JK Tyre & Industries Limited (NSE: JKTYRE) Q3 2025 Earnings Call dated Feb. 10, 2025
Corporate Participants:
Anshuman Singhania — Managing Director
Arun K. Bajoria — Director & President, International Business
Sanjeev Aggarwal — Chief Financial Officer
Anuj Kathuria — President, India Operations
Analysts:
Chirag Jain — Emkay Global Financial Services
Abhishek Jain — Analyst
Mitul Shah — Analyst
Amar Kant Gaur — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the JK Tian Industries Limited Conference Call hosted by Emkay Global Financial Services. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr Chirag Jain from Emkay Global Financial Services. Thank you, and over to you, sir.
Chirag Jain — Emkay Global Financial Services
Thank you. Good morning, everyone. On behalf of Emkay Global, I would like to welcome you all to the 3Q FY ’25 earnings conference call of JK Tyre Industries Limited. Today, we have with us a senior management team represented by Mr Anshuman Singhania, Managing Director; Mr Arun K. Bajoria, Director and President, International Business; Mr Anuj Katuria, President, India Operations; Mr Sanjeev Agarwal, Chief Financial Officer; and Mr A.K. Kinra, Financial Advisor. We’ll begin the call with opening comments from the management team, followed by Q&A session. Over to you, sir.
Anshuman Singhania — Managing Director
Yeah, a very good morning to all of you. It is my great pleasure to welcome you all to the JK Tyre Q3 FY ’25 earnings call. First of all, I would like to extend my warm wishes to all of you and your family for a very Happy New Year 2025. To begin, I would like to share some broad highlights of the Indian economy and then the auto sector followed by the Q3 business performance.
The Indian economy continued to maintain its position as a bright spot in the global economy-like landscape. However, its performance during the year ’24 was a mixed wag. While the economy displayed a remarkable resilience in the face of global uncertainty, continued domestic issues impacting sentiments to a certain extent. Going-forward, a robust tax collection, government of infrastructure and private capex aided by policy reforms is likely to drive the GDP growth. As per the RBI forecast, the real GDP growth of the Indian economy for the FY ’24, ’25 is expected to be around 6.6%, which continues to remain the fastest-growing globally. The Indian automobile industry is one of the key drivers of growth for the economy, presently third-largest in the world and expected to become the number-one in the next five years.
The auto sector has started showing signs of the recovery, two, three-wheeler sales have witnessed a strong growth and the passenger car segment continues to grow at a low-single digit. Tractor demand is also rising, supported by healthy agri production. The CV segment is anticipated to be benefit from the increased public and private capex and consumption boosting measures announced in the union budget.
Coming off — coming to our quarter performance, Q3 FY ’25, we achieved a healthy growth in the replacement market on a Q-on-Q basis. However, modest growth in the OEM limited the overall domestic growth, which reflected a broader economic trends. Going-forward, the replacement market demand remains promising and the OEM segment is on a recovery path. Export was sustained on a Y-on-Y basis despite global uncertainties, trade challenges and supply-chain constraints.
In-quarter three FY ’25, operating margins were impacted by rising, increasing raw-material cost, particularly in the natural rubber. To mitigate cost pressures, the company continues to take necessary measures, including price revisions, enhancing product mix and cost optimization. TBR and PCR continues to be critical for the business segment for us. We are strategic key in enhancing capacities in collaborating manner. Earlier announced expansion projects at Banmo Tower Plant for PCR and Laxar tire plant for TBR are progressing well and with state-of-the-art equipped — equipment being installed. Our radial capacity continues to be optimally utilized and our focus is to sweat our assets to maximum to generate higher returns for shareholders.
Our clear focus in technologically advanced — advancements in-product design and research and development has allowed us to set new benchmarks within the industry. Further, we are strengthening our tech-enabled manufacturing efforts to improve efficiency while ensuring highest-quality standards. These efforts are being recognized by the OEMs and are facilitating expansion of our global footprint.
As a part of our digital transformation journey, we have recently established digital and analytics center of excellence to enhance data-driven operational efficiencies. JK Tyre is the first Indian tire company to join the global RE 100 club, targeting 400% renewable electricity by 2050. JK Tyre is a sustainably led organization focusing and investing resources in developing sustainable, innovative and value-added products in-line with our vision to be a green and trusted mobility partner. We have tied-up tied-up sustainability linked loan with International Finance Corporation, a first-in India in the tire industry.
