Himatsingka Seide Limited (NSE: HIMATSEIDE) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Shrikant Himatsingka — Executive Vice Chairman & MD
Analysts:
Yash Naik — Analyst
Aditya Singh — Analyst
Bhavin Chaddha — Analyst
Prerna Janjunwala — Analyst
Presentation:
operator
I would like to welcome you all for Q3FY26 post result conference call of Himatinka Sait Limited today we have with us the senior management of the company including Mr. Srikanth Hema Singh who is Executive Vice President and Managing Director. Sorry, Executive Vice Chairman and Managing Director. Mr. Sankar Narayanan M President, Finance and Group CFO Mr. Bankish Dhingra, Vice President and CFO Operations. Mr. Dimal Agarwal, Vice President Corporate Finance. Mr. Hare Krishnan Balasubramaniam, Associate Vice President, Finance, Banking and Compliance. I would now like to hand over the call to Mr. Shrikant Himmatzinkha for opening remarks post which we can take the Q and A session.
Thank you. And over to you sir.
Shrikant Himatsingka — Executive Vice Chairman & MD
Thank you very much Prerna. I’d like to welcome everybody to the earnings call. Thank you for taking the time as always. I’ll just start with a business update and then I’ll be happy to take. Any questions that you might have. So on the business front the consolidated. Total revenue stood at about 637.26 crores. You know, down from 722 crores during the same period last year. But range bound vis a vis Q to operating revenues. The decline was primarily on account of the overhang of tariffs that as we all know prevailed during the quarter and therefore affected our revenue streams during this period. The Q3.26 other income of approximately 25 crores was primarily on account of foreign exchange movements in the ordinary course of business. Given the depreciation of the rupee vis a vis the USD during the quarter, capacity utilizations had a small correction.
While our skinning plant was at 99%. Our sheeting and terry tile divisions saw approximately 100 to 200 basis point correction during the quarter. Again mirroring some of the impact that we had on the revenue front. Despite the reduction of US tariffs now that have been announced recently from 50% to 18%. But we strategically continue to want to focus on driving revenue streams from non US jurisdictions. That remains a strategic priority for us. That way we will do despite. Potential growth in the US but we’ll still continue to target enhancing revenue streams from non US jurisdictions. The Indian market continues to be a high priority for us as we have been saying and we currently serve the market with three brands. The brands are positioned to serve consumers across price points and channels. And our India business continues to demonstrate consistent growth y o y reinforcing our domestic presence. You know, as we see it, we are present across all channels and we think India is going to be an important market for us in the years to come.
It’s relatively small at this point, but it’s showing the right signs in terms of growth prospects. Needless to say, it’s very positive for us to see the EU FDA go through. And the recent U.S. tariff revisions, along with the announcement of the EU FTA has undoubtedly paved the way for several new opportunities for us to expand and to tap into new potential opportunities across major markets. I would also like to add that. In addition to our focus in enhancing our utilization levels from our existing product lines, Himatsynca will be introducing new product verticals by leveraging our existing infrastructure and capabilities in order to accelerate our utilization levels in order to diversify our revenue streams and tap new opportunities that will arise in the wake of the new regulatory frameworks that one sees globally. So this is from us on the business update front. I’ll be happy to take any questions that you might have.
Questions and Answers:
operator
Thank you very much. We will now begin with the question answer session. Anyone who wishes to ask a question may press Star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Yash Naik from Kamaya Wealth Management Private Limited. Please go ahead.
Yash Naik
Thank you for the opportunity. And so since there is a tariff reduction from us. So sir, can we expect from the next financial year, we can expect the margin to be around our previous margin, like around 20% or we need to wait for somewhere.
Shrikant Himatsingka
No, I think progressively going into the next year margin should normalize. What I think will happen is, you.
Yash Naik
Know, as we have shared with you all earlier, you know, during the period of tariffs, you know, or at least the 50% regime, obviously we had to share in the pain and we had given support to clients. We will have to, you know, conclude.
Shrikant Himatsingka
Our negotiations with clients in order to.
Yash Naik
Get most of it back. And we feel that margin should normalize going into. As we, as we progress in FY27.
Yash Naik
And sir, since now there is one and half months. So we might experience some. And in Q4.
Shrikant Himatsingka
Right. Sorry, we might experience.
Yash Naik
Sorry.
