Control Print Limited (NSE: CONTROLPR) Q3 2025 Earnings Call dated Jan. 20, 2025
Corporate Participants:
Jaideep Barve — Chief Financial Officer
Shiva Kabra — Joint Managing Director
Vinay Pandit — Investor Relations
Analysts:
Unidentified Participant
Saket Kapoor — Analyst
Bhavesh Rathod — Analyst
Tushar Palwar — Analyst
Presentation:
Operator
Ladies and gentlemen, I welcome you all to the Q3 and nine months FY ’25 Post earnings Conference Call of Control Print Limited. Today on the call from the management, we have with us Mr Shiva Kabra, Joint Managing Director; and Mr Jaideep Barve, Chief Financial Officer.
As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements, which may involve risks and uncertainties. Also, a reminder that this call is being recorded. I would now request the management to detail us about the business performance highlights for the quarter, the growth plans and visions for the coming year, post which we will open the floor for Q&A. Over to the management team.
Jaideep Barve — Chief Financial Officer
Yeah. Hello, everybody. My name is, Jaidee Barve and I am the Chief Financial Officer of Limited. Welcome you all to the earnings conference call for the 3rd-quarter of the financial year ’24-’25 of Control Limited. We appreciate that you have taken out time from your busy schedule to attend this call.
First of all, let me wish you and your families a Happy New Year. MR. Shiva, the Joint Managing Director of Limited, also joins me on this call. For first time join us on the earnings call, more information about CPL can be obtained by visiting our website. Just for your information, the detailed presentation has already been put up on the website as well as in the investor presentation notification on the exchanges for this call.
Now let me provide you some highlights for the performance of CPL for the 3rd-quarter of FY ’24-’25 on a standalone basis. Revenue from operations. On a standalone basis, the total income for the 3rd-quarter is approximately INR95 crores. This is a good growth from approximately INR84 crores in the 3rd-quarter of the previous year. Just for information, the FY ’23, ’24 and FY ’23 income was INR347 crores and INR295 crores, respectively. This trend — revenue trend actually augurs well for our company and we look-forward to ending FY ’24-’25 with a solid revenue.
Pipes, food, dairy, steel and metal, cable and wire continue to be our top-five verticals. Of — we also have two divisions which have — which we are planning to focus on apart from the coding and marking. One is the track-and-trace and other is the packaging division where we feel there’s a lot of scope for improvement in the revenue.
On the expenses and the profitability level, I would like to state that the Q3 COGS is a little bit higher as compared to the quarter two of this year and quarter three of the last financial year. The primary reason for this increase in COGS is because there has been the change in the product mix of the revenue. That said, management remains committed to optimize the procurement costs as well and we definitely look closely into the economy efficiency and effectiveness of operations. This we feel can definitely lead to reduction in the operating costs going-forward.
Employee costs, depreciation, manufacturing costs, other expenses, they have been incurred in-line with the business these are requirements. The EBITDA and the PAT growth was at negative 1.86% and positive 5.19% on a year-on-year basis.
For us, the way forward, we believe is increased revenue expected in the packaging business, both in India and overseas, better penetration in the track-and-trace segment with strong orders in the pipeline. Our overseas subsidiaries will continue to be monitored by us, which focus. For coding and marking, which is the main revenue for us, the strategy to focus on bigger and key accounts will definitely result in both the jump-in the revenue as well as ensuring a good-quality of revenue.
Our installed-base will be increased and we will focus on increasing our larger market-share.
With now, the floor is open for questions.
Questions and Answers:
Operator
Thank you, Jerry. All those who wish to ask a question may use the option of raise hand. In case you are unable to raise hand, you may put a question in the chat box and we’ll call you to ask a question. Jerry, before we move to the Q&A, could you throw some light on the reasons for the soft performance in the standalone business and the lower gross margins in Q3 and what is the — what is leading to this phenomenon?
Jaideep Barve
Well, I wouldn’t call this actually a soft performance because the revenue continues to be robust and we’ve got a good pipeline of orders. In fact, the Q4, we will be ending on a strong revenue performance on a standalone basis. There has been a bit of increase in the cost-of-goods-sold as well as the SG expenses, for the cost-of-goods-sold, investors would know that majority of our revenue comes from consumables and some portion comes from the printers and the ALC services and the spare parts revenue. We have got a change in the product mix. So more number of printers have been sold-in the current quarter. Since the cost-of-goods-sold for the printers is higher, we find a reduction in the overall gross profit for the coating and marketing division.
When it comes to the increase in the overheads, which is basically the general administration overheads, there has been some increase in the traveling expenses for sure. We’ve been trying to like also put up our — in exhibitions in India as well as overseas. So there is an increase in the number of exhibitions as well. And we — there is some bit of a rise in expense as because the Q3 has got lots of festivals. So like in-line with Diwali or Christmas or, the sales and promotion activities were increased this quarter.
Operator
Okay. We have a first question from the line of Anike. Anike, you can vote please.
Unidentified Participant
Thank you so much. So just wanted to ask you that this time you have highlighted a slide on V-shapes especially. So can you throw some light on this opportunity and potential for this product considering it’s pricing?
Jaideep Barve
Yeah, Shiva, you want to take this question?
Shiva Kabra
Yeah, sure. So I think as we discussed previously, again, I would — if it’s like a pretty general question, I would first ask that people explore this product and maybe understand a bit more about what it does, but it’s a sort of single mono-dose format of packaging, which has some advantages over the current forms of packaging, namely like the standard or the thermal forms and of course, single-use of plastic or you know, glass motors and other types of single-use packaging. So it’s a different type of a technology. And of course, it’s got some challenges of its own in terms of cost relatively speaking, but it has some technical advantages and aesthetic advantages, which could give a fair benefit to one-off customers who use it. So it’s something that we are developing, but it’s very difficult to comment off-hand on just the technology because it’s a — you have to go like in a pretty in-depth method of understanding that product, frankly. So it’s — it’s somewhat similar to our existing business in that it is an IP-led product. It is also got a lot between the machine and the materials. So I would say like the closest equivalent would like Tetra pack, but of course, Tetra pack is way bigger in terms of size and scope. So obviously, the idea is to develop this product and make it a bigger product in times coming forward.
I just wanted to mention,, we have got three, four questions and I wanted to answer those questions. So question we have received from investors. Let’s address those before we start to address everyone else’s questions.
Jaideep Barve
Yeah, we did receive three questions. One was on the operating cash-flow. So as part of the what we prepared, we do not have operating cash-flow prepared on a division-by basis. But all I can say is that coding and marketing, which is more like flagship revenue segment for our company, we’ve got a good cash-flow generator out of it. The sales — there is no-compromise on the sales price and overall the profitability looks very good on that.
Another question was asked about the employee costs to us. So we would like to say that we are also in the expansion mode and there will be obviously some kind of increase in the salaries and also the bonuses amount or insected amounts paid out. So we would expect an increase in the personnel costs going-forward as well.
