Good afternoon, ladies and gentlemen. I am Sashmita, moderator for the conference call. Welcome to Elin Electronics Limited Q2 FY 2027 conference call. As a reminder, all participants 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 telephone. Please note, this conference is recorded. I would now like to hand over the conference to Devarsh Shah from Sunidhi Securities. Thank you, and over to you, sir.
Thank you, ma'am. Good evening and very warm welcome to everyone. On behalf of Sunidhi Securities, I welcome you all to Elin Electronics Limited Q2 FY 2027 earnings conference call. Today, we have with us from the management represented by Mr. Kamal Sethia, Managing Director, Mr. Akash Sethia, Head of Strategy, and Mr. Sanjeev Sethia, Director. We thank Elin Electronics Limited for giving us the opportunity to host the call. I would now like to hand over the floor to the management for their opening remarks, post which we will open the floor for Q&A. Thank you, and over to you, Akash sir.
Yeah. Thank you very much, Devarsh. Good evening, ladies and gentlemen. This is Sanjeev Sethia, Director at Elin. We also have on call today our Managing Director, Mr. Kamal Sethia, and our Head of Strategy, Mr. Akash Sethia. Thank you for joining our earnings call for the second quarter and first half of fiscal year March 2027. Coming to our overall performance for the quarter, operating revenues for the quarter was INR 413.2 crore against INR 374.5 crore in the same period last year, up 10% on a year-on-year basis. Growth during this quarter could have been better, but for a two-week delay in Diwali as compared to last year. Consolidated EBITDA for the quarter was INR 14.1 crore against INR 20.3 crore in the same period last year.
The decline in EBITDA margin of 200 basis points year on year is entirely because of increase in raw material cost, which could not be fully passed on to the customers. RMC increase was driven by the following factor: substantial increase in polymer prices driven by increase in crude oil price due to the conflict in Middle East region. Prices of polymer are up 30% on an average on a year-on-year basis. Metals, especially steels, saw a sharp increase of 12%-15%, and copper also has hit an all-time high level. Depreciation of INR against the US dollar or Chinese yuan are affecting prices of imports, especially electronics and components, as well as sea freights. We also had a large minimum wage increase of 25% in Ghaziabad region of Uttar Pradesh, where our largest factory is situated, with effect from April 1st, 2026.
There has been a further increase in minimum wage of around 7% with effect from October 1st, 2026. Change in the product mix with decline in motors and select lighting products, which are at higher value addition. Therefore, our EBITDA margin declined from 5.4% last year to 3.4% in the current quarter. Excluding extraordinary items, consolidated PAT for the quarter was INR 3.8 crore against a profit of INR 13.8 crore in the same period last year. Our liquidity position is a net debt of INR 6.4 crore as of September 2026. Our CapEx spend in H1 FY 2027 was at INR 77.5 crore, which includes INR 65 crore towards capitalization of Bhiwadi plant and balance INR 12.5 crore towards the existing business. Our working capital days was 52 days at September 2026 versus 53 days in September 2025.
Now, I would like to share with you the performance of each of our business verticals. In lighting, fans, and switch segment, the revenue for the quarter was INR 77.8 crore against INR 72.4 crore in the same quarter last year. This was driven by customer ramping up in the LED lighting category. LED lighting excluding flashlights increased from INR 47.5 crore to INR 54.4 crore in the current quarter. This was primarily driven by new customer ramping up capacity with us. While overall volumes have grown, change in the product mix has impacted us with downlights being replaced by battens. With effect from August, we had decided to scale down battens till the pricing situation does not improve. We are now working on our terms with customers who accept our pricing and are not chasing customer wallet share.
Moving to our fan business, our fan business was steady at INR 15 crore in this quarter. While Q2 is seasonally weak for fans, we expect this to pick up strongly again in Q3 and continue to do well in Q4 as well. We have a strong outlook for fans, especially BLDC ceiling fans, and are setting up additional capacity in our Bhiwadi plant for it. Moving on to the home appliance segment, revenue increased from INR 140.6 crore last quarter to INR 175.8 crore this quarter, representing an overall growth of 25%. This would have been higher if not for the delayed festival season this year with Diwali falling during November. Kitchen and home care revenue increased by 25% year-on-year. This was on the back of growth of revenue driven by increased volumes for mixer grinder and irons.
