Ladies and gentlemen, good day and welcome to the earnings conference call hosted by Emkay Global Financial Services Limited. 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 the conference call, please reach an operator by pressing star, then zero on a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Chirag Jain from Emkay Global Financial Services Limited. Thank you, and over to you, sir.
Good afternoon, everyone. On behalf of Emkay Global , I would like to welcome you all to the 2Q FY 2026 earnings conference call of CEAT Limited. Today, we have with us from the management team, Mr. Arnab Banerjee, MD and CEO, and Mr. Kumar Subbiah, CFO. We will start the call with opening comments from the management team, post which we will open the floor for the Q&A session. Over to you, sir.
Good afternoon, everybody. Welcome to the 2Q FY 2026 earnings call. I shall start the discussion and then hand over to Kumar for his remarks on financial performance. Before that, we'll have the Q&A. The Indian car market entered a favorable phase this quarter, supported by major policy boosts from the recent GST announcement. The reduced rates are expected to enhance demand of vehicles and tyres, especially for low-ticket vehicles in semi-urban and rural areas. GST would also increase formalization and compliance and promote broader growth within the industry. Overall, we expect the combination of favorable tax policy, rising EV adoption, and premiumization trends to position the Indian car market for robust single-digit growth in the immediate future. Demand, while the initial three weeks of September witnessed subdued activity as buyers purchased in anticipation of the GST announcement, trade also downstopped. However, momentum shifted once the data was cast in September.
The conductance of above-average monsoons, robust kharif floods, and stable interest rates have further strengthened both rural and urban purchasing power and improved consumer sentiment and demand outlook. In the near term, we expect replacement demand for MHEV tyres, trucks, and bus tyres to move in line with EVs or be about mid-single-digit. For two-wheelers, it could be around 7%- 8%. In the passenger car segment, there is concern around growth. It could be around zero to very low single-digit kind of growth, but there could be some uptick because of the GST reduction. In the OEM, MHEV growth is expected to be zero to low-digit. In the passenger car segment, there is an optimistic outlook of 6%- 8%, but we'll have to wait and watch. In two-wheelers, the growth momentum will remain good, though it may taper down a little.
In industrial business, we are seeing a demand movement in agricultural radials, OTRs, primarily through OEM demand, and thus across continents of Europe, Africa, and Latin America. Coming to the U.S. performance, we have had a good quarter in Q2 with 22% worldwide growth on headcount-based EVs due to the standalone data stood at 0.07%. Growth momentum was continued during Q2 of last year, as I mentioned, 12.2% value growth. Replacement growth was mid-single-digit. It could have been higher had it not been for September. In September, replacement market grew, which was growing at close to double-digit prior to the GST announcement. I mentioned there was a trade down stopping customers' purchases, so we expect this growth to come back stronger near the digits in the future.
The OEM segment grew strongly in the mid-20s as we get back our footprints back into cars with higher in sizes, and international business grew in high teens. Investment tools, we supported strong growth in rural land, and it should have seen robust growth in total. The overall passenger segment also grew in mid-single-digits. OEM volumes grew significantly on wider basis, as I mentioned, across segments. The major growth for us came in passenger cars, where we have got some good models of us going in a retail fitment. In motorcycle cars, we have returned some specific accounts, and hence, wider growth in motorcycle cars has been good in the OEM segment. Month-end was a good, warming team for an OEM segment, and trend markets also saw us going well because we had a small base in OEM.
In international business, we were very good in two-three-wheelers, and we gained traction in several geographies. For Africa, Latin America, for example, it was also good in passenger car tyres with volumes led by the European market. Farm growth was also very good in Europe, as well as Latin America, and the rest of the world. We faced headwinds in the U.S., where tariff uncertainties continued. However, as I mentioned earlier, our stake in the U.S. market is still very low, so overall impact on our growth and profitability was not really material. With a punitive tariff of 50% overall, our sales of OHT to U.S. slowed down further, practically by the end of the quarter. However, we continued selling our passenger car tyres and truck-bus radial tyres to the U.S. market.
