Century Enka Limited (NSE: CENTENKA) Q3 2026 Earnings Call dated Feb. 09, 2026
Corporate Participants:
Suresh Sodani — Managing Director
Yogesh Shah — Chief Financial Officer
Analysts:
Unidentified Participant
Tushar Pendharkar — Analyst
Moksh Ranka — Analyst
Vipul Shah — Analyst
Kamal Jeswani — Analyst
Presentation:
operator
Ladies and Gentlemen, good day and welcome to the Century NCAA Limited Q3&9M FY26 earnings conference call hosted by Ventura Securities Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask. Ladies and gentlemen, good day and welcome to the Century NCAR Limited Q3 and 9M FY26 earnings conference call hosted by Ventura Securities Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing STAR and then zero on your touchtone phone.
Please note that this conference is being recorded. Before we begin, I would like to point out this conference call may contain forward looking statements about the company which are based on the belief, opinions and expectations of the company as on date of this call. These statements do not guarantee the future performance of the company and it may involve risks and uncertainties that are difficult to predict. I would now like to hand out the conference to Mr. Tushar from Ventura securities. Thank you and over to you sir.
Tushar Pendharkar — Analyst
Thank you. Good day. Ladies and gentlemen, on behalf of Ventura Security, I welcome you all to Venturi Inca Limited’s Q3 and 9 months FY26 earnings conference call. The company is today represented by Mr. Suresh Podani, Managing Director and Mr. Yogesh, Chief Financial Officer of the company. I would now like to hand over the call to Mr. Suresh Todani for his opening remarks. Thank you and over to you sir.
Suresh Sodani — Managing Director
Good morning all and welcome to our earnings conference call for the third quarter and nine months ended financial year FY26. I would like to thank our host Ventura securities for hosting this call. Now let me first brief you on the operational highlights for the quarter under review. In the tire part segment, demand for NTCF improved post GST cut on tires and automobiles leading to higher volumes in quarter three. We expect demand to improve further in quarter four due to these lower GST rates. However, margins continue to remain under pressure due to low prices from China and duty free imports from Free Trade Agreement countries.
Recent changes in the tariff situation with US and trade deal with EU are positive for future demand of tires and yarns. In addition, PTCF approval process is moving ahead smoothly with regular commercial sales expected to begin in financial year 27. In the filament yarn segment after festive season. Fabric and yarn demand remained weak in quarter three but is expected to improve in quarter four. With marriage and summer season new Mazarian and WAPS supported margins during the quarter. However, imports from China continued at very low prices which pressured margins on commodity products and the industry is pursuing anti dumping duties to address the slow price dumping.
On the raw materials side, capital prices increased after a continuous decline since September 24th supported by industry wide production cuts in China. The use of renewable energy at Bahrut’s plant helped control power costs with additional renewable capacity expected to be commissioned in financial year 27 which should further reduce power expenses. A continued focus on efficiency improvement supported margin improvements. I Now request our CFO Mr. Yogesh Shah to brief you on financial performance.
Yogesh Shah — Chief Financial Officer
Thank you and good morning everyone. Let me now brief you on the financial Results for the third quarter and nine months ended of the financial year 2026. For the quarter under review, the operating Revenue stood at rupees 412 crores, which declined by almost 17% year on year and increased marginally by 1% quarter on quarter. EBITDA for the quarter stood at rupees 41 crores which increased by 50% year on year and increased by 29% quarter on quarter. Ebitda margin expanded to 9.93% up by four hundred and forty two basis points year on year and two hundred and twenty basis points quarter on quarter.
Profit after tax was around rupees 424 crores which was increased 69% year on year and 6% quarter on quarter. The fat margin for the quarter stood at 5.76%. The company also reported an exceptional item of rupees 3.7 crores during the quarter due to the impact of new labor codes now coming to financial performance. For the nine months ended of the financial year 2026, operational revenue stood at rupees12.22 crore declining by 22% year on year. EBITDA stood at rupees 92 crores which declined by 13% year on year. EBITda margins for the period are 7.56%, an improvement of 75 basis points year on year.
Profit after tax for the period stood at Rs.61 crores up by 3% year on year and pet margin stood at 5.02%. Total volume for the period declined by 12% year on year 250 to 981 metric tons. Tirecore fabric sales for the period declined by 24% year on year rupees five hundred and seventy one crores while filament yarn sales declined by 19% year on year to rupees 599 crores. With this we Open the floor for question and answer.
