Ladies and gentlemen, good day and welcome to Galaxy Surfactants Limited Q3 and nine months FY 2024 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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. Unnathan Shekhar, Promoter Managing Director from Galaxy Surfactants Limited. Thank you, and over to you, sir.
Thank you. Ladies and gentlemen, a very good afternoon to all of you. Thank you for being here. It gives me immense pleasure to welcome you all to this quarter three FY 2024 quarterly earnings call. "Patience, persistence, and perspiration make an unbeatable combination for success." This simple yet powerful quote by American author Napoleon Hill highlights the importance of the three Ps across various spheres of life. Business is no different. While we all wish for success that is linear, volatility and uncertainties ensure success over the long run is always non-linear. It requires organizations to persevere, be patient, build on competencies, and persist in order to strike big when opportunities come knocking. Throughout the last 43 years, we have seen many such years where significant progress in terms of profitability eluded us, but these were also the years which set us up for big victories.
The key was to remain patient, sharpen ourselves, persist, and build on the positives. The financial year 2023/2024 is one such year. While profitability might not reflect the progress made, the real positives lie in the market share gains, awards and recognitions received, resilience demonstrated, and the relationship fortified during the year. Starting with awards and recognitions which we received during the quarter, we are pleased to share that your company recently won the 2023 Excellence Award. This award was given under the Fabric and Home Care category by Procter & Gamble to its top nine suppliers, out of which 7,000 global suppliers. This is the second consecutive year that your company has won this award. We are the only Indian as well as Asian company to have won this award for two consecutive years.
We also won the Supplier Resilience Award awarded by Henkel for our excellent operation performance in 2023. These successes provide a glimpse of the progress we have made with some of our key customers. Let me move on to the underlying business performance. While the underlying volume growth stood at 8.4% for the quarter three FY 2024, for nine months, the sales stood at 8.5%, exceeding the 6%-8% volume growth band defined at the start of the year. Given the receding effects of inflation and visible revival in demand, we are confident of meeting the upper band of 8% for FY 2024 despite the emerging challenges. While the quarter began on a strong note, the Red Sea escalation proved to be a dampener in the second half of December, leading to a spillover of volumes to quarter four FY 2024.
The cumulative spillover was close to 2,018 tons, which is approximately 3% of our quarterly volumes. While the spillover does not adversely affect the business, rising freight costs and lead times pose greater risk. Further escalation remains the biggest risk going ahead. Barring North America, a healthy uptick in volume growth is visible across geographies. While masstige categories continue to do well, sustained uptick in premium specialty products holds the key for improvement in margins. While North America did see some sequential improvement, it yet continues to reel under the aftermath of excess inventory. Getting to the specific volume growth numbers for YTD December, India continues to be the bright spot. YTD December, our volume growth stood at 13.6%, driven by performance surfactants.
Despite the Red Sea escalation and currency volatility, the Africa, Middle East, Turkey region has grown at 2.3%. Rest of the world is slowly but steadily making a comeback driven by masstige products. Rest of the world has registered 7% volumes growth for the nine months ended December. Both our segments performance as well as specialty have done well. Performance has clocked 7.3% and specialty has clocked 10.8% volumes growth. As stated in our calls previously, volume growth remains the key prerogative. The numbers reported are encouraging despite the multiple global challenges, as volume growth signifies that their company through its relationships and products, has been able to capitalize on the first sign of demand revival. Coming on to EBITDA per metric ton, which stood at INR 18,781 per metric ton for the quarter, below the guidance band of INR 19,500-INR 20,500 per metric ton.
This quarter, we had a couple of one-off impacts, which adversely impacted EBITDA. Starting with the normalization of freight rates when compared to quarter three FY 2023, and significant increase in the second half of December, along with the spillover volumes to quarter four due to the Red Sea escalation. Cumulatively, this impacted EBITDA by about INR 7 crore. Adjusted for this, the EBITDA would have come in the guided bands. Export incentives earned in Egypt are only accounted on cash basis. The same stood at INR 21 crore for quarter three FY 2023, but was zero in this quarter. To conclude, ladies and gentlemen, long-term structural stories require patience, persistence, and perseverance to yield the desired results. India is one such structural story, and your company Galaxy is one part of it.
