Ganesh Benzoplast Ltd (NSE: GANESHBE) Q3 2025 Earnings Call dated Feb. 13, 2025
Corporate Participants:
Rishi Pilani — Chairman and Managing Director
Amar Kabra — General Manager Finance
Analysts:
Alia Shaikh — Analyst
Unidentified Participant
Yash Dedhia — Analyst
Shubhangi Agarwal — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Ganesh Benzoflast Q3 FY ’25 Earnings Conference Call hosted by Capital Square Financial Services. 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 this conference, please signal the operator by pressing star and then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms Alia Sheikh from Capital Square Financial Services. Thank you, and over to you, ma’am.
Alia Shaikh — Analyst
Thank you,. Good evening, everyone. On behalf of Capital Square Financial Services, I welcome you all to Ganish Q3 FY ’25 Earnings Call. Please representing Ganish Benzoplast, we have today with us Mr Jishi Pilani, Chairman and Managing Director; and Mr Amar Kabra, General Manager, Finance and Texation. Now I pass-on the call to the management for their opening remarks, which will be followed by Q&A.
Thank you, and over to you, sir.
Rishi Pilani — Chairman and Managing Director
Thank you, Ms. Good afternoon — good afternoon, everybody. This is Rishi. Thank you so much for joining us for the Q3 FY ’25 conference call. We will initiate the call by taking you through the business highlights for the period under view, after which we will open the forum for Q&A.
Now I hand over the call to Mr Amar Kabra, who is the GM Finance and Taxation to share the quarter numbers with you.
Amar Kabra — General Manager Finance
Yeah. Good afternoon, everybody. So for the quarter ended 31st December 2025, I will give the highlight. During the Q3 of financial year ’25, on consol basis, the company generated a revenue of INR892 million as compared to INR1062 million of Q3 of last year. Net profit-after-tax for the quarter Q3 of FY ’25 is INR183 million as compared to INR161 million of the corresponding period of the last year. On standalone basis, the company generated a revenue of INR550 million as compared to INR590 million of Q3 of last year.
Net profit-after-tax for Q3 of financial year ’25 is INR161 million as compared to INR158 million of the corresponding period of last year. So with that, I have given the highlights for the results. Now I would like to open the forum for question-and-answers
Questions and Answers:
Operator
Hello, hello ladies and gentlemen, we will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and 1 on the touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to please use handsets while asking a question.
Ladies and gentlemen, we will wait for a moment while the questions come in. We have the first question from the line of Vishal Prasad from VP Capital. Please go-ahead.
Unidentified Participant
Hi, good afternoon. So I have three questions. We have done a settlement with Morgan Securities. We have been fighting the case for 20 years and it is now that we have decided to pay and settle. Could you help me understand the thought process behind this settlement and the time that we have chosen?
We could have settled the case in last 10 years after the judgment came, but we did not do it for 10 years. So Rishi, that will be very helpful.
Rishi Pilani
Yes Mr Vishal so thank you for your question see the timing and the right moment for settlement, it all comes when both parties are willing. Only one party cannot do a settlement. So yes, it has taken 20 years, but it has — it takes sometimes — a long-time for parties to come to a mutual agreement and a mutual understanding. Unfortunately, in this case, it took longer than we should have expected.
But if you can see the award itself was given only in 2015, which was then challenged — subsequently challenged in the High Court by us. So it has taken a bit of time, but the good part is that now we have settled and to an amount that we feel that is, you know, and given the overall circumstances of the of the case and overall pros and cons of the risks and rewards, we think it’s quite a good settlement for the company and hence we’ve gone ahead and done it.
Unidentified Participant
Okay. So I mean, I looked at 2015 judgment and they awarded 36% interest. Why was this award — I mean award against us. I mean, it could have been 10%, 12% or 15%, but the arbitrator decided to give us — give them 36%. And now even if I look at the settlement that has been done now the rate of interest would be very, very-high. So what led to this decision and why we sat on this and did not do anything for so long,
Rishi Pilani
Mr Vishal, first of all, the arbitration did not award 36% interest. They awarded 3% interest on monthly rest. So that’s not the same as having a 36% interest or a simple interest of 36%. Secondly, we did not sit on the award. There was like I said, we challenged it. There were various forums under which we challenged this award both civil and criminal and there were various actions being taken due to which Morgan also realized that continuous fighting, they also must-have weighed their pros and cons and then decided that it’s the right time to settle and close this matter now.
