Q4 24/25

Jun 19, 2025

Summary

Q4 FY25 improved QoQ, but full-year revenue, EBITDA and PAT declined YoY. Capacity projects support growth prospects, while pricing, import competition and pending approvals remain key constraints.

Please note that this conference is being recorded. I now hand the conference over to Mr. Amogh Deshpande. Thank you, and over to you, Mr. Deshpande. Yes, thank you. A very warm welcome to everyone to discuss Balaji Amines Q4 FY 2025 results. It is our pleasure to be able to bring to you the management of Balaji Amines Limited, led by Mr. D. Ram Reddy, who is the managing director. I would now hand over the conference to the Balaji Amines management for their opening remarks, which shall be followed by a question and answer session. Over to you, sir. Thank you. Thank you, Mr. Deshpande. Good evening, everyone, and thank you for joining us today for Balaji Amines' earning call for the fourth quarter and the financial year ended 2025. We appreciate your continuous support and interest in our company. I hope everyone had an opportunity to go through the financial results and investor presentation. Today, I will walk you through our financial performance, key business highlights, and our strategic initiatives we are undertaking as we continue to focus on long-term value creation. Let me begin with an overview of the industry landscape. We continue to navigate a mixed demand environment. The pharmaceutical sector has shown stable demand, which has supported our base volumes. However, the agrochemical segment remained volatile during the quarter, with only a marginal year-over-year increase in demand. On the pricing front, we are witnessing continued pressure across key product lines. Turning to our business performance, I am pleased to share that this year we made significant strides in expanding our capacity and enhancing our product portfolio. We successfully commenced operations at three important facilities, the methylamines plant, the N-Butylamine plant at Unit IV, and the rooftop solar panels installed across our units. In line with our ESG commitments, the first stage of our solar power plant with a capacity of 8 megawatts DC was commissioned in April 2025. This initiative is already helping us reduce overheads across our plants substantially, which is a positive step toward lowering our carbon footprint. On the product side, we enhanced our existing Dimethyl Carbonate plant with new equipment for producing electronic grade DMC, which was commissioned successfully in May 2025. We also expect to commission the Propylene Glycol pharma-grade plant in the coming quarter of this financial year 2026. The construction of our Dimethyl Ether plant is progressing well, with commissioning planned during this financial year. Similarly, the N-Methyl Morpholine plant at Unit IV is under active execution. Most equipment has been ordered and civil works are underway, with commissioning expected in the financial year 2025-26. We also reconfigured our existing ethylamine plant at Unit I to manufacture isopropylamine, which will have a capacity of around 20 to 21 tons per day. We anticipate commissioning this facility once we receive the necessary pollution control permissions. Additionally, we are undertaking a capacity expansion for our acetonitrile plant at Unit III in Chincholi, scaling up to 60 metric tons per day. This is expected to be commissioned in the financial year 2026-27. Looking ahead, we plan to set up a new plant for the manufacture of NBPT with a capacity of 2,500 tons per annum. This project is expected to commence in the next financial year. Importantly, all these projects are being funded through internal accruals, highlighting our strong financial position and cash flow generation capabilities. I would also like to update you on the expansion activities of our subsidiary, Balaji Specialty Chemicals Limited. We are executing a greenfield project worth approximately INR 750 crores focused on manufacturing a range of specialty chemicals, including hydrogen cyanide, sodium cyanide in various forms, and EDTA products, benzyl cyanide, phenylacetic acid, and triethyl orthoformates and trimethyl orthoformates. This project is progressing well and is expected to be commissioned by the end of financial year 2025-26. Additionally, a brownfield expansion for EDA-based products at Unit I is on track for commissioning in financial year 2026-27. With these strategic initiatives underway, let me now take you through the financial highlights for the fourth quarter and the full year ended March 31st, 2025. During Q4 FY 2025, we witnessed an improvement in our business performance compared to the earlier quarter of the financial year. This was largely supported by relatively favorable global macroeconomic conditions and a