We have started regular supplies of electric kettles also in the quarter. Personal care segment was up 28% year-on-year, driven by volume growth in hair dryers and sterilizers. We are happy to share that we have added a new customer for personal care in this quarter. Additionally, we have participated in government tenders and expect to do some business in it as well. Moving on to the FHP motor segments, revenue declined from INR 73.5 crore to INR 56.8 crore in the current quarter. Further, please note this segment reflects only third-party sales, so increase in sales of mixer grinders and fans as appliances and results in increase in captive consumption of motor thereof is captured via increase in sales of appliances. A quick update on the Bhiwadi factory. The plant is ready and has started commercial production in mid-September 2026.
We have started with OFR production and will be adding fans and chimneys as well. Setting out a revenue guidance for FY 2027 now. As discussed in our call last quarter, we are prioritizing profitability and therefore taking some firm decisions on pricing with our customers. Not only have we become firm in passing on raw material costs, but have also initiated discussions with customers for passing on assembly costs owing to large minimum wage increase we have incurred. We acknowledge that these actions with customers generally take time, but some results are already visible in our Q2 EBITDA margins improving from 3.4% from 1.1% in Q1. We estimate revenues to be in the range of INR 1,400 crore with a variation of plus-minus 3% for full year 2027. It is difficult to forecast the EBITDA with certainty in this high volatile macro environment. With this, we conclude our opening remarks.
We can now open the floor for Q&A. Thank you very much.
Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad. First question comes from [Zahi Nazar] from [Nazar Investment]. Please go ahead, sir.
Sir, [Sanjeev], good afternoon, sir. I think, props to the team for giving a turnaround quarter, I would say. Top line has grown and margins have stabilized or started inching up. You have upped the revenue from between INR 1,350 to INR 1,375 to INR +1,400 for the year. I appreciate, sir, margins cannot be predicted, but with things looking up, do you think we can look at Q2 as a base quarter for margin, sir?
Akash, can you answer that question?
Sir, I wish I could give you that kind of certainty. Under normal circumstances, I probably would have been able to give you that comfort. But unfortunately, given the kind of situation we are in, I do not want to make any assurances. That said, of course, we do endeavor that this is not only a base quarter, but subsequent margins should be better. Given the volatility in the macro, I do not want to make a commitment regarding margins, especially in Q3. Maybe now with certain global developments, especially in the last few days, there is some view that there will be stability in crude and therefore prices will come off. So maybe Q4 onwards, we will be able to share a better picture in terms of margin.
You feel, sir, Q3, Q2 again was a one-off kind of a margin uptick, or we are already halfway into Q3. So do you see these margins maintaining, sir, at least 3.4, 3.5 above?
Sir, Q3 historically is our slowest quarter, because what happens is that Q2 and Q4 are our peak quarters in the run-up to Diwali, and then Q3, right after Diwali, there is a kind of a seasonal lull. Also, what happens is there is some sort of moderation in revenue. That is point one. Point two, just in terms of our newest factory in Bhiwadi, that has just been commercialized in September. Now, you can appreciate that once we start, things take some amount of time to ramp up, both in terms of revenue and margin stabilization. So Bhiwadi, as of now, at least this year, will be in a state of just about EBITDA breakeven. With the result that it is going to pull down the overall EBITDA margins. From next year, once the new factory also stabilizes, you will definitely see margins move up.
But Q3, my suspicion is margins should be in the frame with maybe a 0.5% variation in the side.
Okay, sir. Thank you. Happy Diwali to all of you, and best wishes for the year.
Thank you.
Thank you, sir.
Thank you, sir. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. Next question comes from the line of Utsav Baheti, an individual investor. Please go ahead.
Hello, sir. Thank you for the opportunity. Am I audible?
Yes, sir, you are.
My first question is regarding, Diwali has been postponed by around, due to the Adhik Maas and all, it has been postponed by 15, 20 days. Will we have a carryover revenue kind of a thing in Q3? Will that be the case?
Definitely, we are going to have some sort of benefit of revenue spilling over to Q3. On a YoY basis, this coming Q3 versus last Q3, you should see some good traction in terms of revenue.
