Dynamic Cables Ltd (BSE: 540795) Q3 2025 Earnings Call dated Jan. 28, 2025
Corporate Participants:
Ashish Mangal — Managing Director
Murari Lal Poddar — Chief Financial Officer
Analysts:
Nattasha Jain — Analyst
Piyush Sevaldasani — Analyst
Naman Parmar — Analyst
Aniket Nikumbh — Analyst
Gourav Gumber — Analyst
Rohit Tiwari — Analyst
Khadija Mantri — Analyst
Pranay Shah — Analyst
Presentation:
Operator
Ladies and gentlemen, welcome to the Dynamic Cables Limited Q3 FY ’25 earnings conference call, hosted by PhillipCapital India Private Limited.
As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded.
I would now like to hand the conference over to Ms. Nattasha Jain from PhillipCapital. Thank you, and over to you.
Nattasha Jain — Analyst
Thank you, and good evening, everyone. On behalf of PhillipCapital team, I, Nattasha Jain, welcome all of you to the third quarter earnings conference call of Dynamic Cables Limited. From the management we have, Mr. Ashish Mangal, Managing Director; Mr. Murari Lal Poddar, Chief Financial Officer; and Mr. Govind Saboo, IR Advisor.
I would now like to hand over the call to the management for their opening remarks, post which, we will open the floor for Q&A. Thank you, and over to you sir.
Ashish Mangal — Managing Director
Good evening, everyone. I, Ashish Mangal, MD of Dynamic Cables, welcome you all to the earnings call. And first of all, thank you all for showing faith and confidence in Dynamic Cables.
I am pleased to report that quarter three and nine month FY ’25 dining tables has delivered another set of strong and consistent performance achieving our highest ever revenue and profit. This milestone reflects our commitment to our meticulous execution and compliance framework. Our strong order book reflects the trust and confidence our customers have in our capabilities, reaffirming our solid market presence. We are confident that our new growth areas will serve as firm foundation for driving sustained growth.
Our focus on financial discipline has yielded positive results enabling us to achieve a meaningful reduction in companies overall debt. Simultaneously, our capacity re bottlenecking initiatives have enhanced our production efficiency and ensured that we are well prepared to meet our supply schedules.
Looking ahead, we are positive on the long term growth opportunity within the power infrastructure investments driven by strong tailwind related to rural electrification, renewable energy supplies, underground cabling and migration to high voltage lines to cater the increased per capita power consumption.
Power distribution has attracted large investments from private sector in last decade which has been beneficial for us due to our long term association with a large private corporate group active in our space. Our robust order book should ensure the momentum of sustained growth and create consistent values for all of our stakeholders.
Coming now to Capacity Expansion Plan I would like to highlight that our ongoing capacity expansion plan is moving as per schedule and is on track to be operational by Q2FY26. Now before closing I would like to welcome all of you to the Electrama 2025 which is happening in 2-22-26 at Noida Greater Noida in Expo Center.
Now I would like to hand over to our CFO for discussing the financial update.
Murari Lal Poddar — Chief Financial Officer
Good evening, everyone.
We are delighted to report our highest ever 9 month revenue and record order book. In 9 month FY25 sales grew by 32% over 9 month FY24 with operating margin rising 37% to INR71.2 crore. Operating margin were stable at 10.3% in accordance with our long term guidance and paid increased by 72% to INR41.2 crore surpassing FY24 profits reflecting our strong financial performance. Customer wise contribution in 9 month FY25 was government sales 23% private sales 71% export 6% product wise contribution 9 month 215 par HV says 61% LV cables 29% Railway signaling cable 5% Conductors 5% as of 31st December the 20204 hour order took standard INR682 crore providing store revenue visibility.
Thank you, and we are now open for questions.
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 their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
First question is from the line of Piyush Sevaldasani from Sundaram Alternates. Please go ahead.
Piyush Sevaldasani
Yeah. Thank you for the opportunity sir. Congrats for a great set of numbers. My first question is on the capacity. If you could help me understand that we had a capex of around 35 crores. If you can provide an update on that. How is that panning out? Do we expect that to commission by second quarter? And also with the debottlenecking which we have announced, what kind of revenue are we looking at in FY ’26? Can we touch something like crore in FY26? And also if you can help us with what kind of revenue you are targeting in FY ’25?
