Active Clothing Co Ltd (NSE: ACTIVE) Q4 2025 Earnings Call dated Jun. 06, 2025
Corporate Participants:
Ganesh Nalawade — Analyst
Rajesh Mehra — Managing Director
Analysts:
Aayush Jha — Analyst
Abhishek Sharma — Individual Investor
Chandresh Singh — Individual Investor
Priya Jain — Analyst
Uday Malhotra — Analyst
Aditi Roy — Analyst
Shreya Gupta — Individual Investor
Ishita Jain — Analyst
Sushant Shambharkar — Individual Investor
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Active Clothing Company Limited Q4 & FY25 Earnings Conference Call hosted by Kiran Advisors Private Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ganesh from Kirin Advisors. Thank you and over to you sir.
Ganesh Nalawade — Analyst
Thank you. Good afternoon, everyone. On behalf of Kirin Advisors, I welcome you all to the conference call of Active Clothing Company Limited. From the management team we have Mr. Rajesh Mehra, Managing Director of the company. With that, now I hand over the call to Mr. Rajesh Mehra for the opening remarks. Over to you, sir.
Rajesh Mehra — Managing Director
Good afternoon, everyone. It gives me immense pleasure to welcome you all to the earnings conference call of Active Clothing Company Limited to discuss our financial operational performance for the fourth quarter and the full financial year ended 31st of March 2025. At the outset, I would like to express my sincere gratitude to all of you, our shareholders, analysts, customers, brand partners, employees, for your continued trust and support throughout our journey. We deeply value your confidence in our vision, and it’s your encouragement that continues to inspire our progress and long-term growth. Just an overview, Active Clothing Company Limited, headquartered in Mohali, Punjab, has grown over the past two decades into one of India’s leading integrated design-to-self apparel solution provider. With the legacy spanning over 25 years, we offer comprehensive solutions from conceptual design and prototyping to manufacturing, quality control, logistics and multi-brand retail. We cater to diverse range of categories which includes flat-knitted sweaters, circular knitted T-shirts and sweatshirts, outerwear jackets, ply knit shoe uppers, soft woven garments, knitted beanies and gloves, soft knitted ties, at layer and layer wear products. Our infrastructure includes a state-of-the-art manufacturing facility in Fatehgarh Sahib, Punjab with an annual production capacity of 46.5 lakh garments utilizing advanced technologies from Japan and Germany. This fully integrated production ecosystem ensures stringent quality control, rapid turnaround and efficient order management all under one roof. Our skilled workforce of over 2,300 employees, launched in 2001, of our operations. Their expertise combined with our investment in technology and innovation ensures we remain agile and quality focused. Global brand partnerships, what we have done, we are proud to be preferred manufacturer and strategic design partners for several leading global fashion brands. This includes Levi’s, Adidas, Skechers, Tchibo, Bestseller group, who owns only brands like only Jack and Jones, Vero Moda, Next, George, Guess, Puma, Ted Baker, TJ Maxx and many other brands.
Our long-standing 22 year partnership with Levi’s stands as a testament to our reliability and commitment to excellence. From being their manufacturing partner to driving design, marketing and retail strategy in India, this collaboration has scaled significantly, contributing nearly 100 crores in annual business. For Adidas, we have manufacturing, cutting-edge flyknit shoe uppers, replacing imports and contributing to the Make in India movement. For Tchibo in Germany, we serve as a single source partner for infant clothing, in sweaters, helping them scale operations across Europe’s top retail markets. Technology driven innovations. In today’s fast-paced fashion environment, Where digital speed and sustainability define competitiveness, we have taken bold steps to digitize our operations. Our Virtual Design Development Center allows for 3D garment simulations, real-time modifications, and digital approvals, cutting development time and reducing sampling waste. Our research and development creates customers exclusive and forward collections fully aligned with the market dynamics. We have implemented AI-powered design tools and smart manufacturing systems productivity and cost efficiency. Our technical innovation in dyeing, embroidery and garment finishing enables us to deliver premium quality and high margin products. Sustainability and certifications. Sustainability is not just a buzzword for us. It is embedded in our operations. We are actively transitioning towards a greener, more responsible manufacturing model. Some of our key sustainability initiatives includes rooftop solar installation with a capacity of 500 kilowatt covering 50% of our annual energy demand, use of certified organic cotton, RWS wool, BCI cotton, recycled yarns, implementation of virtual prototyping and digital approvals to reduce sample waste and excess shipping. We hold industry’s recognized certifications including GOTS, COTS, C4P, SA8000, GRS, PIG Index Compliance. These certifications validate our adherence to ethical labor practices, environmental protection and supply chain transparency. Multi-brand retail and distribution In addition to manufacturing, we also established a robust retail and marketing arm.