gradual uptick in volumes. As this trend continues, we anticipate a corresponding improvement in both EBITDA and PAT margins in line with the broader recovery seen across the chemical and specialty intermediates industry. Let me now walk you through the consolidated and standalone financials for the quarter. Revenue from operations for Q4 FY 2025 stood at 361 crores compared to 321 crores in Q3 FY 2025. Total volumes were 25,871 metric ton in Q4, up from 24,107 metric ton in Q3 FY 2025. EBITDA for Q4 FY 2025 came in at 68 crores, compared to 54 crores in Q3 FY 2025, with an improved EBITDA margin of 19% versus 17%. Profit after tax stood at 40 crores for the quarter compared to 31 crores in Q3 FY 2025. The segment-wide volumes for Q4 FY 2025, amines volume stood 8,316 metric ton. Amines derivatives volumes stood at 8,389 metric ton, and specialty chemical volumes stood at 9,167 metric ton. On a standalone basis, we continue to remain a zero debt company. Revenue from operations stood at 327 crores for Q4 FY 2025 compared to 305 crores in Q3 FY 2025. EBITDA was 64 crores compared to 57 crores in the previous quarter, with the EBITDA margins improving to 20% from 19%. PAT for Q4 FY 2025 was 40 crores up from 36 crores in Q3 FY 2025. Now coming to the full year performance for financial year 2025. On a consolidated basis, revenue from operations for FY 2025 was INR 1,430 crores compared to INR 1,671 crores in FY 2024. EBITDA stood at INR 265 crores compared to INR 353 crores, with an EBITDA margin of 19% versus 21% last year. PAT stood at INR 159 crores compared to INR 232 crores in FY 2024. On standalone basis, revenue from operations stood at INR 1,296 crores compared to INR 1,359 crores in FY 2024. EBITDA came in at INR 239 crores from INR 265 crores, with an EBITDA margin at 19%, and tax for the year was INR 156 crores compared to INR 171 crores in the previous year. While the year was marked by challenges across input costs, pricing pressure, and global uncertainty, we believe the steps we have taken on capacity expansion, cost efficiency, and portfolio diversification have laid a strong foundation for recovery and growth. With that, I conclude my remarks. I now open the floor for questions and answers. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your 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 comes on the line of Ahmed Mata with Unifi Capital. Please go ahead. Thanks for the opportunity, sir. Firstly, trying to understand the timelines of all projects and the product expansion. Please correct me if I am wrong. Is it fair to assume the DME and all the other derivatives such as MIPA, DIPA, NMM, NBPT, all will commercialize by FY 2027 end? Is it fair to assume that way? See, I'll give you all the like Dimethyl Ether, it will be commissioned in this financial year, 2025/2026, only. N-Methyl Morpholine also by end of 2025/2026. Isopropanolamine, actually, plant is ready, will be commissioned. We are waiting for the MPCB clearances consent to operate. Maybe we'll get in a week's time. We'll be expecting to commercially commission by this week. Okay. Acetonitrile you said FY 2027, is it? Yeah. Yes. In terms of acetonitrile, you were supposed to change the technology for the existing capacity as well. Is that done, and how is that progressing? See, the upgradation and the expansion is together in the existing plant modifications, which will be commissioned by 2027 with the new technology only. Okay. So far existing, in current last FY 2025 financial year, our volumes for acetonitrile were close to negligible, or there was some- Very, very negligible. You are right, very negligible. Okay, got it. I was just trying to understand the demand side for DME and other derivatives. Have you started doing the validation batches and conversation with customer? If you could give us some sense of how that is progressing. Yeah. Actually, the plant is getting ready. This being a first-time manufacturing and being a gas form, we are waiting for certain approval from the PESO point of view. The moment we get that approval, probably we will start the plant and we will start distributing the samples and all these things will take place. Okay. This is from the standalone. On the subsidiary side, you said the INR 750 crore greenfield CapEx will be completed in FY 2026 itself. If you could give some sense what- No. It is in two phases, my dear. The first phase will be about INR 350 crore-INR 400 crore, and the rest will be the second phase. In the first phase, we will be doing hydrogen cyanide, sodium cyanide, that is solution under 100%, and also EDTA derivative. These are the products we are going to make in the first phase, and rest other products will come in the second phase. And second phase will be done by FY 2027 or later? Yeah. After FY 