And one more question which was asked to us was on the margins or the cost-of-goods-sold, which I’ve already answered previously.
Unidentified Participant
Okay, okay. So just one question that what is the capacity to manufacture the machinery for the products in India and what scale-up plan about it?
Shiva Kabra
Which machinery you talking about specifically? Yes. So for the V-ships, we’re going to make the materials in India, that’s the idea. But the machines are still being made in eight leaps. My rough guessment is that Italy could make about 40 machines before they need some sort of expansion in space. At that point of time, we start shifting some — some part of the manufacturing to India, but not before. So right now, we are far from selling 40 machines a year. So we will scale-up the sales first, then we’ll deal with these other issues shortly. But yeah, that’s one of the things. And the material capacity is something that we’re going to be looking at in India. We’re actively working on that. But still in the in the discussion stage, you know, or still like more of a lab or development-stage.
Unidentified Participant
Okay, all right, that’s it from my side. Thank you so much.
Operator
Thank you. I’ll request all participants to limit the initial round to two questions. We’ll take the next question from Kulkarni. Devan, you can go-ahead, please.
Unidentified Participant
Yeah. Hi, Jaide, can you share the category-wise mix for Q3 sales mix?
Jaideep Barve
Yeah, there is definitely. For the Q3, as you are aware, we’ve got revenues into four segments, one sprinters, consumables, the spares and the service. So the breakup for Q3 is 16%, 61%, 7% 15% for printers, consumables, spares and services. And if you would like to have a comparative between quarter two, it was 13%, 64%, 7% and 15%.
Unidentified Participant
Okay. So it seems like our consumable revenue growth has dropped sharply. It used to be around 15% 16% till Q2. If I take 61% as the consumable mix, the revenue growth for consumables would be hardly 10-odd percent. Is that right?
Jaideep Barve
The revenue growth will be to say
Unidentified Participant
Yeah, the revenue growth only for the consumables part, not for the printers.
Jaideep Barve
Yeah, it will be about 15%, yeah.
Unidentified Participant
For the consumables.
Jaideep Barve
Yeah, yeah.
Unidentified Participant
Okay. So can you share the same category mix for Q3 of FY ’24 that is last year.
Jaideep Barve
Q3 of FY ’24, I’ll have to work and get back to you, David, on that.
Unidentified Participant
Okay. And you are saying that in the —
Jaideep Barve
I can give you the previous year’s breakup, which was about 16%, 61%, 8%, 15%.
Unidentified Participant
Okay.
Jaideep Barve
So in the product — in fact, in the consumables and the printers also, each of the product also has got a different type of costing attach and a revenue attach. So this actually is a very complex question because some of the inks are high-price, some of the inks are not high-price, some of the pitters are high-price, others are not. So the way the product mix changes, it has an impact of that.
Unidentified Participant
Okay. So other way to put this question is for total overall, the cost of all-around 12% and you are saying that consumables revenue has grown at 15%. So ideally in that scenario, gross margins should have expanded year-on-year, but they have contracted by 4%. So that’s where I’m not able to connect the two.
Jaideep Barve
So there has been sharp increase in the number of printers sold. I mean the delta is about — it’s about 81 odd printers on a net basis. So yeah, that is — that actually explains the mathematics.
Unidentified Participant
Okay. No, but if overall revenue growth is 12% and consumables has grown at 15%, then other categories, which is largely printers would have grown at a slower rate, right?
Jaideep Barve
No, printers like what is happening is, is that the printers, if you have an increase in the volume of printers sold, obviously, like the cost-of-goods-sold, obviously is going to be higher, and that is why the gross margins become lower. So from the last quarter, like we have we are actually like for the printers, it was about 13%, now it’s about 16%.
Unidentified Participant
Okay.
Shiva Kabra
I may say something I think more important just fundamentally there is no change in our selling prices or our cost prices. So like said, it’s a mix of product fluctuations and the sort of also the types of products that we are selling. So it could be within the product categories and certain other things. We don’t disclose some exact numbers of upfront. It’s also like I said, there is — there are consolidated subsidiaries, but everyone has to understand those same businesses, the digital printing the packaging business, which is the V shapes and so on and the track and trees we also do in India as part of our standalone business. So it’s like a division within control print itself rather than having any separation. So a lot of times the results of those are also coming in this existing business and we have in fact promised to give a — that’s why I think there was a question on the cash-flow and the profitability of the coding and marketing business. And JD — so we’re not with the exact — not got the exact cash-flow or anything, JD, we’ve not made that, but the profitability of the coding and marketing business has increased in-line with the revenues or maybe better than that at least on an approximate basis. That’s coming from our MIs. It’s not an audited type for number. So the difference is that the additional costs are coming from certain other parts of the business or so to say. So just to give a brief overview of what’s happening, I think we’ve discussed this in the past. I don’t know-how many people are new, but we’ve taken some new business initiatives and the new divisions that we’ve created. And so both on a standalone basis on a consolidated basis, that’s where we’re seeing the differences coming from.
But like I said, for me, as a — what we track is the selling prices and the manufacturing costs and those margins. Of course, the SG&A is not really tracked that closely by me, but there’s no fundamental change in the selling prices or the manufacturing costs.
Unidentified Participant
Okay, okay. Understood. Thank you.
Shiva Kabra
Again, I want to say these are for mature products. There are some products we sell-in lower volumes because we are developing them. A lot of times we even might sell them at a loss because there’s a lot of, you know, a one-off costs associated with them. So just so that everyone is aware.
Operator
Take the next question from Saket Kapoor. Saket, you can go-ahead, please.
Saket Kapoor
Namaskar, sir, thank you for the opportunity. Shiva, sir, if you could just allude to us the way forward as you are seeing in terms of our subsidiary performance, especially the overseas ones, how — how well are you in-line with the program which have been scheduled by you in terms of their performance, if you could just throw some more light, where are we in terms of the nine months and going ahead, how are we planning to execute the our style of operations, especially from the subsidiary performance, if you could give us some more color on the same.
Shiva Kabra
Yeah. So personally, I’m happy. I think the focus right now honestly is mainly on CP Italy, which is our V-shapes division because that’s much bigger than both and codeology combined. So — and both market and code is really profitable, we’re not focusing so much on it right now because this is a much bigger business opportunity for us. But we’re also working on that and that’s also improving. So the main thing is right now to ramp-up the packaging machinery in all directions. So there’s many things in that. There’s a technical consistency. That’s a single most important thing in my opinion. Then the marketing part of ours is solely lacking. So we are working on that. In this quarter lot of change in that. The sales aspect was lacking. So we only hired about six — total was maybe like seven people that we’ve hired, but it’s all come in the last three, four months only. So it’s going to take another three, four months minimum for them to contribute because there’s a technical aspect to it, an element for it too. So for them to understand the product enough and develop those cases enough, again, the sales cycle for these products is longer. So I can’t tell everyone what’s happening exactly. But I feel the pipelines are promising both in our track-and-trace business and in our packaging business and also in our digital printing innovations that we’ve made. So I’m sort of happy because I’m going to be looking — like I said, for me, a quarterly basis or even an annual basis might not have that much meaning, but this was a planned strategy on our part to increase our long-term growth rates. The core coating business is doing well and therefore, we can afford to keep investing in other businesses. So I think we’ve just got to go through this entire cycle and it’s going to take some time for it to build-up to a certain of size of revenue before they really contribute to the bottom-line.
