Q4 23/24

May 10, 2024

Summary

Q4 FY24 revenue, EBITDA and PAT improved QoQ as volumes rose and input costs stabilized. FY25 guidance calls for at least 10% standalone volume growth and 21%–24% EBITDA margins, supported by new capacity and planned projects.

Ladies and gentlemen, good day and welcome to Balaji Amines Limited Q4 FY 2024 earnings conference call hosted by Elara Securities Private 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 signal an operator by pressing the star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gagan Dixit from Elara Securities Private Limited. Thank you, and over to you, sir. Yeah. Thank you. A very warm welcome to everyone to discuss Balaji Amines Q4 FY 2024 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. We would also like this opportunity to congratulate the management on its strength set of numbers. With these words, I would now hand over the conference to the Balaji Amines management. Over to you, sir. Thank you, Gagan. A very good evening and a warm welcome on behalf of Balaji Amines Limited to all of you who have joined us for this conf call to discuss the operating and financial performance for the quarter and financial year ended FY 2024. We appreciate your time and interest in our company's performance. I hope everyone had an opportunity to go through the financial results and investor presentation, which we have been uploaded on stock exchanges. We are pleased to announce that our performance in the fourth quarter points towards a positive trajectory. We have managed to report a resilient performance in Q4 FY 2024. Our top line has strengthened compared to the previous quarter, with higher volume uptake, leading to improved margins driven by stabilized input costs on both raw materials and utility fronts and a setting industry scenario. The rebound in domestic demand, coupled with encouraging international market trends, is contributing to this momentum and enhancing our margins. Recent developments include the successful commencement of n-butylamine production at Unit IV, boosting an annual installed capacity of 15,000 metric tons. Furthermore, Unit I and Unit III have received BIS certification for Morpholine, enhancing our product quality standards. Both methylamine and dimethyl ether projects are progressing well, showcasing our commitment to operational excellence. We remain committed to our debt-free strategy, which continues to serve as a significant advantage for us by providing financial flexibility, enhanced creditworthiness and improved profitability. Our goal is to bring innovative products to market, enhance our product range, and develop advanced manufacturing facilities to differentiate ourselves from competitors and capture market share. Sustaining our leadership position in amines and their derivatives within the Indian market has been integral to our achievements. The broad assortment of specialty chemicals we offer remains a key differentiator, setting us apart from competitors. We foresee the fiscal year 2024-2025 as a period of growth and improved market conditions, guiding us to maintain our leadership in amine and specialty chemicals. Now, let me take you through the consolidated financial operational performance. Revenue from operations for Q4 FY 2024 stood at INR 423 crores as compared to INR 392 crores in Q3 FY 2024. Total volume stood at 27,984 metric tons for Q4 FY 2024 as against 26,903 metric tons in Q3 FY 2024. EBITDA for Q4 FY 2024 was INR 106 crores as compared to INR 83 crores in Q3 FY 2024. EBITDA margin for Q4 FY 2024 stood at 25% as against 21% in Q3 FY 2024. PAT for Q4 FY 2024 was INR 72 crores as compared to INR 56 crores in Q3 FY 2024. Diluted EPS for Q4 FY 2024 stood at INR 21 per equity share as against INR 15.24 in Q3 FY 2024. For Q4 FY 2024, amines volumes stood at 8,910 metric tons. Amines derivatives volumes stood at 9,676 metric tons, and specialty chemical volumes stood at 9,398 metric tons. On a standalone basis, we are a zero debt company. Revenue from operations Q4 FY 2024 stood at INR 373 crores as compared to INR 314 crores in Q3 FY 2024. EBITDA for Q4 FY 2024 was INR 95 crores as compared to INR 64 crores in Q3 FY 2024. EBITDA margin for Q4 FY 2024 stood at 25% as against 20% in Q3 FY 2024. PAT for Q4 FY 2024 was INR 63 crores as compared to INR 42 crores in Q3 FY 2024. Diluted EPS for Q4 FY 2024 stood at INR 19.32 per equity share as against INR 12.82 in Q3 FY 2024. Coming to our standalone performance for the financial year 2024, revenue from operations in FY 2024 stood at INR 1,359 crores as compared to INR 1,736 crores in FY 2023. The EBITDA stood at INR 216 crores in FY 2024 as compared to INR 339 crores in FY 2023. Our EBITDA margin was 20% in FY 2024. PAT for 2024 stood at INR 171 crores from INR 228 crores FY 2023. The diluted EPS for FY 2024 stood at 62.87 as against 70.18 per equity share in FY 2023. Now, coming to the consolidated performance for the financial year 2023. The