Unidentified Participant
Okay. So coming to the next question, the JV that we have done for the capex, so who will have the operational and tactical control on that company? Is it us or our JV partners? It
Rishi Pilani
Will be joined.
Unidentified Participant
Okay. And who decides the CEO or the company — the person who will be leading that company, us or we are going to have a long discussion with our partners and then we’ll come up to the
Rishi Pilani
Like I said, like I said, all strategic decisions are joint,
Unidentified Participant
Okay. And last question from my side is, we are doing close to INR900 crore of CapEx. So when we reach the steady-state, what is the expected EBITDA margin there?
Rishi Pilani
See, while I don’t know all,, we can’t give numbers and all on the — on calls, but what we are expecting is that once we reach steady-state, we should do EBITDA margins upwards of 80% to 85%. 80% to 85% on a revenue see, again, the expected revenues can change depending on the market scenarios and the overall policies and all.
But as of now, we expect that the revenues on a on a normal case basis should not be less than close to about a INR180 crores to INR200 crores. So profit will be divided to interrupt.
Operator
We request you to join the queue for follow-up questions. Thank you. The next question is from the line of Jayesh from Kumar CA Firm. Please go-ahead.
Unidentified Participant
Yes. So my question is, will the company proceed with the demerger
Unidentified Participant
Of chemical business post?
Rishi Pilani
See, the company is definitely proceeding with creating some strategic carve-out. So you have to understand that the Morgan timeline for payments is up to November of 2024, 5, okay. So while the company is looking at the strategic options to understand how it can place the chemical division in a manner that the valuation is segregated for both the chemical and the infra division fairly.
Any corporate action will have to wait till Morgan is repaid fully the settlement is paid fully. But yes, to your question that is the company looking for making sure that there is a separate strategic outlook for the Chemical division? Yes, it is. What exactly that action is to create that separate outlook is still being considered.
Unidentified Participant
Okay. Thank you.
Rishi Pilani
Okay. Yes.
Operator
Thank you. The next question is from the lineof Yash Dedia from Maximal Capital. Please go-ahead.
Yash Dedhia
Good afternoon, Rishi and. So on the chemicals division, if I look at your consol performance, so we have done an EBIT of around INR6.5 crores in this quarter, which is meaningfully higher compared to the previous years. So what is the new normal going-forward? What is the reason why we are seeing much higher?
I mean, the revenues haven’t grown, but the margins have grown. So is it some sort of a recent raw-material advantage or something which has come to us or is this the new normal? How should we read the performance of Chemical division?
Rishi Pilani
Yeah, yes. So as you may be aware that from April 2025, the management which was handling this chemical division has changed and the new management has taken over the entire charge of this chemical division. So from April onwards, we had done lot of changes in the plant-level at marketing level and the entire operation of this chemical business.
So yes, obviously in first three months we are just studying the entire process, but later on we — we have got a grip that how this chemical business is captured. So yes, there is a downside in the turnover, but there is an increase in the profitability of the chemical segment.
The reason for this quarter there is lesser production, lesser marketing in the chemical is on account of that selection and all these things and that Nigeria problem is still going on. But on the other side, we got the benefit of — in two-ways, like we procured the raw-material in bulk at a discounted prices.
So that resulted in directly adding to my PAT. And secondly, the market which we are capturing to this US which temporarily there is a problem. So we catered this in domestic market. So we got better realization and that’s why you are seeing in last nine months, there is a cumulative profit of almost INR12 to INR13 crores in chember segment as compared to just INR6 crore in previous nine months.
So yes, chemical even is improving and with lot of moduation, lot of changes, lot of personal new appointments and all these things. So I’m seeing a very good future in chemical segment also. So going-forward, let’s say for FY ’26, how should we — are — I mean, are we on-track to earn like
Yash Dedhia
INR25 crore EBIT next year also or — or how should we look into this?
Rishi Pilani
See, now our target is to reach the capacity of 85% from the existing 75%. So with that, obviously, I can see the profit of around INR18 crores to INR20 crore in Chemical segment and gradually it will definitely cross that INR25 crore number.
Yash Dedhia
Okay. Secondly, on your capex, I think we were supposed to start in October. So now if you can help us with the update on the construction process and procurement process, where are we — what are the — what are the steps which are — which have been done in the last few months?