Now I would request to talk about the performance of Mexico.
Arun K. Bajoria — Director & President, International Business
Thank you very much, MD, sir. I will now share the highlights of Mexican economy and thereafter, JK Tornel Mexico for the 3rd-quarter of financial year ’25. As per the IMF’s World Economic Outlook report, Mexico’s real GDP is projected to grow by 1.8% in 2024 and 1.4% in 2025.
Now moving on to the financial performance of JK Tornel, revenues for Q3 stood at 1282 million pesos, equivalent to INR507 crores compared to 1,301 million pesos in constant-currency terms. The decline in revenue was primarily due to the Christmas holidays and the appreciation of the Indian rupee against the Mexican peso. However, EBITDA margins remained steady at 7.9%. Higher raw-material costs, particularly natural rubber prices continue to be a key area of focus. The overall raw-material basket in Q3 increased by approximately 12% on a quarter-on-quarter basis, which we have largely passed on to the customers. Additionally, the Mexican peso depreciated by 6% against the US dollar in the last quarter, which should support JK Tyre’s exports in the coming quarters.
Our capacity utilization in the PCR category remained high at 90% plus. To reinforce our dominance, we have launched new premium products in higher RIM sizes, further strengthening our product portfolio, catering to the evolving needs of advanced markets like USA, including domestic market. As part of our strategy to expand in the domestic market, we continue to expand our distribution network. Additionally, we are supplying more cost-effective products to mass merchandisers. We are proud to announce that JK Tornel’s plants in Mexico have been awarded with the prestigious Sword of Honor Award by the British Safety Council. This recognition is a testament to our unwavering commitment to workplace health and safety management.
I would now request Mr Sanjiv Agarwalji to talk about the financial performance of this quarter.
Sanjeev Aggarwal — Chief Financial Officer
Thank you, sir. Thank you very much. So let me brief you about the key highlights for Q3 FY ’25. The first one is the consolidated revenue for the quarter were recorded at INR8,694 crore, which remained flat on Y-o-Y basis. EBITDA margins during the quarter were recorded at 9.1% vis-a-vis 12.2% in the previous quarter, which is contracted by 309 basis-points due to sluggish demand in OEM and the higher raw-material cost, primarily driven by a significant rise in natural rubber prices. Profitability at EBITDA level was recorded at INR335 crores in this quarter. Cash profit stood at INR212 crores and the profit-after-tax was recorded at INR57 crores. Consolidated capacity utilization for the quarter was 78%. The utilization of radial capacities remained over 100 — over 80%. Consolidated exports stood at INR560 crores, flattish on year-on-year basis.
Subsidiary companies Industries Limited and JK in Mexico contributed significantly to the revenue — revenues and profitability on consolidated basis. Cavendish posted a top-line of INR1,025 crore, the highest-ever for a quarter with EBITDA of INR92 crores registering a margin of 9%. Earnings per share on a consolidated basis stood at INR188 per share during the quarter. Return ratios, ROCE and ROE continued to be in double-digit and net-debt stood at INR4,319 crore for the quarter ended December ’24 as against INR4,340 crores in the previous quarter. And leverage ratios, net-debt to equity and net-debt to EBITDA were at 0.89 times and 2.4 times as on December ’24, respectively. The balance sheet of the company continues to remain healthy. We have already circulated our earnings presentation, which is available on our website as well as on the stock exchange website.
And now we open the forum for the questions-and-answers. Thanks to you. Thank you.
Questions and Answers:
Operator
Ladies and gentlemen, we will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2. 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 comes from the line of Abhishek Jain from Alpha Curate Advisors Private Limited. Please go-ahead.
Abhishek Jain
Thanks for opportunity, sir. Sir, in this quarter, we have seen a very significant increase in the RM cost. Despite a small increase in the overall RM basket. Also, just wanted to understand what is the reason of this much of increase? Is there any high-cost of inventory, which is likely to go down in the coming quarter?
And the second is that the replacement volume was much better than the OEMs in this quarter despite we have seen a context in the margin. So you can throw some color on it.