Ashish Mangal
Good evening, Piyush. So, basically, first question regarding the capex, that is going on track and the machines have been ordered and all the vendor selection, technical specifications, everything is proven. So, basically, the implementation would take another six months or so and by Q2 we would be ready with a new capacity. We should provide a healthy. I mean the capacity would be available for the entire quarter from Q3 onwards. That that is what the plan is.
Regarding the debottlenecking. So just to the revenue support which the existing plant used to give US was around 950,000 crores earlier. Now since this plant was implemented in phases since 2017 so there was the entire coordination of machines and some technical digitization efforts and technical upgradations we expect and we have done a trial run for last 2 months post all these modifications in the plant and we expect that it can now give us a annual turnover of around 1150-1200 crores approximately somewhere here and there.
Piyush Sevaldasani
Have we done any capex for this debottlenecking?
Ashish Mangal
Not much. Not much. So it was, it was not any, it was not a purchase of new machinery or some additional building which was set up. It was just reorganizing the existing plant layout.
Piyush Sevaldasani
What kind of growth are you for FY26? Can we reach something like 1300 crore?
Ashish Mangal
Look, I mean it is — we don’t give a guidance as such but if you look at our last seven, eight years history we have our business, our cable business has grown by upward of 20% CAGR. So for next three, four years, five years I don’t think that this trend should discontinue that is that is what we have maintained, always maintained quarter on quarter on year on year is difficult to predict. You know how things are. So we don’t generally give any quarterly or yearly guidance.
Piyush Sevaldasani
Just wanted to know any plans for capex for growth beyond FY ’26?
Ashish Mangal
So the existing capex will be done by Q2, and post that, we have a land near to our existing plant around 15,000 square meters of land. Is there land area parcel is available within the company where the next phase of expansion should kick in.
Piyush Sevaldasani
Okay. So have we decided on the size of plans?
Ashish Mangal
Not yet. Not yet because the current focus is basically to execute the current expansion as fast as possible.
Piyush Sevaldasani
Just few bookkeeping questions from my side if you can help me with what is the working capital base currently?
Ashish Mangal
Currently, it would be below 100 days.
Piyush Sevaldasani
And sir, any updates on the new products solar cable or any updates on the entry to the US market?
Ashish Mangal
Yes. So, from the renewable side there has been a significant progress so we have a — we have a very good traction in terms of order book in terms of our revenue contribution from the renewable solar side. And on the US side, I think we are in the process of getting the approvals. The approval process is a bit lengthy there but parallel we are developing the sales team also once we get the approvals then we can hit the market as soon as possible.
Piyush Sevaldasani
Sure sir. Thank you. That’s it for myself.
Ashish Mangal
Yeah.
Operator
Thank you very much. Next question is from the line of Naman Parmar from Niveshaay Investments Private Limited. Please go ahead.
Naman Parmar
Yeah, good afternoon sir. Thank you so much for the opportunity and congratulation on a great set of number. So, firstly, I wanted to understand on the export side, how how much it was contributed by the export in the current quarter and how is the growth in the export and which country has shown major growth?
Ashish Mangal
So, exports was not, I mean the overall nine month contribution was around 6% from the export side. It was not as there was a bit degrowth in the export side. And the basic reason are twofold largely. One is that there are in the countries where we deal are African and Asian countries where we were facing some currency issues. So we did not want to take any exposure or risk of exporting the goods.
And secondly, the domestic tailwinds are very, very strong. So the focus was also more towards domestic as export is an adjacent market or an alternate market for us. But I think the order would be very healthy on the export side. We have around unexecuted orders of around 70, 75 crores on the export side. So we should be able to make up in the coming quarters and maintain the guidance of around 10% or somewhere around 10% of our contribution from the export side. And we are quite upbeat on the new US market also. So if that whenever it clicks it will further increase our contribution in the overall revenue segment because that will be an added time to our, to our existing markets.
Naman Parmar
Okay. And secondly on the means capacity side overall in the industry, don’t you think there can be a over capacity type of situation in the coming next one or two years if Polycab is coming with the major capex, KEI is also coming with a big capex. All are going to lie by Q3 or Q4 and even though there is a very good demand on the transmission side but how much work has been completed on the transmission side? You can help me understand how the industry is being evolving now currently and how, what’s your outlook on the industry?
Ashish Mangal
So, we are not on the transmission side, we are on the distribution.
