Ladies and gentlemen, good day, and welcome to the EIL Q1 FY 2025 earnings conference call, hosted by DAM Capital Advisors 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. Please note that this conference is being recorded. I now hand the conference over to Ms. Bhoomika Nair from DAM Capital Advisors Limited. Thank you, and over to you, ma'am.
Yeah. Good afternoon, everyone, and welcome to the Q1 FY 2025 earnings call of Engineers India Limited. We have the management today being represented by Mr. Sanjay Jindal, Director of Finance, Mr. Suvendu Padhi, Company Secretary and Investor Relations, Mr. R. P. Batra, Executive Director of Finance and Accounts, Mr. Sunil Saxena, Executive Director, Technical, Mr. Amanpreet Singh Chopra, Senior General Manager, CMD Office, Mr. Vivek Midha, Senior General Manager of Marketing, Business Development and IR, and Ms. Neha Narula, Senior Manager, Company Secretariat and IR. I'll now hand over the floor to Mr. Jindal for his initial remarks, post which we'll open up the floor for Q&A. Thank you, and over to you, sir.
Thank you, Ms. Bhoomika. Good afternoon, everybody. A warm welcome to EIL's earnings call of quarter 1 of financial year 2024-25. We have declared results of quarter 1 of financial year 2024-25 on 9th August 2024. As regards to financial performance for the three months ended June 2024, the company has registered turnover of INR 611 crore, which is INR 808 crore during first quarter of the preceding financial. Turnover from consultancy and engineering segment stood at INR 347 crore, and from turnkey segment at INR 264 crore. A decline in turnover is due to turnkey segment, since major ongoing contracts are on the verge of closure. However, in the current financial year or late in the preceding financial year, we have received a number of turnkey jobs, whose turnover will be reflected in the coming quarters.
Other income during the current quarter ended June 2024 is INR 38 crore as compared to INR 93 crore during first quarter of the preceding financial year. Other income for the quarter ended thirtieth June 2023 includes interest income to the tune of INR 56 crore, pursuant to settlement with one of the clients in consultancy and engineering project segment. During the current quarter of the company has recorded PBT of INR 74 crore and PAT of INR 55 crore in comparison to INR 153 crore and INR 114 crore, respectively, during the first quarter of the preceding financial year. The company has unexecuted order worth of INR 9,658 crore, comprising under consultancy segment of INR 5,522 crore and under LSTK segment of INR 4,136 crore as on thirtieth June 2024.
However, if we consider the order inflow for the month of July and August, as on date, current company is having the order book of about INR 11,000 crore. So, now this is to Ms. Bhoomika, Bhoomika Nair?
Sanjay, can you please open for Q&A?
Ladies, thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone phone. 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. Our first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Yes. Good afternoon, and congratulations.
Good afternoon.
Yeah, congratulations on an excellent order inflow for the quarter. My first question is on the you mentioned that the order book has increased to INR 111,000 crore by end of July. Can you just help us with the kind of order you received in July? Is it turnkey or consultancy? Can you give some color?
So good afternoon, this is Vivek Midha from Marketing and Business Development. Primarily in this two months gap after the June, the primary order from the consultancy has been to the tune of 113, around INR 1,400 crores under the consultancy segment, and approximately INR 1,000 crores is in the LSTK segment, and O&M, basically. That's the new addition which has taken place in last two months after this quarter was ended.
Is it possible to name those consultancy projects, sir?
... the consultancy is apparently from the BPCL for their Bina Refinery, and the OB, the LSTK is from ONGC.
Understood, sir. And so, given the fact, of course, you received the BPCL refinery, you received the Petronet LNG order, how is the order prospect for the balance of this fiscal?
There's nothing balanced from the BPCL because it's already been awarded.
My question is, are there any large packages available for BPCL or IOCL or some other agencies which you expect to be tendered in the next eight months?
Well, then, BPCL was a recent bidding, and, we started it in the last financial year, but it got concluded. But there are some biddings are going on with the other state-owned companies, which, which are in the competitive mode. So, those will be realized towards the end of this year. Those are in the bidding stage, so it's not appropriate to name them. There are many queries which are in the bidding stage.
Understood, sir. So my third question on the EBIT margin. EBIT margin for the quarter for the consultancy was very low. How should we think about this, this margin? Do you think that is, are there any one-off in this quarter? Should we expect a normalized margin of 24%-28% going forward?