Okay. One more question, sir. Regarding the minimum wage hike, I mean, it has been hiked two times. How much basis point will that affect in our margins? Over a longer term, probably say two years, three years down the line.
Okay. Let me just give you a quick one-minute background. The minimum wage increment happens every year, but it happens typically to the tune of anywhere between 4%- 7%, right? What happened this year in April was a very large unanticipated kind of increase to the tune of 25%. Moreover, like we pointed out in our opening remarks, on top of that, in October, effective 1st October, there has been a further hike of another 7%. So effectively, it is almost a cumulative hike, if you see in six months, of almost 34% or 33%, right? Now, definitely, if you have this kind of hike, and unfortunately for us, this has happened in the region where we have our largest factory.
This has happened in the Ghaziabad region of Uttar Pradesh, which is our largest factory where we get approximately two-thirds, 65 odd percent of our revenue from. Historically, what used to happen was that, because I said the minimum wages used to, the increments used to be typically much smaller, that used to get offset from the volume growth that used to come in. So, we used to pass on material price hikes with customers, and the assembly hike used to get, or the labor hike used to get absorbed through efficiency gains, which would come via volume increase. But this kind of large increase is extremely difficult to absorb. Like we again alluded to in our opening remarks, we have initiated dialogue with all of our customers and informed them of these facts.
Now, as you can imagine, these conversations are a little bit time-taking, a little bit slow. People take time to assess and come to a conclusion. So as of now, I think the impact on margin is almost close to 1% kind of number. But we are making all efforts to kind of recover the maximum amount that we can. Hope that answers your question.
Yes, sir. Thank you. Thank you for answering the question. Best of luck.
Sure. Thank you.
Thank you, sir. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. Next question comes from the line of Niraj Mansingka from White Pine Investment Management Private Limited. Please go ahead.
Yeah, I wanted to know two things. One, when is the scale-up of the Bhiwadi facility? What is the timeline you see the scale-up of that, and the revenues that you see from that facility?
Niraj ji, I think, in terms of just to give you a context of the revenue, I think this year, the remaining, effectively we have only six odd months. We should be in the vicinity of INR 50 odd crore in six months, INR 45 crore-INR 50 crore. For the next fiscal, which is fiscal 2028, we should be in the vicinity of about INR 150 odd crore. Our stated goal, as we've mentioned on earlier calls, is to achieve the full potential of the Bhiwadi facility in terms of revenue. That is about INR 500 crore, INR 550 crore in approximately four years' time.
How much more CapEx you need to do for that full potential to be realized?
We've already capitalized approximately INR 65 odd crore INR. This is phase one, where approximately 1.25 lakh square feet has been constructed, with all the common utilities, et cetera, being done. What is pending is another 1 lakh odd square feet, just of factory shed area. All the common utilities, et cetera, have all been done. Maybe in the next year, you would have another maybe INR 12 odd crore, INR 12 crore-INR 14 crore, in that vicinity, right? Approximately.
Okay. Any visibility on the revenue from this asset, like the order bookings for Bhiwadi?
So, like we pointed out earlier, we do not really have an order book system, but we have visibility from our customers from a planning perspective. All indication that we have by design is non-binding in nature. The numbers that I have given you, 50 for this year and 150 for the next year, are reasonable estimates basis the customer commitment we have received.
Okay. That is one. Another question is, I know you said EBITDA margin is difficult to give a guidance, but can you give at least a minimum range, minimum at least you aspire to achieve?
Because minimum and aspiration are two opposite.
No, aspiration in not long term. In for FY 2027, I am talking.
For FY 2027, look, I think for the first half of the year, we are close to just about 2.3%. Quarter one was close to 1%, quarter two is 3.5%. I just mentioned Q3 would be probably maybe similar to Q2, but with a 0.5% variation on either side. I mean, realistically, I don't think it's going to be higher. So if I look at the full year number, I don't think EBITDA would be more than 3%-3.5% in that range. From a full year perspective, this is, of course, because of the tough first quarter that we had. But going forward, it should not be lower than 2.5% also. It should be above 2.5% at least for the next quarter.
This includes the not full utilization of the Bhiwadi one, right?
Yeah.
The full year.
That's one of the key reasons why EBITDA is also getting dragged down.
