes, 59 seconds So sir as uh thank you very much uh sir as I just now told one is the increase 18:07 18 minutes, 7 seconds in the copper prices in last five six months. So this has definitely boosted our revenue. Secondly, a good capacity 18:15 18 minutes, 15 seconds utilization in the last quarter and this happens more because normally the last quarter is always uh better in whole 18:23 18 minutes, 23 seconds country. So this two reasons are there that our revenue has gone up and further the capacity addition of LQ industry is 18:31 18 minutes, 31 seconds also taken place and so we have started uh some bit of that also in the fourth quarter. 18:38 18 minutes, 38 seconds So mainly I would say the revenue increase is because of the copper price increased and second is a better capacity utilization the order flow is 18:46 18 minutes, 46 seconds very good and this made the revenue uh on a better side. which is what was the volume growth in Q4. 18:57 18 minutes, 57 seconds in uh overall it was like uh 6 and a half% and I believe our fourth quarter I will just uh we'll get back to you for 19:05 19 minutes, 5 seconds that exact increase in the percentage okay and sir uh how much of the growth came from you know transformers motor 19:14 19 minutes, 14 seconds renewables any industry specific that you can mention 19:25 19 minutes, 25 seconds so let's Segment wise if we see currently we are around 51% or in the 19:32 19 minutes, 32 seconds basically power and transmission segment the renewable and EV is around 7% or so and general engineering is around 13%. 19:42 19 minutes, 42 seconds The electricals is around 27% and consumer durable is around 3%. So this is the breakup of what uh we are doing. 19:50 19 minutes, 50 seconds So of course the power and transmission segment which includes transformers. So that has really performed well. 19:58 19 minutes, 58 seconds Okay. And sir, uh how do you see the competitive intensity right now in the industry? Uh couple of years are also expanding capacity. So how do we see 20:06 20 minutes, 6 seconds that over the next two years in terms of your uh uh pricing power or in terms of your capacities? 20:15 20 minutes, 15 seconds So sir, basically competition is always there in the market. uh whenever there will be a better demand in the industry 20:22 20 minutes, 22 seconds so everybody would try to rise uh increase their capacities so it's a very general phenomena and uh I think that uh 20:32 20 minutes, 32 seconds the demand for the products is too good and uh everybody will be having their own space so I don't think it is going 20:40 20 minutes, 40 seconds to affect us on the margins part also because we have a multiple product categories and uh due to this we are 20:48 20 minutes, 48 seconds sure that uh we will be able to maintain our better margins. We don't have a single product or two product capacity where we are very hardressed to sell 20:57 20 minutes, 57 seconds something. So this will definitely give us more leverage uh considering our competitors. 21:04 21 minutes, 4 seconds Got it. Got it. And the last question sir, can you just provide us a broad guidance for 27? What would be the revenue growth or the margin out? Uh that would be very helpful sir. Thanks. 21:16 21 minutes, 16 seconds So sir, Vidya has been always uh doing uh I mean incremental growth in last few years or rather in the history of our 21:25 21 minutes, 25 seconds company. So directly I cannot give you any uh you know information that how much we'll be able to do but we are sure that uh we will maintain a good growth. 21:35 21 minutes, 35 seconds Secondly we our new capacity addition has also come up. So of course you can always figure out uh that that this year will be also uh with full of growth. 21:47 21 minutes, 47 seconds Got it. Got it. Thank you and all the best. 21:53 21 minutes, 53 seconds Thank you. Next question is from the line of Sudharan Padna Padmanaban from Ask NDMS. 22:01 22 minutes, 1 second Please go ahead. Yeah, thank you for taking my question. 22:06 22 minutes, 6 seconds Sure. Uh my question is you know if I look at you know your incremental investment in the new segment that you talked about and specifically the 22:15 22 minutes, 15 seconds renewables I mean I understand that renewables currently might be less in terms of the overall scheme of things but given that we have seen a lot of 22:24 22 minutes, 24 seconds investments happening here do we see that proportion of the business in future years being sizable and second 22:32 22 minutes, 32 seconds with respect to the percent or margins whichever you know the way we look at I mean where do we see the trajectory? I mean we running at around 4 to 5% here. 22:42 22 minutes, 42 seconds So would it be you know um right to assume that you know at least there'll be a 200 improvement in your incremental 22:50 22 minutes, 50 seconds businesses some new s uh basically renewable is of course 22:58 22 minutes, 58 seconds growing. The