As you know, in this kind of industries, margins are always cyclical in nature. And definitely, since we have a strong order book, and that order book will be reflected in turnover in the coming quarters. And we are sure that margin will our margins in the consultancy segment will be impact.
Understood, sir. Thank you in all of this. Thank you.
A reminder to all the participants, if you wish to register for questions, please press star and one on your touchtone phone. Our next question is from the line of Manish Ostwal from Nirmal Bang Securities Private Limited. Please go ahead.
Yes, sir. Thank you for the opportunity. So my question on the pipeline prospect for the order booking in the coming quarters. And so can you talk about that thing? And secondly, in terms of margin of the consultancy and the turnkey, what is the sustainable margin on a yearly basis for both the businesses, sir?
With respect to the upcoming orders, so we had anticipated last year that we will be at least matching the last year's order, but last year we could not meet that INR 4,500 we kept for ourselves. But now, till date, today, it says, as of today, we have already reached INR 4,800. So we are going to add a good amount of orders in time to come, at least two.
Sorry to interrupt, sir. We are losing your audio in between.
With respect to the margin,
With respect to your margin in the LSTK segment, it is around 5% on sustainable basis.
Okay, and consultancy?
Consultancy, our segment, profit is around 20%.
And secondly, sir, sir, we are trying quite a long time to connect the Director of Finance for making taking appointment. So can you share the details, the right person for the appointment? That will be great. Thank you.
May I know which firm you are?
My name is Manish Ostwal, and I'm representing Nirmal Bang Securities, Mumbai.
Okay. You can write an email to me. I will get back.
Okay. Thank you.
Thank you. Participants, you may press star and one to ask a question. Ladies and gentlemen, if you wish to register for any questions, please press star and one. We'll take the next question from the line of Ms. Bhoomika Nair. Sorry to interrupt, Ms. Nair. The line for the management is dropped. Please stay connected while we reconnect the management back. Ladies and gentlemen, the line for the management has been reconnected. Sir, please go ahead. We have the next question coming from the line of Ms. Bhoomika Nair from DAM Capital. Please go ahead, ma'am.
Yeah. Sir, if you can, you know, talk about the order prospects as one moves ahead. You know, what are the kind of... And we've gotten the BPCL order, but, you know, for the balance part of the year, what are the kind, what are the kind of orders that are there? Thanks. We were looking at some international orders from Nigeria, et cetera. So if you can just talk about both the domestic pipeline in terms of ordering activity and where you're seeing orders.
Sorry to interrupt. Ma'am, the line for the management again is disconnected. Please stay connected while I reconnect them back. Sure. Thank you for patiently holding. The line for the management has been reconnected. Bhoomika, ma'am, if you can please repeat your question once again.
Yes, sir. Sir, I don't know how much you heard, but was basically trying to understand-
I'm sorry. Bhoomika, please repeat your question because lot of disturbance was there, and we could not listen your question properly.
No worries, sir. Sir, the question was revolving around the order pipeline after a very healthy first half or, you know, you know, kind of orders that we've seen right now till date. You know, what is the outlook in terms of ordering activity? What more petchem orders can possibly come through? Because there are a lot of petrochemical orders in pipeline. And also, I understand you were looking at some international orders from Nigeria, et cetera. You know, what is the status out there? What is the activity out there? If you can just brief us about the pipeline.
Bhoomika, this is Vivek. Just want to respond on that question. Regarding the remaining order, since very complete, the initial series of first three months have gone, as just four or five months have gone, but still there are various orders in the bidding process. We are bidding on it. The results are expected to come towards the end of this financial year and towards the end of this calendar year. So we anticipate something coming in around towards the third quarter of this year. But the bidding process itself takes time. And with orders in Nigeria, they would definitely be coming towards the end of this financial year, because we have the first phase of
Sorry, but we're... Just your voice is cracking. Can I please request you to come closer and...
Yes, ma'am. So what I'm saying is, it's like this: with respect to the orders, in the consultancy segment or OE segment, we have already completed, I think, 3, 4, 5 months, wherein we have seen that this order book, which is around INR 4,000 crore, the business security is around INR 4,800 crore. We are anticipating some more orders, which are in the bidding process. So these are likely to be added towards the next quarter, means next quarter or the quarter, the next quarter means quarter three. Towards quarter three, those things should get revised. These are the consultancy orders, which we are in the bidding process. Bidding process takes at least 2-3 months, and then results come and evaluation comes. This takes time.