Can you give some understanding of what margins can improve or what margins say? On a like-to-like scenario, if Bhiwadi facility scales up to 100%.
I will just give you the numbers also. Bhiwadi for this year, for the remaining part of this year, on the INR 50 crore kind of top line, we will probably have an EBITDA of close to 3%, 2.5%-3%. The moment we hit that INR 150 crore kind of number next year, EBITDA is going to be 6.5%. You can imagine as and when utilization starts to scale up, fixed costs tend to get absorbed much better. What happens is, you can imagine, I mean, the factory is up and running, you still have to pay your general manager, your purchaser, your maintenance guy, your stores guy, all of that, right? Whether your turnover is INR 1 crore, INR 10 crore a month, right? That is, as revenue scales up, those costs tend to get absorbed better, which results in margin expansion.
Is there any more operating leverage left beyond this 6.5% in this Bhiwadi? What I understand is a similar, if your full revenue capacity is INR 550 crore, this is 1.25 lakh square feet versus 2.25 total. You should be able to do INR 300 crore of revenue in this existing facility in a full utilized one. If you are doing an INR 150 crore, is there some more operating leverage left in that facility beyond this?
Yes. Once we hit that close to or north of INR 400 crore kind of number, EBITDA margins will move towards 7%, 7.5%. I do not want to mention that because that is still some time away. It will hit 7%-7.5% once Bhiwadi turnover crosses INR 400 crore. That is still some time away, full disclosure. For the next year, what we are guiding for is INR 150 crore and between 6%- 6.5% EBITDA.
Okay. And got this. The last thing is, on the utilization of Bhiwadi, obviously there is no order book you have said, but do you have enough understanding from customers that your utilization of revenues will be there to the extent of INR 500 crore? Or any thoughts you have on that?
No, no, sir. Next year is not going to be INR 500 crore. Next year is only INR 150 crore.
No, I am talking of the full revenue once your full phase two CapEx happens. I am just thinking on that side.
No, sir. We do not have a visibility of INR 500 crore definitely. I mean, that is not there, which is why we have not even built out. I mean, right now we have only built out phase one, which is 1.2 odd lakh square feet out of that 2.2, right? So to expect, I do not think we are in a position to give you a revenue assurance on INR 500 today.
Okay. But any visibility you have, like, in the phase one?
Sanjeev uncle, do you want to come in and maybe share your thoughts?
Yeah. Actually, for some reason, the voice is not clear. You are talking about visibility of phase one, in terms of INR 150 crore is what we said for next fiscal, correct?
Yeah.
So, you are talking about till what year?
What I am asking is that how much revenue is visible or assured, or the customers have guided they will have an offtake from the Bhiwadi facility for FY 2028?
Okay. We have visibility about up to INR 150 crore now.
Okay. Got it.
Between OFRs for which we already have a fairly good idea what we are doing some numbers this year and whatever we can add next year. The second one would be ceiling fans, and third would be chimneys. All these three products put together, we have a visibility of about INR 150 crore for next fiscal.
Got it. Thank you. I will come back.
Thank you, sir. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. Next question comes from [Sahil Landawe] from [Hengle Advisor]. Please go ahead.
Thank you for the opportunity, actually. Sir, basically, in last quarter, we were going to reduce the lighting business, but here we see an uptick in this. Are the margins positive in that segment? Are we going to scale from here?
Sanjeev uncle, why don't you take that lighting?
Yeah, sure. Lighting, see, first of all, I mean, other than Signify, we have been able to add five or six customers to our product portfolio. And with them, earlier we were aggressively taking up orders of battens, where price is an issue. There was a tremendous increase in the price of electronics, plastics, et cetera. But the overall market price had not increased, so that is why batten became a pretty difficult category. So we scaled it down in terms of numbers, but like I mentioned, we are still working with customers who are willing to work at our price point. It is not that batten has been totally switched off. We have scaled it down so that we do not incur losses in that. Customers who are willing to offer certain price points, I mean, we are working with them.
At the same time, some of these customers which we added, we are trying to expand our product portfolio with them. So, we have increased our downlights, we have increased our 2x2 kind of range of products with them. So you see there is some increase in the lighting business. I mean, if we would have kept on producing battens at the rate which we did for a couple of months, I mean, you would have seen a further increase in the top line of the lighting business, but the bottom line would have been a different story. So, we consciously reduced the orders of battens on hand and just picking up orders where it makes economic sense. So there is still an increase. I mean, otherwise, this top line would have been much higher than what we have reported.