Today, we act as the largest marketing partner of Levi’s, Flying Machine, Arrow, Celio, Being Human in the regions of Punjab, Himachal, J&K and Chandigarh. Our services to brands go beyond retail We provide them end-to-end inventory and logistic management, market intelligence and POS tracking, promotional strategies and territory wise sales insights. The unique integration of design, production and go-to-market capability is a rare combination in the Indian textile and apparel space. Now coming to the financial performance of Active Growth India Limited. For the full financial year ended 31st March 2025, Active Clothing Company Limited delivered a strong performance marked by significant year-on-year growth across Key Financial Parameters: Total Income stood at INR297.12 crores reflecting a year-on-year growth of 39.72%. EBITDA was reported at INR28.49 crores, registering a growth of 34.24% compared to the previous year. the EBITDA margin for the year 9.59% demonstrating continued efficiency in operations and cost management. PAT came at 8.45 crores representing a robust growth of 73.73% on year basis. The PAT margin of full years stood at 2.84%. The listed earnings per share for FY 2025 was 5.45 showing a year on year increase of 74.12%.
Financials for quarter Q4 FY 2025 For the fourth quarter of FY25, the company posted a strong quarterly performance with substantial revenue growth. Total income of Q4 FY25 was Rs 68.76 crores, a year-on-year increase of 81.23%. EBITDA for the quarter stood at 5.6 CR marking a growth of 13.61% compared to the same quarter last year. The EBITDA margin for the quarter was 8.14% reflecting stable operating leverage despite higher input costs. PAT for Q4 was 1.68 crores up by 21.52% year on year. PAT margin for the quarter was 2.37%. Diluted earnings per share for the quarter was 1.06 representing a year on year growth of 23.26%. These financial results reflect our strategic initiatives, improved operational efficiencies, and growing demand for our products across global and domestic markets. They underscore the strength of our integrated business model and our ongoing commitment to the value creation for our stakeholders. As we look into the future, we are more confident that ever in our ability to scale responsibly, innovate continuously and drive value for all stakeholders. Our focus will be on achieving 500 crores in revenue by FY ’28 and 1000 crores in five years. Expanding our dealer network from 200 to 300 for stronger pan India penetration. Investing in backward integration to reduce costs and ensure supply stability. including in-house capabilities for garment dyeing, printing and specialty finishes. Exploring new product verticals such as kidswear and athleisure categories. Growing our export footprint currently spanning over 30 countries. Continuing digital transformations including ERP upgrades, predictive demand forecasting and AI powered merchandising. Before I conclude, I would like to place on record my deepest appreciation for our employees, customers, partners, suppliers, board of Directors, and our investors, each of whom has played a critical role to our continued success. Our journey so far has been marked by resilience, reinvention, and responsible growth. And we are optimistic that the next phase will be ever more exciting. We look forward to your continued support as we strive to become a global leader in sustainable, high-pressure nitrocellulose and apparel manufacturing. With that, I now open the floor for your questions. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 1 on their touchtone telephone. If you wish to withdraw yourself from the question queue, you may press and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, please wait for a moment while the question queue assembles. Participants who wish to ask a question to the management may press 1. Our first question is from the line of Aayush from Sagun Capital. Please go ahead.
Aayush Jha
Hi sir, am I audible? Yeah. First of all, congratulations on your number. So, my question is regarding your receivables and inventory. Can you please give light on that one sir?
Rajesh Mehra
Yes.
Aayush Jha
Stock level is going down. The sales we have made, receivables are within control. They are all being realized within six months.
Rajesh Mehra
Okay, yeah.
Aayush Jha
And sir, about any guidance about the capex?
Rajesh Mehra
Sorry?
Aayush Jha
Guidance about the capex that you have purchased the plant.
