Q3 24/25

Feb 19, 2025

Quarterly report

Summary

Q3 FY25 total income rose 89.65% YoY and PAT rose 113.37%. The April 2025 flagship showroom is expected to add INR 150 crore in B2C sales, funded internally, with management projecting 25% next-FY top-line growth.

Ladies and gentlemen, good day and welcome to the Q3 FY 2025 results conference call of Khazanchi Jewellers Limited, hosted by Kirin Advisors 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 star then zero on your touchtone phone. I now hand the conference over to Mr. Jainam Savla from Kirin Advisors Private Limited. Thank you, and over to you, sir. Thank you. On behalf of Kirin Advisors, I welcome you all to the conference call of Khazanchi Jewellers Limited. From the management team, we have Mr. Rajesh Kumar Mehta, Joint Managing Director. Now I hand over the call to Mr. Rajesh Mehta. Over to you, sir. Thank you so much. A very good afternoon, everyone, and thank you for joining us today. It's my pleasure to share an update on the performance, strategy, initiative, and industry outlook. Khazanchi Jewellers Limited, headquartered Chennai, Tamil Nadu. Our Managing Director, Mr. Tarachand Mehta, has 5 decades of experience in the industry, and almost all the prominent members of the board have experience of 3 decades, which is the root strength of Khazanchi Jewellers Limited exponential growth. KJL remains committed to excellence in quality, innovation, and ethical business practices. As a BIS hallmark-certified jeweler and an authorized member of IIBX platform, GJEPC, et cetera, we continue to strengthen our reputation in the organized jewelry sector. Our primary place of business for B2B and retail showroom for B2C is located in Sowcarpet, Chennai, continues to be the key driver of our business. In addition to our 25-plus product categories and extensive design library of over 5 lakh designs, KJL has added new artisans to add new designs with an average daily footfall of 120-plus customers. We have built strong customer loyalty and market presence. In line with our expansion strategy, we are excited about the launch of our flagship 10,000 sq ft showroom in Sowcarpet, Chennai, in April 2025. This milestone will significantly enhance our retail presence and elevate the customer experience. Complementing this, our recent launch of Gold Savings Scheme app marks as a major step in our digital transformation, offering customers greater convenience and engagement. The Indian jewelry sector is poised for robust growth, drive by a favorable macroeconomic environment. The Union Budget FY 2025 has provided several key measures that reinforce this positive outlook. The reduction in gold import duties is expected to enhance affordability and stimulate demand within the organized jewelry market. The budget introduces initiatives for domestic manufacturing and hallmarking, which will further build trust and ensure higher compliance standards across the sector. Moreover, the government focus on the digital economy and financial inclusion aligns with the company's Gold Savings Scheme app, which aims to drive customer engagement and improve financial accessibility, positioning the company for sustained growth in the rapid evolving market. Additionally, our participation in the G200 Summit organized by Anand Rathi Group reaffirms our leadership position and commitment to staying ahead in an evolving industry landscape. With a strong foundation and a clear strategic roadmap, we remain confident in driving sustainable growth, operational efficiency, and long-term value creation for our stakeholders. We look forward to share more details on our financial performance and future outlooks in today's discussion. Now we come up to the financial highlights. In Q3 FY 2025, Khazanchi Jewellers delivered exceptional financial results, reporting a total income of INR 393.89 crores, marking a robust year-on-year growth of 89.65%. The company achieved an EBITDA of INR 16.48 crores, reflecting a notable increase of 56.73% from the previous year. Profits after tax reached INR 12.38 crores, representing an impressive year-on-year growth of 113.37%. EPS also surged by 113.68%, reaching INR 5. These strong results highlight the company's solid financial position and continued growth momentum. For the nine months ending FY 2025, Khazanchi reported a total income of INR 1,150.42 crores, reflecting a year-on-year growth of 87.41%. EBITDA for the period stood at INR 45.28 crores, marking a 44.84% increase compared to the previous year. PAT reached at INR 32.43 crores, a growth of 50.69%, while EPS rose by 50.57%, reaching INR 13.10. These figures further demonstrate the company's robust financial performance and positive growth trajectory. In conclusion, our strong performance in Q3 FY 2025, along with strategic expansion and the favorable policy change, sets Khazanchi on the path to continuous success. I am confident that our strategy initiatives and the new showroom will further enhance our market presence. I appreciate the ongoing support of our shareholders, customers, and employees, and I look forward to achieve new milestones together. Thank you for joining us today, and I am excited about the opportunities that lie ahead. With this brief remark, I request to open the floor for question and answer. Thank you. Thank you very much. Ladies and gentlemen, we