revenue from operations for financial year 2024 stood at INR 1,671 crores as against, compared to, INR 2,371 crores in FY 2023. EBITDA for the financial year 2024 stood at INR 353 crores as compared to INR 624 crores in FY 2023. EBITDA margin for FY 2024 was at 21% as against 26% in FY 2023. PAT for the financial year 2024 stood at INR 232 crores as compared to INR 406 crores in FY 2023. Update on new projects and new proposed projects, proposed products. Looking ahead, we have strategic CapEx and new proposed products, projects, plants in place to fuel our future growth journey. We have initiated the CapEx for setting up the following plants, which will significantly contribute to expansion. Methylamine, the project implementation is progressing as planned. The project is likely to be commissioned around the end of December 2024. Electronic-grade DMC. Electronic-grade DMC plant set to commission in FY 2024-2025 holds promising prospects in India EV battery market due to its exclusive production status and a robust installed capacity of 15,000 MT per annum. Dimethyl ether. At Unit IV, we are currently working on a DME manufacturing project set to be launched by March 2025. Along with being a substitute of LPG, DME is used in aerosols, where Bureau of Indian Standards is eyeing a 20% DME blend with LPG, recognizing its benefits. Sorry to interrupt, sir. Sorry to interrupt. Your voice is coming as distorted. Hello, sir. Sorry to interrupt. Your voice is coming very distorted. Ladies and gentlemen, please wait for a few minutes. We have the management line disconnected. Please wait until the management line is reconnected. Thank you. Ladies and gentlemen, we have the management line reconnected with us. Thank you for patiently waiting. Sorry, the line was connected. The company has proposed to set up the following projects. Number one, N-Methyl Pyrrolidone, 3,000 tonnes per annum, and N-(n-butyl)thiophosphoric triamide, which is called NBPT, 2,500 tonnes per annum. Isopropylamine. The company has proposed to manufacture Isopropylamine, mono, di in the existing plant of ethylamine at Unit I, by modifying the existing ethylamine plant which is not in operations as we have set up a new and high output plant for manufacturing of ethylamine at Unit IV. Hotel business. With demand soaring and current occupancy at 85%-90%, we have decided to add 30 rooms towards the south side of our existing structure building. This is to cost us around ₹30–35 crore, continuing to meet growing foundation of needs and maintaining strong revenue streams. We are moving quickly with our plans for a new 20 megawatt solar power plant. Hello, sir. Sorry to interrupt, sir. Your voice is not clear. Could you just make the mic move away and speak? Hello. Is this clear? Yes, sir. Go on. Hello. We are moving quickly with our plans for a new 20 megawatt solar plant with MIDC, Chincholi, Maharashtra. Phase one involves setting up an 8 megawatt capacity, expecting to be operational by December 2024. We are also starting our paperwork for net metering and land conversion to non-agricultural use, aiming to complete the project soon using our internal tools. Hello, sir. Sir, sorry to interrupt. Hello, sir. Sorry to interrupt. Your voice is still not clear. I will quickly disconnect you and reconnect you again, okay? Ladies and gentlemen, we have the management now reconnected with us. One problem. Hello? Am I clear? Yes, sir. You're clear. Go ahead. Our steadfast alliance and our core strengths and competencies remains on the cornerstone of our strategy as we navigate through the intricate landscape of the market. These inherent strengths not only serve as our guiding light but also propel us towards achieving greater excellence in our role as a frontrunner in the amines and basic chemical sector. Looking ahead, we are optimistic about the fiscal year 2024-25, anticipating a period marked by significant growth and favorable market conditions. We foresee promising opportunities on the horizon, and we are well-positioned to capitalize on them. With our strategic initiative and robust foundations in place, we are confident in our ability to navigate any challenges that may arise and drive sustained growth in the upcoming year. Now we can open the floor for question and answers. Thank you. 