2027. Yes. Once we commission all these plants, then we will take up those plants. Okay. Makes sense. For this product, what are the key application segment we are targeting? Also, because this is cyanide chemistry, not many people are doing it. If you could give some sense how we have been able to build this technology through partnership, our own R&D. If you could give some sense so that we understand and appreciate your technology and process little better. You are right. This sodium cyanide is a technology very closely guarded, which is having with only few people. We have taken some basic know-how from the outside country, which has been Indianized and detailing, engineering, and designing of the equipment is done by the in-house. The consumption of these products is majorly into pharmaceutical industry and as well as agrochemical also. Okay. Will it be possible for you to share who the technology partner is? I think it's difficult to share right now. Probably once we commission all these things, I will definitely like to share. Right. Yeah. Last question from my side. If you look at last one financial year, FY 2025, and we look at a standalone business, I'm just keeping the subsidiary aside for time being. We had top line contraction as well as margin contraction. While if I look for a close competitor, in the standalone business, there was growth as well as margin improvement. I understand the product mix are different and there will be slightly different trends. But if you could explain what explains the divergence, and also how you are seeing the pricing and volume trends in the base business for FY 2026. Yeah. See, normally, as you rightly said, the product mix is different to the company to company. In one financial year, one company's products mix may do the better and other company's products may not have done better. That is the reason why how it is happened. Coming to the current financial year, we have seen April, May, we have seen very positive even in the price point also we have seen. But just recently, last one and a half weeks, we are seeing little pressure on the pricing because of the raw material prices. All these things became little uncertain worldwide because of the war conditions. Because majority of the petrochemical products, right or wrong, indirectly it comes, impacts from the Iran impact. Probably we will have to wait for the proper stability, then we will understand how it will go for the next one or two quarters. But demand is there. Only thing is prices are going up because of this war. Got it. If we keep pricing aside for time being, for this year, you have visibility of what percentage volume growth? If you could give some range. We are expecting minimum 10%-12% of the volume growth. Okay. Got it. Fine. I have few more questions. I will come back in the queue. Thank you so much. Thank you. Next question comes from the line of Rajiv Rupani, an individual investor. Please go ahead. Yes, sir. My first question is regarding DME. Sir, when we last spoke in November 2024 concall, you had said it will be commissioned by end of this year or maximum Q1 FY 2026. Right now you are not committing a date. Could you please guide us by when it will be commissioned? Thank you, Rajiv. See, plant is ready. Everything is ready. We are waiting for the PESO. PESO means, I tell you, since it is a first time the product, it will start right from the creating the code of the product for applying for the PESO license. That is number 1. Which is completed. Then we will have to apply for the bulk storage tank at our end. Second, bulk storage tank for the customer end also, we need to have the guidelines in place. Thirdly, road tankers permission. Fourth, cylinders permission. This is partly done. I think some of the cylinders permission we have received. Now we are waiting for the road tank permission. Since we are talking about the blending in LPG, we were requesting the government that we should give the permission on the existing LPG tankers only. We should be in a position to utilize, because since the BIS is already notified that there is a 20% of the DME can be mixed safely, blended into LPG. We are waiting for all these things. The moment we get it is a matter of days to commence. Okay. What kind of capacity utilization you expect this year? It's very difficult to say. The moment we get the permission, if the acceptance comes from the customer end, we may go minimum 50%-60% capacity. Okay. Sir, my next question is on BSCL Unit I. Sir, when we last spoke in November 2024, you had guided that the debottlenecking will be complete in four to six months. Now in your presentation, you have talked about brownfield project, which will be commissioned in FY 2026-2027. There is a little confusion on my side. Is it the same or it's