Ladies and gentlemen, good day and welcome to Advanced Enzyme Technologies Limited, Q4 FY25 earnings conference. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ronak Saraf. Thank you, and over to you, sir.
Thank you. Good evening, everyone. Welcome to Advanced Enzyme Technologies Q4 and FY25 earnings conference call. We sincerely hope that you all have gone through our financials and the press release and the PPT, which has been posted in the investor section of our website as well as on the stock exchanges. Today, we have with us Mr. Mukund Kabra, full-time Director, and Mr. Beni Rauka, Group CFO.
Today, the management will discuss the performance and business highlights, update on strategies for the coming year, and respond to any questions that you may have. As usual, for the ease of discussion, we will look at the consolidated financials. Before we proceed, I would like to draw your attention to the forward-looking statement contained in our documents.
During our call, we may make forward-looking statements regarding our expectations and predictions about the future because these statements are based on current assumptions and factors that may involve risk and uncertainty. Our actual performance and results may differ materially from our forward-looking statements. Now, without any further ado, we shall commence this call. Over to you, Mukund, sir.
Thank you, Ronak. Good evening, everyone. I really appreciate you all for taking out your valuable time, and I extend a hearty welcome to everyone joining us today on the conference call for the quarter and year-end date 31st March 2025. Let me start with a quick brief on global economic scenarios. The global economy is experiencing moderate growth amid persistent challenges.
The volatile growth is attributed to factors such as high debt levels, weak investment, and ongoing geopolitical tensions, including trade disputes involving major economies like the U.S., China, and the European Union. Now, a brief on the key developments during the year. We are pleased to share a summary of significant milestones achieved over the past year, reflecting our continued focus on innovation, sustainability, and global regulatory compliance. The company has filed a food enzyme dossier to the European Food Safety Authority for approval.
The enzyme is intended for application in baking and the production of refined edible fats and oils. In the United States, two GRAS Dossiers have been filed with the U.S. FDA, supporting the use of food processing enzymes in baking, brewing, starch processing, and oligosaccharide production. Furthermore, the company has filed three patent applications related to innovative sugar management technologies. The company has established a separate independent laboratory named Starya Labs under its U.S. subsidiary for testing enzymes and probiotic products.
The company has successfully completed the installation and commissioning of an additional 350 kilowatt solar power plant, raising its total clean energy capacity to 510 kilowatts. This marks a significant step forward in the company's sustainability and strategies. Going ahead, the company remains committed to expanding its reliance on renewable energy sources in the coming years. Quarterly performance.
Now, as far as the quarterly performance is concerned, we achieved a top line of profits, INR 1,672 million, growth of 6% on year-on-year basis, and big growth of 1% on a sequential basis in quarter four. Our EBITDA stood at INR 456 million. EBITDA margin stood at 27%, and PAT margin stood at 16% during the quarter four. Lower EBITDA margin is due to change in product mix and true-up of the inventory valuation at the year-end. During financial year 2025, the total revenue grew by 2% to INR 6,369 million.
EBITDA at INR 1,944 million is 31% of sales. Net profit stood at INR 1,340 million. Talking about the segment-wise performance, human nutrition. Quarterly, the human nutrition segment contributed 62% in revenue pie. It grew by 1% on year-on-year basis and on sequential basis.
Annually, on full-year basis, revenue is down by INR 132 million, about 3%, mainly due to lower revenue from domestic markets, while U.S.A. and other international markets witnessed growth. HN constituted about 64% of the revenue in financial year 2025. Animal nutrition. Our animal nutrition business contributed 12% to the revenue in quarter four. This segment grew by 13% on year-on-year basis and 6% on sequential basis. During financial year 2025, animal health nutrition witnessed an increase of 12% and constituted about 12% of the revenue as compared to 11% in financial year 2024. Bioprocess.
Our bioprocess business contributed 17% to the revenue in quarter four. This segment grew during the quarter by around 8% on year-on-year basis, while degrowth by 13% on sequential basis. Annually, our food business grew by 4% to INR 809 million, constituting about 13% of the total revenue, while non-food business grew by 12% to INR 208 million.
This constitutes 3% of total revenue. The specialized manufacturing business contributed 9% and grew by 39% on year-on-year basis, while remained unchanged on sequential basis. Reported 30% growth for the whole year and constituted about 8% of our total revenue as compared to 7% during financial year 2024. We acknowledge that R&D is crucial for sustained long-term growth. We also maintain product portfolio-specific strategies that focus on complexities of the geographical market space.
