Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Balrampur Chini Mills Ltd (NSE: BALRAMCHIN) Q4 2026 Earnings Call dated May. 18, 2026
Corporate Participants:
Jenny Rose — Investor Relations Professional
Vivek Saraogi — Chairman and Managing Director
Pramod Patwari — Chief Financial Officer
Analysts:
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Balarampur Cheney Mills Limited’s earnings conference call. 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. Jenny Rose from CDR India.
Thank you. And over to you.
Jenny Rose — Investor Relations Professional
Thank you. Good afternoon everyone and thank you for joining us on Balrampur Chini Mills Q4 and FY26 results conference call. We have with us today Mr. Vivek Saraogi, Chairman and Managing Director of Balrampur Cheney Mills and Mr. Pramod Patwari, Chief Financial Officer of the company. We would now like to begin the call with brief opening remarks from the management following which we will have the forum open for the question and answer session. Before we start, I would like to point out that some statements made in today’s call may be forward looking in nature.
And a disclaimer to this effect has been included in the results presentation shared with you earlier. I would now like to invite Mr. Sarogi to make over to you, sir.
Vivek Saraogi — Chairman and Managing Director
Good afternoon everyone and thank you for joining us on Balampo’s Q4 and FY26 earnings call. I trust all of you had the opportunity to go through our results presentation providing details of operational and financial performance. I will begin the call with an update on the developments in the sugar sector followed by our company’s key highlights for the period under review. During sugar season 2526 gross sugar production is projected to be around 31 million tons. After accounting for 3 million tons of diversion.
Net production is expected to be around 28 million tons. Export was announced by the government in November based on the then prevailing estimates. However, season progressed, certain key states, Maharashtra, up Karnatak were all impacted by lower than anticipated ease and weather related abnormalities resulting in a moderation of the overall production which resulted in the government prohibiting exports. So just to let you know, 7 lakhs has gone out. Around 7 lakhs.
Pramod Patwari — Chief Financial Officer
Yeah.
Vivek Saraogi — Chairman and Managing Director
And this is not a cause of worry at all. Explain. Nevertheless, the inventory remains broadly balanced. With an opening inventory of around 5 million tonnes. Domestic consumption expected to match consumption that is at 28 million tonnes. Likely export of 7 lakh tonnes of 0.7 million would reduce the stock from 50 lakhs or 5 million to 43 lakhs or 4.3 billion. Just to point out, probably this is the lowest stock level which I remember seeing in my recent living memory. It is one of the lowest. On the pricing front, domestic prices have remained supportive aided by a balanced supply position and limited inventory overhang.
In UP, prices have broadly remained in the range of 41 to 42. We believe pricing would remain steady and gradually probably inch up based on the data points given to you on the closing inventory and also to let everyone know that there is no alarm at this stock level. It is possible to manage it but however the demand supply remains in favor of pricing Coming to ethanol, the blending program continues to remain a key priority. The problem is absence of revision of ethanol prices under the juice and BHAV route for the last three years despite higher cane costs and operational expenses.
Against this backdrop, Vernampur concluded FY26 on a stable note with sugar segment delivering resilient performance despite increase of rupees 30 in sugar cane price of 370 to 400 per quintel. Higher cane costs were partly offset through improved operational efficiency, higher quantity of crushing, higher sugar sales volume and stable realization. The company crushed 1043 lakh quintels of cane which is up 5.2% while the gross recovery remained broadly around the same range, marginally lower at 11.24 vis a vis 11.28.
And just to let everyone know, up crashed 7% lower cane than last year and we have crushed 5.2% higher cane. The distillery business also reported stable performance supported by higher volumes although margins remained under pressure due to absence of ethanol prices. As pointed earlier, as discussed in our recent call, we had an investor call on the PLA project post our fundraise Pref which was going to revise capex at 3080 crores. Our idea is to further strengthen the integrated value chain. Board has also approved a lacto gypsum processing plant at Kumbi to manufacture Gibson Board using eco friendly byproduct Gibson from PLA process.
