AETHER INDUSTRIES LTD (NSE: AETHER) Q3 2025 Earnings Call dated Jan. 17, 2025
Corporate Participants:
Kushal Doshi — Investor Relations
Rohan Desai — Whole-time Director
Faiz Nagariya — Chief Financial Officer
Aman Desai — Whole-time Director
Analysts:
Nilesh Ghuge — Analyst
Priyank Chheda — Analyst
Unidentified Participant
Abhijit Akella — Analyst
Krishanchandra Parwani — Analyst
Yash Gandhi — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to the Aether Industries Post-Results Call hosted by HDFC Securities. [Operator Instructions] I now hand the conference over to Mr Nilesh from HDFC Securities. Please go-ahead.
Nilesh Ghuge — Analyst
Yeah. Thank you, Ryan. Good afternoon all. On behalf of HDFC Securities, I welcome everyone to this Aether Industries conference call to discuss the results for the quarter ended December 2024. From the Industries, we have with us today Dr Aman Desai, Promoter and Whole-Time Director; Mr Rohan Desai, Promoter and Whole-Time Director; Mr Nagaria, Chief Financial Officer; Mr Kushal Doshi, Lead Investor Relations; and Ms Subani Desai, Executive IR. Without further ado, I will now hand over the floor to Mr Kushal Doshi to begin with the earnings call for Q3 FY ’25. Over to you, Kushal.
Kushal Doshi — Investor Relations
Thanks,. Thank you and a warm welcome to everyone. Today, our Board has approved the financial results for the 3rd-quarter and the nine months ended FY ’25, and the same has been filed with the exchanges as well as updated over our website. Please note that this conference call is being recorded and the transcript of the same will be made available on the website of Industries Limited and the stock exchanges.
Please also note that the audio of the conference call is the copyright material of Industries Limited and cannot be copied, rebroadcasted or attributed in press or media without specific and written consent of the company. Let me draw your attention to the fact that on this call, our discussions will include certain forward-looking statements, which are predictions, projections or other estimates about future events.
These estimates reflect management’s current expectations on future performance of the company. Please note that these estimates involve several risks and uncertainties that could cause our actual results to differ materially from what is expressed or implied. Industries Limited or its officials do not undertake any obligation to publicly update any forward-looking statements, whether as a result of future events or otherwise. Now, Mr Rohan will begin by sharing Aether’s business outlook, then Mr Nagaria will cover the financial highlights of the period under review and Dr Aman Desai will share the ongoing expansion and strategy of the company going-forward. I hand over the call to Mr Rohan Desai for his opening remarks.
Rohan Desai — Whole-time Director
Good evening, everyone. I’m happy to connect with you today to dwell into the details of our company’s performance during the 3rd-quarter of financial year 2025. First of all, let’s talk about the market dynamics. We have witnessed an increase in total volumes, while at the same time maintaining stable prices across our product range. This stability reflects a resilient demand for our products, leading us to expand our client base by adding eight new clients.
While we have observed that the prices are likely bottomed-out, we are expecting a potential uptrend to emerge post Chinese New Year, which could positively impact our future quarters. Operationally, we have some noteworthy developments. Site 2, which was previously affected by the accident is now back to full capacity following the revocation of restriction by Gujat Control Board in January 2025. This is a testament to our commitment to safety and regulatory compliance. Meanwhile, our expansion efforts on Site 3 and 3+ Plus are on-track, promising future capacity increases.
Our greenfield project at Site 5 in Panoli is also progressing as planned with first phase to expect fully to be operational by quarter three of financial year 2026. This expansion will increase our product-line capacity significantly. Site 4 has been particularly busy, experiencing a surge in-production, primarily due to new validation and trial quantities from data use. Following our strategic supply agreement with them signed and announced on June 2024, we have finalized orders on the first two products in January 2025, which will be supplied from our site.
We are gearing up for a ramp-up in Q4, which should further solidify our position in this market segment. Turning to our business model, we have observed a shift in our revenue streams. This quarter, large-scale manufacturing contributed 49% of our sales with contracts like exclusive manufacturing increasing up to 38% and contract research and manufacturing services making up to 11% of our sales. As we our strategy towards enhancing our capacities in contract research and manufacturing services and contracts with exclusive manufacturing, we anticipate these areas to become even more pivotal.