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 their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Speaker . The first question is from the line of Neeraj Jain from Anvil Researchers. Please go ahead. Yeah, good afternoon, sir. Thanks for the opportunity. Sir, I have two, three questions. Yeah. Sir, one is on a standalone basis. If we compare our volumes this year for the specialty chemicals, they are close to around 27,600. When we look at FY 2022, these volumes were around 36,000 tons. So in between these two, three years, our volumes have fallen. So which of the products would have contributed to this fall in the volumes between these two, three years? I think you are getting confused. One is standalone, one is consolidated. I have included the consolidated numbers, because consolidated numbers would have included. That 36,000 tons you are talking, probably it may be consolidated. No, no, sir. What I have done is I have excluded the numbers of our subsidiary out of the specialty chemicals. The rest of the volumes I presume would be for the standalone business. Because I think that bifurcation happens in. There may be one or two quarters, one or two products, maybe like that. But the way you are talking that 26 versus- No, no. Sir, 36 was just 28,000 tons. Uh-huh. But it was 8,000 tons is very. Anyway, see, one product that is acetonitrile, there was one boom, if you take that particular period. Yeah. As of now, we are not doing anything in the acetonitrile plant. That is totally closed. Correct. That one. Other thing is DMF. There was one year, or one and a half year, it went more than 80% capacity operating. But all other times it is 40%, 35%-40% only. This time we are expecting once we start this unit, that is methylamine plant, we are expecting that we will continue to operate the DMF plant with the availability of DMA. Correct. So probably we are currently restricted by the availability of DMF or DMA because of which we are not able to- Sometimes we will choose whichever is profitable. That time, if the good price comes to DMA, I will not go for the DMA. Once the DMA is more available, then we will run both. Correct. DMF and as well as selling the DMA also will happen. Correct. Sir, how was the markets of NMP, GBL, 2-P during FY 2024? Are we seeing some improvement in the demand towards those category of products? Because I think 2021, 2022, you mentioned that even those products were doing well, which are normally the high margin products for us. If you can just walk us through in terms of the update on those products. Yes. See, these products, what happened in between, a lot of reused material was coming. I do not know. God only can save these people. Many people started using recycled material, which is coming from China, which is after using two, three years in the electronics, the material is removed. That material, if you simple purification can show 99.9, but lot impurities, metal contents will be there, which nobody will test. That has given some impact. But going forward, what we are expecting, there are two, three out of five, six people for the lithium battery, there are two, three people are in a front run. If one or two comes, then our capacity will go 100%. For the specifically the NMP capacity, and 2-P will be going to full-fledged from last quarter onwards it is going. And forward also it will go full-fledged because the PVPK30 is operating at 100% level. Correct. Let's say if we take our specialty volume basket as a whole, probably this category of products would be giving us the highest margin. When the volumes comes back, probably the possibility of improvement in the per kg margins would see an upside from here onwards. It's not like that. There are many products. In one time one product will behave. That depends upon the market. This is the first year we have seen that because a lot of people have started using the recycled material. Probably the FDA will come to the alert, then the things will change. Even otherwise also, as I said, the coming one or two years, you will see a lot of consumption will take place in the NMP because of the lithium battery companies. Got it. Sir, let's say if we exclude the specialty volumes and see just the amines and the amine derivatives, predominantly those methyl and ethylamine products and their derivatives, what's your observation in terms of the per kg margins currently vis-à-vis before two, three years? Have you seen the contraction in the margins happening on the methyl, ethyl side on a per kg margins currently, or they have- I will tell you. The answer is in your question only. Yeah. See, last five, six years if you take, if you pass one year, that is the COVID period, that is last year, 2022-2023, was a different period. You cannot compare that period with any other year, because that was a bonus period for all the chemical industry and pharma industry. Other than that, we were doing all 2021 to 2022 were EBITDA rise, right? Yeah. This year also, we have done this quarter. I can say quarter, we have done 23%, but if you take the year, 21% we have done, which is well within the limit. As per your concern that specialty did not do well, still we have done 21% on the yearly basis. Correct. So, if the specialty adds for this thing, definitely it will be 23%-24% of the EBITDA margins. Got it, sir. This improvement is predominantly coming from the methyl chain or the ethyl chain? That is very difficult to say. It is a combination of the many products. Okay. Not only methyl, also ethyl also, because there are many products basing on the methyl, many products basing on the ethyl. Using our