Questions and Answers:
operator
Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star N1 on a telephone keypad and wait for the turn to ask the question. If you would like to withdraw your request, you may do so by pressing Star and one again. The first question comes from Moksh Ranka from Aurum Capital. Please go ahead.
Moksh Ranka
Hello sir, I wanted to understand why have our volumes dropped by or by and in nine months compared to nine months as well. And post GST cuts, what has been the jump like? Could you quantify that?
Suresh Sodani
So the volumes as mentioned in our presentation as well as remarks today, the volumes in the tire cot segment have been impacted by lower demand and a lot of it was related to expectation of GST cuts because that was announced somewhere in August. So people, I mean the trade replacement market as particularly was waiting for the GST cuts to happen. And since it happened only in the later part of the quarter, the impact was only for number of days that were available post GST cuts. We are hopeful that the volume should improve in Q4. Similarly, on the nylon filament yarn side, the demand was weak in post the Diwali season mainly because one, it was an extended monsoon this year and there was a labor availability issues because a lot of labor had gone to Bihar for elections and and that reduced the demand.
I mean the production of fabric in the particularly in the Surat market. So that also impacted the yarn market. So these two are the major reasons for the quarterly volumes lower on nine months basis. I think the demand in the first two quarters last year was significantly better, particularly on the tire cot fabric. And this year relatively the first two quarters were the demand was subdued and this normally could happen. I mean we saw that post GST it has improved. So we are hopeful that quarter four volume should be better compared to the earlier quarters.
Moksh Ranka
Okay, and regarding the dumping which you maintained mentioned, because of which our margins are impacted, could you quantify how much change in imported price from China in current quarter and what has been the trend and also the status of the antidumping duty which we were expecting.
Suresh Sodani
So multiple products are imported from China, so to give one number on value price would be difficult. But in terms of volume on a quarter, on quarter basis and on a year to year basis, the volumes the imports have gone up particularly in the nylon filament yarn are higher by between 50 to 70%. And one of the reasons for that is that the domestic demand in China has been pretty weak and Second, because of the US Tariff China has been trying to send products more to other markets because their finished products are not getting sold in the US.
So all this as a combination is impacting higher dumping into India. The association has moved the anti dumping duty application and which is at the final stage of notification. In fact it was to be completed by December. But because of some changes in the DGTR the date was extended up to March 25th. So most likely somewhere in February or March. We are expecting the final rulings from DGTR to get notified.
Moksh Ranka
So we are expecting this outcome in this financial year itself.
Suresh Sodani
Yes, we are expecting outcome. But the process is that after DGTR funding it has to be because that comes under Commerce Ministry. This gets referred to the Finance Ministry for final notification of anti dumping duty. So that again is a process. So when actually it will get implemented or one what will be the view of finance ministries? Another issue that is to be seen but at least for the first stage as to we are hopeful of getting it positive recommendations from DGTR in this quarter.
Moksh Ranka
And just one last question from my side. Our RM cost has gone up. So going in the next two quarters are we seeing that will impact our margin?
Suresh Sodani
No, actually we are pricing is normally taking into account RM costs. So actually I mean in past we used to have stock losses on when the prices are falling. It’s actually a rising market normally should not give any issues on the margins only normally what happens is if the prices have been low for a longer period, the markets take time to for the prices to adjust. So I mean in the sense that going up to right up to the final consumer. So it takes some time. So only the timing could be the issue. Otherwise we don’t expect any margins issue due to rise in the raw material prices.
And particularly we maintain very optimum levels of inventory. So that also should not impact us that much.
Moksh Ranka
Okay. Okay, that’s it from my side. Thank you for answering all my questions.
Suresh Sodani
Thank you.
operator
Dear participants, if you have any questions, please press star N1 on a telephone keypad. The next question comes from Vipul from Sumangal Investments. Please go ahead.
Vipul Shah
Hi, thanks for the opportunity and congratulations for very good set of numbers.
Suresh Sodani
Thank you.
Vipul Shah
So can you comment on the increase in volume after the GST cut? And that improvement in volume is only for reinforcement division, right? You’re not seeing any improvement in nylon filament eon segment?