only thing is certain things have come up that uh you know the solar needs some sell domestic uh 23:06 23 minutes, 6 seconds procurement or something like that but overall we can see a scenario where renewable growth is going to take place and our good number of products are aligned towards renewable energy also. 23:18 23 minutes, 18 seconds So we think that there would be good growth. Besides this the margin the point you have uh told that so as I 23:25 23 minutes, 25 seconds already uh given my uh reply that uh uh the margins will be better as a new product addition are aligned towards the 23:34 23 minutes, 34 seconds new new renewable energy the EVs etc. So the percentage margin will definitely be better the new product categories and on 23:42 23 minutes, 42 seconds the consolidated bases also it will put overall margin should be better. Sure. 23:50 23 minutes, 50 seconds And the new facility that you put up also has some tax I mean benefits from the Gujarat government. You can give more color on that. 24:00 24 minutes Please can you come again? 24:03 24 minutes, 3 seconds So is there any tax benefits or benefits given from the local government for the capacity given that there is? 24:12 24 minutes, 12 seconds Yes. So there are taluga wise different subsidy level. So we all we are basically our new unit is in uh the 24:20 24 minutes, 20 seconds category 3 so urban area basically but still we will having we will be having a GST subsidy for the next 10 years so 24:29 24 minutes, 29 seconds this will be able to you know 45 to 50% of our investment what we have done uh would come as a subsidy over a period of 24:39 24 minutes, 39 seconds 10 years uh in trench of 10 years basically answer one bookkeeping question before I 24:47 24 minutes, 47 seconds join with you. If I look at you know the OC specifically for this year I mean we have seen a rise in the inventory which 24:55 24 minutes, 55 seconds I would you know uh understand could be because of the raw material prices as well but specifically given that the newer capacity came in at the sag end of 25:04 25 minutes, 4 seconds the year. Would it be fair to assume that the mentee was you know uh build towards the you know sales that you're 25:12 25 minutes, 12 seconds looking forward and probably as we you know trade moving forward say in the next two to three quarter the inventory 25:20 25 minutes, 20 seconds levels will primarily subside and probably the cash you know probably improve and probably move towards the three days. I think this is what you 25:28 25 minutes, 28 seconds said. No look inventory levels uh basically if you see historically our inventory levels are between 21 to 24 25:37 25 minutes, 37 seconds days. So this is been the levels that we have been able to maintain for last 2 to 3 years and we expect this inventory 25:45 25 minutes, 45 seconds level to be in the range of maximum we can go below to 21 days. Uh and this there's no inventory build up at the end 25:53 25 minutes, 53 seconds of the year and we will be able to maintain these levels only going forward also. Sure. 26:01 26 minutes, 1 second And I mean if there is a scale up because we see that beyond two three years there is going to be an ongoing need for energy given that there is a 26:10 26 minutes, 10 seconds lot of infrastructure. Do we have enough land of capacity in the existing? 26:16 26 minutes, 16 seconds Yes we do have enough land uh to increase our capacity. 26:24 26 minutes, 24 seconds Okay. Thank you. 26:29 26 minutes, 29 seconds Thank you. Next question is from the line of Adita Pal from MSA Capital Partners. Please go ahead. 26:38 26 minutes, 38 seconds Yeah. Hello. Thank you. Am I audible? Yes sir. Yes sir. 26:42 26 minutes, 42 seconds Yeah. Thank you so much for the opportunity sir. Uh great set of numbers. A large part of my question has been answered but just a couple of them 26:50 26 minutes, 50 seconds remaining. So uh our PV round ribbon is going to really scale up uh with our 26:57 26 minutes, 57 seconds ALCU facility. Uh so just want to understand the valuation or gross profit per ton. How are you looking at uh and 27:06 27 minutes, 6 seconds if you can just give me a directional view between that this round ribbon how does it sit compared to say a a pick a 27:14 27 minutes, 14 seconds existing pick product copper pick product and the CT product that we'll we'll also be uh releasing with uh ALCU 27:23 27 minutes, 23 seconds and along with this also we can spend some time on the the market opportunity for this because this is pime what I've 27:31 27 minutes, 31 seconds heard is this is primarily an import substit institution play. 27:37 27 minutes, 37 seconds So sir, exact numbers we can definitely separately give to you. Uh but what I believe is that the PV round ribbon is 27:46 27 minutes, 46 seconds uh totally aligned with the renewable solar modules. So the if the solar module growth is there so our capacity 27:54 27 minutes, 54 seconds utilization will be better and of course the as I told just now the value addition in the new product categories 28:01 28 minutes, 1 second is better than what traditionally we had been doing. Understood. 