Saket Kapoor
So and secondly, Shiva, sir, our core business domestically, what is our understanding how from our clients in terms of their utilization, capacity utilization and the economic activity. As we see in terms of the GDP numbers and the other data, the spending from the government side is on the load on — government spending is on the lower side. So how is this translating into the demand outlook from our key client — client area, client, if you could just throw some more light. That is directly to the consumable requirement. And sir, in terms of the — yeah, yeah. Okay, please.
Shiva Kabra
So we are doing well in, in our domestic coding and marketing business. I’m talking about the coding and marketing, I’m not talking about all the other parts of the business because like I said, those are one investment phase. But in the coding and marketing business, we are doing fine. We are selling well, we are growing and there’s more acceptance of our newer products that we’ve come out with. So we are doing okay on all fronts, I’d say. There has been some — so the only — and like I said from the market, you know, our Q3 results in terms of number of renter sales and everything was actually better than the first two quarters. So it could fluctuate, but we have a good pipeline right now. The main fluctuations are there on our side, mainly because we had changed our sales strategy. I don’t know-how many of you are aware, I said we were focusing more on larger customers only who have a certain size of business for I don’t know, I think we mentioned this in the previous con-calls of — so that just took some time for it to implement. Now also, it’s not, I’d say 100% implement, but maybe there’s a 60% 70% acceptance of what’s happening because saying something and the sales team believing in it and accepting it is a very different thing. That’s my own experience. So even if what do I say, it might not matter. So it’s — the pipeline, the domestic coding and marking pipeline is fair. And we expect it to be steady, not spectacular, but it’s doing well.
Then and say I don’t know-how the GDP and the economy and all is doing, but we don’t have any excuses because the market is big. In the end, in-between the four of us, we have only 21% market-share. And from an overall market perspective, maybe we’re 17% or 18% like maybe the market will be like INR2,100 crore crores and we will be like maybe ending at INR400 this year. So I don’t know, someone back calculates us about 18% or something. So we still have scope to grow even in terms of market-share. So although it’s a slow difficult growth as we all know in this type of business, but it’s possible.
Saket Kapoor
Sir, last point, you mentioned about shift in the strategy part addressing clients with higher market-share, higher-volume of business. If you could just explain, sir and what have been the impact on our sales and therefore the bottom-line, just if you could just elaborate more on the same?
Shiva Kabra
No, so I think it’s obviously the idea is to target the larger customers because in India, the large customers still control a high percentage of the addressable market because they still have control of access to the Kiranas, to the smaller stores and even to the modern trade where they have a lot more stores, I think. So because those brands are well-known. So we are working more on those companies because in our service levels, our printer quality and everything is geared more towards the customer who has a high or who is demanding. So the more demanding the customer is the better it is for us and that improves our competitive edge. So that’s where the strategy has had a shift and it’s working successfully for us now is what I feel. So I think even in the first few months, it was — it took some time for everything to settle in, but now it’s beginning to pick-up, like I said, things are getting more streamlined. And like I said, there is an effect because bigger customers have — or mid to big size customers just have a longer sales cycle. So it’s taking us more time to conclude a sale. The sale is in a higher number of printers. So overall, it doesn’t negatively affect us, but it’s more lumpy. That’s what I’ll say. It can be changed more from quarter-to-quarter as compared to when you have a good amount of smaller customers that evens things out.
Saket Kapoor
Right, right, sir, sir. Thank you. And for the innovative quoting one, the small acquisition which was our first acquisition few years ago. How have been their performance and what is — what steps are we taking to improve their size and their contribution to the company?
Shiva Kabra
So, don’t take that one?
Jaideep Barve
Yeah so innovative course, we’ve got a strong growth in the revenue. In fact, it is 36% as compared to the previous quarter. And if the last year’s turnover was just about INR10 crores, which we have actually done by the nine months. So it augurs well for that company. And with a little bit of management of costs in a focused way, the profitability also should be better in the — by the end-of-the year. So we are doing very well with innovative goods.
Saket Kapoor
Thank you.
Operator
Thank you,.
Saket Kapoor
Thank you, sir.
Operator
We’ll take the next question from Bhavesh Rathod.
Bhavesh Rathod
Audible?
Operator
Yes, you are.
Bhavesh Rathod
Yes, sir. Bhavi Jasad. Good afternoon, everyone. So company has recently incorporated a wholly-owned subsidy in UAE. So what are markets which we intend to cater and via this entity and how?
Shiva Kabra
So again, this is a sales outlet for us for the Middle-East and Africa. As of right now, it’s very thin staff type of a thing and that’s what the plan is. It’s not to try to have like a full-fledged operation there. So we are — it’s we need to cater to the Middle-East and Africa only, because we have some sales there and it’s — because our sales are increasing in that region of we need to streamline some — because exporting from India is a big pain sometimes because of the amount of paperwork involved for every single sale. So maybe we’re going to use it as a more financial type of a — make it easier to make things faster, plus having a salesperson or to go out there will make a difference in terms of the increasing the sales output in that region. So it’s just for an extension of our — think of it as an extra branch us rather than a real subsidiary source.
Bhavesh Rathod
Okay. So it’s basically a demand-based supply, I guess, right, sir
Shiva Kabra
Yes.
Bhavesh Rathod
Okay. And so are we going to have all exclusive contracts as well or only will be inclusive?
Shiva Kabra
I don’t understand that at all. I didn’t answer that question. Just explain that, please.
Bhavesh Rathod
Are we going to have exclusive contracts from them or is it a normal contract?
Shiva Kabra
No, it’s the same as we just sell machines, we sell printers, the buy inks, everything is there, exactly the same as the India business, price points are higher, costs are higher. So it all evens out in the end. And from there also, we plan to support the Africa business, and we have some printers and some sales in Africa. So, yeah, I think it’s just easier to get shipments and other types of things done because the amount of people work-out here is like 10 times low. That’s all.
Bhavesh Rathod
Okay, okay, sir. And the consolidated top-line quarter-on-quarter basis seems to be mostly flat. So however, the nine months position shows a growth of around 17% to 18%. So what shall be expected top-line for FY ’24, sir?
Jaideep Barve
It’s too early to say.
Shiva Kabra
I think we had said that we are targeting INR400 crores for standalone. So there was again something we had we had said that this is what we were looking at. But on a consolidated basis, we don’t have any targets and we’re not giving anything out because these are mainly the consolidated mini businesses that we are still in the growth phase. So it’s really difficult. It’s more about establishing those product lines, establishing those businesses and then seeing how we do out there.