We strongly believe if FY 2023/2024 was the year of normalization, FY 2024/2025 will be the year of resumption. Resumption of our profitability journey in line with our business model principles. We remain confident and committed to ensure the same. Thank you very much for your patience, ladies and gentlemen. Thank you very much. We now look forward to your questions.
Thank you very much. We will now begin the question and answer session. Participants present on the audio bridge who wish to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Aditya Khetan from SMIFS Institutional Equities. Please go ahead.
Yeah. Thank you, sir, for the opportunity. Just a couple of questions. Sir, first onto the Red Sea issue, as you mentioned, there was a spillover of volumes in Q4 FY 2024. Sir, just wanted to know, till now also, the Red Sea issue hasn't been resolved. Are you seeing material uptick in volumes in Q4 also? Or we can see a spillover to even Q1 and Q2?
No, no. Natarajan here. See, when the Red Sea issue happened in December when the shipping companies decided not to take the Suez Canal route, there was a temporary suspension of sailings because they were deciding as to which route to take. Once they aligned in terms of taking an alternate route avoiding the Suez Canal, then things resumed. There was a halt in terms of supplies into Egypt and out of Egypt because of the sudden impact of the Red Sea blockade. Now things have resumed in the sense that now we know the sailings have resumed, and they're taking a different route which increases your transit time. But now we don't see any issue moving forward. That was only temporary at that point of time. Got it?
Okay. Sir, onto the one-off, you mentioned 21 crore is the export incentive, which was recorded in last quarter, which was zero.
No, third quarter of last year, which was zero this quarter. We are comparing year-on-year, right? When we compare quarter of last year and quarter of this year, we said in the quarter three of last year, we had a gain of 21 crore, which came as export incentive in Egypt, which we account for only on a cash basis, only when it is received, but not when it is accrued. Cash was zero this quarter of this year.
Okay. Sir, we are maintaining our EBITDA per ton guidance for the next two years, around INR 20, INR 22 per kilo. That would be maintained.
We said 19,500- 20,500. That is the indication that we have given to you.
Yeah, but that is the guidance we have given for this financial year. But for the next financial year, we will have to wait till we end this year. Okay. Then we will then review the situation and then come up with a revised guidance if needed.
Got it. One last question. Sir, till now, we are not witnessing inflation coming down by a significant margin in AMET in North America. Any thought you have, this can slow down our volume growth over the next coming years? Is there any risk onto that assumption?
No. One thing is we are seeing that Africa, Middle East, Turkey, the growth momentum commenced, although inflation is still a concern, but commodity prices have started coming down. Food inflation came down. Only thing is that we do see actually a brief lull because of the Red Sea blockage. Things will come back. That is our expectation. We do see things turning around for better and resuming the growth momentum that we had over the last six months. We feel that North America, we still see that the destocking is something that has probably bottomed out, and we are seeing green shoots in terms of new demand, new orders being received by us. We are confident that things should pick up moving forward.
What we are also seeing is that the home and personal care industry manufacturers have taken certain price calls or price decisions in terms of lowering the price, which also should aid in this resumption of demand in North America. I am referring specifically to North America. We are seeing signs of revival in North America.
Similarly, sir, in the domestic market also, the HPC manufacturers have taken a price reduction.
Yeah. So it will result in demand pickup. We do see rural demand picking up. Yes, it is good that these decisions are being taken. So the momentum in terms of growth demand in rural segments should pick up.
Got it. Thank you, sir.
Thank you.
Thank you.
Thank you. A reminder to all participants, ladies and gentlemen, you may press star and one to ask a question. Our next question is from the line of Arun Prasath from Avendus Spark. Please go ahead.
Good morning, sir. Thanks for the opportunity. My question is on the volume growth that we have said it is close to 9%. If you look at the fatty alcohol prices, it is almost from the third quarter, the decline is not more than 5%. How do we explain the top-line decline of 13%, given the 9% volume growth and 5%-6% fatty alcohol price reduction? The 13% decline on the top line, notwithstanding the export benefit that we got in the Egypt. Still, is there any gap in our understanding or in prices which have shown a different trend as compared to the-
No. I think, Arun, Natarajan here. The 5%, because we also have contracts of earlier periods coming in. I think that will not be the right way to look at it, because it is not that when the prices get revised in a particular quarter as per external reports, that reflects the price that we get. That sort of the correlation you are drawing is not the right correlation to draw. Okay. It also depends on the previous period, where you look at it, okay, as to what the mix was in terms of our pricing. That is not the right way to look at it.
