Ladies and gentlemen, good day, and welcome to Aditya Vision Limited 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 this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Devanshu Bansal from Emkay Global Financial Services Limited. Thank you, and over to you, sir.
Yes. Hi. Good evening, everyone. I would like to welcome everyone on the call and thank AVL's management team for giving us this opportunity. We have with us today Mr. Yashovardhan Sinha, Chairman and Managing Director, and Mrs. Yosham Vardhan, Full-Time Director. I shall now hand over the call to the management team for the opening remarks. Over to you, sir.
Thank you, Devanshu. Good evening, ladies and gentlemen. Welcome to Aditya Vision's Q1 FY 2026 earnings conference call. Our earnings presentation and financial results for the quarter have been uploaded to the stock exchanges. We trust you've had the opportunity to review them. This quarter witnessed one of the most unusual summers in the entire history of 26 years of Aditya Vision, with unusual rains continuing throughout Q1, with no heat waves in our core markets of Bihar, Jharkhand, and Uttar Pradesh. In fact, May 25 was the coldest in over six decades across India. You may like to compare the rain and temperature as mentioned in investor presentation, which will show the tough conditions as encountered by the sector. In fact, to tell you, rainfall during March to June was 198 mm compared to an average of 145 mm in UP. In Bihar, it was 223 mm compared to 157 mm average.
Jharkhand, it was 215 mm compared to 155 average. So you can see the difference in this period. Similarly, temperature during March and June in current year in UP, it was 35.1 as compared to 37.6 degree Celsius. In Bihar, it was 34.8 in current year compared to 37 degree centigrade average. And in Jharkhand, current year it was near 34.5 degree Celsius, whereas its average was 36.4 degree Celsius. As a result, demand for the seasonal cooling products plummeted in line with the broader industry trends for retailers and OEMs. Leading OEMs in the cooling category reported a 15%-30% decline in primary sales due to sharp buildup of channel inventory, particularly across India on start of summer season.
Even under these circumstances and challenges beyond our or anyone's control, I'm happy to inform our shareholders that our revenue grew 6% year-on-year over a strong Q1 FY 2025 base to INR 940 crore, highlighting our strength of seasonality adaptability to adverse situations. Despite elevated fixed costs associated with the 29 new stores launched in trailing 12 months, which are expected to normalize as they mature, I'm really happy to report that we have maintained EBITDA margins at 9.5% and our PAT grew by 4% to INR 55 crore compared to INR 53 crore YoY. Our gross margins improved from 15.22%-15.33% YoY. This was a result of our proactive steps to manage profitability. We rationalized non-critical operating expenses, including advertisement, promotional spending, warehousing, freight, and security expenses while preserving front-end service quality. This measured, focused, and precise cost control ensured operational stability throughout this freak season.
Amid external softness, internal discipline played a decisive role. Anticipating strong summer air conditioner sales, as you are aware, we proactively stopped inventory at the end of Q4 FY 2025 to mitigate potential compressor shortages and benefit from early-season OEM discounts. As demand softened, our teams responded swiftly, driving selective sales through targeted promotions and engaging OEMs early to provide support in liquidation of excess inventory. This agile approach helped reduce our inventory levels by INR 150 crore in Q1 FY 2026 compared to March 2025. Your company remains comfortable on stocks of AC, which has now come to company's historically normal levels. We also saw a meaningful improvement in our capital position due to effective inventory liquidation, robust receivable management, and disciplined procurement. The short-term borrowings declined sharply from INR 278 crore in March 2025 to approximately INR 115 crore as of June 30, 2025.
Our retail footprint continues to expand in line with our long-term strategy. We opened four new stores during Q1, consistent with our strategic quarterly pace. I am pleased to share that we have added three more stores in July 2025, taking our store count to 182 as on date. We remain on track to add 25-30 new stores in FY 2026, aiming to cross the 200-plus store milestone by year-end. Our presence in central Uttar Pradesh, including Lucknow, has deepened further, strengthening our reach across key cities of U.P. Looking ahead, we remain optimistic. India's economy is expected to grow by 6.4% in FY 2026, supported by rising rural incomes, public CapEx momentum, and improving consumer confidence. The Union Budget 2025 personal tax relief is expected to release INR 1 lakh crore into consumers' hands, should provide a strong tailwind for discretionary retail during the festive season quarters.