Volume growth across all three models has been encouraging with our export and domestic split at 54% and 46%, respectively in-quarter three of financial year 2025. Sustainability has been a core focus for. We have now fully commissioned a 15 megawatt solar power plant, which not only powers our manufacturing facilities, but also marks a significant step towards reducing our carbon footprint. This initiative is expected to save us over INR150 million annually in energy costs. With 31 megawatts of solar power plant now under our bike, we stand as the only company in the pet-chem space to source approximately more than 80% of our electricity from renewable sources, setting a new benchmark for environmental responsibility. I would now conclude and invite our CFO,, to elaborate on financial highlights of the period under review. Over to you.
Faiz Nagariya — Chief Financial Officer
Thank you, Rohan, and good evening, everybody. I am glad to present the financial results of Industries Limited for Q3 and nine months of financial year ’25. The total consolidated revenue of company stood at INR2,33 million in the quarter three of financial year ’25 as against INR2,098 million in-quarter two of financial year ’25. That is an increase of 11% quarter-on-quarter. This has resulted in EBITDA of INR757 million in Q3 of financial year ’25 as against INR613 million in-quarter two of financial year ’25, which is an increase of 23% in the comparing quarters.
EBITDA margin stood at 32% in Q3 of financial year ’25 as against 29% in Q2 of financial year ’25. The PAT has reached INR434 million in Q3 of financial year ’25 as against INR348 million in Q2, which is increased by 25% quarter-on-quarter. The PAT margin stood at 19% in the Q3, which was 17% in Q2 of financial year ’25. The consolidated revenue in the nine months of financial year ’25 increased by 25% from INR5,083 million in nine months financial year ’24 to INR6,351 million in nine months financial year ’25. The EBITDA has increased to INR1,891 million in nine months of financial year ’25 against INR1,433 million in nine months of financial year ’24, resulting in increase of 32%.
PAT stands at INR1,081 million in nine months of FY ’25 as against INR839 million in nine months of FY ’24, which is an increase of 29% in comparing periods. During the quarter, we have submitted the stock loss claim resulting from the fire accident on November to the insurance and the same will be processed and claims settled by the insurance company in Q4 of financial year ’25. The revumping of the site is completed, 100% operations at the fire site has been started in January 2025 post approvals from the regulators. The remaining claim for the fixed assets for the loss will be put up to the insurance company in the month of February ’25, along with loss of profit claim and we are confident to get the same settled by the insurance company by or before the end of financial year ’25 or maximum by Q1 of FY ’26.
We have been able to reduce our inventory cycle to 171 days as on 31st December 2024 as against 179 days as on September 30, 2024. The debtor cycle has also been reduced to 129 days as on December 31, 2024 as against 136 days as on September 30, 2024, encompassing a payment flow from the customers. With more of contact manufacturing businesses unfolding in near-future, we anticipate to have the better rates and inventory cycles in future, resulting in better working through cycles. Now I would request Dr Aman Desai to share updates on ongoing expansion plans and strategies going-forward. Thank you.
Aman Desai — Whole-time Director
Thank you for the financial highlights. Good evening, everybody. I’m very pleased to connect with you all again. To begin with, as always, we’ve been working diligently in augmenting our capabilities with our ongoing capex across R&D, pilot and production. And we integrate this with incremental additions in our chemical reaction capabilities and competencies of chemistry and technology, beginning from R&D all the way to commercial-scale and this aids us in enabling and developing newer chemistries and technologies and addressing newer customers.
The CRAMS business model has continued to grow with our nine months CRAMS revenue being equivalent to 95% of the entire fiscal year ’24 already. We are currently working on over 50 research projects in our CRAMS business model across all the sectors with the majority of the projects being in the non-pharma and non-agro sectors. As the new year has started the world over, we have been witnessing a significant influx of business inquiries in our CRAMS business model. These inquiries — these increased inquiries are primarily non agro and non-pharma and in the oil and gas and sustainability business segments of our company. And what is very interesting about these new inquiries is that they are more towards the late stages of the commercialization journey for new chemical entities for various innovators in these business segments.
This means that the translation to contact manufacturing and exclusive manufacturing business model from the CAM systems model for these molecules will be relatively much faster. Each such translation will represent a step-change in the growth trajectory of the company. Thank you. One exciting development in the recent few weeks has been the finalization of the first two product launches in our Site 4 for our strategic customer Baker Hughes, which we have recently-announced to the stock exchanges.
