Q2 24/25

Nov 19, 2024

Summary

H1 revenue, EBITDA and PBT fell 8%, 30% and 34% YoY, while the strategy prioritizes DI pipes, specialized ferroalloys and debt reduction. Capacity additions and stronger DI volumes underpin FY25 guidance and a 12-month net term-debt-free target.

Ladies and gentlemen, good day and welcome to Jai Balaji Industries Limited Q2 FY 2025 investor conference call hosted by Systematix Institutional Equities. As a reminder, all participant lines will be in listen only mode. 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. Shweta Dixit from Systematix Institutional Equities. Thank you, and over to you, ma'am. Good afternoon, everyone. On behalf of Systematix Group, we welcome you to the Q2 FY 2025 conference call of Jai Balaji Industries Limited. We are joined today by Mr. Aditya Deshpande, Chairman and Managing Director, Mr. Rajkumar Sharma, Joint CFO, Mr. Vijay Kumar Bagri, President, Finance, and Mr. Ajay Kumar Tantia, Company Secretary to discuss the company's financial and operational performance for second quarter and first half of fiscal year 2025. I would like to thank the management for giving us an opportunity to host this call. Now I request Mr. Aditya Deshpande for his opening remarks. Over to you, sir. Thank you, Shweta. A very good afternoon to all ladies and gentlemen. We are extremely pleased to welcome you all to our Q2 and H1 2025 earnings call. Our investor presentation that released the financial results have already been uploaded on the exchanges, and we hope that you have had the opportunity to view it. We are pleased to announce that JBIL has maintained a healthy performance on a half-yearly basis amongst very challenging market dynamics. Our efforts are fully aligned with the objectives outlined in Jai Balaji 2.0, and we are committed to prioritizing value-added and specialized products such as DI pipes and specialized ferroalloys, while also working to enhance our financial strength. We are strongly progressing towards our aim to be net term debt-free in the next 12 months and are diligently working on capacity expansion for DI pipes and ferroalloys as per the plan. This will lead to increased equity contribution of these products from the current 45%-55%, to 80% in the near future. Before discussing the financial and operational performances, I would like to highlight the following. Strategic updates of Q2 and H1 of FY 2025. Firstly, the updates on the capacity expansion plan. JBIL is expanding its DI pipes capacity from 3 lakh metric tons to 6.6 lakh metric tons. Of this, 1.4 lakh metric tons, the remaining capacity from phase one that is expected to be commissioned in FY 2025, while the phase two capacity of 2.2 lakh metric tons is expected for commissioning in FY 2026, giving a total capacity of 6.6 lakh tons. The ferroalloy capacity will increase from 1.6 lakh metric tons to 1.9 lakh metric tons with planned capacity expansion by Q1 2026. Additionally, one electric furnace has already been revamped and commissioned, and the second one expected to be completed by Q1 of FY 2026, pushing the capacity from 6.3 lakh metric tons to 7.5 lakh metric tons, and the steel capacity was raised to 9 lakh tons in FY 2024 and an additional 3 lakh tons is expected to be commissioned by Q1 of FY 2026, bringing the total to approximately 10 lakh metric tons per annum. Furthermore, the company has also commissioned a 35 MMBtu blast furnace gas boiler as part of a green energy initiative. This project integrates waste gas utilization from the blast furnace into the captive power plant, reducing carbon emissions and enhancing sustainability. For more information, please refer to slide number 13 of the investor presentation. Updates on the CapEx plan. JBIL earlier announced a CapEx plan of around INR 1,000 crores for the capacity expansion plans which were discussed just now. Out of this, approximately INR 700 crores has already been incurred, and the current INR 300 crores is expected to be incurred over the next nine months. For this CapEx, all this CapEx has been done through internal accruals, and the guidance for FY 2021 CapEx is INR 350 crores and in FY 2025, it's at around INR 200 crores. This is excluding INR 8 crores spent on the other pre-CapEx. The company is also making substantial strides in its net term debt reduction strategy. In H1 2025, the net debt of Jai Balaji Industries decreased to INR 355 crores from INR 398 crores as on 30th of last year. This debt is associated with Intercapital Limited and its co-lenders, and we're optimistic that within the next 12 months, we will achieve our goal of becoming a net term debt-free company. Our FY 2025 guidance is to reduce net term debt to INR 225 crores-INR 250 crores, which we are very optimistic of achieving. When asked the equity of the stock, the company has also announced a stock split, dividing each equity share face value INR 10 into five equity share with a face value of INR 2 each. Now coming to the operational performance. For the half year, production of all products showed a soothing trend on year-on-year basis. The production of ferroalloys and GI pipes increased by 15% and 3% respectively, whereas the sale of ferroalloys and GI pipes dropped marginally. On the realization front, realization for ferroalloys was similar to FY 2024 and for ductile iron pipes