different? Yeah. I'll tell you. See what we have done, the existing plant debottlenecking partly is done. All these modifications and the brownfield what we have to do is on the running plant only. We have to do 15 days we are running and 15 days we are doing some of the works. We are expecting that in the next six to seven months, we should finish everything. By year-end, better side we have given is financially first quarter of the next financial, we should be in a position to commence in full-fledged for the total brownfield, whatever we are saying today. Sir, what I know is, the products for which we had clearance was EDA, piperazine, DETA, and AEP. Any other products besides these? Yes. That is TETA, triethylenetetramine, which is also again TETA, TEPA. In existing PIP DETA also, we will get the increased quantities from the existing quantities. Okay. Sir, my next question is, currently a stake in BSCL is 55%. Yeah. Is it possible for the company to increase the stake to let's say 75%, 80%? It's very difficult to say at this moment because it is related to the decisions of the board of directors meeting. Once you commission the first phase of the BSCL Unit II of the subsidiary, then probably there will be some talks to discuss on those. Okay. Also on BSCL Unit II, when we spoke in November 2024, you said in 11 months it will be commissioned. Now you have told about end of FY 2025-2026. Is there a delay of 4-5 months? No. There may be 3 months delay because of the rains and all. Already erection is on the way. Some of the things we erected and some of the big equipment's on the way to come. Probably, we will see if you come by next month end. That is July and August, you will see a lot of equipment in the place. We are taking all the equipment erection and the commissioning, then trials, because being a substance product and being a cyanide-based product, we are taking precautions and longer time we are telling you. Probably end of this financial year, we may be in a position to commission and commercialize at least one or two plants. Okay. My next question was on this BNC, electronic grade BNC. Yes. Have we tied up with the battery makers? Any update on that? We have given one isotank to one customer and some part quantity to one customer of electronic grade. They also given some trial order, some 50, 60 tons trial order they have given. We just started. In the last two weeks back only, I think one week back only, we have given one isotank material to one of the battery chemical manufacturer. By when can we expect this plant to be commissioned fully? This all depends on when they are commissioning, Rajiv. Even for the battery people also, they started taking. See, along with the DMC, there are other chemicals which we go. That also we got one trial on isotank, which we have already given, that is NMP. We have given the battery grade material to one of the battery manufacturers. See, as we have done trials, they also go for their trials in their production. Once they come in their commercial, then we will be gearing up our full-fledged supplies. Thank you. Mr. Rupani, please rejoin the queue for more questions. Next question comes from the line of Anil Shah with Insightful Investments. Please go ahead. Yeah. Hi, sir. Good afternoon. Yeah. Good afternoon. Am I audible? Yeah. Yes, sir. Very good. Okay. I just wanted to know what exactly will be the spending on capital expenditure over each of the next two years in standalone and separately in our subsidiary, sir. See, standalone, as of now, we have only not more than 200-250 crores, whatever the products we have identified. As far as the subsidiary is concerned, it is from total is about INR 750 crores. First phase, around INR 300-350 crores and second phase, INR 350-400 crores. First phase is INR 350 crores, the second phase will be INR 400 crores in the subsidiary. Yes. And in standalone, we will be doing INR 250 crores. INR 150-200 crores. Partly we've already done. Like the N-Methyl Morpholine and the solar, those are all partly completed. Only one product, full project is pending. There may be about INR 70-80 crores. And these part of the expenses are pending. All put together, not more than INR 200 crores. Not more than INR 200 crore in standalone. Yes. Correct. So this is actual capital expenditure spent. This is not capitalization of CWIP, which is already there. Am I correct? Yes. My question to you is, on a consolidated basis, given that the subsidiary is looking for a pretty large CapEx over the next two years. On a consolidated basis, if we assume the business to be continuing the way it has over the last two or three years, how will the balance sheet look at the end of March 2027? See- In terms of net cash, debt. I will tell you. Last one year, this subsidiary was not doing