So towards the end of this calendar year, we should be getting some orders. And with respect to the international orders, which we have been discussing on the Nigerian part, this would be somewhere in the first financial, first, quarter of the next calendar year, means towards the end of this financial year. So it should be concluded by then, because they are, the project is under the execution on the issue. And the second, when the second stage comes, then they will award the work. So we are likely to see consultancy towards the end of this financial year.
Okay. Is there any other international orders apart from the Nigeria one, where we are seeing something?
No, Dubai is the regular one. Middle East is the regular one. We have right now secured quite a good order from the Middle East. Middle East, specifically from the UAE. So we are likely to get more orders in the consultancy segment from the UAE. It would be engineering orders, engineering and consultancy assignments.
Okay. So, you know, given that this year already we've got something like INR 4,800 crore kind of an order intake-
... what is the outlook and what is the target for the full year? And if you can please split it between consultancy, what kind of order intake there can be, and LSTK?
The ratio between the consultancy and the LSTK would almost remain, largely remain the same as it has been done earlier. Little bit, it could be little bit more on the LSTK side, OB side, because this year OB business has been more. But OB also has a consultancy company, so that does not it, it works with me also. So that is going to be there. And then the other question was the... Okay, the target, what is the target? So initially our target was around INR 4,000-5,000 crores, so that we have almost received.
So we are likely to add some more in this, because at least INR 2,000-INR 3,000 crore we will, on the conservative side, would like to try and get it, but hopefully it should be more.
Okay. Okay. I'll come back in the question queue. Thank you so much.
Thank you.
Thank you. The next question is from the line of Nidhi Shah from ICICI Securities. Please go ahead.
Hi, thank you so much for taking my question. I actually had a couple questions. The first one, being that, what is our, what is our, revenue and PAT guidance for, the year?
Revenue and PAT guidance. As far as the revenue is concerned, we will be around in the range of INR 3,500 crore, because already we have, we are having handsome order book, and it will be translated into turnover in the coming next quarter. And I think our profit and net profit also will be intact on yearly basis.
Okay. So given that this quarter's revenues have been extremely muted, we've not seen this kind of quarter in the last two or three financial years. So I understand that the business is cyclical, but one being that if you had to attribute one or two key reasons to this, then what would that be? And second, given how low the revenues have been this quarter, how comfortable are we in achieving our target of INR 3,500 that you mentioned?
Sorry, I could not understand, could not understand the question. Will you repeat your first part and second part?
Yeah. Yeah. So as you said, you've given a revenue target of INR 3,500 crore, and as we can see, this quarter has been significantly lower. We've never, we've not seen this kind of numbers, revenue numbers in a couple of years now, I think. So given that, is it? I also understand the nature of business is cyclical, but what are the one or two key reasons that you would attribute to this quarter's lower revenues? That is number one. And two, is that given how low this quarter has been, how confident are we of achieving our full year guidance for revenues?
Let me answer your first part. In this quarter, our turnover from the consultancy business segment is intact. It is in line with the previous quarter. But as I told in my addressing, in this quarter, there is a low turnover from the turnkey segment is on the lower side, because some of the projects are on the verge of closure. But some of the new turnkey projects have already started in the last quarter, and some of the projects have been started in the first quarter, and some of the projects are going to be started in the second or third quarter. So on the yearly basis, there will be increase in turnover from the turnkey segment in the coming quarters, because it is a continuous job for EIL.
Some projects gets closed and some projects gets started. Based on the Order Book, we are sure that we will meet our target figure of turnover, and our profit will be intact in the coming time because we have good Order Book in Consultancy segment also.
Okay. So, given what you said, can we expect the ramp-up in revenues to be from quarter two or from quarter three? What is your expectation on that?
This I cannot commit right now because, as you know, turnover depends on the cost progress. So, it will be based on the time and result.
All right. All right. I also wanted to know, what is the status of the IOCL Paradip project?
IOCL Paradip project?
Yes.
Paradip project,
Sorry to interrupt, sir. You're sounding a bit distant.