We are proactively seeking new opportunities and advancing the development of new products and molecules within our biocatalyst and bioprocessing portfolios. These innovations are anticipated to contribute to future revenue growth. We are optimistic about the upcoming years, anticipating growth and success with a strong pipeline and product portfolio. We look forward to building on our momentum and driving great year ahead. With this, I conclude my remarks and now hand over the call to Mr. Rauka. He will walk you through the financial and key subsidiary numbers.
Thank you very much, Mukund. Good evening, everyone. I hope you all are in good health. On the company's consolidated financials for the fourth quarter and fiscal year 2025, I would like to give first the Q1 Q numbers sequential basis. The revenue is decreased by INR 19 million, by 1 percent point, from INR 1,691 million to INR 1,672 million. The EBITDA margin stood at 27% as compared to 31% in the corresponding previous quarter.
Profit before tax at 26% as compared to 31%, and PAT during the quarter was INR 267 million as compared to INR 389 million. On year-on-year basis, the revenue is at INR 1,672 million as compared to INR 1,578 million, increased of 6%, and EBITDA is at INR 456 million as compared to INR 554 million. Profit after tax at INR 267 million, which is about 16% as compared to INR 299 million. On year-on-year basis, this is financial year 2025 versus 2024.
The revenue is increased by 2 percentage points from INR 6,239 million to INR 6,369 million. EBITDA is at INR 1,944 million, about 31% of our revenue as compared to INR 2,045 million of FY24. Profit before tax at INR 1,874 million, 29% as compared to INR 1,879 million, which is 30% of revenue in FY24. PAT is at INR 1,340 million as compared to INR 1,370 million, and the PAT in terms of the percentage of revenue is about 21% in FY25 as compared to 22% in FY24. Let me give you our subsidiary numbers.
JC Biotech's revenue stood at INR 600 million during FY25 as compared to INR 626 million in FY24, and EBITDA is at INR 70 million as compared to INR 77 million in FY24. PAT is at INR 12 million as compared to INR 18 million in FY24. Evoxx revenue for financial year 2025 is at INR 213 million as compared to INR 230 million, and Evoxx has a negative EBITDA of INR 12 million as compared to negative INR 8 million in FY2024. The loss at Evoxx is about INR 39 million as compared to INR 21 million in FY2024.
SciTech has done exceedingly well during this year. Revenue is at INR 542 million as compared to INR 418 million in FY2024, 30% of growth, and EBITDA is at INR 76 million as compared to INR 58 million in FY2024. PAT stood at INR 37 million versus as good as our last year number of INR 37 million. Our largest anti-inflammatory enzyme sale stood at INR 1,193 million as compared to INR 1,310 million, which is about 29% during the year as compared to 21% last year. Top 10 customer concentration is about at about 22% as compared to 26% in FY2024.
B2C segment during the year performed in terms of INR 375 million as compared to INR 394 million, and in USD, €4.46 million as compared to €4.77 million in FY24. R&D expenditure during the year we have spent about INR 328 million as compared to INR 274 million, which is about at 9.34% of our revenue as compared to 7.5% in FY24. On consolidated basis, R&D spend is about 5.32% in Q4 and 4.7% in Q4 of FY24.
This is without considering the intercompany elimination. On consolidated basis, R&D spending with elimination is about 4.4% as compared to 3.5% in Q4 of the FY24. On consolidated basis, R&D spend for FY25 is at 5.3% as compared to 4.53% in FY24. This was from my side. Now we shall open the floor for question and answer session.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue has started. The first question is from the line of Nikhil from Simpl. Please go ahead.
Yeah, hi. Good evening. Am I audible?
Yeah, yeah.
Yeah, yeah. Sir, first question was on this fall in gross margin. Now, you ascribed two reasons. One was the product mix and inventory valuation. If I look at the revenue mix within segments, it largely remained the same. Can you just talk about it, what actually led to this fall in gross margin and this inventory valuation was a one-time activity or some sense on that?
Yeah. I mean, you rightly said as far as the numbers look like same, but within that, there are some products. Depending upon the volume of sale of that particular product and the margin, that in fact impacts the overall gross contribution. Apart from that, the second question about the queue-up of the inventory, because year-end valuation when you do, then sometimes there are few things which act as a balancing figure. That has to be taken care of. That also impacts on overall margins.
