Symphony Ltd (NSE: SYMPHONY) Q3 2026 Earnings Call dated Jan. 29, 2026
Corporate Participants:
Achal Bakeri — Founder, Chairman & Managing Director
Nrupesh Shah — Managing Director – Corporate Affairs
Amit Kumar — Executive Director & Group Chief Executive Officer
Analysts:
Shraddha Kapadia — Analyst
Balasubramanian A — Analyst
Keshav Lahoti — Analyst
Aditya Bhartia — Analyst
Harsh Gokalgandhi — Analyst
Aditya — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q3FY26 earnings conference call of Symphony Limited hosted by Smith’s Institutional Equities. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Shraddha Kapadia from Smiths Institutional Equities. Thank you. And over to you ma’. Am.
Shraddha Kapadia — Analyst
Thank you, Mishan. Good morning everyone and a Warm welcome to Q3FY26 earning confidence call of Symphony Lim. We have with us today the senior management team of Symphony Limited represented by Mr. Achar Bekhari, Chairman and Managing Director. Mr. Rupesh Shah, Managing Director Corporate Affairs Mr. Amit Kumar, Executive Director and Group CFO and Mr. Rajesh Mishraj, CEO International Business. I would now like to hand over the call to management. Thank you. And over to you.
Achal Bakeri — Founder, Chairman & Managing Director
Good morning everybody and welcome to this Symphony’s quarterly conference call. As we do each time we’ll have a short presentation followed by Q and A. So we’ll all be here for the Q and A. The presentation will be done by the Managing Director Corporate Affairs. Thank you very much. Nupesh bhai, over to you.
Nrupesh Shah — Managing Director – Corporate Affairs
Yeah, thank you and welcome to Q3 Conference Call of Symphony Limited. So there is a customary disclaimer statement to start with. So this is about the Symphony standalone Performance Symphony Limited. So for the quarter yoy it has been flattish that is 182 crore of top line versus 182 previous year for December 24.
At EBITDA level it is 31 crore versus 34 crore. Mainly on account of elevated advertisement and sales promotion expenses of water heater. And at pat level it stands at 34 crore versus negative 4 crore. Just to remind you in December 24th we had to take the write off of pathway and hence it had turned negative. Considering that exceptional item in current quarter we have recovered additional 4 crore from pathway leading to total recovery of 8.5 crores in current year 9 months visa vis write off of 50.2 crore and for residual recovery necessary strong legal actions are under various stages.
Also to point out and as shared earlier now in Symphony India there are broadly two categories. One is household and second is the products selling around the year and all counter seasonal products. So in nine months ending on 31 December 26, 25 products selling around the year have contributed almost 26% of the top line and at this point of time that is as on 31st December trade inventory seems to have normalized as it is normally supposed to be at this point of time mainly on account of revenue contradiction and lower lifting by the trade in September 25 quarter and board has announced third interim dividend of Rs.
2 per share amounting to about 14 crore and total interim dividend during the year about 28 crore. So coming to standalone financials of nine months the top line is 566 crore versus 814 crore. Gross profit margin percentage stands at 48.3% EB data at about 81 crore versus 188 crore of previous year for nine months and at a PAT level which is higher than EBDTA1 on account of treasury income. Secondly exceptional income after providing graduity additional provision as per Revised Wages act as well as there has been profit in forex fluctuation. So all put together at PBT it is 123 crore leading to PAT of 99 crore versus 132 crore of December 24th nine months.
So for symphony standalone capital employed in trailing twelve months based on monthly average stood at 49 crore translating into ROCE I.e. eBIT percentage on per capital employed about 371 percentage and return on net worth percentage of 19 versus 24 percentage while treasury is 460 versus 488 crore after robust payout last year and this excludes loans and investments to subsidiaries all in all amounting to 277. So all inclusive it is almost 800 crore slightly less than 800 crore including equity loans and investments to subsidiaries. Coming to consolidated financials. At console level the top line is 233 crore versus 242 crore.