Anshuman Singhania
Yeah, the raw-material average raw-material prices have increased 2% on a quarter-on-quarter basis. And here I would say that here the natural rubber prices have played it has actually played little havoc here and the reason of which is actually because of the season changing and the climatic impact in this availability of natural rubber plus labor availability as well in the Southeast Asia belt. So these all these have impacted in terms of the increase in the natural rubber prices. So the whole basket of raw-material prices have increased to 2% on quarter-on-quarter basis.
Abhishek Jain
But in our numbers, basically we see that there is an impact of the 320 bps on the quarter-on-quarter on the RM cost. That is much higher than the increase in the RM basket. So just wanted to understand, is it because of the higher-cost of the inventory that was lying at the company or something else?
Anuj Kathuria
Yeah. Actually, you know what has happened is that in-quarter one and quarter two, we had taken some strategic — you know stocking of the material, which helped us to evade some of the cost in-quarter two. But then that strategic inventory had depleted and quarter through — quarter three saw the full impact of the raw-material.
Abhishek Jain
Okay. So probably that is. Iif I may add to what Anuji just mentioned, the good thing is that most of the inventory has already been consumed in Q3 first price higher. So in Q4, we can expect improvement — some improvement probably on this side. Unless there is again some increase in raw-material prices going-forward. So that is uncertain. But yes, there has been the major impact of the raw-material prices in Q3.
Anuj Kathuria
And your other question was on the replacement volumes being higher and still the margins kind of — see, margins have been impacted overall by the raw materials as we explained. And just to clarify, replacement margins and OE margins are not very different as of now. And where wherever the OEMs, they have also been kind of the indexation is there with the raw-material price increase. So we have been able to get — although it comes at a lag, but still we get it. In the replacement market, passing on the raw-material is again depending on the market dynamics. So it has to be seen quarter-by-quarter, but I think so margins are not very different between replacement and OE.
Sanjeev Aggarwal
But just to tell you that replacement market in terms of the numbers from the previous corresponding quarter, we had grown at 16% and a passenger car radial had grown at 24%.
Abhishek Jain
Okay. And sir, on the Mexico, basically there is a significant depreciation of Mexican piece pesos versus INR. So that has gone down to INR5 to INR5 to 3.8 this time, despite that very strong revenue growth we have seen in quarter-on-quarter — in last three, four quarters in Mexican in terms of the Mexican. So just wanted to understand, if we convert into the rupee, we indicated very hard impact on our revenue and the margin. So going ahead, what is your strategy to come from this problem? Is there any hedging policy or anything else? And what is the impact of this appreciation.
Arun K. Bajoria
Yeah, we are doing two things. One, straight away Q2, the peso, which has gone down to almost 20.5%. In fact, the day the President announced 25% import duty from Mexico into USA, the peso touched 21 peso to a dollar, but now it is back to about 20.55. So our exports already they were taking place, but now we are going to increase our exports a many more times so that we can get advantage of this higher peso earning. So that is one.
And secondly, as I had mentioned, that we are now supplying the tires to the evolving needs of the advanced markets that is higher RIM sizes and that is going to be a little higher profitability margin as compared to the present product portfolio where we had lower — higher RIM sizes and now we have taken care of that action.
Abhishek Jain
But as we have seen that in the last quarter we have — there was anti-MP dumping duties on the Chinese tiles plus you are talking of the export will grow significantly. Despite all these things, we have not seen any improvement on the numbers even on the top-line or even on the bottom-line. So just wanted to understand how the revivals will come.
Arun K. Bajoria
See, the first thing which I had mentioned in my small opening remarks, the quarter three typically is a shorter quarter because we have 16 days of a closed plant in December due to Christmas holidays. In Mexico, the 3rd-quarter, we are only working effectively for two months and 17 days. So that is the main reason that despite all this, you are seeing a lower top-line, which you are absolutely right. But that will not happen in the Q4, which is January to March 2025.
Abhishek Jain
Okay. And my last question on the. So we have seen a very strong growth quarter-on-quarter wise on the. Is it because of the — some benefit of the amalgamation or is there any increase in the capacity utilization plus that there is a decline on the margin of the. So despite that increase in the scale, there is a significant decline in the margin and what is the reason or offered a significant increase in the top-line on quarter-on-quarter basis.
