Hi-Tech Pipes Limited (HITECH) Q2 FY23 Earnings Concall Transcript

Hi-Tech Pipes Limited (NSE:HITECH) Q2 FY23 Earnings Concall dated Aug. 10, 2022

Corporate Participants:

Anish Bansal — Whole-time Director

R.N. Maloo — Chief Financial Officer

Analysts:

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

Ronald Siyoni — Sharekhan — Analyst

R.N. Maloo —

Vaibhav Kapoor — Individual Investor — Analyst

Hetal Gada — ITI Mutual Funds — Analyst

Presentation:

Operator

Ladies and gentlemen, good day, and welcome to the Q1 FY ’23 Earnings Conference Call of Hi-Tech Pipes, hosted by PhillipCapital (India) Private Limited. [Operator Instructions]

I now hand the conference over to Mr. Vikash Singh from PhillipCapital (India) Private Limited. Thank you, and over to you, sir.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

Good evening, everyone. On behalf of PhillipCapital, I welcome you all on Hi-Tech Pipes Q1 FY ’23 earnings call. Today, we have with us from the management side, Mr. Anish Bansal, Whole-time Director; and Mr. R. N. Maloo, Chief Financial Officer.

Without any taking any much time, I would hand over the call to Mr. Anish Bansal for his opening remarks, and then we will follow-up with any Q&A. Over to you, sir.

Anish Bansal — Whole-time Director

Good evening, and welcome, everyone, for our Q1 FY ’23 earnings conference call. I’m joined on the call by Mr. R.N. Maloo, Group CFO of the Company. I hope everyone has had a chance to go through our results and updated Investor Presentation uploaded on the exchange.

During this quarter, the Company is able to register a 35% year-on-year growth in the sales and 14% volume growth. This is mainly due to better capacity utilization and higher sales utilization. However, the profitability of the quarter impacted due to high price differentials between pipes manufactured from primary coils and secondary coils, also one of the main reasons the reduction in steel prices due to the imposition of export duty on May — on 22nd May 2022 by the Government of India, as well as the downtrend in international prices of HR coil resulted into channel destocking and consequently also impacted our margins. We found the impact of steel price correction as short term and confident that this will definitely help in increasing our volumes in medium to long term.

Now I would like to take you through the ongoing projects and other developments. The pipe mill upgradation project at Sikandrabad for production of solar torque tubes, which is completely — which is completed recently and it’s working well. These tubes are well accepted in the market and we are scaling up the production.

Secondly, setting up of color-coated sheet facility of 50,000 tons per annum is at final stages of commissioning at our Sikandrabad plant, which is a forward integration to our existing cold rolling and continuous galvanizing line facility. This shall also increase the overall capacity utilization of existing facilities and increasing the share of value-added products. The color-coated sheets are used for roofing, wall cladding, white goods, domestic and industrial sheds, infrastructure, bus bodies, metros, railway station, door and window frames, et cetera.

Thirdly, the commissioning of large diameter pipe project of 60,000 tons per annum at Sanand, Gujarat facility is mainly to cater demand arising from water, city gas, oil distribution and construction sectors. The commissioning of the project is on full swing and trial production is expected in Q3 FY ’23.

We are also committed and focused to actively improve our capacity utilization of our existing facilities and also increase the proportion of value-added products. The recent decrease in raw material prices and a narrow gap of primary steel versus secondary steel has resulted in increasing the volumes. The channel partners and dealers and distributors were earlier destocking the tubes and pipes, which are again now buying material to build up their inventories.

We are continuously getting orders from the Jal Jivan Mission and other infrastructure projects like high-speed railways, metros, telecom, et cetera. Government CapEx in energy, housing, infrastructure, railways, airports, agriculture, telecom and irrigation in the next four to five years would surely be the big demand drivers for steel, tubes and pipes.

Moreover, on private CapEx side, sectors like automotive, capital goods, consumer durables and envisaging big CapEx in coming years, which would further drive demand for our steel products.

So, to sum it up, we at Hi-Tech remain very positive on India’s structural growth going ahead. These developments are setting our stage for robust second half performance.