Gross profit margin percentage stands at 48% YoY down by about 2%. EBITA which is a business EBITDA is 24 crore versus 35 crore while PAT is 20 crore versus negative 10 crore due to reasons explained earlier. Coming to console financials for nine months the top line is about 793 crore that is down by 27% versus 1088. For corresponding period EB data stands at 76 crore while PAT is at a console level 81 crore versus 134 crore. Capital employed on a console basis for trailing twelve months is 343 crore. That is all inclusive symphony standalone and subsidiaries including capital employed in climate technology translating into ROCE percentage of 54 and return on net worth of 21%.
So yesterday in the board meeting the IB transaction has been reviewed and it has been decided to roll back the proposed IB transaction to divest the stake in IMCO Mexico and Climate Technologies. So as it was updated from time to time, two investment bankers were appointed, there was a global outreach, more than 10 non disclosure agreements were signed with some of the global consumer durable companies. Some of the financial investors however on account of evolving geopolitical situation as well as the reasons which we are bound as per NDA. But in nutshell the valuation offered meet with our valuation expectation as well as broader strategic consideration and hence it has been found appropriate to roll back and Symphony will like to nurture the business.
And the silver lining is considering the tariff situation, there seems to be a great potential in Mexico well as United States and we are already witnessing decent traction coming to part two regarding this IB transaction. Whatever our financial investments in various form, whether it is in terms of equity investments, intangible assets etc etc. As of 31st March 26th by accounting year as auditors will advise and guide, appropriate accounting treatment will be taken which is quite different from whatever business transformation may happen later on and that accounting treatment is normally done based on the past actual financial performance.
So just as a guidance. Repeatedly in various forum we are being asked as to what is Symphony’s market standing vis a vis some of the published reports. So we thought it appropriate to take you through very specifics. So at a primary level the market size is about 5000 crore. Market comprises of different segments or different kind of the players. Symphony being by far the market leader. There are national players as per published report which many of you are aware and as per the published report there are eight players having sales in excess of 100 crore and that too sales in excess of 100 crore is at customer level, not at a company level.
In addition to that the players whose consumer level sales is less than 100 crore but they call themselves or many of us understand them as national players, that is third category, fourth is a regional players. They may have a strong presence in some states or part of the state and then completely fragmented and unless organized market, organized market share in terms of the value percentage is about 35 percentage in publish report in research reports to which we as well as many of you have access, it accounts for only some of the segments, the segments which it doesn’t account for but that very much forms part of our sales and that too that part of the sales constitutes almost 40 to 50% of symphony sales to dealers and distributors and those segments are rural and semi urban E Commerce, Quick Commerce, D2C institution sales.
We are clearly excluding large space ventilated cooling from this because that we treat it as product selling around the year or counter seasonal product. Also to draw your attention, none of other national players at a company level all segments put together have turnover. The second most company’s turnover is around 250 crore and top three to four players put together combined household domestic air cooler sale is less than Symphony sales. And we clearly believe that for us this is a structured growth story for medium to long term on account of variety of reasons as known and shared from time to time.
Also happy to share with you some of the data and details as validated by external agencies. So in terms of the Google rating and review, out of more than 34,000 rating and review Symphony score is 4.8 by far higher than most others in terms of the share of voice on TV because that is authentic data. Otherwise we know all put together our brand reach far far higher than number two and number three player. Again everywhere we have cited the source even in terms of the Google search. Out of millions and millions of customers who are looking for and searching air cooler as per Google Analytics analytics from July 24 to June 25 two out of three customers look for Symphony while looking for an air cooler.
Again on our right hand side in terms of the market leadership, brand preference, channel, partner endorsement as well as pricing premium again as per each of these reliable external source, you can see that Symphony scores far far higher than peers. Yeah. Next. Yeah. Thank you. So with this we can take question answer.
Questions and Answers:
operator
Thank you very much sir. We will now begin with the question and answer session. Anyone who wishes to ask questions may press Star and one on the touchtone phone. If you wish to withdraw yourself from the question queue, you May press star and 2. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press Star and one to ask questions. The first question is from the line of Bala Subramanian from Arihant Capital. Please go ahead.
Balasubramanian A
Good morning sir. Thank you so much for the opportunities sir. On the premium side 95 to 120 litre categories. I think the market we have seen in input cost deflation as well as the market is also cluttered. Just want to understand how our competitors are doing in these segments. Whether they are doing aggressive discounting to gain market share and how is our volume growth in the segments and are we seeing any, any compression in this premium in recent quarters? This is my first question. Sir.
