Godavari Biorefineries Ltd (NSE: GODAVARIB) Q4 2025 Earnings Call dated May. 26, 2025
Corporate Participants:
Unidentified Speaker
Samir Somaiya — Chairman and Managing Director
Ashish Sinha — Assistant. General Manager, Investor Relations & Finance
Analysts:
Unidentified Participant
Parth Patel — Analyst
Vivek Gupta — Analyst
Dhavan Shah — Analyst
Raj Patel — Analyst
Vignesh Iyer — Analyst
Kranthi Bathini — Analyst
Sanjeev Damani — Analyst
Namrata Jain — Analyst
Himanshu Dugar — Analyst
Mamta Agarwal — Analyst
Presentation:
operator
It. Ram Sam. It. Ladies and gentlemen, you are connected to Godavari Biorefineries Limited Q4FY25 earnings conference call. Please stay connected. The call will begin shortly. I repeat, ladies and gentlemen, you are connected to. Go. Godavari Biorefineries Ltd. Q4FY25 earnings conference call. Please stay connected, the call will begin shortly. Thank you. It. Ladies and gentlemen, good day and welcome to the Godavari Biorefineries Ltd. Q4FY25 earnings conference call. 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 has been recorded. I now hand the conference over to Mr. Path Patel from MUFG NTI. Thank you. And over to you sir.
Parth Patel — Analyst
Thank you. Good morning and welcome everyone for Godavari BioRefine Analyst Limited Q4 and FY25 earnings conference call today. On the call we have Mr. Sameer Somaya, Chairman and Managing Director and Mr. Asish, Assistant General Manager in Webster Relations and Finance. Before we begin the call, I would like to give a short disclaimer. This call may contain some of the forward looking statements which are completely based upon our beliefs and expectations as of today. The statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. With this, I would like to hand over the call to Sameer sir for his opening remarks.
Over to you, sir. Thank you.
Samir Somaiya — Chairman and Managing Director
Thank you. Farz. Good morning, ladies and gentlemen. On behalf of Godavari Pirate Primaries Limited, I extend a warm welcome to all participants on our Q4 and FY25 financial results discussion call. I hope you have had an opportunity to review our financial results and our investor presentation which have been uploaded on the stock exchange and on our company website. FY25 marks the pivotal year in a journey of financial transformation that will further enable our strategic shifts towards bio based specialty chemicals and renewable energy based on multiple feedstocks. Despite facing a challenging external environment marked by macroeconomic pressures across our core verticals, sugar, ethanol and bio based chemicals, we stay true to our strategic roadmap of participating in the green energy transition in chemicals globally and in green energy in India.
On the global front, the commitment to the green transition in chemicals continues to remain strong. Many global companies remain committed to substitute fossil chemicals with chemicals derived from renewable sources in their supply chain. Murab Ibai Refineries is working with many of these global companies to co create solutions in this transformation. At an industry level, India’s sugar output declined significantly in the previous in this year due to lower change yields and disease outbreaks. While the fair and remunerative price FRP has steadily increased. The ethanol procurement prices have remained unchanged since November 2022, creating an imbalance that pressured industry margins.
However, the government’s recent decision to allow a uniform export quota for sugar has helped stabilize the domestic supply and support sugar prices. The Government of India also achieved the target of 20% ethanol blending and the NITI Aayog is examining ethanol blending beyond 20%. India has also recently overtaken Japan to become the fourth largest economy in the world. The growth of the economy will be accompanied by growth in energy consumption leading to a natural demand increase in ethanol for the blending program. Against this backdrop, I am pleased to share that we recorded our highest ever cane crushing volumes at our Samir vari facility 24.6 lakh tonnes in the sugar season 2425 and increased over the previous year as opposed to the reduction in cane crushing all across India.
This performance is a testament to our efforts in agriculture research, cane development and our enduring farmer relationships. This consistent supply of quality feedstock reinforces our integrated operations and enhances our value chain stability. Our ethanol segment delivered an exceptional performance in Q4 25 reflecting revenue growth of 37%. The growth was supported by Government of India’s decision to restore the ethanol blending program from sugarcane juice syrup. This highlights the strength of our current integrated operations and our effective management of sugarcane based feedstocks. To further expand our presence in the Government of India’s green energy transition and to mitigate against climate risk, we had announced and are implementing our investment in corn grain based ethanol positioning us for sustained growth and stability in the future through diversified feedstock capabilities.
