BOROSIL RENEWABLES LTD (NSE: BORORENE) Q3 2026 Earnings Call dated Jan. 29, 2026
Corporate Participants:
P. K. Kheruka — Executive Chairman
Sunil Roongta — Chief Financial Officer
Analysts:
Unidentified Participant
Rohan Gheewala — Analyst
Presentation:
operator
Foreign. Ladies and gentlemen, good day and welcome to Borosil Renewables Limited Q3FY26 earnings conference call hosted by Access Capital 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 this 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 Mr. Rohan Giwala from Axis Capital. Thank you. And over to you sir.
Rohan Gheewala — Analyst
Thank you. Shupam. Good evening. On behalf of Access Capital, I am pleased to welcome you all for the Q3FY26 earnings conference call of Porosal Renewables Limited. We have with us the management represented by Mr. P.K. keruka, Executive Chairman Mr. Ashok Jain, Non Executive Director Mr. Sunil Jongta, whole time Director and Chief financial officer and Mr. Dhaval Patel, EVP investor relations. We will begin with the opening remarks from the management followed by an interactive Q and A session. Thank you and over to you Sir.
P. K. Kheruka — Executive Chairman
This is Pradeep Karuka, Chairman. Good afternoon and welcome to the Borussian Renewables Quarter 3 FY26 investor call. The standalone and consolidated financial results for the quarter ended 31st December 25th were approved by the Borussel Renewables on Wednesday 28th January. Our results and an updated presentation have been sent to the stock exchanges and have also been uploaded on the company’s website. We will now discuss the operations of company on a stand alone and consolidated basis. On stand alone basis the company achieved an all time high quarterly sales of Rupees 386.5 crores versus 275.28 crores in the same quarter last year and Rupees 378.44 crores in the preceding quarter.
The company’s EBITDA at Rs. 129.04 crores which is 33.4% of sales shows a quantum jump of 518% from Rupees 20.89 crores which is 7.6% of sales in the corresponding quarter last year. While it remains consistent with an ebitda of Indian rupees 125 0.5 crores which is 33.2% of sales in the preceding quarter. Sales rose by 40% during this period compared to the corresponding quarter last year. Almost the entire increase in sales value for the quarter came from increased sales prices. Average x factory selling price during the quarter increased to 149.97 rupees per millimeter as compared to rupees 104.54 per millimeter in the corresponding quarter last year.
This compares with rupees 147.5 in the preceding quarter leading to a significant rise in the margins. Exports amounted to rupees 20.74 crores accounting for 5.4% of the turnover compared to rupees 16 crores in the corresponding quarter when exports made up 5.8% of the turnover. Company’s major markets, I.e. eU, Turkey and USA continue to face challenges due to low demand. The domestic demand continues to be steady even though the anticipated changes in GST and prolonged monsoon challenge solar module manufacturers with postponed deliveries. This had led to cash flow blockages for the manufacturers and a decline in the selling prices of modules affecting the margins.
The delivery situation started to improve towards the middle of December and is now normalizing with 145 gigawatt of module manufacturing capacity, India is now an international manufacturing hub. This is expected to rise further to 200 gigawatts by 2027. While conventional wisdom projects capacity utilization of module manufactures to come down, my personal guess is the reverse. With a landmark Indo European Union Free Trade Agreement now a reality, I foresee the European Union to start sourcing a portion of its solar modules from India. If this is handled right within the agreement, the solar module manufacturing industry could become a significant beneficiary under this agreement.
Coming to solar installations in India in the first nine months these have been around 30 gigawatts and another 10 gigawatts can be expected to be added in the last quarter, making a total of 40 gigawatts in 202526 which would reflect modules glass consumption of about 55 gigawatts as against 24 gigawatts during the previous year. ALM mechanism for modules implemented from April 2024 has led to rush for capacity additions and which many feel could lead to over capacity which would have its own repercussions in the future. Considering challenges in grid stability and power evacuation, we see a trend of increasing adoption of battery energy storage systems.