Nrupesh Shah
So broadly in terms of the premiums that we are talking about. See, the market is going into what we call a K shape kind of movement where the lower end of the segment which is migrating particularly from metal coolers to plastic coolers, that continues to be at a lower price point. And the good news there is that at least the migration from metal to plastic and in some sense from completely unorganized to regional and some branded segment has happened. So over time, this is a segment which at this point in time which is not at a premium.
But we expect that this will move into the premium category over time. The other end is the actual existing premium category wherein the prices have broadly been stable. Some of the recent models that we have launched also they are at a higher premium compared to our average portfolio. But that’s something which is a small chunk of the overall portfolio that we have.
Balasubramanian A
Okay, sir, and sir, like organized as well as unorganized air cooler market are growing at same rate or is there any diversion is happening? And how is our growth is coming primarily from market expansion or premium initiations or share gain from organized or unorganized players. What is the split? Sir,
Nrupesh Shah
a bigger chunk of the growth is coming from the movement of consumers from the unorganized to the organized segment. And as I said, the entire metal cooler market is mostly unorganized. So while there is some organic growth even in the traditional plastic coolers market, a bigger chunk of growth in the market is happening from unorganized to organized movement.
Balasubramanian A
Okay, my last question, like what percentage of sales is coming from modern trade and e commerce versus traditional dealers in Q3? And how our margin structures are evolving across these channels? And what investments are being made in direct to consumer capabilities to mitigate long term channel dependency risk?
Nrupesh Shah
So about D2 sales to answer first, it has already turned not only EBITDA but at a pack level profitable since last year. And at EBITDA level its profit margin is in line with our GT sales coming to specific breakup between traditional channel versus large permit stores on account of competitive reasons we are not sharing the data. And again coming back to D2C the kind of investments, whatever investment was to be made, we have already rotated through P and L and that has been already written off. So we believe for all such kind of initiatives, including the water heater which we have launched last year, all such kind of expenditure we prefer to route through P and L.
Even though the variety of benefits may be a medium term to long term.
Balasubramanian A
Got it, sir. Thank you.
operator
Thank you. The next question is from the line of Shraddha Kapadia from Smiths Institutional Equities. Please go ahead.
Shraddha Kapadia
Hello.
operator
Yes.
Shraddha Kapadia
Yeah. So I would just like to understand that the India growth which we have is it majorly because of the cold air coolers, counter seasonal products, channel normalization or are we getting are we gaining market share.
Amit Kumar
In the current quarter? Shraddha, as you know, as someone who knows this sector and tracks it, the current quarter is less about the market share. It’s more about the placement in the channel. So the October to December is where we place the products in the market. But there is no market share per se that we talk about for this quarter. Quarter also regarding the channel and the counter seasonal products. That’s something we are focusing on. And as Rupesh Bhai said, at this point in time the overall share of that in the business is slightly upwards of a quarter of our business.
It has steadily increased over the years. And that is where we are right now.
Shraddha Kapadia
Sure, sir. And if you could give a bit of details in terms of the inventory mentioned that the channel inventory is normalized. So that would be the. If you can give more update on that.
Amit Kumar
So on that Shraddha basis the estimates we have of the inventories available with our partners at the distributor and dealer level at this point in time the inventory in the market is almost similar to what we had around the same point in time last year. So some of these lower primary sales that we did this year in the September quarter and kind of same sales as last year, net impact is at present the inventory in the market is similar to last year. Hence we are saying it’s kind of normalized.
Shraddha Kapadia
Sure, sir. Thank you so much. I’ll fall back in the queue for further questions.
Amit Kumar
Thanks.
operator
Thank you. The next question is from the line of Keshav from HDFC securities. Please go ahead.
Keshav Lahoti
Hello. Hi. Thank you for the opportunity. This time you haven’t mentioned, you know, subsidiary financial in presentation. Can you give some sense how has been your performance for this quarter and how are the things looking for the next quarter? What sort of growth and margin we should expect?
Nrupesh Shah
Sure. No. So of course we have the data and details. But to keep the presentation crisp we are not sharing but to share with you. Subsidiary Wise for Climate Technology Australia, nine months as a whole the top line has been 128 crore versus 123 crore. At immediate level it is minus 8 versus minus 40. And at a PAC level it is minus 30, 18 versus minus 22 crore. And in terms of the cash loss it is negative 15 crore versus negative 25 crore. In terms of the cash loss coming to IMCO Mexico for nine months it is 101 crore versus 135 crore.
