Goodluck India Ltd (NSE: GOODLUCK) Q3 2025 Earnings Call dated Feb. 10, 2025
Corporate Participants:
Mahesh Chandra Garg — Executive Chairman
Ram Aggarwal — Chief Executive Officer
Sanjay Bansal — Chief Financial Officer
Analysts:
Parin Gala — Analyst
Deepak Pandey — Analyst
Unidentified Participant
Mahek Talati — Analyst
Presentation:
Operator
Thank you ladies and gentlemen, good day, good morning, and welcome to the Q3 and nine months FY 2025 Earnings Conference Call for Goodluck India Limited. We have with us today Mr MC Garg, Chairman and Managing Director; Mr Ram Agarwal, Chief Executive Officer; and Mr Sanjay Bhansal, Chief Financial Officer. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the management discussion concludes. Should you need assistance during the conference call, please signal an operator by pressing start and followed by zero on phone.
I would now like to hand the conference over to Mr MC Garg, Chairman and Managing Director of Goodluck India Limited for his opening remarks. Thank you, and over to you, sir.
Mahesh Chandra Garg — Executive Chairman
Thank you. Hello, everyone. I am pleased to welcome you all on this earnings conference call of Goodluck India Limited. Thank you for your time and presence in our Q3 FY ’25 earnings call. I hope you would have an opportunity to go through our financial performance, our investor presentation. While the in-depth numbers covered by Mr Garwal, let me set a more macro perspective to what we and Good luck India have achieved and more importantly, have set our size on our future. Globally, economy is perhaps undergoing a slowdown. Owing to multiple factors ranging from political to economic and impact of which had been felt in India too.
Inflation continued to be cause of concern, not in India only, but almost all developed and other countries as well and so a monetary and all central banks in every country are struggling to keep their economy strong. The weakening economy led to a spread of funds in the US followed by 25 basis-point reduction in monetary rates by RBI. The macro fundamentals of Indian economy continue to be in-place and we expect resurgence of moderate growth in the next few quarters, driving on government expense and private consumption. The steel industry witnessed witness initial slowdown in terms of demand and oversupply in China, but in the fake end-of-the quarter under review is back to growth and staged with post-monsoon demand in India. Owing to the manufacturing push across key sectors, especialty defense, automotive and ancillary industries, as well as rising demand from real-estate and water management sectors. Owing to our pension for value-added steel, we continue to explain demand from emerging sectors such as defense average while preserving our brand in the sector like auto industry.
In Q3 FY ’25, our hydraulic true manufacturing plant completed its trial runs and has commenced operation last month. We expect the new plant to generate additional revenue for the company while our foray into value-added steel will drive our margins. We foresee potential of INR500 crore and install from this hydraulic fuel plant. In the coming year, besides our effort in emerging sector, such as defense and aerospace, we continue to focus on transformal sectors such as automobile and blood trains. Our partnership with some of the most important has enabled us to accelerate innovation and good luck. While our price association with India’s first blood trade project has put us into a new orbit and with respect to quality and efficiency, we place to continue and this path of challenging instead than in normal.
Our results reflect our commitment to create stakeholder value. Our PAT increased by 26% for the quarter, while our sales increased 7%. This has happened because of our emphasis on quality and value-added products, reflecting our strategy of producing high-margin products, we believe our efforts back by numbers make a strong case. We remain committed to create value and build a world-class organization. I look-forward for your question.
Before that, I will hand over to Mr Ram Garwal to explain in detail what we are doing. Thank you.
Ram Aggarwal — Chief Executive Officer
Good morning, everybody. As our results are before you, I would like to elaborate on the business model of good luck. We are a company with diverse product portfolio, starting from ERW pipes to railway budges. Our business is mainly catering to automobile sector, construction sector, oil and gas, infrastructure, solar and renewable energy. Our capacity right now is 450,000 MTPA, which will be upgraded to 5 lakhs in Q4. In automobiles, we are catering to car body tubes. Tesla is the latest example, two-wheelers, mainly motorcycle shocker tubes in cars, in light commercial vehicles. So this sector is progressing as Indian population is more, but density of vehicle is a very loss. Recent past, we as Mr Garge has told Alloy 2 plant with a capacity — with a size range of 219 MM and 15 mm thickness which is unique in this size range.