well on account of some import competition because of the product mix. Since we are doing that brownfield, some modifications we are doing. This financial year end, one month we will get this actual result of this investment. Yes, next year, both unit one, that existing unit, definitely will do about INR 200 crores-INR 300 crores minimum in the unit one. And in unit two, the expansion unit also may do another INR 300 crores-INR 400 crores top line. You are talking about subsidiary in FY 2027. Yes. Is there a chance that by March 2027 annual report, we will be a net debt company on a consolidated basis? Net debt? Yeah. Yeah. Probably, we see if it is a first case, we may not see much of the debt, maybe INR 100 crores-INR 150 crores we may require in subsidiary level. But as far as the standalone is concerned. Yeah. Tell me. Right now, we are net cash. Yeah. We are almost INR 100 crores plus net cash. Yes. See what happens today. Looking forward to. Today, we have the surplus in both standalone as well as the subsidiary. This year, we will be consuming both cash, whatever surplus. In addition, we may consume the working capital basing on the DP available, basing on the stocks and DP available, whatever is the working capital. After that, if anything required at the end of the finishing these two expansions, we may go INR 50 crore to INR 100 crores only for the debt by 2027. Approximately, I am telling you. If I am just continuing with this question, if I look at last two years, we have spent almost about INR 440 crores on fixed assets, basically on capital expenditure. Part of it could be maintenance and part is expansion. Out of this INR 440 crores, the increase in CWIP is just about INR 100 crores, INR 120 crores. Out of the INR 400 crores, INR 280 crores has already been capitalized, which tells me that the plant is up and running. But we do not see that kind of growth in revenue and EBITDA and profitability. See, Mr. Shah, what happens anytime you go for any expansion, first financial year, you will not see any turnover immediately to 80%, 100%. Here, we are talking about all the products first time in the country. As far as the solar is concerned, it has already started generating the revenue from this April onwards. The MIPA, which is going to start this month, and DME, which we invested about INR 150 crores-INR 200 crores on that single plant, which will be commissioned, because just now I was answering to the other question, we are waiting for the PESO approval. The moment we get the approval, then immediately we may get 50% of the plant utilization come in the year. So next year, definitely you will see these results. I understand, sir. But despite INR 440 crores of CapEx spent, our top line is down 40% over 2 years. Our EBITDA- Top line down over 2 years. The plant yet to start. The money spent, but we are waiting for the commission. The moment we get the commission, we will start the revenues. Sir, that number that you are talking about in terms of plant yet to start should show in CWIP, which is just about INR 200 crores. 2 years back, that number was INR 10 crores. The increase in CWIP is only INR 120 crores. We have spent INR 440 crores, which means that the rest of the INR 320 crores has been capitalized, which means production is on. See, one plant is already started, that is on N-Butylamine. Now we are talking about the NBPT, which is in continuation of that product, which we are yet to build that plant. The moment we build that plant, this N-Butylamine plant will run 100% capacity, which is not running today. Right? On the second one, Di-n-butyl ether, which I am telling will start running this year. And third, we are spending, partly we have spent some money on account of advance to the equipment for the acetonitrile. That will also be commissioned by year-end. So all these things, we cannot expect immediately. It will take time. We have done only the DMC capacities, which we are waiting for the battery manufacturers now to start. And the Di-n-butyl ether, which I said, we are waiting for the PESO permission. N-Butylamine, partly, we are running. The part we have to commission the other plant. So these are all have to commission. You can say they are part of the thing. The moment you produce 100 kgs of material, we are supposed to capitalize the amount. That is the reason you will say that we have already capitalized the 100. So it will take time. Thank you. Mr. Shah, please rejoin the queue for more questions. A reminder to all the participants, please restrict yourself to two questions. Next question comes from the line of Aditi Loharuka with CD Equisearch Private Limited. Please go ahead. Good afternoon, sir. Sir, could you please share the initiatives which you are taking to scale up the volumes of DME in the current