The cost of fully dispatchable renewable power with battery storage is now reduced considerably with aggressive bidding and has come down to about rupees 4.5 per watt peak. Significant investments are seen in this space. Government has introduced ALM2 with effect from June 2026 mandating use of domestically produced solar cells. It is expected that the solar cell capacity which is currently at 24 gigawatts will rise to 75 gigawatts by 2027. Looking to the momentum to add capacities, the next step will be to introduce AL MM2.3 from June 2028, under which Ingot and wafer will also be mandated to be locally produced.
These measures will ensure building up of a local supply chain and ecosystem. While we expect the strong demand for glass to continue, we are in dialogue with the government to develop and introduce measures to ensure a continued robust demand for all domestic components including solar glass. Present solar glass capacity in the company in the country is 2,600 tons per day which translates to about 18 gigawatts. Considering the expected current demand of about 55 gigawatts on DC basis for domestic installations, imports occupy about 70% share of the consumption, leaving huge scope for capacity addition for import substitution.
We understand that new capacity additions, majority being for captive consumption from the existing and new players, will take the total domestic capacity to about 51 gigawatts by March 27, which will still be short of the real demand. CVD on imports from Malaysia, set to expire on 8th March 2026 has now been extended by 3 months to 8th June 2026. Since DGTR is considering the sunset review, we expect the authority to issue the final findings in the next couple of months. Now I come to the consolidated results for the quarter which include the operations of the subsidiaries, the overseas subsidiaries, including the step down subsidiaries have generated net revenue of Rupees 3.96 crores and EBITDA of Rupees 1.9 crores for Quarter 3 Financial Year 2026 against net revenue of 0.43 crores and negative EBITDA of Rupees 5.08 crores.
The consolidated net revenue for the quarter under review stands at rupees 390.46 crores and an EBITDA of rupees 130.94 crores as compared to net revenue of 378.88 crores, an EBITDA of rupees 120.42 crores in the preceding quarter. The wholly owned German subsidiary Geosphere filed for insolvency after the German bank ILB demanded payment of capital subsidy of 4.81 million given by them to GMB to support CAPEX plans. As GMB has undergone insolvency, GOSP has denied obligation to make such payment as the condition of operating GMB for five years could not be fulfilled due to false measure.
Situation arising out of INACTION by the EU German government to support domestic solar gas manufacturing. I am happy to report that the company has been able to achieve significantly better sales and EBITDA for the last few quarters on the back of improved domestic operations. Sales on standalone basis for nine months in this financial year at Rupees 1097 crores showing an increase of 40% for the corresponding nine months in the last year. And an EBITDA of. With that shows a jump of 235% over the corresponding nine months. With that I would now like to open the floor to questions that you may have.
Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on Touchstone telephone. If you wish to remove yourself from the question queue you may Press Star and 2. Participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Vikram Sharma from Nivishar. Please go ahead.
Unidentified Participant
Hello. Hi sir. Congratulations on good setup. Number. Thank you. First question is what would be a trigger for announcing further capacity expansion? Like if demand remain very strong and if we see other players are announcing aggressive expansion plans and we also have feedback from the market. The boroughs will offer the best quality among Indian players. So if we are unable to supply then definitely a demand may shift to other manufacturers. So how we. What is management’s view on this and. How are we thinking.
P. K. Kheruka
It’S like this. That there has been a very significant increase in the number of new participants. Can you mute your microphone because there’s a lot of background noise coming from your phone. So with the increase in number of new entrants there has been a lot of poaching of expert people. And when we are now currently in the process of taking up production by 60% which is quite a lot actually and requires a lot of people. So you know, we are cautious. We don’t want to move in a hurry and not be able to manage the situation.
So I guess that should answer your question. But we are very conscious. We are acutely conscious of the increased demand and we are acutely conscious of the fact that we may have to do something about it. Thank you.
Unidentified Participant
And the second, what will be the impact of rupee depreciation? Has our selling price improved in this quarter or are we expecting it will improve further?
P. K. Kheruka
So you can see in the last quarter we our average realization was 147.50. And this quarter it is nearly 150 rupees. So some advantage we are gaining out of this depreciation. But it’s only my marginal increase and not a significant one.
Unidentified Participant
Okay sir. Okay sir. Thank you.
P. K. Kheruka
Thank you.
operator
Thank you. The next question comes from the line of Nidhisha from ICICI securities. Please go ahead.