Our 200 kiloliters per day fungible grain maize distillery is expected to be commissioned in Q4 financial year 26. It’s progressing as planned to enhance our ethanol capacity and multi feedstock flexibility. We remain confident that this segment will continue to be a key driver of our growth in in the coming years. In our bio based chemicals segment we have seen robust performance particularly in profitability. In FY25 the EBITDA for bio based chemicals grew more than 2x. This growth underscores a strategic focus to further enhance its performance. We are actively undertaking debottlenecking initiatives to optimize existing production capacities and we are continuously evaluating and developing new higher margin specialty chemicals as we copy value with our customers as they transition to a lower carbon footprint.
Furthermore, our international license agreement Catalyx for biobutanol and higher alcohol will significantly boost our sustainable chemistry portfolio and specialty chemical offerings. We are well on the path of driving efficiencies, optimizing costs and ensuring long term sustainable growth. Looking ahead, we are focused on driving growth and operational resilience to key levers for revenue and margin expansion. With these initiatives and subject to climate policy and unforeseen risks, we are targeting an increase in EBITDA by about 3x of FY25 numbers by FY29. I will now hand over to Ashish for a more detailed operational and financial update. Good morning everyone.
We are pleased to report a strong close to the quarter four of an unmtial year2025. For quarter four of financial year 2025 our revenue from operation stood at rupees 580 crores. For FY25 our revenue reached rupees 1870 crores reflecting an 11% increase over the previous year. In terms of profitability, Our EBITDA for quarter four of FY25 was rupees 122 colors achieving a lowest margin of 21% and increase of 80 basis points compared to 20.2% in the corresponding period last year. Quarter four FY24 for the FY25 EBITDA stood at rupees 120 crores. For the financial year 2025 our PAT excluding one time default tax was rupees 1.1 crore.
With a pack margin of we have strengthened our financial position by reducing debt which has lowered our interest burden and created significant headroom for future expansion and strategic investments. We are confident that our strategic development in debottle making and evaluating new bio based specialty chemicals coupled with crucial capacity expansion and multi feedstock initiative in our SNOW segment alongside the performance improvement in the bio based chemical business will collectively drive a significant turnaround for the business. This focused efforts are set to unlock significant revenue growth and margin expansion positioning us for exceptional performance in the coming years.
Thank you. Now we can take a call. Questions, Questions.
Questions and Answers:
operator
Sorry. 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 assembly. The first question is from the line of Vivek Gupta From Star Investments, Please proceed.
Vivek Gupta
Yeah, hi. Am I audible?
Samir Somaiya
Yes, you are.
Vivek Gupta
Yeah. So my first question was like could you provide an update on the progress regarding cellulose and cellulose derivatives and as well as the 2G ethanol project which we discussed during the last earnings call.
Samir Somaiya
Currently our focus is in the debottle making of the chemical plants. We are working on the engineering of our biobutanol program that we have licensed and we are implementing the grain maize based distillery the that we expect to get running by Q4 2026. As far as cellulose and cellulose derivatives and 2G is concerned. These are currently in research and business development.
Vivek Gupta
Okay. Okay. So as the company is strategically moving towards bio based chemicals and multi feedstock ethanols to mitigate climate risk, what sustainable EBITDA and pack margins should we estimate?
Samir Somaiya
Well, we are, you know we have given how we are expecting a longer term growth in PAT as we said in by FY29 not PAT. We talked about EBITDA that we would look at 3x of FY25 numbers and that’s the direct that will be accompanied by directional change strategic shifts in two places. One is in the green energy transformation in India where we are increasing our ethanol capacity by creating higher capacity and diversifying into feedstocks, additional feedstocks. So in addition to sugarcane juice syrup B molasses and then adding graze and maizen functionality, that is one.
The other strategic shift is to add bio based chemicals which are in the spec chemical space and so reduce the amount of ethyl acetate reliance we have and increase the ratio of bio based spec chemicals. So this is the way we are doing the two strategic shifts to go further.
Vivek Gupta
Okay, thank you.
operator
Thank you. The next question is from the line of Dhavin Shah from Alpha Accurate Advisors. Please proceed.