And are there any come regulatory clearances, etc., which are yet awaited. So if you can give us a holistic update on the capex. So the — as far as the approvals from Peso and NCCB are concerned, those are
Rishi Pilani
In-place with us now. There was a delay in obtaining the final sanction from the lenders, which I’m pleased to say has been received about a week back for the closure of the financing. So the closure of the financing is done or the basic engineering and everything is like I said was already in way.
So we hope that now we can go full-fledged with the actual construction work and start this start the project on a full-scale basis. So the construction has not yet started or because earlier I think we were construction, the construction of the firefighting system and everything is completed.
I’m talking about the main tanks, for the main tanks, the financial closure was achieved about a week back.
Yash Dedhia
Okay. And the contract has been awarded, sir for EPC work.
Rishi Pilani
So the contract for the EPC work is under finalization, but for the starting of the work, which is for the piling works, that contract has been finalized.
Yash Dedhia
Okay. So we are still looking at the October ’26 26 sort of a timeline for the finishing of all the things or has it been moved ahead?
Rishi Pilani
So as of now, so what we are looking at is that the actual work should start sometime in March of the main tanks, that is the piling and everything. So from there on, you are looking at about two years.
Yash Dedhia
Okay. Okay. And sir, with respect to the dispute related to those transactions and loan amounts with eight parties out of which I think one had settled already. So are there any updates on further settlement with the remaining seven lenders? And what is the update on that?
Rishi Pilani
So not one. If I recall correctly, two or three parties have settled. No, so it’s definitely more than one now. And for the balance, we are — we are going ahead and we are taking all legal and criminal actions to make sure that they are they are also either they sort of back away or them the courts direct them to back away?
Amar Kabra
It’s not actually settlement work, that is not a corporate word project. It’s the unconditional withdrawal of the claim by the party, correct?
Yash Dedhia
Okay. And this INR40 crores settlement to Morgan, so do we need to raise any further funds to provide for this or this plus the capex or do we feel that we will be able to manage it internally?
Rishi Pilani
No, so we don’t need to raise any further funds for this, because actually the way we have enough internal accruals and reserves in our cash to suffice for both the LPG and the — and the Morgan case. And you have to understand that the way the Morgan works out is that even though on the face of it, the payment is for INR40 crores, but since we book it as expense, so then you get a tax reduction of INR10 also on that.
So the net cash requirement comes down to INR30 cr.
Yash Dedhia
Understood, sir. Thank you and all the best.
Rishi Pilani
Thank you. Thank you.
Operator
Thank you. The next question is from the line of Rohit Patti from Marshmello Capital. Please go ahead.
Unidentified Participant
Thank you. Thank you for the opportunity, sir, and it was very nice to see the resolution of the Morgan case. It clears the barriers for the company to move ahead and it was very nice to see that. One question, not on the case, but on the corporate action. I believe in the past, we’ve maintained that once this case is settled, we’ll go through with demerger.
But in this call, you seem to indicate that remerger is probably not the only strategic action on the table for Chemical division. Could you speak more on the reason for this change in thought process?
Rishi Pilani
So it’s not a change in thought process that — so we are — we are — we are very much committed To the fact that we need to, like I said, create two separate valuation structures for the infra and the chemical division. Now while demerger is one of the options that we are also strongly considering and going ahead with, we would like to — there are a couple of more other structures that we are looking at in which the investors can understand the valuations of the two companies separately, so they can value the infra and the chemicals separately. But also it gives us the ability to sort of control both the divisions directly. So we are looking at other options. I’m not saying demerger, there is a change of thought process on the demerger. That’s not what I’m saying. We are looking at that also very strongly. And definitely whatever action we take, we want to create two separate valuation structures for the two divisions.
Unidentified Participant
Understood, sir. Fair enough. I mean, if I just may one suggestion or feedback I have is I’ve seen cases where companies which are — which are two, three separate divisions sort of try to create value by getting a strategic investor something in one of the divisions, hopefully indicating to the market the intrinsic value of the Fed business.
But more often than not, if it continues to remain in one entity, the market tends to give a discount for whatever reason. It might not make sense because a private buyer has given a clear value, but somehow or the other, it doesn’t tend to be unlocked till the actual separation happens. I mean, there are cases even now, but just thought I’d share that thought with you.
