Ladies and gentlemen, good day and welcome to Godrej Agrovet Limited's Q1 FY26 Earnings Conference Call. As a reminder, all participant names 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 this 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 Mr. Probal Sen from ICICI Securities. Thank you, and over to you, sir.
Thank you, Moderator. Good afternoon, everyone, and thank you for making the time to join us on this Godrej Agrovet Limited Q1 FY26 Earnings Conference call. From the company, we have with us members of the Senior Management, including Mr. Nadir Godrej, Chairman of the Company, Mr. Balram S. Yadav, Managing Director, Mr. Sunil Kataria, the CEO and Managing Director Designate, Mr. S. Varadaraj, Chief Financial Officer, Mr. Burjis Godrej, Managing Director of Astec LifeSciences, and Mr. Arijit Mukherjee, Chief Operating Officer of Astec LifeSciences. As is usually the case, we would like to begin the call with brief opening remarks from the Management, following which we will have the forum open for an interactive Q&A session.
Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation shared by the company with you earlier. I would like to now invite Mr. Nadir Godrej to make the initial remarks. Over to you, sir.
Good afternoon, everyone. I welcome you all to the Godrej Agrovet earnings call. Before I commence with the business updates, I would like to take this opportunity to express our heartfelt appreciation and thank Balram for his extraordinary contributions to the company over the years. His unwavering commitment and visionary leadership, marked by wisdom and integrity, have left an indelible mark. I would like to wish him joy, good health, and fulfilling experiences. I would also like to take this opportunity to welcome Sunil Kataria, who will take over from Balram. Sunil has had a distinguished track record of driving growth and building high-performing teams, and his rich experience will bring immense value to the organization. I wish him all the very best. Now, I will commence on the business update for Q1 FY2026.
Godrej Agrovet Limited reported strong financial performance for Q1 FY2026, with notable growth in revenues, profitability, and operational efficiencies. The growth in profitability was mainly driven by robust volumes and improved operational efficiencies in the vegetable oils business, supported by significant reduction in losses in Astec LifeSciences. The company recorded consolidated revenue from operations of INR 2,614 crore in Q1 FY2026 as against INR 2,351 crore in Q1 FY2025, registering a growth of 11%. Profit before tax also improved from INR 151 crore in Q1 FY2025 to INR 188 crore in Q1 FY2026. Coming to the key financial and business highlights of each of our business segments, in Animal Feed, while overall volume growth was a healthy 8%, segment revenue and underlying margins were flat due to lower realization.
Volume growth was recorded across all key categories, led by broiler feed at 13%, cattle feed at 11%, and mare feed at 4%. Our vegetable oil segment revenue and margins improved significantly in Q1 FY2026 as compared to Q1 FY2025, on the back of increased average realizations of crude palm oil and palm kernel oil, coupled with higher fresh fruit bunch arrivals, higher by 50% year-on-year. Oil extraction ratio also improved year-on-year. Standalone Crop Protection segment revenue grew marginally by 5% year-on-year, on the back of an increase in volume in the in-house category. Lower net realizations in the specs of in-house and in-licensing categories, on account of channel mix and higher discounts, resulted in the segment margins being marginally lower but in line with our expectations. I am pleased to announce the launch of a new in-licensed maize herbicide introduced under the brand name Hashikata in July 2025.
Astec LifeSciences revenue improved by 31% year-on-year, primarily on account of higher volumes in both the enterprise and CDMO categories. Additionally, it also improved year-on-year, primarily on account of higher volumes and lower raw material costs in the enterprise category, coupled with better capacity utilization. In Q1 FY26, our dairy segment revenues remained flat as compared to Q1 FY25, while milk volumes increased by 2% year-on-year. Unseasonal rains in the months of April and May temporarily impacted the sale of value-added products (VAP). Additionally, margins declined primarily due to increasing milk procurement prices, compression of margins and clean value-added products due to early rains and increased spends in advertising and marketing.
The poultry and processed foods segment recorded a decline in revenue and margins, primarily due to lower volumes and muted realizations in the livestock category, as we continued to focus on growing the branded business and reducing our exposure to the livestock category. ACI Godrej's joint venture in Bangladesh recorded a revenue decline of 20% year-on-year in Q1 FY26, due to volume contraction across categories in the backdrop of a challenging political and economic environment. This concludes our business and financial performance update for the quarter. With this, I close my opening remarks. We will now be happy to answer your questions. Thank you.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may please press star and two. Participants are requested to use hands up while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Ladies and gentlemen, to ask a question, please press star and one now. Participants who wish to ask questions may please press star and one at this time. The first question is from the line of Abhijit Akela from Kotak Securities. Please go ahead.