will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Aditi Roy from Patel Advisors Private Limited. Please go ahead. Hello, sir. My question is- I am sorry to interrupt. We are unable to hear you clearly. Can you please check? Now, am I audible? Yes, now you are. Please go ahead. With strong earnings growth, are there any plans to revise or enhance dividend payouts for shareholders? I couldn't understand, ma'am. The voice is not clear. Please louder, please. One second, sir. Now, am I audible? Yeah, yeah. With strong earnings growth, are there any plans to revise or enhance dividend payouts for shareholders? Yeah, obviously, madam. Currently, the management have not decided on making any growth. Maybe in the ending of this financial year, there are possibilities. Okay, sir. My next question is, what is your growth outlook for the next few quarters, and what steps are being taken to sustain strong performance? Yeah. The growth outlook for the coming, what they say, next quarter will be in the pace with the previous quarters. After opening of the flagship showroom, the growth is expected to be on a higher pace. Okay, sir. Thank you, sir. That's it from my side, and all the best. Thank you so much. Thank you. The next question is from the line of Abhishek Sharma from JP Capital. Please go ahead. Hello? Am I audible? Yes, you are. Please go ahead. Sir, first question is, how do the companies see impact on demand after witnessing sharp rise in gold prices in the past few months? Yeah, since the prices have steeply increased, there is a possibility that for a shorter period of time, the demand for gold ornament would be little less. But later on, when the prices get digested in the market, always that happens. Whenever there is a very steep, high, steep range in the price, the demand for jewelry reduces to some proportion. And later on, when there is a small correction in the prices, the demand once again increases. So it is a regular pace. It is not going to impact any much on the top line or bottom line. Okay, sir. My next question is, what is company's view on gold prices movement? As we know, as we go on to the back history of, say, 20 to 25 years, the gold prices have compoundedly increased by a ratio of somewhere around 13% to 15% per annum. So in that case, if things are going ahead in the same pace, and in order to, what they say, compare it with the inflation, we are expecting the gold price to increase further. Okay, sir. My last question is, what is the current design portfolio? That's what we are having some 25-plus range of products, and there are more than 5 lakhs design library already we are holding. Now we have added on few more artisans and latest designing techniques also, so that we can improve our design library. Okay. That's it from my side. Thank you. Thank you. The next question is from the line of Ankita Rathi from Avora Advisors LLP. Please go ahead. Yeah. Hello, am I audible? Yes, madam. Yeah. My first question was, like in your recent PPT, as mentioned, your EBITDA has decreased from 5.06% to 4.18%, and your PAT has increased from 2.79% to 3.14%. So why is it so? Like, it is quarter 3 FY 2025 versus quarter 3 FY 2024. Okay. I have to check with the figures. Wow. I will note down your doubt. I will check out with the figures and then clarify you. One second, ma'am. Yeah, because the EBITDA has decreased and the PAT has increased, there must be some expenses or something like that which has given the effect. Okay. My next question was- Please allow me some time. I will get answer with you. Sure, please. Okay. Yeah. My next question was, how do we hedge our gold? Basically, we have a policy of replacing whatever we sell on day-to-day basis. Then we manage our stock that way. Okay. As soon as you sell, you just purchase. Yeah. Is it at the same rate? Do you do the same thing, or is it when it is booked or when it is sold, like when the invoice is raised? When the invoice is raised. Okay. There may be a difference, now, between the booking price and the invoice raising price. That is the management of the whole stock. This is on the refilling system. On day-to-day basis, all the goods what I am selling it, I buy it, I sell it for the manufacturer, and this is on the cyclic basis things are happening. That is on the routine basis. The goods what I sell, I buy it back, and I sell it for the manufacturer. Once again, the next cycle comes in. Overall, it happens like that. Okay. Do we do hedging with the futures also? No. We just placement of stock only. We have a policy of replacing the stock what we have sell here. Only the physical stock. Yeah. Okay. Thank you. Thank you. The next question is from the line of Disha Choudhary from Safal Capital. Please go ahead. Hello? Yes, madam. I hope I'm audible, sir. Yeah. Yeah. So you mentioned, like, because with the new flagship store also opening, you are making significant inroads in the B2C segment, and you said, like, the margins there are much higher. So what will be your guidance on the margin trajectory going forward? That is what, yeah, the management is expecting to increase somewhere around the top line of B2C segment after opening up the flagship somewhere. It would be an additional sale of INR 150 crores expected. So in that case, the B2C margin, what we are expecting is somewhere around 9%-11% in between would be the