But that’s the first part of my question, sir. My second is on the LPG business itself. So I’ve gone through your con-call for the last three years and I — I mean, you’ve given the numbers, but I’m more — I wanted to understand the whole value chain and the nature of the business better. So in the sense the revenue — in the first — I think two, three years back, you mentioned that the current realization per kiloliter is somewhere around 1,200 to INR1,500 and subsequent con-calls you’ve indicated is 1,200 to 1,500 per ton.
So — and then there are questions of throughputs. So if you could explain how the business actually works, that would be helpful in terms of, let’s say VLCC carrier comes from VW Gas and it docks, we already have the contract. So how is the whole revenue generated? So if a VLCC carrier comes and if it docks and if it — the whole thing is evacuated, how much time does that take? How much revenue per kiloliter or ton does it generate and all the throughputs, it would be helpful to understand the whole mechanics rather than the fine line number.
Rishi Pilani
So, Rohit, what I’ll explain is how a general LPG terminal operates is that when the ship box, the cargo is unloaded, there is a charge that is charged on a per ton basis. Okay. So the range that I’ve given is on a per tonne basis. And once that cargo is removed and the next cargo comes in, then again the charge for those fresh cargo is on a per tonne basis.
Throughput basically means how many times you are able to take a ship into your terminal or take a cargo, I should say in a terminal evacuate it and take the next cargo. So basically by logic, as many times as you can rotate the tanks in a month, in a year or whatever you want to Call-IT for your terminal. So those many times you earn the revenue all over again and your fixed costs keep going down.
So this is how like a basic terminal operates, currently the range of most of the terminals in India ranges to about 60 to 70 throughputs a year but it varies from terminal to terminal.
Unidentified Participant
Understood. Fair enough, sir. This is very helpful. So the current average throughput is 70 times a year and that’s broadly the number that let’s — we’ll also target for the first two, three years from our — both the terminals together. Is that right, sir?
Rishi Pilani
Yes. So what — so what we are targeting is to do the best that we can, of course. I mean, we have benchmarks, but — but like I said, we cannot guarantee any throughputs. We are hopeful that based on our current market scenario that we have studied, getting minimum 30 to 40 throughput should be a low case for us.
That is our expectation. But again, I mean once the terminal is operation and once we have the contract signed, we’ll know the actual numbers that we can deliver.
Unidentified Participant
Sure, sir. And my last question on this. So if — I mean you said that the pricing is on a per ton basis, but let’s say there is a cargo that comes, which is — I mean, our capacity is 32,000 tons and we have two tanks. Let’s say cargo comes, which is, let’s say, 20,000 tonnes. So one throughput there would be only 20,000 tons. Is that the right way to think about it?
Rishi Pilani
Yes, you’re right.
Unidentified Participant
Okay. So if lower capacity sized ships come, then our throughput reduce — I mean, the tonnage reduces, but the number of throughputs can remain same. So that’s the right way to think about it, right?
Rishi Pilani
Yeah. Generally, it is in a continuous rotation. So if one lower through lower sized ship will come, then what your expectation should be that there will be back-to-back another lower side ship, another so that the terminal is continuously getting topped up, topped up, topped up.
That would should be the expectation.
Unidentified Participant
And there is still good so just to confirm, this is a terminal, let’s say it fills up to 20,000 which come to the first ship. You can fill it up to 32,000 with the next ship and then evacuate everything together. Is that how it is or every throughput you have to evacuation,
Rishi Pilani
The evacuation and the receiving continues simultaneously. So your ship comes in it discharges 20,000, let’s say, and goes away, the evaluation of the 20,000 starts immediately, while the next ship can come and start discharging its cargo again.
Unidentified Participant
Understood. Understood. So this was very helpful, sir. One last question. I mean, there is a similar sort of a project, which seems to be, I think engineers engaged doing it for BPCL or IUCL in Mangalore, where they are setting up 80,000 ton LPG storage somewhere underneathing Granite reservoir is what I understood.
And the capex there for a capacity which is 25%, 30% larger than us is approximately the same. So I mean, I don’t know if you’re aware of the project, but I was just curious to understand if there is a reason for the difference in capex.
