Mayur Uniquoters Ltd (NSE: MAYURUNIQ) Q1 2026 Earnings Call dated Aug. 07, 2025
Corporate Participants:
Unidentified Speaker
Suresh Poddar — Managing Director
Vinod Kumar Sharma — Chief Financial Officer
Analysts:
Unidentified Participant
Presentation:
operator
Ladies and gentlemen, good day and welcome to the MYU Unique Quarters Q1FY26 earnings conference call hosted by Monarch Net Worth Capital Limited. 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 this conference call, please signal an operator by pressing Star then zero on a Touchstone phone. Please note that this call is being recorded with this. I now hand the conference over to Mr. Rahul Dhani for opening comments. Thank you. And over to you, sir.
Unidentified Speaker
Yeah. Thank you so much. Good afternoon everyone. On behalf of Monarch Network Capital, it’s our pleasure to host the senior management of Myuruni Quarters. We have with us Mr. Suresh Kumar Podar, Chairman and Managing Director of the company. And we have Mr. Vinod Kumar Sharma, CFO. We will start the call with the opening remarks from the management and then move to Q and A. Thank you. And over to you, sir.
Suresh Poddar — Managing Director
Thank you, Rahul. Yeah, thank you. Good afternoon. Dear investors and analysts. It is a great pleasure to address you as we reflect on the past years and look forward to the future of the company. Your support and trust in Mayur Unicoders have been instrumental in our success and we are honored to share with you the performance of Mayur. Thanks for giving your precious time to Join Mayur Unicoters Ltd. Q1FY26 conference call. Mayur Helicotters Ltd. Being a market leader in the synthetic leather industry and an organized player, has been able to leverage the emerging opportunities and delivered exemplary performance in past years both in national and international business markets.
Now I would like to start with financial highlights for Q1 FY26 and review and we will also reply to your queries and after our review of the financial results for the quarter the company has achieved. The revenue from operation on Consolidated basis is Rs.215.88 crores, PBT 54.97 crores and PET 40.73 crores. In the quarter, the consolidated revenue increased by 1%. PBT and PAT increased by 7 and 2% respectively on quarter. On quarter basis, the revenue from operation on a standalone basis is 206.41 crores, PBT 55.32 crores and PAT 41.23 crores. In the quarter, the stand alone revenue, PBT and PET increased by 6%, 21% and 19% respectively.
Further, our endeavor is to make the company a preferred supplier for the leading OM especially in US and European regions and in continuation to this we have received some good export orders from USA and OM Supply which is resulting into a good contribution in our top line and bottom line and this increased momentum is expected to continue in next 23 years. While pursuing our business interest, Mayur Unicoters has also been endeavoring to fulfill our responsibilities to our society under the corporate social responsibility programs. We have contributed towards the regular plantations and have a plan to do it at a large scale in coming years.
The company has also adopted many happy schools for education of children. The company has worked on education for all and privileged children, various health care initiatives, especially child skill development, water for all, sanitation and school area, distribution of books, bags, clothes, etc. And most importantly family planning and family welfare schemes in nearby villages. The state government has also recognized these initiatives on various platforms. I am thankful to all the investors for their valuable time. To those who became the part of this earning call with this positive note, I would like to conclude and request you all to open the form for questions and answers since we have limited time of 45 minutes for the call.
Therefore please avoid repeated questions and for the sake of your information as required by all the investors, I am giving you the numbers. Please Note down export General 24.95 crores export OIM 53.10 crores total exports 80.05 crores which is 40% of our total revenue and autoim 43.08 replacement 31.32 crores footwear 44.42 crores furnishing 5.6 and others 1.92 and domestic is 126136 which is 60% and grand total is 206.40 crores for the quarter. Now we are opening the form for the question answer.
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 Star and one on the Touchstone 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’ll wait for a moment while the question queue assembles. The first question comes from the line of Arnav from Ambit. Please go ahead.
Unidentified Participant
Thanks for taking my question. So my first question. My first question is just regarding what is the status? What is the status of the capex that we were considering in Mexico? Status?
Suresh Poddar
What is it? You see Mexico status was clear. We decided we have find out the land and we made all the planning and we were about to go about it but suddenly one month back this kind of thing has happened. So we have postponed for the time being. You understand, right? Yeah, but it is intact. As soon as these confusions are completed, we will start it. Everything was done, it was just to push the button. But suddenly these things have happened which has created big confusion in the mind. But definitely the way the requirement is increasing, we are bound to.