I understand, sir, but where I'm coming from is if I look at our long history, this revaluation would have happened in previous years as well, but the large impact we've never seen in historical quarters. Is it like.
It's not revaluation, I'm sorry. There is no revaluation as such. It is year-end exercise, which is done every year as such. Sometimes the queue-up, you have some kind of miss which has to be corrected.
Okay. Is it because of fall in prices of the products as a result we've seen this? What led to this miss? It never happened historically. That's why I'm trying to understand. A 5%-6% hit which we have seen, we've never seen historically happening. That's why I'm just trying to understand. Going forward, should we consider that 77%-78% as the base margins or what should be the base gross margins?
I think that's what 76%-77% is the kind of gross contribution which we shall be in a position to maintain as of now.
Okay. Second question to Mukund sir. Sir, you've mentioned that in your opening statement that you seem to be positive for FY26. I know this is a business where it's difficult to exactly project how things will evolve, but if you can just talk about what are the underlying assumptions and what are the underlying demand scenario you are looking at, on which basis you believe that FY26 should be better than 25?
Nikhil, there are certain global challenges as of now. The picture is a little unclear on the U.S. front, particularly with the duties and how things are moving. As of what it stands, I think it's more like a positive side. We'll have good flow starting from this quarter. Some of the movements in the biocatalyst areas are going to start.
On an overall basis, we see good traction in the U.S. as well, in India as well. It all depends on how this volatile situation, what is happening in the U.S. panel, how the duties may come up even into the pharma products in India or some other areas, how the U.S. is going to put the duties on China or some other areas. Those few are still the hanging factors which we don't know as of now. When we do this and when we look forward for this year, we see a good growth somewhere around mid double digit number. We see a very positive year coming forward.
Okay. And just last question, and then I'll come back in the queue. See, we have our facility in the US, and we have our facility in India. If this tariff thing does come out at whatever %, would we not be benefited because having our own facility may see a better volume shifting towards us? Is this a right assumption, or would you say that's not how we should think?
No, both. I think that is what I said, how the tariff on China and other areas move, right? Yes, there can be some positive area. At the same time, what the facility we have in the US is more on a blending side of the final product side rather than the fermentation side. Most of the raw material needed for the US goes from India.
Right now, there is a 10% duty, which if we just go by last year, probably we might have an impact of about $400,000. If we really look at what other business can come because of whatever instability is being created, probably that can be neglected. Probably we can see higher growth as well. It all depends how things move.
Even if we keep all of these factors aside right now, and we just see that nothing is moving into those directions, still we feel that we should have a good growth as of now. If those things are in a positive area, they may add. If those are in the negative, they may reduce the numbers. That's how I look at it at this point of time.
Sure. I'll come back and ask you.
Thank you. The next question is from the line of Umang Shah from Banyan Tree Advisors . Please go ahead.
Hi, sir. Am I audible?
Yes, Umangji.
Yeah, hi. Thank you for the opportunity. Sir, first question was pertaining to the biggest product that we sell, which is Sera Peptides. Sir, in Q4, how has the competitive intensity reduced, and how do we think about it in FY26? Second is, if you could repeat, how much did it contribute to the total revenues for FY25? That would be great.
I think Rauka, you will give that number.
19%?
Yeah.
We see that there will be some challenge into this area, particular area. We see that it will have the pressure going forward as well. As a policy, we will come out with some other products which will give us the growth. We may see that there might be another 2%-3% to 5% fall on the revenue on this particular area.
Okay. So 2%-3% is 19% minus 2%-3%.
Yeah, right.
Okay. Sir, one more question was you had launched products in weight management, sugar management, and protein digestion last year. What percentage of revenues do they bring in right now?
Umangji, I don't know the exact percentage, but still we didn't get those kind of volumes which we were expected. A lot of growth from the U.S. is coming from other segments and other areas as of now. We are still working on those areas, but the traction what we expected didn't come out last year.
Gotcha. Sir, and one question was that two, three quarters back, Rauka ji mentioned that the peak margin that this business can go to is 30%-33%. Considering our revenue growth, what we were initializing at that time and now what we are looking at, do you still think the company can have the margin potential over the next three to five years, or do you want to have a rethink on the same?