Sanjeev Aggarwal
As we said that it has done the ever best quarterly sales of INR1,025 crores. We have increased as we had earlier shared, we have had a capex plan which where the TBR capacity was increased. So the impact of that is being seen now. And going-forward, further impact will also be seen. On the declining of margins, it is in-line with what the impact of the raw-material, although we have been trying our best to pass it on to the market. But again, Cavendish also has a sizable amount going into the replacement market. So that is the reason. Moreover, the other things are exactly in-line with the parent company. And on amalgamation, you asked on the merger, I don’t think so there are anything as of now. Once it happens, then we will have to see the impact of that.
Abhishek Jain
Thank you, sir. That’s all from my side.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Mitul Shah from DAM Capital. Please go-ahead.
Mitul Shah
Thank you for the opportunity, sir. Just one clarification on this carryforward inventory of high-value in this quarter. So as peers indicated, due to raw-material pressure Q3 versus Q4 gross margin more would be more or less flattish or maybe even slightly adverse. Compared to that because of those carry-forward inventory, our margin impacted much in Q3. So do we expect Q4 margins for JK gross margin level should be much better compared to Q3 if we assume raw-material prices remain at the stable level, this would you want to highlight we expect.
Operator
Our outlook, our outlook going-forward is that demand in the replacement market is going to be promising. OE sector is right now in the recovery path. We are expecting the demand to improve and pick pickup in the government infrastructure, public and private capex cycles also to normalize in terms of the construction and industrial and mining activities. And I think the budget has also given lot of emphasis to the MSME sector and the increase of spending from the middle-class. So on the whole, we are — we are very optimistic on the outlook, our thought on premiumization continues.
Mitul Shah
Sir, I’m asking for the impact of the carry-forward inventory on the margins three versus Q4.
Sanjeev Aggarwal
We have — I have already indicated that because Q3 the major impact was of the carry-forward inventory. So that is almost being utilized and unless there is some increase in raw-material prices going-forward again, so we can expect some — some improvement in margin.
Mitul Shah
Yes, sir. And second question is on Mexico operation from Mexico to how much would be the export to North-America right now roughly?
Arun K. Bajoria
North-America, our total exports is about 5% of the total export because we are exporting more to Brazil and to Latin-America. But we are now increasing our exports to USA with the higher RIM sizes. But then on the other hand, I must tell you that this 25% duty on the imports from Mexico into America has been put on-hold by the President of USA for about one month, during which time some negotiations are taking place because as you have read from the papers, immediately, Mexico has imposed 25% duty on any import from USA into Mexico. So naturally now the Americans are reconsidering and let us see what happens.
Mitul Shah
But that export is only 5%, right, right?
Arun K. Bajoria
On the exports to USA from Mexico.
Mitul Shah
Understood. So 95% of the export is already protected. Thank you. Yes, sir. Sir, last question is again on the replacement side. Within replacement, which segment from FY ’26 point-of-view, you see to be the highest-growth generator, be it a CV or farm equipment because CV has not been great in past one or two years. So on that base, do you think CV is to come back significantly on the replacement side? I’m talking about domestic market.
Anuj Kathuria
In the replacement market, we expect both the second bus radial as well as the passenger car radial to be the two growth segments. We have to wait-and-watch because one thing which is clearly coming out is that the number of passenger cars that are getting into the market every month is at a very-high level. Also, the replacement cycle of the because of the additional running of the vehicles is also — so we expect that the total market potential for PCR to further grow. And TBR also with the road infrastructure, the other government trust on infrastructure, further mining activities will drive the demand for as well. So these are the two growth segments we look-forward.
Mitul Shah
Understood. Thanks. Thanks and all the best.
Anuj Kathuria
And just — sorry, just to add, the two-wheeler also is doing well. So the two-wheelers also will see a very good demand in the market because both in the OE as well as in the replacement.
Mitul Shah
Thanks.
Operator
A reminder to all participants, please press star N1 to ask a question. The next question comes from the line of Chirag Jain from Emkay Global Finance Services. Please go-ahead.
Chirag Jain
Yeah, sir, just wanted to get a sense in terms of pricing action that we have taken in various segments, if you can just share some thoughts over there.
Anshuman Singhania
We have increased our pricing on a quarter-on-quarter basis to 1% and we have a — wherever price revision we could do, we have done that. And also we have improved our product mix. There is still a some recovery 4% to 5% to be done. We have to abide by the competitive market scenario. And so we will take that adequately when the opportunity is there.