In word, India is likely to become third place in terms of its production. Product has wide waste, wide acceptability from FY ’26, production is likely to accelerate and as soon as it reaches 70%, 80% of its capacity, we would like to put up another capacity. Oil and gas, another sector, as Trump says drill baby drill, this sector likely to ramp-up and production from our forging plant is likely to catch-up with this oil economy. And the latest drilling of the market is defense in a — it’s a promising sector, geopolitics is on a boil and wars are looming over many parts of the world. In this scenario, when US wants to change terms of, many Nordic countries and other countries from cold war blocks have started accumulating ammunition and wire ancillary. India is exporting almost INR21,000 crore was a turnover last year, what government has given. Your company’s foray into 155 MM medium-caliber is at the right time at right place.
Demand is more than the supplies. Our ancillary Goodluck Defense and aerospace medium project is ahead of — ahead of completion schedule. Cold run has now started and in March hot run will be done. April ’25, trial and run will start. Company hopes to go to commercial production in Q2 FY ’26. Orders are enough and if everything goes well, as per the plan, we will think further expansion. Infrastructure, yes, it is a sector — no stoppage to this sector. The reason India has to progress by leaps and bounds to catch-up with the world, new airlines, new highways creating demand for which sector of your company, new bullet train project likely to come for executions in this financial year, your company is ready as we have supplied 60%, 70% of the first orders we got for Ahmedabad, Mumbai root and we are among the first to clear this hurdle.
Transmission lines, this is another area where our infrastructure is working. As about 210 gigawatt of renewable energy has been commissioned and likely to achieve 500 gigawatt by 2030, green power evacuation corridors are coming along Gujarat, Rajasthan and southern countries, southern states. Your company is ready to take — take this increasing demand from NCR and facility. Solar support structure is another area where we are supplying already 100 megawatt plus every month. The road safety sector where your company has got latest fresh tested license technology from European countries is expanding — our company is expanding its suite in all the road products. To sum-up, your company is all-in sunlight sectors where demand is outpacing supply, where they are entry, we have modest capacity, which have further scope of scaling with current infra. We will touch INR4,500 crores in FY ’26 and we plan to scale-up our value-added products in coming years to reach $1 billion company.
Now I would like to hand over the mic to Mr Sanjay Bansal for the financials.
Sanjay Bansal — Chief Financial Officer
Thank you, sir. Good morning, everyone. At the outset, I Sanjay Vansab, CFO. On behalf of India, welcome you all for joining us for the conference on performance of the company in Q3 of financial year 2025. Regarding Q3 performance, standalone alone, the sales was increased to INR941.98 crores as against INR878.27 INR88.27 crores during Q3 of previous year, registering a growth of 7.25%. However, EBITDA for the quarter stood at stood at the rate of 8.76% of sales to INR82.48 crores as against INR75.66 crores during Q3 of the previous year. The profit-after-tax, including other comprehensive income was at INR40.08 crores in Q3 of current year as compared to INR31.75 crores in Q3 of previous year. The EPS has been at INR11.85 per share in current — in Q3 of 2024 as against INR11.38 per share during Q3 of previous fiscal. The performance during nine months of current financial year was in-line with the expectation.
Sales increased by 7.97% at INR2831.27 crores as compared to nine months sale during previous year. EBITDA during first-nine months ending on December ’24 was at INR247.54 crores as against INR220.22 crores, registering an increase of 12.41%. PAT during nine months of current year was at 119.61 crores as against INR95.04 crores during nine months of previous year. Earnings per share stood at 36.45 per share during current year’s nine months period ended November 31st December ’24, registering a growth of 5.35%. Other on financial front, our interest cost and other expenses has marginally gone up due to increase in level of activity during current year as compared to previous years.
Thank you very much. Now please go-ahead for Q&A seg.
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 and one on the touchstone telephone. If you wish to withdraw 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 participants, you may press star and one to ask a question now ladies and gentlemen, to ask a question, please press Tar and one anyone who wishes to ask a question, please press and one participants to ask a question, please press star and one now. The first question is from the line of Gala from Sage One. Please go-ahead.
Parin Gala
Yes, sir, good morning. Sir, I wanted to understand your accounting treatment that you’re doing in the P&L for Good luck defense. I believe that revenues are not getting consolidated, right? You put it just in the other income. Can you just explain a little bit?
Ram Aggarwal
You see, good luck defense is not yet achieved the commercial production. So whatever income is there, other income, interest income and other income, that is being consolidated in the P&L.
Parin Gala
While you start the normal consolidation will happen, right?
Ram Aggarwal
Yeah, once production will start, then normal consolidation will start.