This will now with immediate effect initiate significant manufacturing activities in Site 4, which will represent the first commercialization at Site 4, which has been long abated. We anticipate multiple significant product launches insight for — for Baker Hughes and other companies to sequentially kick-in now in the very near-future. Our R&D expenses for the quarter three of fiscal year ’25, which is the current quarter, stood at INR161 million, which is about 7% of our total revenues. We had 10 customer audits in this quarter. We have successfully passed all these audits and we have reinvigorated our collaborations with these customers and these innovators.
Our capex at our site 3+, 3+ plus and Site 5 is all well underway and as per schedule and on-track, which represents very significant potential and possibilities for increased manufacturing assets for both the large-scale manufacturing business model as well as the contract and exclusive manufacturing business model. So with that, I’ll end here. Thank you, everybody for your time attention this evening and I look-forward to the questions. And Kushal, back to you.
Kushal Doshi — Investor Relations
Thank you. Thank you. We shall now request the moderator to open the forum for question-and-answers.
Questions and Answers:
Operator
Thank you. [Operator Instructions] The first question comes from the line of Priyank Chheda from Wellum Capital. Please go-ahead.
Priyank Chheda
Hi, Aman and team. Thank you for the opportunity. First on the site 4 huge. In this, you said that we have finalized now two products. Can you tell me what would be the volumes for these two products? And just to again reconfirm this total oil project of use was around somewhere around 16,000 metric ton, is that right? And at an ASP of around $2.5%.
Aman Desai
Thank you for the question, but unfortunately, we will not be able to comment on the exact specific volumes and pricing for these two products as these are confidential in nature with Hughes. But in the second-half of your questions, the volumes and pricing that we have conveyed are what has been conveyed to by us in the original letter of intent that we had published to the stock exchanges a year and a half ago and those have remained.
Priyank Chheda
So nothing has changed since whatever the original volumes and the numbers that you had convert for Hughes, is that right?
Aman Desai
We had only increased our partnership with Baker Hughes and we have only increased our collaboration across even more projects and products since then and it’s become only more interesting in the last one and a half years.
Priyank Chheda
So just to understand when we had thought of the original communication again referring back, we thought — we are thought to get this full revenue in FY ’25, but now because of all the delays that we know, now should we — should we think that this full revenue now gets shifted to full revenue potential get shifted to FY ’26 or there will be certain more validations that are required to yet to establish that FY ’26 will see the full revenue.
Aman Desai
The field trials and the validations are all finished and we anticipate that the full brunt of our work that we are doing across all products in the site for will be implemented in the very near-future. Thank you. We should shift to the next question.
Priyank Chheda
Okay. So can I you?
Aman Desai
Maybe perhaps you can come back-in the queue, queue maybe. No, thank you.
Priyank Chheda
Thank you.
Operator
Thank you. Thank you. The next question comes from the line of Bhumika from Newmark Research Lab. Please go-ahead.
Unidentified Participant
Hi, thank you for the opportunity. First of all, I’d like to congrats the company on a great set of numbers. My primary question is, how are we planning to push the agrochem and the pharma verticals? And do we see any massive scope happening in material sciences or any other vertical for that matter?
Aman Desai
I can pick that thank you for the question. The pharma and the agro continue to be interesting, especially with the work that we are doing with the CRAMS players, especially in the agro business for the new chemical entities and the innovators. In the pharma world, in the generics advanced intermediates world for a large-scale manufacturing, the demand is solidly in-place. And as Rohan mentioned in his script that as the Chinese New Year ends and the industry starts over again, we anticipate an increased pricing trend to happen as well, which will be beneficial for us.
And especially in the non-pharma, non-ag world of material sciences and oil and gas. This is very interesting. And as I’ve mentioned, we have numerous projects, including new projects that have kicked-in the CRAM system model, which we anticipate translating into the contract and exclusive manufacturing business model in the very near-future. And so I think we are very upbeat, much more so on the material science, the oil and gas and the sustainability business segments that we have in terms of manufacturing potential and possibilities for new projects.
Unidentified Participant
Okay. Thank you. I have one more question. This was regarding Site 5 expansion. So the expansion that we’ve incurred, the capex that we’ve incurred. This expansion pertains to the agrochemical segment or the pharma segment or the material sciences segment. What are we planning to — are you plan to increase the production capacity and which products will be increased there? Any clarity on that?