increased by 8%, whereas for all other products, there was a drop in realization in the range of 5%-7%. On a quarterly basis, the production of ferroalloys was stable and ductile iron pipes increased by 3%, whereas sales showed a decreasing trend on year-on-year basis. Realizations of ferroalloys and ductile pipes increased by 3% and 7% on a year-on-year basis. Coming to the financial performance. On a half yearly basis, revenue, EBITDA, and PBT decreased by 8%, 30% and 34% respectively, underscoring the company's commitment to efficient operations and cost management and demonstrating the strength of the company's core business. I am also very happy to share that the adjusted EBITDA margin for FY 2025 has been increased to 17% compared to 14% in FY 2024. Tax showed a decline because of the deferred tax provision, which is a non-cash item. On a quarterly basis, revenues, EBITDA, and PBT decreased on year-on-year basis. However, tax decreased owing to deferred tax provisions. There has been a fall in revenue and profitability on QOQ basis on account of fall in production and sales realization of some of the finished products like TMT bars, pig iron, and sponge iron. However, the company has been able to maintain its margin in the value-added products. In conclusion, I would want to say that despite the complexities of the global operating environment and the pressure on the commodity pricing due to China's macroeconomic trends, our strategic focus on value-added products and operational efficiency has enabled us to navigate the challenges effectively. We remain committed to leveraging our strength to drive sustainable growth and meet the evolving demands of both domestic and international markets. I would also want to highlight that we are very optimistic for the second half of FY 2025 and hoping to get better results on the strategic measures driven by the company on its value-added products. We remain very focused on the value chain of ductile iron pipes and ferroalloys, which will continue to play a very significant role driving both the company's top line and the bottom line growth. We can now open the floor for question and answer. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star then 1 on your touchtone phone. If you wish to remove yourself from the question queue, you may press star then 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, if you wish to register for a question, please press star and 1. Our first question comes from Aditya Welekar from Axis Securities. Please go ahead. Yeah, thanks for the opportunity, sir. I have three sets of questions. Number 1 is post our H1 performance, you have indicated around 35%-30% revenue growth guidance and EBITDA margin of 17%-18%. How do you see H2 FY 2025 panning out and how confident are you in achieving this guidance for full year? That's my first question. Yeah. We are sticking to our guidance because we are expecting increase in the volumes of ductile iron pipes, which are the major contributors to our top line and the bottom line. As we have already said earlier also, is that we are expecting the share of value-added products to grow substantially with every sequential quarter. Yes, please. Hello, Aditya. Do you have any other questions? Yeah. I think I lost in between. The voice was not clear. Okay, that's not an issue. I'll move on to the next question. Next question is on some net debt trajectory. You are expecting to be net debt free in next 12 months, and that is our guidance. Any color on that front? How do you see whether we'll be able to achieve that target by end of the year? The total term debt is around INR 340 crore, INR 350 crore right now. Looking at the EBITDA and the pending CapEx, the pending CapEx is around INR 300 crore. The total term debt pending is INR 300 crore. Since the EBITDA is so strong, we are definitely going to be net debt free within next 12 months. Okay. And last question, sir, on the deferred tax provision which we have taken in this quarter. What kind of tax number should we estimate for the future quarters? As far as deferred tax assets which were in our books, we have consumed it in last three quarters and the pending which I think in the third quarter will be consumed is around 70-75 crores. As far as the carry forward losses that we carry in the opening of the year, we had 1,000 crores of carry forward tax losses, which definitely we are going to consume. As of the update, as far as the second quarter is concerned, the pending carry forward losses which is to be consumed with the profits which are going to come in is 500 crores, plus or minus 5. Okay. Thanks a lot. I will first talk with Vishnu. Thank you. Participants, you may press star and one to ask a question. Our next question comes from Puneet Gupta from YES Securities. Please go ahead. Good afternoon, and thank you for the opportunity. Am I audible? Thank you. My first question is about the DI pipes and ferroalloys. Could you please shed some light about your expectations for the operational performance of these segments in the next half, as well as possible realizations on these things? You are not audible. Can you please repeat the question, please? You are not audible. Sorry. My question was, could you please shed some light on your expectations for the operational performance of DI pipes and ferroalloys