I will now hand over the call to Mr. R.N. Maloo, our Executive Director and Group CFO, to take you through the unaudited financial results of Q1] FY ’23. Over to you.

R.N. Maloo — Chief Financial Officer

Good evening, everyone. I will take you through the financial results of quarter one FY ’23. Our revenue from operations for the quarter grew by 35% year-on-year basis to INR517 crore as against INR383 crore in Q1 FY ’22. The revenue growth was primarily driven by significant increase in our sales volume with higher realizations. The revenue growth was primarily driven by significant increase in our sales volume. Our total sales volume stood at 0.70 metric tons, which is higher by 14% year-on-year basis.

Sales realization improved by 18% to INR73,673 [Phonetic] per metric ton in Q1 FY ’22. Our EBITDA for the quarter declined by 14% year-on-year basis to INR18.4 crore as against INR21.4 crore in Q1 FY ’22. The EBITDA per ton for the quarter stands at INR2,545 per metric ton as against INR3,467 per metric ton in the last quarter.

The profitability is impacted mainly because of decrease in raw material prices as stated by Anish sir. Our PAT declined by 50% to INR4.48 crore as against INR8.89 crore in Q1 FY ’22. The decline in margin is due to higher price differential from pipe produced from secondary steel and sharp reduction leading to channel destocking.

With this, we would like to open the floor for questions. Thank you.

Questions and Answers:

Operator

Thank you very much. [Operator Instructions] First question is from the line of Vikash Singh from PhillipCapital. Please go ahead.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

Hello, am I audible?

Anish Bansal — Whole-time Director

Yes, Vikash.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

Yeah. Sir, I just want you to give some guidelines on the kind of the volume target we want to achieve and reason why we are running at the so low-capacity utilization, if you can.

Anish Bansal — Whole-time Director

So, Vikash, yeah, our capacity utilization in Q4 was around 65% to 66% which has fallen to 50% in Q1. This was mainly due to the destocking by the dealers and distributors. This was witnessed all across the industry as we have seen, you know, as the export duty got implemented on 22nd of May, that led to a strong knee jerk reaction. And coupled with the declining steel prices, especially from the Russian steel producers, they were dumping steel for first two to three months because of the foreign exchange crisis.

So, these — the two events, they led to extreme pessimism in the market, which led to destocking. And — but now we are very confident that the prices have come to a quite reasonable and affordable level.

The gap between the secondary producer and primary producers, that has narrowed down significantly which will help the Company to increase the utilization in Q2 and Q3, Q4 onwards.

And along with this, I would also like to point out that, historically, the H2 consists of almost 60% of our volumes and H1 is 40% due to several factors and monsoon. So, H2 should be significantly quite good because our color-coated facility that will also come into commercial production, which will eventually lead to the better capacity utilization of our cold rolling complex at Sikandrabad.

So, all in all, despite the Q1 — despite the challenges of Q1, we are hopeful of maintaining 15% to 20% volume growth for this financial year at least.

Hello.

Operator

Sorry. Sir, just give me a minute. Mr. Singh got disconnected. I’m just reconnecting him.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

Hello.

Anish Bansal — Whole-time Director

Yes.

Vikash Singh —

Sorry, sir, I got disconnected. So, I heard gap between the Patra and the primary, which was narrowed down.

Anish Bansal — Whole-time Director

Yeah, so this was narrowed down and the prices have come to the reasonable and affordable level. And all the projects which were earlier stuck-up, the government projects and — which was stuck-up because of the high steel prices, they are — that demand is coming back to the market. And historically also, like our H2 consists of 60% of the total volumes — total annual volumes. And H1 is relatively lesser.

So, having said that, we are still confident of maintaining our 15% to 20% volume growth for this financial year.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

Understood, sir. And sir, what kind of volume loss we have suffered because of this destocking? Otherwise, what kind of additional volume [Speech Overlap]

Anish Bansal — Whole-time Director

For this quarter, 15,000 tons.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

So, otherwise, it would have been maybe 85,000, 86,000 tons kind of the volume.

Anish Bansal — Whole-time Director

Yes. Yes. Yes. Yes. Yeah.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

And sir, my second question, pertains to our value addition, like one of your competitor APL Apollo, they have a lot of value addition things, which is going on, which also allows them to increase their blended margins. So, just wanted to understand where are we in terms of our overall value addition perspective? And — where do we see ourselves in the next two to three years?