In Bihar, as I speak, effective today, the 125-unit free electricity scheme has been launched by the government, which will boost consumer durable and electronic demand and support overall consumption. It will further enhance the disposable income in the hands of consumers and will psychologically lead them to buy products driven by electricity. While Q1 brought unforeseen external challenges, our fundamentals remain solid, a reflection of Aditya Vision maturity, resilience, persistence, and consistent execution. We hope that this pent-up demand is we are going to reap the harvest in next FY 2021. Now I'll hand over the floor to Mrs. Yosham Vardhan to provide an overview of the financial highlights for the quarter. Over to you, Yosham. Are you there?
Thank you, sir, and good evening, ladies and gentlemen. We are pleased to report a stable financial performance for the Q1 of FY 2026. Let me take you through the key highlights. Revenue for Q1 FY 2026 stood at INR 940 crores, reflecting a year-on-year growth of 6% compared to INR 889 crores in Q1 FY 2025. Gross margin saw improvement at 15.3%, up from 15.2% in the same quarter last year. EBITDA for the quarter stood at INR 90 crores, with EBITDA margin maintained at a healthy 9.5%. Profit after tax came in at INR 55 crores, registering a 3.9% increase over INR 53 crores in Q1 FY 2025. Our retail footprint continues to expand. As of June 30th, 2025, we operate 179 stores, 113 in Bihar, present across all 38 districts, 30 in Jharkhand, covering 21 of 24 districts, 36 in Uttar Pradesh, where our brand continues to gain strong traction.
In Q1 FY 2026, Bihar remained our largest revenue contributor at 76%, followed by UP at 13% and Jharkhand at 11%. Same-store sales growth for Q1 FY 2026 stood at -4%. We also witnessed a reduction in inventory by INR 150 crores compared to March 2025, and reduction of short-term borrowing from INR 278 crores in March to approximately INR 115 crores as of June 30th, 2025. Thank you for your continued trust and support. We now open the floor for questions.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please press star one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star 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 Aniruddha Joshi from ICICI Securities. Please go ahead.
Yeah. Thanks for the opportunity, sir. Regarding the air conditioner, basically air conditioner, refrigerator, air cooler, and fan. All the summer products, what will be the inventory, and what will be the plan to, in a way, reduce the more than normal inventory? Also, whether the brands are offering any support to us. We heard that the air con brand is offering free installation also or like number two, number three players are also offering some discounts. How are we on that front? That is question number one. Then question number two is the BEE norms will change in air conditioner in January, means rather from January. We will have to finish off all the inventory, I guess, by end of December itself. Considering only five odd months left, which are anyway monsoon and winter months.
What will be the strategy of the company to work towards the reduction in the inventory?
Hi, Aniruddha. Thank you for the question. As far as inventory is concerned, I have already spoken in my earnings call that we have reduced our inventory to the tune of INR 150 crore. On the AC front also, we are at a very normal level, which is a historical level for our Aditya Vision with so many stores. We are quite comfortable with our stocking of AC, and it's not a cause of concern at all. As per our strategy, we in fact, midway started the stocking and right now, again, what you said that whatever stock is left, your question number second is that BIS will be applicable from January next year. Actually, we are not barred from selling whatever we will be carrying at that period. The OEM manufacturer, OEMs, they cannot manufacture product which is not BIS as per government guidelines.
We are not stuck up with any product. Otherwise also, you are not going to sell all the ACs even placed as on display on your showrooms. When you are having, let us say, 180+ showrooms, so everywhere you have to keep the AC, whether even if it is winter or something, because when the customers see it, then only they come to buy it when the season arrives. That way, I don't think there will be any challenge. As you said that OEMs are very flexible in this regard. In fact, they are very supportive. It will not be proper for me to divulge what support we actually get from OEMs. But I will say that substantial support has been provided by all OEMs to us so that we can take our AC inventories, and we are quite satisfied on that front.
Okay. Sure, sir. Just in terms of the stores now, we have rolled out only four stores in Q1. I guess we have rolled out three stores in July month itself. That's right?
Absolutely.
Okay. Sure, sir.
As you know, you must be aware strategically we open less stores in Q1 because of lean season entry. Then we start building up our store count.
No, sir. Just wanted to recon.