Yash Naik
Some pain in Q4 as we are already now. One and a half. One in the Q4.
Shrikant Himatsingka
Yeah, I mean I don’t think Q4.
Yash Naik
Will see an immediate relief because the tariffs have just been announced. And after they were announced, by the.
Shrikant Himatsingka
Time the executive orders were signed, it.
Yash Naik
Took another few days and so by, you know, there won’t be any major positive impact as far as Q4 is concerned.
Yash Naik
Okay. And sir, last question is regarding. Sir, if you could any provide any guidance on the revenue front in FY27.
Shrikant Himatsingka
We don’t unfortunately give guidances but I.
Yash Naik
Will reiterate the fact that you know we are actively looking and exceeding new.
Shrikant Himatsingka
Product lines to accelerate our growth rates and we will be doing so by.
Yash Naik
Leveraging our existing infrastructure that we possess.
Shrikant Himatsingka
Our capex will not be altered. Any capexes on account of new product.
Yash Naik
Verticals will be within our annual maintenance capex buckets. But we feel that our inherent infrastructure.
Shrikant Himatsingka
Capabilities are diverse and we believe that.
Yash Naik
The FTAs, the reduction in reciprocal tariffs.
Shrikant Himatsingka
And you know where India stands after.
Yash Naik
Having signed also the UK FTAs will.
Shrikant Himatsingka
Unleash potential not just in the home.
Yash Naik
Textile space but other areas as well. And we feel that our infrastructure is geared to cater to these opportunities and we don’t want to miss out on it. HIMACA is not solely a home textile player although it’s been our focus all these years. We have a very strong know how and infrastructure capability in the cellulosic value.
Shrikant Himatsingka
Chain and we want to leverage that.
Yash Naik
For other product categories.
Shrikant Himatsingka
The categories could include apparel solutions, could.
Yash Naik
Include fabric solutions and also yarn solutions.
Shrikant Himatsingka
So we would like to strengthen our product portfolio. This will help us diversify our revenue.
Yash Naik
Mix, our geography mix.
Shrikant Himatsingka
It would help us mitigate any concentration risk and will open up a whole.
Yash Naik
New world of opportunities for us to tap into.
Shrikant Himatsingka
So we are very excited about that. We certainly don’t want to depend only.
Yash Naik
On two product categories to drive growth. We see more buoyancy in our BAS business going forward.
Shrikant Himatsingka
Our bedding business, while it will see growth but the growth could be a little more muted and we want to.
Yash Naik
Utilize some of our expertise and infrastructure.
Shrikant Himatsingka
As I said, to tap into new growth verticals and much larger market pools.
Yash Naik
Where.
Shrikant Himatsingka
Global trade is substantially larger than.
Yash Naik
That of home textiles.
Shrikant Himatsingka
It will also land up enhancing our.
Yash Naik
Domestic revenue stream substantially other than what we will do in home textiles.
Yash Naik
Currently. We are, if you provide the domestic revenue like I, I feel our revenue from US is around 60% in the last call you mentioned. So is it in the same range and what would be the share of India in Q3 and going ahead as well?
Shrikant Himatsingka
We haven’t disclosed India specific numbers but we feel U S will substantially will. Will come down substantially below the 50%.
Yash Naik
Mark over the next 18 to 24.
Shrikant Himatsingka
Months is what we believe if not earlier and we will Continue to see.
Yash Naik
India grow for us.
Shrikant Himatsingka
I think India should become approximately 400 to 500 crore market in the next.
Yash Naik
You know, I would say two years.
Yash Naik
Thank you so much for detailed explanation and wish you the best.
Yash Naik
Thank you.
operator
Thank you. The next question is from the line of Aditya Singh from Multi Bagger stocks. Please go ahead.
Aditya Singh
Thank you for the opportunity. Am I audible?
Shrikant Himatsingka
Yes sir, you’re audible.
Shrikant Himatsingka
Yes, go ahead.
Aditya Singh
Okay. I had a question regarding the raw materials. Like how do we diversify compared to the source of raw material from is it majorly US or are we thinking of, you know, shifting to some other country?
Shrikant Himatsingka
Could you repeat your question? Your voice is very muffled.
Aditya Singh
Is it better now?
Shrikant Himatsingka
Yeah, go ahead please.