Okay, sir. That is good to know, actually. And sir, in the BLDC fan segment, what kind of growth rate are we targeting for H2 and Q4? Like in the BLDC fan segment.
BLDC fan segment, so I think if I talk on year-on-year and not on a fiscal basis, just to give you some idea, I think this year we will practically do close to maybe about 500K fan kind of number. I think we will easily hit about 750, 800K fans next calendar year. So, approximately you can see about 55%-60% kind of growth number.
And sir, in the FHP motor segment, the revenue has kind of decreased in that segment. Like, what is our target? Like, what are we going to do in it?
FHP motor segment, basically, there have been two basic reasons. One, the biggest contributor for our FHP motor is, of course, the mixer grinder category. This business, if you see, there are very few people who buy motors from outside, there are certain big customers. Otherwise, this category as such works in a way that the person who makes the mixer grinder is making the motor. So we had one particular customer who was last couple of years, he was buying a lot of motors from us, but parallelly as what this business is, that ultimately ended up having set up his own facility. So we saw some loss in numbers over there. And the second one, FHP motors, in the same breadth, we have an increase in the captive consumption. Like I had mentioned in our call, our mixer grinder sales has gone up.
So even the motors, though they have gone up, it is not really reflecting on the motor sale as such because it is in the appliance sale. So that is one primary cause. And second, we are also seeing there are certain cases where maybe some customers are doing a buy and sell decision where, instead of making the product themselves, we have certain cases where customer has moved or just shifted to buying the complete product from outside. So these have been the two primary cause for some reduction which you see. And the increase in numbers which you have produced is not reflecting because it is shown in the increase in captive consumption of either mixer grinder sales or the fresh air fans which we are making, where the numbers have gone up, but the motor sales are not reflecting in that.
Sanjeev sir, basically our fungibility is there. Like, if there will be just fan increase or FHP motor increase, then fungibility is there.
Yeah, that fungibility is there. For us, if we make the complete product, at least we have assurance that the complete chain then stays with us in terms of making motors and the plastic molding and the products. Of course, for us, I mean, we are not saying that we just try to increase our FG production, but that's a more safer bet in terms of if we increase that number, then the motor business stays with us. I mean, the utilization of assets and all are happening. Of course, the number is not reflected in the sale of FHP motor. With respect to the pure motor sale, I mean, it's dynamic. Some companies make decision with respect to buy and sell and stuff like that. That's what's been reflected in this year's numbers.
Okay. Sir, and on the precision component side, like what are we doing in the higher value-added segment?
In the precision component side, our primary focus is on the automotive industry. We are trying to increase our business with them, but generally automotive, the gestation time or the lead time to start a business is almost two and a half years. I mean, by the time they do the trials and all. We are working with automotive partners to increase that business, but it takes a little longer than you can say consumer electronic business to get the revenues increased.
Sir, basically on the precision component side, are we in the development platform or is it like already their model is available and we are just going to cater to the existing model? Let's suppose-
We are in the
any new model comes.
We are in the development platform. We have submitted samples and all to our customers. Like I mentioned, the lead time for development is a little long as compared to the consumer electronics business.
Sir, basically we are waiting for their approval, not like the kind of work we are doing, we are already done and we are just waiting on their approval, right?
Correct. That is correct, yeah.
Okay. And sir, lastly on the Bhiwadi plant only. For FY 2027, will we be doing INR 70 crore-INR 90 crore of revenue this year?
Which one? Which segment? I am sorry, the voice is not very clear. Could you please repeat your question?
On the Bhiwadi CapEx, so in FY 2027, are we going to do INR 70 crore- INR 90 crore of revenue in FY 2027?
No, we just mentioned we will do around INR 50 crore. We will be doing around INR 50 crore.
Okay, sure. That is it from my side. All the best for your journey, sir, and happy Diwali.
Thank you so much.
Thank you, sir. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. Next question comes from Rehan Laljee from Coheron Wealth. Please go ahead.