margin. So it would add up to the bottom line that way. Okay. All right. That is it. Thank you, sir. Yeah. Thank you. The next question is from the line of Ananya Swaminathan from C Square. Please go ahead. Hi, thanks for the opportunity. Sir, I want to know how has the rising demand of gold and increasing gold prices influenced your margins and sales? You are asking what will be the demand of gold if the prices are increasing, right? No, sir. With the rising demand and prices of gold, how are our margins and sales increasing? Yeah. See, the increase of price in gold is happening from a very longer period of time, and every time when there is a steep raise in the price, there is a possibility that for a shorter period of time, the sales proportion or top line is less, it is slow. But whenever there is a correction, small correction of the price, and when the price get digested in the market, everything goes smooth. So it does not impact much on the margin. Okay. And how about sales? That is what, therefore, sales is increasing only. Post-Diwali sales are increasing only. That is what, when there is a steep raise, say, in the month of January, if you see here from the month of December, if you see the price in January, prices have steeply increased by somewhere around 10%, 11%. When there is a steep rise, there is a possibility that there is some slowdown in the business. But later on, when once again the festival seasons arrives and when there is a small correction, everybody expecting a further raise in the price, so they start purchasing. So it goes on like that. There is no much difference in the business. Okay, sir. Understood. And what are the next steps in your digital transformation journey, and how will technology enhance your customer engagement? Yeah, that is what. After the opening of our flagship showroom, we are in the process of having a digital presence of all our products will be online displayed and due to be online sales. And for our Gold Savings Scheme plan, we have launched an app where people can buy gold on day-to-day basis prices so that the impact of prices does not affect them. So in that way, they can save in the form of gold, and at the time of maturity, say it is of 11-month scheme, at the time of maturity, they can buy ornament. These all digitalized representations of the company will help in growth. Okay, sir. That's it from my side. Thank you so much. Thank you. The next question is from the line of Mohit Kumar. Please go ahead. Yeah, hello. Am I audible? Yes, you are. The question is, what are the expected benefits of the upcoming flagship showroom in Sowcarpet, Chennai? How will it contribute to the overall revenue? That is what. We are expecting the flagship showroom to be opened by next financial year, April 2025. Additionally, as the management, on the constrained basis, is expecting a growth of somewhere around B2C business of somewhere addition of INR 150 crores. Since it is a B2C segment, the margins would be 9%-11% in that. These are the expectations from the flagship showroom. Okay. How are you improving operational capabilities to manage growing demand and sustain profitability? I'm sorry, sir. Your voice is breaking. Hello? Am I audible now? Yes. Yes, please repeat, sir. Sir, your voice is muffled. Can you repeat your question, sir? Am I audible now? Hello? Can you switch on your handset mode rather than being on a speakerphone? Am I audible now? Hello? Yes, please go ahead. Yes, sir. Yeah. The question is, how are you improving operational capabilities to manage growing demand and sustain profitability? You are talking about profitability, right? Hello? Yeah, yeah. That's what. Since we are entering into B2C segment also, so in that case, all over the business profitability will increase, bottom line will improve. And we are introducing various other products which are of high margin. We are entering into diamond jewelry and Kundan jewelry, Jadau jewelry, which are of higher margin. So, all the profit will be increased. Okay, sir. That's it from my side. Thank you. Thank you. Thank you. The next question is from the line of Sharad Jain from a family office. Please go ahead. Sir, I just would like to know, whether are we going to apply for the government tariff rate quota for purchasing the bullion, which is having an agreement between India and UAE, CEPA? Yeah, we are already the member of that. We have been selected as a preferred jeweler, and we are getting the benefit of that. Okay. This time, is there any specific quota have you applied? Because this month there is application is going on. That's what. As well as whatever the quantum, maximum quantum required, we applied it. And as per that proportion, as per previous allotments and as per the previous performance of the company, things will get approved, sir. Okay. Thank you very much. Thank you. The next question is from the line of Vinay Bhat, an individual investor. Please go ahead. Hello, sir. Am I audible? Yes, sir. I just wanted to understand your view on lab-grown diamond jewelry. Are we doing it any plan? It seems a good margin business, that's why I'm asking this. Diamonds are quite high now. But we are also into lab-grown diamonds, and we are selling these pointer pieces, which are solitaire pieces in lab-grown jewelry, and there is a demand of that solitaire pieces. That's a