Even if I extend this analysis to nine months, still if you look at the 18% drop, still most of the contracts should have renewed over this period.
One of the things that you also should see is that the mix also has changed. If you look at overall volumes, the specialty products has come down. That has a higher price products, correct? When the mix changes, you also have that impact on the revenue, no?
Okay.
Yeah.
Right. Okay. Is this mix, especially specialty care products, this is only in India or is it in the North American impact is having a very high impact on the overall impact?
You are right.
In India it is not the case.
No, you are right that the impact on specialties has been particularly from the developed countries, both North America as well as Europe.
Right. Given the contribution from this geography in terms of volume is probably one-third, still is it the case of some of the margins in the underlying products falling higher than what we have seen historically?
No, Arun. If you see the developed markets, that is North America and Europe, contribute disproportionately as far as the specialties are concerned, okay? They have been impacted now for at least last four quarters, and we are seeing a revival or resumption only now. Okay? Slowly we would start coming back. And here is where we said that this coming period or this coming year, we would see a resumption of demand for these specialty products also in their respective geographies.
What is the driver that you're assuming this will revive, but what is the driver for this resumption? Is it the inflation or market share gains also has to happen?
No, the driver is, one is, let's say, the emptying of the pipeline inventory, which was there, which was plaguing the North American Geography, at least for the last almost four to five quarters or so. So one is the emptying of the pipeline, one. And number two, I would say the inflation easing a little. Okay? The inflation is still there in North America, but it has eased a little. So these are two things which we think is a reason. But when we convey to you, this is in terms of what we're observing and what we're experiencing in those markets in terms of the demand coming back.
Right. Understood, sir. Within India, is our specialty portfolio now with the inflation easing off and you said there is a revival, is it the chance of the customer upgrading? Because usually inflation scenario, people will downgrade. You are already seeing the signs of people switching to better products, thereby our specialty increasing or is this trend within India yet to be seen?
See, what we mentioned even last time. India is seeing a very interesting development, particularly in terms of home care. Maybe in the context of convenience, we do see the home care market, that is fabric care, fabric detergents, experiencing good growth with respect to the premium detergents, what we call the liquid detergents. The liquid detergents, which are today premium, have seen pretty good growth over the last three years. They are continuing to grow. Maybe the base is small, but we are seeing that this particular category has been growing well. Similarly, the premium detergents also have grown well as far as fabric care is concerned over the last almost one and a half to two years or so. As far as personal care is concerned, the super premium specialties in India still remain a small percentage.
India is still largely a mass and a masstige market as far as personal care is concerned.
Understood, sir. Thanks for this detailed one. My second question is on this Red Sea impact. When we said the freight is higher, do we have the ability to pass it on to the customers, or is it a temporary one, or is this something we can recover from the customers? How our contracts are structured?
No, no. The contracts, what happened, Arun, was that immediately when it happened and the freight rates went up, then there is a time by which you start passing it on. First, clearly we have ability to pass on, but the suddenness with which it happened, it didn't allow you to pass on immediately. Very clearly there is an ability to pass on, and we are passing on. We do see that these rates, it's not temporary, increase is not temporary. Till the time the Red Sea issue continues, the freight rates are going to be higher.
Is this only a concern for India business or for AMET also this is a problem?
No, no. Essentially this is only for business into Egypt actually sources good amount of its requirements from Asia and also exports out of Egypt into U.S. also. Obviously, you will have an impact. India also serves Egypt, so there will be an impact in terms of incoming for Egypt as well as for the outgoing freight.
Understood, sir. Understood. Thank you, sir. All the best.
Thank you. Before we take the next question, a reminder to all participants that you may press star and one to ask a question. The next question is from the line of Anupama from RatnaTraya Capital Partners. Please go ahead.
Sir, this is Pavan. I just wanted to understand, last four years, if we look at the volume performance, it has been around 4% or so. Our guidance stand is somewhere around 8%. I just want to understand what the. I understand last two quarters we have delivered 8% kind of volumes, but going forward in the medium term, what gives us confidence that that is the right bank? Because last four years the cadence has been relatively lesser.