28:08 28 minutes, 8 seconds CTC and the second question that CTC so of course CTC is also uh better substitute of paper insulated copper 28:16 28 minutes, 16 seconds conductor in the entire uh transformer segment. So we are also coming up with around 3,000 metric t capacity in the 28:25 28 minutes, 25 seconds phase one. Uh so uh we are hopeful that uh we will be also able to garner better 28:31 28 minutes, 31 seconds business uh in that segment and uh yes uh again the margins would be definitely better in comparison to our general 28:39 28 minutes, 39 seconds enamelled copper wire or paper insulated copper conductors what we have been manufacturing. 28:45 28 minutes, 45 seconds Understood. Understood. And the uh we have we have named multiple products in our prospective that we'll be coming out with copper foils. you'll be coming out 28:54 28 minutes, 54 seconds with uh multi paper copper conductors. So when can we see uh the copper foils being launched and what is what are 29:03 29 minutes, 3 seconds these copper foils for these are primarily targeting the uh the electric vehicle uh industry or this is more to do with the PCB industry? 29:15 29 minutes, 15 seconds Uh sir this copper foil particularly will go into switch gear industry, transformer industry and other 29:23 29 minutes, 23 seconds applications. So not in the semiconductor or what you call uh this uh cell uh this lithium ion cell. So the 29:32 29 minutes, 32 seconds product what we are going to manufacture as copper foil will mainly go to the transformers, switch gear and other electrical applications. 29:42 29 minutes, 42 seconds Understood. Understood. No uh that that's from my side. Wishing you all the very best to you and thank you so much for giving me the opportunity. 29:53 29 minutes, 53 seconds Thank you. 29:56 29 minutes, 56 seconds Thank you. Next question is from the line of Nikl Chri from Toro. Please go ahead. 30:03 30 minutes, 3 seconds Yeah. Hi. Uh congratulations on a great set. Uh I joined the call a bit late sir. So apologies if it is a repetition 30:10 30 minutes, 10 seconds of the question. uh could you uh probably u our um uh capacity expansion 30:17 30 minutes, 17 seconds in the wholly own subsidiary uh is being built around 18,000 metric t uh so wanted to understand uh the new products 30:26 30 minutes, 26 seconds that we have the CTC copper soil EV states aluminum wires what kind of asset turn and the margins can we expect and 30:34 30 minutes, 34 seconds uh what is the timeline the commissioning and full ramp up so a bit for metric turn in the last 30:41 30 minutes, 41 seconds year also we have improved and uh as I told just now that our AITA percentage would be better in the new product 30:49 30 minutes, 49 seconds categories. So our AITA per metric tons we expect to be better in this financial year. uh and the capacity ramp up part. 30:59 30 minutes, 59 seconds So already uh some 6 to 7,000 metric t capacity has been already installed and 31:06 31 minutes, 6 seconds uh we are expecting by before Diwali or maybe October or so we are we'll be in the position to entirely uh reach to our 31:14 31 minutes, 14 seconds optimum capacity targeted capacity. 31:19 31 minutes, 19 seconds Got it. Got it. Got it. So uh so for specifically the SQS that we have mentioned in the PPP so uh so qualifi uh 31:28 31 minutes, 28 seconds so qual how what does the how does the qualification work like is it like we have already had discussions with our customers or do we have to qualify our 31:36 31 minutes, 36 seconds products once we start the commissioning of the facility. 31:41 31 minutes, 41 seconds So sir the qualification progress is already going on. So many customers have already visited and they have uh small 31:50 31 minutes, 50 seconds trial lots orders have also been started coming. So uh this will definitely a process and uh for each product uh 31:57 31 minutes, 57 seconds whoever is the customer they will definitely take uh rounds of our factory they will audit us and uh this process 32:05 32 minutes, 5 seconds is ongoing. So uh normally uh any customer to start business it takes at least 2 to 3 months uh to start but 32:14 32 minutes, 14 seconds Vidyawas being the parent company and uh we already are in the market for so many years and already connected with 32:22 32 minutes, 22 seconds majority part of customers so definitely this becomes uh much easier for us. 32:29 32 minutes, 29 seconds Got it. Got it. And this last uh one from my end uh your slide actually claims that we'll be gaining market share from 5.7% to 11.3 post expansion. 