Naman Parmar
Yeah, I did understand. But overall on transfer and distribution. Yeah, on distribution side, you can help me understand.
Ashish Mangal
I mean our Experiences are more towards distribution which we can share. Transmission is, I mean since we are more connected with the distribution side of the entire supply chain. So I think there are three, four very drivers which are very, very unstoppable, I should say. One is that the migration from low voltage to high voltage because of increase in per capita power consumption that is inevitable. Otherwise, power being a necessity item, nobody can risk that disruption in the power supply.
Second is the rural electrification. Again, it’s really because all the transmission side work of the rural electrification may be done but within the town or the city, I mean the village of wherever the transmission substations have been set. From there the internal distribution is very, very critical. Thirdly, I think this entire EV infrastructure and the entire renewable infrastructure, especially on the solar side, these are very, very big triggers. Thirdly, the — I would say the underground cabling that phenomena from overhead to underground that is also lagging behind a lot from the government angle. So there are, I mean is immense, I should say at least for next 20 years leave around 2 years, 3 years, 5 years. But for next 20 years, the demand is immense.
Naman Parmar
Okay, that’s very helpful. And on the product side, you have any new products that were coming for the data center semiconductor you were telling to enter that particular market. And also for the wind energy, how much good attraction is there any product is there for our to supply to the wind energy? Because we are supplying DC cable for the solar, I understand, but any product for the wind because there is a good execution on the wind side also. So what’s the take on that?
Ashish Mangal
So basically all these products are under development and at various stages of development, some of the products are under the approval stages. So they need to be technically tested and approved by lot of sophisticated agencies and all those things because they are exposed to various natural things, sun and wind and all those things. So they have to be technically very robust and therefore they require a lot of approvals and type testing to be done. So they are all under process. On the renewable side, solar side, we have already cracked a lot of customers and — but we have a healthy order book on the renewable side also and so gradually things will come up. We have to wait a little.
Naman Parmar
Yeah. So can you just give the order book breakup like you have said, 75 crore from export then renewable and all other government private will be how much?
Ashish Mangal
So, we don’t generally give the breakup, but 70, 75 crores and renewable would be around 100 crores, and power distribution, domestic power distribution.
Naman Parmar
Rest will be domestic and distribution. Okay. Yeah. That’s it my from my side. Thank you so much for answering all.
Operator
Thank you very much. Next question is from the line of Aniket Nikumbh from ABN Capital [Phonetic]. Please go ahead.
Aniket Nikumbh
Hi. Am I audible?
Ashish Mangal
Yes.
Aniket Nikumbh
Hi, thanks. Thanks for the opportunity and congratulations for a great set of numbers. First I had a clarification question. It’s written in your filings that you’ve done some debottlenecking which is increasing the revenue capacity from 950, you know, 950 thousand crores to 1100 or 1150. And then, we are also doing a capex on top of that for around 35 odd crores. So by the by Q2 next year what would be the total capacity that we would have? If you can just clarify that, these are two separate things.
Ashish Mangal
So basically from the existing plant now we can do whatever relevant 50 odd crores kind of capacity or the existing capacity, the existing plant or the setup can support a revenue of around 1150 odd crores. That is what the indication is and we typically do six times a gross block. So with the 35 crores capex which we are doing it is planned to be done another 200 crores of capacity. So this is what the capacity or the capacity you can say is available.
Aniket Nikumbh
So these are two separate things, right, so therefore combined the capacity can be 1350 crores.
Ashish Mangal
Yes, the existing plant is 1150 plus a new capex which is being undertaken that is another 35 crores which will give a visibility of capacity of another two.
Aniket Nikumbh
Got it. Perfect. My other questions are maybe a little bit in continuation with the previous question was can you give a little bit of commentary on what’s the demand scenario like in terms of what you are seeing in the market because obviously our order book is continued to grow. So can you tell me, you know, can you tell us who are the — which are the sort of big customers you are having and where are you seeing pockets of demand?
Ashish Mangal
So I mean on the demand side our order book actually is the best testimony or the best indicator of the demand. So last December we closed the order book at 550 crores and this year we are closing it at around 680 crores. The order book itself mentioned or is the demand scenario for us? As I told you that there is a. On the renewal side which we have added on that is given us an additional revenue driver because that is an additional revenue driver for us and our distribution which is a core area, core business area. That is also a lot of demand. Demand is there because of the reasons which have already been spoken about.