At EBITA level it is 4 crore versus 17 crore. And at a PAT level is minus 1 versus 10. But at a cash profit level it is positive 9 crore versus 12 crore. Just to remind you, after three bumper years in climate in IMCO Mexico until March 24, it more than double its top decline and almost tripled its profitability from 21 to 24. The summer of 25 was subdued and that has led to this performance. But otherwise structurally and in terms of the overall performance income, Mexico is very well poised About GSK China 9 months top line is 80 crore versus 75 crore.
At EBITA level it is 8 crore versus 14 crore. And profit after tax including exceptional gain on account of sale of IPR it is 49 crore versus 10 crore. But we need to exclude that and hence it’s almost at a PAT level about 7 crore versus 10 crore. So in nutshell, for nine months each of the subsidiary has delivered like this about Symphony Brazil in totality not being material, not sharing. Of course we do have the details and data.
Keshav Lahoti
Understood. Got it. Just a sense, you know we have just taken a decision to set it off. Now we are rolling it back. So what sort of valuation gap was there? Because earlier call you were very, you know, sort of positive this might happen by this year and possibly early next year. And we had a strong interest as you highlighted from you know, more than 10 parties. So why was the valuation so pull supported? Nothing so much has changed Geopolitical, you know, we take a decision, we want to roll it back. Can you give some more colors on it? What was the thought process?
Nrupesh Shah
Sure. So as we convey there was strong interest by several multinational consumer durable companies from Europe, from China, from North America, apart from also financial investors as well as PE investors. However, when it came to the valuation vis a vis our expectation as well as the way in which we wanted to treat it strategically in terms of further sourcing of product by us for those markets
Achal Bakeri
from us,
Nrupesh Shah
from us, we didn’t find it favorable about gap of the valuation. You will appreciate that with each of the prospective buyer we have entered into NDA. So legally we can’t disclose as we have also announced on the stock exchange as well as in our earning presentation as to precisely what kind of the valuation was offered.
Or what was the gap. But we believe that this is suffice to mention that there was a gap and obviously gap was not insignificant. Had it been insignificant we would have gone ahead. Having said that, the silver line is considering this evolving geopolitical situation now in Mexico despite they have imposed tariff of 50% as far as air cooler is concerned there is no tariff. And even between Mexico and United States, as far as air cooler is concerned there is no tariff. And there seems to be a very strong traction especially from both the markets and considering our position as well as our presence in multiple geographies, this may work beneficial if we treat it as a silver line.
Amit Kumar
And the US company as you will know is a subsidiary of the Australian company. So the prospects that we see in the US company are bound to, you know, benefit the the holding company which is the Australian company as well.
Keshav Lahoti
Understood, Got it, Got it. That is helpful. And when should we expect this climate Australia to hit the profitability path? We expect it should be back to profitability on pat as well as cash level from next year onwards.
Amit Kumar
Well we are working towards that. We’re working towards that but can’t really, you know, sort of confirm anything yet. We will, time will tell. Will time will tell.
Keshav Lahoti
Understood. But will it be a fair assumption at least things will be on improving path from here onwards?
Amit Kumar
I. You could say that. Yes, you could say that.
Keshav Lahoti
Got it. One last question from my side. How has been the non core category growth this quarter and how much it was as a percentage of mix.
Nrupesh Shah
So as we took was shared earlier in the presentation in Symphony India it contributes more than 25% in last nine months and it is growing steadily which comprises of large space, ventilated air cooling, water heater, table top and kitchen cooling appliances and exports from India. So they are not dependent upon Indian weather or Indian summer. And if we consider at a console level then at a console level it is like 5050 percentage because overseas subsidiaries in a V and cooler and other product sale is counter seasonal or coming from other geographies. Of course from subsidiaries as a whole.
Still they are not contributing big chunk to profitability. However we have to bear in mind IMCO Mexico and GSK China have not only turnaround but they have contributed significantly.