Unidentified Participant
So we’ll definitely go ahead with the Mexico plant once the tariff situation settles down. Or is it possible that we’ll consider some other location for the plant instead?
Suresh Poddar
No, not at the moment. We have worked out. We have thought to move in USA also. But the cost of production is very high, right? And we have to at the moment. Otherwise everywhere the situation is same. See, this is only. And I will tell you that we are not affected with this cost so far as automotive concern in USA because we are Tire 1 supplier. We are supplying to those who are making interior for their car and then they are taking it to USA and applying to usa. Whatever burden will come that will come to them for automotive export, we have no problem.
Unidentified Participant
Right. And so my next question is, are we sticking to the FY26 guidance of 12 to 15% year on year revenue growth and 15 to 20% profit growth for the full year?
Suresh Poddar
Yes, we are trying our all efforts to achieve the discussed results in terms of top line and bottom line.
Unidentified Participant
Okay, thanks for answering the question.
operator
Okay, thank you. The next question comes from the line of Viraj from Simpl. Please go ahead.
Unidentified Participant
Yeah. Hi. Thanks for the opportunity. So two questions. One is, I think when we started this export journey to US many years back, we were among few, correct me, we were among the two suppliers X of China from Asia where we were known for our quality and cost competitiveness. So given this positioning few years back. Now if I talk about 2025, how is this positioning change? You know, are there still few players ex of China from Asia competing in US markets Or you think over a period of time more players have emerged? We are not very clear with your question. Can you repeat? I think so. We are not very clear what you want to ask. So if you look at, you know, we are among the very few companies. So if I look at X of China from Asia, we were the very few companies who were competing global automotive space. Given our credentials in terms of strong quality and cost competitiveness, how do you see the competitive landscape in terms of supply from Asia except China? You over a period of time you have seen more players emerging and competing for export especially to US and Europe. Or how Is the competitive landscape. If you can give some color.
Vinod Kumar Sharma
There is no change from what it was in the past. Like so specifically if you’re not talking about tariffs. So there is no change in terms of like our position where we were standing in the market in the past and where we stand right now. So like if you want to understand, like if China or any other Asian country is more competitive in terms of production and R D, I think so there is no stage in stand what was in the past few years and what it is currently right now.
Unidentified Participant
Okay, this is helpful. And similarly in the domestic market, you know we have seen some competitors having making some good endorse in auto oe. So you know there are players who have actually bagged orders from Hyundai Kia as well. Well now traditionally our focus has always been on auto space. Given that this focus on quality and good barriers into the approval and you know, price is also better. So have we seen any loss of market share or you know, any color you can give in terms of competitive landscape in domestic.
Vinod Kumar Sharma
If you’re talking about specific automotive industry in the domestic market, again, we have not lost any market share because of some other people getting Hyundai Kia market. Because obviously most automotive companies will not work with a single supplier. They will have multiple suppliers and we are supplying to Kia through a Korean partner and we will continue to supply to them and our business will also increase with Hyundai specifically, if that is what you want to ask.
Unidentified Participant
Yes. And similarly in replacement market we have seen some stagnancy in last few quarters. Can you give some color? How do you see things panning out. For the year end market specifically was with 3,4 OEMs. Their sale has been down in the last quarter specifically and there has been some change in design also. So we will not see a massive increase in the sales in replacement market. But yes, the sale which is little down will improve definitely.
Suresh Poddar
Okay, just last question was on the tariff part.
operator
May I request you to join the queue for a follow up question please?
Unidentified Participant
Sure. Thank you.
operator
Thank you. Before we move to the next participant, a reminder to all participants. You may press star and one to ask a question. The next question comes from the line of Avnish Chandra from SMIF S limited. Please go ahead.
Unidentified Participant
Thank you for taking my question, sir. First thing, how was the PU business during the quarter. Specifically? Talking about the first quarter, it was not like there was not a very big improvement compared to last last or like to the last fourth quarter of the last financial year.
Suresh Poddar
Okay, so the run rate of 6,7 crore is continuing. Yeah. Yes. Yes. For the time.
Unidentified Participant
Okay. Okay. And sir, earlier we had started our retail side of the business where we were adding distributors and we had a target of adding thousands of distributors. So what is the status or development on that front?