Operator
Thanks,. We’ll take the next question from Sahuja. Arnau, please go-ahead.
Unidentified Participant
Congrats on a strong set of results. So I just have two questions. So what has been the OCF and FCF generation in the three months and the nine months of this year.
Shiva Kabra
So I think that question was asked already on email. We gave a reply to that now. And you said that we’ve not calculated the profitability or the OCF over — like overall, like we can’t — we don’t disclose that because I think it’s disclosed every six months or 12 months. So whenever we audit it, we’ll out. But we did say that the profitability of the coding and marketing business because that question was asked is higher or then — I mean or it’s increased in-line with the revenue of the coding and marketing business or higher. And we expect that the operating cash-flow of that business would have also increased in-line. Again, the way our FICO is structured in SAP, it’s not that easy to clarify this. So someone to do a real deep-dive. So again, I won’t give those types of numbers, but the way our MIS is structured, again, I’m saying it depends on the type of reporting that we have. Yeah. Well, coding and marketing business has improved in both revenue and profitability and it’s been in-line in-spite of some higher costs, which Jaideep has told specifically in travel and other types of expenses for some reason. We have to go into that in-depth because we also don’t know why those costs have certainly like spiked up so much in this year. So it’s a concern for us also. Part of those costs also because there are other new business lines that are being there and we also said that the margin concerns are relate for that.
So again, the cash-flow for core operation, we believe is steady. Again, like I said, I don’t have the exact numbers yet, but it’s steady. And then the — so the operating cash-flow could be steady and then part of what we do in new businesses could also be part of revenue, but it also be part of an investment. So it could be looked at both ways. So it’s like, that’s something that obviously you all have to consider from your own angle.
Unidentified Participant
So just following-up a bit about the subsidies that you were mentioning. So we’ve seen — we saw pretty good revenue momentum in the subsidiaries. But is there any timeline during which we can expect the employee costs and other expenses to just settle down a bit for these subsidiaries? Is there any information?
Shiva Kabra
The question was raised, it was written to us. So I think Jaidep has been an answer, but we’re expecting in our standalone business for an INR8 crore to INR10 crore increase in wages and associated costs like travel and whatever other stuff, they’ll be licenses and whatever happens next quarter. So that’s what our standalone is. For subsidiaries, it’s very difficult for us to predict because I’ll be very honest, like people have brought cost significantly more. And so we are more slow in the way we’re hiring them. As of right now, in the packaging industry, we’ve got three salespeople and Christian himself, like our like head who also is quite deeply involved in that aspect. Yeah. And in India and Africa, we have like four salespeople in the Gulf. So between this — we want to first stabilize with this and we have a head out here also by packaging business. So we want to stabilize first before we really ramp-up and say that I’ll get eaten South America, North-America and Japan, you get my point. So, but I don’t know if I’m going to do that or not, right all depends on how I’m seeing the pipeline going and evolving. My idea is not to generate profits. My idea is to scale-up fast, but also not be a bit rash about it. So like first get things right in these two geographies where we already have the strongest presence and coverage and then scale-up. So that’s what the idea would be.
In the track-and-trace business, again, it’s a similar type of situation where we are scaling up out here in India and that’s also working out promising — like the pipeline of there is also quite promising. In the digital trading, we’ve had some sort of technical glitches. So we’ve got good interest, but we need to — we’re working out some last-minute hassles or I can say to everything has to work perfectly. In otherwise, this whole business is used this in our case. So it — it seems like everything should work perfectly, but sometimes it can take longer than what we expect. That’s the only problem. So that’s what it is. But again, like I’d say, so as far as especially the packaging business goes, we would want to, you know if you’re feeling we’re doing well in that, we’re going to just scale-up our operations faster and there’s no obligation for us to make money is to grow that business as fast as possible, so we can maximize the opportunity. But right now, we don’t see like a good visibility within Europe and India, Gulf, Africa, which is the area we are covering South Asia. We don’t want to actually scale that business up in terms of adding like another 15 20 salespeople of what like we’re going to cost us a bomb and supported operations because everything for us to make a sample actually cost us a lot of money to be honest, like we have to give 100 samples to someone like that’s a huge cost to me because to get the printing done, to get everything done to the quality test cost me like a lot of money.
So like I said, we want to make sure that we’ve got everything correct here before we say that we are ready to take this out and we focus on all the core geographies there. So in 8% to 10 crore cost increase — including the coding and marketing business, that’s what we’re expecting. And abroad, we’re not giving any predictions or in our subsidiaries because it’s going to — we’re going to have to take it month-by month and see what’s happening. But as of right now, I’d say like, yeah, we have all the people we need for right now. But if you feel we’re doing better, we don’t have any problems.
Unidentified Participant
Okay. Thanks a lot. Just one clarification. I didn’t catch the sales mix for Q3 FY ’25 properly. If you could just repeat that, that would be great. But for Q3 and Q2 as well. I didn’t get your question,. Can you just repeat?
Jaideep Barve
So you had mentioned the sales mix between printer, consumables, spare, so for Q3, between the printers, consumables, spares and services, it is 16%, 61%, 7% and 15%. And for Q2, it was 13%, 64%, 7% and 15%.
Unidentified Participant
Okay. Thank you.
Jaideep Barve
Yeah, thanks.
Operator
Thanks, Arnav. We’ll take the next question from Aruna Monokoti.
Unidentified Participant
Hi, Jaide, and hi, Shiva. Good afternoon, everyone. I have very basic, simple questions. The first question is like which company is giving us the top competition when it comes to our core business like coding and marketing? Is there any publicly-listed company giving us top competition or any private company? Which company do you consider as the top competitor?
Shiva Kabra
Do you want to answer this but I think it’s been all the previous calls Videojet but Domino’s the number-one in India and then markima margin control print about equal in size. So you can say like we are the four major players. Domino’s got about a 30% market-share and we have between the four was about 80% of the coding and marketing business of India. And Domino’s about 30% and then the others between us like between ’21, ’22, something like that. So it’s just slightly curve. Yeah, that’s all over the situation. So I’d say domino Printing sciences of Videojet India and our margin. These are the three key competitors.
Unidentified Participant
Oh, great. Thanks for answering. And then my next question is, what is that one thing that we are doing differently when we compare ourselves with our competitors for our core segment like coding and printing again. Is there something that we are doing differently when compared with them? If so, then what is that?
Shiva Kabra
So if you know some variations in strategy, like I said, I think we focus on some slightly different product lines, but all of us have a full range of products and a full range of services. So all of us are full suite players, so to say, now of course, I mean, I don’t know — I’m not saying it, but like there can be various car companies with different strategies, but largely they’re covering similar things. So obviously, we — and I’m quite sure that we give a superior experience. I know that for sure. But in the end, in our business, the products are quite sticky. So change is slow to come. And we believe we’ve got like a good product lineup, a great technology lineup and we’ve got the best service and technical team out there to support that. Yeah, no, we’ve come out of a more targeted sales strategy rather than being all over the place. And hopefully that will — the sales and marketing will measure up to the — and give just give justice to the quality of our products and innovation and our service team and their efforts. So hopefully, if that catches up and we could increase our market-share.