Yes, good afternoon, and thank you so much for taking my question. First of all, if it's possible to share any update on your outlook for fiscal 2026, you already shared with us last quarter that you expected 16 %- 18% top-line growth at Godrej Agrovet Limited and, you know, various business-wise commentary as well. Is it possible, you know, in light of the performance of the quarter gone by and pricing pressures in some of the segments, if it's possible to update your outlook, that would be very helpful.
After this first quarter, I think we still maintain the top-line growth to be in early teens. Once we come to questions about different segments, we will talk about different segments also. We maintain the same expectation for profits, and you must have seen that we have grown profits in quarter one by 25% over quarter one last year.
Thank you. Just on the Crop Protection business, if I may drill in one level deeper, on the new product, Hashikata, if it's possible to share any outlook or expectations you might have regarding market potential for the product. We have a target of growing revenues in that domestic business by 30% this year. Yet there is, you know, competition and pricing pressure, I guess, in some of our key products. What would be the key drivers for this kind of growth in the upcoming year?
I must brief you that we did not have a very good quarter as far as the agri products are concerned. We expect that in Q2, since the final season has not gone well because of the rainfall, we might have some returns in Q2, which will be more than what we had provisions for. It is only towards the end of August that we come to know because till about the middle of August, some season continues in different parts of the country. By the end of August, we will know what would be the actual return. We know that it will be much more than what we had provisions for. Having said that, I must also tell you that the rainfall has been extremely good, and we have several products to be sold in our rabi season.
We expect to catch up in rabi in some of the products. The kind of setback we have had in final cannot be covered by the other products we have. Let us see. I think definitely we will maintain a margin of growth to 28% to 30%. That is what the indication we have given on steady state because last year 40+% was an outlier. Top-line growth, we will be only able to come to know once the season is fully over. Since you have asked about Hashikata, I must tell you, yes, that is a very, very important product for us going forward. The practical potential of Hashikata is about INR 200 crore, and we believe that we will get there in three, four years. I must tell you, I have a very Hashikata story with our corn story in the country. Our corn acreages are going up.
This year also till now, about 7% acreage in corn has gone up. Prices of corn are very high. It is a very profitable crop for our farmers, largely because of the ethanol story being played out. We strongly believe trailer growth will be maintained in rabi also. Hashikata potential may be much higher than our expectations in times to come because we will produce about 37 million- 38 million tons of corn this year. We will be just hand to mouth because poultry demand as well as ethanol demand is rising. My sense is that in two to three years' time, we have to get to about 45 million tons of corn, which will mean that from something like 9.5 million hectares, we will have to go to 11 million hectares area under corn. This is the good opportunity for Hashikata.
We believe that our expectations from Hashikata will be revised further upwards as the time passes. Regarding the pricing pressure, definitely pricing pressure has come because other competitors for the same product of Garchia is also shared by the principal with other companies. When competition grows, we cannot enjoy the same level of margins. The idea is to expand to different crops. We have already got labels for several other vegetable crops, not only chili. We believe the horizontal expansion in terms of crops and area will definitely maintain our volumes and profitability.
Thank you, sir. That is helpful. On Astec LifeSciences, if it's possible to share your updated expectations in terms of how you are seeing the industry scenario. Also, any impact at all of these U.S. tariffs that have been recently announced?
Astec LifeSciences is expected to report a bit more breakeven for this financial year. The volumes of the enterprise products have improved over the last two years, but there's been no major improvement observed in the price realization. The growth margins in the enterprise segment are positive in the current quarter, which is a good sign, and it's a sign of recovery. I also think raw material prices are reducing, which is another positive sign. Regarding the impact of U.S. tariffs, there is a lot of uncertainty prevailing in terms of what the final tariff rates will be. We understand that trade negotiations are still in progress. We'll be able to comment once we get further updates. Thankfully, our exposure to the U.S. in the form of exports is only ranging from about 7% - 10% of our total sales. Our major customers are in South Korea and Japan.