Replacement market shares were positive in the trailer segment, as well as for the two-wheeler segment, that is motorcycle and scooter, while we held our market share in TBR in the replacement market. Coming to margins at Q2, standalone gross margin witnessed an expansion of about 400 + basis points quarter on quarter. We are now in our long-term base trend of 40%- 42% gross margin. We have entered that zone in quarter two. We benefit from softening of the raw material basket and improvement of net sales realization in both replacement and international business. We expect commodities prices to be soft in quarter three as well, and around the same levels as quarter two. Our standalone EBITDA margins stood at 13.7%, and standalone net profit was INR 202.2 crore.
We completed the Camso acquisition on 1st of September, and with that, we have taken a significant leap in becoming a leading player in the premium OHT segment. We reaffirm our outlook that in the medium term, this margin is going to be margin accretive. We are happy to report that the business is progressing well, and integration efforts have been successful. There have been no surprises based on one month of operation in Sri Lanka. We have started taking over direct customer relationship from Michelin in a geography and customer-wise phase transition. This will continue over the next three to four quarters. On the procurement front, as we guided previously, we'll continue to buy semi-finished goods from Michelin till we set up our upstream equipment, and this will take five to six quarters to complete.
Overall, it will take five to six quarters for us to gain complete control of the value chain as far as Camso is concerned. Continuing with our comments on the trend of electrification, international business premiumization, as well as digital and AI. In electrification, our share is 30% currently in the OEM, PCEV, EV segment, and it is about 20% in the two-wheeler EV space. We continue to focus on product development for emerging vehicle sizes, and we have a good respect and credibility amongst the OEMs to get fitted on the upcoming new models. In international business, we delivered a strong performance in Q2 through diversification of geographical spread and deeper penetration in specific markets. In the non-specialty business, we clocked mid-teens kind of growth on a year-on-year basis in key clusters in Europe, in Africa, and Middle East. It was quite widespread across various continents.
Europe is also our most profitable cluster, as well as the highest growing cluster. The key category in Europe, which is growing very well for us, is passenger vehicle tyres. We saw a good traction of two-wheeler tyres, and overall, passenger and truck-bus radial tyres contribute to 65% of our export. If we measure the share of Indian exports brand-wise, then CEAT is the leading exporter of passenger vehicle tyres out of India to various geographies. Premiumization in quarter two, we launched two more innovations, 90% sustainable, bio-based material-based tyres, which is SecuraDrive CIRCL . This is a concept tyre, which was showcased in quarter two, and this is coming on the back of innovations earlier in the year on Calm Technologies Z-rated 21-inch tyres and round flat tyres. We also launched a premium mining tyre in the truck-bus radial segment, ROCKRAD, which is showing very early promise.
In the premium car tyres, we continue to get fitted in emerging OE vehicles, and our market share in the premium segment in replacement continues to grow. Digital and AI, we are focusing hard on getting business impact through implementation of GenAI and agentic AI. In this quarter, we introduced autonomous digital agents across key business areas, and we became one of the first organizations to try an agentic checkout on our website. Currently, it is in beta stage. This would completely personalize customer journeys based on information that they shared with us on our website. Agentic AI has got potential and to be integrated across value chain from procurement to manufacturing to QA to sales and marketing, and several use cases are under implementation. CEAT's consistent website traffic increased more than 1 million since last year.
Organic traffic grew by 20% and 19%, to be precise, compared to Q2 of last year. Leads for premium SUV users exceeded 30%. Positive sentiment for the brand opened up as well, with a 20% increase in average interaction per post YoY . As of today, as we know, auto component tariff situation is as follows. Duty on auto component is 25%, where India is not at a disadvantage with any other country because it's a category-specific tariff. In TBR and PCR segments, we face 25% tariff, whereas 50% is applicable to OHT segment out of India. Sri Lanka is currently at 20% tariff from the U.S. on a reciprocal basis, and there is no change in that. Overall capacity utilization is around 80%- 85%.
Expansion projects are progressing as per plan, and we expect total CapEx for the financial year to be around INR 1,000 crore, as mentioned earlier. As far as our outlook for immediate future growth goes, I think the GST change will be a positive factor for the industry, especially in small towns and rural markets. We also think that we will arrive at some kind of clarity on the U.S. tariff situation in some time during quarter three or quarter four. The RMC, as I mentioned, raw material cost, is expected to be flat. It may come down slightly, but then the currency is also depreciating. We expect to continue our double-digit growth momentum, and we expect to keep our margin profile steady. With this, I would like to hand over to Kumar.
