Clean Science and Technology Limited (NSE: CLEAN) Q1 2026 Earnings Call dated Jul. 17, 2025
Corporate Participants:
Unidentified Speaker
Siddharth Sikchi — Promoter and Executive Director
Sanjay Parnerkar — Chief Financial Officer
Pratik Bora — Vice President – Corporate Finance
Analysts:
Unidentified Participant
Rehan Saiyyed — Analyst
Sanjesh Jain — Analyst
Jason Soans — Analyst
Rohit Nagraj — Analyst
Ankur Periwal — Analyst
Abhijit Akella — Analyst
Arun Prasad — Analyst
Abhigyan Srivastav — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q1FY26 earnings conference call of Clean Science and Technology Limited. We have with us on the call Mr. Siddharth Sikchi, Executive Director and Promoter, Mr. Sanjay Parnerkar, CFO and Mr. Pratik Bura, Vice President. 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 touch tone phone. I now hand the conference over to Mr.
Siddharth Sikji for opening remarks. Thank you. And over to you sir.
Siddharth Sikchi — Promoter and Executive Director
Thank you so much. Good evening everyone. I am happy to connect with you all to discuss the business performance for quarter one FY26. At the outset let me highlight that the operating environment for the quarter gone by has been marked by high volatility driven by global trade uncertainties and geopolitical tensions. We have observed a degree of client caution resulting in extended decision cycles. The business performance during the quarter has remained resilient and promising. In this context, let me first discuss the standalone financial performance starting with Q. On Q comparison on sequential basis, revenue decreased by 9% to rupees 217 crores.
EBITDA and PAD were rupees 101 crores and 77 crores respectively. We are very pleased to report record high EBITDA margin of over 46% since our listing. Coming on year on year comparison, the sales were steady for the quarter. Favorable product mix led to lower RNC and record high EBITDA margins. To speak a little bit on more granular context to sales performance during the quarter, please note that the sales momentum in established products have remained intact. In fact they have witnessed 5% sequential and 8% annual growth which is primarily volume led. Sales mix is highly favorable during the quarter with established products contributing highest to the stand alone sales at 83% as against 75% during quarter four and 80% during Q1 last year.
On account of this favorable product mix, the RLC has significantly improved by 13% sequentially and 4% annually while non established products have seen slower momentum due to softer demand. More importantly, we do not observe any loss in market share. Let me speak on Consol Financial Performance Company recorded 240 crores of sales for quarter one which is 8% higher on annual basis and 6% lower on sequential basis. The consolidated EBITDA is 100 crores implying 42% EBITDA margin for The HAL Performance Performance for the quarter the sales increased by 8% sequentially led by better volumes geographic mix diversified as 73%.
HAL’s sales came from domestic market as against 84% during last quarter. As we have mentioned in the past, hal’s business will be EBITDA breakeven at monthly run rate sales of rupees 10 crores. We are pleased to report that we are now nearing the breakeven basis ongoing sales momentum. We are pleased to announce that over the next two quarters we plan to commercialize more advanced grade of halves priced in the range of $11 to $35 per kilogram. These newer halves will positively impact the. Margins. A little bit on sales profile.
The revenue contribution from Performance Chemical Pharma and agro intermediates and FMCG was 74%, 16% and 10% respectively. During the quarter the performance segment contribution improved led by increased contribution from the HAL series. On a CAPEX update, Clean Science invested 80 crores during the quarter in the subsidiary Clean Phenochem Limit Ltd. The construction of Performance Chemical 1 which is expected to commercialize in quarter two is on track. The water trials for Performance Chemical 1 is expected to commence in the next four weeks and Commercial production to begin in September. CAPEX for performance Chemical 2 is underway and we expect the plant to commercialize by Q4FY26.
Regarding DLPT the MAMA intermediate, the plant is now commercialized, the production process is more or less stabilized and now the samples have been sent to variety of customers for validation. Regarding another product called as Barbituric acid, we are in process to rebuild the existing facility of PBQ to convert it into barbituric acid and this is estimated to commercialize by August. End. The growth driver with commercialization of newer launches including HALS Performance Chemical 1, Performance Chemical 2 the addressable market is set to expand by over 1.7 billion over the next three quarters. These newer launches give us visibility in terms of revenue acceleration going forward.