32:38 32 minutes, 38 seconds So just wanted to understand who are the top one or two players and who would we be displacing like if the market is growing at around 19% and we'll be 32:47 32 minutes, 47 seconds growing market share. So just trying to understand who would be gaining the market share from. 32:53 32 minutes, 53 seconds Sir uh it's like that key we have added more capacity. So definitely we have to take uh more active participation in 33:02 33 minutes, 2 seconds this competition and uh this is why because our capacity actually will be around 11% that is what we have said and 33:11 33 minutes, 11 seconds uh execution also we will we will be trying our best to have that market share. 33:19 33 minutes, 19 seconds Okay. Okay. Thank you. And I'm new to this company. Could you just name the players that actually who you compete with like the major players? 33:27 33 minutes, 27 seconds Yeah. So not in 100% of our products we have direct competition with our uh peers but a few of the peers namely our 33:37 33 minutes, 37 seconds precision wires uh Ramratna wires KSH international and there are many more 33:44 33 minutes, 44 seconds but they don't compete in each and every product of Vidya wires but yes for 50 to 60% commonness of our product is there with them. 33:53 33 minutes, 53 seconds Got it. Got it. Uh thank you so much and wish you all the best and again for a very good set of numbers here. Thank you. 34:03 34 minutes, 3 seconds Thank you. Next question is from the line of Aush R from Adita Berlami. Please go ahead. 34:11 34 minutes, 11 seconds Uh congratulations on a strong set of numbers for this quarter and your so my first question would be around the global landscape as we all know that it 34:20 34 minutes, 20 seconds is quite dynamic at the moment. So I just wanted to touch upon our export strategy. Uh in one of our previous ones we mentioned a target is around 25% for 34:29 34 minutes, 29 seconds export. I just wanted to check if you are still comfortable on on track for that figure and also if you could just 34:37 34 minutes, 37 seconds provide some color on how export margins uh differ from the domestic one. 34:44 34 minutes, 44 seconds So Aush currently we are at uh 12% of exports uh of the total business volume. 34:52 34 minutes, 52 seconds Yes, we are definitely targeting uh the international market and our uh target is that we should have a balance of 75 35:00 35 minutes domestic and 25% export. So we are already you know giving our samples and sending uh the details to our customers 35:09 35 minutes, 9 seconds uh throughout in the international arena. We have expanded our marketing team also to look after the international marketing. So definitely 35:18 35 minutes, 18 seconds uh over a period of time we will see that our export percentage will also go up and uh in addition to that uh the 35:26 35 minutes, 26 seconds margin part. So of course uh whenever somebody will try to export the material he is expecting better margins in export 35:34 35 minutes, 34 seconds because otherwise we would always like to sell our product very close to our factory. why we should extend our arms 35:41 35 minutes, 41 seconds throughout the world. So yes, export margins will be always better than the domestic one. 35:49 35 minutes, 49 seconds Got it. Got it sir. Uh so just continue on that in SI25 our uh raw material 35:55 35 minutes, 55 seconds import was around 44%. So could you just uh help us with that percentage of like how much did we import this year? 36:04 36 minutes, 4 seconds So, so import part will be always like uh this much percentage mean maybe around 40 to 50%. So, we believe in you 36:12 36 minutes, 12 seconds know uh managing uh like we can we don't want to put all eggs in one basket. Uh so we have imports also and we have 36:21 36 minutes, 21 seconds domestic supply also. So it is quite balanced and it will remain as it is I believe. 36:27 36 minutes, 27 seconds Okay. Right. So given the current global scenario, have you encountered any logistical or challenges? 36:34 36 minutes, 34 seconds Yes, definitely. Uh nobody will be left aside. So we are also a part of this uh because the ocean freights have gone up. 36:41 36 minutes, 41 seconds We are not getting many time vessels. So this problem is there for export also. 36:46 36 minutes, 46 seconds And this problem is also still continues for import as well. But we we having a wider you know customer and wider 36:54 36 minutes, 54 seconds supplier base. So it has not directly impacted in a big way but yes of course uh the Middle East crisis which is going 37:01 37 minutes, 1 second on. So everyone uh to some extent will get affected. 37:07 37 minutes, 7 seconds Got it. Just one last question on the accounting side. Uh there is a substantial increase in other expenses this quarter from around 28 million to 37:15 37 minutes, 15 seconds 83 million. So if you can just share some primary drivers behind this change and like what would be a normalized jump rate going forward? 37:24 37 minutes, 24 seconds Uh so basically there were some expenses which we had not considered uh there have been expense out in this quarter. 