Unidentified Participant
Right, right, right. That makes sense. That makes sense. Like my next question is like, do you — do you anticipate any challenges or like negatives for the upcoming quarters for our company, anything that you’re anticipating?
Shiva Kabra
No, I think we’ve been quite straightforward that the coding and marketing business looks steady, looks okay and other businesses are of course scaling up, so nobody can see anything. When they mature, we’ll talk about them more. But right now, which our message to all investors and shareholders is transparent that it’s still a growth phase for us. It’s still an investment phase for us and we will — obviously, there has to be a timeline to it like Mr Sakit Kapoor and other people have said, but we’ll definitely would like to scale-up and hit a certain size and that’s when you start focusing more and then the margin part. So we look more at the gross margins. We want to maintain our gross margins in the business considering we’re doing a certain volume. So that’s like something we don’t really compromise upon. So the idea is always that even if this business becomes INR100 crores, the gross margin should remain a certain percentage. We’re talking to say 60% or 65% or whatever, maybe 50%. So that should remain from day-one. It might not be that way because a lot of times we have high-cost when the volumes are low, both on the cost-of-goods-sold and in terms of the actual sales like other expenses. But the idea is that as that business moves up, it should have a pretty good profile and be a positive for us. But whether it’s going to scale-up or not, how long is going to take to scale-up, if it’s going to scale-up, all these sorts of things, these are like unknowns.
Unidentified Participant
So my last question is like
Operator
Aruna, please. May I request you to rejoin the queue please? And I request all the participants to restrict their questions to two per participant. We’ll take the next question from Redema Goyal.
Unidentified Participant
Hello. Hi, am I audible?
Operator
Yes. Yes,.
Unidentified Participant
Yeah, thank you for the opportunity. So I have two questions. First question is, will it be possible for you guys to share the financials of your acquisitions, like how much is the top-line and what are the EBITDA margins, the existing — the top-line and the margins? And what is the synergy benefits we are going to — like what would be the growth and the margins we are expecting from these acquisitions? That’s number-one.
Shiva Kabra
So I think, Jaideep, you can answer this question.
Jaideep Barve
Yeah, yeah. So you give up whilst we consolidated the results of all of our subsidies. We do not have a practice. Neither any of the companies have a practice of releasing the financial statements. But in case you would like to have a specific question regarding any of our subsidiaries, please feel free-to write to me at at contropin.com, we’ll be able to resolve your queries at the earliest convenience.
Unidentified Participant
Okay. No problem. Thank you. So next is of this — the margins which we have in the quarter three, is it a one-off thing or we can — we can expect that going-forward, these are the sustainable margins which we can expect in next few quarters?
Jaideep Barve
Yeah. As had said that there is — there has been no-compromise as such on the selling prices. The only thing is that like some of the cost-of-goods-sold can become cyclical in nature. But we definitely as part of the senior management, we take a hard look at the cost-of-goods-sold under consumption and we are definitely trying to increase our economy efficiency and of operations. So like there might be more like changes, but overall, we feel that we should be able to control it in a better way.
Unidentified Participant
So we can expect like the margins can revert back to 24% 25% levels.
Jaideep Barve
Yeah, definitely. But what has happened is that we’ve got a subsidiary in Italy, which we have already mentioned. They are in a growth phase. In fact, we are trying to support them and try to establish their teams, try to scruce up their sales and promotional activities. So like this is an investment phase for us in that company as-is of which the revenues might be on the lower side, but there will be costs. So we are looking at — clearly looking at the long-term prospects and the increase in the revenue. So that’s the reason why you feel like on a consolidated basis, our margins have dropped down now.
Unidentified Participant
No, that I know that it has dropped down because of those reasons, but I’m asking the future prospects, like will it going to be at these levels like 22% or it can reach to, 24% 25% or 26%, which we have in the earlier quarters?
Jaideep Barve
No, we definitely would like to reach that level. I mean, as of today, we want to have a stable profitability margin. So we definitely look-forward to doing that.
Unidentified Participant
Yeah. Just one last question. Will it be possible for you guys to share the exact mix of the end-user industry, like what is the FMCG mix or what is your daily mix? Exactly. Like you shared top-five industries, but what could be the — in terms of percentage, like how much the same,
Jaideep Barve
As pointed out, I mean we work-in the oligo polyme where just four of us dominate about 80% of the market and we don’t diverge sales little information. That’s what I mean. We can’t diverge much into that.
Operator
Thank you. Redema, may I request you to rejoin the queue. Yeah. We’ll take the next question from Punyani.
Unidentified Participant
Hi, I’m audible?
Jaideep Barve
Yeah, you are.
Unidentified Participant
Yeah. Sir, regarding that Italy subsidiary, so could you quantify as to what is the revenue potential some ballpark raise?
Shiva Kabra
No, so sure, it’s a new type of product, you know, so obviously the — it could be very-high, it could be a flop, like it’s not possible for us to say it. So it’s obviously we are top everyone has high ambitions and hopes when you do something what’s going to happen is a different type of a business, you know. So let’s see whether we are able to move along as we are. I think someone asked this question, I don’t remember earlier and I pointed out that we are also rolling out the stages because A, we don’t have the capacity to have the management bandwidth for every single thing or I think it might have been Nana, if I may have write his name. And I said that we don’t have a management bandwidth for every single thing. Neither we want to just take on a whole bunch of cost and go all held or scalter whether we can afford it or not as a separate thing we want to make it power. We want to sort of really put our strategy in properly, perfect everything in these markets and then take it forward. So it’s going to take some time to scale-up. But the — so-far, what I can say is like there is good interest in the product, which is to me the single most important thing. It’s an innovation. We have to understand that people are already invested in the existing technology or and to change the platform is not easy, especially when it costs more, which is another problem on a per unit basis. But there is interest. So it — but interest versus sales versus profits and these are like different things what I’ve seen in-life in the past. So I won’t see anything. Let’s just keep rolling it along and maybe by the end of next financial year, we’d have a better idea of where we really stand. So like 15 minutes from now is probably where we’ll understand. So 29 March is when we actually took over V shapes. And in the first-six months, it’s been getting things in order and I would say like maybe from October, November has been doing real work-in terms of sales and other types of things. That’s what my own feeling is there were like many gaping holes because we bought from liquidation and just to get things streamlined has taken us time both in India and in Italy and wherever else we have operations for this.