own consumption, their margins will change. It is from the both. Correct. Sir, second question is on the DMC and the propylene glycol plant. If you can walk us through how was the capacity utilization in Q4 as well as in FY 2024 for both these products? See, it is operating presently 30%-40%. You are well aware these plants were made for the lithium batteries. Actually, lithium batteries companies, they were talking last four, five years. They were talking, they were coming, "Just in." They were coming like this, they were talking. But unfortunately, nobody has done kickstart. Now we are discussing. There are one or two companies who visited the plant and who have seen serious in their commencement of the production. Then the DMC will start because it goes in the electrolyte. Otherwise, pharma and agro is very small quantity, that is about 3,000-5,000 tons of the system. Even the consumption of dimethyl carbonate are very less in this pharma and agriculture together is at 7,000-8,000 tons maximum. But we have set up a plant for the 30,000 tons, including the PG, propylene glycol. Yeah. Because looking into this lithium batteries coming up. That has been delayed. Definitely in the coming quarters, probably before end of the year, at least one unit should come into the line where we should be beneficiaries. We are using propylene oxide as a starting material for this DMC and propylene glycol, right? Yes. Got it. Sir, our volume growth on a standalone basis was close to 8.5%. Yes. Any guidance for FY 2025 in terms of the standalone volume growth, what we are looking at? Minimum 10%, I am telling you. I am telling you very conservatively, but minimum 10%, without considering any expansions. And Q4 margin should be taken as a base margins on which we should start working on, and there should be some improvements going forward. How do you guide on the EBITDA margin? It should be between 21% to 24%. Minimum 21%, maximum 24% should be there. Got it, sir. Sorry to interrupt, sir. I would request to the last participant to come up in the follow queue to any other questions. Okay? We move on to the next question. The next question is from the line of Rajiv Rupani, an individual investor. Please go ahead. Yeah, good evening, sir. Congratulations on improving our number. Thank you. Thank you, Rajiv Rupani. Go ahead. Yes, sir. I had a question on BSCL Unit I. First question is the debottlenecking complete? What was the capacity utilization last year and going forward? Number three, is the raw material issue behind us? No, there is no raw material issue. Even still, there are some, two, three months. Again, we have to take one or two shutdowns for completing this. While doing this debottlenecking, as I told earlier also, we are doing some of the product mix development also. Like instead of today we are using MEA, monoethanolamine. Now, we have come across in the R&D, we can use the diethanolamine also. If you use this combination, you will get increased value adders, like DETA, PIP will get more. Those activities are going parallel. In the current year, you will see. In the coming one or two quarters, you will see both the things, and you will see the capacity improvement as well as this combination improvement, you will see. Got it. Sir, my next question on BSCL Unit II. Have we received the environmental clearance? Number one. Number two, you have given the list of products in the press release. Could you let us know the phase-wise CapEx and phase-wise which products will come up first? See, we have taken TOR is already received. It may take six months to one year. Or maybe first or second week of next month. With regards to products, sodium cyanide will be the first product. There are six products we are doing in the first phase. One is triethyl orthoformate we are going to make. Trimethyl orthoformate, we are going to make. In the initial, hydrogen cyanide, sodium cyanide will come. Along with that, by using EDA, EDTA will come, and EDTA acetic acid will come, and benzyl acid will come, phenylacetic acid will come, triethyl orthoformate and trimethyl orthoformate. These are the products coming in the first phase, which will take about ₹300-400 crore investment. Once we are doing a CapEx of INR 350 crore. Once all this is complete, how much revenue will this BSCL unit give us? It's too early to say, but definitely it should cross INR 1,000 crore minimum with this unit alone. Including all the products? This first phase, which I told you, six products, just now I told you. Okay. I am talking about INR 350 crore to INR 400 crore. On second phase, the additional INR 350 crore, which will become total INR 750 crore. Okay. Sir, this will all be through internal accruals and little debt? We had planned an IPO also. Any update on that? Ninety-nine percent, the first phase will be total internal accruals only. Probably when we start second phase, again, that depends upon the operation of the first phase. Probably, end of