Recently as informed to you earlier, Board has Approved raising of 450 crores through Preferential through issue of preferences preferential shares to fund the CAPEX as well as general corporate purposes. There is no dilution and promoters have participated to the extent of 193 crores which is proportionate to the current holding. Over the years Balrampur’s integrated model has enabled company to successfully navigate cycles evolving policy dynamics. Going forward, the company remains committed to Maximizing value extraction, enhancing operational efficiencies, investing prudently and driving long term value for all the stakeholders.
Thank you so much.
Pramod Patwari — Chief Financial Officer
Thank you and good afternoon everyone. I would not like to go with the repetition of facts and pivots. What we have stated in the presentation and therefore request for the Q and A session to begin. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to move yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ishaar Prasad from VP Capital. Please go ahead.
Unidentified Participant
Hi, good afternoon. I have three questions. So in the case of Gutka, it is extremely important to get the packaging barrier right. And in one of the calls Avantika did mention that we have got the barrier packaging right for Gutka application. Other problem with Gutka is that the packet remains in the supply chain for more than a year. So given the requirement of long duration, what shelf knife has been validated in the degradation testing?
Vivek Saraogi
Okay, yeah, that’s it.
Unidentified Participant
Yeah. So other two are unrelated. You want me to go through other two questions as well?
Vivek Saraogi
I mean best. Yeah.
Unidentified Participant
Okay. So the second one is we have talked about two way approach where we work with the customers directly. And the second is government mandate. So could you give a rough idea on the kind of mandate we are expecting and the expected timeline when we expect the government to come back and have a detailed mandate? And the last one is in. I mean the capex that we have done, we announced it probably from start. Sorry to interrupt you.
Operator
I would request you to please hold up. We have management line has disconnected. Just give me a moment while we reconnect.
Vivek Saraogi
Yeah.
Operator
Ladies and gentlemen, thank you for patiently holding. We have management reconnected. You may please continue with your question.
Unidentified Participant
Yeah, so sir, I’ll repeat the second question and then go to the third question. So we have talked about a two way approach where we work with the customers and this. Yeah,
Vivek Saraogi
Yeah.
Unidentified Participant
Yes, yes, yes. So I was just looking at what time. Yeah,
Vivek Saraogi
Yeah. So on the mandate, you’re well aware of the central, central government mandate,
Pramod Patwari
There’s
Vivek Saraogi
Some problem with the phone
Operator
May have muted your line. There is a distance from your line, sir.
Pramod Patwari
Okay,
Vivek Saraogi
Yeah. So the other part is the mandate,
Pramod Patwari
You
Vivek Saraogi
Know there’s a mandate also being worked upon by the UP government. They already, already formed A committee etc to take forward a you know so as to say non plastic mandate ahead there also. So we are working just to summarize three fronts Central government mandate, up government mandate and customers. So it’s a three pronged approach and touchwood so far so good.
Unidentified Participant
Okay. Okay. And the third question is in the first, in the first iteration of the CapEx it probably took two years and nine months to complete the project. We are going to complete it in the month of October. So if we need to expand again the timeline will remain the same or probably we can expect the next expansion whenever we decide to be done in within 12 to 18 months.
Vivek Saraogi
Yes. So your last assumption is correct. 15 odd months is very possible. 15 months is very possible and we look to commission in the third quarter of this year.
Unidentified Participant
Okay so sir, on the coming back to the first question if you respond on the good car one yeah
Vivek Saraogi
I told you that we worked out the barrier properties error free and the duration food safety contact, everything is through.
Unidentified Participant
Okay, thank you sir.
Operator
Thank you. The next question is from the line of Shailesh Kunani from Asian Market Securities. Please go ahead.
Unidentified Participant
Yeah, good afternoon everyone and thanks for the opportunity. So a few questions from my side. First continuing with the PLA question could you provide some color on the current global versus domestic PLA realizations and price trends and also if you can kind of highlight because the environment is a little bit conducive are we in advanced talks in terms of any announcement in terms of volume uptake? Once because the commercial production is kind of nearby so anything on that front if you can share?
Vivek Saraogi
No, so I didn’t get your question but what I’ve understood is owing to the current crude price, you know rise the PLA prices have moved not
Unidentified Participant
And
Vivek Saraogi
That is good for us.
Unidentified Participant
Yeah. So in. In that backdrop have we have we kind of any inquiry pipeline or any offtake agreements? Anything as it’s only six odd months.