Unidentified Participant
Okay, sir. And sir, is it possible to give a segment-wise margin like —
Shiva Kabra
You don’t know the and marketing business which — I mean sure I understand. Our margins are the same. Our selling prices are the same irrespective which industry we sell-in. So — and our costs roughly our margins where we sell-in the coding and marketing business, we still do about 60% to 65% industrial, 35% to 40% packaging, but the margins are the same across board. In fact, the industrial might be a bit higher because we do more specialized inks and more real requirements, so to say, like we are more specializations, more customizations, more interfacing, more everything like less in our soft, where our margins are just a touch lower, you know. So the more, the more weird things we do though we normally charge a little bit extra.
Unidentified Participant
Okay, thank you.
Operator
Thanks,. We’ll take the next question from Tushar Palwar.
Tushar Palwar
Audible?
Operator
Yes, yes,
Tushar Palwar
Sir. Yeah. Thank you. Sir, two main questions. Slightly detailed ones. So my first question is that on-sales strategy, you have mentioned that in the last one year or so, we have revamped our sales strategy.
Shiva Kabra
So one second, if you can just redo this,, because I think you’re getting some sort of a humming sound that’s coming. If you can just check your mic one second and redo this or is the humming song coming at all.
Tushar Palwar
Is it better now?
Jaideep Barve
Yeah. Is better now.
Tushar Palwar
Okay. So on the sales strategy, I wanted to ask that you have mentioned that we have revamped our sales strategy in the last year or so. My specific question is that are we vacating the lower-end of the market and I’m asking this specifically because in the last year or so, we’ve seen another listed company in this space called Fluids. And it seems to me when I read the con-calls of both the companies, it seems like control print is focusing on the larger clients, the bigger clients and there is some space which is being vacated, which is being taken-up by the smaller companies. My specific question is, do we think that these younger companies you may eventually start overlapping with our new strategy and change the structure of the oligopolistic market that we participate in? Is my first question. My second question, sir, is on codology.
Shiva Kabra
I request you to hold your second question because I’ll answer your first question first, as I’ll forget your first question by the time the second question comes. So specifically, yes, that space is being vacated. Yes, you’re correct about that. We do have some very good products for that space, but we don’t have the bandwidth to service and sell to that many customers without increasing our sales or service force. It would be profitable, but then the management bandwidth be a question, especially since we’re doing new products and new industries. The second thing is these products that we put in are very sticky. And like I said, I don’t know if you were there earlier, the more demanding the customer, the higher our competitive advantage, both in the industrial segment and in the standard segment and not only across compared to smaller companies, I can guarantee that even across we domino Margin control print, the more difficult, the more challenging the application because of the competitive advantage we have.
So-far, my experience of 30 years is probably whatever, like I mean, this is like close to 20 years since 2025, but my experience of that and from whatever I understand is that the four of us have always maintained that 80% market-share. The reason being that the cost factor is frankly quite low in terms of the spend for the customer. And you know, in the end, those customers have more expensive lines, they have higher-cost. So I think that the way people are thinking now, Tushar is changing. So when I used to work myself, I used to be — I was like on frontline sales and marketing right in the beginning of my career and people are very focused on the cost of the ink and the cost of the printer and it’s really about like cost, cost, cost and price, price, price. And you know, since about the last 10 years, it’s changed. It changed to reliability and now people are also calculating the operational efficiency and the cost of downtime, you know. So we’re actually having some cases where we’re changing the equipment because the maintenance time of the existing equipment might be 1% and the maintenance of the new equipment might cost you like 0.5% or like less than that. So for that person, if you can travel around 500 manufacturing lines, for example, and I can improve my efficiency even 1.5% by just changing a coding and marketing device. That’s like adding eight extra lines, which is almost like a factory. So the way people are thinking now with these larger customers is different. But to be honest, and I’m not getting into specific competitors. The Chinese printers are not bad. They’ve definitely improved. Before we were at 98%, they were 95% efficiency and that was a huge amount for a printer. Now we had like — so we lost measures like 99.4%, 7% of uptime, which is like the highest economy in the entire industry. And the Chinese guys would be maybe at 98%, 97%, 98%. So the gap has closed in terms of percentage terms, but there’s still a gap. And for people who you know, like I said, if you got something like an Internet connection to save a few 100 bucks or even a few thousand rupees, you’re not going to take 1% downtime is three days of working. That’s what I would say. So you have to think of like your factories on for three additional days without working and that’s the way these types of customers are now. There’s a 1.5% downtime is a big difference.
And then they all locked-in. They’ve been trained on our printers, they were trained on the. And the same thing for Dominov with. So unless people have a big issue, nobody wants to change. You’re already in an ecosystem, it’s working and honestly are considering the small cost differences, which again are not validated or people don’t want to change from that. And it’s like also the soft aspects of it. So again, because you asked the question I’m giving a detailed reply, there is our levels of training, the technical level of our people, the amount we pay people because we — that’s why there’s also one of the things we have to invest in. So no, it’s just like a difference between going to an overall versus another five-star, the level of training or discipline in that will just give you a different experience. And then for those customers who are experienced to that in this type of situation, they will value this and ensurely you know I think that what we’ve seen is a lot of stickiness. We’ve not lost that many customers ever and that will lever to smaller competitors. If our types of customers who have issues whether between the four of us, the last thing we want to do is take risks and go to smaller person.
Tushar Palwar
Understood. Understood,. Thank you so much. I have more follow-ups on that, but I’ll ask them later. I’ll ask my question now.
Shiva Kabra
Point out one more thing. So what’s happened abroad? I just want to continue to conclude this question so that it’s there. I hope please read the con-call before coming for the next investor call because I feel like a lot of times I’m repeating the same things again and again to everyone. So I’m just going to repeat this also. What’s happening abroad is that there is a change in industry structure, okay. So what’s happened is that the big companies are not that focused on manufacturing and there’s a lot of small brands. So the micro breweries are growing the small organic companies supplying local markets, so those types of things are growing. So there is a fragmentation of manufacturing. In India, so-far, I have not seen you know, I don’t — or other people like that actually having lost market-share per se. So as a result, now obviously, if the business changes and guys like Finolex, Polycap and all start losing market-share, there’s a bunch of smaller cable guys or just say that could affect us. And then in that case, the ad-tech strategy would work I’m saying like those smaller competitors would maybe gain overall market-share.
So right now in India, from whatever I have seen, obviously this is my own view that the big guys still seem to have some entrenched of advantages. And Asian Paints hasn’t been dislodged in a long-time in-spite of new competitors coming, their margins might reduce, but I don’t see like Asian paints or burger going anywhere, for example. So — but if the industry structure changes, if there is a change, it’s going more towards smaller brands, it’s fragmenting, then definitely we’ll have to take a look at that strategy once again.
Tushar Palwar
I understand, sir. Thank you so much. That’s a lot of nuance there. My second question was on. And I just wanted to ask that we don’t talk about all that much. We talk about Italy, we talk — we’ve talked about in the past in past con-calls. And my main question here was that why do we have only 51% here? Do we plan to acquire full ownership? And what is the larger plan for this entity? Is it only for like entry into the UK market or do we have larger plans there?