Aditya Singh
Yeah, I was just wondering that if we are changing our sourcing from us of raw materials.
Yash Naik
No.
Shrikant Himatsingka
So you know, we don’t source only from the us. There’s some varietals of raw materials we source from the US but we largely. A lot of the cotton we use emanates from India. And you know, going forward we are not changing anything as such. We are adding to the existing portfolio of products we do. So our home textile solutions product portfolio will remain strong and an integral part of our offering. We’ll continue to focus on the growth that comes from there. But we will also look at accelerating growth rates, tapping into new verticals which.
Yash Naik
Offer a whole new world of opportunity for us.
Shrikant Himatsingka
And in doing so, our raw material mix will shift more and more to.
Yash Naik
Fit of Indian raw material content.
Shrikant Himatsingka
But again, you know, that could, that could vary depending on client requirements.
Aditya Singh
Okay. And the next question was regarding, you know, the EU fta. So how can we capitalize on this opportunity? Like are we moving towards European suppliers or European retailers more than the US ones? Because you told us that you were thinking of diversifying your portfolio more.
Shrikant Himatsingka
Yeah. So you know, I think by the time the EU FDA comes into force, which will take I guess a few months, I’m certainly not aware of the exact time frame from in terms of when it comes into force. And I guess the UK FDA is also work in progress and will come.
Yash Naik
Into force in a few months.
Shrikant Himatsingka
So this will open up, you know.
Aditya Singh
You know, all the countries that fall in these units jurisdictions where India have an equal footing vis a vis some of the other suppliers that currently have duty free access.
Shrikant Himatsingka
And so we will most definitely see.
Aditya Singh
You know, interest from these jurisdictions vis.
Shrikant Himatsingka
A vis home textile products, but also, you know, vis a vis products that.
Aditya Singh
We will add to our portfolio.
Shrikant Himatsingka
So yes, non US jurisdiction should continue to rise in terms of Revenue contribution and. Market access.
Aditya Singh
Okay, and when you say revenue contribution, like can you put a number on that? That this is the number that we are targeting from the EU market in a specific time period, whatever it be in the next fy or the next from next fi.
Shrikant Himatsingka
As I said, over the next two fiscals, we would like to substantially correct.
Aditya Singh
Our US exposure and diversify our exposure. And a lot of that will be.
Shrikant Himatsingka
Taken up by India and the EMEA.
Aditya Singh
Region, which is Europe, Middle east and Africa. I think these two jurisdictions will be just say, you know, the most benefited from our change in revenue mix.
Shrikant Himatsingka
But that doesn’t mean our absolute numbers in the US will decline. It’s just that the rate of growth in some of the other jurisdictions we. See could potentially outpace the growth that we will see in the US over the next period of time.
Aditya Singh
Yeah, yes, I understood that. I was just asking if you could quantify the number. Like if you would like you would just let 405 crore, 400 to 500 crore market to be in India. I just want to know a number for the EU market like that.
Shrikant Himatsingka
Unfortunately, you know, the market numbers for India is in context to a number that had put out there where it said that we’ll be looking at approximately.
Aditya Singh
800 to 1,000 crores from India over the next four, five years, which I’d said a year back. And I think that in the next 18 to 24 months we should be in the 400 to 500 crore mark.
Shrikant Himatsingka
Vis a vis you. I won’t be able to put a number on it, but I do think.
Aditya Singh
It will be very substantial in terms of, I mean not you, but other jurisdictions non US will be very substantial over the next 18 to 24 months vis a vis our revenue mix.
Aditya Singh
Thank you so much. That was all from my side. Best of luck.
Shrikant Himatsingka
Thank you. Thank you.
operator
Thank you. The next question is from the line of Bhavin Chaddha from NM Holdings. Please go ahead, Sir. You may unmute your lines.
Bhavin Chaddha
Yeah. Sir, can you share your net debt numbers as on December 31, 2480, 2480 capacity utilization for the quarter you have given in the press release. Can you give of nine months also?
Shrikant Himatsingka
I’ll have to get back to you on nine months, but it should be pretty range bound plus minus 100. It will be around 100 basis points higher probably.
Bhavin Chaddha
Thanks. And additionally, this 25% duty has been immediately taken off. So has that got implemented on your shipments which are landing in US right now?