Vinod Kumar Sharma
So that business is definitely improving. The sale. If you Compare to the first quarter of FY25 to the sale of first quarter of FY26, the sale has gone up. The number of. I don’t have the exact number, but definitely the number of dealers have gone up also maybe around 750 to 800. I don’t have the exact number on my hand and around. Okay. Mr. Badar is saying it’s around thousand right now. The sale is also increasing, improving. We are adding. We are adding more product lines also in the coming months. Last thing, in South Africa we are doing business with Mercedes only. Right. We have added more customers. Okay, so just a ballpark figure. How much would be BMW and how much will Mercedes in a quarter or year. Quantity. So approximately 35,000. 30, 35,000 meters put together. No, no. For each. Each oem.
Unidentified Participant
Okay. Each om 30, 35,000. Okay. Okay, sir, thank you very much. All the best.
operator
Thank you. The next question comes from the line of Kautuk Yamde from Axa Noun Investments. Please go ahead.
Unidentified Participant
Hi, thank you for taking my question. I just had a couple of questions and can you please specify the impact of the tariffs on your products when it comes to the export side of the business, if there is any.
Vinod Kumar Sharma
Okay, so like we like obviously the tariff is obviously for the US market right now. So as far as our OEM business is, there is no impact as such because the material we are exporting to Mexico and so there is no direct impact on mayur in terms of auto OEM business is there. We have a business directly for other market in the US market. So we have built our stock for in the last three months over there till 25% tariff is there. We see not no major reason for us to worry in terms of a sale to that market is concerned.
In fact, no worry at all. Mr. Badar has asked me to add there’s no worry the 25% tariff is there. Like we’ll be competitive because there’ll be tariff from other country to other countries also 25% or 20% or 30% whatever it is. 50% was announced yesterday only and it’s applicable only to for shipment shipment from the 27th of August. So that we will understand, analyze and then we can give you a proper answer for 20. 50% tariff, but definitely 50% tariff. Is a worry. But we don’t know whether we’ll stay or whether it’s just a negotiation skill.
Time will only take. And these are also on selected items. And we have increased our sale to other areas like in Europe also in Middle east areas also.
Unidentified Participant
So much for the answer. And just on the domestic front, what are the. Are there any constraints or demand side issues? You are seeing right now?
Vinod Kumar Sharma
Domestic market first quarter but not very bad for Mayur. Obviously growth was not there. See obviously July, August, September is always the good quarter for everyone. Because India is a very festive oriented market. So we are hoping that sales should improve in this quarter. And Mr. Buddha also wants to add something.
Suresh Poddar
Good afternoon.
operator
Yes sir. Yes sir, you’re audible. Please go ahead.
Suresh Poddar
You see, leather cloth manufacturers are increasing by 10 to 15 companies every year. And they go for competition. What is the competition? Reducing the price. Now so far as local market is concerned, from the beginning we are selling the high price and high quality products. So therefore there is a sale little bit down. But now we have find out the other way on which we are working very fast. Like in footwear. A lot of foreign companies are selling in their brand in India whose prices are more than three times than what is manufactured in India.
Now we have started catching hold of those companies Adidas. See, we have already working from last six months with these companies. Now they have a manufacturing in India in specific states. They manufacture in India then in their plant they supply all over the world. Now the main thing is we are working on these big brands who can give us good price also. But it takes good time. Already we are working on that. Now the system is that we have to give them the materials. They will make the end product and they will show to their customers out of that whatever is decided, they will choose.
That has also started coming. They have started giving us the trial orders and we are working on that. Now the biggest advantage with this may take one year or two year time to fully commend this. But the advantage is once we are approved here for those brands, we will be approved all over the world. And the margin is much better with these brands than Indian products. So I see. You see, we always look for the bottom line. Top line is not everything. If your bottom line is not good, there is no use of working for top line.
Now my thinking is totally different. I have to go to the places where I can get the value of the product. That’s why leather goods, garment. We are moving to all multinational brands. There they need a quality and they give you a Better price. So far footwear is concerned. I am not worried. In next one to one and a half years time it will definitely start increasing. Now listen, increasing is no issue. Tomorrow I can increase three times the sales of footwear industry. But if my profit remains same what I am getting with the today’s sale.
Is it any sense in doing that? So we have to look for opportunity. Now my thinking is the whatever artificial leather is manufactured in the world. Our contribution is 0.002%. So it tells me that we have plenty of scope. We have to move into it. Like today in the south in Dubai from India. Minimum 10 lakh meter goes every month. I supply only 60,000. But my price is 3 times or 2 and a half times than whatever supplied from India. So what I am trying to say, it’s a matter of finding the right customer. For that you have to work hard.