Suresh Sodani
Yes, the volume improvement was mainly in the reinforcement segment because the cuts on the tires as well as the automobiles were quite significant. And since there Was a pre announcement since somewhere in August. So there was an expectation that this cut would happen. So the major improvements that have come in volumes are in the reinforcement side and which ultimately translates into. I mean in terms of tires and automobiles which are already available in terms of market information. So as far as the fabric side is concerned, actually the GST on the yarns and fabric was also reduced.
But that reduction was less relative to what we saw in the tires and automobiles. And second, as I mentioned earlier in the earlier reply, there was an issue with respect to delayed monsoon. So the fabric and the production and so actually both follow a very different cycle. So this fabric demands and the garments demand is more driven by the festival season as well as the marriage season. So which normally should have been there post Diwali also. But because of labor issues, delayed monsoon and some fabric inventory as well as the garments inventory. So this was. There was also an impact of. I mean some of the products which used to get exported to US market not finding that volume. So all that impacted the volumes. But just to conclude, yes, the volume impact was seen mostly in the reinforcement side.
Vipul Shah
So can you quantify that? What is the volume impact and what type of volume on a quarterly basis we should expect now already we are into one and a half months in this quarter.
Suresh Sodani
We normally do not give any forward looking statement. But I can only say that we expect volumes to be better than Q3. But again based on expectations now change. I mean a lot of things change every week. So we are hopeful. But let’s. We need to see how the complete quarter happens. But we hope that volumes should improve for both the segments. I mean the reinforcement as well as the filament yarn.
Vipul Shah
And sir, what percentage of our power requirements are met through renewable sources now? And you mentioned that further capacity is also coming up. So when it is likely to come up.
Suresh Sodani
So on a company basis it is about 15% currently and 1.5 of the total of both the sites combined together. And it should increase to about 30 to 35% in FY. I mean post the commissioning of second phase which is expected in later half of FY27. So we should go up to 30 to between 30 to 35%.
Vipul Shah
So when renewable reaches 30 to 35% what type of reduction in power cost we can expect if you can quantify will be really helpful.
Suresh Sodani
So we can give you. I mean normally the. We calculate the difference versus the grid rates. So assuming that the grid rates remain the same we should have in excess of about 10 to 12 crore rupees. Gain on account of the additional power which would come, I mean on an annualized basis. So it will depend on when actually we start getting it. But as I said it should be most likely in the later of second half of FY27.
Vipul Shah
So that full 10 to 12 crore benefit will flow to bottom line in 2829 only. Right. So since it is going to be commissionary.
Suresh Sodani
Yeah, full, full benefit would fly in FY28. You’re right. 28.
Vipul Shah
And lastly, what will be the impact of rise in caprolactum prices?
Suresh Sodani
As I said, our margins are decided on the raw material prices both for the tire cord and for the filamential products. So we don’t see unless there is. As long as the movements are not rapid, I mean significantly, month on month it is. Or even on a quarter on quarter we don’t see any negative impact on the margins. Yes. What could happen is particularly on the nylon filament yarn the market takes some time to adjust on pricing. So the volumes could have a month or two here and there. But margins, we don’t expect major impact unless the rise is very sudden.
Vipul Shah
Okay, thank you sir and all the best.
Suresh Sodani
Thank you.
operator
Thank you sir. Dear participants, if you have any questions please press star and one on your telephone keypad. The next question comes from Mr. Danish Individual Investor. Please go ahead.
Unidentified Participant
Good morning sir. I have two questions. First is what incremental EBITDA margin does the company expect from polished tire cord fabric once commercial sales stabilize and how does this compare with margins in the existing nylon tire cot business?
Suresh Sodani
Yeah, so we expect similar margins. Since we report our results in single segment we will not be able to give you breakups of that. But normally our projects have a minimum threshold of 12% IRR. So you can expect that kind of margins to add to the bottom lines once the commercial supply start.
Unidentified Participant
Okay sir, another question is are there any planned CAPEX investments over the next two to three years particularly towards capacity expansion or PTCF scaling?
Suresh Sodani
So we could look at opportunities to increase our PTCF capacities in future which is still under discussions because the first phase still needs to get commercialized on a regular basis. But we are also evaluating other opportunities to get into other products where we could use our nylon and polyester yarns and those once it is finalized approved by the board, it will be informed in due course.
