Q3 25/26

Feb 10, 2026

Summary

Q3 production and earnings improved, but fertilizer margins faced steep input-cost inflation. SA-V commissioning, urea efficiency and stronger chemical exports are expected to support future performance.

Ladies and gentlemen, good day and welcome to the Gujarat State Fertilizers & Chemicals Limited, GSFC conference call for Q3 FY 2026 earnings. This call has been hosted by Anurag Services LLP on behalf of GSFC Limited. From the management, we have Mr. S.K. Bajpai, Senior VP, Finance & Legal and CFO. Mr. S.V. Varma, Executive Director, Agri Business, HRS & IR, and other senior members from the management. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. S.K. Bajpai, Senior VP, Finance & Legal and CFO, GSFC Limited. Thank you and over to you, sir. Yeah. Good afternoon everyone. Thank you for joining us for quarter three 2025/2026 earnings call of Gujarat State Fertilizers & Chemicals Limited. It's always great to connect with all of you and share the key updates that we have from the quarter. I hope that you had a chance to review the financial results, media release and investor presentation available on the stock exchanges and also on our company website. If you see a stand-alone financial performance, the company had delivered strong financial and operational performance in quarter three, demonstrating robust growth across key metrics. On the production front, the company achieved the highest Q3, 5.07 lakh metric ton and in nine months, 13.30 lakh metric ton volumes in the last five years. Revenue growth, if we see sales increased by INR 149 crore representing 5% year-on-year growth. Profit before tax rose by INR 27 crore, a healthy 18% increase. Profit after tax grew by INR 38 crore, marking an impressive 32% improvement. Operating profitability improved from 5.40% to 6.11% reflecting enhanced operational efficiency. Fertilizer segment revenue increased from INR 2,172 crore to INR 2,298 crore in quarter three on Y-o-Y basis. Our sales volume remaining stable at 6.27 lakh metric ton. Segment EBIT moderated to INR 119 crore from INR 126 crore due to sharp escalation in key raw material prices like phosphoric acid up by 34%, sulfur up by 130%, and sulfuric acid up by 91%, which offset the benefit of higher realization in phosphatic and potash fertilizers. The quarter recorded the highest APS production and sales in the last five years, resulting in a net revenue increase that largely compensated for the decline in DAP sales. Industrial Products segment delivered a resilient performance in quarter 3 on a Y-o-Y basis, with sales rising from INR 583 crore to INR 596 crore and EBIT turning around to a profit of INR 9 crore, reflecting improved operational balance. Growth was supported by a strategic focus on higher melamine exports, where realizations were stronger than in domestic markets along with higher traded ammonia sales. These measures overcame the headwinds in other major industrial products. While the caprolactam-benzene spread declined to US$495 per metric ton from US$588 per metric ton, diversification and product portfolio management supported profitability. Overall, the company maintained a healthy performance in quarter 3, demonstrating resilience against raw material volatility and sustaining growth momentum across both business segments. We continue to maintain a strong balance sheet with no long-term debt, healthy net worth and adequate liquidity. The Government of India's outstanding support on release of fertilizer subsidy has kept the working capital levels at optimum level. As of date, the company has received subsidy dues for urea and imported P&K fertilizer up to fourth week of December 2025 and manufactured phosphatic fertilizers up to first week of January 2026. This provides the foundation for advancing our CapEx roadmap as detailed in the investor presentation. The Sulphuric Acid (SA-V) Project was commissioned on 7th January 2026, providing both incremental capacity and cost efficiency benefits. The project will cater the requirement of sulfuric acid for manufacturing of fertilizers like ammonium sulfate and ammonium phosphate sulfate. Further, the steam generated therefrom shall be available for utilization at the Vadodara complex. Favorable season conditions and healthy rabi sowing position the country for a strong harvest with fertilizers requirement for the season largely addressed. Consequently, only limited incremental demand from the sowing duration for better crop is expected. While the industry may experience cost pressures from the elevated prices of key inputs such as phosphoric acid and sulfur, the company remains focused on disciplined margin management. Strategic priorities including optimizing market opportunities and ensuring calibrated inventory positioning to effectively service demand for the upcoming kharif season, thereby supporting volume stability and supply readiness. The Government of India's ongoing trade facilitation measures, including recently executed FTAs and CEPAs with key economies are expected to improve market access and competitiveness for Indian chemical exports subject to a product specific tariff outcome. Caprolactam-benzene spreads are