Vivek Saraogi
So just to able to answer your question and this is goes out to all our investors the fossil based plastic has gone up drastically which is very helpful. Secondly, the mandates, the agreements, the customers etc are all progressing well. It is not proper to announce each and every, you know, agreement etc. It is all going very well and I think the first question was very detailed and it gave a lot of insight into our and my answer I hope gives a lot of insight.
Unidentified Participant
Okay.
Vivek Saraogi
You know each agreement, each customer, each dialogue, each mandate is being worked upon thoroughly with all testing being the first of its kind in the country. The progress made by us till now deeply satisfies me of the potential ahead. Giving more details is not proper right now because everything is nearing finalization and to give, you know, let it get finalized. We are very near to everything
Unidentified Participant
That’s helpful. So my second question was with to the imports, what we are doing under that. So any, any kind of technical or technical or market facing learnings if you would like to share. And also I was just observing the revenue numbers. Those seems to be remarkably small. Right. So is there any underlying factor we should read into it?
Vivek Saraogi
So imports are happening. Whatever little learning is needed for our end product tweaking, we are doing the imports and the seeding of the market is going on. We are happy and satisfied on all fronts at this point. However, if you’re saying the current sale of PLA in this environment and the numbers, etc, you know the. This is a tough one to answer. But
Pramod Patwari
Just to add on this earlier we thought that we would be replacing the entire requirement of the existing customers. But what we learned is that they are okay with their our quality and they are waiting for the production to hit the market. Yeah. Then only replace the existing ones. They’re not ready to replace the their current supplier base with us as of now
Vivek Saraogi
Because they’re saying you need to come in with production. Commit to me your volume when you’ll give how much. So guys, this has to be left to the management, right? We are working on it. Lot of success. And just to let you know, the existing machines of the converters, everybody is all in sync. They need to make no changes on our product.
Unidentified Participant
Fair enough. Thanks a lot. Just moving on to the sugar division. Sir. We have been working on various seed varieties to kind of replace the 0238 variety. Any pipeline or any timeline where we can again have that kind of recovery which can match, you know, 0238 recovery levels.
Vivek Saraogi
So 238 to replicate that variety in recovery and yield looks tough. However, the varieties we are working on has shown a lot of promise. The fruits will be felt as we go ahead. But 2, 3, 8, I mean that barometer as of now looks tough. But having said that, this looks like the bottom.
Unidentified Participant
Sorry, can I squeeze in one more question?
Vivek Saraogi
Yes, why not? All yours.
Unidentified Participant
Thanks a lot. So just this is a repeat, right? There has been more than three years no revision on the ethanol prices. Is there any kind of feedback or input from your side to the government? And the government has kind of reciprocated positively on the revision of ethanol prices because we would have pressure on our margins henceforth at least in the first half. Right. Given the increase in the SAP what we have seen in the last year. So steep hike. So any. Any kind of positive conversation. You can share some light on that.
Vivek Saraogi
So definitely positive conversation has begun. Especially crude at 111. Currency at 96. We know the cost. So definitely both on the quantum and on the price. I think they will be serious now. And we have feedback to that effect. But you know, once bitten, twice shy. But I mean if you ask me today I think it will get done.
Unidentified Participant
So any color in the terms of per leader, increase in terms of our expectations.
Vivek Saraogi
Let things happen. Too many years have gone by. Fingers crossed. All I can tell you that this environment which is nasty for everyone is not so nasty for us. So if you see the heat, it will help consumption. If you. Which is the aluminium. If you see our area, we have enough water. So you. Maharashtra, Karnataka. I don’t know which is again positive of not having too much of a surplus. Therefore sugar price positive. Pla. We’ve told you fossil based plastic going up is very good for us. So government will get duty bound even commercially if not morally to increase the price.
They have not done over three years. Pure and simple numbers. So I feel that you know this. We. We are in absolutely good, good area.
Unidentified Participant
Absolutely agree sir. Thanks a ton and best of luck sir.
Operator
Thank you. The next question is from the line of Rishikesh Bhagat from Kotak Mutual fund. Please go ahead.