With this I conclude my opening remarks and look forward to Q and A session. 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 remove 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. We we have a first question from the line of Rehan Sayed from Trinetra Asset Managers. Please go ahead.
Rehan Saiyyed
Hello.
operator
Yes sir.
Siddharth Sikchi
Yes please go ahead.
Rehan Saiyyed
Good evening team and thank you for giving me the opportunity. So I have a couple of questions. Regarding the first one. What is the capacity utilization across the categories like msu, Garlic and Pharma integrates if you can.
Siddharth Sikchi
Yeah. Hi. We would like to mention capacity utilization across segments rather than products. So Performance and FMCG are in the range of 75 odd percent. Pharma is around 68% and has is around 22% for the quarter gone by.
Rehan Saiyyed
Okay. Okay. Another question Sir. Regarding the HLS 9 4.73 performance. Are we seeing any offtake momentum towards the 210 crore target for FY26 that we have portrayed in the last.
Siddharth Sikchi
Sorry we couldn’t follow you. Your voice was muffled. If you could repeat.
Rehan Saiyyed
Hello. Hello. Am I audible?
Siddharth Sikchi
Yes
Rehan Saiyyed
sir. I’m asking how are the HLS 945 and 783 performing? Are we seeing any offtake momentum towards. The 210 crore target for FY? Two issues that we have gotten in last quarter?
Siddharth Sikchi
Yes, I mean the volume for 944 and 783 during this quarter was encouraging. In fact we have seen a good volume mix contribution coming from these two products. Also.
Rehan Saiyyed
Oh okay. And regarding the Capex guidance that you have given in the last 24. How much amount you have deployed in the quarter? One.
Siddharth Sikchi
The quarter one 80 crore. Confused. Yeah. So quarter one 80 crore is infused. Additional 120 odd crore could be infused in the subsidiary company.
Rehan Saiyyed
Oh okay. Okay.
Siddharth Sikchi
Thank you.
operator
Thank you. The next question is from the line of Sanjay Jain from ICICI Securities. Please go ahead.
Siddharth Sikchi
Sanghir.
Sanjesh Jain
A few questions I have. So first starting with the standalone I think phenol prices have fallen 8% and they are largely growing by volume. That implies that even the lower raw material benefit is benefiting us on the margin side. Will that be a fair assumption?
Siddharth Sikchi
No, no Sanjay. So actually for the quarter our consumption prices have for the phenol specifically have remained in line with the last quarter on sequential basis. We have not yet derived that benefit. Yeah, on yoy basis. You’re right. On yoy basis we have got some benefit there.
Sanjesh Jain
Okay, the second thing.
Siddharth Sikchi
Louder, louder.
Sanjesh Jain
Can you hear me now? Okay sorry. What has gone with the non established product? When we say non established product in the standalone what exactly are we referring to the products?
Siddharth Sikchi
So these are products like dct, tbhq, Veritrol, Ascorbyl, Palmitate. So here there was just little slower demand in this quarter.
Sanjesh Jain
Because if I see solvase release they have talked about Slowdown in phenol and phenol derivative. Globally the demand is coming down. That’s the same thing. Given we are seeing the same trend, right? There is no different.
Siddharth Sikchi
Absolutely. We are seeing but we are still trying to maintain volumes in our existing businesses. I mean in our established products. But overall there has been a numbness or a slower in demand. That is why we have seen that in more impact giving in our non. Established products
Sanjesh Jain
any geographically different. We are seeing India being fine. China, US Europe which are the geographies.
Siddharth Sikchi
China is very slow. Europe is slow. China, Europe and United States were still dabbling between the tariff tensions. So that has also been a little slim.
Sanjesh Jain
Very clear, Very clear. Particularly pharma. I see There is a 29% sequential decline this quarter. Anything which has gone wrong there or it is the call which is still continuing to be very volatile.
Siddharth Sikchi
No, no, no. It has been the other way around. So what happened is because like you knew Guaikol was very slow and we got a lot of pickup and we picked up Guaikol in quarter four. So today goaikol is sold out. But the base was very high in quarter four. Because we sold maximum Goacol during the quarter four to Vanillin producers.