for the next half, as well as For the volumes, our ferroalloy capacities will be added in Q1 of 2026. For the second half of the year, we expect the volume of ferroalloys to remain same. For realization in the specialized ferroalloy division, it will remain at similar levels only, maybe 2% plus or minus because of the global market and the Red Sea situation. It should be similar. Regarding DI, we expect realization at similar levels. We expect again 2%, 3% year-over-year because of the order book for the coming six months. Regarding volumes, we expect volumes to increase incrementally on each quarter. We will target to achieve 4 lakh tons this year and the coming year. Thank you, sir. My second question is about any CapEx plans after the current INR 1,000 crore plan is completed in the next nine months. Right now, there is no CapEx plan which we have announced. But definitely we are looking at certain opportunities, but it will take time. Got it, sir. Thank you. That's all my questions. Thank you. A reminder to all the participants, you may press star and 1 to ask a question. Our next question comes from Kirtan Mehta from BOB Capital Markets. Please go ahead. Thank you, sir, for the opportunity. Can you speak a bit louder? Am I audible now? Yes. I had one question in terms of the, as we are becoming net debt-free over the 12 months, and you mentioned that we are progressing, we would be considering some CapEx plan. Can you just sort of share the areas where we are considering this plan? What are the things which are currently on the drawing board? See, first, I think the first part of your question, I think Sharmaji has already answered our plan to be net debt-free over the next 12 months. As of currently, our spend is only INR 300 crore, and beyond this we have not announced any such CapEx plans as such. So we will be having substantial cash in our hands to repay the debts to be on time. As for coming to your second question is what is on the drawing board. So what is the plan? It is still not finalized in the board, and it is just on the drawing board. So at this moment of time, we will not be prepared first to announce any plans without having anything concrete on the table. As and when we are announcing it in the board meeting, when we will. Hello? How- It will be announced. How long would we take to finalize these plans? It will take some time. It will take more than 3 to 4 months, 5 months. Sometime over the next, by year-end or probably early next year, we will be announcing the plans. It can be the financial year or earlier than that. Right. In terms of the market, it still remains reasonably strong. Would we be also open to sort of access the capital markets to raise funds to consider a larger expansion plan? Sir, we will look into it. Right now, it has not been discussed over it with the board. Sure, sir. Thanks. I will be- To add one more thing to what Adityaji has said. Last three years, the priority was to turn around the company, stabilize the operation, go into value-added products in a big way, convert our pig iron and the hot metal to ductile iron pipe, and go big on ferroalloys. That was the priority, and probably 90% we have achieved it. We have a complete list also. Out of that 70% we have already completed, 30% is going to complete. The INR 300 crores, roughly around 30% is going to get completed by the first quarter, and maybe going into the second quarter also. So that was the priority, number one. Number two priority is We hear you. Ladies and gentlemen, we seem to have lost the line for the management. Please stay connected while we reconnect line for the management back. Thank you so much, ladies and gentlemen. We have the management line reconnected. Yes, sir, please go ahead. I'll continue from what I was saying, that the priority right now in the next three quarters is to get debt-free and then look for expansion plans and all those things. Hello? Yes, sir. Thank you for this clarification. It would be good if we can see the next phase of wave growth plan also start materializing soon. Yes, please. That was it. That is it from my side. I will get back to you, sir. Thank you. Thank you. A reminder to all participants, if you wish to register for a question, please press star and one on your touchtone phone. The next question comes from Jitesh Panchesi from Manya Finance. Please go ahead. Hi, am I audible? Yes, sir. Okay. Till when do we expect the revenue contributions from DI pipes and ferroalloys to increase to 80% from the current 50%? From current, sorry? Current, it is 50%, right? It should reach to 65% by the end of the current financial year. Then once the second part B of the ductile expansion is completed and it is fully operationalized, we will be north of 75. That is a broad idea. He is asking, so by the end of the next financial year, that is? By the end of the next financial year. Okay, so by Q4 FY 2026 it should be there, right? Yes, please. Q4 FY 2026, we expect about 75% of- 75%, 80%, yes. Can you throw some light on how do you expect the demand to grow for DI pipes and specialized ferroalloys segments? Because the likes of even GPIL had plans of getting into OPVCs, looking at the reduction of DI pipes. I will answer the question in two parts. Number one is that the demand for ductile pipes, it is robust, and we expect it to