Shiva Kabra
Yeah. So I’m going to take all those questions. So the first thing is 51% was strategic. What we realized from past experiences was that we don’t want to buy-out the existing people. We want to work with them on a three, five, seven-year plan where maybe they can exit depending on how we grow in the meantime and what sort of targets we achieved. I can’t say more than that because you got a basic idea of what I’m trying to say if you understand what
Tushar Palwar
I get it. I get it. But are we seeing any progress there?
Shiva Kabra
Yeah. So they are busy. That’s why we’ve not worked much on them because so codiology is the reason, again the strategic rationale is their meaning to end-of-line automation, okay. So the conveyor, print and apply systems, the strapping systems, the other types of stuff that happens end of line. That’s what they supply in the UK. And that also fits in very well with our printers and truck and trace systems for the end of line. So that was one thing. And the second thing is they also make print and apply systems, which are actually of value to us. So we are in fact working in a few cases like the print and apply systems is a bit of a hole in our portfolio. So again for, Domino and, maybe INR20 crores to INR30 crores of their business is coming from print and apply, you know we are not in that business. And of course, I’m not saying they want to do it because we started because obviously we are later in the game, but there is an opportunity to scale-up that business also. So that is one of the reasons we purchased it because to develop something in-house and do the whole learning process and I mean, it’s just cheaper to buy, to be very honest, like at this price is my — my experience, things that work from day-one and then improve on it.
So I think something we’re getting — we are working on some print and apply cases also where our conventional equipment doesn’t work on certain regular non-porus materials and that’s where we are sort of working with them to provide those types of solutions. And if you’re successful, then you start manufacturing equipment in India also. So that’s the — so there’s like a technology that we wanted to add-in. And the other things, like you said, it’s an outlet, which is sort of combined with the existing end-of-line automation business. Because out there also is an environmental of focus and cost focus and that would automatically mean that replacing labels with a, you know high-risk in the existing line is a benefit for the customer and for the environment out there. That’s a reasonable factor. Right.
Tushar Palwar
So we have no obstacles to using their technology in other geographies. Okay. And that’s all from my end. Shiva. Thank you so much.
Operator
Thank you. Thank you, Tushar. We’ll take the next question from Awan Indra Singh. Awan Indra, please go-ahead.
Unidentified Participant
Yeah. Hi, am I audible?
Operator
Yes. Yes,.
Unidentified Participant
So Shiva, just continuing on from the previous participants. When we look at putting our standalone business aside, a sustainable business, it will continue to grow as and as the industry grows and we can sort of — there’ll be ups and downs given how the product mix fits. But if we look at some of our investments that we’ve done over the last couple of years, I know you’ve touched on them. If you could just kind of highlight a little bit more on tracking trails, I understand that we’ve built the technology in-house and we’ve been working with some of the — at least the pharmaceutical manufacturers given the government initiatives on those 60 molecules that they want to track in-place also. So where are we in terms of technology? Are you happy with where we are? Is there potential scope to continue evolving that? And you spoke about the pipeline, but if you could just highlight a little bit more on sort of how that’s panning out?
Shiva Kabra
So again, in the track-and-trace space, we are working very aggressively. I’m not going to talk about stuff that’s in there because whatever we do with any customer is confidential. But we are working on some of those 300 drugs, all the 300 brands rather that have been put been by the government as the top 300 brands in India. We’re working with a significant number of them for implementing them online. So again, I’m going to say it again. So track and Trace has gone through four phases. So the first phase was there were specific export requirements where they required put the 2D code or the — it was that time of GS1 data, I mean, it’s not a QR code as per the requirement of some foreign buyers for specific drugs. So that was the first phase and two companies in India were dominating — I think everyone knows associated capsules Group and there was another one that was there. So they sell vision systems, so they were dominating that market.
Then the second phase came and more customers required it and it stopped being a very niche product and expanded in size and it was required in a certain amount of export markets like France, Turkey and a few others and specific products. Then the third phase came, which is right now and it started being implemented within India itself and 300 brands or whatever have been mandate by the government and you know it could be that they might even expand it now that it’s proven that it can work. So that’s the 3rd phase. Now what’s going to happen is the fourth phase and we are late because we won then the first two phases. In the third phase also, we came in late in the day because by the time we finished our acquisition, we rolled-out, a lot of those existing 300 brands had already tied-up with specific people because obviously, if you have a deadline, you don’t want to wait till the last day of the deadline if we are sort of whatever, a well-run company, if you will it.
Now what happened is we — so now the fourth phase is where people are going to start consolidating various existing solutions and trying to start standardizing. And then the fifth phase is where they want to start using all this data to actually improve their business. So we are already focusing on the fifth phase and the fall — and so we are on the third, fourth and fifth phases combined. And we have already generated certain IP out here. Again, we filed three key patents in this — I don’t want to talk about it here because it’s quite technical. But those are patterns that we are working with like two or three — we can say we’re like only three or four large pharma companies. We need to implement this and show proof-of-concept and if they’re going to get the type of benefits that we believe that they’re going to get, for us to sorry, what happened. Okay, I heard something those continued parts. No. So I think if you implement this and we show proof-of-concept, then it will be something for existing pharmaceutical companies to consider as they start wanting to consolidate their lines for ease-of-use in consolidating their software.
Right now, again, like what I’m saying, the first three phases have been pure compliance. The fourth phase, which is consolidating is also going to be compliance. The fifth phase is actually going to give the customer benefits. So we need to prove that path. We need to prove that we are on Stage five even as we’re implementing Stage 3 for customers. So if we don’t do that, we’re not going to be successful or we’ll be successful because of control print and the distribution and the service and all the other things. But we have a strong tech platform here. So obviously, I know that if — and in a company like ACG, for example, who is the number-one in this business, they could. I won’t say there’s nothing incompetent about them at all. It’s similar to Domino, which we. So if we don’t offer like 40% more at least in terms of benefit to the customer 50%, why someone is going to want to change us. So we’re confident that we offer more than that. But we need to prove it. And each project out here is — I mean, honestly, this is like quicksand or something. So you just go in and it just becomes deeper and deeper. So that’s definitely an issue for us. That’s why we’re doing some projects which we’ve not been able to invoices yet because there are many requirements, there are many types of automation that are happening. But I think once we have those types of references out. Again, even the pharmaceutical industry, a lot of people know other people and if you know, there is a thing that we have resolved some of the actual business issues with our solution, then I believe that we get some sort of pickup maybe in-market. So again, we’re not — we’re not hitting every company because there’s a limited amount of installation, bandwidth and proof-of-concept that we can do. It’s something we need to improve upon and we’re going to work on that. That’s also going to be part of that cost of that INR10 crore increase that we talked about. But yeah, something we need to do and we’ve got a good solution and we’ve got some about three patents filed in our — around our track-and-trace division and we think all of them are going to be very useful in the long-term.