the second phase, we may need INR 50 crore to INR 100 crore borrowing. Okay. Sir, my next question was on the methylamine's new plant, which is getting commissioned in December. Sir, could you update, once this is commissioned, can we expect higher utilization of our current DMF plant, 30,000 tons? Number one. Guide us on DMF exports, anti-dumping duty on DMF, and that there was dumping of DMF by Saudi Arabia. Please update. See here, Rajiv, what has happened as of now, we were working up to DMA is a separate plant. Methylamine is a separate plant, and DMF is a separate plant. During this working, we will calculate the DMA selling price in the DMF. Once the new plant comes, then the one plant of DMA and DMF together will become one plant. Definitely we will be running 100% capacity. That is number one. Number two, the methylamine plant also will operate 100% capacity. As regards exports, we have started some small exports, including to Saudi Arabia, some few containers to Europe also, and now we are discussing with U.S. also. This also will take once we go in full operation with this new methylamine plant. Sorry to interrupt, sir. I would request Mr. Rajiv, sir, to follow up in the question queue for further. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is on the line of Nilesh Ghuge from HDFC Securities. Please go ahead. Hello, am I audible? Yeah. Mr. Nilesh, go ahead. Hi, sir. Good afternoon. Sir, my first question- Good afternoon. Is on our investment in subsidiary. We are investing about INR 750 crore and coming out with these products. How much ethylene diamine will be consumed, let's say in the first phase, out of our capacity of 37,350? Do we require any additional capacity of ethylene diamine at least for the first phase of this expansion? No, we don't need anything. We are trying to utilize 35%-40% of our existing plant EDA, and we are trying to make some of the value-added products other than EDTA, like DETA and piperazine, which I discussed in the earlier years also, that the new technology R&D was going on. That has come to a final conclusion, which we will hear in coming one or two quarters, that you will see less of the EDA coming out for the market from our plant. Okay. You will see more of the value-added products like piperazine, DETA, TETA, TEPA, PEHA. These are all products will come in line along with the EDTA derivatives. Okay. Sir, when we complete our phase II expansion, as you mentioned earlier in this call, do we require additional ethylene diamine plant or is this plant, that 37,000, sufficient to take care of that? We do not need it. Okay. Sir, then currently we are selling this ethylene diamine in the market, right? There is a good import substitution opportunity. When we add the value-added products, how much is the contribution, based on your estimates, value add you are doing in the products? Any ballpark numbers? It's too early to say. But whatever we are talking on the estimated figure based on the pilot and R&D. Once that goes in the full speed in commercial basis only, we'll be in a position to give the right numbers. But they are all definitely better than the current situation. Okay. My second question is on the methylamine side. As you said that- you are coming out with the 40,000, that is going to complete by about December 2024. How much out of this 40,000 will be captively consumed? That's my question on the proposed capacity out of this 40,000. Around 15,000 tonnes of the DMA will be consumed. Whatever DMA comes will be consumed in our captive only. The existing plants only will be capturing. The new plant, entire DMA will go to the captive. Little of MMA will go into the market. Currently, we have 48,000. Out of that 15,000, we are currently consuming captively, rest in the market. In the proposed capacity, from the proposed capacity, entirely will be captively consumed. Correct, sir? Yes. Yeah. Okay. Thanks for answering my question, sir. Thanks a lot. Thank you. The next question is on the line of Aditya Khetan from SMIFS Institutional Equities. Please go ahead. Yeah. Thank you, sir, for the opportunity. Absolutely. Sir, my first question is on to the demand side. Sir, last year we had witnessed there was heavy destocking, and with all the heightened geopolitical tensions, our numbers were also not coming. They were in a bad shape. But now, sir, from the coming quarter, we had witnessed improvement in top line and margins. So what is your assessment on to the demand side, and whether these numbers are sustainable for the coming 2 years? Yeah. See, demand, I can say, because of the raw material prices were lower and finished products were lower. The reason you have seen the revenues were not up to the mark. But if you see the total volume year-on-year basis, there's an improvement of 8.25% of improvement when you compare to last year and current year. This shows that definitely there is an improvement. Secondly, that destocking, yes, there is a in the