Rajesh Mehra
Capex is a continuous activity as we are a growing company. So, as we probably expand in the first quarter, second quarter, third quarter, fourth quarter, we are continuing the same in the current fiscal also.
Aayush Jha
Oh, okay, sir. Thank you.
Operator
Thank you. Before we take the next question, we would like to remind participants that you may press and one to ask a question. The next question is from the line of Abhishek Sharma, an individual investor. Please go ahead.
Abhishek Sharma
Hello sir, am I audible?
Rajesh Mehra
Yeah, Abhishek.
Abhishek Sharma
Yeah, my question is your virtual design center and AI tools are unique assets. and how are this translating into tangible business outcomes like faster lead times or better margins?
Rajesh Mehra
No, that is being reflected in the financials. With these tools we are growing both in numbers, both in top line and bottom line. So, these tools are helping us to probably meet the growing trends of industry both internationally and nationally also.
Abhishek Sharma
Okay. And what has been the most transformative impact of digital tools across your design to delivery cycle?
Rajesh Mehra
No, our designs are being recognized by one of the best companies in the world who are this, who the companies which have been established for last 100 years are using our designs to Market them, our, the product, their own products globally now.
Abhishek Sharma
Okay.
Rajesh Mehra
Yeah.
Abhishek Sharma
And so Levi’s has been a strategic partner for over two decades. What are the next areas of growth within this relationship?
Rajesh Mehra
No, Levi’s now we have partnered with them for their export growth also. So, we are in direct contact with their global team at San Francisco who are studying our design studio and placing orders on us. so apart from being apart from having a national presence now we have moved to international and global markets with Levi’s. We had a direct 1-to-1 meeting in San Francisco and they have acclaimed us to be one of the very good design studio and they hope to place good orders this season.
Abhishek Sharma
Okay, and so my last question is how do you plan to scale your tech infrastructure? As you explained into new product. How do you plan to scale your tech infrastructure as you explain into new products, lines and geographies?
Rajesh Mehra
Normally it’s a continuous activity. So, we are last month the team from active was touring America and China. Now this week again we have booked for America. So, we are making our global presence felt, the store is for America and Canada. So, we are increasing our geographies now from being a national player to international player now.
Abhishek Sharma
Okay, okay. Thank you sir.
Operator
Thank you. The next question is from the line of Chandresh Singh and individual investor. Please go ahead.
Chandresh Singh
Yeah, thank you so much. So, with utilization at 75%, how do you plan to balance current operations with incoming demand surges?
Rajesh Mehra
We are already expanding, we are making a capex. So, our building is near completion now, so we hope to install new machineries also. and including utilization of the additional capacity and the present capacities also.
Chandresh Singh
Okay. Could you elaborate on the backward integration strategy? What companies are involved?
Rajesh Mehra
Backward integration, we plan to install a dye plant in times to come. But for that, we need all approvals from the state government and the central government. That’s a longer process. It’s in the pipeline. So, for that additional acquisition of land and building would be required. So, the process is underway to probably reduce lead time. That’s the most important thing what we are looking at so that we are more competent with the buyers by way of lead time.
Chandresh Singh
And what are the What do you say bought in-house and what is the cost benefit implication?
Rajesh Mehra
The main implication would be the lead times. We would be more agile, we’ll be able to supply earlier, we’ll be able to hold our inventory lesser. So, that would be the prime objective. Then the cost analysis because it’s a big capital investment. So, cost benefit would come in the times to come. what first we are focusing on is to improve the lead times for the world standards.
Chandresh Singh
Okay, the last question I have is what are the steps you are taking to ensure consistency in quality as you scale production and workforce?
Rajesh Mehra
So we have got in house, we are increasing, we are employing more people, we are governing the quality standards of the company. So, every department is being fully equipped with the best of quality teams. So, it’s a continuous activity where the quality is being monitored day and night.
Chandresh Singh
Okay. Thank you so much, sir. I’ll get back into the queue and if I have any questions, I’ll join back.
Operator
Thank you. Participants who wish to ask a question may press star and 1. The next question is from the line of Priya Jain from Green Capital. Please go ahead.
Rajesh Mehra
Yes, Mr. Jain, welcome.
Priya Jain
Hi. Sir, this is Ms. Jain and not Mr.