37:32 37 minutes, 32 seconds So uh going forward uh uh the expenses will be in line with the revenue percentages only and we will not see any 37:41 37 minutes, 41 seconds major increase in each quarter basically. 37:45 37 minutes, 45 seconds Okay. Got it. Uh that's all from my side and congratulation on great success and all the best. Thank thank you. Thank you. 37:53 37 minutes, 53 seconds Thank you. Next question is from the line of Ajit Sati from Eco Quantum Solutions. Please go ahead. 38:03 38 minutes, 3 seconds Uh thank you for the opportunity. Uh so sorry for repeating the question again. 38:08 38 minutes, 8 seconds So my question is on a beta port as new products are getting added and the new facility facility utilization improves. 38:16 38 minutes, 16 seconds So what kind of pattern improvement can we expect? The reason for asking this again is that the peers operating in a similar product line are doing around 38:24 38 minutes, 24 seconds 66,000 around I beta per turn. So can we expect our IETA per 10 to move toward those level over the next few years? 38:35 38 minutes, 35 seconds So AITA per metric turn uh from the previous year has improved and we do expect uh that with the addition of the 38:42 38 minutes, 42 seconds new product range the AITA per metric t will still improve. uh but as you have told that 66 our competitors or they are 38:51 38 minutes, 51 seconds doing so I cannot comment on that okay we will be also in the same line to get 66 rupees per metric ton but then we are 38:59 38 minutes, 59 seconds sure that our AITA from whatever level we are currently operating we will still fare better than that 39:08 39 minutes, 8 seconds okay thank you sir thank you a reminder to all participants 39:16 39 minutes, 16 seconds you You may press star and one to ask questions. 39:21 39 minutes, 21 seconds A reminder to all participants, you may press star and one to ask questions. 39:27 39 minutes, 27 seconds Next question is from the line of Ashik from Ventura Securities. Please go ahead. 39:36 39 minutes, 36 seconds Hello. Yes sir. Yes please. 39:40 39 minutes, 40 seconds Uh yes sir. So so thank you for the opportunity and congratulation for wonderful result. So uh I I wanted to 39:47 39 minutes, 47 seconds know can you give me an idea about the segment split between copper products and aluminum products that we are currently doing with the addition of IQ 39:55 39 minutes, 55 seconds industry and what realization are we looking for both 40:04 40 minutes, 4 seconds uh currently in terms of revenue by March 206 2026 we have done somewhere 96% is 40:12 40 minutes, 12 seconds copper and 4% is aluminium because aluminium is actually three times cheaper than copper. So definitely the 40:20 40 minutes, 20 seconds content of in terms of percentage of revenue in aluminium will be less. But going further our capacity addition is 40:26 40 minutes, 26 seconds also towards aluminium. So we expect uh in coming time it would be like 90% 40:33 40 minutes, 33 seconds copper and 10% of aluminium. And what happens is that he whenever we discuss 40:40 40 minutes, 40 seconds this percentage about 90 or 10 the copper prices are you know so much fluctuating and volatile. So it 40:47 40 minutes, 47 seconds sometimes it uh it may come up and sometimes it may not come up. It's like that because aluminium and copper in fact both are going up but the way 40:56 40 minutes, 56 seconds copper is behaving is too high. That is the one of the reason that revenue percentage cannot be fixed. 41:03 41 minutes, 3 seconds Sir and adding on to that sir what cost material uh material cost split between copper and aluminium you saw copper and 41:11 41 minutes, 11 seconds other materials if if you may sir s value addition in aluminium would be always better than copper uh may not be 41:20 41 minutes, 20 seconds in the revenue but of course uh it will be better because we have to almost three and a half times more processing is to be done in comparison to copper. 41:29 41 minutes, 29 seconds So the AITA per metric t for specifically aluminium products should be good higher than compared to copper 41:37 41 minutes, 37 seconds but normally we average it out and that is the way of looking into it. 41:43 41 minutes, 43 seconds Okay sir. S one last question on the payable days. Currently we have payable days of two. So are we planning to move 41:50 41 minutes, 50 seconds on to letter of credit s to improve working capitals in future? 41:57 41 minutes, 57 seconds You are talking about the uh payable side right? Letter of credit. Yes. 42:02 42 minutes, 2 seconds Yeah. So actually sir uh we our company is able to gather a better interest cost 42:09 42 minutes, 9 seconds even on the CC facilities uh on the working capital. So I think we don't believe in you know uh just to 42:18 42 minutes, 18 seconds improve the number of payable days uh and go for LC because that adds to more of documentation and time taking 42:26 42 minutes, 26 seconds process. So we believe when we are able to get a better interest rates as our companies like uh good credit rating 42:34 42 minutes, 34 seconds through Crystal also. So it doesn't make sense for us sir and uh you mentioned about improving 42:42 42 minutes, 42 seconds the data days. So can you give some commentary so can we bring that down to 30 or what range of data days are you looking at in the future? 