year and next year? DME, their total plant capacity is about 100,000 tonnes. This year we are talking about 50,000 tonnes. If we go for the 50% capacity utilization, it will be around 50,000 tonnes. Next year, probably we will do 70,000 tonnes volumes we will do. Okay. Could you please tell that how much revenue will the additional capacity generate? It's very difficult to say right now, Aditi. The moment we start, that depends upon the prices. Probably it will be INR 70 to INR 75 per kg. Approximately, I'm telling you. Depends upon the raw material prices at the time of commissioning that- Sir, could you please repeat the number? I didn't get you. It is about around INR 70- Okay per kg. Okay. Sir, just one query that why has the commissioning of ACN plant been shifted to next year? Because we have other plants in place. ACN is already There are two manufacturers are there, and we wanted to make sure that the new technology should work. We have done some R&D on that. Now we are sure that the new technology and new equipment we have designed, which is ordered. That is why we have taken time. Okay, will it be commissioned in H1 of FY 2027? Should we believe this? Yes. By end of the current financial year to start of the next financial year. Okay, and what kind of margins can we expect from ACN? It is very difficult to say in this volatility market. Saying for a year, it is very difficult. But as I said earlier, even now also I am optimum on the EBITDA, around 19%-20%. Okay, sir. Thank you. Welcome. Thank you. Next question comes from the line of Aman Madrecha with Augmenta Asset Managers LLP. Please go ahead. Hi, sir. Thanks for the opportunity. Sir, could you please highlight how is the marketplace, specifically across all the products, let's say like a DMF, DME, N-Butylamine, and all the new products that are coming up? Similarly, what is the demand and how much is the import like? Can there be a situation wherein we could face a situation like a DMF scenario wherein we are not able to utilize the plant because of dumping from other countries? Could you please highlight on all these products across how is the marketplace? Yes. As regards the DMF, we just started improving our capacity utilization. This year you will see there will be improvement because we are trying to run the full capacity. As regards all our products, there was a very positive April and May we have seen across all the products across the world. Demand? There was a good demand, and even pricing also, there was an improvement. Only thing is now last 1 and a half week, we are facing some problem in the raw material prices increases because of this war situation between Israel and Iran. Until otherwise the stability comes around the world, it is very difficult to say where it stands. But what I can guaranteed that there are few products which goes in the essentials, like life-saving drug and all, like as you said, dimethylamine hydrochloride. Those are running full capacity. There is no problem because it is a consumable, like a medicine, human consumption. Those are running well. Only thing is we are getting some pressure on the pricing. Sir, looking at a point, like for example, because of the tensions escalating between Iran and Israel, we are expecting that the methanol prices could shoot up drastically, right? Would impact the profitability? It is already increased. Last one week, they have increased about INR 7 to INR 8, but it has to stay stable. Somebody will take over this supply instead of Iran, either Saudi or Qatar or Oman. Those people will jump in, and the prices will stable somewhere. Today, we are talking about INR 30, INR 31. According to us, it should be stable somewhere INR 27 to INR 28. As of now, we are expecting some INR 23 to INR 24. Also, sir, like for example, one of the bigger expansions is coming in Dimethyl Ether, the 1 lakh ton of capacity. How is the marketplace domestically, obviously with the 20% blending with the LPG, et cetera. But currently, is the country importing DME from someone, or is the first time that DME is being used with LPG? Actually, what we see, this is an alternate for the LPG. The country is currently importing more than 25%-30% of the LPG from the outside country. That is the reason the BIS has given its notification saying that you can blend 20% of DME into LPG. We are working with the government of India to get a notification to the all oil companies to blend this. That is number one. Number two, we have an opportunity to all aerosol consumers, wherever the pressure requirement for the aerosol manufacturing, we expect that we will replace entire aerosol market the moment we get the PESO permission. Thirdly, there is a commercial. We do not succeed immediately for the blending in the LPG, but there is a commercial