expected to improve in quarter 4 2025/2026, providing a supportive margin environment. Product rationalization in other Asian countries across the caprolactam nylon 6 value chain and that prevented oversupply and moderating price competition has led to a firmer realization in quarter 3, 2025/2026, a trend that is expected to lead near-term stability to the market. Melamine demand is expected to remain steady in domestic markets, with a growth anticipated in export markets. Acetate ester volumes are expected to improve across both domestic and export markets. Demand for other industrial products is also likely to hold stable during the quarter. Overall, the company anticipates consistent demand conditions and stable turnover in the Industrial Products segment in quarter 4, 2025/2026. I now turn over the call for question and answers. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Nirav Jimudia from Anvil Wealth. Please go ahead. Yes, sir. Good afternoon. Sir, I have two questions to ask. Sir, first is on the guidance for the sales volume, if you can share for Q4 and for FY 2026. Sales volume in rupee term? No, no. Yeah. Guidance of absolute sales volume for Q4 of FY 2026, like any guidance which you would like to share as compared to what we have achieved in quarter four. Actually, quarter four is the lean season for the fertilizer industry. Yes. There is not that much sale and margin available in quarter four. As you can see from the history of the company also during last two years, the quarter four is not that great as compared to the other quarters of the financial year. Having said that, I have told that we have placed our DAP, urea, and other fertilizers in the market, and as per the requirement, it will be provided to the farmers. Correct. Sir, like if we see our manufacturing volumes, we are near to almost 1.5, 1.6 million tonnes. I am talking from the manufacturing point of view. So you rightly explained this time that there were cost escalations on the phosphoric acid, sulfuric acid, also on the sulfur part for sulfuric acid production. If you just want to share your views, like if we just want to divide our volumes between, let us say, the manufacturing volumes and the trading volumes, what we do. What sort of EBITDA per metric ton which we would be generating on the manufacturing side? EBITDA, overall, we are generating 5%-6% from the- Sir, if you can share on the per metric ton basis, that would be very helpful, because then the prices also keeps on changing based on the subsidy and everything. That is But EBITDA product-wise, like fertilizer, if you see the fertilizer, then urea, DAP, NPK, or APS, ammonium sulfate, everywhere there is a different EBITDA. It is not a combined figure available to me. But if you see overall, then I can say 5%-6% EBITDA is there in the fertilizer segment. Correct. In terms of, because you rightly explained that Q4 generally is a lean season and we tend to provide some sort of discounts also to place our products in the market. But let's say, going forward from next year onwards, with this kind of cost escalations, which we have seen on the raw material side, how we are going to deal with this situation in terms of, A, improvement in the margins, and second, in terms of improvement in our manufacturing volumes. There are two parameters of the inputs that has shown the abnormal increase in prices. One is the sulfuric acid and sulfur prices, and another is phosphoric acid. Ammonia is also trending very high at around $525 or $530 per metric ton presently. For sulfuric acid, we have made always in the long-term contract with the suppliers, so we can fix the total purchase price by keeping a purchase price fixing in the inception of the financial year. Over and above, we have also capitalized Sulphuric Acid (SA-V) Project at Fertilizernagar Complex, which is producing here around 2 lakh metric tonnes per annum sulfuric acid. It is running very nicely, and production is also good. So whatever the requirement of sulfuric acid will be met from our own production. That is very cost-effective, and in comparison to the purchase price and the market volatility, we can cater maximum sulfuric acid requirement from our own production at Fertilizernagar Complex. As far as phosphoric acid is concerned, the prices are very high. Let us see how it comes in the next quarter and the government subsidy fixation based on the phosphoric acid and ammonia pricing in the next quarter. Based on that, our margins will be calculated and margins will be there in the business. Correct. Sir, second question is on the chemical side. You mentioned that caprolactam spreads have been improving, and that could help us to, A, improve our volumes, B, improve our profitability. If, let's say, the spreads, what we have achieved in third quarter was close to around $500. Let's say, at what level of spreads our caprolactam business should start seeing an improvement in the profitability, whereby, let's say, it should start covering our fixed and the variable cost? Actually, now it is ranging about $590 per metric ton, the spread in caprolactam and benzene in January. It has improved drastically, and it covers the variable cost. Why we are