Unidentified Participant
Hi. Good afternoon sir. Thank you for the opportunity. So I understand that company is well placed from the point of view of water availability. Any perspective you can give on potential cropping impact because of the fertilizer availability.
Vivek Saraogi
So that’s a good question. We continue to track it. The yield however will not be known even if there is a naked eye. Yield to be seen nothing before September, October. Because the crop is just germinating and beginning to, you know, take shape. If you want an honest answer to this question, don’t ask anybody before September.
Unidentified Participant
Sure. Thank you.
Vivek Saraogi
But. Yes. If there is a negative tenor to the crop yield. Probably some rainfall, quantum etc. Best assessed in now August mid August.
Unidentified Participant
Sure. Thank you.
Operator
Thank you. The next question is from the line of Dvanit from Saula family office. Please go ahead.
Unidentified Participant
Hello. Sir. My question is with regards to the ethanol price which has not been devised however. I see that. I mean is there. Can we draw any relation between the. We have increased our ethanol production from B heavy route this year. Okay. But the price has not been revised and we have. We have reduced it for the sea Heavy route where the price has been revised. So any particular reason why we have done that? Because I mean, I think for the CAV route the price had been devised. Right. So why. Why are we choosing to increase it to the behavior route even if the price has not been twice?
Vivek Saraogi
So we have to do our optimization. So we were hoping that it would get revised. It didn’t get revised. There was enough indication to say it would be. However, we have not lowered our CAV promote
Pramod Patwari
Hardly anything. And the thing is that you need to. When the requirement is to get more and more ethanol to utilize the ethanol capacity, it can come only through juice and dav. He will not give you enough quantity. And as said, we were hoping that ethanol prices. Yeah.
Vivek Saraogi
And we have to fill our tenders in the members.
Pramod Patwari
Yes.
Vivek Saraogi
So this year will be a lot more cautious and we’ll take our internal call accordingly.
Unidentified Participant
So just a small follow up. Do you think that the decision can be frozen considering that the elections might be announced by the end of. After the end of the November. After November or something if they are not like they are not processed and it might cause a furthermore delay in the announcement. Right. Because they cannot announce even these things in the elections.
Vivek Saraogi
No, no, this all is unrelated stuff up. Elections should be in January, February and you know, ethanol pricing up election. I don’t see any connect.
Unidentified Participant
Okay, okay, so one more question I had. We have this item on the. On the presentation, this Auxidia Financing Services. I was not able to find much information on it on the earnings which have been shared. Can you please tell us that is it? How. Where can I actually see the actual impact of this?
Pramod Patwari
So in case you have any specific questions, we can talk offline. We have uploaded the financials of oxybo presentation as well as the results will also get uploaded on the website.
Unidentified Participant
Okay, thank you very much.
Operator
Thank you. The next question is from the line of Manpreet Arora from Arora Wealth Advisors. Please go ahead.
Unidentified Participant
Thank you sir. So both my questions are on the PLS side. My first question is about, you know, do we have different grades in PLA? Like different grade for packaging and different grade for 3D printing with different margin profiles and targeting, you know, the different grades. Just wanted to understand.
Vivek Saraogi
Yes, there are different grades. Different. It
Pramod Patwari
Will depend upon the area of application.
Unidentified Participant
I’m sorry sir, can you please say that again? Yeah,
Pramod Patwari
We will have different grades depending upon the area of application.
Unidentified Participant
Okay. And are we targeting the different grades with the. You know, maybe with higher margin profile? So we’re going to start with packaging
Vivek Saraogi
As I said we are doing everything we will have, we have, our plant is built well to handle different grades,
Unidentified Participant
Different
Vivek Saraogi
Applications, etc. So yes, while the question is absolutely in order, as I said, our research, we have a big team which is dealing with the, you know, Suser, which is the, what should I say, the technology supplier. Enough grades have been imported, enough learnings have been developed to be able to understand which grade will fit in where.
Unidentified Participant
All right, perfect, thank you. The other question, sir, was a little more, you know, on the margin side. Now, you know, if you look at Total Energy Corbyn Journey in this space, you know, they started with 35% margins and now they’re, you know, down to 12% odd. And now they have put their asset up for sale as well on the, on the PLA asset. And similarly, if you look at the Chinese, the Zhejiang, they are also making around 15% EBITDA margins on this business. So I’m sure the management would have studied these case studies and so how do we see our ability to make 35% margins?