be robust because not only are we looking at the completion of the JJM scheme, we are also looking at the AMRUT 2.0. And other than that, there are also many more irrigation schemes that we launched. With the government's focused on infrastructure spending and developing, I would say, the water network of the country, the demand for ductile pipes should remain robust. Coming to the other materials, other materials have always been in the frame, like plastic pipes or PVC pipes or DI pipes, steel pipes. They were always there, and they will always be there. Ductile pipes is a very specialized product which is one of the best when it comes to transportation of water. Because of its quality issues, this is one of the best products. It is the most internationally accepted. We expect that the demand for ductile pipes will always be there in the country as long as the development work is going on. For specialized ferroalloy segments? Yeah. You missed that one. Sorry. As for the specialized ferroalloy segment, it is a very niche market. Here we are already exporting to around 40 countries. We are one of the only manufacturers in the country to make this product on organized basis. To reach the market, it is a very, very tough job. I mean, hard work has already been done over the last 5, 7 years. We do not expect that the share of specialized ferroalloys will be increasing by a huge percentage. It means we will be seeing a share of-- Actually, in volumes, we are raising the capacity to 190,000. We expect that the growth is not going to be exponential. It is going to be slow and steady, but in steps. The growth will be there. When we talk about the blend rate, EBITDA margin of 15%, 17%, 20% for the next financial year. When we talk about the blending margin, it is a function of these factors. A function of the growth and a function of the volume and the price growth. Are we planning to export these DI pipes as well as these ferroalloys? DI pipes, already export license is there. It is a local product. It has been very robust. Okay. Going forward, we have a plan that with the increase in the capacity expansion, currently our export is negligible. It is less than 1%. We are looking at expansion of 5%. Hello. Sir? There is some disturbance in your management line. So for export market, we have not been very active in export market because the local demand has been very robust, and it is very robust. Going forward, with our increase in capacity, we will be looking at exporting around 5% of our production in the export market. We can do more. Okay. Can you let me know the segmental EBITDA per ton for Q2 FY 2025, and what are your expectations to do for the same in the second half of FY 2025? Thank you. Sorry, once again. We have the management line disconnected. Please wait while I connect him back. Sure. Ladies and gentlemen, sorry for the interruption. We have the line for the management reconnected, so please go ahead. Yeah. Did you get my question? Yes. Okay, terrific. That was I wanted to have the segmental EBITDA per ton for Q2 FY 2025 and what are the expectations for the same in second half of FY 2025. Am I audible now? Yes. There is some background noise. Sir, if you can just mute the main line that we have, there won't be this echo. Is this okay? Yes. There is echo. That should not be the case, sir. Hello? Yes, sir. Please go ahead. Hello. Yes, I hear you. The ductile iron prices was INR 62,000 per ton. Ferroalloys was INR 25,000. Pig iron, it was around INR 5,000. TMT was INR 4,000, and sponge iron, INR 3,000. There was a dip in. Ductile was almost same. Ferro, there was a dip. Pig iron, there was a slight dip. Going forward, we expect ductile iron to be at the same level. Ferroalloys, also same level with a positive bias. Pig iron, there will be increase of INR 1,000. TMT, similar increase of approximately expected at INR 1,000, and sponge iron also INR 1,000. There has also been reduction in the raw material prices. That benefit is also going to accrue in the third quarter and fourth quarter. Plus, there is going to be a volume increase in ductile iron third quarter and fourth quarter. That is going to add to the margins in the same quarter. Sir, the raw material prices which has reduced, it has reduced for all the products? Raw material prices. Prices compared to the previous two quarters are essentially down. The prices of coal have cooled down. The iron prices are more or less flat. The expectation in the global markets has a downward bias. Only chrome ore is going up, essentially. Okay, sir. Thank you so much, and all the very best. Thank you. Participants, you may press star and one to ask a question. The next question comes from Rajesh Agrawal from Manya Finance. Please go ahead. Hello, sir. How is the outlook of DI pipes? We have heard from other industrial government order has slowed down, and exports are not feasible because of the freight rates. What is your comment on that? Our outlook is extremely positive. The orders have slowed down only because of the recent political process period and also post-election period. The government has been very fast now. The budgets are also announced. Just a question is that after the election, there is a process is going on. Audits are going on, and we are expecting a very robust inquiry and the central places to be starting