Unidentified Participant
No, I appreciate that. Just two basic add-ons to this. In terms of our solution offerings, is it similar to coding and marking when there are in-full of solution providers or is it slightly larger in terms of how many players are there offering Track in its various formats. And sort of the other add-on is, you know, pharmaceuticals is a critical need for that industry. But as we move into some of the other industries like FMCG, at what point do you think the cost-benefit is there to those players that they want to start implementing tracking chains in their systems as well?
Shiva Kabra
Yeah. So that’s a fair. That’s a very good point. So what I’ll see is that this two, three elements to it. The first aspect is that a way we were talking about this thing. So, okay, this is what it is. For the track-and-trace business, what’s required again is that people are implementing this solution and like I said, we’ve got a certain IP or whatever it is. Once we get that done, then we can look at — so what we’re doing in other businesses outside of pharmaceuticals is going off a prepackaged solution and that’s sort of easy for us to sell to other things because they don’t want to pay the same amount of money that the pharmaceutical guys do and the compliance needs are not there. So they don’t need to — they’re not being forced to invest in the same level of system. Is that the right — I know the same level of system that the pharmaceutical guys are doing. So I think there’s a clear breakup. Obviously, for us, pharmaceutical is the bigger business right now. So that’s what we’re focused upon. But definitely, as we can scale it up and if we can approach other with the sort of more prepackaged solution to other types of industries, there could be a pickup and a takeoff that we can have. There was one part of the question that I’m missing. If you can just repeat that again
Unidentified Participant
It was just around how many — how many participants are there in tracking fields or the various solutions, is it similar to coding and marking or is it?
Shiva Kabra
No, so there are more players, but we are the only integrated player from end-to-end. That’s our advantage. So we make the song system. We have the vision systems or we have obviously the printing. The printing is — I mean, so that’s a very strong integration that we’re doing that nobody else can do it at that level. Of course, we have the entire downward integration and the sort of integration with their ERP systems. So there’s multiple things we’re doing out here and that is where we expect that the customers to get a major benefit compared to our competitors. There are more players, but then again, everyone is in a different part of the business and they’re making some sort of software. And what I can say is the amount of sophisticated guys who have a really good software, which is integrated well will still be like about four.
Unidentified Participant
Understood. Understood. And just sorry, please.
Operator
Sorry, Aman Indra, we are running out of time.
Unidentified Participant
Sure, sure.
Operator
We’ll take the last question of the day from., please go-ahead.
Unidentified Participant
Hi, thanks for taking my question. I just wanted to know the numbers of printers sold-in this quarter and the current capacity utilization.
Jaideep Barve
So we’ve sold 762 printers in this quarter.
Unidentified Participant
Okay. And the capacity utilization for the quarter.
Jaideep Barve
So we are roughly about 60% to 65% of the capacity utilization.
Unidentified Participant
Okay. Thank you, sir. Thank you.
Jaideep Barve
Yeah.
Operator
Thanks, Ashutosh. I’ll hand over this floor to Vinay. Vinay?
Vinay Pandit
Yeah. Thanks. Since that was the last question for the day. We have one more request in the chat from Bhavesh to ask one question. Bhavesh, you can go-ahead and ask your last question.
Bhavesh Rathod
Yeah, thank you so much, sir. So my question for regarding was about the industry. So industry as in we have different segments and different printers. As if now we and other peers as well, how does we create more like everyone outsourced from China and assembles here or their specific regions. Yes, definitely service is the main key, but apart from the — how control print differentiates from others.
Jaideep Barve
Yeah, sure. You want to take this question?
Shiva Kabra
No, I’m sorry, I’m on. Can you repeat that question again, please is what I was saying?
Bhavesh Rathod
Okay, sir, I’ll resume in short. So I was asking how control print create some moat apart from other peers, since everyone outsources it from China and assembles India-specific regions. So what does Control pin does different from other peers and what they will do to execute in a better way as well?
Shiva Kabra
No, so like I said, I think that in our core codeal locking business comes to, it comes to different types of technologies and we’ve got some technologies where we believe we’ve got a significantly better offering than our competitors. So I think you know definitely there is a big uptake of this and I think we’ve got some competitive advantage. I think some people have asked that question, like I said, our entire service, our technical aspects or the product range or the depth of the — of certain products, especially our competitive advantage. And like I said, I think and not only that, like I’ve always mentioned in the past, I think all three competitors, Domino,,, also have good solutions. So we’ve all proven the test of time. I think if you ask me personally, that’s what I believe. I’m not a customer. So every customer is always the correct person to ask. But I think we’ve proven that we have something extra compared to the existing of the other service providers were smaller or something and that’s the reason we’ve been able to continue growing of over a more extended period of time.
Bhavesh Rathod
Okay, okay. Just last follow-up question. Recently, one SME company got listed, that is, I guess, ASTEC machinery. So any positive or negative impact which can control print phase for them?
Shiva Kabra
I think this exact question was covered by someone earlier, I can’t remember who it was.
Vinay Pandit
Bhavi, this question has already been answered.
Bhavesh Rathod
Yeah. Okay, so we’ll check-in the calls.
Vinay Pandit
Okay. So that brings us to the end of today’s call. Shiva, Jadi, would you like to give any closing comments before we end the call.
Shiva Kabra
Yeah. Thank you so much everyone for joining and thanks everyone for their time. If — we got three or four questions by email, if someone it. I’ve got one question on the chat also about some things about the bankruptcy, P shapes other things. So I’m just like you know again like I can’t answer confident individual questions. I think I hope everyone respects that. I’ve not — I don’t take that many one-on-ones with any investor either. So, I prefer that everyone sends their questions. If they have any in advance, we’ll definitely try to address them or put them in the presentation itself or rather than giving privileged access to some people. There are a couple of questions about Christian, and some. So again, if you want, you can just post those questions in general, we’ll definitely answer them if anything is non-confidential. We do not have anything. The shareholding pattern is not being disclosed. I don’t know if someone can answer that. I think that this is a regulatory disclosure, the standard. So I don’t know why that would not have happened, must-have happened.
So, yes. So just if anyone puts those questions, we’ll do it. If someone can send any questions you have in advance, whether it’s related to the specific quarter or a general business and we’ll try to address that in the presentation and the questions you know to the extent possible. So I hope everyone gets their questions answered. And if people can read some of the previous con-calls and presentations, I know what happens, like I think sometimes there’s some reputation. So I would like that if you have that one, 1.5 hours, then it’s not just repeating stuff that we repeated in the same con-call and the same past or whatever transcripts if you will, at least in the last two, three if possible. Thank you, everyone. Thank you for joining.
Vinay Pandit
Thank you. Thank you. Thank you to all the participants for joining on the call.
Jaideep Barve
Thank you, everybody. Thanks
Vinay Pandit
And thank you to the management team for giving us their time. This brings us to the end of today’s conference call. You may all disconnect. Thank you.
Jaideep Barve
Thank you. Thank you so much.