Unidentified Participant
Okay sir, thank you.
Suresh Sodani
Thank you.
operator
Dear participants, if you have any questions please press Star N1 on a telephone keypad. The next question comes from Kupa Kamdar, an individual investor. Please go ahead.
Unidentified Participant
Hello
Suresh Sodani
yes.
Unidentified Participant
Yes, I firstly wanted. I firstly wanted to ask that how does the like. How does the company expect the revenue mix between the reinforcement yarns, filament yarns and PTCF to evolve over like a medium term as PTCF scales up.
Suresh Sodani
So as far as nylon yarns are concerned, our major investments in past as well as future will be on the value added products. So that would not significantly add to the. Hello. Hello.
operator
Yeah, you can.
Suresh Sodani
Yeah, so okay, so what I’m saying is in the nylon filament yarn our investments are towards improving the value addition to our current portfolio. So which will not significantly add to the top line but it should be sufficiently supporting our bottom line on this products segments. As far as the expansions in future are concerned that will be more towards technical textiles which basically covers our reinforcements. So we are not planning any investments in the nylon tire cord any further. However, our polyester tire cord may. As I mentioned we will evaluate that post good confidence on commercial, regular commercial sales of the polystrated tire cord because this is going to be a growing segment.
We may look at some opportunities of adding capacities on the nylon yarn but that would be not very significant.
Unidentified Participant
Got it sir. And lastly with like the whole tire demand showing improvement for GST cards. So are you seeing any pickup in the order inflows or order visibility from majorly the tire OEMs and how is this comparatively with the Q3 levels?
Suresh Sodani
So as I mentioned post GST we have definitely seen an improvement in reinforcement demand and which has continued in the early part of Q4 as well. As mentioned we are hopeful of this demand to continue because the tire companies are also seeing the replacement market now picking up. So that should support the tire demand as which in turn should help the reinforcement market.
Unidentified Participant
Got it sir. Thank you so much.
Suresh Sodani
Thank you.
operator
The next question comes from Vijay Subramaniam from Testrain India. Please go ahead.
Unidentified Participant
Is there any possibility of going for a buyback now that our business is improving, margins are improving, we have a lot of cash in the books. Is there any option?
Suresh Sodani
Actually this has been referred to our board as well as senior, I mean promoters are aware of this and we continue to tell, I mean inform them the views of the investors and shareholders. But our aim as management is to deploy and utilize the cash and balance sheet for projects which will give complete, I mean give good growth and profitability and sustainable profitability to the business and that focus would continue. If anything does positive does happen with respect to buyback, it would obviously go through a process of approval and then it would get informed through the stock exchanges.
Unidentified Participant
How is the acceptance of the new Polyster reinforcement cards? Are the acceptance in the market.
Suresh Sodani
Hello.
Unidentified Participant
Yeah. Adding on to that, how is the acceptance to the new nylon polyester cards? Is it being well accepted by the market? Is the tire industry accepting it?
Suresh Sodani
Actually, whenever we give a new product, especially in a completely new segments, the tire companies go through a very rigorous approval process because it’s not a regular product and they do multiple audits. They do extensive testing, both at the lap scale, but also by making tires and running them on the roads. Because one, it is going to passenger car tires. Second, this product, in a passenger car tire, the main reinforcement is only a single ply versus double or triple ply in products like truck tires or the tractor tires even it becomes even more critical that the product is completely meeting the requirements of the tire company.
And that’s why this whole approval process has taken time. Because it is also a learning for us in terms of entering a new. Even though it’s a reinforcement, it’s different, slightly more complex in compared to nylon tire cord, which we have been doing for decades. But once it is stabilized and we are very hopeful that that the process is going well, then our internal processes also align to the requirements of the customers and then it becomes a more regular process and then even the expansions become much easier to take it through and commercialize early.
Unidentified Participant
Eventually can be used for commercial vehicle. Tires as well as tractor tires, etc. Or is it only limited to the passenger tire?
Suresh Sodani
No, it is only worldwide. It is mainly used in passenger car tires to some extent somewhere or even in the high end motorbikes it is used, polyester is used in trucks, what is used is the steel tire cord for the radial tires. Otherwise in the bias tires it is always nylon. In OTR and the farm segment it is mostly nylon. Because nylon has a property where the rough it is more suitable for or the bias tires are more suitable for the rough usage or where the road conditions are not good. So like mines or rural roads where two wheelers, three wheelers also run.