Sanjesh Jain
Oh, okay. Instead of cup syrup we have now even reached out to Vanillin. Earlier we used to,
Siddharth Sikchi
you remember we had surplus stock. We had excess inventory which we were able to let it. I mean we were able to sell it to Vanillin producers.
Sanjesh Jain
Very clear, Very clear. No, no, that’s fair because that also restricts our MEHQ production, right?
Siddharth Sikchi
Absolutely. That is why we never hold me HQ production. We rather prefer to stock up goicob.
Sanjesh Jain
Very clear. My next question is on the gross profit margin in a console minor standalone that swing the lot Last quarter it was like 62% and discount of 42%. What explains such a sharp moment? I know it’s a small base but still curious.
Sanjay Parnerkar
So Sangesh. Last quarter our RMC was 45% for the subsidiary company which this quarter is around 62%. That is primarily because last quarter we were carrying a higher closing stock and hence related overheads that led to a lower RMC last quarter. So it’s more of an accounting impact. But as we have been maintaining HAL RMC is in that range of 65%.
Sanjesh Jain
Got it, got it. So 35% gross profit margin is what we are telling and that we. Hold on.
Sanjay Parnerkar
Yes, yes.
Sanjesh Jain
Okay. And from the full year perspective, what we talked about earlier, I think revenue we may miss but margin we may still Achieve that’s the way we look at it. Correct.
Sanjay Parnerkar
Subsidies, we achieve high
Siddharth Sikchi
subsidies. Little tricky because we are like seeing a slower demand. But HALS will pick up and with the performance chemical one we are very upbeat about the quarter four numbers and hence we feel we should not really miss the profitability even if we miss on the revenue side.
Sanjesh Jain
Got it, Got it. One last question from my side. Can you now know that we have started water trial and all? Can you throw more light on the this product one we are now going to expect say the end of next quarter.
Siddharth Sikchi
Sangesh water trials will begin in the next three to four weeks. And post that we will share much more details.
Sanjesh Jain
Clear so probably in the next quarter we will hear more on it.
Siddharth Sikchi
Absolutely, absolutely in the next quarter. Con call you will have all the details.
Sanjesh Jain
Thanks, thanks. Thanks for all those answers and best of luck for the coming quarters.
Siddharth Sikchi
Thanks.
operator
Thank you. The next question is from the line of Jason Sones from IDBI Capital. Please go ahead.
Jason Soans
Yeah, thank you so much sir for taking my question. So just wanted to know, you know last call we had a, you know a very sandwind roadmap for hires for FY26 and targets beyond that also. So the volume Target was probably 4,500 and sales of 210 crores which were targeted for FY26. Just wanted to know sir that the run rate in Q1, are we still maintaining that or just some color on that? How do you see that shaping out?
Siddharth Sikchi
So we are trying to maintain that number in fact by the newer halves. Which we are trying to introduce which. Are more expensive and which we feel will be able to help us to complete the number which we have stated in the last call. So as of now we are holding to that statement.
Jason Soans
Sure sir. Possible to give the volume and the sales this quarter for health.
Sanjay Parnerkar
This quarter. The sales is close to 24 crores in terms of value and in terms of volume it’s close to 580 tonnes.
Jason Soans
Okay, thanks for that sir. And so just wanted to understand also one more thing, I mean in terms of competition of course you’re looking it as a import substitution products which it has now I understand, I understand that you know everything can’t be spelled out but just wanted to know there are players like Chinese players like Rhian Lon also competing with in this segment in the market and being a major competitor as well. So just wanted to know if just whatever you could share, what steps are we taking to basically compete with such players, you know, with such a big time market for us just Wanted your perspective on that.
Siddharth Sikchi
Yeah. So the perspective is real is not the real competitor. The real. The real competitor in China is Sukian Su Xian. Please note that it’s English Village United Cap. Okay, so that is the major competitor for all the help producers. Not just to us but for all the players. What are we trying to do is a. Of course trying to increase our yield efficiencies which is happening as we speak. Because as and when our plant is running, more capacities are coming up. Whatever we are understanding for them from this process, the yield is improving which will help us to compete.