Shrikant Himatsingka
Just hold on one sec. So yeah, 25% is applicable and the move to 18% I’ll have to just check and get back.
Bhavin Chaddha
So 25% is not payable right now by the US importers, right?
Shrikant Himatsingka
That’s right.
Bhavin Chaddha
And majority of that incremental 25 I believe was absorbed by Indian companies. So the straight retention or margin benefit starts coming to us on all the shipments lending in us or it would be on new orders which may start from March or April.
Shrikant Himatsingka
Yeah, it would most definitely be, you know, a function of bilateral discussions with a concerned client. It is not auto as at least as far as Hindu Singha is concerned. I can’t speak for the rest of the industry but the dialogue needs to.
Bhavin Chaddha
Take place, you know, and it certainly.
Shrikant Himatsingka
Will not be effective vis a vis shipments that land today. It will be effective for them but our price revision will need to be.
Bhavin Chaddha
Discussed and will be for orders that.
Shrikant Himatsingka
Are over and above what’s currently in the system. Most probably. But this has to be negotiated. Sure.
Bhavin Chaddha
And sir, my last question, as you said, you have been using Indian cotton but obviously currently the US cotton landed price is more or less similar or marginally lower than Indian cotton. And there has been duty benefit on importing US cotton. So why we have not explored on that part. Any specific reason for that?
Shrikant Himatsingka
No. You know, Bhavind, the US cotton to.
Bhavin Chaddha
The best of my knowledge, you know.
Shrikant Himatsingka
Is definitely not cheaper than Indian cotton for the varietals that we use in.
Bhavin Chaddha
Our industry or at least as far as Inu Sinkha is concerned.
Shrikant Himatsingka
So there is no cost advantage vis.
Bhavin Chaddha
A vis US Cotton. That, that’s, that’s not accurate. So I would request you to just have look at those things again.
Bhavin Chaddha
Almost was 50 now and 25 even taking out 25 now because on that import part duty becomes exempt. So I was comparing on a parity on a duty payable basis.
Shrikant Himatsingka
But you know, the decision on whether a US cotton is going to be used or another cotton is going to.
Bhavin Chaddha
Be used is more.
Shrikant Himatsingka
Linked to product.
Bhavin Chaddha
Positioning and consumer preferences. It’s less to do with any of this.
Shrikant Himatsingka
So from the supply side we don’t have any cost advantage if we were to use US Cotton because the price differential is substantial. The impact of tariffs on US Cotton denominated product was lower. That is true. But you know, vis a vis absolute cost of product, you know, using US.
Bhavin Chaddha
Cotton will always be more expensive.
Bhavin Chaddha
Okay, thanks a lot.
Shrikant Himatsingka
Thank you. A reminder to all participants to press Star and one to ask a question. The next question is from the line of Sashikant from Brighter Mind Equity Advisors.
operator
Please go ahead yeah, hello. Hello. Yes, go ahead.
Bhavin Chaddha
Okay, so congrats on the, you know, on the set of numbers. My question is about the, you know, cotton exemption on Bangladesh, exemption that U S has given them if they use U S cotton. So how much? And obviously there was some, you know, news rights that if Indian companies use US Produce cotton then duty will also be zero for those companies. So how much cotton are we using currently from the US.
Shrikant Himatsingka
It varies every quarter. It could be 10%, it could be 30, could be 40, it could be 20. Depends on the order book and client preferences.
Bhavin Chaddha
So it keeps going. It ranges every quarter.
Shrikant Himatsingka
You know, it’s difficult to put a number on it.
Bhavin Chaddha
Okay, if I, if you analyze, you know, in FY25, how much percentage of US cotton was part of our, you know, cotton procurement?
Shrikant Himatsingka
Approximately 30, between 30 and 40% of imported cotton.
Bhavin Chaddha
I have to check on how much was us. Okay. And as we, you know, there was the process going on for the completion of and drafting of USDA currently. So as we expect that it will, this will be done in 12 to 18 months. So what is our, you know, strategy to get into these markets and what is the current market share in European Union?
Shrikant Himatsingka
Our current market share in those jurisdictions.
Bhavin Chaddha
Including the UK is probably, you know, in the region of, you know, I guess 20 odd percent and growing. And you know, we as a strategy will obviously, you know, do the following.
Shrikant Himatsingka
A lot of clients are interested as well to enhance their sourcing from India.