Thank you, Arnab. Good afternoon, ladies and gentlemen. Thank you once again for joining our Q2 FY 2026 earnings call. I'll share some further financial data points, which we can enter into Q&A session. At overall financial performance, our consolidated revenue for the first quarter is INR 3,733 crore, which is a growth of about 14.2% year-on-year, driven largely by volumes and also present mix. Volume growth is led by OEM and international business, with strong double-digit growth, while replacement grew in strong single digits. We would like to bring to your attention that the consolidated numbers relating to the current quarter also include the Camso business that we have acquired and effective for September 2026. In the future, the financial numbers of our consolidated statement will include the entire period of Camso operations.
Coming to our operating margin, our consolidated EBITDA margin for quarter two stood at INR 511 crore, translating to 13.5% and an improvement of 259 basis points for one quarter and 250 basis points year-on-year. Our gross margin for the quarter stood at 40.9% on a consolidated basis, an improvement of a little over 400 basis points. We are raising out of lower raw material prices, higher operating income, and improvement in price and mix. Coming to raw materials during quarter two, crude oil prices largely remained stable, hovering around $60 ± $2. Crude has recently dropped slightly at the lower end of the range, arising out of a drop in demand from China and also adequate supply situation.
Overall, raw material prices were lowered by about 5% in quarter two over quarter one, which is much better than the estimates that we had in the beginning of quarter two. The international rubber prices remained in the range of $1,700- $1,700 throughout the quarter, while domestic rubber prices softened and came back very close to import parity levels towards the later part of the quarter. The crude derivatives that impact our raw materials, like carbon black, synthetic rubber, and fabric, came down with some time lag during the quarter. Rupee depreciated by around 3% during the quarter, which will have some impact on raw material costs in the coming months. Taking into consideration the current base prices of various raw materials and the impact of rupee depreciation in the last eight weeks, we expect raw material prices to remain at the current level in quarter three.
Coming to debt, CapEx, and working capital, we spent about INR 185 crore of CapEx during the quarter and overall, about INR 415 crore in the first half of the year. In addition, we also had an additional capital expenditure towards intangibles in the acquisition of the Camso business, in the books of CEAT standalone to a tune of about INR 236 crore. On a consolidated level, our net working capital marginally increased by INR 58 crore compared to quarter one. We ended the quarter with a little higher inventory, particularly raw materials, arising out of a higher arrival of imports and finished goods to build up for the quarterly requirement. We hope that it brings the inventory level to a normal level in quarter three.
Our consolidated debt stood at INR 2,944 crore as of the 30th of September and increased about INR 1,130 crore over the end of June position, as we raised some funds to manage our capital expenditure and acquisition requirements. Overall, during the quarter, we invested INR 272 crore towards equity capital, INR 702 crore towards debt, and INR 238 crore towards intangibles in the acquisition of the Camso business from Michelin, involving a total cash outflow of INR 1,232 crore. After taking into consideration all of that, our debt-to-EBITDA on a consolidated basis stood at a comfortable level of 1.8 as of end of September, and debt-to-equity at a comfortable level of 0.64. We have enough leverage to provide necessary growth capital to the business going forward.
Coming to operational expenses, our employee costs increased as compared to quarter one, primarily on account of annual increment cycle and additional manpower in our factories to carry out higher level of production. Other expenses entered largely arising out of a higher level of manufacturing activity, higher outsourcing volumes, higher distribution costs, and marketing maintained at quarter one levels. Depreciation on a consolidated basis for the quarter stood at similar to quarter one. Interest value in quarter two increased primarily due to higher debt in the month of September, necessitating for payments towards Camso and also for the capital expenditure. You are all aware that the government reduced the GST on tyres from 28% to 18% and also reduced the GST on farm tyres from 18% to 5% effective 22nd of September.
We view the new GST regime as a structurally positive development, and we are pleased to share that CEAT made the transition into a new regime successfully and seamlessly. Overall, our consolidated profit for the quarter stood at INR 185.7 crores compared to about INR 121.5 crores during the same period of last year and INR 112.3 crores in quarter one of the current year. With that, we can now open the floor for the Q&A.
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 touch-tone 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 Mumuksh Mandlesha from Anand Rathi Institutional Equity. Please go ahead.