Hello?
Yes, sir.
Is she still online?
Yes, sir, she's online.
Yeah.
About the Paradip project, that's still in the bidding process, and it's going to take some time.
Okay. All right. Thank you so much for taking my question.
Thank you. The next question is from the line of Shirom Kapur from Prabhudas Lilladher Capital. Please go ahead.
Hi. Thanks for the opportunity. My question is on your, you know, green energy initiatives and on that side of things, how is the order pipeline shaping up, and how much contribution do you expect from your green businesses, you know, this year and next year?
... Green business has been typically been in the range of 8%-10%, so we still expect the same thing. It's around 10%-12% could be flat. Because we are still in the initial stages, and not many businesses, many, many major projects are there, but it's mostly the studies are there. So that does not add to your business value much. But they, they are a good prospect for the future. So it's going to be around 8%-10%, 12%. It is, it is going to be in this range itself.
Could you, you know, maybe, throw some more color on what kind of opportunities are in the pipeline, and what is, you know, EIL's addressable opportunity within that?
The opportunities are there, with respect to the green hydrogen projects within, we'll be having the green ammonia facilities, and then green urea project is also there on the envelope. There is a feed expected from the, again, green hydrogen project. So there are a number of projects which are in the bidding process. Some of them are for the private consultants, some of them are from the public sectors. So these are there in the consultation, where we are working in the initial stages of those projects.
Okay. Thank you. That was my only question. Thank you.
Thank you. Before we take the next question, I would like to remind participants, if you wish to register for any questions, please press star and one on your touchtone phone. Our next question is from the line of Nitik Mohata from Sequent Investments. Please go ahead. Nitik, sir, your line is unmuted. Please proceed with your question. Nitik, sir, can you unmute the line from your side, please? Sir, if you can hear me, you can rejoin the queue. We'll move on to the next question, as there is no response from the line of current participant. The next question is from the line of Anuj Sharma from M3 Investment. Please go ahead.
Yeah, thank you for this opportunity. My question pertains to the international pipeline, not specifically for us, but the general investment outlook in Africa and Middle East. How is that shaping up last year versus this year? And how is our investment win rate in the export market, international market, shaping up? How are we building competencies to possibly have a better win rate there? That's question number one.
So with respect to the international market, specifically Africa. Africa, definitely there is a development taking place, lot of investments are coming. But most of the projects which we receive or which we get the inquiries, are looking for the investment also. So we have to choose the projects very specifically, because being an African market and, we need to check the client's credentials. And, definitely we are not an investor, so we cannot invest in the project. So, we have to target the clients which are well-established, like Dangote. You know Dangote.
And any other clients who, wherein we are sure that we will get the payment, because that is a big problem in Africa, the reliability of the client and the reputation of the person, that when you work there, you should be able to get the payment. So that's a caution we have to always choose when we are bidding for any of the projects in Africa. Outlook is very good because you know that Africa has literally no hydrocarbon industry, but at the same time, it's marred with lot of corruption, all those things. So any project takes, it takes time. It takes time and development and a good... We have to identify a good project wherein we can bid. So we were able to identify some of the good projects, Dangote and all.
Similarly, another client is there, where we are working for pet chems and fertilizer as well as their energy. So we work on the, that very specific, basis, wherein we are sure that, we get the business and get the payment. So that kind of consideration we always take. This outlook for the Africa is always very bright, because, they have a lot of potential. But we have to be very careful in choosing, in those markets. And then Middle East definitely is very good for us. We are putting it, very much focused on our, UAE operations. We have been very successful in getting a lot of engineering assignments. It's a mid, a good amount of engineering assignments we are getting, and likely to in times to come, like the focus we have shifted on the Middle East.
We're going to get, a good amount of business, and our UAE will become a hub of, the engineering activities in, the Middle East market. So that's the strategy we have followed and that we are following.
Okay. In terms of investments along with consultancy, is this becoming a norm? Our competitors are also doing the same, or is it, you know, few projects are demanding this?
It's a few of the projects which are demanding. If it's an established client, they would look for the consultants, but if it's not an established client, they would look for the investment first.
All right.
So we always choose those projects which are either funded by a government institution. We are sure that they are good and they are reliable, so accordingly we work.