Parin Gala
Sure. Okay. Yeah, that was my only question. Thank you.
Ram Aggarwal
Thank you.
Operator
Thank you. For participants to ask a question, you may press R on one now. Thank you. The next question is from the line of Deepak Pandey from Shagun Capital. Please go-ahead.
Deepak Pandey
Hi, sir, congrats on good set of numbers. Sir, I have a question on LDP division. How is the ramp-up going on currently? And what sort of demand is coming through from the exports front?
Mahesh Chandra Garg
Demand is good. The ramping of our capacity is continuing, but this product needs approvals. Samples have gone all over who are demand-supply approved in export as well as the domestic market. So we are very much satisfied and happy that demand is more than our expectation. But full ramping of FC may matrix six was more have gone and simple everyone takes time are we.
Deepak Pandey
Are we still facing the rejections or ramp-up is going smoothly or will it take time?
Mahesh Chandra Garg
Everything is not going to rejection there are alternative use other than auto this will go to the common use and this is going whatever we are producing is going nothing is left with us.
Deepak Pandey
This product. And sir, for the defense vertical, we have estimated a capex of INR216 crores. So what has been spent yet and what is to be spent in this quarter?
Mahesh Chandra Garg
Can you explain the question again? I’m not able to get you.
Deepak Pandey
Sir, the capex completion of — for the defense vertical, how much capex have we done yet?
Ram Aggarwal
INR150 crores. Almost INR150 crore has been done and INR216 or 220 crore INR225, it is the approximate capital capex, which we’ll be doing till the execution of the project.
Deepak Pandey
And sir, can you also explain what was the major portion of this capex? Was it the machineries or what sort of machines have you ordered?
Ram Aggarwal
Definitely it is.
Mahesh Chandra Garg
The machinery have been ordered — not only have been received in the plant, their inaction work is going on and we might be doing the call trial by end of this month and odd trial next month.
Deepak Pandey
Got it. And sir, on the product side, can you also explain the specific products that be making there you more specifically towards the shell dimensions and all.
Mahesh Chandra Garg
Is not appear to be any challenge. Demand is pretty good today. Everybody is demanding the material, the product we are manufacturing. There are very few manufacturing of this product in India as such. So demand doesn’t seem to be a concern to us as of date. So-far as far as defense is concerned. In other sectors also, since all verticals have a moderate capacity, so we are not finding the demand concern. In-spite of slowdown, you must-have noted, all over the manufacturing sector, we have grown by almost 20%.
Deepak Pandey
Right. So for LDP division, sir, it seems that the major revenue ramp-up will happen in the Q1 only.
Mahesh Chandra Garg
Definitely.
Deepak Pandey
Got it. And we expect INR500 cr from that plant for FY ’26?
Mahesh Chandra Garg
Yes. That is the minimum you should expect.
Deepak Pandey
Got it. And can you also give the number for the defense plant also, sir, revenue and margin front? Sir.
Ram Aggarwal
Defense basically, when in the full capacity, it will give a turnover of INR250 crores to INR300 crores. And the margins we have not yet commissioned, but it seems margin should be 25 plus. EBITDA margin should be 25 plus.
Deepak Pandey
Got it. Got it. Sir, for the defense also, what is the price of shell currently that we’ll be manufacturing?
Ram Aggarwal
Right now, it will not be — it will not be proper to tell. Once we complete the — once we put the commercial production, then what price will come, we will inform you. It is.
Deepak Pandey
Give me a range that has been through for the last one year.
Ram Aggarwal
So right now, I may not be able to tell you. Just wait for a few months and we will let you the actual price.
Deepak Pandey
And sir, in Q2, there was other income worth INR18 crores that we could not understand what was it for. Can you just let me know what was the specific INR18 crores worth of other income that we put in Q2?
Ram Aggarwal
You see this other income includes the income received from — against interest deposits we kept export benefits and income from sale of few investments made by the companies.
Deepak Pandey
Got it. That’s it, sir. Thank you so much for the opportunity. Have a good luck. Bye.
Operator
Thank you. The next question is from the line of Bhavesh Shahant from an individual investor. Please go-ahead.
Unidentified Participant
Sir, in terms of economy slowing down, are we seeing a pickup in Q4 as we as we stand currently.
Mahesh Chandra Garg
Sir, I can tell you the world may be slowdown, our company will not go on a slowdown. Company has been slowed down in last two quarters, but we have improved our growth and we continue — hope to continue to maintain the growth. Exports are one thing, which are going to take the right to give any specific number and guidance due to so much uncertainty with American President is very difficult to give the numbers, but we are confident that forward will continue because we have very moderate volumes in all our materials.