Rajesh Mehra
Mr. Oh, I’m sorry. I’m sorry.
Priya Jain
Okay. So, hello sir. So, a few questions with me and like fashion industry is rapidly changing and it’s very tough to stay in. be in a competition. So, with the new categories like kids wear and athleisure wear in the pipeline, how are you approaching to differentiate in this very competitive segment?
Rajesh Mehra
Active means agile. So, we are agile. So, we are moving with the fashion. So, that’s our logo. That’s the reason of our growth. We are providing the fastest design studio to our customers. so that’s the reason we are growing and that’s the reason we have become the first point of choice with both national and international buyers.
Priya Jain
Any specific strategy you follow?
Rajesh Mehra
Sorry?
Priya Jain
Any specific strategy like code of conduct like you follow to be different?
Rajesh Mehra
Yeah, the code of conduct for all product categories is the same. and but how we will manufacture the FABWEAR and LAYERWEAR category because only the fabric differences are there and some of the machinery differences are there to handle those a particular fabrics which has a performance fabrics generally and currently if you see we have three sportswear brand in our kitty which is Puma, Catchers, and IRDAS. And we have been approached by three more sports we are global customers like you must be heard about Agiltaas who has come into India. So, we are into the process of tying up with them. We are into the process of tying up with Loto is relaunching themselves in India in the next year 2026. and elite sports in USA where I am going next week, and we are having a meeting with them. So, this category is the most growing category across the globe right now, and we are focusing on it. We have hired a technical team who can handle this product in terms of manufacturing also. People are on board, and we are working on it, and we have successfully delivered this category during the current financial year which we have closed in 31st March 2025.
Priya Jain
Sir, also just to understand, do you think that the customer needed International Market is much more influencing our domestic demand especially in at least aware.
Rajesh Mehra
At leisure wear, if you see the products are similar which are being offered into the global market as well as into the Indian market, only the color preferences are changing because globally the sportswear category is more bright and other thing in India we look into the subtle colors and dark colors, black, navy is like that. otherwise these are each and every garment is a performance oriented and having some technicality into the product. So, which is required for the particular activity and that that’s the product category is almost the same. What is the global and what is offered in Indian market. But yes, in India, the price segment is less as compared to the International Market.
Priya Jain
Good to hear. So, that’s it from my side. All the best. Thank you.
Rajesh Mehra
Yeah. Thank you very much.
Operator
Thank you. Participants who wish to ask a question may press start and 1. The next question is from the line of Uday Malhotra from MK Capital. Please go ahead.
Rajesh Mehra
Yes, Uday. Good afternoon.
Uday Malhotra
Yes. So, I have just two or three questions. If you can clear this, we will meet a great. No.
Rajesh Mehra
Your voice is not audible now.
Uday Malhotra
Now?
Rajesh Mehra
No.
Uday Malhotra
Hello. Now?
Rajesh Mehra
Yeah better.
Uday Malhotra
Yes. So, my first question. The first question is how do your system ready for solar like using solar power? and organics material. I’ll help you to get a new client and keep the existing 1.
Rajesh Mehra
Can you repeat the question, please? So first your point is the solar power.
Uday Malhotra
Yes, solar power and organic materials, which help you to get a new client and not keep existing customers.
Rajesh Mehra
This, in fact, this is a step towards the sustainability which I have explained in my opening remarks also. So, half of the capacity what we are using in terms of power energy is being produced in-house and as far as this organic materials or recycled materials, so these are all products are in demand globally because everybody is looking into sustainable products and being an approved facility for these sustainable products like organic, recycle, RWS for these materials. This really helps us in getting a client’s client base across the globe.
Uday Malhotra
Or do you have any plan to handle this like any current changes in our raw material pricing or there could be a problem with transportation?
Rajesh Mehra
Your voice is very low, what you said?
Uday Malhotra
My question was, do you have any plan for certain price increase in raw material or a problem with transportation?
Rajesh Mehra
Wrong material problem with transportation?
Uday Malhotra
No sudden price changes in raw material prices.
Rajesh Mehra
And the wrong deal prices in our trade is currently stable.
Uday Malhotra
Yes, but if any sudden changes occur.
Rajesh Mehra
Sorry.
Uday Malhotra
If any sudden changes occur.