Sure.
Thank you.
Thank you.
Thank you.
Thank you, sir. The next question is from the line of Rehan Saiyyed from Trinetra Asset Managers. Please go ahead.
Greetings to our team and thank you for giving me the opportunity. Sir, I have a couple of questions. First one.
Yeah. I'm not getting. Hello. Not getting your-
Am I audible, sir?
Yes, sir. You're audible, but breaking.
Now it's clear?
Yeah, it is now clear.
Yes, sir.
Yeah. My question is focused towards the upcoming festive season. How do you view quarter two demand given the upcoming festive season has strong monsoons so far?
Again I am not able to hear you.
[audio distortion] [inaudible]
Are you seeing any early pickup in upgrade as consumers are postponed buying during lockdown?
In fact, I'll say it is too early for us to comment on that. Festives will start in late September. This is very early this year. Festive season is going to come. I think Mahalaya will be in September itself. We'll be preparing ourselves before the end of this quarter for that. As far as demand is concerned, I'm very optimistic that because of good rains, as you have seen, very good rains and probably 10% more crop has been sold. I think that bumper harvesting will be there in entire geography where we are operating. I think given that Q1 was not that good, so people will be having so much of disposable income with them. I think festive season should be really very well.
Okay, sir. Okay. My second question is around your seeing sharp jump in revenue quarter-on-quarter. Could you highlight how much of this was
Sharp jump in?
Sharp jump in revenue in quarter-on-quarter basis. Could you highlight how much of this was driven by volume growth versus price hike or average selling price increase?
You are aware that in Q1, this is summer season and AC contributes highest. Our contribution for AC in Q1 was around 42% of our entire revenue.
Oh, okay. Sir, last one more question is around. Lastly, what are the two, three focus areas for the management team in the second half of the fiscal year? Sustainable growth?
What are the focus areas?
Yes, two to three focus areas of management focusing internally.
Our focus area will be how to enhance our presence everywhere and boost sales. This will be our primary focus.
Sir, to clarify more, apart from that, are we focusing toward any other geography or any other state?
No. Right now our focus is on Uttar Pradesh, U.P. We are not right now focusing any other state.
Okay. Can you clarify the CapEx guidance you were telling me regarding for this year.
Actually, we are not CapEx for what year?
For this year FY 2026.
We have already guided that we'll be opening around 25- 30 stores in this financial year.
Oh, sorry, sir. Thanks for the call. Okay then. Thank you so much.
Okay. Thank you.
Thank you, sir. The next question is from the line of Devanshu Bansal from Emkay Global Financial Services. Please go ahead.
Yes, sir, I just wanted to better understand the steps that have gone or the initiatives that have gone behind these stable EBITDA margins. You mentioned that obviously, retail comes with higher fixed costs and there were new store additions over the last 12 months as well. If you could just throw some light on the key initiatives that you have taken, and are these sustainable or with the return of sales growth these expenses should also come back to the previous levels.
Actually, I've already spoken in my earning call that when our We could understand that top line cannot improve because of the weather. We were very much focused on our expenses, operating. We tried to keep it as minimum as possible. As you know, if sale is not there are so many bonuses and incentives. These are also not there for clients. That has also cut down on our expenses and more so when your sale is not like we are used to grow at a 30% level. We have not grown at that level in this quarter. Our entire cost on freight, security expenses, warehousing, and sale promotion, everything has come down. These things have been effectively managed by us, and keeping in view that we have to see the bottom line as well.
If we are not able to increase the top line, at least our bottom line remains there. These are the key factors, and once we are on our track of high growth, then again these expenses are going to go up.
Understood. Fair enough. Secondly, sir, you did provide that gross debt is around INR 115 crore. Can you also highlight what is the cash level at Q1 end? That will be really helpful.
In fact, if you take the entire equity and whatever cash is, the cash equivalent with the company has gone INR 141 crore.
Okay. Fair enough. Whatever cash inventory reduction has happened has helped to lower down our net levels. That is the right understanding.
There has been a nice cash flow also, positive cash flow also.
Yes. Pretty encouraging to hear that, sir. That's all from my end.
Thank you, sir. The next question is from the line of Madhur Rathi from Counter Cyclical Investments. Please go ahead.