Anish Bansal — Whole-time Director

So, Vikash, yes, right now, our — in our product basket, the total mix of value-added product is 25% at this moment. And with the implementation of our large diameter pipes, the color-coated facility, and we are also enhancing some galvanizing capacity at Sikandrabad. So, all in all, we’ll be going to a 30% share this financial year which will eventually go up to 50% in next two financial years.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

Understood sir. And sir, in terms of our major competition, how confident we are in, because you and APL Apollo, both are basically, you know, operators in a same kind of the business as well as in the same geographies. So, in terms of growth wise, how confident we are taking over this kind of growth? Are this growth is coming from the market size improving? Or we are also taking share from the smaller players which are unorganized?

Anish Bansal — Whole-time Director

So, Vikash, it’s a mix of all these things. But, you know, like, with the growth also, we are also constantly facing challenges from the external factors like this duty, the reduction of international steel prices. And in some quarters, we have faced like lockdown challenges. So, all in all, like the situation is quite challenging, but even then we are hopeful of maintaining a good volume growth.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

Understood, sir. And sir, just lastly, our margins are nearly half of that of the nearest competitors. So, what are the steps you have taken in order to improve this margin? Or how do you see that would be our peak kind of the margins going forward?

Anish Bansal — Whole-time Director

Right now, like in last four-five years, we have set up the base capacities in all the plants. Now the step is towards value addition. So, we are progressing in that direction, and we are adding the coating facilities, the SKUs which has been getting higher EBITDA per ton. So, a lot of work is going on in all these areas, and we are focused in increasing our EBITDA per ton.

So, this Q1 was extraordinary quarter. We saw a price correction to the tune of almost INR12,000 to INR13,000 steel per ton, which is historic. You know, just in a span of 1.5 months, such a steep fall is historic. So, now these markets have stabilized, and we feel the much correction has already taken place. I think another INR3 to INR4 is all that is left in terms of steel price correction.

After this, once the prices get settled here, the demand will come back then in a full fashion.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

So, any EBITDA per ton guidance which you would like to give?

Anish Bansal — Whole-time Director

We would like to maintain our previous year’s EBITDA per ton. That’s our target, despite the Q1 challenge.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

And then any words on our CapEx plan, though I know that our capacities are much higher. So, this year, what kind of CapEx we are doing? And to what capacity once we get to utilize, let’s say, 60%, 70%, or 80% when our next phase of CapEx cycle would start?

Anish Bansal — Whole-time Director

So, our major CapEx has already been done for color coating and large diameter pipes at Sanand. And it is only about utilizing the same. So, both the production are expected in Q3. So, once these get streamlined, then surely, the — it will definitely improve the top line and bottom line of the Company.

Vikash Singh —

Understood, sir. Operator, are there any questions from the participants side?

Operator

As of now, no questions. [Operator Instructions] The next question is from the line of Ronald Siyoni from Sharekhan. Please go ahead.

Ronald Siyoni — Sharekhan — Analyst

Good evening, sir. Just a few questions. So, first was on the compressed operational profitability. So, now post Q1, how have you seen in terms of operational profitability? Has it improved to a larger extent, or still operational profitability remains under pressure until the post Q1?

R.N. Maloo — Chief Financial Officer

Yes, Mr. Ronald.

Ronald Siyoni — Sharekhan — Analyst

Yes, sir.

R.N. Maloo — Chief Financial Officer

You know, as we explained that mainly the compressed profitability is a result of decrease in the prices and the higher price difference from the pipes manufactured, from the recycled steel that is the Patra pipes. So, these two factors has affected our profitability.

Otherwise, from operational front, whether it is main power or it is the power or it is the other manufacturing expenses, we have been very, very cautious and we have become comparatively efficient in that part. I think, I answered your question.

Ronald Siyoni — Sharekhan — Analyst

Yes. Yes. Post Q1, it has improved, you mean to say, during July and August till date, there has been some improvement is what you are trying to say?