So all these are likely to continue on the bias tiles only. So which consume nylon.
Unidentified Participant
Thank you, sir. Thank you.
operator
The next question comes from Kamal Jeshwani. From you first Capital. Please go ahead.
Kamal Jeswani
Yeah, hi, I wanted to know what is the exports as a percentage of our revenue? And seeing the tariffs come down, how much growth are we expecting on exports?
Suresh Sodani
So our exports are mainly just yarns basically and some depolymerized chips that we sell. We hardly. We don’t sell any Tire cot fabric mainly because the nylon tire cot fabric demand in US and Europe and other markets is very low because the tires are made in India and export supported like farm tires, the OTR tires. However, in future once we have domestic approvals for. Polisher tire coat fabric that could open an opportunity for exports of the tire coat fabric. But that is slightly long term because first our focus is on the domestic market. Domestic approval but that is something because the tires which are made in in advanced countries particularly Europe where mining Europe as well as usa a large number of that is in the using the polyester as a reinforcement.
Kamal Jeswani
Okay. And our return on equity and return on capital employed is quite low as compared to what it should. I mean the investable created for the a lot of institutions is. So just wanted to know what are we doing anything for in that regard?
Suresh Sodani
Yeah. So that’s a focus area for us and the senior management also. And the first thing we wanted is to make the nylon filament yarns more robust. And our new investments and the value added products that you have given have given us a good improvement in terms of margins even though they are not very attractive in terms of market expectation. But at least that is supporting the bottom line to some extent. Second is our new investments will always be looking at more in future and so that should support the overall improvement. And third is that we have actually exited and decommissioned lot of our old capacities which were either very inefficient or already done that.
I’m just giving in terms of last two, three years. So that process has to a large extent come to a level where now we start looking have started looking at new investments in a perspective where that should give a significant amount of uptick to the return return numbers and that should support the overall return metrics for the company.
Kamal Jeswani
All right. The promoters holdings are quite low, less than 25%. So any plans of their increasing the stake because we are trading quite significantly below the book value. So doesn’t the promoter feel that this is attractive taste to add to his, you know, holdings considering we as management.
Suresh Sodani
Have I been given the strong feeling of investors and shareholders on this to our promoters as well as the board. So just for them to take a call on. But we do convey your sentiments and what. What the market is looking for. It is for promoters and the board to take a call on that.
Kamal Jeswani
Yeah. Because I am aware that there are few banks who below if the promoter holding goes below 25% they don’t give that attractive rate of interest for debt and all that. I don’t know what is the rate of interest we are being charged on the debt side from the banks.
Suresh Sodani
We are debt free. In fact we have positive cash on balance sheet. So our limits are only limited to some working capital that also is not significantly utilized. So our ratings are good and we get good return and good, I mean interest rate. But we are hardly, if you can see our finance cost is very low which is coming in the profit loss. So I think that is not a concern because we don’t, I mean unless there is a really big project where we need to borrow to take debts on the balance sheet that would really come up.
But as of now we have sufficient cash to take a really, even a large project with our own internal cash.
Kamal Jeswani
Fine. Thank you. All the best.
Suresh Sodani
Thank you.
operator
The next question comes from Jane, an individual investor. Please go ahead.
Unidentified Participant
Yeah, good morning. Thank you for the opportunity. Just wanted to know what the primary raw material is for our PTCF product and where do we source those from?
Suresh Sodani
So we buy the pet chips, polyester chips, mainly domestic is from Reliance. We have started some trials with imports as well. So we are looking at, I mean all opportunities since it is still at a phase where we are starting and we are more in terms of stabilizing and getting regular. But we are evaluating and we are keeping multiple sources. But as of now it is mostly domestic and Lance is one of the largest supplier also. Sir, how do you see the caprolactam.
Unidentified Participant
Price trends evolving over time?
Suresh Sodani
So we have seen that prices increasing from somewhere from October almost after a year. And one of the reasons is that the caprolactam producers even in China were struggling because of the low margin over their base raw materials. So there was a cut in possibly an industry level cut. That’s what we hear from the reports that close to 10% production cuts were taken by caprolactam producers in China which led to an improvement in prices and we feel that that process would continue because the current margins over benzene, which is one of the raw material has been at historical low levels for last 12 to 15, 18 months.