from this quarter especially. Okay, sir. And as far as the exports are concerned, the exports actually is already there. As I mentioned in the earlier question also, there has been difficulty. But exports we can increase whenever we want. But currently, the demand in the domestic is so high. Okay. Our focus on domestic, I would say, is not there. Sir, do you think the realization will be under pressure from FCC now? Realization, there may be a pressure of 5% for the long term. For the raw material prices, they are also coming down. Okay. So actually, the raw material prices, they will be coming down a bit with the availability of stock. Okay. And actually, those prices may not come. So only that pressure will be- Okay. So all others which we write down in that, we do not have to reduce the realization or no? No, no. Most of the orders. Okay. You think the outlook will be very bullish, and then it can be used for interlinking of rivers and sewage and all, the DI pipes? Yeah, absolutely. As we have mentioned, I will give my comments here. With the interlinking of the different projects that has been announced, some projects came, that was publicized, DPRs were made. Many such projects were announced. And already the tender, it is still in process. Numbers show up, and bids have already been announced. It is not going to be bad. We are expecting that orders by when, sir? In next 2, 3 months? I am telling you what we project for orders we got from the first 6 months. We have to declare it in the timeline. That will take time. But in the empty trailers, we have 15 trailers already been unload. There are some delays in instrumentation, so they are on the pipeline only. We are talking with our customer, and we are discussing and we are telling, "Let us continue orders. We are immediately pushing out. Okay. Thank you, sir. Thanks a lot. Thank you. Spence, you may press star and 1 to ask the question. The next question comes from Saket Kapoor from Kapoor and Company. Please go ahead. Namaskar, Abhishekji, and thank you for the opportunity. Sir, firstly, a very fine investor presentation with all facts and whatever are required for us are being very well depicted, and we request you to continue this format, sir. Sir, that EBITDA question that comes, product-wise, sir, you can include that as well. Please do look into the various product EBITDA portion also, and a comparable number, QOQ, that will suffice this question part also. Sir, if you could give us some color, what should be the tonnage we are expecting for DI pipes for Q3 and Q4? The tonnage for the past 3 years, it is around 3 lakh tons. In the first 6 months, we have achieved around 150,000 tons. Going forward from here, the run rate is around 60,000 tons per month. So we are very confident that we will be able to achieve this ton or something and between those numbers. You are on a bad line, sir. INR 4 lakh is what we are emphasizing for the first year. Sure. 150 for the year. In the first two quarters, we have already done 1 lakh 30,000. We also have to consider that second quarter is the monsoon quarter. So the question number is already pretty good, sir. Year-on-year, we are looking at doing around 600,000 per month, which includes around 3 lakh or 2 lakh tons. Okay. That run rate we have already done for October, and we have planned deliveries for November also. We are on track for that, 60,000 tons. Let me explain. The commissioning of the new plant, the hot commissioning has been done, and the trial runs are completed. That plant has just gone to operation just two-three days back. The issue of that we will realize. In October, we were not able to do. October, we were able to do around 30,000 tons approximately. Incrementally, in the month of November, we expect around 75,000. In the month of December, it will be increasing much more. Whatever projections we have made, it is only based because some of the plants, they are getting commissioned day by day. As the plant is getting commissioned, the projection we are giving is based on the incremental capacity. Right. We have this CapEx work in progress of around INR 2 crore-INR 3 crore. What will be the CapEx, and if you could give the breakup, where our money we have spent, breakup of INR 2 crore-INR 3 crore. Actually, already in the presentation on page number 13, I think we have given the exact entire details over there with the current status. Mention every over here in line, you will not be able to notice. It is already on page number 13. I'll go, sir. I'll go through the same, sir. The other income component part also, we see this appearing only from the September quarter. Last year it was INR 38 crore, and this time it is INR 22 crore. So what constitutes this, and what is the nature of this other income? These are general. There is only one other income. This was regarding the railway rakes that we had supplied to Railways. Out of that, part compensation has been received. That is around INR 9.48 crore, and there is further claim which is pending. Apart from that, nothing substantial is there. It is as per the last year. Abhishekji, what is the bid pipeline currently for DI pipes? You did mention about robust demand coming up from- Yes, sir. Sir, our bid pipeline, how it is, in DI pipes order booking, currently, what is the annual requirement of DI pipes? The 