R.N. Maloo — Chief Financial Officer

We have witnessed a higher demand for about 10%, 15% in the month of July and August as compared to the last quarter. There are lot of inquiries in the market. In fact, the lifting under the government schemes where we supply the goods to EPC contractors, there also we witness the lifting.

And if you see that the complete pipelines are vacant at this moment. Once the market is confident about that there is not going to be further price reduction, and we hope that the stability will come in 10-15 days, so lifting will improve. All these pipelines has to be filled up.

Ronald Siyoni — Sharekhan — Analyst

Okay. So, in terms of destocking, at the end of Q1, how was the channel inventory, like in terms of days or month if you can share that. Before or at the end of Q4, how was it and at the end of Q1, how was the channel inventory in terms of days?

R.N. Maloo —

Inventory of the channel partners, it is not like auto industry. It is not monitored by us. But the rougher estimate is that maybe if someone was maintaining 1,000 metric tons, they have reduced it to the level of — bare minimum level of say 500 to 600 metric tons. Those sort of reduction has happened. So, we can say some 30%, 40% reduction in the inventories of the channel partners.

Ronald Siyoni — Sharekhan — Analyst

Okay. And if you can also take us in terms of gross debt numbers and how do you plan to reduce that? And also, on the working capital side.

R.N. Maloo —

Our gross debt is more or less at the same level, which were there in the last financial year. So, it’s around INR380 crore.

Ronald Siyoni — Sharekhan — Analyst

And in terms of working capital, have you seen any stretch in that our inventories are payable? How is the working capital cycle at the end of Q1?

R.N. Maloo —

Yes. There is a good part on this level that we are further able to reduce three days working capital, and that is basically on account of debtors. On a combined basis, three days reduction is there.

Ronald Siyoni — Sharekhan — Analyst

Okay, that’s it from my side. Thank you very much, sir, and best of luck.

R.N. Maloo —

Thank you, Ronald.

Operator

Thank you. [Operator Instructions] The next question is from the line of Vaibhav Kapoor, an individual investor. Please go ahead.

Vaibhav Kapoor — Individual Investor — Analyst

Yeah, good evening, sir. Yeah, I just wanted to know that at what capacity utilization do you envisage the next line of CapEx to begin? Do you have some kind of a capacity utilization number in mind or would you….

R.N. Maloo —

Vaihav, as a policy matter and in the earlier calls also as well as in the industry, once we reach a capacity utilization of about 70%, we start thinking of expanding our capacity. Here the benefit with us is that this LDP pipe project, we have taken land more than two times. This is higher than our actual requirement.

So, first of all, any CapEx, we are thinking once we reach to a level of 70%. And second thing is that whatever CapEx will be happening, it will be a marginal cost for us, means only cost of building and plant and machinery. Infrastructure is already existing at all the plants.

Vaibhav Kapoor — Individual Investor — Analyst

And the other thing is, I just wanted to, if you could give some color in terms of the numbers of how this — the secondary, the Patra market, what was it previously and what is the current situation now in terms of the price differential. If you could give some color there?

Anish Bansal — Whole-time Director

Yeah. Hi, Vaibhav. Anish this side. So, Vaibhav, in the month of March and April, the spread between the Patra pipe and our organized sector fee price was in excess of INR15,000 per ton.

And right now, in the current month, it is around INR2,000 to INR3,000 per ton, which historically has been prevailing for many, many years. So, the excess differential, that has all gone a bit, which has given a major boost to our industry.

Vaibhav Kapoor — Individual Investor — Analyst

That answers all my questions. Thank you so much.

Operator

Thank you. [Operator Instructions] The next question is from the line of Hetal Gada from ITI Mutual Funds. Please go ahead.

Hetal Gada — ITI Mutual Funds — Analyst

Hi, good evening. Sir, I just wanted to understand, like you mentioned that there is a gap between Patra prices and primary HRP prices. So, at what gap or how much is it narrowed out, then people will start considering again the HRP prices or is that HRP way for manufacturing.

R.N. Maloo —

Yes, Hetal.

Hetal Gada — ITI Mutual Funds — Analyst

Hello, can you hear me? Can you hear me?