Sir, thank you for the opportunity. Sir, I wanted to understand the inventory that we have as of Q1 FY 2026 end versus what it was in Q1 FY 2025 end.
I may not be able to tell you about last year's inventory level, but what I remember, it must be around INR 380 [inaudible]June 30th. It must be around INR 380 odd crores. This year it will be, if you subtract INR 698 and minus INR 150. It will be around INR 548 crores.
Got it. Sir, we mentioned that we focused on discounting to get our AC stocks to normalized levels. Sir, I wanted to understand two things regarding that. Sir, do we expect any further discounting more than three, four quarters or interest cost more than that you can expect? The second question was, sir. Yes, sir. That was my question, sir.
I'm afraid, Madhur, you will have to repeat the question.
Yes, sir. I wanted to understand regarding this inventory level, sir.
Can you speak slightly louder?
Yes, sir. Sir, is my audio better right now?
Yes. Now it is much better.
Yes, sir. Sir, I wanted to understand, you mentioned that we focused on a little higher discounting to get our AC stock to normalized levels. Sir, what was the impact of that on our margins? Sir, was it 0.5%, 1% on our margins? The second question was, sir, this inventory that we have currently, sir, do we expect some kind of either discounting cost or interest cost burden over the next few quarters to hit our books or we are fairly comfortable with that?
I think, Madhur, I never said that we resorted to discounting. I do not know where you have got this word from, but we never resorted this to any discounting. In fact, we took all the support from OEMs where, as you know how they support, they give free installations and they give various other facilities to the customers. These are the things, but discounting is not by discounting, there was no need for us to give any discount that way. Secondly, in future also, when I'm telling you that we are at a comfortable level of the stock in air conditioner, so we need not go for discounting or we are very comfortable. We aren't desperate to liquidate our stock.
Got it. Sir, that was from my side, sir. Thank you so much and all the best.
Thank you.
Thank you, sir. The next question is from the line of Renjith Sivaram from Mahindra Manulife Mutual Fund. Please go ahead.
Yeah. Hi. Am I audible?
Yes, Renjith. Please go ahead.
Yeah. Hi, sir. Congrats on the recent performance. It's like the event. Sir, I just wanted to know what was your same-store sales growth, if you have that number.
Yeah, I'm having that number. Same-store growth has been - 4% in Q1 FY 2026, which was at 21% last year, FY 2025. it is a negative figure of 4%, as such.
Okay. despite having a very bad associations through the same-store sales growth is only negative 4%, means that, like we were able to sell other products apart from air conditioners. That is just what I wanted to understand because AC as a category would have fallen much higher than this, right?
No, AC has fallen as such. I told you, AC contributed around 42% of our entire turnover. That was a degrowth of only 2%.
Okay. Despite a bad summer in the same-
Yes. Despite a bad summer. Our negative SSG just denotes that the other branches also performed, which opened after that period in trailing 12 months.
Okay. Sir, for the full year, how do you see the same-store growth for FY 2026?
Definitely, I believe that we'll be in positive territory, and given that we have got another three quarters with us, and this all festive season, everything is coming very quickly. we are quite confident and optimistic that our remaining period will be good.
Okay. overall sales growth guidance, have you given any number or any color for FY 2026?
I don't think it will be any guidance can be given on top line as of now.
Okay. you are confident that it can be better than last year.
This is what I believe, Renjith, and I don't think you will differ with that. Rainfall has been very good across these states. There will be a bumper crop which is to come. As you know that mostly it is agrarian society, entire this area. I think that there will be considerable money left with the customers. Given also that in Bihar also, this is a unique insurance scheme, 125 units free. It has been kicked off from there. That will also give a psychological effect to people that, "Yes, let us go and buy. We are getting free electricity." These things, I think these will act as a headwind. Of course, considering that even personal income tax has been lowered. These are, I think, these will be giving good traction.
Okay. Okay, sir. Thanks and all the best for the remaining year.
Thank you, Renjith.
Thank you, sir. The next question is from the line of Rajiv Bharti from Nuvama. Please go ahead.
Good afternoon, sir. Thanks for the opportunity. Sir, in terms of inventory, the volume sold in Q1 this year versus last year, this quarter and similarly last quarter. Then in the remaining part of last year, what was the volume sold and what is the inventory, AC inventory in particular, which we are carrying right now?