Keshav Lahoti
What was your growth non core for this quarter and as a nine month. Is over
Nrupesh Shah
I think it’s more meaningful to share for nine months rather than quarter to quarter due to variety of reasons. So we don’t really do the business or plan or strategize quarter to quarter even though we do Have a budget but on nine months Yoyo the PI has grown and it is continuously growing.
Keshav Lahoti
Possible to give a number for nine months and three months both. Because at least we can get some sense how the cooler is doing.
Nrupesh Shah
Yeah. Right now we don’t have reading available but one to one separately. It will be given by the way until September quarter. We have given the figures and data.
Keshav Lahoti
Right. Right. Okay. Thank you. That’s it. Helpful. Thank you.
operator
Thank you. A reminder to all the participants that you may please press star and one to ask questions. The next question is from the line of Aditya Bhartia from Investec. Please go ahead.
Aditya Bhartia
Hi. Good morning sir.
Nrupesh Shah
Hi. Morning. Aditya.
Aditya Bhartia
Two questions.
operator
Mr. Bhartiya, your audio is too low. Sir. So your audio is low. I can barely hear you.
Aditya Bhartia
Hello. Yeah.
operator
It’S better. Yeah.
Aditya Bhartia
The first one is on the difference between standalone and console revenues. If you just consider continuing operations then revenues in the console entity are slightly lower than standalone. So is it a case that we had sold certain units to let’s say IMCO or Climate Tech which have remained unsold. How should we kind of think about it and what proportion of our standalone revenues would be saved to supplements at this stage?
Amit Kumar
Yeah, it is mainly the decrease in the console turnover in continuing business is mainly due to the stock. So whatever we have sold to the subsidiary and these are lying at stock at subsidiary level, it has been removed from the console turnover as well per the accounting standards to show the continuing business. So it automatically goes to the discontinuing operation. So we should look at the continue plus discontinue put together for this purpose.
Aditya Bhartia
Sure, sure. Understood sir. And is it possible to kind of give an indication of what proportion of our revenues would be sales to group companies at the standalone level both for third quarter as well as nine months.
Amit Kumar
So for the quarter it is around 20 crore. So you can. Yeah. 20 crore. Out of that 182 is to export to subsidiaries.
Nrupesh Shah
But keep in mind Mr. Bhajia, respective company records the turnover. But when it is a console turnover as reported interface company sales or exports get completely knockoff. So there is no way double counting or duplication if at all there is any question about it. And hence console is a net net sales.
Aditya Bhartia
Sure, sure. Absolutely sir. And so my second question is if you could give us some indication on how the water heater business is faring. Which oil states are we currently present in, how large the business could have become and what are your plans regarding the product category from a 23 year perspective? Thank you.
Amit Kumar
So Aditya as you know, Water Retest is a fairly mature category. And we have introduced a product range which is pretty innovative in its offering. So we have gone into the market with a phase plan. Last year we had introduced the product in the Karnataka, AP and Telangana market. This year we have expanded this portfolio to select markets in the north overall covering about eight states at this point in time. Also last year we had launched it into organized retail. And this year we have expanded this into the general trade also it the markets that we mentioned.
In addition we are selling on our D2C and E com channels. So over the next two years I expect that we would roll this out in more markets and stabilize the business from where we are to a higher trajectory.
Aditya Bhartia
Perfect, sir. That’s helpful. If you could just give some indication on how large you see the business becoming in case you can share that, that would be helpful.
Amit Kumar
That would be. There are targets and aspirations set Aditya. But just allow us to perform. And then maybe once our numbers reach a meaningful scale we’ll definitely talk about it.
Aditya Bhartia
Sure, sir. Thank you.
Amit Kumar
Thank you.
operator
Thank you. The next question is from the line of Harsh Gokul Gandhi from Renaissance Investments. Please go ahead.
Harsh Gokalgandhi
Yeah. Hi. Good morning. Thanks for giving me an opportunity. Sir, I just want to have two questions mainly revolving around our market share. Firstly you said that 5000 crore market size and we are somewhere around 35% within the organized. So if you can just help me bridge the understanding gap. You know we are at roughly 1200 crores on our top line. So if you can just help me understand the market share. That’s my first question. And secondly, on a medium term basis we want to understand, you know how has the market share fared for us? Yeah, that’s the two question I have.