R.N. Maloo —

Yes, yes. I would like to tell you that first of all, there is quality difference, between the secondary steel and primary steel, but what happens that in EPC projects or in rural areas if these goods are used, reasonably the difference in the range of INR3,000 – INR4,000 around is okay from market side, persons started to understand the quality difference. And the quality of the pipe which we manufacture is not less than 25-30 years, whereas in that case, it is about 15-20 years.

Second thing is it consumes more color, more paint. So INR4,000 is around — is a reasonable difference. And now we have reached to that level, it will definitely be increasing our volumes.

Hetal Gada — ITI Mutual Funds — Analyst

Okay. So, it means that — these levels will see that volumes will go back to primary side?

R.N. Maloo —

Yes. [Speech Overlap] The branded price manufacturers growth had been 15% to 20% in industry, whenever the price difference has been reasonable from Patra pipes. So, that time is coming. That time has in fact come and we will see that sort of a growth.

Hetal Gada — ITI Mutual Funds — Analyst

Okay. And that you can see already in your orders and volume ramp up also?

R.N. Maloo —

Yes.

Hetal Gada — ITI Mutual Funds — Analyst

Okay. Sir, secondly, I also wanted to understand, so your capacity has been expanding and your volumes have been ramping up. So, if you are Apollo, your competitor at least mentioned it. Because of the sheer size that they have, they usually get discounts or rebate or procuring their raw materials. So, are you also getting any benefit of that kind from your suppliers?

Anish Bansal — Whole-time Director

Yeah. Good evening, Hetal. So, regarding the procurement and the pricing of raw materials, we are confident that our raw material pricing is quite competitive and one of the lowest in the industry, considering the volumes and the relationships that we are having with all people for last many, many decades.

Hetal Gada — ITI Mutual Funds — Analyst

Okay. So, to what extent, I mean, can you just quantify, is it possible?

Anish Bansal — Whole-time Director

You know, I can’t quantify this, because, you know, like, I don’t have, but in the market — as per the market and what we have — what feedback we have from other suppliers, the pricing is quite — like for our competitors and for us, it is quite reasonable.

Hetal Gada — ITI Mutual Funds — Analyst

Okay. Okay, sir. And sir, regarding your plant that you have commissioned at Mumbai, what is your — how much has it ramped up? And what are your plans for that? And in future, what kind of expansions [Technical Issues] so there be more of Brownfield expansions or are you planning for look for a Greenfield at the end?

Anish Bansal — Whole-time Director

So, Mumbai operations from Q2 onwards, we are targeting 65% to 70% utilization from that plant for the remaining three quarters.

And regarding expansion, like, we are first focused towards achieving our 70% utilization across all the plants. So, once this happens, then we have enough room to expand on a Brownfield level.

Hetal Gada — ITI Mutual Funds — Analyst

So, whatever expansions will come it will be more towards the Brownfield side rather than the Greenfield side. Can I assume that?

Anish Bansal — Whole-time Director

Yes, absolutely.

Hetal Gada — ITI Mutual Funds — Analyst

Okay. Okay. And by next year, can we say that Mumbai could be running at its full capacity utilization given that it is a very big market in itself?

Anish Bansal — Whole-time Director

Yeah, Hetal. So 70% is peak utilization in our industry. So we are hoping to achieve that from H2 onwards.

Hetal Gada — ITI Mutual Funds — Analyst

Okay. Okay, fair enough. Sir, Just last one question regarding your guidance on your debt front, like how are you planning to — for deleveraging? And what are — any guidance on this.

Anish Bansal — Whole-time Director

We are very seriously working on reduction of working capital and increase the EBITDA per ton. And you know, whatever CapEx were required, we were in the growth phase up to last year. And I can say that up to this quarter, we are in the growth phase. And now onwards, there are no major CapEx. So, whatever will be the profitability as well as whatever will be the surplus coming from reduction in current assets, will be used for reduction of the debt.

Hetal Gada — ITI Mutual Funds — Analyst

So, we can say like at least till — so — but till when are you planning, because any guidance can you give like what are your plans, what is your target?