requirement, like commercial hotel industry and industrial use where the LPG used for the heating. There, our product will be definitely viable, and we do not need any permissions or anything. We can directly go ahead. Only thing is we are waiting for the permission of PESO, that is Chief Controller of Explosives permission. The moment we get that, nothing will stop us going into the market. We do not need to wait for the blending into the LPG. Understood. Also, sir, if you could highlight on how is the EDA doing, ethylenediamine? Because we have been seeing that the subsidiary numbers are deteriorating, the margins are taking a hit. What is happening on the EDA side of the things if you could throw some light? You are right. It is the right question. There was a lot of dumping from the China. Then we approached the government for the anti-dumping, which is in the process. The investigation is going on. In the meantime, the prices have been improved little. That is the reason we started the plant. Plant is running presently at 40%-50%, which was closed for some time because of the dumping and the competition from the China. We are doing the certain modifications also to minimize the EDA, ethylenediamine, and increase the other product portfolio capacity. Understood, sir. We are currently operating the EDA plant at 40%-50% utilization, right? Yes. You are right. Lastly, sir, could you throw some light, currently, we are not generating any revenue from acetonitrile. We are generating maybe marginal money, let's say, from DMF. So what are the key products wherein we are generating the money? Be it the derivative side, be it the specialty chemical side, where are we actually generating good amount of money, and the product is also viable? Yes. I think we have given in the annual results actually, as well as in my speech. I have mentioned clearly what are the quantities, like amines are there, methylamines, ethylamine, both together. And the derivatives are there, like NMP, dimethylamine hydrochloride, DMAC, DMF partly, and DMAC. There are many products are there. So like that, and specialty chemicals plant, like NMP is there, morpholine is there. So they are all contributing. Only other than ACN, all the plants are running. Only ACN we stopped because of the modifications and because of the price situation, because of the new technology, new obligation, new technology. We are not producing presently anything in the acetonitrile plant. But all our plants are running. Understood, sir. Thank you for the question. You are welcome. Thank you. Next question comes from the line of Deep Chitalia with 9RES EquiSearch. Please go ahead. Am I audible? Yeah. Very well. Go ahead. Sir, my first question is the performance of our subsidiaries seem to be more impacted in FY 2025. Could you provide some reasons for this poor performance of our subsidiaries? The same thing I was telling Mr. Italia. What has happened, there are two reasons. Number one reason is because of the dumping from China, competition from China, we were not in a position to run full capacity. Number two, we have taken up some modifications in the plant, which is a brownfield, which will be complete by end of this financial year, where we will be reducing this low-cost product. We will be consuming this low-cost product and producing the high-value products like PIP, DETA, TETA, TEPA, all these products. With this, by end of this financial year or first quarter of next year, we will see the results of these modifications, and we will see the actual maximum level of running capacity of this subsidiary. Also, in the coming financial year, you will see the expansion. First phase, some of the plants will be operating by this next financial year. If both put together, you will see good numbers at the top level in the next financial year. Understood, sir. Sir, in the incentives which we are supposed to receive for the INR 750 crores mega project from the state government, how it will get reflected in our numbers? That will be seen. Whatever the incentives sanctioned will be paid over a period of seven years' time. That depends upon whatever the 50% GST paid and the sale. You are supposed to claim, and the government of India is going to reimburse that, which we are getting. Some amount is already for the Balaji Amines, the results in subsidiary also. We are already getting some cash in the current financial year. Okay, sir. That's all from my side. All the best for the future. Thank you. Thank you. Thank you. Thank you here. Thank you. A reminder to all the participants that you may press star and 1 to ask a question. Next question comes from the line of Rajiv Rupani, an individual investor. Please go ahead. Yes, sir. My question was on DMF. Last we spoke, you had told us you will apply for some