60 KT which are coming now and which are in annual, if you can tell the average of demand and supply. Our entire team is working is that the demand for 775 trailer will be in the region around 6 million-7 million tons. The bid pipeline has been lined with that already. As I mentioned in the earlier question also, with AMRUT 2.0, we are applying. We are getting orders every month from more than different states. The bid pipeline, it is extremely robust. Even going forward, we are expecting that as the GTC grows, it will line with that the demand supply will be increasing. October, we are looking at a very clean. Because the demand is a very big boost from the utilization of the interlinking of the river. This is going to be a very big booster. So far what has happened is that the production has been around 20 as yet, but so far we work on the ground had not started. But now at least we work on the Ken-Betwa project, which is around $7 billion. Work has already started now and the fixture has been made. Now there is some action on the ground. Just to dwell on the theme, the Ken-Betwa River linking Our DI pipes contribution, what should be the percentage of that $7 billion project? How much value terms हैं? Yeah. [Foreign language] inside [Foreign language] never. We are a supplier. Once it is executed, we will be knowing it. We are selling the other materials also. DI pipe will be the major pipe material which we will supply because of its superior quality and because of its economic viability. Lastly, sir, [Foreign language] Jal Jeevan Mission project there is a slowdown. In the August thing, they have only 25% or 18% of their reach. What is the update? Also, sir, we have heard from other players that the funds released from the center has been delayed or there are lower release of funds from the center. State contribution is there, but central contribution is also there. Your feedback, and for our selling also. Sorry to lengthen the question. For our selling, we are selling directly to the government as well as to the EPC player, our DI pipes. Basically there are three questions. I will answer your third question first. In the current quarter, we are selling around 50% of the sales. Approximately 50% of the sales, it is directly to the government. The balance is to the EPC contractors who are executing the projects for the government. By and large, the major buyer of the DI pipes, it is the government sector. If the government were to pay, it is the government schemes. This is the first part of the question. Now coming to the second question. Sir, slowly the government has released funds. This quarter has been slow, which again, since the election. This phenomena we have seen, not only with the Jal Jeevan Mission scheme, we have seen across all the sectors more or less. Just a second. The ministry has been releasing the work, and whereas the demand is concerned, demand is robust. We have seen, ultimately, this is what we see as a very flip side. What we are seeing is that since the demand, the funds have not been released to a great extent in the last few months. Actually, the government in the budget commitment to meet many things are still pending. Over the next four to five months, we are expecting very robust funding to be coming. Okay, sir. Absolutely. Fine on that. Thank you, sir, for all your reply and all the best. Thank you very much. Thank you. Participants, if you wish to register for a question, please press star and one on your touchtone phone. Our next question comes from Jinal Kothari from Systematix. Please go ahead. Thank you, sir, for the opportunity. I had just two few questions. Firstly, why did the DI volumes decline in this quarter? Sequentially also and year-on-year also, the volumes have declined. What is the reason for the same? DI volume decline, madam? I beg your pardon. There is a decline in the production volume. Yes. Sequentially. [Foreign language] Sorry. It is a decline, madam, decline [Foreign language]. There is a barrel in between. Sir, that I understand. In the sales volume, actually from 61 in quarter one, it has declined to 60. Sequentially, 20% the sales volume has declined. Madam, it is a monsoon quarter. Normally what happens is- This quarter is slow because monsoon or [Foreign language] the festive season goes on. You understand? Mm-hmm. Okay, sir. Understood. Sir, what is the share of the special grade ferroalloys currently? If you can quantify the same. Madam, special grade ferroalloys हम लोग जब ही साथ ही बोल रहे हैं, last बार बात उसके break भी हुआ है। उसके बाद से बता रहे हैं तो special ferroalloys in the region of 18, 19%. 18, 19%? Okay, sir. That is it from my end. Thank you. As there are no further questions from the participants, I now hand the conference over to management for closing comments. Thank you everyone for joining the call today. I trust that we have addressed all your queries to your satisfaction. In case you have any remaining unanswered questions, please do not hesitate to contact our investor relations agency, Go India Advisors. They will be able to assist you further. Thank you once again. And disturbance till apologies also. Thank you so much, members of the management. On behalf of Systematix Institutional Equities, I conclude this conference. Thank you for joining us, and you may now disconnect your-