very good margin business, right, sir? Yeah, currently it is very good. Now, since lots of competition will enter on a later date, then the margins will stimulate. But even then, the margins will be good comparatively. Okay. And sir, do you see the demand increasing on that part, or it can affect our company significantly or no? No, since lab-grown diamonds, all that pointer pieces make a very wide difference of pricing, so the demand for that pointer pieces will increase, I think. Okay. Okay, sir. Yeah. Thank you. Thank you, sir. Thank you. Participants who wish to ask a question may press star and 1. The next question is from the line of Nilesh Parekh, an individual investor. Please go ahead. Good afternoon, sir. Am I audible? Yes, sir. Sir, I just wanted to know, what is our order book right now in terms of kg for quarterly business? Sir, quarterly, at an average for every quarter, we do a business of somewhere around 450-550 kg. Achha. Yeah. How much does it come from the top five clients? I am talking about B2B. That is what. Since we are in the field for a very long period of time, all the prominent jewelers who are here, very famous in South India, all are our clients. The top five clients, if you say, then the business for top five clients would be somewhere around 30%-35%, and remaining 65% is spread along all other clients. Okay. Sir, we are doing job work as well as retail sales, right? What are the proportionate business in these two segments? Yeah. Currently, we are 90% into B2B segment and 10% in the retail segment. After opening of the flagship showroom, we are expecting that our B2C segment would be improved to somewhere around 20%, which will add on and additional margins to our bottom line. Okay. How our business model is different from the Titan and other Malabar and all, sir? Yeah. We are the, what we say, the management has a very vast experience of more than five decades, and it is a family-grown business, and everybody who are in the prominent operation of the company has a long experience in the field. We have been manufacturing our own designs, sir, and we are sharing designs with our goldsmith, and we make designs that is in high demand. We are making a fusion jewelry, and how would I explain that? Are we into that- Different type of accessories get manufactured in different states. Say, somewhere something is very special, we take up that accessories from that place and get it manufactured in some other state, and the finished product is made. In that case, we make all unique designs, and that designs has been widely accepted in the market from a very long period of time. We are on the growing pace. Okay. Are we going to infuse any fund for expansion in near future? Say, let's say 1 or 2 years? Currently, since we are on the path of opening up our flagship showroom in the coming financial starting of company financial year, till then, till that we are not taking up any funds, additional funds. Later on, for the further expansion, since after the opening of flagship showroom, the company has plans of opening 4 to 5 showrooms nearby. In that case, in future date, management will decide accordingly. Okay. Thank you. Thank you, sir. Thank you from my side. Thank you, too. Thank you. The next question is from the line of Vikshit Jain, an individual investor. Please go ahead. Yeah. Sir, can you hear me? Yes, sir. Your voice is not clear, sir. Please louder. Yeah. Am I clear now? Yeah. Yeah. I just have a few questions. One of my questions is, like, after the flagship store opens in May, how much are we expecting the growth rate to be next year in the top line? Can we expect some good growth in top line? That is what, as the company says that they can normally, quantum-wise, we grow somewhere around 25% overall, which is inclusive of B2B as B2C. Since after opening of the flagship showroom, we are expecting an additional B2C increase of somewhere around INR 150 crores. So, that will be the case. Yeah. So, any approximate figure for the top line? We are expecting that. But overall top line, from the current year top line, you can say that it would be, for the next year, somewhere 25% would be the growth. Okay, 25% would be the growth I expected. Can we expect some volatility in this quarter, given how gold prices have raised due to, like everyone's moving their safety assets to gold, right, from equity market? So, can we expect, since the gold prices are very high, the retail sales could be a little affected this quarter? No, that's what time being, since the prices are still being increased in this month, some 10% has increased in this month, there is a possibility that for a shorter period of time, the sales may be slow. But once again, when there is a small correction, as everybody is shifting from equities to a safer and gold market, so the sale of ornaments will surely improve, and that will not impact any top line in the coming quarters. Okay. Also, we are expecting any expansion beyond Chennai? Do you have any plan of opening flagship stores beyond Chennai in the regional market, Tamil Nadu? Yeah, we do have, but since our strength is in Southern India, we want to expand first in the Chennai city and surrounding. After two years, there are possibilities that we can even expand to other cities, other states also. Okay. All right. Okay. Thank you, sir. Thank you. Thank