Okay. I have already spoken, Rajiv, that we are at a comfortable level. Like you have to have at least even in smaller showrooms, you must have AC on display as well as you must have keep in your warehouse also, minimum one plus one. Whatever our requirement is there with 180 branches and coupled with around 12 brands we are in fact selling. These all altogether, we are quite comfortable in that. I don't think there is any problem in any liquidation or any will be desperately looking for any support.
Why I'm asking is, if I heard you correctly, you said INR 548 crore is the inventory which is sitting in the system right now versus three years.
Yes.
We are talking about across the brands, right?
Right.
If I can attribute that this is a 44% growth, the network is not expanding by a similar amount. I was thinking that in terms of ASP also we wouldn't cover for the delta. There is some inventory which will get stuck if we attribute that the proportion of inventory is-
Actually, you should calculate by adding 29 stores in trailing 12 months as well as another seven stores. Another five, six stores are to be opened. So we have to have inventory for those stores also. These things you will miss from the finance bit, but this is what will be required. So if you will add all the branches all together and given the, in fact, this is not end of the season for AC. We have just started in August. If we are comfortable in July, in August also AC sale is there in August, for round about not less than 10,000 ACs are sold in August also. So I don't think there will be any problem, and we have to keep that much of a stock for AC through August and September. And in these modern times, AC has not become product for only summer season.
In fact, these days, ACs are selling around the year. Of course, peak comes in Q1, and it peaks out in July, August, September. This is it. I don't think this is a matter of concern.
Sir, sorry to interrupt on this. If you can just specify, Q1 versus full year volume, what is the ratio usually? I mean, historically, what is the ratio, AC volumes?
For entire AC, it will be more around 65%.
In Q1, right? Of the entire thing.
Yes.
Okay, got it, sir. Sir, the other part is your western UP foray. One, how has the initial ramp-up has been in, let's say, year one performance versus how you have been in eastern UP? Also, what is the right to win in western UP because there are other guys also entering that micro market from western side.
You must have seen from the investor presentation that we have already UP has surpassed Jharkhand as percentage of sales coming to Aditya Vision. Of course, this corroborates our statement that UP is doing very well. One can only say that, yes, UP has been doing well, and now that we have expanded to central UP and we are going to expand beyond central UP towards west, we are getting good response in business.
Yes, sir. That's all from my side. Thank you.
Thank you.
Thank you, sir. The next question is from the line of Onkar Ghugardare from Shree Investments. Please go ahead.
Also, generally, normally the 40% business of yours, like the revenue and 50% profitability comes in the first quarter itself. given that situation currently, how the situation has been for the quarter one, how do you think the year could pan out as 40% revenue and 50% profitability comes in Q1?
Yeah, that's why I think, of course, it is going to take it stall Q1, because Q1 we have been growing at the rate of not less than 30% in past years. This year, as I said, that is just completely different. It was a freak year Q1 altogether. That will have its impact on our entire year's performance. We are quite confident that we targeted a branch network of around new 45 branches. We'll be able to do much better than what we have got in last year's Q2, Q3, and Q4. I think these are going to help us in getting our top line right. It is too early for me to tell you and give you any guidance.
Okay. What has been the contribution of the mature store and newly opened store? This Q1.
That figure I'm not having.
Like, tentative figure, if you can give, like how much they are contributing.
Actually, it is ongoing thing. Since we are a rapidly expanding company, so every, let us say, new stores are coming up regularly. it's very difficult for us to tell you that exactly in whole year we can say, but some stores have opened in the last month, some opened stores in February, some in March, some in January. it will not be a right comparison.
Why I'm asking this question is because I just wanted to know how much the new stores have contributed so far in the top line, and how much potential they have to.
You can find from the what figures I have given you. In fact, overall our sale has increased by 6%. our SSG has come down by, say, -4%.
-4%, yeah.
You can easily calculate-
Yes
What contribution they have given.
You have guided for 200+ stores in FY 2026. just wanted to know, beyond that, do you have any target in mind for Aditya Vision? How much stores can be added every year?
We are quite confident of adding 25, 30 stores. in fact, we want to add even more stores because we are getting very good responses in new areas. as always, we have guided conservatively, and we always say that, and it is there in the investor presentation also, that we'll be adding to the minimum 25 stores every year.