Thank you so much for the opportunity. Congrats on a strong margin and revenue performance. Firstly, can you share how was the Camso Q2 performance in terms of revenue and EBITDA?
Okay.
Yeah, if I can add, for Q3, how do you see the numbers for Camso?
See, first, we have got only one month of experience with Camso. The turnover and the margins that is coming through is under the sales and supply agreement with Michelin. We are not selling directly to the customers, nor are we buying any raw materials directly. We are buying semi-finished goods, and we are selling to Michelin, who in turn is selling to the customers. The entire value chain that is in our hands is not the entire one, and therefore, our margins are not reflective of the overall business. With that disclaimer, if I say whatever we have seen in the first month, you would agree it's a very small sample size. It is more or less in line with what we paid for.
There are no surprises at all in terms of the sales realization on the market, in terms of the cost structure in the factory, whether it is operating cost or employee cost. I am sure you would agree that we need a full quarter operation to give you some sense of where the business is and where it is headed. We are positive in terms of the basic characteristics of the business. All I can say is that we are completely focused now on increasing feet-of-street and taking up the sales turnover so that we can use the capacity of the plant, which is currently being utilized at 50%.
Got it, sir. Sir, just on the U.S. market, how is the end market responding in terms of price hike due to the increase in EBITDA, which is also varying across countries? How is the market playing in terms of price hike? For Camso, sir, how do you see in terms of market share? Do you see any incremental benefit to the market share and to the liquidity rates in the market? On the end market, U.S., how is the performance, sir?
The U.S. for passenger and truck-bus radial, there is partial pass-on of the tariff. The incremental tariff is 25% for these categories across countries. There is no country with a relative advantage or disadvantage, including India. We are absorbing somewhat, and we are passing on somewhat to the customer. Our base is very low, so we are growing. For us, growing in the U.S. is not a problem. We intend to pass on the entire impact in the next two to three, maybe four quarters. Currently, we are partially absorbing. Sales growth is not an issue. We have to wait and see. 60% of the tariffs in Europe and the U.S. are imported. Gradually, I expect the rates to be passed on over the few quarters by all players. That's a general answer to your question. For Camso, Camso is experiencing 20% duty from Sri Lanka to the U.S.
Again, it's no relative advantage or disadvantage compared to any other country, barring the production within the U.S., of course. From what we understand, we have just seen one month of operation. From what we understand, the Michelin sales team has also passed on partial benefits, partially the price, which means they've absorbed some price, which is what we are seeing in our accounts. They have passed on some part of the price. We expect Camso also to pass on the full impact of tariffs in maybe two to three quarters.
Got it, sir. Are you possible to share what's been the impact observed, sir?
Pardon, can you repeat the question?
Sir, is it possible to share of the 20% duty, how much has been absorbed, sir?
In Sri Lanka, we have to analyze that. It would be some part of the duty. To be honest, we are not very clear how much has been absorbed, but it could be around 50/50.
Got it, sir. Lastly, sir, just on the India side, the GST cut, sir, just want to understand, post the GST cut, the cost has been lowered for the customer, and demand has picked up. How is the market reacting in terms of discount offerings in the end market? Over the medium term, do you see the possibility of discounts coming down, sir, or the price hike being taken, sir?
No, there is no price hike. We have passed on the entire benefit of the GST cut to a channel, and we also advise the channel to pass on the commensurate rates to all categories to the customer. We are continuously checking whether they are doing so. From our side, 100% of the benefit has been passed on. There is no question of any price hike right now. The raw material is also trending down. We'll hold the price line, and the duty cut has been entirely passed on. There's significant benefit to the customer. It works out to around 7%- 8% on the selling price. The 10% duty cut works out to that much amount. For, let's say, truck tire, it could be INR 1,500 per tire, which is significant.
We expect the customer sentiment to improve, and we expect demand to get a filling, especially in the smaller towns and the rural towns.
Got it, sir. Thank you so much for the opportunity.
Thank you very much. The next question is from the line of Mitul Sha from DAM Capital. Please go ahead.
Thank you for the opportunity, sir, and congratulations for a very strong performance all around. My question is on replacement demand. As we indicated, it was slightly muted during September, but on an overall basis for a quarter, which segment reported healthy growth and which were lacking? Going ahead, as we expect October, there would be some restocking, which was impacted during September. For Q3, if you can give more light on segment-wise replacement demand for Q3, Q4.