And then. Good question.
Vivek Saraogi
I answer
Pramod Patwari
The second part first. We have a unique advantage of
Vivek Saraogi
Availability
Pramod Patwari
Of sugar as well as the bagasse, the key ingredient for fuel at the doorstep, which will save us lot of logistics cost. This is one part to the best of our understanding. Total carbillon is not capturing the entire value addition in the manufacture of PLA up to lactic acid. They are taking it in a different company. And from lactic acid to pla, it is going in another company.
Unidentified Participant
So I don’t suggest, yes, please go.
Vivek Saraogi
I’ll also just add again, our sugar transportation will not cost a penny. Our bagasse transport will not cost a penny. And we bagasse based power versus energy based power, which others are paying is massively different. And it’s going to get so much more different, which makes me far more bullish on our margins. And Pramod has also put in an answer which is very valid
Unidentified Participant
To summarize. You know, we’ll have our own feedstock. Yes. Logistics, yes. Then NLP will phase on and yeah, even though, you know, we are not the lowest cost producer, India is not the lowest cost producer of sugar as we had mentioned in the previous one of our previous calls. But will it be fair to say that on PLA we will be one of the lowest cost producers in the world?
Vivek Saraogi
Yeah. So let us begin. So where our disadvantage is only in sugar price, the rest will be hugely positive and I’m sure with scale, our chemical cost, etc. For which also we are Doing lots of laboratory work will enable us to become the lowest cost producer very soon. I mean with expansion, definitely. Even without expansion, very clearly we are very big. If you’re saying crude remains here, I’m assuring you we will be lowest cost. Right, Right.
Unidentified Participant
So just one last. On the margin side, you had earlier mentioned that 35% margins is our target. Now does this include the incentives? All the incentives starting from, you know, the 1100 crore capex plus the electricity and the STST. All these are factored in in this calculation or that will be over and beyond it. Maybe you’ve answered this in a previous call but it was not very clear to me. So if you can talk about that.
Pramod Patwari
Yeah, we had earlier stated that we are aspiring to make 35% of EBITDA margin. The incentives are largely in the form of capital subsidy and interest subvention. So both these items are below ebitda. One will get captured either in the form of lower depreciation and the other net of interest. So EBITDA margin will not get impacted. Because of this, we haven’t considered the benefit of incentive while guiding 35% EBITDA margin.
Unidentified Participant
All right, perfect. And just before I move back to the queue, sir, you mentioned that. So will Raisin be our end product or will we be involved in compounding the product and do our customers need to. I think you mentioned that our product will work with their machinery as is and they. Yes, yes, yes.
Pramod Patwari
Correct, correct,
Vivek Saraogi
Yes.
Unidentified Participant
So even if it is injection molding. Yes, yes,
Vivek Saraogi
Yes, yes. That has been a big victory including the barrier property establishing. All technicals, everything.
Pramod Patwari
Perfect. Thank you very much. Thank you.
Vivek Saraogi
Thank you.
Operator
The next question is from the line of Tanmay Javeri from Pinterest Capital. Please go ahead.
Unidentified Participant
Yes. Hi sir, I have couple of questions on the economic side. The government is now talking beyond E20 through flex fuel vehicles and higher branding like T85 and E100. But the ecosystem still appears to be at very early stage from infrastructure and vehicle readiness perspective. So bases are discussions with the OMCs and automotive OEMs. How do we see the roadmap evolving over the next couple of years? Is the groundwork really happening at that phase or will it take considerable time before translating into meaningful demand?
Vivek Saraogi
I think the vehicles technically can go up to E25 and government will gradually improve the mandates. I just made a quick remark. In the beginning, government is looking at Both increasing the E20 level as well as correcting the error on the pricing.
Pramod Patwari
And for E85 and E100 companies are ready with the prototype, government has also come up with the draft notification for public comments. So in the times to come you will see announcement on this.