Secondly is we are trying to diversify into more complex products. One is 2020 which we mentioned which we are starting next month. So all these is giving customers confidence that it is not that we are only into 4, 5 basic Hals products but we are also into more complex series which gives them the confidence to switch over. As my base keeps increasing, my fixed costs keep reducing and thus the EBITDA margin should improve.
Jason Soans
Sure. Thanks for that sir. And just finally, just would want to know, sir, you did mention that established products saw and exhibited good growth in this quarter. Any particular reason for that? So I would assume MEHQ BHA that did well for you. So just any particular reason you saw in this quarter for this group?
Siddharth Sikchi
Just volume, momentum. I mean nothing in general but I mean these are. I mean this is just regular for us. But the most important point which we are trying to make is we have not lost any market share to any competitor. If that is important for others to understand.
Jason Soans
Sure. Thanks. Thanks. Those were all my questions. Thank you for answering them.
Siddharth Sikchi
Thanks man.
operator
Thank you. The next question is from the line of Rohit Nagaraj from BNK Securities. Please go ahead.
Rohit Nagraj
Thanks for the opportunity. So first question is. You mentioned in your earlier remarks as well that we will be going into the premium halves. So in terms of the market, in terms of the customer, will it be a similar set of customers or they will have to scout for new set of customers. So how are we looking at from the marketing and scale up perspective? Thank you.
Siddharth Sikchi
Similar customer. In fact by introducing these higher version of hals, we are trying. The customer is getting that confidence that we are equivalent to any other European player who has the entire basket to offer. Thus you know, it is helping us so that. I mean when we are supplying these complicated, I mean these higher grades. So the regular grades, I mean they will increase that wallet share with us.
Rohit Nagraj
Right? Right. Got it. That’s helpful. Second question in terms of. I mean we’ve been hearing that Q4, they were generally front loading in the US and subsequently there has been some impact in terms of exports, particularly to the US market. So have we also experienced a similar situation during the quarter, gone back and probably for the last maybe 15 days. During this quarter
Siddharth Sikchi
That has happened overall because the customers wanted to stock up because they were really unsure about the tariffs. So yeah, to some extent, yes, but. But it’s not that the biggest item in our list.
Rohit Nagraj
Just one last clarification on the standalone numbers. We have clocked the highest ever EBITDA margins. So any specific reason beyond the raw material cost being low.
Siddharth Sikchi
Product mix, I mean the non established products sold lower than the established ones and hence the margins in our established products have always been better than the non established products. That’s all.
Rohit Nagraj
Okay, got it. Thanks a lot and all the best, sir.
Siddharth Sikchi
Thank you ma’.
operator
Thank you. The next question is from the line of Ankur Periwar from Axis Capital. Please go ahead.
Ankur Periwal
Thanks for the opportunity. First question on the pricing trend across. All the products, the core one as. Well as health side. Any changes that you are seeing from. Last quarter versus this quarter?
Siddharth Sikchi
Not during the quarter, but if the raw material price is correct in the future then yes, we might have to. Reduce the finished product price which is. A very general trend.
Ankur Periwal
Sure. And even in that scenario, the percentage gross margins that we have been guiding for will largely stay intact there. Because it’s a price
Siddharth Sikchi
more or less. Yes, more or less,
Ankur Periwal
sure. Second thing, on the new product launches, you know the performance chemical 1 and 2 1, you mentioned that samples have. Already started going on. How has been the feedback? Is there any sort of, you know, teed in trouble that one can think of? There maybe some iteration required or you know, the feedback?
Siddharth Sikchi
The pharma plant I mentioned, Ankur, the pharma plant which we started has now the samples have been going out to the customers. The Performance Chemical one where the water trials will begin in the next three weeks time, then the plant will start, the production will come and then the samples will go out to the customer. Because customers would be keen to test the commercial sample, not the lab or pilot samples.
Ankur Periwal
Sure. So that was more for the pharma product there, not performance probably will happen.
Siddharth Sikchi
Performance Chemical 1. I think the sampling will start somewhere in September. October.
Ankur Periwal
Okay, fair enough. And just lastly on the revenue breakup. Bit, while you did mention that China. And Europe look slower, US and India specifically have shown reasonably good numbers on. A year on year basis. Will this delta be largely backed by HALS here or you know, specifically for. US.