See, overall market demand, if you're asking about the truck-bus radial segment, generally, is tailing the GDP growth. It will be around 5%- 6%. Passenger would be soft, zero to low single digit. Two-wheeler would be about maybe 6%- 7% kind of growth going forward. Yes, the trade should be restocking in October, November, December. In October, we have the festival season, so the market is generally off as far as purchasing is concerned for about a week. This quarter is usually a weaker quarter compared to Q2. If you see sequential results over the last few years, since December, the onset of winter, parts of Northern India and Eastern India witnessed a slightly lower demand. Top line-wise, looking at the seasonal trend, we may be equal to or slightly lower than Q2 turnover as far as the top line is concerned.
Sir, second and last question is on the raw material basket. If you can help us with the average price for each element, each key element of this raw material basket during the quarter.
Sir, largely, international natural rubber prices remain within $1,700, $1,750. We didn't see much of a movement except here and there, but it remains within this range. No major change happened on international prices of natural rubber. In the first two months of the current, the last quarter, there were delays in import arrivals. That had some issues on the local prices of natural rubber considering the tight situation. Therefore, natural rubber prices were higher than the import parity level in July, August, and September month, it came closer to import parity level. Local prices have come down about a little over INR 10 per kg compared to the beginning of the quarter and end of the quarter. Crude derivatives, see, crude has moved within the $65 ± 2%. No major change.
In the last couple of weeks or so, crude is in the lower end of the range rather than the higher end of the range. Synthetic rubber, carbon black, and nylon fabric prices, their feedstocks moved in the same direction, but it didn't come down exactly in line with the movement in crude oil prices in the last six months or so. Carbon black prices remained at the same level as the quarter one. Synthetic rubber prices came down in the range of about 3%, 3.5%. Nylon fabric prices about 2%, 2.5%. Some of the other steel prices, steel tire cord, bead wire prices were down about 4%- 5%. At the aggregate level, based on the mix, we saw raw material cost in quarter two was lower than quarter one by about 5%.
Considering this natural rubber recently just in the last month declining, Q3 should see that benefit in Q3, Q4?
See, only international prices are still hovering around the same level. No change. In fact, with currency depreciation towards the later part of August and September, the rupee moving from INR 85 to INR 88.80 has some impact on raw materials imported as well as raw materials locally bought, but on an import parity basis. Therefore, our view is that in quarter three, overall raw material prices, taking into consideration the impact of currency, should be in line with the current quarter two prices. That is our expectation.
Thank you, sir.
Thank you very much. The next question is from the line of Vijay Pandey from Nuvama. Please go ahead.
Hi, sir. Thank you for taking my questions and congratulations for an excellent quarter. Wanted to check what was the cover in terms of price and the bifurcation of realization growth that came at around, I think, 3%- 4%. What will be the bifurcation between price and mix? If you can just give a detail.
See, a large portion of gross margin improvement is on account of this 5% raw material cost reduction that I mentioned. Overall, there has been improvement in realization. Considering that we grew strongly in OEMs and the international business and a little less in the OEM business, approximately about a percentage improvement in gross margin in the last quarter, considering both price growth and also the category as well as customer mix basis, about a percentage came from realization.
Okay. Okay. Sir, is it fair to assume that the channel mix was negative for this quarter because replacement demand was lower than the OE demand?
Can you repeat the question? What are you asking?
Is it fair to assume that the channel mix OE versus replacement, yeah, that was negative or kind of?
No, see, overall, at full company level, realization improved. Therefore, it always happened between quarters, there'll be a mix. There was a positive movement in case of international business growing strongly in mid-double digits. OEM had also a strong growth, but replacement lower. Largely made up. I'd say largely made up.
Okay. Thank you. Thank you.
Thank you very much. The next question is from the line of Ankur Poddar from Swan Investments. Please go ahead.
Hi. Congrats on a good set of numbers, and thank you for the opportunity. My first question is, what is the overall volume growth for the quarter?
Overall volume growth for the quarter is 11%+ .
Thank you. My next question is regarding it's an extension of the earlier participant's question on Camso. Currently, we are in a sale agreement with Michelin. When will this normalize, and when will we start selling directly to our customers there? Can you share a rough timeline on that?