Aman Desai
It will be a mix of have a large-scale manufacturing business model as well as exclusive manufacturing business model, these are the two primary business models that we have in-production and it will be a mix of pharmaceutical, agrochemical, material sciences and oil and gas. And so broadly speaking, the vision of the company ultimately is to have a mix of — product mix of 25%, say pharma, 25 ag, 25 material sciences and 25 oil and gas majorly. And on-site, which will be our largest production site will reflect this proportionate ratio.
Unidentified Participant
Okay. Thank you so much. I’ll rejoin the line.
Aman Desai
Thank you.
Operator
Thank you. [Operator Instructions] The next question comes from the line of Priyang Chheda from Capital. Please go-ahead.
Priyank Chheda
Yeah. Hi, thanks for the opportunity. Again, on the four again a project of Saudi Aramgu that we had, we had targeted to do around 500 metric tons volume in FY ’25 and then eventually scale it — scale it up to 2,000 tonnes over next two years any project update on this would be helpful.
Rohan Desai
Yeah, so I’ll take this question. We did a top-line till nine months of INR11 crores of Saudi Aram project, which is converged. We are looking at anticipating next financial year to close to reach a revenue of INR50 crores. That’s the plan and that is what we are looking at. We have one contract which is — which we had done and commercialized that contract, which was with SB Fuller and we are anticipating two new contracts to come in the next financial year.
Priyank Chheda
Sure. Sorry, if I based out the number for FY ’25, you said you’re looking out for around INR40 crores, is that right?
Rohan Desai
Yeah.
Priyank Chheda
Okay. Okay. Okay.
Rohan Desai
FY ’25, ’26.
Priyank Chheda
’25, ’26. So the potential for this project was around 200 tonnes at a $10, somewhere around INR200 crores. So is that something which we are looking out to reach in FY ’27 later on?
Rohan Desai
Yes, INR180 crores is the potential of revenue which we can generate out of two KTA plants.
Priyank Chheda
Sure. And okay, okay.
Rohan Desai
And coming to — yes. Yeah, good morning. So this is a fire contract, right, which was signed in FY ’24 till FY ’29 and maturity having a 2 KTA plant. So this is a step-up buildup towards that KTA which we are targeting in FY ’28, ’29.
Priyank Chheda
Oh, got it. Now that’s clear. Perfect. On-site plus — site 3 plus. So I’m sure we are ready to start the plant with the construction fully commencing by end of this financial year. And we had planned somewhere around two molecules in agro, one in material science as a pipeline so that when we start, we start ramping-up the productions also. So any update on that, right, three-plus and plus would be helpful somewhere the production capacity was around 3,500 tons, is that what remains intact or not? And then the plans to reach a full potential of INR350 crores, why should we think of that — reaching that potential from that plant.
Rohan Desai
So on Site 3+ plus, there have been an interesting development also on CEM business model. So we are looking at it as also on these three products, we have already completed the qualification with our customers. So either we go on the last manufacturing business model or CEM is just what we are looking at. We will come to know by February end as on which direction we will be going and we will announce that decision publicly want to make that decision.
Kushal Doshi
But in terms of since, yes, you’re correct, we will look to complete the construction and completion of the plant by the end of this financial year. We look to stabilize this plant over the next three to four months and then see the full commercial production happen.
Priyank Chheda
And the full revenue potential somewhere remains with the mix of the products that we plan to manufacture, the full potential remains at around INR350 crore INR400 crores. Is that right understanding?
Kushal Doshi
For site C plus and C plus?
Priyank Chheda
Yes, both combined at 6,500 plus, yes.
Kushal Doshi
INR300 crores.
Priyank Chheda
INR300 crores. Got it. Perfect. And now coming to Site 2, which is our core manufacturing side, the — which was — which is now ready to again scale-up fully, what would have been the revenue contribution, say, because we were running at a suboptimal level, what would have been the revenue contribution from that plant in these nine months so that we get to know when we are ready for full commercial production, saying FY ’25, at full utilization, what can be the revenue from this?
Faiz Nagariya
It is approximately INR265 crores in nine months.
Priyank Chheda
Okay, INR265 crores in nine months. And this would have been running at what around 60% utilization, is that right?