Unidentified Participant
Thank you so much for taking my question. So I want to know firstly on the, on the divestment from the, the German subsidiary, what are our timelines on that? When can we expect, you know, the, the loss to sort of go away from our control cnl? That’s the first one.
P. K. Kheruka
So the answer to that is that, you see the company has filed for insolvency. A gentleman has been appointed by the court to look into the affairs of the company and see whether liquidation is required or some new buyer can be found, etc. And until that entire process is complete and a final recommendation is placed before the court, the next action cannot be foreseen by us. Now from our point of view, what we had done was that we had provisioned the entire amount of money which we had invested and which had remained outstanding from that company.
So there is nothing more that we could do. And I mean that would really be the limit of our involvement in the matter by our understanding. So they will take what time they will.
Sunil Roongta
So one one sec. From the perspective of accounting and losses, we already deconsolidated the balance sheet by deconsolidating GMB which is a operating step down subsidiary. And now we also deconsolidated Geosphere which was the holding company of gmb. So the deconsolidation is already done in the balance sheet. So assets have been removed, the investment has been removed and even the losses which were in the form of other equity earlier have been adjusted back. So all that has been done and there are no more losses. As you can see the consolidated and standalone result, there are hardly any differences.
So it is more or less a standalone which is being shown as consolidated now.
Unidentified Participant
Thank you. My second question would be on the expansion. I can see that we are on track to complete by December, by December 26th. Is this the entire capacity then or will we be phasing it out? And when can we expect, say utilizations up 89% on the expansion.
P. K. Kheruka
We expect that you see that the date announced as had been March 27 and we are discussing December 26 based on indications which you can see today. As you know, setting up a project entails a lot of different agencies, lot of supplies coming together and it’s very difficult to accurately predict when all of these will actually come together and then the people required to set it up. We’re also going to be looking at a monsoon this year, and that also has a tendency to delay matters. So we expect that always to start one furnace first, stabilize it, and then start the second one.
As matters stand, we are building both the furnaces side by side. So they should be getting complete within just a couple of weeks of each other, in my opinion.
Unidentified Participant
Thank you. My last question would be on the macro, is that where do you think the prices for solar glass specifically are headed? Given that there are a lot of other macroeconomic factors that are affecting these prices? Where do we see in the next year? Probably solar glass prices will go, given that it’s a steady state of tariffs and duties.
P. K. Kheruka
You see, because there is a minimum import price set by the government, the prices which are coming in from China are fixed to that. We are looking at what the government might do with glass coming from Malaysia because we cannot make, we cannot hazard a guess. We did have a 9.71% CBD on that. So there are only three possibilities. It might go down, it might stay the same, it might go up, whatever that is. The module manufacturers, generally, they set their purchase for the longer term rather than the shorter term. So wherever we have business which is ours, which people to whom we are supplying, we do not expect there to be interruptions in that.
If, you know, small changes in prices are always possible. So when that happens, that will happen. And to that extent, it’s impossible to predict anything with certainty.
Unidentified Participant
All right, thank you so much.
P. K. Kheruka
Pleasure. Thank you.
operator
Thank you. The next question comes from the line of Deepak Purvansi from Swan Capital. Please go ahead.
Unidentified Participant
Yeah, hi. Congratulations for good set of numbers and thank you for the opportunity. So firstly wanted to check it out in like we mentioned, 70% of the import, I mean 70% of the consumption is catered through the import. If you can also give a broader sense in terms of the. Like, if the add on Malaysia is getting extended.
P. K. Kheruka
On Malaysia. Sorry, you see, I have to be accurate in the terms that I use. So there is an add on imports from China. There is a CV on imports from Malaysia. As it stands now, when once the government comes out with its findings, whatever those might be, that we will be able to know once the government has said so, which might take a couple of months. Yeah.
Unidentified Participant
So sir, just wanted to check it out. What is the pricing difference between Malaysia and India route? Indian manufacturer and Malaysian route.
P. K. Kheruka
We are pricing from Indian domestic industries, pricing the products based on the Chinese landed coast and the Vietnam coast and Malaysian coast is slightly below the Chinese cost. But we always try to position ourselves as an import substitute for Chinese prices and try to get that much price. But the difference between Chinese and Malaysian and Vietnam pricing is of the order of 3 to 4% in my view.