Unidentified Participant
Okay. And sir, in terms of defense, any sort of approval that is pending or that might be challenging for us because we are guiding that it will start from Q2. So anything before that we need to complete apart from the tile productions.
Ram Aggarwal
So it is only a trial production, which has to take place because it has many steps, one is a the cold run and the hot run and then the trial production. So it is our estimate that from Q2, revenue will start come. It may come early as well. That is not issue.
Unidentified Participant
Right. And I think in your opening remarks, you said that we might look-forward to more capex on the defense side once this plant is up and running maybe in FY ’26, is that what I understand?
Mahesh Chandra Garg
We have a definite claim of action. But we want to work very carefully in the sense, once our product goes into the market is find acceptability, immediately we’ll go for the next month.
Unidentified Participant
Yeah, yeah. Okay. And sir, lastly, in terms of volume growth, we — as we say that we will not see any slowdown. So we maintain our 15% 20% volume growth guidance, right?
Mahesh Chandra Garg
So this is what we are maintaining quarter-on-quarter you see. But you remember by volume improved, raw-material prices have come down. If I take my first-quarter price of steel, then my growth will be almost 30%.
Unidentified Participant
So in Nine-Month FY ’25, what is our volume growth, if I may ask?
Ram Aggarwal
It is almost in the nine months, our growth is 13% year-over-year. If you see last year nine months and this year nine months, the growth in volume terms, it is 13%.
Unidentified Participant
Okay, sir. Great and thanks and all the best.
Operator
Thank you. The next question is from the line of Maheet Talati from Agility Advisors. Please go-ahead.
Mahek Talati
Hello?
Mahesh Chandra Garg
Hello.
Mahek Talati
Yeah, I’m audible?
Mahesh Chandra Garg
Yes. Yes, you are audible.
Mahek Talati
Yeah. So thank you for the opportunity. I wanted to understand more from the other income perspective. In Q2, as you mentioned that there were some interest, deposit income, export benefits and sale of your investments. But export benefit is something which we would be getting regularly, correct? So how is there a shutdown — how was there a sudden jump-in Q2 and it has falled on Q3? And how should we look this going-forward?
Sanjay Bansal
You see, the export benefits, interest income that is continued to be received by the company since we have to put place the FDs for issuing the bank guarantees, letter of credit, etc. And in addition to that, we made certain investments and we made — we sold certain investment during Q2. So that income is also reflecting in other income.
Mahek Talati
Okay. And any timeline on by when we can achieve full capacity utilization for our new autotive plant, the LDP1.
Ram Aggarwal
Our new plant capacity is we have put out 50,000 ton capacity and in the coming year, say FY ’26, we will likely to achieve 70% to 80% in this new financial year.
Mahek Talati
So we are expecting close to INR400 crores of revenue next year, correct?
Ram Aggarwal
Definitely. But it all depends on the market.
Mahek Talati
Okay. And in terms of defense plant also, are we expecting to towards your full utilization by next one, two year in by FY ’27 because it will commercialize in FY ’26?
Ram Aggarwal
In FY ’27, there should be a full capacity utilization will be there.
Mahek Talati
Okay. And any — if you could guide us on the timeline for the auto tube plant, the — how long is the approval process like three months, six months or how much time it takes before we start — before we start supplying the production.
Ram Aggarwal
Actually, it is a continuous process. Our customers are same what we were doing for last four, five years, but it is a regulatory requirement that whenever a new model is introduced, then it is — it again goes for the sampling. But it is not hampering our production and our dispatches. It’s a continuous process as we have told in the coming year — coming financial year FY ’26, we will be achieving almost 70% to 80% of the capacity.
Mahek Talati
Okay. Okay. And similar for the defense plant as well, so what will be the approval timeline once the plant goes live?
Ram Aggarwal
I have already told that in Q2, we — it is likely to be commercially product — commercial production should come in Q2. And in that next year, at least 50% we should achieve the capacity for which we have put up this plant. So almost if you say INR300 crores, so almost INR150 crores we should achieve in FY ’26. As we expect?
Mahek Talati
Okay. And sir, last one bookkeeping question. So if we see the CFO in FY ’24 annual report, we have mentioned other receivables that are increased by INR200 cr. And if we go — if we study more, it seems like you have considered QYP monitoring accounts as a part of that other receivables. So can you please explain the rationale behind the same?