operating the caprolactam, because we are getting the by-products ammonium sulfate, and which is as a fertilizer and it is a profitable product for us in fertilizer segment. Even if there is a little negative contribution in the caprolactam, we do not shut the operation because it cuts the production of the ammonium sulfate also. That is the logic we continue, but by increasing this caprolactam spread to a comfortable level. Now I don't foresee that there is a negative contribution in the caprolactam business. But at $500 there was a negative contribution. Is it safe to assume that Yeah. Yeah. Is it safe to assume, sir, that at $500 possibly we would be losing close to around $100 at the contribution level from the No, not that much. I cannot say what is the negative contribution, but it is not much. It is a slight negative contribution in the caprolactam. We are also saving the cost by importing anone because anone cost is our own manufacturer anone is higher. So we are importing anone and by cost cutting, we are cutting the negative contribution also in the caprolactam business. Got it. Also, sir, we have seen slightly a fall in the Industrial Products segment margin this quarter. Was it because of lesser ammonia trading which in the earlier quarters were a significant contributor to our profitability? Yeah, that's up to one stage it is correct because the ammonia prices are again high, and our domestic requirement of ammonia is there, but at that level of ammonia, the few small players cannot afford to purchase the ammonia and use that costly ammonia for their product. There is a little less demand in the quarter 3. But some reduction in the margin, we also prefer to sell because there was a positive contribution, and ammonia trading is helpful for getting the IP segment in a profitable segment. All right. So let's say, sir, in quarter 4, how do we see the Industrial Products segment? One, you mentioned about the caprolactam part, but is there any further scope of improvement in the profitability from the Industrial Products segment side, from other products? Also, how do you see Q4 shaping up in terms of the ammonia part? Yeah, ammonia prices are now stable, and we are going for long-term ammonia contract with the buyers. That will form up our delta on the ammonia business and also the requirement from the suppliers, whatever ammonia they want to purchase for the whole year. Second thing is this FTA agreement signed by the executed by Government of India with European Union and now the tariff concessions in America. That will boost our melamine export, not only melamine but also caprolactam and HX Crystal products for the export purposes. And the export realization is better than the domestic market. So that is another area we are hoping for a better margin in the IP segment. Third one, we have also taken up with the Government of India because in domestic market, realization is not that great. And we are only the producer of melamine, caprolactam and HX Crystal in India. We have requested to Government of India that for protection of our industry and as the concept of Government of India, there should be some protection available. Otherwise, we are manufacturing and exporting the product and on other side, the other countries are dumping into India. So some minimum support price or some basic duty structure we have requested Government of India to form in case of melamine, caprolactam and nylon 6. That would, if something comes out positively by the Government of India, then it will further boost above the IP segment margins. Correct. So, sir, we have to assume here that our melamine, caprolactam, and HX plant is operating close to 100%. So whatever would be going for the exports would be a lesser volumes in the domestic market. Is a correct assumption to make? Yeah, that's correct. Correct. Sir, last two questions from my side. One, sir, based on our fertilizer production of, let's say, close to around 1.5 million tons on an annual basis, put together from both the complexes, how much ammonia and sulfuric acid would be required on an annual basis? Varmaji, will you give this answer to A? Just a minute, sir. For ammonia, both the units you are looking after, no? Yeah. Just a minute. Give me a second, please. Yeah. See, the requirement, both the units should be around 5. It varies between 5.5 to 6 lakh metric tonnes per annum, consuming the capacity operations for 16 to 18 lakh metric tonnes. Got it. Ammonia. And in case of sulfuric acid, it is slightly in the same range only. Yeah. Okay. Yeah, same range. 