Okay. Let us talk about, maybe I have to give you a historical context and historical perspective here. See, India used to have a growth rate of around 8%-10%. The global market used to grow at something like 2%-4%. Okay? Based on our product mix and the characteristic of the various geographies, we used to give or indicate a growth range of about 8%-10%, and this I'm talking about maybe about six, seven, or eight years back. COVID hit us. Okay? COVID, the year was a very, very different year. Okay? It didn't reflect the secular trend that one used to observe in various markets and geographies and various countries. There was a, what I would call, a temporary upsurge in terms of consumption driven by the need for cleanliness and care across various geographies.
This was also clubbed with the supply chain disruptions, which made manufacturers, that is our customers, draw more from us in terms of their ingredients. Now, the after effect of this was seen in 2021, 2022, where there was a double whammy, both in terms of where they over-ordered on, and there was a huge supply chain disruption across the world. Okay? There was a huge freight upsurge again that we had seen, both supply chain disruption as well as freight upsurge. So that was the time that we talked about or scaled down our volume growth indication. So in 2021, 2022 and 2022, 2023, we talked about an optimistic band of around 6%-8%. Okay? In terms of historical, I think we were there around the lower band. Now, we felt as far as the beginning of this year is concerned, that the demand was slowly coming back.
Again, at the beginning of the year, we had given an indication of 6%-8%. Okay? Now, today, when we are at 8.5%, you would say, this has come on the basis of whatever I mentioned in the initial speech. This has come out of our relationships, certain market share gains, as well as the revival of demand, which started happening in quarter two and quarter three outside of the world. India has remained a very strong story. Okay? So you would have seen that in India in the last six quarters or eight quarters, we have grown consistently. So this gives you an historical background in terms of the volume growth. It used to be 8%-10%, then it came down to 6%-8%. Now we say, going forward, we would like to look at maybe 8%-9% in the coming year. Does that answer your question?
Yes. I had one more question. On the EBITDA pattern, if I look at it last year number, of course, if I look at it from a historical perspective, looks pretty odd at around INR 23,000- INR 24,000, if I am right. So how many years do you think it would take us to actually get back into that kind of band again?
See, we did explain
Are we actually looking at it? Yeah.
We did explain even during those times that a lot of those gains were also opportunistic gains. Okay, one. And number two, certain disproportionate product mix during those particular quarters. We did caution, and we did moderate the expectation during those times that we would look forward to a normalization of EBITDA. And that's how in the beginning of this year, we said we would like to give you an indication of INR 19,500- INR 20,500 EBITDA per metric ton, which we would like to maintain. And as Mr. Natarajan said, we would look at it in the first quarter.
Okay. And just one last question on the volume side. So basically, if we are looking at 8%-9% volume kind of growth, we are looking at almost 15% volume growth in India. Is that the right assumption?
No, need not because we also see growth coming back in AMET. We are also seeing in U.S. and Europe coming back. So it's not that India needs to be at 15%.
Okay. You think you can manage it with below 15% also, 13%, 12% also it can be managed, those numbers?
No, we would like to grow India also 15%. I'm just saying that if you have to deliver 8%-9%.
Even 9% growth in India.
Okay. Yeah.
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Rohit Nagraj from Centrum Broking. Please go ahead.
Yeah. Thanks for the opportunity. Sir, my first question is, you mentioned that there was some spillover from Q3 to Q4 in terms of volumes. Given that we have grown by almost 8.5% in nine months, and you alluded that probably we'll grow at higher band of 6%-8%, are we expecting some volume decline during the current quarter? It could be related to the exports issue or the Red Sea issue? Any comments on that? Thank you.
Yeah. Good question, Rohit. While we are seeing a demand resumption, we have to be cautious with respect to the Red Sea issue. Okay? Let us be optimistic and look forward to this particular quarter. Okay? We have certainly factored the Red Sea disruption.
Sure, sir. That helps. Second question in terms of our CapEx. For the nine months this year and any guidance for FY 2025. I think we've been saying that it will be in the range of INR 150-INR 175. Just wanted to hear it from your end.