Sanjay Bansal
Sorry, can you repeat your query actually.
Mahek Talati
So if we see the CFO of FY ’24, there was an increase in the other by close to INR200. And if we see the balance sheet, it seems that we have considered QIP monitoring account, which is close to INR90 crores as a part of the other disables portion, which I think should be a part of a cash-flow financing. So just wanted to understand the rationale why it is considered a part of CFO.
Sanjay Bansal
Yeah, I have — you kindly do one thing. You send us your query, we will reply in detail. You see right now not possible for explain the same in detail. Okay. And your query.
Mahek Talati
Okay. Okay. Sure, sure. Done. Thank you.
Operator
Thank you. Ladies and gentlemen, to ask a question, you will press and one now. The next question is from the line of Prategandari from Art Ventures. Please go-ahead.
Unidentified Participant
Yeah. Hi, sir. Thanks for the opportunity. You mentioned that at peak capacity for the defense segment, we would be clocking revenue of around about INR300 crores. So that would be.
Ram Aggarwal
By crore to INR300 crores.
Unidentified Participant
Sorry?
Ram Aggarwal
It is approximate, it is approximately INR250 crore to INR300 crore, it all depends on the market price at the time when we commission.
Unidentified Participant
That is by FY ’27, right?
Ram Aggarwal
No, FY ’26, it will be commissioned in Q2 and FY ’27 will be the year when we will be having a maximum capacity utilization.
Unidentified Participant
Got it, got it. So at peak capacity, you mentioned the revenue would be around about INR250 crores to INR300 crores, right?
Ram Aggarwal
Yeah.
Unidentified Participant
And for the FY ’26, we are expecting it to get commissioned in the second-quarter, right?
Ram Aggarwal
Yeah.
Unidentified Participant
So for FY ’26, you mentioned that we would be operating around about 50% and clocking a revenue of INR150 odd crores.
Ram Aggarwal
It seems. It seems that we should do. All right.
Unidentified Participant
So this is over and above the guidance you gave earlier of INR4,500 crores for the full-year, right?
Ram Aggarwal
So it should be — it is extra than the INR40 crore 45 we are targeting for the coming financial year, say FY ’26 and the defense revenue should be addition to it.
Unidentified Participant
Over and above, right?
Ram Aggarwal
Yeah. Yeah.
Unidentified Participant
Also, you mentioned in your opening remarks that you know from the existing capacity of 4,50,000 metric ton, you would be extending it and making it to 5 lakh metric tons per annum. So can you just let me know as to from where this 50,000 metric ton of addition would come from which segment?
Ram Aggarwal
Actually, we have commissioned this LDP plant and this commissioning has been done on 1st of January 2025. So that capacity of 50,000 has been added up in the 4th-quarter. So that is why I said that it will be upgraded from 4,450,000 to 5 lakhs.
Unidentified Participant
So considering that hydraulic plant capacity, right? Yeah.
Ram Aggarwal
That has been considered for 5 lakhs, which will come from this. In Q4 results, it will be sold.
Unidentified Participant
From Q4. Okay. Yeah. So that means the current capacity for that segment is how much?
Ram Aggarwal
And, its capacity is 1,10,000 tons right now.
Unidentified Participant
Okay post the commissioning of this plant.
Ram Aggarwal
Post-commissioning it will be 150,000 to 160,000 tonnes.
Unidentified Participant
1,50,000 to 160. Got it. And you mentioned that we would be, you know, getting revenue of around about INR500 crores at 70% to 80% capacity utilizations.
Ram Aggarwal
So INR500 crore is a full capacity. Whatever 70% or 80% that it will be in proportion. If you say 80% will be for net.
Unidentified Participant
So for FY ’26, we are assuming it to be operating at 70% to 80%, right?
Ram Aggarwal
We hope so.
Mahesh Chandra Garg
All right. We will achieve their percent days without any doubt. We are privileged to have a plant which is unique in the size rain and we have got very, very encouraging inquiries from all over the world. Exception is exception is only some written behavior suppose he imposes some restrictions some duties and all. Given that we are confident we’ll achieve this.
Unidentified Participant
So considering the fact that this plant is unique and the demand is robust. So do we anticipate to do a further expansion post this 50,000 metric ton of capacity as well?
Mahesh Chandra Garg
I can honestly tell you we are always in expansion mode. Okay. It is not decided not today but we are continuously thinking about it.