Dhavan Shah
Thanks for the opportunity sir and congratulations on a great set of numbers in the chemical segment. So my question is in the chemical segment itself. So you know, despite the trade was not good in the ethyl acetate side still, you know we did great operational numbers. So if you can share thoughts. I mean what led to the strong EBITDA during this quarter in the chemical side of the business? And you also mentioned that we are planning to do some dewaternecking and the butanel project is also on the radar. So in FY26 what kind of growth are we expecting in chemical business?
Samir Somaiya
Thank you for the question. The whole strategy of financial transformation was to release cash flows by having and that cash flow was to be used in debottlenecking bio based back chemicals for which we have demand. We are seeing that demand and we are spending, we are working on debottlenecking chemical capacity to meet that demand. Some of that debottlenecking has already happened which you saw the result of which in Q4, 20, 25 and other such debottlenecking will continue during the whole year of FY26 and the results of that will be visible. The second point is to further give a push to the bio based spec chemical business.
We had licensed this technology for biobutanol and this is licensed. We are working on the detailed engineering design of the same and the result of that will come in further years as we expand towards our strategic direction of improving our business in bio based pet chemicals and in ethanol.
Dhavan Shah
Understood sir. So in FY26 the revenues for FY25 chemicals segment was around 540 odd crore and the EBITDA was roughly 38 odd crore. So in FY26 and 27 based on your the bottlenecking plus the other new products which you will be launching. So concerning all these things, how much growth can we expect in both revenue and ebitda? I think in chemical segment only we.
Samir Somaiya
Have given a broad directionality for FY29. How we are growing that will happen, you know in, in Progressive steps over 27, 28 and 29. As we move towards that you will see and we will keep updating you on the progress towards those goals.
Dhavan Shah
Understood. So this 3X EBITDA is on the console basis, right? The 100 crore, 300 crore by FY29, right?
Samir Somaiya
That’s right.
Dhavan Shah
And out of this 300 crore is it safe to assume that 200 crore would be from sugar plus ethanol would be from chemical?
Samir Somaiya
I think we would not like to specify this right now. We will see the, it is a, it is a. You know our strategic shift is across the entire green transformation in what we call the biorefining space. And the biorefining space is the use of agriculture feedstock to make food fuel and chemicals and materials. Our focus is very much on the biofuels and on the biochemical segment and that’s where the growth has come from in a balanced basis.
Dhavan Shah
And in FY26 27 what would be the capex number in total.
Samir Somaiya
For FY26? We are investing currently in the grain based ethanol facility for which our capital expenditure was estimated to be 130 crores that is net of GST. And we are also going to invest in debottlenecking of bio based chemicals.
Dhavan Shah
And the CAPEX in that chemical segment.
Samir Somaiya
So assist in a formula. So so what we are talking about is to achieve the 3x EBITDA up to FY29 and that would come from the both sides from the bio specialty chemicals and from the energy side. And the CAPEX commitments right now is for the Greenbase ethanol and for the Butanol site. Plus we have some normal and the maintenance CapEx every year we do now this cumulative will drive our replica to the cx.
Dhavan Shah
Okay, that’s all from my side. Thank you sir.
operator
Thank you. Before I take the next question I would like to remind participants that you may press Star and one to ask a question. The next question is from the line of Raj Patel from RK60 Securities. Please proceed.
Raj Patel
Thank you for the opportunity. Just a quick question from my side. First one how should we expect the breakdown of ethanol production by feedstock type to evolve once the grain or the corn based distillery become operational? And is the company evaluating any other alternative feedstocks?
Samir Somaiya
So thank you for that question. I will respond. So if you see in the last year that is when the first quarter of FY25 we almost said no B heavy molasses to consume in this year, the first quarter of FY26 we open with B heavy molasses. So we will get ethanol produced during this first quarter which we did not do last year. Year. That’s point one. The second is depending on the start of the next crushing season. You will again see sugarcane juice syrup used to make ethanol for the ethanol blending program in accordance with the government policy for blending at that time.
That will be the second and third. We are confident of commissioning the grain maize based ethanol facility in Q4 of FY26 and that is a 200,000 liter per day facility. And we will also participate in the production of ethanol from that feedstock from that quarter onwards. And you had another question which is do we see other feedstock diversification? We are constantly looking at other options to diversify our feedstock and as mentioned earlier we are also looking and researching the use of 2G adelosic feedstock for making ethanol.
Raj Patel
Okay, my next question was what are your thoughts on recently approved uniform sugar export code of 1 million ton? Do you see it as an adequate in addressing the domestic supply, demand balance and supporting profitability?