Faiz Nagariya
The AI, it is around 60% to 65% utilization. And now when the 100% relocation is received, in this quarter we will be reaching around 70% to 72% utilization yields.
Priyank Chheda
Perfect. Perfect. Got it. Thank you.
Aman Desai
Thank you.
Operator
The next question comes from the line of Abhijit Akela from Kotak Securities. Please go-ahead.
Abhijit Akella
Yeah, good afternoon. Thank you so much for taking my questions. Just a couple. One was regarding the comment you made regarding the expectation of some improvement in prices in China following the Chinese New Year. So if it’s possible for you to please share some color about what Intel exactly you’re picking-up from your contacts there? What’s the thought process and has anything changed in China with regard to how they are looking at their strategy in the chemical industry going-forward.
Rohan Desai
So the prices have already bottomed-out. We do not see further reduction in the pricing. Usually the times new — post Chinese New Year the time strategies evolve and the companies restart are fresh and that is when the strategies and the pricing trends are decided for the whole year. So we are — we are projecting that some changes and some corrections will happen. That’s our understanding. Our teams as we speak are also in China by evaluating this in terms of the procurement and in terms of the sales so I think that’s our understanding and that’s our assumption.
Abhijit Akella
Okay, okay. And does the proposed tariffs to be imposed by the US on China? Does that have a bearing on you know any of this or this is independent of that in your view?
Rohan Desai
It is independent.
Abhijit Akella
Okay. Okay, all right. Thank you. And just the other thing I had was on the Baker Hughes contract since we expect that it will more or less run at close to full utilization during the upcoming financial year. So just sort of wanted to check what level of visibility we have or how far along the progress of the launches of those products has actually come along. So how much confidence can we sort of have in that projection?
Aman Desai
Thanks we have a lot of confidence on the partnership in general. We are launching the first two products now as we speak and we anticipate the remaining products will kick-in the very near-future. It’s usually the start that is the most difficult and now as of today, we are starting. And so there’s a lot of confidence and very-high — it’s a very strategic partnership for us and we have visibility at the highest-level and these are very fast-moving product zone. So very-high confidence in a high degree of potential in the NS partnership and in general good utilization very fast.
Abhijit Akella
Okay, got it. Thank you so much. Appreciate it. All the best.
Operator
Thank you. The next question comes from the line of Krishn Parwani from JM Financial. Please go-ahead.
Krishanchandra Parwani
Yeah, hi, sir. Congratulations on good set of numbers. Thank you for taking my question. Just a couple from my side. First on the gross margin improvement in this quarter. So just wanted to know, is it linked to product mix improvement or is there some benefit from price as mentioned by Rohan earlier?
Rohan Desai
I would say some very less, 5%, 7% could be contribution of the price improvement, but remaining is change in the product mix.
Krishanchandra Parwani
Okay, that’s great. And so with commercialization of you know the baker use contract and then some volume of uptick of Aramco project. So are we expecting a similar EBITDA margin or an upward trajectory in the margin going-forward so I mean, should we assume like a 29% 30% margin or what should — what should we assume contribution?
Faiz Nagariya
Currently for a couple of — I mean, year or two, we can expect around 30% margins and then when we have a new contracts coming up — coming up and then we will see that the margins also increase beyond that.
Krishanchandra Parwani
Okay. And — thank you. And secondly on this tax-rate, is there any a normal payment in this quarter because I think it’s 28%. So I think with the new facilities coming in, I remember you had mentioned that it should come down. So this 23% 24% going for a tax-rate is fine.
Faiz Nagariya
Yeah, Krishan, good question. And the major reason is that the site for which started in 3rd-quarter, the same started in actually March ’25 and the six were capitalized. So this is basically deferred tax which has increased on account of that and the tax also there was a — there is an assessment completed of our previous year, which is also around INR1.25 crores, which is also added to this tax. So that is the increase. Otherwise, the tax-rate is 25.16% for and 17.26% for Specialty. This is one-off case this time.
Krishanchandra Parwani
Okay. So with contribution from Aether Specialty increasing that mix would be — tax-rate could be lower than 25%, correct?
Faiz Nagariya
Yes, correct.
Krishanchandra Parwani
Okay. And just a last bit. In terms of your working capital, so where do you aspire it to take it to, let’s say, in the next two to three years, maybe FY ’27, FY ’28, what’s your targeted working capital there.