42:59 42 minutes, 59 seconds Currently we are at 41 days of data uh as of now and uh we can definitely bring it down to around 35 days. 43:09 43 minutes, 9 seconds Okay. Okay sir. Thank you. Fair enough sir. 43:17 43 minutes, 17 seconds Thank you. Thank you. 43:21 43 minutes, 21 seconds Next question is from the line of Rajes Mudalair from Raghav Capital. Please go ahead. 43:31 43 minutes, 31 seconds Hello. Hello. Yes sir. 43:37 43 minutes, 37 seconds Yes. Uh good afternoon sir. So I have one question on the CTC sector. So how much it is contributing to our revenue? 43:47 43 minutes, 47 seconds So sir uh still our CTC is in the in I mean the project is ongoing. So we are about to start maybe September or 43:55 43 minutes, 55 seconds October probably before Diwali. So as of now contribution of CTC is zero. So this will start after October probably. 44:06 44 minutes, 6 seconds Okay. Okay sir. So can you put some light on the CTC segment? How how it can go going forward? 44:14 44 minutes, 14 seconds So yes sir. uh the transformer industry is overall good because CTC as a product can only be used in the transformer 44:21 44 minutes, 21 seconds industry. So that is upbeat at the moment and a good headwinds. So we see that next four to five years our 44:29 44 minutes, 29 seconds customers they normally say that the business is good for with them. So I'm sure that uh CTC will also be 44:37 44 minutes, 37 seconds contributing in our revenue in the coming time and we will be able to expand further also based on the requirement in the coming time. So in 44:45 44 minutes, 45 seconds the phase one we are planning to add 3,000 tons perm capacity and uh looking to the future demand we can definitely move uh for more expansion. 44:58 44 minutes, 58 seconds Okay sir. Okay sir. So what will be the market size of cities segment in India and as well as in the international market also? 45:09 45 minutes, 9 seconds So sir I believe that uh I mean this is uh daybyday growing. So even currently 45:17 45 minutes, 17 seconds uh should be around uh I believe 30,000 tons or 40,000 tons of capacity 40,000 tons of demand in India and it is growing at a faster pace. 45:28 45 minutes, 28 seconds Okay. And in international sir, international is over and above this. So international is very big and uh because 45:36 45 minutes, 36 seconds almost every country has a transformer manufacturing. If you go to Europe, you go to Middle East, you go to North America, you go to Southeast Asia. So 45:45 45 minutes, 45 seconds everyone uses transformer for the electricity segment and uh looking the data centers, the AI and uh EV is coming 45:54 45 minutes, 54 seconds up. So need of electricity will be always there and even there are number of countries traditionally like their uh 46:02 46 minutes, 2 seconds infrastructure has also gone old. So they are also replacing it and everybody has to now become energy security is the 46:10 46 minutes, 10 seconds first thing which uh each country is looking up. So I believe that the demand of CTC will be definitely good and that 46:17 46 minutes, 17 seconds is why like our company who is manufacturing a list of products and we can offer to different requirements. 46:24 46 minutes, 24 seconds So this should surely surely be a good opportunity in the coming time. 46:29 46 minutes, 29 seconds Okay sir. Thank you sir. Thank you very much. All the best for your future perspective. Thank you sir. 46:38 46 minutes, 38 seconds Thank you. Next question is from the line of Kadesha Mantri from Capri Global. Please go ahead. 46:48 46 minutes, 48 seconds Yeah. Uh good afternoon sir. Sir I just wanted to know the volume number for Q4 FI26 and Q4 FI25 in absolute terms. 47:04 47 minutes, 4 seconds Yeah, we can provide you later on separately. 47:08 47 minutes, 8 seconds Okay. And sir, are we facing any supply side constraint for our products? Like for example, there is a dirt of enamel 47:15 47 minutes, 15 seconds wire or something because of the crisis crisis or it is smooth. 47:23 47 minutes, 23 seconds So madam enamel copper wire to be manufactured actually. So our raw material is basically copper rods and copper cathodes. So this happens to be 47:32 47 minutes, 32 seconds our raw material. So Middle East problem is not you know affected us. Uh only one of the supplier is available in Middle 47:41 47 minutes, 41 seconds East but we have another five six supplier like in India as well as uh in other countries. So we are definitely not affected on the supply side. Yes. 47:51 47 minutes, 51 seconds But uh there is like concern that uh the shipping frees have gone up. So also the many uh packing material etc. the 48:00 48 minutes pricing has definitely gone up. So to uh minimum extent it has also affected but not uh in a major way. 48:10 48 minutes, 10 seconds Okay sir. And is it getting better now or it is getting worse from what it was in Q4? 