Sanjay Parnerkar
No, no, Ankur, on annual basis it is largely backed by other products. Also the performance segment.
Ankur Periwal
So has right now also is largely India. 75% you mentioned.
Sanjay Parnerkar
Correct. Yeah. So that’s what, that’s what I’m mentioning is other products also from the performance segment.
Ankur Periwal
Okay. Okay, fair enough. That’s it. From my side. Thank you. And all the best.
Sanjay Parnerkar
Thank you.
operator
Thank you. The next question is from the line of Abhijit Akela from Kotak Securities. Please go ahead.
Abhijit Akella
Yeah. Good evening. Thank you so much for taking my questions. Siddharth, if you could please share some insights into this communication from the promoter and promoter group regarding the intent to significantly reduce the stake. It seems so. If you could please just help us understand, you know, the exact plans out here. Thank you.
Siddharth Sikchi
The basic plan is some fraction of the boot family are exiting part of their equity. I am not selling a single share and the business will remain as usual. And I think, I mean anything more, I think that this is what it is.
Abhijit Akella
So at present the total promoter stake is 75% and we intend to keep it above 50%. So up to 25%. Up to 25% is
Siddharth Sikchi
24ish.
Abhijit Akella
And okay, this is, you know, I mean entirely to do with estate planning purposes, basically.
Siddharth Sikchi
Absolutely, absolutely. From the book family.
Abhijit Akella
Okay, thank you for that. The second thing I just had was on the 18 to 20% EBITDA growth guidance that we had sort of communicated last quarter. So in light of the softness in business conditions, does that still seem like an achievable target for us for this year?
Sanjay Parnerkar
I think, you know, it could be in the range of 15 to 18% but we’ll have little more clarity by Q2 end because we are also banking on DHT stepping up performance, Chemical One starting to contribute and the higher grades of health to contribute. So 18 to 20 could be moderated to 15 to 18% at this stage.
Siddharth Sikchi
But just allow us a couple of months. I think at least two months more once we get these clarity on. So we would be far more clear on the numbers going forward.
Abhijit Akella
Sure, sure. Appreciate that. So in terms of the quarterly trajectory, maybe can you expect that 2Q might remain comparably, you know, subdued, similar to 1Q and then the real pickup in growth starts to happen in 3Q and especially in 4Q. Is that how we should think about it?
Siddharth Sikchi
Absolutely. Yes. Yes. That’s a good way to think about it.
Abhijit Akella
Got it. Thank you. And just one last thing. From my side in the MEHQO anisol derivatives business, have we started to see any early signs of any competition products in the market yet or is that still not visible?
Siddharth Sikchi
Not yet. And hence we mentioned that our volumes of our established products have remained intact. We have not lost any business. So we are not seeing anybody, any, I mean, at the moment.
Ankur Periwal
Okay, great. Thank you. Thank you so much, Siddharth. And thank you. All the best.
Siddharth Sikchi
Perfect. Thanks.
operator
Thank you. The next question is from the line of Arun Prasad from Aventus Park. Please go ahead.
Arun Prasad
Good evening. Thanks for the opportunity. So the first question is on the two grades that you spoke on the hals. This is something that we have done recently or this was always in the plans. How should we look at it?
Siddharth Sikchi
So out of two, one was already in the pipeline. We always wanted to do. The other one, which we are trying to start in Q3 is something which we learned is very critical. And there are. It’s a single source product for the customers. So I think we developed the process, we developed the tech, we made pilot samples submitted to the customers, got approval. And I think this is something we should do on priority because it will help us increase our margin. And that product is itself about 30, $35 a kilogram.
Arun Prasad
Okay, so one grade you mentioned as 20. 20. What is another grade? Can you just number it?
Siddharth Sikchi
Let us start that Arun, we will give us couple of weeks. Months. Yeah, perfect. Thanks.
Arun Prasad
Okay. Okay, understood. And is there any such more opportunity on the half side where we haven’t thought about but customers say demanding or are requesting us to do that. Any such opportunity.