Indian side, and from the China side, not like earlier, which is coming, but the prices are improved, a little favorable to India. The reason we could see better results in the means of the, of this current quarter. And we expect the same for the next quarter also. Hello? Sorry to interrupt, sir. Low voice. Yeah, sir. My second question, sir, if you can share the capacity utilization for DMF and for the acetonitrile business. Secondly, sir, what is the current status on to the acetonitrile? Are we looking to refurbish that plant for some other products which can fetch it a better utilization? So what is the plan over there? Acetonitrile, as I said, we were not working, but if the market improves, the prices, we are still working on that technology, which we said earlier. That is still in the pipeline. Because we have got the other priority products, preferred products, we have not taken that on the front bench. So that in the coming quarters, if the situation improves in the market, definitely we will revive that. In the meantime, as you asked that, we are also trying for some of the other products. If we can do after doing these all the two, three contingency, probably we may work out one or the other, but to try on the acetonitrile. What is the other question? What is the other product you said? Sir, DMF capacity utilization. DMF. DMF capacity. DMF this year from this quarter onwards, you will see we will be utilizing more than 70%. Okay. Sir, just one last question, sir, on to the n-butylamine side. Sir, you had mentioned into the presentation that the domestic demand is 8,000 tons. Sir, what is the global demand for this product? See, we have gone for the 15,000 tonnes, even though domestic demand is 7,000-8,000 tonnes only. The reason being, if you see, we have shown one product, NBPT. For 2,500 tonnes, we are coming up with a product where this n-butylamine is consumed in that. The reason we have planned for the higher capacity. Okay. What is the global demand figure, sir, for this n-butylamine? I do not have in handy, but I will definitely try to give you, send a mail. We will try to give, because as of now, I don't have any idea. Okay, sir. Thank you, sir. That's it from my side. You are welcome. Thank you. The next question is on the line of Aman from Augmenta. Please go ahead. Hello, Aman. Your line has been- Hello. Yes. Please go ahead. Am I audible? Yes. Hi, sir. I was listening to some other participant that as and when you commission the methylamine plant, then you will be producing the DMA. Previously in one of our earlier conversation, you used to mention that whenever the DMF price is somewhere near to ₹100 to ₹110 per kg, it is viable for us to produce. Currently, we are seeing that the prices are around what, ₹60, ₹70 per kg. You are trying to say that maybe after a year or so, when the methylamines plant is commissioned, even if the prices are around ₹60 to ₹70 per kg for DMF, it will be workable for us, right? You mean this, right? Not 60. Current price is ₹70. Yes, it is workable with a lower margin. If it is 100, if you buy the DMF from outside also, it was viable that time. If the DMF price is 100. Making our DMA, yes, it is viable for making DMF with the own DMA. All these days you are not having sufficient DMA. You are not operating fully, rather than you are selling the DMA in the market rather than making the DMF. Now, once we get this new plant, we will operate the DMF plant fully, and we will sell the DMA also outside. Okay. So, sir, basically, we are trying to say that we will see all the improvements after a year or so, when the plant is complete. It is from December onwards. Yeah. Okay. Also, sir, for this dimethyl ether plant, which we are commissioning, and we have got the license from the Bureau of Indian Standards. What is the dynamic there? Like for example, how much it is imported currently. Can you share the market dynamics of the same? This is dimethyl ether you are talking? Yes. Dimethyl ether, we not have the license, but the government of India is having plans that they are going to make it mandatory to all the LPG manufacturers that they should blend 20% of dimethyl ether mandatorily. Okay. That time we will have the advantage as being a first manufacturer. But now notification has already come, it is under publication. That is number one. Number two, we are doing all the actual manufacturers. You know that sprayer manufacturers where they are using today LPG. We are going to replace all of them. That is number one. Number two, all the commercial users, like hotels and industry where the LPG is used for heating, there we are going to replace with the DME. We cannot touch immediately to the domestic because lot of subsidiary and other complications are there, which we have discussed with the government. Okay. So, sir- Our current capacity, we are coming up with a capacity of 100,000 tons, 1 lakh tons. Okay. Understood. Thank you, sir. That is all from my