Samir Somaiya
I definitely think of this export of sugar as a positive step. The reason is that the cane prices were increased again last year and there was no corresponding increase announced by the government for the ethanol price for the blending program or an increase in MSP of sugar as a result for this financial year FY25, the industry has remained in margin pressure. So what? The announcement of the export quota 1 million tons that the government allowed in February improved domestic sugar prices from end February or March onwards and will certainly relieve the margin pressure on sugar that the industry was facing in this last financial year.
We also hope that the government will examine the request of matching ethanol prices with the increase in cane prices in this coming financial year.
Raj Patel
Okay, that was all from my insight. Thank you.
operator
Thank you. The next question is from the line of Vignesh Iyer from Sequent Investments. Please proceed.
Vignesh Iyer
Thank you for the opportunity sir. And I’m actually new to the company so and I’m not attended earlier. So I was going through your PPT and came across this slide number 11 which is on the cancer molecule research update. Can you give us some brief on this part of the business Excel prime and how much we have spent till now and how much time it has taken. And I see that this slide has been updated stating that there’s a completion expected presumably phase one by Q2 FY26. So could you brief us about it in detail?
Samir Somaiya
Thank you for the question. I will respond as best as I can. Your line was a little. There was some disturbance on the line. I believe you asked a question on an update on the molecule that we are doing for cancer. This is a molecule. This is the molecule. Bonaveri has always thought of spending a lot of work on looking research as its bedrock for growth and we always worked on an idea for drug discovery for a molecule to deal with triple negative breast cancer. We have been working on this for the better part of the last maybe 15 years and this molecule is now under so it went through pre clinical trials successfully and then we got approval from the CBSCO for trials for safety in the cancer volunteer and this safety trial is expected to be complete in the next Q2FY26.
So this is the we just give that update on what we are expecting to see. Did that answer your question?
Vignesh Iyer
Yeah, I just wanted to understand how much have we spent till now reaching you know until what is the plan how much we have spent till now and for the next two quarters. If you could help us understand.
Samir Somaiya
So you know the answer for that is as a company our strategy would be to out license this molecule at a particular time. Our understanding is from pharma companies that you have to show safety number and preliminary efficacy on a few patients. We will wait for the Safety trials to be completed successfully and then report on what would it cost to do that preliminary efficacy trial going forward.
Vignesh Iyer
I got that point. I got the point. I was just wanting to know if we have spent anything till now. I mean I still reaching this phase of the business.
Samir Somaiya
Maybe over the last 10. 10 years we may have spent in the range of about. I don’t have the. About 25 crores over the last 10 years. Oh.
Vignesh Iyer
Okay. Got it. Got it. Sir. That’s all from my side and all the best. Thank you.
operator
Thank you. The next question is from the line of Karanti Bathini from Wealth Mill Securities Private limited. Please.
Kranthi Bathini
Hi. My question is in line to the previous question. Sir, I would like to know the cancer discovery is completely a non core business to the existing activity. Of course you are making significant progress. I would like to know. Okay. What is the timeline for the completion of this entire exercise? You have been spending some time and the money from quite a long time. But how could you just throw how the future prospects and any timeline you can give and also how much of further cash flow required for this molecule.
Samir Somaiya
Can you just repeat that last bit of your question? I understood you asked some timeline and then you asked something else.
Kranthi Bathini
How much further capital infusion is required for this molecular. One more.
Samir Somaiya
So I will respond again strategically we will look to out license this molecule. Triple negative breast cancer is a condition for which clear prognosis and treatments are few. And our aim is not to. We are not a pharmaceutical company. We have just used our research skill set of chemists and biological sciences to do this molecule. And our aim would be to out license this molecule and look for opportunities there. As I said in the previous question the companies that we have met have wanted us to do safety trials and preliminary efficacy trials. Before we can get into that conversation, our estimate is that this process should take.
Firstly we have to see a successful conclusion of the safety trials. After which we will look at the examining the preliminary efficacy trials. Our current estimate of preliminary efficacy subject to a successful completion of the safety trials would be in the range of 2 years 2 plus.
Kranthi Bathini
Okay sir. Thank you. That answer.
operator
Thank you. The next question is from the line of Sanjeev Damani from SKD Consulting. Please proceed.