So that’s not very product good for the caprolactam producers. Some of the integrated producers can sustain but even they would not would want this kind of low margin. So. So we are now seeing that the prices have gone up, they have increased in January as well to some extent. So this should improve but it should stabilize at some levels which are more sustainable for this capital income producers. Obviously one of the drivers would be the crude oil prices which recently significantly went up in Terms of a very short period, but that remains the same. Then it should stabilize at normal level that it used to be about maybe 18 months or two years back.
Unidentified Participant
Also just one last question. Could you update us on the mother.
Tushar Pendharkar
Yarn and the value added product investments that we have already made in the past quarter?
Suresh Sodani
No, these were already done in the previous year. In fact not in the quarter. We have added very small capacities in the current year. What we mentioned is that they have supported our margin improvements particularly on the nylon filament yarn. So we had in total invested over 30 crores on these two, three projects and which have given good returns and continue to support our nylon filament yarn business.
Unidentified Participant
Any number on the return on assets.
Suresh Sodani
On overall assets or no on this value added product we do not give. I mean as I said we are reporting only in single segments. So we do not give for competitive reasons breakups on multiple or our own. But as I said these are. These have really helped improve the margin profile of particularly of the nylon filament yarn segment.
Unidentified Participant
If I could just get an overall idea on the ROA numbers.
Suresh Sodani
Overall has been already shared in the our presentation. So that’s. That’s the only additional, I mean no additional information I can pass on on this.
Unidentified Participant
Okay, thank you. Thank you so much. Thank you so much sir.
Suresh Sodani
Thank you.
operator
Your participants. If you have any questions please press star and one on your telephone keypad. Dear participants, if you have any questions please press star and one on your telephone keypad. The follow up question comes from Moksh Ranka from Aurum Capital. Please go ahead.
Moksh Ranka
Hello sir. I wanted to understand the increase in carpoelectrium prices which you mentioned due to production cuts in China. Is it. Is it due to the anti inflation drive by China? And this trend should continue because of this drive in China? Like could you provide some comments on that?
Suresh Sodani
Could be that. But I think it is more that actually they have been. China has been having over capacity in lot of commodities and this was also hurting their domestic industry. So that from the report that we get from the Chinese market it appeared that there was a concerted effort possibly also involving the government that this is unsustainable and it is not helping the domestic industry. So there should be some way to improve the margins or remove the significant overcapacity. So I guess it’s a combination of multiple things. But what I mean it comes out is that the operating rates of some major caprelactum producers are showing lower rates which are not related to any turnaround or shutdowns which Shows that there has been some concerted effort to reduce the availability to improve the the viability or the margins of caprelactam.
This should, I mean again these are commentaries which are based on certain data available from these reports but appears to be more logical because of that is something which has been happening for a very long period. So should be a combination of these factors.
Moksh Ranka
Okay. And just in case if there is a very high increase in carpool item sizes will it impact volumes for us and will be able to like pass on any margin increases? Like it won’t affect our margins. Right. Because it’s a pass through for us.
Suresh Sodani
Yeah. As I said, it all depends sometimes. I mean the increase is significant and the timing of buying of our raw materials which to some extent also comes from China is also important. But over a period at least one month or two it could be get impacted both in volumes or some margins. But we don’t expect any margin hit because of this price increases because the entire industry is working on the same raw materials and same pricing mechanisms. So we are all in the same boat. So unless I mean what impacts more is the import of our finished good.
I mean our products from China. So that is more important than impacting the margin than the raw material price movements.
Moksh Ranka
Okay. Okay. Thanks a lot for your answer. That’s it from my side. Thank you.
operator
Yeah. Participants, if you have any questions please press star and one on your telephone keypad. Dear participants, if you have any questions please press star and one on your telephone keypad. There are no further questions. Now I hand over the floor to management for closing comments.
Suresh Sodani
Thank you everyone for joining our earning call. I hope we were able to give the answers to your queries and I hope those were to your satisfaction. If you have any further question or would like to know more about the company, please reach out to our investor relation manager at Wallerm Advisors. Thank you.
operator
Thank you sir. Ladies and gentlemen, this concludes the conference for today. Thank you for your participation. You may disconnect your lines now. Thank you and have a good day.