Yeah. This nine months, we have a CapEx of about INR 90 crore, and we are in the guidance of the same that we already mentioned, about INR 130-150 crore for the year.
Sure. And margin?
Yeah. As he said, we are in line with our CapEx expenditure. By the end of the year, it will be around that INR 130-150 crore. Yeah.
Sure, sir. Just one last clarification. We just mentioned in our commentary that North America, we are seeing some pickup, which is happening, probably early signs. Given that generally these premium specialties are going up, that should construe to better EBITDA per metric ton. Is it a fair assumption that if North America picks up in Q4, Q1, again, we will move closer to that band of INR 19,500 from whatever we are currently having?
That is the estimate. You are right. As North America picks up and Europe picks up, we would see the resumption with respect to the specialties, and we would expect to see the margins going up there.
Sure, sir. That's all from my side, and best of luck. Thank you.
Thank you.
Thank you. A reminder to all participants, you may press star and one to ask a question. Our next question is from the line of Aditya Khetan from SMIFS Institutional Equities. Please go ahead.
Yeah. Thank you, sir, for the follow-up. Sir, my first question is, sir, recently in January 2024, one of our competitors has announced a INR 600 crore investment into its oleochemicals and surfactants business. Sir, how we view this, as a risk, or any comments from your side, like are they targeting the domestic export and how things will go ahead?
We have no comments on what competition does. We are very clear what we need to do. Competition always gets the best in us out. It's okay. They will do what they need to do, we'll do what we need to do. We don't see it as a risk.
Okay. Are we foreseeing any sort of an increase in competitive intensity or anything?
Competitive intensity has always been very high, and we have grown despite the competitive intensity, and we will continue to do the same moving forward.
Okay. Sir, onto our specialty mix. Sir, you have said that that specialty mix has gone down. Any number that you can give out, so 60 or 65 performance, so how much decline into specialty we have seen, that mix number?
Actually, specialty has grew this quarter, no?
I know, but for the year.
For the year also.
For the year also. The growth in specialties was 10.8% for the nine months of this year.
Okay. To one of the earlier participant, you mentioned that mix has gone down, so I was wondering on it. Okay. Okay, sir. Thank you, sir.
Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Krishan Parwani from JM Financial. Please go ahead.
Yeah. Hi, sir. Thank you for the opportunity. Just one question from my side. This is our understanding. I think prices of some of the key products, let's say, which you sell in the performance products, are still 10% above the long-term average. Is it possible that on a sustainable basis, our sell could be more like INR 16-INR 17 per kg, even let's say, even taking into the consideration the higher share of specialty? Yeah.
No. We don't think so.
Okay. You don't see the price drop in, let's say, the product like SLES or CAPB?
We don't think so.
Okay. No problem. Thank you. Wish you all the best.
Thank you. The next question is from the line of Nirav Jimudia from Anvil Research. Please go ahead.
Yeah. Thanks for the opportunity, sir. I have two questions. One is on our production capacities in India spread across the three locations, Tarapur, Taloja, and Jhagadia. If you can just help us out, what is the current capacity utilization between the three plants put together?
Approximately, all put together, we are about 70%.
Okay. Sir, at this 70% utilization, how much would be exported out of India and how much would be used for domestically here in India to sell?
From India, on the overall, if you look at it, overall, our export is about, consolidated revenues is about 65%, and domestic India is about 35%.
Okay. Let's say if we are producing 100 here in India, 30 is exported out and 70-
No. We are talking about consolidated. We are talking about total international business for us is approximately 65%, and India would constitute 35%. That is on an overall consolidated-
That is what we would always like to be sticking to. We do not want to be getting into specific India specific, how much is export and how much is domestic.
Got it. Thank you. Whatever is exported out of India would be predominantly the specialty volumes, or because Egypt generally sells the performance surfactant, so a good proportion of volumes going out of India would be more on the specialty side, or how the mix looks there?
All products contribute to these exports. All products contribute to the exports.
Got it. Sir, the second question is on one of our slides you have mentioned about the revenue break-up for nine months between the three geographies. Is it possible to share the volume break-up between the three geographies, how it looks like?
No.
No.
Got it. Okay. Thank you so much, sir, and wish you all the best.