Thank you. Just one last thing for me before I jet back in the queue. Within the vegetable oil segment, what would the percentage share of value-added products be within total revenues and also profits, if it's possible to break those out?
Today, 80% of our sales is now value-added, which is mostly polyens, shearings, and CO3Ds because, I'm a call for telling you that you need to understand one thing about this business. Today, the government dropped the import duty on crude palm oil by 10%. Earlier, the difference between refined and crude palm oil was 8.75%, which went to about 18% +. That suddenly, refinery has become profitable. That is why we are passing all our crude palm oil to our refineries. However, if you take the last year's case, it was not like it. Last year, the refining margins were either very low or negative. We disposed of most of the oil as crude palm oil because our focus is to maximize profits. This will be the, I would say, entrepreneurs occasionally will have to take month on month, quarter on quarter in that particular business.
The incremental profit of the refinery segment is about INR 1 crore to INR 1.5 crore depending on, perfect, 1%- 1.5% depending on prices. To add to our value-added story, we are in the process of setting up a PTO refinery, which will come into production in Q3. In Q4, we will also be starting interactive edification and hydrogenation, which will also enable us to get into other value-added products, which will be like baking pads, shortenings, etc. I think we have started this journey, and our strategy is to convert more and more of our crude palm oil and palm kernel oil into value-added products.
Thanks a lot, sir. I'll get back in the queue for any more on the list.
Thank you, sir. Ladies and gentlemen, to ask a question, please press star and one now. Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Ajis Lakhani from UNC, please go ahead.
Hi, team. Balram sir, on firstly on Animal Feed, could you just explain that comment that is there in the PPT, which states that you know you all have had a higher utilization of the vendor invoice discounting, which resulted in higher input costs and lower finance costs? Could you please explain that?
In the past, I felt we have sort of from time to time, you know, taken benefit of the vendor invoice discounting program by taking extended credits on our purchases. What it does is that whenever you take extended credits on our purchases, that cost goes and sits as part of the material cost, thereby impacting the segment reserves. That is the reason why we have sort of talked about the underlying segment margins as well. Pressed to clarify the question.
Okay. Sir, the second question is on palm oil and produce. Who has called out what is the quantum of fresh fruit bunches that we got in this quarter?
FFBM improvement is 52% over last year. In Q1 FY 2026, we got 78,000 tons. In Q1 FY 2025, we got about 17,000 tons, which is a 52% increase. I must say that this is an extraordinary quarter as far as palm, all palm businesses, because we have never seen such a good fresh fruit bunch arrival in the first quarter. It is largely because of early rain. I must also say that we are seeing extremely good oil extraction ratios in the first quarter, which we had never seen in the past. In quarter one of FY 2026, we had 18.37% oil extraction ratio as compared to quarter one of FY 2025, which is 17.98%. What I must tell you is that these are beef.
They may produce early, they may produce late, but they are likely to manage and reduce the same quantity with this normal productivity increase, which happens with age and management. My sense is that this year we are expecting about 15% to 18% increase in fresh fruit bunch arrivals over last year.
Understood. Sir, given that the first quarter was much better in terms of procurement, does that mean that the second quarter will be affected for any reason? The second quarter is usually the best quarter for us.
Yeah. Today, we definitely see that fresh fruit bunch arrivals continue to be at last year or slightly more than last year's level. It's only to judge because there was a lot of rain in our areas in July. We feel that Q2 will definitely be the top quarter as it has been historically. I am very glad to report that oil extraction ratio continues to be all-time high, coupled with extremely good prices because of several reasons. We believe that from a profitability point of view, quarter two will also be extremely good.
Sir, I want to ask another question on OER. Sir, because the OER in this bunch of arrivals is on the higher side, is it a fair assumption to make that for the balanced part of the year, or could the OER expectations be on the higher side of 19.8% versus 8%?
It is a fair assumption because that is the pattern we see every day that our lowest OER is in the monsoon season when the bunches are wet. After that, once the monsoon reduces and the temperatures become slightly more benign, the oil content increases. For example, I must tell you Q4 in FY2025, the OER was 19.66%. As compared to that, Q1 is lower, 18.37%. I must say that this year we are going to have an extremely good year in OER. You know, OER is a direct injection into our profitability.
Wonderful. Sir, thirdly, could you tell me about Crop Protection? Actually, what went wrong in the Crop Protection this year for us because the season's been fairly good? Was it to do with the channel, the product? Could you just speak a little more on the segment?