Siddharth Sikchi
See what happens is Arun, once we started with the basic 770-622-944119 then the customer asked us can you make these two grades? Once we have established those and we start these then I’m sure the customers will come up that since that you have made these, can you come up with these as well? So it is lot of interest coming from customer side. And I think it will keep coming as and when we keep going, gaining their confidence by making such products which are, I mean are not made by all.
Arun Prasad
Understood?
Siddharth Sikchi
Yeah.
Arun Prasad
And do we need to do any. Modifications or our existing facilities good enough to handle this and
Siddharth Sikchi
little bit modification? Some modifications are needed. But because we are not running our existing plants at full capacities, hence we can take that liberty to quickly change over and produce certain grades so that there is improved plant utilization.
Arun Prasad
Interesting. And on the domestic front, have we done any incremental market share gains on a quarter? On quarter basis?
Siddharth Sikchi
Absolutely. All products I think have now increased in domestic. So the 622-944-119 which hadn’t picked up so much. Now most of the accounts have at least started trying using the product. So I think in the next quarter two quarters we will have much more better penetration even in Indian market for other halves as well. Plus when we are introducing the higher halves which was not even available for some of the users had given them the confidence that with us or with partnering with us they will have access to products which was not even accessible to them.
Arun Prasad
I just need one clarification to that because QoQ, our HAL’s revenue seems to be more or less flat but our export has grown. So I thought domestic we have done a little bit lower on the quarter. On quarter basis
Siddharth Sikchi
absolute prices have come down a little bit. Volume wise there is no reduction. And point two is if you see our exports have also grown. So month on one now we are starting exports to Vietnam which market we didn’t have probably three months ago. So these newer markets are now opening which of course we have started work probably six months ago and the fruits are now, I mean now these orders are coming through.
Arun Prasad
Okay. Understood, understood. My second question is on this performance chemical one, this primarily a domestic product or export market. This is both. Okay. And you said that after the water trails we’ll be doing the sampling and the commercial plan typically what is the timeline from the sample? Sending approvals and then ramping up any. Rough timelines
Siddharth Sikchi
between two months to six months. So. For some people it could be as little as two months probably in India could be a very quick market for us. Taiwan, China, South Korea could be very quick. Europe might take a little bit longer, that’s all.
Arun Prasad
Okay. And bulk of the revenues that we are expecting that is from this ex Europe markets or where is the demand coming typically.
Siddharth Sikchi
But the quickest market I mentioned would be Asia market for us
Arun Prasad
and that’s. Where the maximum volumes will be will be looking to sell
Siddharth Sikchi
eventually. All major volumes eventually go into Asia.
Arun Prasad
Thanks.
operator
Thank you. The next question is from the line of Jason Sones from IDBI Capital. Please go ahead.
Jason Soans
Yeah, thanks for taking my question again, sir. Actually just a clarification, just wanted to know that at a run rate of 10 crores for Hals, there’s a break even, that’s what you mentioned, is that correct?
Siddharth Sikchi
Absolutely.
Jason Soans
Okay.
Siddharth Sikchi
Just to clarify, we just not have any. I mean if we attain a revenue of 10 crores we will do a break even in the substitute.
Jason Soans
That’s a monthly run rate. Right. So that
Siddharth Sikchi
of course. Monthly. Monthly.
Jason Soans
Yeah, monthly. Monthly. Okay. Okay, sure. And just if you could yeah. Thanks. Thanks.
operator
Thank you. The next question is from the line of Abigail Srivastava from Marcellus Innovation Managers. Please go ahead.
Abhigyan Srivastav
Hello, sir. Is my voice audible?
Siddharth Sikchi
Absolutely.
Abhigyan Srivastav
Okay. I wanted to ask a follow up question on the stake sale that was earlier asked. You mentioned that the final stake would be 51%. Do you mean that the Boot family. Would. Continue to retain more than. So the Boot family would continue to be doing 51% or would it be the total promoter stake that would remain above.
Siddharth Sikchi
Total promoter stake from 75 will go down to 51. The difference of 24% will be sold by fraction of the book family. Thank you.
operator
Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Siddharth Sikchi for closing comments.
Siddharth Sikchi
Thank you so much for all of you for taking time out and to attend our earnings call. Looking forward to connecting you. Post the Q3 number. Thank you so much and have a great day.
operator
On behalf of Clean Science and Technology Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.