you. The next question is from the line of Tara Ghosh from VY Capital. Please go ahead. Hello? Hello? Please go ahead with the question, ma'am. Can you hear me? You are very low. Yes, ma'am. Can you speak a bit louder? Okay. Just a second. Line for the speaker got disconnected. We will move to the next question, which is from the line of Swaraj Singhania, an individual investor. Please go ahead. Hello, am I audible? Yes, sir. Yes, ma'am. My question is, have you observed any shift in consumer buying behavior, especially regarding in premium jewelry products? Yeah, that's what. Now the demand for premium jewelry products is gradually increasing. Hello. Okay. Is there any expansion showroom in key location? Yeah, that is what currently we are going to open a flagship showroom. Later on, in the coming 2 years, we are on the plans of expanding to 5 to 6 showrooms surrounding in Southern Tamil Nadu. Okay. For the expansion plan and the B2B segment, since the premium jewelries are improving and the demand for premium jewelry has increased, from 2002 to 2024, if you take up the data, the demand for diamond jewelries have improved from 2% to 11% in overall total jewelry segment. In that case, since the premium segment is on the higher demand, we have introduced diamond jewelry for B2B segment also. Oh, okay. That is it from my side. Thank you. Thank you. Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Mahesh Seth, an individual investor. Please go ahead. Hello, can you hear me? Yes, sir. Now go please. Yeah. My first question is that what were the key factors that contributed to the significant 89% year-on-year growth in total income? Hello? Hello? Yeah. Yeah. We have made a lot of changes in the marketing strategy, door-to-door. What? Please hear me. Hello? Could you hear me? Yes, sir, I can hear you. Yes, sir. Yes, sir. We have been working on various strategies on marketing, door-to-door marketing, and we introduced various fusion products and lightweight jewelry, understanding the customer demand and having huge quantity of stock, which leads to fast rolling of the seasonal demand. All those factors made a huge impact on our growth. Okay, got it. My next question is that how much of the Q3 sales growth was attributed to the festive season? Do you expect this trend to continue? Yeah, in Southern India, if you see, all the festival seasons are uniformly split into four quarters. Say, once we get a Pongal season in the fourth quarter, we get Diwali in the third quarter, and then Akshaya Tritiya of the second quarter. Like this, it is all uniformly divided. So, it is of, say, that we can say that somewhere around 60%-40%, 40% is the festive sale and 60% is the regular. In that case, it will be uniformly for all quarters. Okay, got it. Sir, what initiatives has Khazanchi taken to enhance the customer experience and loyalty? Customer? Customer experience and loyalty. Yes. That is what we have been registered with all the government norms. Our QC department has been improved, and quality check has been done, regular feedback of the clients been taken, based on their feedback, things are getting improved day-on-day basis. All that is happening, that is leading to a higher problem. Okay, got it. How are we adapting to changing consumer preferences and trends in the jewelry industry? That's what, as the prices are increasing day-on-day basis, customers are preferring towards the lightweight jewelry, so we are focusing on the production of lightweight jewelry. We are selecting the factories which are having the type of mechanism which can provide goods of the same finish and same strength at a lesser weight. Since there is an increase in demand of premium jewelry, we have been focusing on the production of diamond jewelry and everything. In that case, we are in pace with the customer demand. Oh, okay. Got it. That's it from my side, sir. Thank you. Thank you. Thank you. The next question is from the line of Shweta BK from Equilon. Please go ahead. Yeah. Hi. Hello, sir. We are starting a new center in Chennai, which is 10,000 sq ft. What are we doing to attract the direct consumers? Are we doing any marketing or sales strategies for them? Yeah, we are working on it. Initially, we have launched an app so that it is a jewelry purchase plan, we can say. It is like a Gold Savings Scheme. Since the prices are increasing day-on-day basis, now initially, say, we have launched the app so that the customer can, any point of time, can buy gold. They need not wait till the opening of the new store. They can start saving from today itself. We have also started with the various marketing plans, and all the process of promotions are already happening. Since it is a flagship showroom, and we are going to launch with lots of premium varieties. It is an My second question is regarding the design. Today's people, today's young girls especially want very trendy design. Before we take consideration of designs, do we do any market research or how do we develop the designs and lightweight and all is great, but even the design factor, if you can explain that process. Yeah, that is true. Since the management has a very vast experience and these designs, creation of designs and implementation, and then creating the project to be budgeted as per the cost, as per the requirement of the customers. Since youngsters are