6 lakhs, right? Yeah. Got it. The last question from my side, anything we are hearing from the Government of India in terms of revision in the fixed cost for the urea business, also on the revision in the energy consumption norms? Anything, if you can share your thoughts, because I think some of the meetings have happened. So if you can share your thoughts here, would be very helpful. Now, fixed cost data as required by the Government of India, we have already submitted along with the other fertilizer producers. Now it is the Government of India's turn to come out with the final fixation of fixed cost. Because till now, this cost fixed by the government is very old, and it is not sustainable. Any increase in the fertilizer fixed cost or urea fixed cost will be further helpful for the urea producers in the fertilizer sector. What was the second one, your question? The revision in the energy consumption norm. Energy consumption, actually, we have already revamped our Urea-II plant. So we are meeting with the Urea-II energy norms fixed by the Government of India. As per the minutes and best information available to me, they are continuing the reimbursement of subsidy for further 3 years on the same energy consumption. So that will be the additional benefit available to the GSFC. Because presently, it is coming around 5.9 to 6 GJ per metric ton of production of urea. Correct. Thank you so much, sir, and wish you all the best. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Saket Kapoor from Kapoor & Co. Please go ahead. Namaskar, sir. Namaskar. Sir, majority of everything has been covered by our learned participant. Thank you to him for very calibrately asking all the questions. Sir, only one point about the sulfuric acid plant which was commissioned in the month of January. What would be the benefit that we will be attributing to for this quarter, sir, in terms of the backward integration that will be for our utilization, captive use? Yeah. Sulfuric Acid (SA-V) Project is commissioned in January, somewhere in the first week of January 2026, and it is operating nicely, and the benefit will be available for the next 2 months in the coming quarter and again for the whole year next year. If you see that production capacity is 2 lakh metric tonnes per annum for the sulfuric acid plant. As you know, the present sulfuric acid price is more than ₹17,000 per metric ton in the Indian market and more than $500 per metric ton of sulfur cost in the international market. Till the time these ICM countries had banned the export of the sulfuric acid, that is why the prices are high. This is a very good thing for GSFC that we have commissioned this plant at very appropriate time. We will be having our own manufactured sulfuric acid available for the production of ammonium sulfate and ammonium phosphate. That impact will be not that big as in the increase in the pricing of sulfuric acid in the Indian market. We will curtail a certain portion of the cost increase by replacing our own manufactured sulfuric acid. That will not be meaningful? That is what you are trying to allude to? Sorry. That will not be a meaningful value, sir, on an annual basis, the savings that will be accrued due to Apart from this, steam is also available from the sulfuric acid plant. So that steam is also useful for other operation of other plants, and our steam production from the boilers will be stopped, so natural gas consumption will come down. If you want to monetize this, I think it is near about INR 100 crores per annum advantage available by commissioning of this project. Okay. And sir, we were also contemplating some debottlenecking and some changes in our lines, the fertilizer lines, wherein we would be able to manufacture, I think so, ammonium sulfate from the lines which were not being attributed to that. There were some things we were working on. So where are we, sir, in terms of that tinkering with the production lines that was anticipated? Yeah, there is one line. I think you are talking about this Sikka, where the DAP one time we were producing and we are converting it for the fertilizer production, for APS and DAP, whatever is requirement of the market. So that project is as per the schedule, and we will be completing this by the end of September this year. So that facility available, then we will be producing the ammonium phosphate sulfate in the line of DAP whenever the requirement of APS is there in the market. Right, sir. Sir, pardon me there, I have not checked, but new Labour Code impact in terms of the employee cost, have you factored into our numbers or that there will be any revision because of that? You are talking about new Labour Codes? Yes, the new Labour Codes. Yeah. As per the information and notification available with us, whatever we could get it clearly, we have provided liability provisions in our books as of Q3 for the fixed-term employment employees. Most of the provisions we are already doing. As a government-promoted company, we are meeting all the requirements as per new Labour Codes. However, those are still pending to be notified. As soon as it comes, the rest of the things we will see and make the provisions. There is no problem. But there is no huge impact as far as our business is concerned, because we are already meeting most of the provisions. Sir, what I could gather from the previous participant's question and your answer that for IP, the environment is now conducive and the profitability, barring the market conditions, are expected to improve for the ensuing quarter. This is what the underlining factors, whether it is the caprolactam benzene spread or the higher prices for melamine. Is that understanding correct there, sir? Yeah, very much. By putting little efforts in the export of melamine, we have turned out to be positive margins in the coming quarter and in