Unidentified Participant
Right? Since my second question was more on the industry side we have seen that that in the past years there have been lots of over supply of ethanol. But at the same time lots of players have started adding more ethanol capacities lately. So how are we thinking about the supply demand side for this year and maybe next year? And what kind of volumes are we looking for this financial year
Pramod Patwari
For Balrampur in the year gone by that is FY26, we produce around 27 crores liter of ethanol. And our existing nameplate capacity can. With that capacity we can reach around 34,35 crores liter of capacity. The only thing is price is going to be a deciding factor. Whether we will divert more sugar cane towards juice root ethanol or the conventional seaweed. That is one part at the industry level definitely there is an over capacity to address that. Government is coming out how to increase the demand by way of going beyond E20 E85E.
Unidentified Participant
Okay, that’s it from my side. Thank you.
Operator
Thank you. Before we take the next participant reminder to everyone to ask a question, please press. The next question is from the line of Vishal Prasad from VP Capital. Please go ahead.
Unidentified Participant
Yeah, thank you. So sir, in the case of pla, it itself might not be conducive and converters will add other materials. So if to the in the form of laminate structure or some coating on plaque. So from the perspective of biodegradability the other materials would be biodegradable or we are going to add something which may be a derivative of crude.
Vivek Saraogi
Again good question, very detailed. But see if you’re going to go into a mandate, let’s say the Panama Sala Gutka, that mandate government will probably give you all, you know, biodegradable stuff and we’ve tried all that also like, like the printing ink, the glue, everything has been tried in let’s say customers and or other mandates. Probably the mandate will decide if certain percentage of a P bat or something else which is biodegradable can be mixed. And for primary customers it’s what they want let’s say for a fork, for cutting the fork, you know, whatever.
It’s, it’s what each person wants. But yes, if you have to qualify for something, you have to make that.
Unidentified Participant
Okay. So yes, and I’m not very sure, so I don’t have the answer that I’m going to ask you. So let’s say assuming a hypothetical scenario where 50% is PLA and 50% is crude derivative and then it goes to landfill. Will the nature be able to separate out the crude derivative and pl. And PL will biodegrade and crude. Whatever will remain.
Vivek Saraogi
I won’t be able to. I will not lie. I will not be able to answer that. Yes. If it is pla, landfill will kill it within very short time. At Indian temperatures it will go in one season.
Pramod Patwari
Okay.
Vivek Saraogi
Sorry. Government
Pramod Patwari
Will come out with a mandate.
Vivek Saraogi
Exactly. We have to follow the mandate.
Unidentified Participant
Okay, okay, okay. Mandate will be very
Vivek Saraogi
Detailed.
Unidentified Participant
Okay. So do we expect them to come back within this year or I mean when we start or. It will probably be sometime into 2027.
Vivek Saraogi
We are hoping that it will be sooner than later. No, no, I’m not looking at six months from now.
Unidentified Participant
Okay. Okay. And second question is. Let’s say there is another company in India who wants to do this PLA thing and they are not. I mean they don’t use sugarcane. So they will really find it difficult to get the margins that we are expecting. Because of the advantages that you have mentioned.
Vivek Saraogi
I think you more than answered your question. Yes. Yes.
Unidentified Participant
Okay. So it has to be if. If your. Your appear from the same industry, if they decide maybe they’ll be able to.
Vivek Saraogi
Yeah, they’ll have that same sugar available and same bagasse available. But yes, ours is a group, so we have more advantages than anyone. Also we are located close to each other in two plants. But yes, definitely a sugar factory owner with a large size wants to do it. He would have the same basic advantages. Except what is the two years of research which has gone into our business.
Unidentified Participant
Right. Thank you so much, sir.
Vivek Saraogi
Thank you.
Operator
Thank you, ladies and gentlemen. That was the last question. I now hand the conference over to management for closing comments.
Vivek Saraogi
Thank you everyone. And today was a very detailed interaction on pla, which made me happy. So rest assured we are doing our very best. And all points mentioned by and concerns mentioned by our dear investors have our attention. And a lot more other issues are being addressed. So this is the first time such a plant is being set up. It comes with excitement as well as its challenges. We are ready for both. So thank you everyone.
Pramod Patwari
Thank you.
Operator
Thank you on behalf of Balrampur Trini Mills. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.