Thank you. The next question is from the line of Prolin who's an Investor. Please go ahead.
Yeah. Hi, team. Just one question from my side. When you were giving a sort of guidance of 8%-9% volume growth, and North America is also, you are assuming that that segment will recover. So when you interact with some of your customers, is there a risk that when they do their inventory restocking, so to say, they might not go back to their previous levels because of a higher interest rate environment. Is that a risk? Can then the recovery in terms of volume or even sustenance of volume, can it be delayed by a year? What is your comment on that, sir, since you have looked at the whole industry for a very long period of time?
One thing that we realize that all our customers also think through and before they start reordering, they will also take a hard look whether when they start reordering and start reinstating the inventory levels and the faster inventory, whether they face a risk of the demand not really coming back. So if they have waited this long and started coming back, it is only fair to assume that the demand would be positive, demand growth would be positive moving forward.
Sure. I was not commenting from a demand point of view. What I was saying was that every company will look at their own balance sheet, right, while restocking and cost of financing has probably gone up. What I was trying to understand was that even if demand comes back, do you think that they can do with lower inventory levels than what they have done in the past?
So the possibility, it's a possibility.
From a risk point of view.
No, but what I would say is that in this market, okay, when there is a demand uptick that is being looked at, I think they would always like to be having higher inventory to be catering to demand. Because losing a demand, okay, is not something that any would like to afford.
Fair point. That's it from my side. Thanks a lot and all the best.
Thank you. The next question is from the line of Bhavin Soni from Anand Rathi. Please go ahead.
Hello, sir. I just wanted to get a clarification regarding the 7 crore impact on EBITDA you had given earlier on your commentary with respect to one-off.
Yeah. What we said was the quarter had a couple of one-off impacts. One was the normalization of freight rates when compared to quarter three FY 2023, which happened in quarter three FY 2023, but there was a significant increase in the second half of December. This quarter three of FY 2024, that was one. Due to which there was obviously a spillover of volumes which has gone to quarter four. Cumulatively, these impacted the EBITDA by about 7 crore.
Okay. Thank you. That is it for now, sir.
Thank you. The next question is from the line of Anubhav Sahu from MC Pro Research. Please go ahead.
Hello. Yeah. Hi, thanks for this. So couple of questions. So one, for the Q3, sir, what was the volume growth for India domestic business? And incrementally, what demand trend are you seeing for the rural areas?
India grew to about 13.5%. Okay, and then what is expected is that rural demand was actually negative. That is what the commentaries from our customers say, which has started turning around in terms of a positive growth trajectory. So it is probably in the zone of about 2%-3%. Now, it is expected to pick up as we move forward.
Okay. As per the spillover of volume from Q3 to Q4, which geographical areas were impacted because of this?
Basically AMET.
Okay. For Q4, I guess now the increase in freight cost is already getting factored in the new supplies which we have been sending the customers?
Yes.
Okay. That's all from my side. Thank you.
Thank you.
Thank you. The next question is from the line of Anupama from RatnaTraya Capital Partners. Please go ahead.
You mentioned that the freight cost has come down. So can you, like, give us a normalized rate going forward?
Sorry.
Freight cost per metric ton.
Freight cost have gone up now. We talked about freight cost normalizing in the previous year, quarterly of previous year. As a matter of fact, the freight cost had normalized even up to September of 2023. We started seeing this jump in freight once the Red Sea issue started escalating.
Can we expect pretty much an elevated freight cost as compared to Q3 then?
Yes.
What about FY 2025 or 2024?
No, that is still more in front of us. It all depends on how the Red Sea crisis plays out. If it gets better and things get resolved, it will come down. If it gets worsened or continues to remain where it is today, it will be higher. It's something that we are not in control of.
Understood. What is your guidance for CapEx for FY 2025?
Similar. It will be similar. Yeah.
Yeah. We have been saying that we have been doing CapEx of about INR 130 crore- INR 150 crore in a financial year, and that will continue for the next year also.
Okay. Yeah, that is it from my side.
Thank you.
Thank you. Ladies and gentlemen, that was the last question for today. As there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Thank you, ladies and gentlemen. Thank you for your time. Wish you all the very best. Thank you.
Thank you. On behalf of Galaxy Surfactants Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.