Bhavin Chaddha
And we are seeing that, you know, that interest come through. So it might take, you know, a few quarters to fructify because they would like to see the FDA in effect.
Shrikant Himatsingka
But we are certainly seeing some interest.
Bhavin Chaddha
From these jurisdictions vis a vis sourcing from India and balancing their sourcing basket, which currently also sources a lot from jurisdictions like Pakistan because of duty free access.
Shrikant Himatsingka
So we are seeing those dialogues start. And so that’s going to be obviously something that should translate to some business vis a vis their inbound interest. And the second piece, of course we will be aggressively pitching given now, given the fact that we now have a.
Bhavin Chaddha
Level playing field, even if we haven’t necessarily seen inbound interest, the teams are out there pitching aggressively in terms of what’s possible from our portfolio and the fact that we now have a level playing field. So I think that also will throw up new opportunities and revenue streams.
Shrikant Himatsingka
So all in all, I think there’s.
Bhavin Chaddha
A lot to tap into in the UK and eu.
Shrikant Himatsingka
But having said that, I would also.
Bhavin Chaddha
Like to add that other jurisdictions like the Middle east, like India, Like APEC and so on, other non US jurisdictions as well are seeing some traction.
Shrikant Himatsingka
And as I was saying earlier, we will be adding new product verticals to.
Bhavin Chaddha
Accelerate our growth in the quarters to come. We are not going to be reliant solely on home textile products. This strategy will give us a richer portfolio of products to go to market with, especially on the backdrop of the new regulatory frameworks that will be enforced shortly. So I think all in all, keeping these initiatives in mind, we should see more accelerated rates of growth going forward in the quarters to.
Bhavin Chaddha
So about the India market, you know, we have three brands, so how much, you know, you know, number of stores we are helping to expand this year and what is the current. So your voice is breaking. Can you please repeat?
Bhavin Chaddha
Is it, is it audible? Okay, so it’s about. Hello, is it audible? Sir, can you please speak through the handset?
Shrikant Himatsingka
Yeah, I can hear you. Yeah. Hello, is it audible?
Shrikant Himatsingka
Yes, yes, yes.
Bhavin Chaddha
Okay. It was about the Indian market presence. So currently how much stores are there and how much is cocoa and how much is nbo?
Shrikant Himatsingka
We largely have an MBO presence. We not adopting a cocoa strategy because of underlying challenges in the home textile category. We are not a fashion play and if we do have stores, they will be on a more asset light model such as a franchise model and things like that and more experience centers. So our strategy vis a vis India is to be present across channels.
Bhavin Chaddha
You know, we are present in the MBO space which is.
Shrikant Himatsingka
Pan India. We are present in the large format.
Bhavin Chaddha
Stores which are all your department stores in the country. We are present in the hospitality space. We are present in servicing the B2B requirements of large retailers across India. All the major names.
Shrikant Himatsingka
We are present on e commerce platforms.
Bhavin Chaddha
We are present on quick commerce platforms and so on.
Shrikant Himatsingka
So we are present across. We do not have any franchise stores.
Bhavin Chaddha
At this point, but you know, I.
Shrikant Himatsingka
Think our focus will be on other.
Bhavin Chaddha
Channels in the near term.
Bhavin Chaddha
Okay, that’s all sir. That’s all from my side. Thank you. Thank you.
operator
Thank you. The next question is from the line of Prerna Janjunwala from Elara Securities. Please go ahead.
Prerna Janjunwala
Thank you. Congratulations on the numbers in difficult time. So just wanted to understand on the cellulosic capabilities that you highlighted at the beginning of the call, could you just highlight your interest currently over there and how are you looking forward to, you know, leverage it?
Shrikant Himatsingka
Yeah, you know cellulesic merely means not.
Prerna Janjunwala
Man made, non man made fibers, although we use some of it in certain products. But our focus is largely cotton and other cellulosic Fibers, you know, it could be viscose, it could be linen and so on.
Shrikant Himatsingka
But what I was trying to essentially say, Prerna, is, you know, Himatsinka currently.
Prerna Janjunwala
Operates in the space of home textile solutions largely. And we have products which are bath product portfolio, our bedding products portfolio, and our drapery and upholstery products portfolio.
Shrikant Himatsingka
So these constitute our home textile solutions.