Rishi Pilani
See, a capex for a project will depend on various factors like the length of the pipeline from the jetty, the type of construction you’re doing on the tank. So like we are going for the RCC outer wall, which is a much safer concept than going for a steel outer wall. So just by comparing capacities, you cannot judge the capex.
So it — the projects have to be compared like apple-to-apple in terms of all parameters, not just the capacities.
Unidentified Participant
Understood. Thank you. And the last question is the interest costs for our join.
Operator
Thank you. Thank you. The next question is from the line of Amit Pawa, an individual Investor. Please go-ahead.
Unidentified Participant
Yeah, hi. Hello,. Yes. Hi. Yeah. Hi,. So just want to understand what is the — is there any impact on the — say that shares with the new utilization is coming in?
Rishi Pilani
I know that you have been sorry. Amit, I can’t hear you. Sorry, Amit, your voice is breaking.
Unidentified Participant
Okay. Can you hear me now? Am I audible?
Rishi Pilani
Yeah. Yeah, this is better.
Unidentified Participant
Okay. Yeah. Sorry. So my question is, since we are managing the funds that are required to do the construction through debt and as well as through equity. So the increase in equity through BW or or through the other some investors like Anil is it any increase in the number of shares?
Now I see that INR7.2 crores or close to that is what we have is lot of equity. Is it resulting in any increase in number of shares?
Rishi Pilani
So whatever current number of shares we have, there is no increment in that.
Unidentified Participant
Okay, understood. And my second question is, when this demerger sources can start? I know from there, it will take at least one year for us to completely exclude it. But sensitively, do you have anything in mind as you’re planning to across the authorities to start the comments?
Rishi Pilani
I have answered this question I think a couple of times now already. So what I think we’ll have the proper clarity on what route we are taking and how we are taking in the next like two to three months. But like I said, the company is committed to making a separate valuation structure For both the divisions. We understand that is required.
Unidentified Participant
Understood. Yeah. Okay. Okay. And yeah. One question I have is, when it comes to this EBITDA, what you are saying, 80% to 85%, let us say there are only three books, which will result in, let’s say, INR200 crore, EBITDA, INR230 crore of top-line on LPG. Still that EBITDA can be achieved.
You want that can be achieved or we should have a complete utilization of the LPG, so at only 10 the operational leverage will come out and we’ll get the, I think 85%, not what you did.
Rishi Pilani
So we are — what we are expecting is that currently that the low case that we are estimating. And again, we’ll know the exact numbers once the terminal is operational, but the low case that we are estimating, then those EBITDA numbers should be achievable at those case also.
Unidentified Participant
Understood. Yeah, that’s all from my side. Thank you so much.
Operator
Thank you. Thank you. The next question is from the line ofSubangi, A, an Individual Investor. Please go-ahead good afternoon.
Shubhangi Agarwal
I’m just wondering during our previous conference calls, we had mentioned the company is in discussions with JNPT regarding some additional land at the terminal. Any update there or any status of the discussions around it we were not in discussions for any additional land with JNPT but yes
Rishi Pilani
, we did get additional land allotted to us in July of 2022, which is under development. So already the chemical tanks have been developed on it and the LPG project is coming up on that. So apart from that, we, we have not been in discussion for additional land with GNPT.
Shubhangi Agarwal
Okay, sure. Sure. And just trying to understand on both the terminals currently the operating you know they are operating at about the terminal specifically is at about 40%?
Rishi Pilani
Yeah, around that much, 30%, 40%, yes.
Shubhangi Agarwal
Sure. So what are the strategies to kind of enhance our utilization there.
Rishi Pilani
See we are working with 2, 3 companies to understand how we can position the Goa terminal for their requirements. So the terminal was initially designed to cater to the bunkering for the mining ships that call to Koah. So the thing is that we the terminal, so with the mining ban that was imposed by Supreme Court in Goa the mining ship stopped calling Goa so the basic purpose of the terminal was not achieved.
Since then we have modified it to handle other products like edible oil, molasses, we’ve handled NAFTA there. So we have done certain things to make sure that it becomes a lot more of a multipurpose terminal now and we are working towards it, but the thing is that we have to find a value where the customers also have industry basis in Goa of this scale to sort of backtrack into using a terminal of this size.
So that process has been not very easy. It’s not very straightforward. In-between, we did handle even some diesel for BPCL and IOCL. So we are trying to explore different products to how to make sure that we can make this terminal more capacity utilized. So, but it’s still a work-in process.