I'm saying that we were better off in terms of market information. Most of our digital program had already been educated and had reached certain levels of maturity in tracking our stocks, etc. We had improved our sales and distribution. Everything, according to me, was right except this season is very unique. The rain started early. There were a lot of rains, and the sowing also started. Most of the sowing was completed about one week or 10 days before the time. Our final product, particularly liquid bag, is to be sprayed at cool leaf levels. That is the level where you need a certain amount of irrigation or this herbicide to be effective. Unfortunately, for about three weeks, there was a total dry period in the areas of Vidarbha, Marathwada, and several parts of the country where cotton is grown.
You must have also heard about reports that just because of the dry period, there has been resowing in several areas as far as cotton is concerned. Not only us, anybody, all the companies which have been in the early stage herbicides for cotton have had huge amounts of unsold material in the market. Having said that, I must say that this is one of the issues with this business. That is why I tried to balance the portfolio, improve. Today, we are very skewed towards harvest, but most of the products in pipeline are also focused at rabi crop. Rabi is increasing in failure over the past years as far as this business is concerned. We believe that rabi will be equally balanced in two years once the new molecules which are in the different stages of the decision are launched.
I'd like to add that, in regards to liquids and heating, being this year in the midst of the season, as the season progresses, we will get more and more clarity in terms of what is happening in terms of the inventory, the market, etc.
Understood. Sir, in the earlier part of the call, you said that maybe you may have to take some returns in Q2, and this will be more than provided for. This is a little conflicting to what you mentioned earlier. Could you please clarify?
We still maintain that we will have returns. It is the eighth end of the season. The only thing is that last year also, we have seen that surprisingly our liquid income was much more than we expected. That is why we are in the quarter. I still reiterate that the returns will be more than expected. How much more is something which we will be able to tell towards the end of August. You must also remember one more statement I made, which was resowing of cotton. Even the cotton season in some of the areas is delayed. It is so vast and the kind of information which is needed to be able to predict all this is not there. That is why it is very difficult to take an informed guess on what percentage of returns, etc., at this time of the year.
Understood, sir. Sir, Garchia, you said that Nutana has given it to other competitors. Could you explain? I thought that the in-licensed products, the arrangement was such that they used our distribution network, and that was mostly exclusive to us. For what period do you have the exclusivity? When does it then get open to competition? Given that Garchia was very important in the scheme of things, could you call out what was the size of Garchia in the Crop Protection business, and how much do you think that will get diluted by implementing? Hello?
Ladies and gentlemen, the line for the management seems to have disconnected. Please hold while we reconnect.
Oh, come on, everybody.
Ladies and gentlemen, the line for the management has been connected. Thank you, and over to you, sir.
Sorry, we got disconnected. Can you please repeat the last question because we were not able to hear the last question?
My question was that Balram sir made a point as Garchia is now being shared by, you know, two other competitors by Nutan. I just wanted to understand the kind of arrangement that you have with Nutan. Is it that these products are exclusive to you for a certain duration? Is that like sort of is it product by product because we are leveraging off our distribution network? Some semantics around how the relationship works. Secondly, could you call out what is the size of Garchia in our Crop Protection business because it's a material product for us? Incrementally, how much runoff do we see from that product?
As far as the in-licensing is concerned, no Japanese company nowadays gives exclusivity to anybody. The only things which have happened in last year is that earlier, the other company used to be given material through us. Now it has been made direct. That was part of the deal that eventually they will service at least two partners in the country directly. Rachinban, we have exclusivity for some time. I think two years or three years.
Last year, I thought.
Exclusivity for two years in Rachinban, I think three years in Rachinban. We'll revert on that, but we have some exclusivity there. Even Hashikata, which is another molecule from another Japanese team, which we are launching today in a different brand name, is with one more partner. The salience of Garchia last year in quarter one was 18%. This year, quarter one is about 5%.
Okay. Sir, could you call out Garchia for the full year in FY2025 and how you expect it to run off in 2026?
Full year, FY 2024 full year was 18%.
18%.
18%. FY 2024 was 29%.
Last year's Q1 was also 5%.