Unidentified Participant
Okay. And just wanted to check it out. Is there any further scope for the price hike at the current level given the further deposition of rupee or how has been our dialogues with the clients at this point of time?
P. K. Kheruka
We don’t foresee a significant change going forward. The prices are quite stable at these prices at these levels and they are fairly competitive in. In that sense and we are comfortable at these prices.
Unidentified Participant
Okay. And secondly sir, if you can also give a broader sense in terms of the. Any raw material or fuel cost inflation which I mean are we facing any. Any.
P. K. Kheruka
We’re not able to hear you completely. We. We lost the end of your question.
Unidentified Participant
So just wanted to check it out. Sir, if you can give a broader sense in terms of are we facing any raw material or fuel cost inflation at the current juncture or how we are placed at the current juncture at.
P. K. Kheruka
The moment we do not see any inflationary tendencies in the cost of inputs whether raw materials or fuel. You see, we are living in a very volatile environment as we all know and there is no doubt about it that the Indo European Union deal has brought a sense of stability generally not just to India but to other markets which are not related to us as well. So I don’t know that there might be any volatility at the moment. Nothing is foreseen so things look like they should be stable. So there have been some increase in prices of one or two key inputs. But the plant operations have worked very diligently in order to remove the or say do away the impact of this price increase of that in particular input. By increasing their efficiency, they have increased the efficiency. They have changed the batch mix and done many other operational adjustments due to which the impact is not felt in the final results. So of course there have been some changes at the price levels but the team has been able to control the impact.
Unidentified Participant
Okay. And finally sir, if you can give the data related to the volume growth in the nine months and we were also talking some efficiency gains which we would look out in the existing capacity. So if you can just update on that part, that would be really helpful.
P. K. Kheruka
So the operational gains in the form of volume is about 6% up from the compared to last year’s nine months. And we expect this to continue in the current quarter as well. So on the whole, compared to last year, we will have at least 6% volume growth.
Unidentified Participant
Okay. And is there a further possibility to optimize or get some more efficiency gain till the time new capacity get operational?
P. K. Kheruka
We keep trying every day and we are not stopping here at 6%. So obviously the team is there to try for increasing the output further. It would be marginal in my view because at least 2, 3 percentage is what we can expect.
Unidentified Participant
Okay, thank you. Thank you and wish you all the best.
P. K. Kheruka
Thank you so much.
operator
Thank you. The next question comes from the line of Rick and Shah from the Bori amc. Please go ahead.
Unidentified Participant
Namaskarji. Namaskar, sir. Congratulations on a steady set of results. So my question is a little on the policy end. So on the module manufacturing end, the ALM policy for cells is going to be implemented in June 2026, which is going to mandate a large part of cells in the projects to be. You have a good DCR content, I think complete DCR content. So with that logic, I do. On the ground, I don’t find enough cell capacity in India at the moment it is being put up. So do you think a temporary demand issue could come up because the module manufacturers may not be able to sell if they don’t have their own cell capacity.
P. K. Kheruka
There is no bar on the import of cells. So I do not see anybody who has orders for modules not being able to manufacture and supply that. Because the cells can be very easily sourced from China, there is a certain price attached to it, that’s all. So from your perspective, your question is regarding what happens after June 26th. You know, the government and the industry are working together and in case the situation comes in where the sale capacity cannot ramp up to the current level of module manufacturing and demand, the government and industry together would be able to find some solution, I suppose. And the government may come up with some deferment or some levers for certain projects, certain type of projects whereby the manufacturing can continue using the imported sale till the time the domestic production of solar cell increases to the level of consumption.
So we have to leave it to the government, I think. But I do not think government will take a stand that the model production has to stop if the solar cells are not available locally.
Sunil Roongta
I can add one thing about the government that I’m seeing a level of interaction with industry and with customers by the government which I have not seen before. They are very clued in. They know exactly what they are doing. And in industry and in consumers, I think we are Very satisfied and comfortable that the government is doing every single thing possible to increase solarization and deployment of solar energy in the country.
Unidentified Participant
Thanks, that helps a lot. But the reason I asked is because your commentary is a little conflicting from module manufacturers who already have their cells in place. But obviously that’s to each their own. So my next question is along the lines of Bharuch. So we’ve obviously been very cautious about expansions. But do we have any room for further expansion after the 600 tpd is in place? I mean the land, space and you know, the utilities. Right.