Chirag Jain
Okay. And how is the capacity utilization looking like for us in terms of the key product segments, including the recent expansion that we have undertaken.
Anuj Kathuria
So in terms of capacity utilization for radial, we are in excess of 80% bias also utilizations are at around 70 plus percent. And this includes whatever capacities have already been expanded that have been taken into consideration.
Chirag Jain
And for PCR.
Anuj Kathuria
PCR, as I said, it is close to 90%.
Anshuman Singhania
Okay. And do we see further scope for, let’s say, major capex for the next one, 1.5 years or we are fairly comfortable in terms of the capacities that we have?
Mitul Shah
We already have an ongoing capex program of INR1,400 crores, out of which INR1,000 plus crores is for the PCR expansion, which we have already shared and another INR400 odd crores is a combination of TBR and all-steel light truck radial. So that is going on-track.
Anshuman Singhania
So we are — we are right now undergoing this implementation of our project. We will assess the market going-forward and announce capex further.
Chirag Jain
Okay. This capacity utilization numbers that we shared, that doesn’t include these two expansion on PCRN and all steel radial.
Anuj Kathuria
No, these are not yet in-place. Understood. Understood.
Chirag Jain
Understood. Yeah. Yeah, that’s it from my side. I’ll fall-back in the queue.
Operator
Thank you. The next question comes from the line of Amar Gaur from Axis Capital. Please go-ahead.
Amar Kant Gaur
Yeah, hi. Thanks for taking my question. I had twofold questions. One, if you could please break-down your growth in India business in terms of volumes and pricing, if you could please finally, repeat your question please. Yeah, I just wanted to understand the about 2% kind of growth that we have seen in the India business, how much of that was from pricing and how much was volume-led?
Anuj Kathuria
Yeah. So on a comparison with the previous quarter, there has been a growth in the volume by around 2% and for the India operations and we have also had a improvement in the pricing by 1%.
Amar Kant Gaur
So by previous quarter you mean quarter two of FY ’25?
Anuj Kathuria
Yeah, as compared to quarter two of FY ’24.
Amar Kant Gaur
Okay. And could you also highlight which are the segments where you saw higher-growth versus slightly lower-growth in which segments? I know you indicated about OE and replacement, but in terms of end-markets. So the growth came mainly from the PCR and the TVR segments and also in the two three-wheelers. So if I understand that correctly, in replacement, all the segments have done very well. But in OEs, most of the segments have seen a decline. Would that understanding me correct? OE, the major decline is in the TVR segment. Passenger car was — okay, there was a slight on a year-on-year basis, actually passenger car was okay. So on a sequential basis?
Anuj Kathuria
Yeah, so it was better than the previous quarter in the OE.
Amar Kant Gaur
And sir, maybe I missed the Cavendish numbers. Is it close to INR1,000 crores? INR1,025 crores, yeah, INR1,025 crores. Okay. Okay. And sir, on the RM side, I know you have answered this question, let me ask it a little differently. So if I look at the RM to sales, it’s about 65% for the — for the consolidated business, right? And you’re talking about all the higher price RM has already been consumed. So would you expect — what kind of improvement can we expect sequentially on the RM side? Would it be 100 bps, 200 bps, anything that you can indicate based on your purchases that have happened over the last two months or so?
Anuj Kathuria
Just to clarify, what I said is that in Q2, Q1 and Q2, we were carrying some low-cost inventories. In — I’m talking about raw-material inventory. Yes. And in Q3, we saw the full impact of the raw-material inventory. What is expected is that going-forward, the RM cost is further likely to — the RM basket is further likely to increase by 1% to 2% in-quarter four. So definitely, whatever inventories that we have, which are going to be carried forwarded from quarter three will definitely give us some benefit for quarter-four. But then again, the quarter-four impact of raw-material will be seen in the subsequent quarter.
Amar Kant Gaur
Understood. Understood. And finally, if you can indicate what is the YTD capex that you have done and what do you expect for the full-year.
Sanjeev Aggarwal
So as we discussed earlier, we have been implementing INR1,400 crore worth of capex at this point in time. And majorly this is for the expansion of PCR capacity INR1,02500 and the balance INR400 crores is probably. Retail basis.