On the customer side, I would not be able to name the customer that we deal with but I can just tell you that we are dealing with all the large, I mean majority or the contributions of the large corporate EPC players and private discoms. These are the two large customer basis for us. So people who are undertaking turnkey product turnkey projects from that is our customers and all the private discoms, they are large. So we do. Our direct government business is very low. 80% of our business comes from the private bankers.
Aniket Nikumbh
Got it sir, very helpful. And can you also tell us a little bit about how are you able to achieve, you know, a very tight band of margins? So what sort of raw material price protection do you typically get in your content?
Ashish Mangal
So entire raw material variation is pass on for us.
Aniket Nikumbh
Okay. Right. And is there like a lag for that, like, three, six months?
Ashish Mangal
No lag, real-time basis.
Aniket Nikumbh
Okay. Very helpful, sir. Thanks again and congratulations on all.
Ashish Mangal
Increase also and decrease also on both the side.
Aniket Nikumbh
Got it.
Ashish Mangal
Yes.
Operator
Thank you very much. The next question is from the line of Gaurav Gumber from Taurus Mutual Fund. Please go ahead.
Gourav Gumber
Hi sir. Thank you for the opportunity. My question is what is the revenue breakup in terms of retail sales and institutional sales?
Ashish Mangal
Hundred percent institution. We are a pure play institution, guys.
Gourav Gumber
Okay. Thank you, sir.
Operator
Thank you. Next question is from the line of Rohit Tiwari from Finvestors. Please go ahead.
Rohit Tiwari
Thank you sir for. For giving opportunity and congratulations the numbers. Sir, my question is that can any effect on revenue which we plan coming from the data center after the black swan event of DeepSeek?
Ashish Mangal
Data centers, currently, there is no contribution from data centers. These are the new products which are. Which are under development and we launched in the future. So just to clarify on your doubts or on your question.
Rohit Tiwari
Next question is that what we doing on of fundraise?
Ashish Mangal
So, fundraise, basically it’s a mix of. Mix of working capital and capex. We are doing around 35 crores of capex from the fundraise and balance used to fund our work.
Rohit Tiwari
Thank you sir.
Operator
Thank you very much. The next question is from the line of Nattasha Jain from PhillipCapital. Please go ahead.
Nattasha Jain
Thank you, sir, and congratulations on a very good set of numbers. So my first question is on the export side. I understand your contribution is low at the moment, but you mentioned that you are upbeat about that market. Obviously, it’s a high margin market. So I just want to understand in terms of product, in terms of approvals where are we? Have we put a foot in the door how far you know since we can export to the US market? That’s the first question.
Ashish Mangal
So, Nattasha, two things are there. One is that the countries that we are exporting today are Asian and African countries. So their margins are on those yellow lines only. But the working capital cycle is more efficient. So that is. That is one part of the thing.
And the second part of the thing is the more regulated markets like North America among the more regulated markets market is the next target. So under those internal market on the approval side we have got one product approved and couple of more products are in the pipeline. So once we have a booklet of products available we can hand over our. I mean our sales team can kick the hit the market and get the distribution done. We are already. We have already set up a. In the parallel are taking place, we have already set up a next to the sales team for the US market. So that is also under process. I mean that is also working alongside.
Nattasha Jain
Understood. So, can you…
Ashish Mangal
Difficult for us also honestly.
Nattasha Jain
Got it. Not a problem, sir, not a problem. So you mentioned in your last answer to a participant that you’re a completely B2B player. So what we’ve understood is at least in the domestic side, B2C is a higher margin business than a B2C operation or if you go through the distributor mode rather than directly going institution. So can you throw some light on this that is this understanding correct and do you plan to therefore venture into the distribution channel rather than a complete B2B?
Ashish Mangal
We don’t have any comparison honestly. So, it may be experience may be different from different players. So for us we have, we have always been a pure player B2B player since right since the inception. And in terms of our terms, in terms of our outlook, I think we believe that lot needs to be explored in the on the B2B side for us before venturing into B2C. Once the growth prospects exhaust in B2B market, I think then probably we can venture into B2C there or somewhere like that. So this is what the thought process is honestly as of now.
Nattasha Jain
Understood. And so in terms of B2B, if it will be possible for you to call out what are the kind of products that you specifically supplying into your specifically larger customers if you can name some of them?