Unidentified Participant
Okay. Got it. And what would be the estimated amount of capex that we would be doing for FY ’26?
Ram Aggarwal
It is only on the — it is only on the drawing board. We will let you know once the things are finalized.
Unidentified Participant
Okay. So we haven’t yet finalized the quantum?
Ram Aggarwal
No it is under.
Unidentified Participant
Okay, thanks. Thanks for answering my questions. Thank you.
Operator
The next question is from the line of Kangani from Writer Mind Equity Advisors. Please go-ahead.
Unidentified Participant
So thank you, sir for giving me for the opportunity. Sir, I have two questions to ask. The first one is where do you see the growth of steel pulpes and for that, which sector you targeting the most?
Ram Aggarwal
So your question is not clear. Can you again repeat it?
Unidentified Participant
Yes, sir, where did you see the growth of? And for that, which sector are you targeting the most?
Ram Aggarwal
I’m sorry. Hi, your voice is too loud that we are not able to understand the second-line of your question.
Operator
May I request to please switch on the handset mode?
Unidentified Participant
Yes, sure, yeah. Now I’m audible?
Ram Aggarwal
Yeah, yeah. Now you are clearly audible.
Unidentified Participant
Sir, I want to ask, so where do you see the growth of steel pipes? And for that, which sector you targeting the most?
Ram Aggarwal
Whatever growth we are seeing, that growth is from the value-added sector. And we have already quantified our — we have already described our value-added sector, which is our infra, which is our auto tubes and the oil and oil and gas and defense sector. Basically, it is a forging sector. So whatever demand, whatever up whatever upgrade of 15% we are seeing, we are seeing from these three sectors. It is not from the ERW tubes that we are looking for the 15% growth.
Unidentified Participant
Okay, sir. Sir, and second question I want to ask that are you participating in Bharat 1 mission? And if yes, then how much revenue do you expect to generate from this business from this mission.
Mahesh Chandra Garg
Bharat nothing has happened. We are not very active participant in this and because the system is there different. Supplies are through contractors.
Unidentified Participant
Okay. And thank you, sir.
Operator
Thank you. Participants who wishes to ask a question may press star and one. Thank you. The next question is from the line of Jain, an individual Investor. Please go-ahead.
Unidentified Participant
Hello, am I audible?
Ram Aggarwal
Yeah, yeah.
Unidentified Participant
Thanks for the opportunity. I just wanted to understand the details on what is this investment in loan Cypress venture that we have there in our annual report.
Sanjay Bansal
Investment in solar sector.
Unidentified Participant
Sorry.
Sanjay Bansal
Loan this is an investment in solar sector. Actually we are taking taking electricity or solar power. So for that purpose we have to invest in that company.
Unidentified Participant
So basically for captive consumption of solar.
Mahesh Chandra Garg
This is like that. This is our European government policy. Any solar plant comes into supply solar power, we are supposed to be equity holder in that.
Unidentified Participant
Okay, okay, got it. Got it. Thank you, sir.
Mahesh Chandra Garg
Government policy.
Unidentified Participant
Yes, sir. And in — sir, also in your FY ’24 numbers in the annual report, the operating cash-flow shows a huge spike in other receivables. So can you just give details on that? Why is there so much difference in those numbers.
Ram Aggarwal
Send your query over email. We’ll send the detailed reply to you.
Unidentified Participant
Okay. Okay. Sure, sir. Okay. Thank you. Thank you. Thank you.
Operator
Thank you. Participants who wishes to ask the question may press star and one. The next question is from the line of Deepak from Capital. Please go-ahead.
Deepak Pandey
What is the percentage take of Good luck India in good good luck India.
Operator
I’m sorry to interrupt your voice is breaking.
Deepak Pandey
Sir what is the percentage stake of Good luck India in good luck depends?
Ram Aggarwal
81%
Deepak Pandey
81%. Okay. Thank you.
Operator
Thank you. Participants who wishes to ask a question may press star and one anyone who wishes to ask a question may press and one now thank you. As there are no further questions from the participants, I now hand the conference over to Mr Ram Agarwal, Chief Executive Officer from Goodluck India Limited for closing comments.
Ram Aggarwal
Thank you. On behalf of Good luck management, I thank all the stakeholders and our listeners. We are committed to add value to your company continuously and consistently.
Operator
Thank you. Ladies and gentlemen, on behalf of India Limited, that concludes today’s session. Thank you for your participation. You may disconnect the call now. Thank you.