Faiz Nagariya
I — as a finance person and a CFO, I would like to see the working through-cycle of the company and after two years to around 150 160 days at least.
Krishanchandra Parwani
Okay, that’s great, sir. Best of luck for that and thank you again for answering my question. Good luck. Thank you.
Operator
Thank you. The next question comes from the line of Ashok Shah from Invesco Family Office. Please go-ahead.
Unidentified Participant
Thanks for taking the question. So we have increased our R&D budget. So can you elaborate how many scientists we have recruited and what’s the future plan because we have increased by almost 100%.
Aman Desai
So the company is based on R&D and foundation and so we continuously expand the R&D assets and the plant assets that we have. We today have more than 125 monthly R&D scientists, more than 100 chemical engineers in the R&D and plant and the idea is to continuously expand that and increase that and then on the backdrop of continuously increasing inquiries that we see from existing customers as well as new customers in the models. In fact, by this year, in 2025, we do plan to take a expansion of the R&D infrastructure and create an entirely new R&D wing, which will be a two-way expansion of the R&D assets and that will start the whole and doing for that in the very near-future and the design is also made-up and that will represent a significant expansion.
And so this trend of increased R&D expenses and expenditure this is a continuous feature for us and will contribution.
Faiz Nagariya
I would — so I would like to add something here. Last year, we spent around INR98 crores in financial year ’24 on R&D expenses. And this year in nine months, we are at around INR47 crores. Where do we see double — double R&D cost.
Unidentified Participant
I think it was percentage-wise in comparison to the revenue.
Faiz Nagariya
Yes, yes, last year it was a one-off because the revenue was down because of the fire accident and that’s why the 15.4%. If you see current year in nine months, it is INR47 crores, which is 7.4% of total revenue. So it will be able to exactly.
Unidentified Participant
Yeah, it’s the same. Yeah. Yeah, yeah, yeah. And sir, what’s the amount of claim you have submitted for the fire?
Faiz Nagariya
And eight crores.
Unidentified Participant
Thank you, sir. Thank you. That’s all from my side. Thank you.
Operator
Thank you. Thank you. The next question comes from the line of Yash from Stallion Asset. Please go-ahead.
Yash Gandhi
Thank you for the opportunity. What is the capacity utilization right now and how do you see that going-forward overall?
Rohan Desai
So the capacity utilization at site 2 is approximately 62%, which I told before sometime also and we expect that in by end of March ’25, when the entire facility is now operational, we expect it to be around 72% and maybe next year when everything is going, okay, we do not expect it to go more than 80%, 85% because we will give 15% always in-hand for some kind of overall maintenance. Site 3 is operating at around 50% currently and that is not because of the production, but because of the pricing pressure which is there and we expect it to rise up to around 65% next year.
Yash Gandhi
Okay. Okay, okay. Got it. That’s it. Thank you.
Operator
Thank you. The next question comes from the line of Bhumika from Newmark Research Lab. Please go-ahead.
Unidentified Participant
Thank you for the opportunity again. My question is regarding the exports. Now since this quarter we were heavy on exports, there’s a lot of wildfires going globally and there’s global temperature uncertainties. Do we see our agrochemical exports being hampered because of that?
Rohan Desai
And Bumit, I will take this question. No, we do not see. We are operating out of very few agrochemical products and we have annual contracts on them or long-term contracts on them. And we do not see this because there are no seasonal products. We are ongoing for approximately eight to 10 months in a year. And so we do not see any change in-demand because of this event.
Unidentified Participant
Okay. Thank you for the clarity. The other question that I had was, now we’ve seen a decrease in our large-scale manufacturing segment and a massive increase in our contract exclusive manufacturing. So on a company-level, would you say the vision for the company is to venture more into the contract exclusive manufacturing for the pharma, agro and the material sciences space.
Rohan Desai
Yes,, that’s the thought and that’s the strategy of the company that we want to do more CEM business and also focus on the large-scale manufacturing business model. The large-scale impact has not decreased. In fact, the CEM has increased and hence that there is a pivot of — from last scale manufacturing to CEM business model.
Operator
Are you guys there? Ladies and gentlemen has left the question queue. Okay. And as there are no further questions, I now hand the conference over to the management for their closing comments.
Rohan Desai
Thank you, everyone. Thanks for connecting, and we look-forward to connecting you both our Q4 results. Thank you.
Operator
[Operator Closing Remarks]