P. K. Kheruka
We can easily go for another furnace.
Unidentified Participant
Okay, sir. Got it. That’s awesome. The land is. It’s all there. We. We have to decide to do it and it can get done. Sure. Sure, sir. Thanks. That helps. In fact, we have all the. And we have all the utilities. Batch house, everything is ready in case we want to go ahead. There’s nothing stopping us other than caution. Sure, sir, that helps. Thanks, sir.
operator
Thank you. The next question comes from the line of Vanshita Amlani. An individual investor needs. Go ahead. Okay. Sorry to interrupt, ma’. Am. You’re not audible.
Unidentified Participant
Am I audible now?
operator
Yes.
Unidentified Participant
My first question is related to the revenue. What will be the revenue visibility for next four quarters?
P. K. Kheruka
We do not expect any major changes in revenue. And the reason for that is that we are manufacturing full production and selling everything that we make. So I don’t think there’ll be much change in revenue. There can be a few percentage points, plus or minus, you know, but I don’t see any major change.
Unidentified Participant
Okay. So we can say that till the end of FY27 it will be of like quarter and quarter pieces.
P. K. Kheruka
Generally up to December it will be similar kind of revenue. And once we start, the production from the new fund is. Which are under construction right now in the Q4FY27. We might see some revenue coming from them. And then thereafter the revenue will increase by 60% as the capacity is going up by 60%.
Unidentified Participant
Okay. My second question is equity. Is there Will there be any further equity dilution?
P. K. Kheruka
No, there will be no further equity dilution. We. We are completely funded from the perspective of these expansions. And in case. In case we need. We need to expand further. The cash close will support us. So as of now there is no plan to raise further equity.
Unidentified Participant
Okay. And what is our targeted ROCE after the 6000. Sorry, 600 expansion is on, please.
P. K. Kheruka
ROC will be upwards of 25%.
Unidentified Participant
Okay. Thank you.
P. K. Kheruka
Yes, thank you.
operator
Thank you. The next question comes from the line of Mehul Panjwani from 40 cents please work.
Unidentified Participant
Hello sir. Thank you so much for the opportunity. So as you mentioned that the government is doing a lot for the solar sector. So what can be some of the positive developments for the, from the budget for our company?
P. K. Kheruka
That’s a million dollar question. I mean, I mean, I mean what are, what are the, some of the possibilities? I know that we don’t have any preview information but what can we expect in terms of what developments we have seen so far in the last one year? See according to me as far as the solar glass production is concerned our big ask was for anti dumping duty which the government was able to grant us last year. So that part has been done. For the rest of it there are no hiccups in our quest for implementation of our new project. And other glass manufacturers also who are trying to implement new glass projects also are coming up, coming online and I don’t see that there’s any hiccup from the side of the government so far as what they can do. It’s impossible for me to think though I can say one thing.
Recently we saw in GST, in many items they reduced the GST from 18% to 5% and that made a very big impact on the sales of those products like automobiles and other things. So in that sense I don’t know what the government might do for rooftop solar. For right now there’s a certain limitation on companies being able to set up renewable energy projects. So normally it’s limited to 100% of their cost contract demand. Now when you set up a project for 100% of contract demand you will only get about 20% of that. So you’re still buying 80% from the grid.
Now if the government goes up and says we can make it double, triple, quadruple, I don’t know that would really set the market on fire. So we, I don’t know what the government can come up with in their effort to increase this.
Sunil Roongta
One thing. Now is there that from a module manufacturing capacity of 10 gigawatts about three, four years ago, we are at 120 gigawatts. So we have the muscle power now in terms of manufacturing. And I also mentioned about the European trade deal. If something works out over there, Europe has installed about 70 gigawatts of modules in the year 24. The 25 year figures are not yet out. So if they take say even half of that there’ll be 35 gigawatts they can buy from India. You know, so I mean everything is open ended. This this trade deal is a big deal in my opinion.
So let us see in what way this plays out.
Unidentified Participant
Sir, my second question is regarding a German subsidiary. Can we say that all the negative developments are out of the way now?
P. K. Kheruka
Who as we have been advised by lawyers. According to the advice sealed by our lawyers there’s nothing more that can be that we can be stuck with.