Ashish Mangal
So customer names we don’t give, but product names actually have given the key products in our presentation. Also, these are all high voltage cables, low voltage cables, different variety of cables, double area, single area, multi-voltaic conductor, cover conductor. So these are the few specifications, they are all given in our presentation.
Nattasha Jain
Got it sir. And so are we, are we also into wires? Because I don’t see that split and buyers obviously being a higher margin domestically?
Ashish Mangal
Wires, we are not into because wires is again the distribution B2C. That kind of requirement is there for the buyer business.
Nattasha Jain
Got it, got it. And sir, in terms of copper exposure, do we hedge it like it’s a back to back…
Ashish Mangal
Very less number one and number two price variation. So it’s a pass through any variation in copper or aluminum.
Nattasha Jain
Okay, understood. And sir, lastly, can you help us understand what was your governmental exposure over the years, two years prior versus today? And where do you see this going? Are you planning to decrease your governmental exposure or the current figure that you’ve given is where we land up?
Ashish Mangal
So, five years back or I think seven, eight years back, it was very high. It was I think 80% government and 20% private. Now it is completely imbued 20% is private and 80% is government and it has continued for last 23 years. I think this mix has continued for last 23 years. And this 20% is also very important and required. Maybe it can go down to 15% over a period of time but some amount is required to get to carry the approvals and to have the interactions engagements with the approval authority because ultimately end user is government only.
Nattasha Jain
Got it sir. Thank you. And that’s all from my side. Thank you.
Ashish Mangal
Thank you. Thank you so much.
Operator
Thank you very much. The next question is from the line of Khadija Mantri from Capri Global. Please go ahead.
Khadija Mantri
Good evening sir. Congratulations on good set of numbers. So my question again is on the exports in the order book of last quarter that is 595 crores, how much was the export portion? So I’m just trying to gauge that at least our order book has improved you even though we have not done much on the sales front.
Ashish Mangal
I need to come back on the order book. If you have anything else, I mean in the meantime we are pulling out the number. If you have anything else you can start discussing that.
Khadija Mantri
And also because the slowdown in export sales was it because of the freight rates and that is the reason that we have delayed our dispatches?
Ashish Mangal
In the export side?
Khadija Mantri
Yeah.
Ashish Mangal
So, there were some currency availability challenges in some of the countries, African countries and we only work on the advanced payments. So that is why our. I mean there, there are some delays.
Khadija Mantri
Okay sir. And also the product that you have got UL approval for in the North American markets does it reflect in the 75 crore export order book that you just mentioned?
Ashish Mangal
That is not included [Foreign Speech].
Khadija Mantri
[Foreign Speech] Okay. By when can we expect?
Ashish Mangal
Sorry?
Khadija Mantri
By when can we expect the orders to flow in for this product?
Ashish Mangal
[Foreign Speech] The exact timelines are difficult because it’s a lengthy process and complicated process. So let us see. I think in next two quarters, we’ll have more clarity on that business piece.
Khadija Mantri
Okay. Inside this hundred crore renewable order book. So we will be executing all the orders in our current plan or maybe some of that will be executable when the new plant comes up, I mean the extension of the new facility comes up in Q2 FY ’26?
Ashish Mangal
No, no, no. This is, this would be executed in next six to nine months over a period of next six to nine months.
Khadija Mantri
Okay. So do we have to use our production process a bit?
Ashish Mangal
Sorry?
Khadija Mantri
For renewable cables, will we have to take our production process a bit or we are good to go?
Ashish Mangal
Every cable, the production process is different because it’s a. Every order is a customized order. Now that is why. The basics remain the same. But there is customization in the process in the processing.
Khadija Mantri
Available capacity and whatever the efficiencies we have. You should be able to deliver this 100 crore only?
Ashish Mangal
Not necessarily. Entire hundred crore will be executed in this year. There may be some spillover to next year also. As the demand offtake or as the QC gets clear, the things would be dispatched. And as for the delivery schedule, we’ll be planning our production.
Khadija Mantri
Okay. Thank you so much.
Ashish Mangal
Yeah. So just on your first question regarding export as of 30th September it was around 80 crores.
Khadija Mantri
Okay, sir. So then there is a decline in the export order book quarter on quarter.