What I can say is right now, we expect the same margin of this year for the coming year. When the revenue grows, probably it may grow, but for the calculation purpose, we are going with the same number of this year.
Okay, sure. Thank you, sir. I'll get back in the queue.
Participants who wish to ask questions may press star and one at this time. The next question is from the line of Shubham Segal from Skill Ventures . Please go ahead.
Hello.
Yes, Shubhamji.
Hello. Yeah. My first question was on the marketing front. Previously, we have faced some difficulties in the past few years, be it the higher cost we are faced in the U.S. or Europe, or the mismatched expectations between the third parties. My question is, what are we doing actively on this front, and have we found any success at all in sorting out our marketing issues?
Sorry, I didn't get your question, Shubhamji. Can you please repeat?
I'll just repeat it. We have been facing difficulties on our marketing front, be it the higher cost or the mismatched expectations. My question is, what are we doing actively on this front, and have we found any success at all in sorting our marketing issues?
Okay. I think to our knowledge, as such, I think only the issue we might have mentioned is that we have to expand our marketing efforts, in particularly overseas market. That is where we might have discussed that for a particular segment or particular category of products, like when we talk about animal feed business, how do we really expand our marketing reach to overseas market where a lot of issues are there for the registration of the product, for having a distributor, and for the food business as well.
We might have discussed this thing, but I do not remember that there is any kind of mismatch and any kind of issues we are facing in that sense. The only challenges were how to really ramp up getting your product registered with the European Food Safety Authorities, how do you register your products with various countries.
Even there are some countries where when you want to import, the local distributor, they have to register their products. Those were kind of challenges, which, of course, in the last couple of years, we have ramped up, and we have really got some kind of breakthroughs, and we have used a lot of resources to have that kind of a thing in place. Yes, a lot more is to be done, and it will take a couple of years to have that kind of a distribution network.
Okay. So my next question was on our solar plant that we have established. What percentage of our total power consumption will be met through this plant, and what level of cost savings can we realistically expect?
Which plant, sir?
The solar plant we have established.
510 kilowatts. No, sir, this 510 kilowatt, what we are talking about?
Yes, yes, the solar plant.
The solar plant. No, sir, this is not a solar plant what we put up. Right now, what we put up is a 510 kilowatt capacity of the panels on the plant itself. That is somewhere around for last year, we generated about 315,000 units, somewhere around that.
That is almost like 5%-10% of our total, 10% of our total consumption as of now, what we use at Sinnar. We are looking for some other options as well on the solar where there are certain options like making a joint venture company and buying it. We are exploring all of that, and probably we will look into this year to establish that as well.
Okay. This is my last question on our specialized manufacturing segment. Can we expect this segment to grow at a 30% rate sustainably, and what are the factors currently driving this growth?
Yeah, I think if not 30%, at least this business is going to grow more than 20% in the coming year as well. The factors is like the capacities have been created. In FY2024, there was a challenge. I think we had mentioned earlier there was a fire in that plant, so because of that, the manufacturing has to some extent impacted.
FY2025, we fulfilled the plants were in operation, and we also added some capacity in FY2025. Now we are getting a lot of orders and inquiries, and we are signing a lot of contracts. That helps us to have a better visibility of the revenue in FY2026. Again, we are also working on expanding more capacity of this particular plant going forward.
Are we seeing more demand traction from international markets or domestic markets or both of them?
It is both, as such. But yes, this year we could see that a lot of growth has come from the Indian market only.
Okay. Got it. Thank you.
Thank you. The next question is from the line of Shreyans Gathani from SG Securities . Please go ahead.
Hi, good evening, sir. My question is on the margin. In the initial comment, you mentioned about the change in products impacting margins. My understanding was that the US market, typically the products that we are selling there have a higher margin. If I look at Q4, FY2025, there is 22% growth in the US business. I am just trying to understand how should we look at margin based on geography, or is it like we should not look at it in that way?
I mean, of course, the U.S. has a better margin because whatever manufacturing, core manufacturing is happening in India, and the U.S. is doing some kind of customized formulation. They do face a better margin in that sense because their approach is completely one is solution-based approach, and over a period of time, they have created their own branding.