R.N. Maloo —

We are not giving any guidelines for this since our present capacity utilization — we will be increasing the capacity utilization. and — but one guideline is very clear that our debt is not going to increase. Okay, sir. Fair enough. Including the growth plan in such a way that our debt is decreasing. We will see a reduction in debt after a year or like that.

Hetal Gada — ITI Mutual Funds — Analyst

Okay, sir, fair enough. Thank you so much.

Operator

Thank you. [Operator Instructions] The next question is from the line of Vikash Singh from PhillipCapital. Please go ahead.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

Sir, just a continuation to the former participant. So, what kind of land bank is available with us and up to what level of capacity we can go Brownfield?

Anish Bansal — Whole-time Director

So, Vikash, we have enough land available across all our plants, all our locations. And we can comfortably go up to 1 million tons within the existing land bank.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

And Greenfield versus Brownfield expansion, what’s the difference in the ROI basically, if I may ask’?

Anish Bansal — Whole-time Director

So the CapEx in Greenfield is almost two times that of Brownfield. So, ROI for the enhanced and for the incremental capacity should be somewhere around 25% to 30%.

Vikash Singh —

Understood, sir. Understood. That’s all from my side.

Operator

Thank you. [Operator Instructions] The next question is from the line of Ronald Siyoni from Sharekhan. Please go ahead.

Ronald Siyoni — Sharekhan — Analyst

Yes, just one question regarding value-added products, now with Q1, the prices had gone down. So, in terms of operational profitability, how this value-added products stands? You see a downward revision in EBITDA per ton for these value-added products also?

Anish Bansal — Whole-time Director

Ronald, the thing is, basically, there is no reduction in EBITDA per ton. The EBITDA per ton is appearing lower because of the inventory loss that occurred in Q1. So, across all our products, whether it is like normal products or value-added products, the EBITDA per ton on the conversion rates remain the same. [Speech Overlap] Decline in steel prices in the month of May, June, month of July, month of August, so in last four months, we have seen constant reduction in steel prices, which is not appearing in the profitability.

Ronald Siyoni — Sharekhan — Analyst

Okay. Sir, in terms of operational — conversion profitability remains the same. So, how much the inventory loss is? Can you quantify it during Q1, you suppose?

R.N. Maloo —

It’s a mix, actually. It’s a mix, We cant really, really quantify it. In some of the products we are selling in advance. Some of the products are sold from the stock. But a rough estimate can be in the range of INR600 to INR800 per metric ton, the impact of reduction in the prices.

Ronald Siyoni — Sharekhan — Analyst

Okay. So, when this prices stabilize and say, if possibly they trade higher a little bit, then I would just say, you know, would that reverse inventory losses [Speech Overlap]?

R.N. Maloo —

Definitely. And when it happens, if there is a sudden reduction in the prices, So if you see in the month of May and June, there is a reduction of price about INR12,000 to INR13,000 per metric ton, otherwise if it is INR2,000, INR3,000 a month like that, then it do not affect generally our profitability.

Ronald Siyoni — Sharekhan — Analyst

Okay. Okay, sir. Thank you very much.

Operator

Thank you. [Operator Instructions] As there are no further questions, I now hand the conference over to Mr. Vikash Singh for closing comments. Over to you.

Vikash Singh — PhillipCapital (India) Private Limited — Analyst

On behalf of PhillipCapital, I would like to thank Mr. Anish Bansal and Mr. R.N. Maloo to give us this opportunity to host their con call. And over to you, Anish, sir, for any closing comments.

Anish Bansal — Whole-time Director

Thank you so much, everyone, for sparing time to attend our earnings conference call. To sum it up, I would like to say that Q1 was a significant quarter and challenging one for the industry. We have seen a sharp decline in steel prices, which led to lower profitability.

But having said that, the reduction in steel prices is a welcome step. This will contribute significantly towards higher volumes because of the reduction in prices of — reduction in the gap of secondary steel pipes. And the affordability quotient has also gone up very high. The projects which were earlier stuck, they are also coming back.

So, with all these things, it is quite positive for the Company for — in H2 and also in the coming years. The Company is well poised to cater any kind of demand that comes from any geography or any sector. So, that is all from me. Thanks, once again.

Operator

[Operator Closing Remarks]

Anish Bansal — Whole-time Director

Thank you.