Prerna Janjunwala
Offerings, you know, and going forward, you.
Shrikant Himatsingka
Know, our growth rates need to be.
Prerna Janjunwala
Recalibrated and we need, as we think we need to align to the emerging realities. Given the FTAs with major jurisdictions and.
Shrikant Himatsingka
Given. What transpired with the US and the learnings from that, we think that we should be actually going to market with a broader range of products than just home textiles. Our infrastructure is obviously of global scale and capabilities, and we have created extremely.
Shrikant Himatsingka
Flexible shop floors over time. And this will enable us to tap.
Prerna Janjunwala
New product verticals which could be from ranging from fabric solutions to technical textile solutions in the fabric space, to apparel solutions, to yarn solutions, and all of that from our existing infrastructure.
Shrikant Himatsingka
So we are going to be doing that progressively.
Prerna Janjunwala
We are already actively engaged and we.
Shrikant Himatsingka
Are trying to tweak our model to.
Prerna Janjunwala
Now embrace this new reality. We are very excited about the opportunities that could potentially present themselves going forward. We have had a tough few years. We have spoken about the reasons why we have had a tough few years, but we feel it’s time to shift gears. Home textiles will continue to be a major portfolio for us, but we think that our dependence on just this would be limiting ourselves. And therefore we are looking at new frontiers and new opportunities to really transform ourselves going forward. You know, we have to play in larger market pools. Home textiles is pretty restrictive, and as I see it, whatever one says, you know, growth rates can’t continuously be buoyant in the home textile space.
We have seen, we see bath as a stronger play and we will hopefully see stronger growth rates in that, in sheeting. I think the growth rate will be a little more muted. And, you know, I feel that the global supply on that product, the math on that, you know, will make the growth rates a little muted.
Shrikant Himatsingka
And therefore, we think that, you know, it’s time for us to, to look.
Prerna Janjunwala
At new frontiers, to leverage our current position.
Prerna Janjunwala
Understood, sir. So in this context, if I just want to understand that, you know, UK and Europe, FTA getting signed in the next, you know, six to 12 months and getting ratified, maybe, so the opportunity with home textile is also humongous. So will you be exploring those areas as well in home textiles or it will be a combination of both because we have very low market share in both bed sheet and towels in Europe and uk.
Shrikant Himatsingka
Yeah. So we will be exploring that home textiles will not take a back seat Predna. But, you know, we just feel that we would like multiple engines to drive growth because just being driven by home textile solutions is probably not adequate for us looking at the global opportunities that are presenting themselves. We can’t be limited to a product.
Prerna Janjunwala
Portfolio of home textiles.
Shrikant Himatsingka
It’s limiting and sometimes the gestation periods of enhancing market share could be different from what one believes it will be. So I’m not trying to say that we will not see growth in home textiles. I’m just trying to say that if we were to look at ourselves, we.
Prerna Janjunwala
Feel that our growth rate needs to substantially be enhanced.
Shrikant Himatsingka
And in order to do that, we need to work with multiple engines.
Prerna Janjunwala
That’s really what we are getting at.
Shrikant Himatsingka
And so we have identified a few.
Prerna Janjunwala
Verticals that I’d outlined to you and we are working on those fronts to drive growth.
Prerna Janjunwala
That’s fantastic, sir. Maybe we’ll have more clarity on the plan in coming quarters and then we can talk about.
Prerna Janjunwala
Yeah, we will be sharing more with stakeholders.
Shrikant Himatsingka
You know, I just thought that I put this out there as something that we are working on and as an update and it’s also linked to the.
Prerna Janjunwala
Opportunities that will seemingly come through because of the changes in regulatory frameworks, that is the FTAs and the reversal of tariffs and so on.
Shrikant Himatsingka
So, you know, us looking at fabric.
Prerna Janjunwala
Solutions or apparel solutions, Oriane solutions, along with home textile solutions, you know, will pave the way for, you know, Himatsynca 2.0 and we’ll keep stakeholders obviously updated as we go along.
Prerna Janjunwala
Thank you so much, sir, and all the best.
Yash Naik
Thank you very much. Thank you.
Shrikant Himatsingka
Thank you all for taking the time this evening. Do get in touch with us should.
operator
You have any further questions and we’ll be happy to answer them to the best of our ability. Thank you. On behalf of Alara Securities. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.