They face better margin as compared to India business. Apart from that, we have a couple of subsidiaries. Now, these subsidiaries are like, again, two, three subsidiaries are like 100% subsidiaries. They are into a different business. Their margins are different. If I talk about bioprocessing non-food, non-food business has kind of low margins. Food business is slightly better. Animal feed has a different kind of a margin. U.S. has, of course, a better margin in that sense.
As the U.S. business will grow, definitely we could see a better margin. Of course, now going forward, as a lot of challenges are there because of the tariff issues, we have to see that there may be some kind of a competition which comes when you have this kind of a margin in the business. Those factors definitely we'll always take into account. That's the reason we are saying that going forward, we shall be taking up only when you prepare your business model for a couple of years. 30%-31% of EBITDA margin is something like is sustainable in that sense.
Got it. Got it. On the U.S. market, you mentioned that last year the products that we launched did not see a lot of traction as you expected. Are there any other products that we are launching, or is that picking up now, or how do you see them playing out this year?
This year, probably we will see it better, growth-wise or otherwise. It's a little bit slower than what our expectations were in the beginning. At the same time, we are working on some other areas, which was the existing business as well, which has grown much better. This year also, we see that most of the growth in the US has to come, also has to come from the existing businesses right now.
Okay. So the newer introductions are not going to contribute significantly?
They will contribute, but they will take some more time than what we initially anticipated.
Got it. Got it. Could you just give some idea on why it's not picking up as fast? Is that slower customer adoption, or there's competition more than we thought? Could you just give some idea on why?
Anticipation. The earlier expectations were based on the MLM model, and the company with whom we were working was, and those were all their projections. Based on that, we come out with those projections. Slowly, slowly, we slowed down on the MLM side, and we are working with some other more people to expand this market. It is a process, right? The time convention is a little bit more right now.
Got it. Got it. My next question is on the R&D center update. Could you just share where we are with that? I think we expect the phase one to be started this year, if that's on track or not.
We expect to finish the construction work by December of this year. Some portion will start in the last quarter of this year, particularly.
Okay. Okay. Got it. I also read, sorry, sorry, your thing.
No, so the last, I mean, it's a five-floor building. The last flat is in process right now, and then all the other civil work has to be done. It's not right now. Sorry.
Okay. Okay. I just thought that there's a company incorporation for this year in India. Could you just elaborate on what we are planning to do there, or it's just some way for some other business? Are we?
I mean, we have B2C business, or you can say direct sale business in human nutrition, where we are selling our nutraceutical products on Amazon. For that, we are separating out this particular business in a subsidiary company.
Okay. Okay. So the WELLFA business is going to go there?
Yes. So that more focus can come into that. We feel that now it's time to put some focus on that particular area as well.
Got it. Got it. Understood. Just last question on the Evoxx business. There was an order a quarter or two ago. Is there any update on that? Is there any other opportunities that we are looking on that front?
Yes. That order is already materialized. I guess I already confirmed that, right, whatever we were talking on.
Yeah. We are working on that. In similar areas, we are still talking with a couple of more people, but as of now, it's in the process.
Got it. So that could be executed this year, right?
Yes. Yes.
Okay. So we should see the losses reducing from Evoxx this year?
Definitely. Definitely. This year, we will see turnaround.
Okay. All right. That's it from my end. Thank you so much.
Thank you. The next question. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Ambuj Chaudhary, and retail investor . Please go ahead.
Hello. Good evening, everyone.
Good evening.
Am I audible?
Yeah.
Yeah. Globally, it's a trend that every major chemical players and R&D companies are incorporating artificial intelligence to speed up and streamline their R&D processes, like time to market, molecule discovery, and all sorts of things. Is our company implementing artificial intelligence in any way in R&D?
Yes, we are exploring. This year, that is one of the tasks for us to go forward. We will be taking some, we are working on that. Probably this year, we will implement some of them.
Okay. Okay. Okay. My next question is, what would be the guidelines for this financial year? What would you expect? Any surprises in any way possible from any geographic market or any product?
There can be a lot of surprises. What we expect is, as I already said, maybe mid-double-digit growth as of now. We might see better as well, depending on how the global things turn out. We are looking into some kind of intermediate kind of a business. If that works out, surely the top line can be much higher.
Okay. Thank you. Thank you, sir.
Thank you. The next question is from the line of Umang Shah from Banyan Tree Advisors . Please go ahead.
Hi, sir. Thank you for the opportunity again. Sir, in the call, you break out the human nutrition revenues between India and international. Could you please do this?