Okay. In terms of your assessment, let's suppose three or five years down the line, what could be the share of international book versus India book, considering that you have, you have good visibility as to how things are evolving, both domestically and export?
The ultimate target is at least to bring it to the 50% of our revenue should come from the international, and that's a long-term target. Right now we are working, we are moving towards it. Around 20%-30%, we should be able to get it, but in long term, it's different. Consistently, consistently.
Sure. Sure. And my last question is on Ramagundam. Can you just give some update as to how that project is shaping up, in terms of utilization and expected profitability? And, is it, is it now fully mature or, you know, some more developments for it to become a completely, project as we envisaged? Thank you.
Actually it's already running on 90% capacity. And our current year, it's our share is INR 32 crore. Our percentage share is 26%, so our percentage is very good. On overall basis, I think it is around INR 130 crore, PAT was there, and our 26% was around INR 32 crore.
Okay. No, but is it achieving the... So there were some delays, there were some IRR shortfall.
No, now it is history. The project is running very good, and it is running at 90% capacity, and the coming year it will be 100% capacity, and you will see the profit on that side only.
All right. All right. Within this project, specifically Ramagundam, there is no further investments to be made from EIL. Is that correct?
Plant is already running and earning good profit. In the coming days, it will generate surplus also, reserve and surplus also. In case there is any expansion, then management will take it all accordingly.
Sure. Sure. All right.
Yeah.
Thank you.
No problem.
Yeah, thanks. I'm done.
Thank you. Participants, if you wish to register for questions, please press star and one on your touchtone phone. Our next question is from the line of Poojan Modi, from, who's an individual investor. Please go ahead.
Congratulations, sir, for the numbers. My question is regarding Numaligarh Refinery. Sir, what is the status of Numaligarh Refinery at present? Its expansion, sir, in future?
This is Amanpreet. So the Numaligarh Refinery, various units are at start, under execution and close to commissioning. So probably by the end of this current year, refinery itself. And once the commissioning is there, then again, that revenue that they will be generating from the expanded capacity, that will be reflected in our books as well.
Okay. Thank you, sir.
Thank you.
Thank you. The next question is from the line of, Bhoomika Nair, from DAM Capital. Please go ahead.
Yes, sir. So just wanted to understand, you know, the green initiatives in terms of, say, hydrogen, CBG, et cetera. How is that progressing? If you can please give some update on those and though that part of the business.
Green energy, green hydrogen, with respect to the updates, like, we have formed a particular of our latest green hydrogen team, and team is testing and meeting various clients, and wherever the opportunities are available, they are meeting them. And we are getting... We are, we have involved- we are right now involved in various kind of studies being done. So, because these projects are in the nascent stage, so studies are being done. So studies, when the implementation comes, we will get involved into implementation. So the work is going on. So with respect to the target, with the leaders have already explained in the earlier communication, around 10%-12% should be coming from the green business. So that's going to be there.
Exactly what are the pilot projects that we are working on in terms of the hydrogen, if you can elaborate a little better?
The pilot projects like, we are working, you are aware that we are working for a Neyveli Lignite Corporation. It's Coal to chemicals. It's basically lignite to methanol project. They have another project which is methanol to diesel. They have another client which is talking about the coal to get hydrogen. Then another project wherein we are carrying out the feasibility study for the upcoming green hydrogen project. So these are few of the studies which we are working on. And one of the projects for which we had done the feasibility studies for the private investor, they are in the initial stages of taking board approvals for the implementation of that project.
So if that gets successful, then it's going to be a major, major, major Green Ammonia project, and it's going to be a substantial output for us. So we are hoping for the best, because in fact, all these clients are a bit conscious because when you make the...
Sorry, sir, your voice is cracking.
What I was saying, we are closely interacting with one of the clients for which we have prepared the feasibility study report in the past. They are right now in the process of taking the board approvals for implementation of the project. If that is successful, that's going to be one of the major projects in the hydrocarbon segment—in the green hydrogen segment. So that's a good opportunity available with us, so they are going to deal with it, and we'll be dealing with them directly. So these are some of the opportunities which are there on the horizon, and we are working on.
Okay. The other part was the CBG part of it, sir.
CBG, the CBG we are still pursuing. We have not done much in the CBG, because CBG doesn't require so much of technology intensive or engineering intensive work. So there, so we are not focusing much on CBG, rather than we are focusing on the other segments of green hydrogen as well as the four segments.