48:17 48 minutes, 17 seconds Uh I think Q4 it has really not affected but yes uh in the coming time uh because actually the war started somewhere in 48:25 48 minutes, 25 seconds end of February. So it has definitely not affected the last quarter because of war scenario but yes of course in the 48:33 48 minutes, 33 seconds first quarter there is definitely the whole country whatever we are having issues. So everyone is having we are not 48:40 48 minutes, 40 seconds amongst uh mean we are not alone I mean that way. 48:45 48 minutes, 45 seconds Okay I understand. So the other manufacturers would also be having the same issues. Yes. Yes for sure. 48:52 48 minutes, 52 seconds Okay. Okay. Thanks and all the best. Thank you. 48:58 48 minutes, 58 seconds Thank you. Next question is from line of Adita, an individual investor. Please go ahead. 49:05 49 minutes, 5 seconds Hi, I'm audible. Yes sir. 49:10 49 minutes, 10 seconds Okay. Uh thanks for the opportunity. So uh my question is regarding this new facility. So my understanding is that 49:18 49 minutes, 18 seconds the we are almost doubling our capacity right by October of uh current year. So 49:25 49 minutes, 25 seconds how is the ramp up we are expecting based on the demands and what what is the expectation on the ramp up like uh 49:33 49 minutes, 33 seconds what kind ofization you can expect in the current financial like FY 27 and then FY 28. 49:42 49 minutes, 42 seconds So this will be like by end of this year uh mean maybe before December our total capacity utilize I mean capacity will be 49:50 49 minutes, 50 seconds installed. So we may get a means uh less percentage of optimum capacity 49:57 49 minutes, 57 seconds utilization of LQ industry but we do expect that uh total capacities 50 to 60% we should be able to utilize in this 50:05 50 minutes, 5 seconds year and of course 2728 would be a full year where we will be completely uh you know operating at 35,000 36,000 ton capacity. 50:18 50 minutes, 18 seconds Okay. So just to be clear sir, so you are saying that the use capacity 18,000 or uh we are expecting 50 60% 50:26 50 minutes, 26 seconds utilization in FI27 and then full utilization in FI28. Is that correct? 50:31 50 minutes, 31 seconds Yeah, I mean the optimum capacity what one can utilize is around 80% of the available capacity. So the optimum would 50:39 50 minutes, 39 seconds be we will be able to achieve in the next year 26 27 uh sorry 2728 sorry 2728. 50:49 50 minutes, 49 seconds Yeah. Yeah. Okay. Uh so another question I have is uh so as you are introducing newer products with uh have better 50:57 50 minutes, 57 seconds margins and all do you have any kind of a metric to track uh like value added mix or something like that like this is 51:04 51 minutes, 4 seconds the percentage of value added mix in our or higher margin products in our business. So how do how should we think about the contribution of this higher 51:12 51 minutes, 12 seconds margin products versus the regular you know ML copper wire products and all. 51:19 51 minutes, 19 seconds Actually we always try to you know push our more value added products more but besides 51:26 51 minutes, 26 seconds this we also see that market condition so our you know product mix is good and we have a better fungibility so like 35 51:35 51 minutes, 35 seconds to 40% of our plant we have funibility so based on the demand we try to meet and of course the new products are 51:43 51 minutes, 43 seconds definitely going to have better aida so our focus is on that only so how to ramp up more cap capacity in the new products. 51:52 51 minutes, 52 seconds Yeah, understand. Can you give some kind of direction on how this mix is supposed to change over from the current over the next let's say couple of years? Uh like 52:01 52 minutes, 1 second uh so that we get some idea on how the how the margin trajectory can can evolve going forward. 52:07 52 minutes, 7 seconds Basically the transformer industry using these products uh is definitely in a good side. So our aluminium paper 52:14 52 minutes, 14 seconds covered strip aluminium enamel PTC EV ribbon. So this will be having more impetus and more focus on this product 52:22 52 minutes, 22 seconds and uh the capacity utilization we will try to see maximum on this product. So this will give us better margins 52:31 52 minutes, 31 seconds because we can see a good growth in the transformer renewable the basic traditional what you call motor pump industry. So that is quite you know 52:40 52 minutes, 40 seconds normal. Whatever capacity is coming up is in the new uh products like renewable energy, windmill, solar windmill then uh 52:50 52 minutes, 50 seconds these railways electrification. So these are basically uh moving good headwinds. 