Yes, sir. So Umang, I'm giving you for FY25.
Yes.
It's INR 1,764 million. INR 1,764 million.
Yeah.
International business is INR 2,289.
Okay. Okay. Sure. Great, sir. And sir, one question was biocatalyst business. We have been in conversation with pharma companies for quite some time. What are the challenges here for them to adopt this solution that we have?
Yeah, there were some challenges, as I already talked on the earlier as well, for one of the molecules. For example, the lead cost has gone up, and all of those sort of things where the lithium, not lead. But then we come out with some other ways for this year, particularly. And this year, probably we should see a good growth in that particular area.
Right, sir. Right, sir. You mentioned that the India pharma business will continue to be stressed in next year also. In that context, some other segments will have to have higher growth, 10%-15% growth for us to actually grow at, say, a high single digit in next one to three years. Which segments are you more optimistic about?
The biocatalyst area right now.
Okay, sir. And sir, animal feed, industrial processing, any comment on that?
Animal feed will do also very good this year. The problem is low best. Even though whenever we talked about good, when we talk about overall growth, its contribution is on the lower side. Even so animal feed should also do good. Food will be, I would say, normal for this year, particularly.
Right.
This year, major growth will start coming from the Asian only.
Human nutrition and biocatalysts.
Correct. Sure, sir. Sir, with the largest product that we sell, do we think that this is the new normal in terms of margins and sales growth and the competition is here to stay? Or do we think that we will revert back to our own profitability and sales composition once these temporary issues are done away with?
I think it's a game we can sustain, right? It will take some more time, maybe two, three years, and then we will see how that pan out. There will be some quarters when we will see the good growth. Some quarters, we will be the normal one, depending on the situation in the market. For the calculation purposes, we are going with this as a normal right now.
Right, sir. Sir, what would be the discount that the competitors offer to the product that we sell if you are able to talk about it?
There will be the erosion on that front, somewhere around 5%-7%, particularly as of now. That is what we are taking into consideration for the next year, particularly.
Sure, sir. The demand growth will not be significant here, so you are actually looking at a volume decline more or less?
No, we will see the volume may grow, but actual realization may be at the same level.
Okay. Okay. Sure, sir. Thank you so much, sir.
Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Shubham Sehgal from Skill Ventures . Please go ahead.
Hello? Am I audible?
Yes, Shubhamji.
Yeah. Just to follow up on a previous question. About the gross margins itself, in the last five, ten years, if we see our quarterly gross margin, never have we witnessed such low gross margins of 72%. I mean, I heard that you said that we did some inventory evaluation, but still, this kind of margins, we have not seen yet. Could you just elaborate on that? Is it possible we price our products lower to drive growth or something like that? Because these low gross margins, we have not seen. Also, from next quarter, what gross margins can we expect?
See, on the raw material front or the other front, we will have a 1% or 2% increase going forward as well. But rest of the things, Raukaji can talk .
Shubham, I think you are looking at quarter. You should look at the yearly numbers, annual numbers. I have already explained, and some true-up has been done. It is not like your true-up is having a very substantial impact on this overall budget. Here, the question was the product mix which we have mentioned to you. Some of the products which might be setting a very good margin, if the sale of those products during the quarter is low than previous quarter, then you see the overall gross margin and EBITDA margin that gets impacted.
So when you look at the yearly annual numbers of FY25 and FY24, you see the 77% is the gross contribution for FY24, and FY25, it is 76%. EBITDA margin was about 32% in FY24, and this year, we are getting about 31%. Only the quarter-to-quarter comparison is something which is.
On a yearly basis, then what kind of gross margins can we expect going forward?
I think we are, I already mentioned, we are maintaining the kind of EBITDA margin and gross margin in the same level.
On a yearly basis.
Okay. So in the range of 76-77 then?
Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. As there are no further questions, I would now like to hand the conference over to Mr. Ronak Saraf for closing comments. Please go ahead.
Thank you, everyone, for taking your valuable time for attending our earnings conference call. We will keep you posted for any further updates. I request you all to kindly send in your questions that may remain unanswered. An audio recording and the transcript of this call will be uploaded on our website in due course. Looking forward to hosting you all in the next quarter. Till then, stay healthy, stay safe.
Thank you.
Thank you. On behalf of Advanced Enzyme Technologies Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.