Sanjeev Damani
Sir. Am I audible?
Samir Somaiya
Yes sir.
Sanjeev Damani
Thank you sir. My first question is about the fact that we have 1 lakh 5000 metric ton of finished the sugar as on the 31st March. Can I know at what rate we have valued it?
Samir Somaiya
So we value the sugar stock at 34,800 rupees per ton 4,008 800.
Sanjeev Damani
That is 48,800. 48,000 per ton. Okay, okay. Very sorry, very sorry. I really heard something wrong. Thank you very much sir. And what is the present price in the market that we are realizing X factory.
Samir Somaiya
The prevailing price and what the price we are selling it at. That is in the range of 375050 per kg to 38 rupees per kg.
Sanjeev Damani
Got it sir. And export of 10. Hello. Our export obligation is over in the that we already exported our quantities and title entitlement or we are still to export it?
Samir Somaiya
No, no. Everything. The allotment, the quota which we have received is exported by us.
Sanjeev Damani
Okay. So it is all over from our side. Because we hear from market that the entire 10 lakh tons have still not been shipped skipped out of India. Am I right? Sir, can you confirm for me?
Samir Somaiya
So we are not exactly aware. We just know that we have fulfilled our quota.
Sanjeev Damani
Okay, thank you sir. And after 31st of March until date how much more sugar we have produced? Sir, if I can know.
Samir Somaiya
The season ended in early April. So not too much more sugar that we have produced. I don’t have the exact number with me right now.
Sanjeev Damani
Okay, no problem sir. Sir, can you give me the total volume of our itinerary comes out rupee value.
Samir Somaiya
A broad point I would like to say is rather than going into specific details of specific chemicals, Our strategy is to grow the business in bio based specialty chemicals. And that’s our whole strategy where we are growing our business. Okay.
Sanjeev Damani
And ethyl acetate is the raw material for making these biochemicals.
Samir Somaiya
In these chemicals, ethanol is our primary raw material along with other.
Sanjeev Damani
Okay, really sir, I appreciate our margins are excellent and our turnover also risen in this bio specialty chemicals. So do we have any competition in India or in the world for these chemicals that we are manufacturing?
Samir Somaiya
Bio based specialty chemicals is a business in which we work with customers in India and abroad. Often we are co creating solutions with them. It is either in segments where the customer clearly end customer I’m talking about clearly will prefer a bio based product or it is a bio based supply chain which leads to a product for our customers which has enhanced properties. Or the third is it is a drop in which is an exact equivalent of a fossil feedstock. But it allows that customer to reduce their carbon footprint in line with their boardroom commitments.
So this is how we work. These are typically products which have competition but few, few competitors. That is how we work. It is mainly driven by relationship that we work with customers.
Sanjeev Damani
So can we say that we are having near monopoly in this business in India.
Samir Somaiya
So I don’t think of looking at it like that. We think about it as partnerships that we work with customers to meet those goals.
Sanjeev Damani
Okay sir, can I also know one thing that how much more ethanol we will be able to make with our Stock as on the 31st of March during this season ethanol supply season.
Samir Somaiya
So Sanjit, we have a molasses of BM molasses of of approximately 1 lakh metric ton and as per. So with that we can make a SN from the dmo. That is so right now we don’t want to comment on the quantity side.
Sanjeev Damani
But this is the stock but approximate sir, you know the turnover.
Samir Somaiya
I’m sorry San, we can we have given you the quantity of the feedstockworth available with us. We have a molasses has a well known approximate yield per ton. You will. You can find that out. It will produce more ethanol for this quarter than we had corresponding quarter last.
Sanjeev Damani
Thank you very much sir and really appreciate the way our company is going into this specialty chemical. It is highly appreciated sir. And my salutation to the management and founder of company and wish you all the best sir. Thank you sir.
operator
Thank you. The next question is from the line of Namrita Jain from NM Capital. Please proceed.
Namrata Jain
Hello sir, like could you shed more light on the commercialization strategy for retinol and higher alcohol and other stigmatic also what is the expected market potential and timeline for significant revenue contribution from this partnership?
Samir Somaiya
Ma’ am. Thank you for that question. We had licensed this molecule from Catalyx in the last financial year. Currently we are working with them and working on the basic and detailed engineering packages. We do think that we will have a much better idea of the cost of this molecule by our next quarterly meeting. And also there is definitely interest of customers to buy the products which is in this case biobutanol and higher alcohols. We have done this license for 30,000 tonnes and we were implementing it in phases which is first phase to be 15,000 tonnes.