Amar Kant Gaur
I wanted to know YTD, how much capex have you done for this?
Sanjeev Aggarwal
So this is again on an annual basis, the outlay is about INR800 crores in this 3/4 period. We have already spent about INR600 crores.
Amar Kant Gaur
All right. All right. Thanks so much for that. All the best.
Operator
Thank you. Participants, please press star and one to ask a question. The next question comes from the line of Abhishek Jain from Alpha Curate Advisors Private Limited. Please go-ahead.
Abhishek Jain
Sir, how much is the current date of the company and what is your date plan and the company has taken loan from the IFC, how much benefit will come into the?
Sanjeev Aggarwal
Sorry, you are talking about IFC loan. Can you please let me know what is it that you are asking? Sorry, the question was not very clear.
Abhishek Jain
How much is the correct make date of the company and what’s your date reduction plan going right?
Sanjeev Aggarwal
Yes. So net-debt of the company today is INR14 — INR4,317 crores, which is net of the cash available with the company already. So — and the $100 million worth of loan which we have tied-up with IFC is for the expansions which are under implementation at this point in time. And partly this is also to replace the high-cost debt in different.
Abhishek Jain
Okay our state reduction plan for the medium-term?
Sanjeev Aggarwal
The line is not very clear. Can you repeat?
Abhishek Jain
So how much is the debt reduction plan in the medium-term?
Sanjeev Aggarwal
So the net-debt reduction on the long-term borrowings basis, we have been going ahead as per schedule and what we envisaged earlier, it’s only in the short-term, the working capital borrowings have gone up in the last nine months period. And this is to maintain this strategic inventory and also some inventory were accumulated. But this is going to get corrected in next maybe in a quarter or so, in one to two quarters, I would say.
Abhishek Jain
So that means that finance cost will go down in the next financial year. You as well sir?
Sanjeev Aggarwal
Yes, we are hoping for that. Yes, definitely.
Abhishek Jain
Okay. And sir, your combined annual installed capacity is around 35 million tires per annum. And given that around 82% to 83% capacity utilization, currently, the total revenue is around 50 crore or INR3,700 crores. If you take the 90% — 5% capex utilization, your peak revenue would be around INR4,300 crores. So — and you are adding another INR1,400 crores kind of the revenue INR1,400 crores kind of the capex. So that means the quarterly run-rate of that would be around INR350 crores. So can we assume that your peak revenue on a quarterly basis would be around INR4,600 crores, INR4,700 crores post this completion of capex.
Sanjeev Aggarwal
So two things one is that the major expansion is for PCR capacities and the total capacity utilization at this point in time in PCR radius, as mentioned earlier, was 90% plus. And also for the radial, truck and bus retail is quite high. The overall utilization is at about 80% because of the bias capacity also being there. So the overall revenue definitely will go up in two years period by almost about the same number as we are expanding, so which is about INR1,400 crores plus. So that should add to the total revenue.
Abhishek Jain
Okay, sir. And my last question on that, on FY ’26 basically what kind of the margin target do you have given that the RM cost will be stable at this point of time at this price, then what is your margin target for FY ’26.
Anuj Kathuria
See, what is expected is that it all depends on how the raw-material basket plays out. We expect that it should not be as volatile as it was in the. Plus we will also be making our best efforts to pass-on the — whatever is the under-recovery in FY ’25 to the market in FY ’26. So both these efforts on both the sides should help normalization of the margins. So generally, as we had earlier also said that in the longer-term in the industry is somewhere between that 20% to 15% range. So let’s see, we’ll have to kind of keep it as of now that. But maybe in the next quarter we’ll be able to give you a sharper number on that.
Abhishek Jain
Sir, that’s all from my side.
Anuj Kathuria
Thank you.
Operator
Thank you. Participants, please press star and one to ask a question a reminder to participants you may press star N1 to ask a question ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for the closing comments.
Anuj Kathuria
Thank you. Thank you so much for participating in Q3 earnings call today. And I hope we have given you all the clarifications to your questions. And I would like to once again thank you on behalf of the team. Thank you very much.
Operator
Thank you, ladies and gentlemen. On behalf of Emkay Global Financial Services, that concludes this conference. You may now disconnect your lines.