side. Welcome. Thank you. The next question is from the line of Ranveer Singh from Nuvama Wealth. Please go ahead. Yeah, thanks for taking my question, and congratulations for improvement in numbers. We have a few clarity on DETA. You said that new technologies are being evaluated. What is the current utilization in FY 2024 for DETA? DETA is not separate. It is a total. As I told earlier also, I think you have not listened. Recently, the EDA plant. When you run the EDA plant, by default, you will get only 5%-6% of the DETA and 5%-6% of the PIP. Okay. About 3%-4% of other product and rest is EDA. With the new technology, we are going to get more percent of these products and additional valued products also. EDA will be reduced. Okay. Recently, because of we are doing all these activities, we have operated the plant at 32% only, as against 72% last year. Every month, you see, we cannot close fully and just open the plant and do these developments. Every month, we are running about three weeks, and one to one and a half weeks, we are doing this development. Okay, fine. Have you captured any revenue from n-butylamine in FY 2024? Yes. Definitely, we have sold three months. I think we sold almost 300-400 tons, we might have sold. All the three months together. In FY 2025, what could be the capacity utilization here at n-butylamine? N-butylamine, as I said in the earlier question, we have done double to the Indian consumption because we have plans for captive consumption in coming years. We may do, if you take this total capacity, 15,000 tons, versus it will be 30%-40%. If you take 8,000 tons, then it will become 70%-80%. Okay. Understood. Yeah. For the methylamine, that 48,000 capacity current have. So additional 40,000 is phase-wise, or that will come 40,000 at once that is operational? It is at once stroke. One stroke. Okay. On CapEx, ₹750 crore is on BSCL. So what will be the total CapEx, taking on consolidated level for FY 2025? FY 2025, for the specialty chemicals, we have given and participated about INR 300-400 crore in the specialty. For that, you need to, where we are talking about the sodium cyanide and that other derivatives. In Balaji Amines, we have about INR 150 crore, the balance of the methylamines, balance of the dimethyl ether and the solar plant. The one important thing is nobody is asking that. The solar plant is going to take care of entire power of all the units in coming years. We are going to commission this by December end. Before March, this solar park will be commissioned, which will help us taking care of entire power bill, number one. Number two, which will give us the good marks for the green energy carbon footprint. Yeah. Actually, that was my next question. In solar plant, how much CapEx we are doing there, and how much power saving we can expect from this solar plant? See, we are doing, actually, total plan is for 20 megawatts, for which the investment will go around INR 120 crore. In first phase, we are doing 8 megawatts, which will be finished in this year. This is going to take care of about 60%-70% of the power bill. The 20 megawatts, assuming all the expansions we have planned, even upcoming plants also will be taken care by this 20 megawatt. So the day will come, the 100% of the power will be utilized from the solar only after expansions. Sorry to interrupt, sir. I would request Mr. Ranveer Singh to please follow up in the question queue for further questions. The next question is from the line of Radesh Kanti from Discovery Investment. Please go ahead. Hi, sir. Could you give us a little bit of an outlook on piperazine as well? Can you repeat your question, please? I could not understand. Yeah, if you can give us a little bit of the outlook on piperazines. Piperazines. See, piperazines, presently, we are having about 100% capacity, about 150 tons per month we have the capacity presently. But since we are adding these mix of various technologies, we are expecting that we should do around 500 tons per month, 400 to 500 tons. If everything goes well, what the R&D has done, if it goes same in the commercial also, then we will be doing 400 to 500 tons per month. That converts into almost 5,000 tons, which is equivalent to the country's consumption. Next. Yes, sir. The current line of participant has been disconnected. That was the last question for today's call. I will now hand the conference over to the management for closing comments. Thank you everyone for joining us. Thank you for the confidence showing on our company, for staying invested with us. I hope we have been able to answer all your queries. In case you require any further details, you may please contact us or Orient Capital, our investor relations partners, by email. We will be glad to answer all your queries. Thank you once again, each and everyone. Thank you all. Thank you. On behalf of Elara Securities Private Limited, that concludes the conference. Thank you for joining us, and you may now disconnect your lines.