the next quarter and henceforth, since the caprolactam benzene spread is improving and the FTAs signed by the Government of India with the European market and tariff concessions in U.S., we are again looking for this export of melamine and caprolactam, and the third one is HX crystal to this market where the realization is better than the domestic market. Okay. Lastly, I think the HX crystals were, I think so we were selling this product because of the lower prices for caprolactam. Correct me there. Currently, how does the metrics work with the improvement in this spread? How are you placed in terms of this HX crystal product? Because thereof you have mentioned that volumes are expected to improve. If you could just explain the value chain. Yeah. HX crystal product is our own R&D-created product, and it is well accepted by the market. But we have the 100% capacity of the Indian market because we are only the producer. Sometimes if the import is cheaper than our realization price, then we may look for the export of the HX crystal. That is my sense that in export market, the realization is better than domestic market. That will provide an extra advantage for the new product. As far as caprolactam is concerned, the caprolactam and benzene spread has reached to a comfortable level where the contribution is positive. That will, again, boost the IP segment result in quarter 4. Okay. Just a small clarification. Where does HX crystal fall into place in the value chain? Sir, we were selling HX crystal since the realizations were higher instead of selling caprolactam, or correct me there, how does the metrics work here? No, HX crystal, the contribution is better, margins are better than the caprolactam. We are trying to run the HX crystal at the full level rather than the caprolactam. Because when the caprolactam price is not good, that is why we have developed this HX crystal, and we are diverting more of the intermediate product HAS to the HX crystal, and where the margins are better than the caprolactam. We always prefer to use the full capacity of HX crystal and gain better margins rather than selling the caprolactam at lower price. Right. Thank you, sir, for all. In case any clarification, I will come back again, sir. Thank you to the IR team and all the best. Dhanyavad, sir. Thank you. Participants who wish to ask questions may press star and 1 at this time. The next question is from the line of Madhur Rathi from Counter Cyclical Investments. Please go ahead. Sir, thank you for the opportunity. Sir, I wanted to understand regarding our sulfuric acid, the one that we have commissioned and the one that is expected in FY 2028. Sir, so it seems that there is going to be a lot of sulfuric acid availability in Gujarat due to Kutch Copper commissioning. Sir, so do we see that the payback period for these capacity decreasing once the production commercializes or sulfuric acid availability increases? The market availability and supply factor is not a fix. It keeps changing. Our sulfuric acid plant is commissioned for meeting the own requirement of sulfuric acid and ammonium sulfate and ammonium phosphate sulfate. So we are not going to sell in the market. Whatever the price sulfur is available at, for the GSFC, we produce sulfuric acid and consume it in the fertilizer production. So there will not be any negative impact, whatever the price of sulfuric acid may be in the future. As far as payback is concerned, if INR 100 crore is really the margin available in the first year, so we will payback in 2, 3 years. So there will not be any risk available for the company for the payback of the sulfuric acid plant. Right. So we don't see any scenario where due to production increasing at Kutch Copper or the next sulfuric acid capacity of 6 lakh metric tonnes that will be commissioning, for that payback period to increase further? No, I don't think so. Because I do not know when this chemical facility will be shaping up and the sulfuric acid is coming in the market. But as far as we are concerned and looking to the present pricing of the sulfuric acid, we will be recovering our cost in 2, 3 years. Got it. Sir, we mentioned that currently sulfur cost is $500 per metric ton, sir, and sulfuric acid is INR 17,000 per metric ton. Sir, do we see these prices to remain steady for the next one or two years, or where do we see the realizations for both of these raw material as well as the finished product? It is very difficult to comment upon because as you rightly said, demand and supply position fixes the prices. If some new suppliers are coming in the market or the other Asian countries like China and Russia start exporting the sulfur, then the prices of this sulfur and sulfuric acid will come down drastically in the near future. Okay. Sir, pardon my ignorance, but why have the prices risen so much? Because the other countries have stopped supplying in the international market. So there is supply and demand gap. Whatever sulfuric acid is required for the fertilizer as well as for other industries, it is not supplied by the other foreign markets like China, Russia. They have stopped supplying the sulfuric acid. I think in my opinion, this is one of the reason of this