No, sorry. Last year's Q1, this year's Q1, same at 5%. Now we have more labels. My sense is that if the season is good, the salience will also be beyond 18% according to us. It will be need also because it will match the broad form. In case we have to recover lost ground, it has to be with from the products like Rachinban, Garchia, Hashikata, Bouncy, Combine, Double. All these products will have to be sold in higher quantities than we have budgeted for.
Understood. Sir, finally, on Dairy, could you call out what has been the rat share for the quarter? We were expecting our EBITDA margins to be in that 5-6% range and building on that incrementally. What has happened really? Because something seems to be amiss.
Yeah. I must also tell you that we are glad to say that our salience continues to be at 42%, which was at the last year level, considering there was a lot of unseasonal early rain, which definitely hurts the drinks business and flavor drinks business in this segment. The second thing is that we have started investing on brand. Our ad spends in the first quarter are INR 5 crore higher than last year. I think that those results will be seen in the future because that is the strategy. Lastly, I must tell you that our EBITDA margins, including working media, are close to 6.5% to 7%. We will be able to maintain that easily and probably once our value-added product post-advertising salience goes up, we are aiming at another percentage or 1.5% improvement in EBITDA plus working media margins in time to come.
The entire effort of this business is now to increase rapidly the value-added product business. We are budgeting much higher salience in the coming years, going up to 50% salience for value-added products in two years.
Understood. Sir, just to follow up, you are saying that even after the ad spends, you are likely to do 6% - 7% EBITDA for the full year FY2026.
It is 6% - 7%.
Sir, on chicken, on die birds, what is the proportion now in the business?
Let me just repeat. It is 6% - 7%, including working media.
Sorry, please repeat.
Chicken media plus working media. Okay?
Okay. The 6 - 7% is including the media spends. If I exclude the media spends, then EBITDA is expected to be supported. Okay, fine. I understood.
I have an ask. Just p ercentage on the annual basis.
Okay. Sir, just for chicken, could you call what did live birds share?
Yeah. Live birds, you know, as a strategy, we have started bringing down live birds significantly. That is why the top-line growth of this business has affected. We are glad to say that live bird share is 15% of the total sales. 85% is today our value-added products, yummies, and RBCs.
Thank you and all the best.
Thank you, sir. Ladies and gentlemen, to ask a question, please press star and one now. Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Aman Vora from Premium Capitals. Please go ahead.
Hi, I would like to thank you guys for the opportunity to ask a few questions. My first question is about Astec LifeSciences. It's good to see an improvement in volumes, but does our outlook for FY 2026 remain the same? How do we plan to use the proceeds from the refund rights issue?
Yeah, I'm sure we're going to start for that. This is S. Varadaraj. As far as the utilization of the recent rights issue is concerned, the same is being used to repay all our debts which are there in the books. That is what the primary purpose of the rights issue has been. As regards to the other questions, this is working.
Yes. Yeah. We should record EBITDA breakeven this financial year, which is a significant improvement over last financial year. We are aiming for a turnover of INR 500 crore. All right. Thanks a lot. My next question is in regards to the Astec LifeSciences CDMO business. Which geography is currently showing the strongest traction in this CDMO business?
The CDMO business is quite diversified across various geographies. We're targeting the major European innovators as well as the North American innovators. The end product goes into multiple geographies, so all are important. We have strong existing relationships with the Japanese and Korean companies. Now we're targeting more of the Western innovators.
That sounds great. In regards to the corporate structure review, can you please update us on anything incremental on the strategic review of the corporate structure of the business to enhance shareholder value, something we discussed in the past?
I think the step one was the major step where significant investments have been made. We own 100% of Godrej Foods, 100% of Creamline Dairy now. The idea was that we just wanted to keep the ownership very clean so that whatever portfolio decisions we have to take in the future, we don't have to take anybody into confidence or seek permission from anybody. I think this is the first significant step which has been, which was the material step because in total we have invested close to INR 250 crore in the last six months in buying out partners in these two businesses. I'm saying that it will do more to follow.
The line for the current participant is disconnected. The next question is from the line of Siddharth Jadekar from Icarus. Please go ahead.
Hi, sir. First, on the CDMO business, last year we did roughly around INR 204 crore revenue. What is the target for this year, and where do we see us going into FY 2027 quarterly from the CDMO business?
We're aiming for a revenue of over INR 300 crore in CDMO business, CDMO and new products. That should be about 65% of our total sales.
Thanks, sir. Beyond 2026, any items on this format?