Hi, thank you for the opportunity. Just couple of questions. Akash, from this 10%-12% kind of growth, what would be the price benefit and what would be the volume generation growth that you guys have done?
It varies, of course, across some segment, but bulk of this or the overwhelming majority of this is price realization, which is led by material price inflation. Volume growth is not very high, barring a few categories. So, low single-digit kind of number for volume growth.
Okay. Then, I'm looking at the expenditure sheet in your PPT. The gross margins on a quarter-on-quarter have not really normalized even to a percent or half a percent. It's probably 30-40 basis points. Just want to understand if the price increases happen, why isn't the gross margin sort of normalizing? If you can share some light on it.
No, we mentioned that the gross margin has not normalized. We mentioned very clearly that we've not been able to pass on.
No, but you said it's price increase, right? The growth is primarily price increase. Then that should have increased gross margins at least half a percent, right?
No, no, no. It doesn't work like that. If it's moving in tandem, I think gross margin will only increase if you can fully increase the increase in RMC.
Okay.
We are seeing that we are not being able to do that.
How much more is left according to you?
I mean, we would have to take. Assuming material prices stay where they are, we would have to take another, you know, 4 odd percent kind of price hike. I am just saying 4% very, very broadly. Now, you can imagine we make motors which are INR 300-INR 700 product category. And we make, say, fans which are INR 2,000, and we make ovens and heaters which are INR 4,000. So, of course, it is hard to kind of give a sweeping generalization, but I mean, very, very broadly, if you ask me, 4 odd percent further price hike would be required to kind of be able to pass on the material part of the cost.
So then that would lead to a similar gross margin of what, 24%, 25%? Is my understanding correct? 25%?
No, not 25%. Closer to 24%.
Okay. Considering now that Diwali started and you have visibility of about INR 150 odd crore next year, so with that incremental revenue coming in with the growth that you guys are doing, some good growth this year, 10%-15% is what you have guided for. Next year, do you think that you would be around the range of INR 1,600-INR 1,700 kind of top line?
Look, in terms of top line, we feel that is lesser of a challenge. Even, like we mentioned this, even this quarter, we have kind of said no to business because the business was not at prices that was making sense. Towards the end of our opening remarks, we very clearly mentioned that we are prioritizing profitability and margins over revenue, because it does not make sense. I mean, we are not a venture-backed startup, where we are just chasing revenue without profitability. For us, it is not about whether we hit INR 1,500 or INR 1,800. It is the fact that we have to be healthy in terms of our margin profile. To that extent, if required, we are ready to say no to some business that does not make margin sense.
If you consider that the business and the elevated cost scenario is as is, would the top line and Diwali scale, because it may not be every quarter, but Diwali may continue going forward every quarter, right? Do you feel at a company level some operating leverage coming onto play that these 3%, 3.5% EBITDA reported this quarter becomes basically your new base to take things forward closing into next year? I am not going to hold you to it. I am just trying to understand, is that what the company is also thinking?
No, we certainly do believe so, that that should be the case. But you can just appreciate that things are just so volatile, that every week literally there is something new that is happening, which is causing some price movement. So it is extremely difficult to give you some sort of picture. I wish we could, because as investors you are entitled to ask, and as management, it is our role to give you some sort of clarity. But we believe that where we ourselves are not sure, it is probably not right to just make gut feel statements. Better to be candid about the fact that we ourselves do not have 100% clarity, and probably just wait for a quarter more. It does seem like things are hopefully going to get better. But let us see where we get to.
Okay. Sure. Thank you and wish you the best and happy Diwali.
Thank you to you too.
Thank you, sir. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad.
Ma'am, if there are no further questions, we can wind up.
Thank you, sir. There are no further questions. Now I hand over the floor to management for closing comments.
Hi. Thank you so much to all who have attended the call and taken time out. I wish you all and your family a very happy Diwali. Going forward, as Sanjeev and Akash said, focus is on improving the profitability. Hopefully, after this yesterday's event in U.S., we feel that things are going to stabilize for the industry. Of course, what the industry needs is a proper stable atmosphere. With that, we are definitely positive on going forward that definitely it should improve our situation. And once again, I thank you all for your time and taking interest in Elin. Thank you so much.
Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Door Sabha's conference call service. You may disconnect your lines now. Thank you and have a pleasant day.
Thank you all.