high prices of sulfur and sulfuric acid. Okay, sir. Thank you so much and all the best. Thank you. Thank you. Participants who wish to ask questions may press star and one at this time. The next question is from the line of Nirav Jimudia from Anvil Wealth. Please go ahead. Yes, sir. Thanks for the opportunity again. Sir, just a clarification on the ammonia and the sulfuric acid part. You mentioned that we require close to around 5.5-6 lakh metric tonnes of ammonia. How much of this would be met through our own production and how much we are importing? Around 4.2 to 4.5 we are meeting from our production, rest we are importing. Correct. After this expansion of 198,000 tons of sulfuric acid, how much is our capacity now for sulfuric acid? Sulfuric acid capacity will go to around near to the 100% capacity requirement of Vadodara unit and slightly we will be requiring it at Sikka around 1.6 to 2 lakh based on the product mix at Sikka. Correct. Let's say for sulfuric acid, possibly also we will be producing the similar amount of 4.5 lakh tons. Yes. 1.5 lakh metric tonnes we are buying from the outside market, right? Right. Correct. Sir, second question is on the urea part. You mentioned that we have revamped and our energy consumption in gigajoule per metric ton have come down, let's say from earlier 6.4, 6.5 to now 5.9 to around 6. So how does it help us in terms of the profitability? Is this CapEx what we have incurred for revamping our urea part? Are we getting some fixed compensation from the Government of India like earlier they used to give us in a period of four or five years? If you can help us both these aspects, that would be very helpful. No, urea plant was very old plant of 1969. Anyway we have to revamp this plant because of the old technology and the very poor condition of the plant. So we had to incur this revamp facility at Urea-II. Urea one plant we have already stopped because that machinery is not useful and it is of 1967. Whatever the Government of India has been giving some money to other companies for this CapEx. In case of GSFC, we are not getting anything by way of fixed cost. However, they have acceded to our request of providing the subsidy at the old rate, even after the consumption of NLV at normal. So that will benefit as a payback period of five years time from the GSFC of the capital expenditure of around INR 350-INR 400 crores. Got it. So every year we would be possibly saving around INR 80 crores from the urea. That is up to you to calculate, but I explore that around 4 to 5 years we will be recovering the cost. Got it. Sir, also on the Industrial Products segment, are we thinking of any newer products or expansion into the existing product line? Because HX plant has been consistently operating at around 100%. Are we thinking any expansion there or introduction of any newer products? In the IP segment, we have appointed one BCG consultant, Boston Consulting Group, and they are in process of preparing this 10-year growth strategy and roadmap for GSFC. We have already acquired the land at Dahej, so any further facilities of IP products will be put in there. Here in Fertilizernagar complex, there is hardly any space available to put any new facility. Now we are going to shift our production facilities at Dahej. As for this final report of the BCG and getting approval from the board, we will execute this start of the putting new facilities in the IP segment. Okay. Is this expected in next 6 to 12 months, this final report, or it would take a slightly longer term? No, it will come in the next 6 to 12 months, I think the report will be there. Got it. Also sir, this BCG, what we have hired is only for helping us in the growth part, or would they also be helping us in terms of reduction in some of the operating cost? Yeah. In both the operational efficiency also they are advising us. Whenever there is a gap, we are filling the gap and operational efficiency will be achieved. This growth strategy is also they are submitting their report. Okay. The areas for improvement in the operational efficiencies have been identified or they are yet to be identified, sir? They have been identified. There are certain low-hanging fruits which we have already in the process of implementing. However, there are certain midterm and long-term. That will be executed as per the scheme and implementation of the scheme in the near six to one year time. Got it. Sir, any quantification in terms of benefits, if you can share? Is it possible to share in terms of any quantitative benefits which could happen to us on an annual basis? Any thoughts? At least 40 crores of operational efficiency, they have identified certain schemes, and that will be achieved by the company in the near future. Got it. Thank you so much, sir. Thank you. Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. S. K. Bajpai from GSFC Limited for closing comments. Yeah, thank you, participants, for the very good questions and elaborative questions on the performance of the company. It is pleasure to talk to all of you, and thanks again for participating in this conference call. Thank you very much. Thank you. On behalf of GSFC Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.