Amit Kumar
Okay. So Harsh, first a small Correction here. The 35% talked about is actually the share of organized business in the total addressable market. If you recall about 10 minutes back we were talking about a significant metal cooler market and unorganized market. So 35% is the share of organized business into the overall air cooler smart. And within that organized business, as Rupesh Bhai highlighted we are the market leaders with a significant market share. And I mean the total numbers are more than the top next five players combined. So that’s where we stand in terms of the market share.
Harsh Gokalgandhi
Okay. Understood.
operator
Sir. Any further questions?
Harsh Gokalgandhi
I just had the second question as to how has our market share fared in medium term. That was my second question. Has it deteriorated or improved any further from here?
Amit Kumar
So Harsh seems broadly let’s say over the last. If I look at last three or four years within a percent or two kind of band, it has been fairly stable I would say. And. If I look at let’s say even FY22, FY23 versus this year, the datas on either side are barely about 1 1/2% against the median that we have been trending on.
Harsh Gokalgandhi
Understood. So we’re saying that even for say nine months. If I just have to consider the main major weakness would be on. On account of the weaker summers and not us losing market share.
Amit Kumar
Absolutely. Yes. That’s. That’s something that is true for us and a lot of products and categories and companies in the cooling product segment.
Harsh Gokalgandhi
Understood. That’s all for mine. Thanks a lot. Yeah.
operator
Thank you. Before we take the next question, a reminder to all the participants that you may please press star and one to ask questions at this time. The next question is from the line of Aditya from UK Capital. Please go ahead.
Aditya
Hi sir. Thank you for taking the gave me the opportunity for asking the questions. Am I audible?
Nrupesh Shah
You are.
operator
Yes.
Aditya
So were the higher advertising and promotion spends in Q3 is a one off expense and should we expect this higher level to continue going forward?
Nrupesh Shah
So as explained and shared earlier, we have entered into water heater category just in 24. And obviously being a new product category, the advertisement and sales promotion expenses are far far higher vis a vis normal advertisement and sales promotion on established category. In fact more than 90% of the advertisement and sales promotion expenses of 11 crore incurred during December 25 quarter pertains to water heater in addition to whatever we source spent earlier. And you will appreciate that in our kind of the product category it is a necessary expenditure even though the benefits accrue in the medium to long term and we have to route through P and L.
Aditya
So just some clarity on the market share thing. The mandatory BSI norms have helped the company to gain the market from unorganized players. How big is the opportunity?
Nrupesh Shah
No, certainly such BSI norms are beneficial to organized sector. And as it always happens in any industry, market leader gains the most because it really differentiates the product and child versus man are really being differentiated which was just narrative. Now actually it will be known and felt and seen.
Aditya
But because of some strict norms, some supply bottlenecks also have been created in other sectors. So how is this spanning in this sector?
Nrupesh Shah
No, that’s why our product and category focus plays a role. So whenever there are situations like this we are well prepared and we have tackled it and we are not going to face any issue in that respect. And if you remember, even in June 24th quarter which was a bumper summer, most of the players face massive logistics and supply issue. But in a very short time we could more than double in just 60 days our production as well as supply. So that’s where that agility, market leadership and insight really work.
Aditya
Any additional market share we expect to capture going forward. Because of this
Nrupesh Shah
our focus is top line and bottom line growth at a robust rate rather than market share.
Aditya
Okay, thank you. Thank you for taking my question.
Nrupesh Shah
As long as we can increase the kitty of the profit, some additional market share or some less market share, we are not really bothered.
Aditya
Okay, thank you sir.
operator
Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Ms. Shraddha Kapadia for closing comments. Thank you. And over to you ma’. Am.
Shraddha Kapadia
Thank you very much. Hello. Thank you Mishal. Thank you very much Achalsa, Nupesh Ji, Amritji and Rajesh for giving us the opportunity to waste the call. Any closing comments from your side, sir?
Nrupesh Shah
No. Thank you everybody. Shraddha, thanks to you and thanks to all the participants for sparing your valuable time. That too on our working day during market hours from 11 to 12am we really appreciate your inputs and looking forward to see you in next conference call or maybe in person.
operator
Thank you sir. Thank you members of the management. On behalf of Smiths Institutional equities. That concludes this conference. We thank you for joining us and you may now disconnect your lines. Thank you. Sa.