Okay. In the earlier presentations, you had mentioned about what kind of growth rate you will be growing at. I don't see that kind of target given in this presentation.
As you know that we have been growing. What do you expect? You take the past for the future, but if something goes wrong, sometime it's not in our hands. This was the quarter I've been telling you, I gave you the figures also that how weather behaved strangely in this quarter. Maybe we may not be achieving our, let us say, guidance. We have always been guiding about 20%-25% of growth in sales, which even now, our team remains confident of achieving.
Okay, what about the Korean-
Sorry to interrupt, sir. Mr. Onkar, may we request that you return to the question queue for follow-up questions.
Sure, sure.
Thank you, sir. The next question is from the line of Yash Sonthaliya from Edelweiss Public Alternatives. Please go ahead.
Hi, sir. Thanks. Thank you for giving me the opportunity. I hope I'm audible.
Yes, very much. Please go ahead, Yash.
Yeah, my question is related to our UP market. Two questions over there. First, going ahead, when we are saying we are going to open 20-25 stores and maybe 18+ stores in this year, what would be the proportion of tier two and below, and tier one and above cities in this store expansion?
Right now we have been focusing on tier two cities only, and that's it. We are already present in Lucknow, and we are focusing in I would rather not like to divulge what we are intending to, where we are intending to open. That will not be in company's best interest. Mostly now, this western UP will be our next place where we are going to open new stores.
Understood, sir. While you already alluded about the performance in UP right now, are we giving any extra discounts or anything extra gifts or offers to the customers which are impacting our margins in UP?
Not at all. Yes, not at all. It is a basket. The margin comes in basket, and UP behaves similarly as Darbhanga or almost similarly as Bihar.
Understood, sir. Really comforting hearing that, sir. Best of luck for upcoming quarters. Thank you.
Thank you.
Thank you, sir. The last question is from the line of Manoj Gori from Equirus Capital. Please go ahead.
Yeah, thanks for the opportunity, sir. I think the overall performance has been somewhat assuring in the current environment, especially on the inventory side. My question is, if I look at probably we have been guiding around 20%-25% growth. Obviously keeping aside our 1Q performance, which is now gone and is behind us. Should we expect similar kind of growth probably from Q2 onwards for the rest of the year? Because now probably summers largely are done, and should we expect similar kind of momentum from Q2 onwards?
Yes, Manoj, definitely. What you are saying is right. Q1 is behind us, and of course, Q1 was impacted by weather and AC was the key reason. for Q2, Q3, and Q4, it will not be that dominant in our category sale, ACs. we are very confident of achieving that.
Right, sir. secondly, what I was also observing, if you look at now we are opening more stores in non-BR markets. when I look at the Q1 margin as well on YoY, this is gross as well as EBITDA margin have been flattish, especially on the gross margin being flattish. All the key markets like UP, BR, and Jharkhand, probably the product mix is largely similar kind of pricing. This is the trend should we assume in the coming years?
I think so, yes. it is quite similar. This is what the story is all about for Aditya Vision. In fact, it is going to remain stable. This area of geography, they behave in the similar pattern. I think in going forward, in future also we are going to have the same category sales.
Sir, lastly, if I look at probably a few quarters back, we were talking about Chhattisgarh as a new market opportunity for us, and somewhere we were targeting to get into this market in FY 2026 or probably later into FY 2026. currently, at least for FY 2026, we are not getting into this market and probably we will focus more on strengthening our presence into UP. Is this understanding correct?
We cannot, in fact, right now we can commit it because we are looking at those markets what you said, Chhattisgarh market. We won't say that we will not be entering. Maybe in Q4 we may be entering in these markets. Right now, what I said, that right now we are not, in fact, expanding in Chhattisgarh as of now. It is a long way ahead. Just four months have elapsed out of 12 months. By end of this year, I think we'll take a call by Q4 to expand in Chhattisgarh. That's definitely in our agenda.
All right, sir. Thank you, sir, and wish you all the best for coming quarter then.
Thank you, Manoj.
Thank you, sir. Ladies and gentlemen, that was the last question for today. I now hand the conference over to management for closing comments.
I thank all of you who were attending the earning call and sparing valuable time. Thank you very much. Have a good time ahead. Thank you so much.
Thank you, sir. On behalf of Emkay Global Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.
Thank you.