Ashish Mangal
Quarter on quarter, it’s not a quarterly phenomena which needs to be kind of looked at so we can. We’ll make it.
Khadija Mantri
Okay. But then Y-on-Y, there has been an increase?
Ashish Mangal
Yes.
Khadija Mantri
Okay, sir. Thank you sir. [Speech Overlap] Sorry sir, I didn’t get the last one.
Ashish Mangal
Sorry?
Khadija Mantri
No, I thought you were explaining something, that’s also.
Ashish Mangal
So I’m saying that quarter on quarter there can be a variation because lot of factors play since the availability of demand, the currency. All these things do play a very important role in their utilities also.
Khadija Mantri
Okay. That’s also my job. All the best.
Ashish Mangal
Yes. Thank you.
Operator
Thank you very much. The next question is from the line of Pranay Shah, an individual investor. Please go ahead.
Pranay Shah
Yeah. Hello. Congratulations on great set of numbers, sir. I have few questions. So sir, we see that the government capex has mainly seen a quite sort of slowdown over these quarters. So do we see any impact of the same in the forthcoming quarters on the domestic demand? Like are we likely to see any slowdown in the domestic demand ahead?
Ashish Mangal
Till now, at least in our segment of whatever government is spending in power distribution side we have not experienced any slowdown. There may be. I mean we can’t comment on other sectors of government spending. But on the power distribution side lot of funds have already been pre allocated and demand is very robust. Even the pain can be experienced or can be observed through our order book position which has increased Q1Q and mostly it is driven by the domestic factors only. So in Q3 our order book was around 595 crores. It has increased to 680 crores. So there has been incremental order of 100 crores which is completely given 100% given by the domestic business. So the phenomena for our experiences is that we have not, I mean we have not experienced any observed any slowdown in our specific statement.
Pranay Shah
Correct. Okay. And sir, regarding the concentration of revenue concentration. So what would be our you know, revenue concentration of the top five or top ten customers now?
Ashish Mangal
Yeah, so top 10, the top five buyers comprise of around 30% of our sales and top 10 buyers comprise around 50% of our sales.
Pranay Shah
Understood. And…
Ashish Mangal
These names keep on changing. So it’s not that this quarter if some name is reflecting, the other quarters or some other name maybe reflecting.
Pranay Shah
Correct. Okay. And sir, in the fourth quarter being a seasonal quarter, how does your execution look currently?
Ashish Mangal
So I mean fourth quarter is obviously the heaviest quarter in our industry and it’s a industry wide phenomena and we have to gear up for meeting our supply schedule in the Q4. So it has been an every year phenomena for, for us. So nothing new. Honestly.
Pranay Shah
Understood. And sir, what has been our capex incurred in this over this nine month period? Overall capex incurred?
Ashish Mangal
Overall capex incurred just INR20 crores.
Pranay Shah
20 crores. And we must be operating at somewhere around 80, 90% utilization level?
Ashish Mangal
Yes, around 80, 85, 90, 85% around.
Pranay Shah
Okay. And so regarding us. Us, we are currently under approval. We have just received one product approval. But let’s just say that we received all the new approvals which are necessary. What do you think would be the margins in the us Will it be greater than our other export geographies? Because typically US Export margins are higher for cables when you compare it with other export geographies. So are we likely to see the same going ahead?
Ashish Mangal
Very difficult to comment. Very difficult to comment because we have to do a bit test before giving any commentary on the margins.
Pranay Shah
Fair enough. Fair enough, sir. And what would be our railway contribution in the current quarter? Cable contribution?
Ashish Mangal
5%.
Pranay Shah
5% odd. We plan to maintain it in the whole financial year, right?
Ashish Mangal
We’ll try basically.
Pranay Shah
Understood. That’s it from my side. Sir, thank you for answering the questions.
Ashish Mangal
Yes.
Operator
Thank you very much. Ladies and gentlemen, that was the last question for today’s call. I now hand the conference over to Nattasha Jain from PhillipCapital for closing comments.
Nattasha Jain
Yeah, thank you. And sir, I would like to hand over the floor again back to you if you have any closing comments.
Ashish Mangal
So, thank you all the investors and various fund managers and thank you for all the questions. And if there are any other questions, you can always e-mail us. We will try to answer that. Thank you everyone.
Nattasha Jain
Thank you. This concludes the conference. Participants may now disconnect their lines.