Rajesh Mehra
Then we book well very well in advance. When we first book order and the same day we booked our wrong deal also.
Uday Malhotra
Okay. I think my voice is not audible. I’ll join back in queue.
Rajesh Mehra
Okay.
Operator
Thank you. The next question is from the line of Aditi Roy from Patel Advisors Limited. Please go ahead.
Aditi Roy
Hello. Good afternoon, sir.
Rajesh Mehra
Yeah, good afternoon.
Aditi Roy
The question is, how do you see the rule of physical stories evolving in the next? Three to five years, especially with e-commerce gaining term.
Rajesh Mehra
We are a B2B manufacturer, ma’am. We are not into the on e-commerce.
Aditi Roy
Okay, sir. My question is which international markets are showing the most promise for growth and how are you delivering opening for them?
Rajesh Mehra
So in international market also what we are manufacturing on the brand’s labels and the retail prices are also guided by them. And we don’t have any marketing rights on any of the platform, either B2B or onto the B2C. So, we sell only to the brand and then brand takes it forward.
Aditi Roy
Okay, sir, I have one last question. Could you provide insights into how you are positioning India as a competitive alternative to traditional sourcing hubs like Bangladesh?
Rajesh Mehra
Competitive advantage. Hello, can you repeat your question?
Aditi Roy
Yeah, sure. Could you provide insights into how you are positioning India as a competitive alternative to traditional sourcing hubs like Bangladesh?
Rajesh Mehra
Traditional sourcing. Our sourcing is very much currently, if you see, are robust, and we are everything is monitored by our ERP system. The demand is generated whenever we get the orders. Accordingly, ERP generates the demand, they generates the order. And the old system of buying and sourcing is no more there. Everything is systemized within the ERPs only.
Aditi Roy
Okay, thank you.
Operator
Thank you. The next question is from the line of Shreya Gupta, an individual investor. Please go ahead.
Shreya Gupta
Hello.
Rajesh Mehra
Hello.
Shreya Gupta
Am I audible to you.
Rajesh Mehra
Yes, ma’am.
Shreya Gupta
Yes. So, my question is Beyond visual simulation and AI design tools, are there plans to incorporate predictive analytics in supply chain or demand forecasting?
Rajesh Mehra
Yes, it is already there. It is already there. We are our customers has all For our customers, we are predicting that what orders can be generated in which particular month and what wrong drills, what size is, what size of order, what quantity of order would be we can expect. And everything is based on the data analytics of the past. We have a very big data bank with us and with all these AI tools and Power BI. the forecasting is done also.
Shreya Gupta
Okay. Have any new Global Brands enter your portfolio recently? Or are there any new or are there any inactive discussion?
Rajesh Mehra
Yeah, a lot of places. We are having active discussions. We are having discussions with the Brands from Canada. new customers from U.S. and as well as from the domestic market also.
Shreya Gupta
Okay, thank you. And my next question is how do you balance dependency on anchor client like legacy with the need for diversified revenue streams?
Rajesh Mehra
Please repeat the question, ma’am.
Shreya Gupta
Yes. How do you balance dependency on anchor client?
Rajesh Mehra
In fact, we have already allocated the capacities to them. The percentage of business is already allocated to them, and we manage within that only. And the growth of business with the anchor clients, we keep on adding our capacities so that we can service our anchor client much better way and always be there as a preferred business partner.
Shreya Gupta
Okay, thank you. Thank you for answering all the questions.
Rajesh Mehra
Right.
Operator
Thank you. A reminder to all participants that you may press and one to ask a question. The next question is from the line of Ishita Jain from Unitus Finance. Please go ahead.
Ishita Jain
Hi, good afternoon.
Rajesh Mehra
Good afternoon. A lot of Jains today.
Ishita Jain
Yes. So, I wanted to know, given your growing exposure to global clients, how are you building resilience against geopolitical or supply chain uncertainty?
Rajesh Mehra
Ms. Jan, what we are growing is with global brands only who are well-established brands. for probably who have a history of more than 100 years. And it’s the risks are being divided by sticking to National Brands also and International Brands also and into different geographies. So, nothing is being placed in one directory.
Ishita Jain
So your design to share this model is a unique differentiator. How stable is this model as you add new geographic or product line.
Rajesh Mehra
Sorry.