Okay. Okay. So the other thing was also on solar. Anything out there that we are doing within the greens aspect of it?
In the renewable segment, we are doing one project for one of the private company, one of our old, old client, HMEL. We are doing their solar project, and we are again, we're doing another project for Neyveli Lignite Corporation, for their 5 megawatt, green, so renewable project, green hydrogen project. It, it includes the renewable as well there. And there are certain other projects and certain other opportunities available, where we are still pursuing whether it is possible. But as such, solar is a very competitive market, and it's a very low-cost players available in the market, so we always go for the niche, kind of work wherein we have substantial work and engineering effort is involved. So that is what we are targeting.
So Solar CSP is one of the markets which we have been marketing, and we have been, as a consultant, finding the opportunities wherein we can put in Solar CSP projects, wherein there's a lot of engineering and technical skills is required, and we... That could create a niche for us.
Okay.
Thank you.
Okay. And, sir, from a, you know, any dividend that you are expecting from NRL this year, and anything that is booked in the first quarter?
We are expecting on the similar lines, for our dividend from the NRL.
Okay.
Because, keeping in view of expansion, we are expecting similar dividend.
Okay. Okay. Okay, sir. Great. Thank you.
Thank you.
Thank you. The next question is from the line of Shirom Kapur from Prabhudas Lilladher Capital. Please go ahead.
To follow up, I just had a question on your turnkey business. So as you know, this quarter, we had quite low execution, but of course, you know, your total business revenue guidance for FY 2025 is about INR 3,500 crore. So, you know, could you give us a mix of what we expect between turnkey and consultancy? Will it largely come, the growth largely come from consultancy, or do we expect turnkey to also eventually end higher in FY 2025 versus FY 2024? You know, given the low execution this quarter.
As you see, our revenue from the consultancy segment remains in the range of 50-60%. And sometimes this figure become reversed, and our LSTK revenue goes up to 50-60%. So it's a business risk. And this time we have a good order actually in the consultancy segment also. So we are expecting around 50-60% onwards from the consultancy segment and balance from the turnkey segment, and we have good order book on the LSTK segment also. So I think LSTK segment will be 40-45% this time.
Okay. Given that, you know, you're actually expecting a long-term margin of sort of 5%, but, you know, in Q1, we had a margin of almost 8% in the LSTK segment. So does that mean the balance 9 months, we expect, you know, fairly lower margin, you know, to get to that average 5% for the rest of the year?
Because, if you see, I have told you, 5% return is on sustainable, with the average return. Sometimes, I get Change Order from the client, then in that particular quarter, it goes beyond 10% also. So it depends upon the Change Order also.
Okay. And so was there any change order that, was there this quarter, which is why we got an 8% margin?
Yeah. On regular basis, we are pursuing with our clients about our change orders. That change order may be in terms of extra item and in terms of time extension, because when our LD becomes non-nil, then we will write line. So it's a continuous process for a year.
Okay. So, given that, you know, change orders tend to happen sort of on a continuous basis, would it be possible and, you know, given that you might have some ongoing discussions with clients, is it possible to give a, you know, a kind of a margin guidance for the next, at least for FY 2025, factoring in what potential change orders could be coming in? Is that possible to give that kind of guidance?
Because, you see, change order also depends on the approval cycle, and the client. Some of the change orders goes to their board, and some of the change orders are approved, and their directors know. So as such, I cannot give any timeline, for the approval of change orders, by client end. Usually, client takes up all our change order at the end of project, while, during the closure of contract.
Okay. Okay. Thank you.
That approves the Change Order for a year. If you see the history, we are getting Change Order from the clients also.
Then the clients- Yes, sir. Thank you so much, sir. Thank you.
Thank you. A reminder to all the participants, if you wish to register for any questions, please press star and one on your touchtone phone. As there are-
Hello, hello?
As there are no further questions from the participants, I now hand the conference over to Ms. Bhoomika Nair for closing comments.
Yes, we would like to thank all the participants, and particularly the management, for giving us an opportunity to host the call. Thank you very much, sir, for your detailed responses and for giving us an opportunity to host the call. Thank you very much, sir, and wish you all the best, sir.
Thank you, Bhoomika.
Thank you.
Thank you.
On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.