Unidentified Participant
And, and is there any possibility of any positive thing happening? I mean like the German, like we are able to sell the subsidiary to a another company and recover some of the losses.
P. K. Kheruka
Frankly I think that is unlikely. The, the German subsidiary, that manufacturing company is under the control of court now and code appointed administrator. So if they. We have lost the control already. We have deconstructed the balance sheet. It’s not in our control now though we have sharers. So it is. The court and the administrator will take a decision whether to sell the company where they can find any buyer or they have to sell the assets of the company. Will that be decided by the court and the administrators?
Unidentified Participant
Okay sir, thank you so much for the all the answers. Thank you and all the best. Thank you. Thank you.
P. K. Kheruka
Thank you.
operator
Thank you. The next question comes from the line of Karan Sanwal from Nish. Please go ahead.
Unidentified Participant
Thank you for the opportunity. Opportunity. So I wanted to ask what would be the proportion of electricity and natural gas in our power cost and how much saving can we, you know, can be made from addition of renewable energy that the plant that we have set up and how does the recent increase in natural gas pricing does it affect our power and fuel cost?
P. K. Kheruka
The power and fuel is close to 32% of the cost of production both put together. And in terms of the saving on the power cost we can save almost 1.5 bps in terms of the incremental margin on the company sales. So it’s a quite substantial saving which we can achieve through the renewable energy deployment which we are, I mean this is slightly delayed from the developer side. So this was to be commissioned in September but we expect it to be commissioned by end of February now. So this will save about 1.25 crores per month or something like that.
And yeah, so these are the things which we can see in the coming quarters. Natural gas price recently has gone up to some extent because of the increase in the prices of the USA gas, the Henry Hub case. So we have certain benchmark contracts which are linked to those benchmarks and we have to pay as per those moment in those benchmarks. So the cost has slightly gone up in the last quarters.
Unidentified Participant
Do we anticipate our impact on margins due to this.
P. K. Kheruka
It will not be significant because we, we are doing our bit to save on the consumptions and in terms of both power and fuel and try to optimize our production which, which can offset these cost increases. So there will not be any significant change in the margins.
Unidentified Participant
Understood. And so what would be the proportion of import from Malaysia currently versus during the time the ADD was implemented.
P. K. Kheruka
In. In say 2024, before the add was levied on China and Vietnam, the imports of Malaysia were almost nil. And as soon as the add started in December 24, the imports started in a big way. Currently Malaysian imports are to the tune of about 25% of the total imports and Vietnam is about 10%. 65% is basically from China. So this is a broad composition of the imports as of now. And Malaysia has become significant only after the anti dumping duty has been levied on China and Vietnam. So it is important for us to get the CBD continued so that it does not increase further from here.
Unidentified Participant
So do they have the capacity to increase import from here as well? MALAYSIAN DOMESTIC.
P. K. Kheruka
Yes, they have commissioned more capacity in Malaysia. So the capacity is available for export to India or to any other part of the world. So that will not be a constraint. So we have to be, we have, we have to take concrete steps in terms of the government to continue living the CBD and control the imports from Malaysia.
Unidentified Participant
Understood. And one last question, like how much time would we take to stabilize our line and scale the utilization once the lines are commissioned the new line.
P. K. Kheruka
We will, we will. We expect to fire the furnace in December 26th and thereafter. We generally plan for three months trial periods to stabilize the production. Now it all depends on the process adjustments and behavior of the synchronization of the all the equipment and furnace. It might, it might be done in one month. It might take three months. We have to see. But three months is something what we have budgeted.
Unidentified Participant
Understood. Thank you so much and all the way.
P. K. Kheruka
Thank you.
operator
Thank you. As there are no further questions from the participants I now hand the conference over to the management for closing comments. Thank you. And over to you sir.
P. K. Kheruka
Thank you very much. It was nice to have the questions from participants. It’s very interesting to see the amount of interest which investors take in the company and its process. And we assure that from our side we will do our very best to continue to run the company professionally and efficiently. Thank you very much. Bye bye.
operator
Thank you. On behalf of Access Capital Ltd. That concludes this conference. Thank you for joining us. And you will now disconnect your lines. Thank you.