Ishita Jain
Oh, I wanted to know how scalable is this model as you add new geographies or product lines?
Rajesh Mehra
It is endless, man. We keep on increasing our manufacturing capacities and the business is there. We can do even 10 times in five years if we wish to grow at that level. And because right now whatever the volumes we are doing in this business these are the fractions and fractions of the market size. So, lot of market bigger opportunity is there, and our business model is very well scalable and sustainable also.
Ishita Jain
Given the company’s ambitions have you explored or are you considering a joint venture or strategic partnership for faster global expansion?
Rajesh Mehra
Currently not any strategic partnership because we want to grow with ourselves only. So, we are not looking for any strategic tie-ups in terms of partnership.
Ishita Jain
Okay, so my last question is how do you internally measure innovation effectiveness. So, do you track metrics like success rate of new product launches or speak to the market?
Rajesh Mehra
Innovation, the design studio in R&D center, they are in continuously exploring new blends, new trends, new silhouettes, new look of the garments, what we design. and the innovation is the main criteria that we are much ahead than the global fashion and these are all brands. Trust the whatever my team, our team predicts about the trend for a particular season. And we work on very well advanced. We have been looking into the various global trends, forecasting websites and design team participating into the exhibitions also. And we are doing 18 to 24 months well into now. We have started summer 27 designing in our studio.
Ishita Jain
Thank you sir, thank you for taking my questions.
Rajesh Mehra
Okay.
Operator
Thank you. The next question is from the line of Sushant Shambharkar, an individual investor. Please go ahead.
Sushant Shambharkar
Yes, Sushant. Congratulations on setting up numbers. My question is regarding the FDI. that is happened between U.K. and India. Does that affect your margins or revenue in any way?
Rajesh Mehra
With the FDI, with U.K. you are saying?
Sushant Shambharkar
Yes. Hello?
Rajesh Mehra
Yeah. Currently it is not yet clear that what concessions would be there, but I think so we will be going with the zero duty with U.K. and the impact we can see into the next financial year because everything, whatever come in force with this all FDI arrangements, it will come into the post December 2025 only. But if we look into the our competitiveness into the market as compared to the other countries who are in competition with us, so India would be a preferred nation for U.K. to buy apparels from this side. And we see a very good plus side in our business due to this FD happening.
Operator
Thank you. The next question is from the line of Abhishek Sharma, an individual investor. Please go ahead.
Abhishek Sharma
Hello?
Rajesh Mehra
Yes, Sharmaji.
Abhishek Sharma
Yes, sir. My question is we saw an impressive revenue 80% growth. Can you break down the key contribute to the spike? Was it volume led, price driven or due to change in product mix?
Rajesh Mehra
No, nothing has changed. We are getting more competitive by way of having deeper Design Studio who is in line with the brands. So, Design Studio is our strength.
Abhishek Sharma
Okay. And while Q4 EBITDA grew by only 14% despite strong revenue growth, can you explain what factors limited margin expansion this quarter?
Rajesh Mehra
Sorry.
Abhishek Sharma
Your EBITDA Q4 EBITDA grew by only 14% despite strong revenue growth. Can you explain what access limited margin expansion and this quarter?
Rajesh Mehra
This quarter the orders came quite late. So, probably we took time to have the input cost increase basically.
Abhishek Sharma
Okay. And there has been a noticeable increase in raw materials. How much of this inflationary was expansion driven, and do you expect it to continue?
Rajesh Mehra
Orders came late so we had no time to probably so the intent was to supply the orders. So, we could. We couldn’t probably negotiate much with the government suppliers.
Abhishek Sharma
Okay, sir. Thank you, sir.
Rajesh Mehra
Yeah.
Operator
Thank you. A reminder to all participants that you may press star and one to ask a question. There’s no further question.
Rajesh Mehra
Yeah, I think so. There are no more questions.
Operator
Yes, sir. As there are no further questions from the participants, I now hand the conference over to Mr. Ganesh for closing comments.
Ganesh Nalawade
Thank you, everyone, for joining the conference call of Active Clothing Company Limited. If you have any further queries you can write us at research@kirinadvisors.com. Once again, thank you, everyone, for joining the conference.
Operator
Thank you. On behalf of Kirin Advisors Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.
Rajesh Mehra
Thank you.