anti-dumping duty on DMF. Now that our methylamines plant is commissioned, what kind of capacity utilization we will see in this year, and what is the current prices of DMF? We started running at full capacity when it made loss also because right or wrong, with our government, we have to prove ourselves by making the losses. At least 1, 2 financial years, we have to make the losses, then you are eligible to file the anti-dumping. There is 1 file already pending that EDA investigation is going on. After that, if we make the losses. As of now, we are not making eligible losses. We are running in the reasonably good only. Now we are running at 40% capacity. Slowly, slowly, we will be increasing it to 60% to 80% capacity. While doing this, if we make the losses, we will become eligible for the anti-dumping, then we will be definitely filing the anti-dumping. Okay. I have a follow-up question on BSCL unit one. Sir, you just informed us that we will be producing less of EDA and more of other products. Yeah. Our other products, what I know, the piperazine DETA in AEP, we have environment clearance of 4,000 tons for PIP. DETA is 3,150 and AEP is 1,000. Any update on that? Have we got No, we have a mix of other products like TETA, TEPA also we have applied. Those are also on non-place. We will be getting TETA, TEPA, and in addition to that, the existing, as you rightly said, PIP, DETA, and AEP will be increased. Okay. Can we expect 80%-100% capacity utilization for the other products, PIP and AEP? Yeah. Definitely next year. Okay. I had one more question on N-Butylamine. What is the current capacity utilization and going forward next year? We are running currently 30%-35% capacity. I will tell you, whatever the country's consumption, we have covered almost 90%-95% of the country's imports we have stopped for that product. Because we being a single manufacturer, initially we struggled, but today the stage has come, hardly anything coming from the outside country for this product. Second thing, we are just sending the samples outside country, and we are evaluating for the registration also for the exports. Third thing, which I just disclosed, a product called NBPT, n-butyl thiophosphoric triamide. This product is required N-Butylamines. So that we are going to take up in the next financial year. So that time, this N-Butylamines is going to be operational more than 80%. Okay. That was helpful. My last question was on PG. What is the current capacity utilization and going forward? See, what is happening, PG and the DMC both together will come in a plant. DMC, you are aware that these battery chemicals, nobody has been full swing. They just asked, one time we have given. We have to run both the plants. In addition to that, we have applied for the pharmaceutical grade, pharma grade, Propylene Glycol. So far, we were making only technical grade and food grade. The moment we get that permission, we will get the higher price for the PG, and whereby the lower price ability will come for the DMC for outside country, where we have paid them also outside country, since China is dumping at below RM cost because they must be doing the same pharma, PG at higher price and the DMC at lower price. We are waiting for the-- Actually, we are focused on the DMC only. Otherwise, we would have got the PG pharma license earlier only if we would have focused on the PG. We were assuming that the battery chemicals will grow fast, and that's the reason we were concentrating only doing the battery grade with DMC and all. Now we understood that PG also that much important, we should do the pharmaceutical grade PG. So we have applied, we have done some investment and some modifications. Facility has been upgraded for the pharmaceutical grade and applied for the license. The moment we get the license, then this plant without battery also will survive more than 60%-70% capacity. Thank you. That's it from my side. Yeah, okay. Thank you. Ladies and gentlemen, due to time constraints, we have reached the end of question and answer session. I would now like to hand the conference over to the management for closing comments. Thank you. Thank you very much. I thank you all the participants, all the investors, shareholders, who have shown the interest and confidence on the management and the company. We will not let you down. Thank you once again. We will put all our efforts to make this company to highest level of the expectations. Thank you once again. Thank you very much. One more, we welcome anybody who wants to visit the plants where the progress of the expansions can be seen with your eyes. You can contact our CS who will be guiding you for the plant visits. Thank you once again. Thank you all. Thank you. On behalf of Balaji Amines Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.