52:58 52 minutes, 58 seconds any color on the quantification possible on the kind of margin this new products can get like basically we we you know uh we don't 53:06 53 minutes, 6 seconds have I mean this this type of def different margins for different products on a cumulative basis only we try to 53:14 53 minutes, 14 seconds work out okay okay thank you that's all from my head 53:24 53 minutes, 24 seconds thank you next question is from the line of Pranav Jin from Ageless Capital Finance. Please go ahead. 53:32 53 minutes, 32 seconds Hi uh thanks for the opportunity and congratulations for a good result. Just a couple of questions from my end sir. 53:40 53 minutes, 40 seconds Firstly uh can you tell me percentage wise contribution from ALQ in this quarter if there was any? 53:55 53 minutes, 55 seconds So sir LQ industries we have just now only begin so 7th of February so there is a very minimum contribution from LQ 54:03 54 minutes, 3 seconds industries but 26 27 we will be having a better contribution from LQ. 54:10 54 minutes, 10 seconds Got it. So going forward Q1 onwards now we'll see a contribution from also beginning. Yes sir. Yes sir. 54:17 54 minutes, 17 seconds Got it. Got it. And uh so on your working capital so when I see inventory plus receivables it's around 58 days. uh 54:25 54 minutes, 25 seconds when I compare it to your peers, some are at 75, some are at 90. So how how do we manage it so efficiently? What are we doing differently? 54:35 54 minutes, 35 seconds Can you can I get your question again please? 54:38 54 minutes, 38 seconds Yes. Yes. So I was saying when I look at our working capital uh only inventory and receivables I see that we at around 54:45 54 minutes, 45 seconds 58 to 60 days whereas when I see our peers some of them are at 75 some of them are at 90. So I just want to 54:52 54 minutes, 52 seconds understand how we managing it. so efficiently. Uh what are we doing differently? 54:58 54 minutes, 58 seconds So we uh you know historically if you see we will we are always having better way to manage our inventory and also our 55:07 55 minutes, 7 seconds uh datas also and this uh kind of policy or this kind of principle has always helped us I would say to manage this. So 55:16 55 minutes, 16 seconds if you can just take four five years old uh data also so you will always find that our inventory as well as our datas are always in control. 55:26 55 minutes, 26 seconds Got it. Got it. That's great. So just one last question sir on the demand side uh uh domestic market seems strong exports how are they looking? 55:37 55 minutes, 37 seconds So largely last four five years uh we have seen the domestic market is better performing than the export market and 55:44 55 minutes, 44 seconds this is why like our share of domestic has been more in comparison to export like uh at one uh in one of the year we 55:52 55 minutes, 52 seconds were around 18 to 19% of export but uh last two years we are in 12% of exports the reason is definitely that Indian 56:00 56 minutes government has pushed the infrastructure growth the electricity growth the transmission distribution so these has definitely helped to sell more in domestic also. 56:11 56 minutes, 11 seconds Got it. 56:11 56 minutes, 11 seconds And going further we will be defined our target. Sorry please. No no no sorry you were saying continue. Sorry. 56:19 56 minutes, 19 seconds So we we we say that we uh aim towards having a mix that is 75% local domestic 56:26 56 minutes, 26 seconds and 25% export but that can be here and there little bit. 56:31 56 minutes, 31 seconds Got it. So as of now at least we are more domestic focused. So uh we are uh more or less protected in that sense with respect to whatever was happening. 56:40 56 minutes, 40 seconds Yes, only the Middle East has been affected a lot. Uh besides this other countries are doing well, not a major issue. 56:48 56 minutes, 48 seconds Got it. Thank you. Thank you for answering my question and all the best. 56:56 56 minutes, 56 seconds Thank you. 56:59 56 minutes, 59 seconds That was the last question of the day. I now hand the conference over to management for closing comments. 57:11 57 minutes, 11 seconds So, do we have any last question? 57:14 57 minutes, 14 seconds No sir, that was the last question of the day. 57:17 57 minutes, 17 seconds Right. So, thank you very much uh everyone uh in participating in this uh 57:24 57 minutes, 24 seconds call of Vidya. We expect that in the coming calls also uh you all participate 57:31 57 minutes, 31 seconds and we will always be happy to answer your queries and questions and we thank 57:37 57 minutes, 37 seconds each one of you uh for participating and it was a really good conversation. Thank you very much from Vidya Wires. 57:48 57 minutes, 48 seconds Thank you on behalf of the Vidya Wires Limited that concludes this conference. Thank you for joining us.