looking for and now trendy items, we are already into the production of all those things. Also premium segment at the budgeted cost, we have introduced diamond jewelry which start from INR 6,000 and everything. Since we have been in the field for a longer time, all these designing factors have been, we are looking, having a huge experience on it. Our manufacturing teams also have a huge experience on that. So we are on the path as per the requirement of the customer. Okay, that's great. Thank you so much and wish you luck. Thank you, ma'am. Thank you so much. Thank you. The next question is from the line of Akshay Jain, the individual investor. Please go ahead. Yeah. Sorry, sir, for disturbing you again, but I just wanted to know what's the export orientation, like how much are we exporting every year? Currently, we are not in the exports, but we are exploring, we are on the path of exploring into the East market. In the eastern side, is it? Yes. Okay. What is the bifurcation between retail and wholesale? 90% of our sales are from B2B and 10% till now we are 10% from B2C. Sorry. B2C. Okay. Are we expecting more growth in B2C or B2B? On both the segments, we will be growing, but after the opening of the flagship showroom, our overall proportion to the B2C segment to be improved to somewhere around 15%-18%. Okay. Got it. Thank you, sir. Thank you. Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Saina Bagadia from Think Investments. Please go ahead. Hello? Hello, Ajay bhai? Yeah. I wanted to ask how many jewelry designs do we have? We also take designs on job work or contract basis? Yeah, we have somewhere around 25 categories of products and more than 5 lakh designs already we have because our management has a very vast, some five decades we are holding that. Day on, we do hire new designs, outsource the design, and as per the demand, we increase our design library. Okay. Thank you. That is it from my end. Thank you. Thank you. The next question is from the line of Nilesh Parekh, an individual investor. Please go ahead. Hello, sir. Sir, regarding this retail store, how much revenue will contribute from there? That is what, on the conservative basis, the management is on the proportion that the retail sales would improve somewhere around by INR 150 crores. Okay. What would be the margin on that? Margin, see, we are introducing various higher-end products. We are introducing premium products there, so we are expecting the margin of somewhere around 13% there. Okay. Sir, is there any capacity expansion in terms of area, square feet over there if more demand is there? Of course, sir. It is a much bigger showroom than what we have currently. It is of 10,000 sq ft showroom. Okay. Okay. Thank you very much, sir. Thank you, sir. Thank you. Ladies and gentlemen, this will be the last question for today, which is from the line of Tara Kaur from VY Capital. Please go ahead. Yeah. Thank you for the opportunity. My question was in regards with the revenue boost that we are expecting to around INR 150 crores from the new showroom. I just wanted to ask, like, how we intend to fund this expansion while maintaining a healthy balance sheet? We have currently long-term borrowings of around INR 40 crores. Are there any plans to do additionally financing or intend to sufficient that to support the growth initiative? See, the debt what our company is holding on will be very lesser pace only, but we will finance the opening of new showroom internally only. We are not outsourcing any funds outside. Okay. And sir, like, how will it be, like, fully from the bank debt? How could you just give a I couldn't understand. What you want to ask? No, we are not going to increase any debt because we are going to fund it from the internal sources only. Okay. Okay. Got it. You just mentioned that. I just wanted to know how much square feet you mentioned priorly. How much square, 10,000- 10,000 sq ft, madam. It is of total building construction is of 10,000 sq ft. The saleable area would be around 6,000 sq ft. Okay. What products are we going to majorly focus on? Is it purely the gold metal are we talking about or any other, like diamonds or See, actually, we are going to introduce with the yellow gold product and diamond jewelry and various premium products like Kundan jewelry, Jadau jewelry, and various branded products also, and all lightweight jewelries which are in high demands by the youngsters, and all those we are going to introduce there. Okay. Just last question from my side. When you mentioned about the lightweight gold, are the margins from that particular products are better from what we are currently in involvement? Yeah, these are the little higher compared because that comes under the premium segment and there are generally the lightweight jewelries are with the diamond jewelry, so the margins are higher. Okay. Thank you. That is from my side. Thank you. Yeah. All the best. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Jainam Savla for closing comments. Thank you, everyone, for joining the conference call of Khazanchi Jewellers Limited. If you have any queries, you can write us at research@edelweiss.com. Once again, thank you, everyone, for joining the conference call. Thank you. On behalf of Edelweiss Financial Advisors Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you, everyone. Thank you so much.