Do we have a definite plan which we can execute as on-date and say that this is going to result in so-and-so? It’s not happening. We don’t have that right now.
Shubhangi Agarwal
I see. Got it. And is kind of on-track, like 19% 95%.
Rishi Pilani
Coaching is coaching is at 100% now. It was — there was a period from January of 2024 to about June, July of 2024 when it was under revamping to hand over to IOCL for the ATF and ethanol, but subsequently, they have taken over all the tankages. So currently coachin is 100% occupied.
Shubhangi Agarwal
Sure. This is all from me. I’ll come back-in case I have any questions. Thank you.
Rishi Pilani
Thank you.
Operator
Thank you. We have the next question from the line of Ram Tawa, an Individual Investor. Please go-ahead.
Unidentified Participant
Hi, Ram. Yeah, hi. I wanted to understand the — once the new LPG storage sorry to interrupt
Operator
, but your line does not seem very clear. It sounds that you have like an echo on it.
Unidentified Participant
Am I audible now?
Operator
Slightly better, sir. Please go-ahead.
Unidentified Participant
Okay. So what I’m trying to ask is, so once all the LPG storage tanks are built and they are used to their capacity, is there a chance that the existing LSTs are reequipped with capacity to handle more LPG gas as opposed to the current chemicals that are being stored. So is there a possibility in the future, probably a couple of years down the line or maybe after that we replace the existing LSTs for storing LPG since space is a constraint in the port right now see the primary goal of an LPG terminal should be to try and see how
Rishi Pilani
They can increase their throughputs rather than creating new capacities. Also, so the — so the decision for converting LST tanks to LPG, I don’t think it’s two years down the line, unless, unless until you can go up to seven to eight per month, so that it’s not wise to think on that line.
Unidentified Participant
Understood. All right. So that’s the only question from my side. Thank you.
Rishi Pilani
Thank you.
Operator
Thank you. We have the next question from the line of Gaurav Shah from Harshad Gandhi Securities. Please go ahead.
Unidentified Participant
Yeah. Thanks. Thanks a lot for the opportunity, sir. My question is on the settlement we did with Morgan. So sir, as per the settlement, we are supposed to pay them INR43.25 to INR5 crore in total. And out of that, I think we have already paid INR10 crore. So balance INR33.25 crores, we need to pay them right now.
By November ’25, right? So this INR30 crore is already booked as an expense during this quarter. So just wanted to like check that.
Rishi Pilani
So we are — in the order passed by the high court is in January 2025, so obviously that hit is going to take-in this current quarter, like last quarter of the financial year. So in this particular
Unidentified Participant
Quarter, we should expect INR30 crore fully provided this quarter, right, in the March margin. Got it. So earlier we already paid them INR10 crores deposit, right?
Rishi Pilani
The case was going-in this quarter — in Jan quarter or Jan months only
Unidentified Participant
Is that okay. So that INR10 crore is already booked — sorry, sorry, I got your point. So you are going to book full INR40 crore this particular quarter.
Rishi Pilani
Okay. Yes.
Unidentified Participant
Okay. That’s it. Thanks a lot.
Operator
Thank you. The next question is from the line of Rohit Patti from Marshmello Capital. Please go-ahead.
Unidentified Participant
Thank you for the follow-up. Only one question. So the financing that we have tied-up for LPG project, would you be able to share the interest-rate — the finance cost for the same?.
Rishi Pilani
I would preferably, you know, since it’s a part of the JV funding and it’s not really part of something that is GBL on its own has arranged. So it’s actually we are bound by some confidentiality agreements there.
Unidentified Participant
No problem. I understand. Fair enough. Thank you. That’s it from me.
Rishi Pilani
Thank you.
Operator
Thank you. Thank you. Ladies and gentlemen, due to time limitations, we will have to take that as a last question for today. I would now like to hand the conference over to the management for closing remarks. Over to you, sir.
Rishi Pilani
Thank you. Thank you. Thank you, everybody for joining us for this investor conference call. I appreciate your time and I look-forward to hearing from you people for not only during these calls, but even during the quarter if there are any suggestions or questions. Thank you. Have a great evening, everyone. Thank you. Thank you, everyone.
Operator
Thank you. On behalf of Capital Square Financial Services, that concludes this conference. Thank you all for joining us. You may now disconnect your lines