Beyond 26.
Okay.
I think, yeah, it depends on the pipeline, and we will keep you posted as it matures because the gestation period is where it is. We will look to grow more than 30% every year. Let's see where the star goes as the grape increases.
We do have 10 molecules in our pipeline. We should be commercialized after FY 2027.
Secondly, in terms of the enterprise business, we were talking about doing some refitting to the plants and trying to diversify away from these legacy products. Where are we on that, or is it in the status quo?
Siddharth, please share.
All the new projects which will be commercialized are based on the old plants only. All the refitting, once we told them there are new projects on pipeline, whenever the commercialization starts, the refitting will be done.
Siddharth, of the location you described, you will get information about a lot of the old plants and new plants which have come up in the last two, three years. That's been the KTEX which has been mentioned earlier. It is those plants which will be used for the new CDMO product.
Most of our plants are multipurpose plants, so it can be used for a little bit of refitting. It can adjust to any product.
All right, sir. Got it. Thank you.
Thank you, sir. The next question is from the line of Rinke Shah from the Boading EMC. Please go ahead.
Hi, team. Just wanted to understand the guidance for breakeven in Astec last time for FY 2026, but we have a significant share coming from CDMO, 65%. What kind of spreads are we seeing in the triazole business? Like in terms of, if not the amount, but like direction, are we seeing any improvement in the triazole spreads throughout the year? If we are not looking at that and if we see supply not moving, are we going to probably take a call on the triazole business?
We expect the trisol business to continue. It is an important cash flow generator for the business. We are going to put our efforts into growing sales on that. We're already seeing improvements in gross margins for the business, improvements in raw material prices, which are coming down. We're putting a lot of efforts on growing sales in these businesses in key geographies. We also want to use trisol as a platform for the CDMO business to do CDMO based on trisols and similar chemistries. That will continue to be important for us.
Got it. Sir, in trisol, if we're looking to do CDMO in trisol, we don't have many new molecules apart from, you know, there's only one which is launched by CULTARA in 2024. The last one was Asantekenazole in 2019. The scope for doing CDMO work using trisol as a platform seems to be limited.
There is scope for that. We see other companies doing that on exclusive contract for trisols. Metforminol we consider, you know, in the enterprise, a new enterprise product in the CDMO category. We're happy to, you know, aim for exclusivity with anyone who wants that. Additionally, there are pharmaceutical intermediates that are in the trisol class. That is something that we can look into as well.
All right, sir. That's all from me.
Thank you, sir. The next, ladies and gentlemen, to ask a question, please press star and one now. Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Pawan from Nayan M. Vala Securities. Please go ahead.
Hi, thank you for the opportunity. My motivation?
Yeah.
My question was on the value decision. What was the fresh fruit bunch arrival in our FY 2025 for three years and the export for this quarter?
Yeah, yeah, from 0 to 11 years.
What do you expect in the oil extraction ratio for FY 2025?
FFB arrival in FY 2025 was fined at 46,000. Oil extraction ratio was 19%.
What is our expectation for FY 2026 in our oil extraction? Obviously, we have given our 18%.
We have already grown quarter one by 50%, overall we will grow between 15% to 18%. OER will be better than last year. That is what our expectation is.
In terms of realization, considering the drop, import duty dropped by supply and import, is that varied?
As I already said, we have shifted to refining where there is no drop in import duty. I've already conveyed that we will take the calls whether to sell crude palm oil or to sell refined oil, depending on how the refining margins are. We have that flexibility.
Okay. In terms of Crop Protection, what do we expect in crop line growth?
Crop line growth, we are expecting about, as of now, when things, particularly in liquid and liquid products, did not look to be very, looks very encouraging. We have several products which will be sold in the next six to seven months.
Hello?
Sorry, I couldn't hear you.
Like to see?
We are saying that we are still assessing how this final season or liquid bag season is going. I think the best assessment will be made sometime after three or four weeks, once we know what is the situation of current stocks in the market, etc. I would not hazard a guess right now.
Okay, thank you.
Thank you, sir. As there are no further questions from the participants, I now hand the conference over to management for closing comments.
Thank you. I hope we have been able to answer all your questions. If you have any further questions or would like to know more about the company, we would be happy to be of assistance. Thank you once again for taking the time to join us on this call.
Thank you, sir. On behalf of Godrej Agrovet Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.