See, the entire value chain will not come in our hands before six quarters because that much time will be needed to set up the upstream equipments, which is the mixer and the calendar. That's number one. Maybe we won't take six quarters. The sales side will come in our hands faster than six quarters, but it could take three to four quarters.
Okay. The capacity utilization is currently 50%. How do we see this ramping up?
This will ramp up gradually in the first couple of quarters. Once we start getting to handle our customers directly, I think a steeper gradient is possible.
My final question is, if you can give me the breakdown of your CapEx spent till now across segments?
See, the total CapEx in the first six months of the current year is INR 415 crore. In addition to that, as part of our acquisition of this Camso business, INR 236 crore is what we had paid. This is towards intangible, like trademarks, patents, and things like that. In that INR 415 crore, about INR 100 crore is towards our normal R&D, IT-related plant maintenance, molds is about INR 100 in the INR 415. Truck and bus radial tyres expansion, we spent about INR 50 crore. It's an ongoing expansion. Our intention is to take the truck and bus radial tyre capacity to about 2,000 tyres progressively, which we have shared in the past. About INR 50 crore. Ambernath plant expansion is about INR 70 crore. Chennai factory, passenger car downstream, and also MCS put together is about INR 160 crore. Some de-border linking is about INR 40 crore.
That is a broad split.
Thanks, Kumar. Vishal here. I have one question regarding Camso. You said that Camso, getting the full business independently, it will take around six odd quarters. Is there any possibility from here on as utilization improves? You said the margin trajectory would improve on the basis of operating leverage. As such, in terms of mix or any other terms, improvement in efficiency, is there any scope that the trajectory of margins, is there any lever for improvement from here on in the margin of Camso, which we have seen in this quarter going ahead?
No, see, I think Arnab had clarified. I think our first impression is that one-month data broadly validates the assumptions that went behind our valuation of the business with respect to cost, with respect to realization. We would request, you know, let us have one full quarter numbers before we give you any view with respect to how the numbers would be going forward. Needless to say, September month was not a full month operation because effective first, though it was 1st of September, it takes a few days for the plant to commission and things like that. I think next quarter will help us to understand the operations better and share our perspective with respect to margins and other aspects of it.
Fair point, sir. Sir, last question regarding, you know, with this Camso acquisition and the CapEx coming in, whatever debt levels are going to rise. Any internal target regarding debt-to-EBITDA you have set for yourself?
See, look, if you look at our standalone numbers, in the past, whenever we went in for a large amount of CapEx, if you could recall, we were running four projects simultaneously at a point in time. Even a larger project book and a larger debt commitment and things like that, we always said our peak debt-to-EBITDA, we would not like to go beyond 3, and the debt-to-equity beyond 1. It is more about the peak levels, which is what we have agreed as a framework. While our financial, whatever we have agreed with respect to the banks, there are slightly higher levels of thresholds agreed so that there's no breach of any financial covenants with them. As we speak, even after this little over INR 1,200 crores of cash outflow relating to this, both the ratios, debt-to-EBITDA and debt-to-equity, continue to remain very strong.
Debt-to-EBITDA as of 30th September is about 1.7, marginally below 1.7, and debt-to-equity is about 0.67. Therefore, what is the level? I think our current level of needless to say that we would like our debt level to come under a little lower because we never have gone beyond INR 2,100 crores in terms of absolute debt at any point in time. Now we are closer to INR 3,000 crores. It'll really help. There are certain growth-related projects that we are undertaking at this point in time, both in India and also in Sri Lanka, in terms of adding upstream equipment. We'll provide necessary growth capital. We don't expect our debt-to-EBITDA and debt-to-equity to grow more significantly higher than the current level. At a normal stage, I think it should improve at a normal level of operations.
Great, sir. Thanks, sir, for answering all my questions. Congratulations for a great set of numbers, and Happy Diwali, sir, to you and your team. Thank you, sir.
Thank you.
As there are no further questions from the participants, I would now like to hand the consents over to management for closing comments.
Thank you very much, all of you, for attending this pre-Diwali conference call. I wish all of you and your families and close ones a very, very Happy Diwali. See you in the new year. Thank you.
On behalf of Emkay Global Financial Services Limited, that concludes this consent. Thank you for joining us, and you may now disconnect your line.