We will have definitely be much greater clarity on this by the next board meeting.
Namrata Jain
Okay, so what is the export capex requirement to achieve it like and do you have like the coming years to support this function?
Samir Somaiya
Ma’ am I. The line was not clear but if you asked about the capex on the question because I heard that through the line we are working on the detailed engineering package for the same and when we have that that will help us to do a much firmer capital expenditure which we can tell you as the update comes through.
Namrata Jain
Okay, great. Thank you.
operator
Thank you. The next question is from the line of Himanshu Duggar from Stylus Holdings. Please proceed.
Himanshu Dugar
Good morning sir. Am I audible?
Samir Somaiya
Yeah, audible, yeah.
Himanshu Dugar
What is the outlook on distillery margins given we are safely into the crushing season now.
Samir Somaiya
Can you repeat that question, distill the margins given that I didn’t hear what.
Himanshu Dugar
We are fairly into crushing season now.
Samir Somaiya
The crushing season is over now as repeated just mentioned that over the last financial year margins in sugar and ethanol came under pressure in light of the higher cane prices. Without a corresponding increase in either the MSP of sugar or the ethanol being fed to the blending program by either for Bee heavy or for sugarcane juice. The export quota announced by the government in late February helped the sugar prices improve after that. Right now, as far as SNL is concerned, we will await the government announcements for what the pricing will be for the ethanol year from 1st November onwards.
The BEE Heavy molasses is already there that was produced during the last crushing season which will be now converted to ethanol in this quarter. And we are very much looking forward to the implementation and commissioning of our grain maize based ethanol facility from Q4 of FY26.
Himanshu Dugar
My second question is when do you think chemical business can become meaningful for the company in terms of numbers, any timeline will be helpful.
Samir Somaiya
We believe that the business is already meaningful. It is a growth opportunity. We are seeing that with the climate change happening, there are customers who are engaging with us to co create solutions. And as we debottleneck our chemical capacities where the demand is coming, this change will be seen year on year. And secondly, the biobutanol that we have licensed is also in response to this transfer, this working and co creating with customers that we are doing.
Himanshu Dugar
Okay sir, thank you very much.
operator
Thank you. The next question is from the line of Mamata Agarwal from Absurd Investments. Please proceed.
Mamta Agarwal
Hello. Thank you for the opportunity. So my first question is given the ethanol procurement prices have been unchanged since 2022 while the FRP has risen. So like what are your expectation from the government on pricing or subsidy changes?
Samir Somaiya
The industry has made a request to the government to to improve the ethanol procurement prices and we would await the response in that regard.
Mamta Agarwal
Okay. Okay. And so my second question is how does this cancer molecule initiative align with Kodabri Biot’s broadest strategic direction given the company’s focus on bio based chemicals, ethanol, renewable energy solutions. Right.
Samir Somaiya
This is a very good question of yours. Our strategic focus remains on the bio transformations of agriculture feedstock. This is an. But Godavari always looks at blue sky transformations. When this thought came about about, you know, how can we make chemicals from renewable feedstocks, how do we look at wider thought processes that are typically not done in the industry. An idea had also come that based on our research column, whether we could do work on also a drug discovery molecule just to establish possibilities and potential. And at that time we started working with Dr. Senduraimani, who’s a scientist in the USA, and we started working on that.
We have not spent, as said earlier, too much capital on this. We have brought a molecule, in terms of blue sky thinking to work towards triple negative breast cancer, which is a condition that does not have very good treatment options globally. And we are taking it, taken it through the pre clinical trial and now we are in the safety trial in the clinic. As I mentioned earlier, our aim is not to be a pharmaceutical company. Our aim is to take this to the step at which point we can out license it out. Licensing can only happen, as we were told by people whom we spoke to, provided we show safety trials and preliminary efficacy, which is in a few trials, in a few patients, to see that it works.
So our aim would be to. To have a success, hope for a successful conclusion of the safety trials and then take it forward to the point about licensing. So should that become possible.
Mamta Agarwal
Okay. Okay. Really great, sir. Thank you. That’s all from myself.
operator
Thank you. Thank you members of the management, as we take this as the last question due to interest of time on behalf of Godavari Biorefineries Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Sam.