And I am working on that. Once I understood that this type of business is not fruitful. I do not waste my time. Because ultimate aim is the bottom line. The reason for footwear is now with these brands we are now getting another benefit. Because they are making bags and so many things other than footwear. As you know. And we have started entering in this garment garment market. And that is also we are getting response. See all these things takes time. Like automotive. When we started it took two to three years.
operator
Ladies and gentlemen the line for the management has been disconnected. Please stay on hold while we reconnect the line. Ladies and gentlemen thank you for your patience. The line for the management has been reconnected over to you sir.
operator
A question is new or we have to continue.
Suresh Poddar
You can continue sir if you want.
Suresh Poddar
That I have explained you what is the reason of Indian sale is going down in footwear. We are working for that. Please ourselves. Please. Our profit now you see advantage in our business is there are so many areas like garments, footwear, leather goods, automotive. So many areas. Wherever in the world fabric and tanya leather is used. Artificial leather is replacement. Now artificial leather is replacing very seriously with this real leather. You know because of the prices and this vision problem I am not worried at all. So far my is concerned this happened and now we are standing till now because we have put our business in different segments.
Generally we have seen the people who are working for automotive. 90% they sell to automotive those footwear. 80% to footwear. But I have distributed my areas. I am not depending on one area only. I don’t see any problem. And so far this American problem is also going on up to 25%. We have no issue. 50% comes. I don’t know. And so far as even if 50% comes for my automotive sale in America, no problem. Am I correct? Yes. Because we are supplying to Mexico, right? If anybody has any confusion about this tariff, they can ask me open question.
I hope your question is answered.
Unidentified Participant
Thank you. Sir.
operator
The next question comes from the line of Siddharth from. I thought. Please go ahead.
Unidentified Participant
Hi. I would like to ask you about. You talked about professionalizing the company some time back. Like where are. Where is the company on that front?
Vinod Kumar Sharma
We are working seriously on that. You know professionalize is very easy you can do tomorrow. But what do you mean by professionalize? If it is company is not professionalized. So this company is running.
Vinod Kumar Sharma
Hello. Are you there?
operator
Yes sir. The line for the participant has been disconnected. We’ll move to the next participant.
Vinod Kumar Sharma
Take next question.
operator
Yes sir. The next question comes from the line of Sai ganesh from Square 64 Capital Advisors LLP. Please go ahead.
Unidentified Participant
Thank you.
operator
Yes sir. Audible Please go ahead.
Unidentified Participant
Yeah. Can you share the volume details? Sales volume for Q1FY26 and Q4FY25.
Vinod Kumar Sharma
Volume containing a share. We only share the values. Because volume we cannot share. A nice open forum.
Suresh Poddar
Okay. Because I asked this question. Because you used to share the volumes.
Suresh Poddar
No. We can give you the total volume numbers. Yes, I want that. You can note down. Total volume is 72.44 lakhs meters during the quarter. And for Q4FY25 it was 77 lakhs.
Unidentified Participant
Okay sir. Thank you for that. And one more question from my side night we were expecting orders from BMW and Mercedes of 60,000 monthly run rate we are at 35,000. We answered to the previous participant for this quarter. Like what can be the next let of growth or any business development that you can share. Light on that going forward. We are currently we are supplying to Mercedes bench and BMW. Okay. And around 30, 35,000 meters we are supplying to each automotive customers. Now. Now. Now what? You want to know more on that?
Unidentified Participant
Like anyone any business, any more business development working with any different OEMs which we can expect in this year or next year.
Suresh Poddar
Definitely we are working on it. You see. Listen, this is very vague question. You see any industry he always work for future. So this is understood that when we are working with some company, we are doing our best to improve the sales to that company further. Like in South Africa we are working with Mercedes and BMW. We are already in touch with other companies also in South Africa. So it is obvious any company cannot progress without his continuous effort to increase the sales and get the more and more customers. And you see my philosophy is I never depend on one customer.
Most of the people does that and suddenly they crash. So I distribute my marketing everywhere as much as possible. So as I told you just now that my sale is 0.002% of artificial leather which is sold in whole world. The whole world is the my customer. That is I have to find out that and what we are doing also. I am not going just for sales. I am going for sales as well as for the profit. So it is obvious that whenever you are selling to someone we are always trying to improve. Suppose we are giving three models.
We always try to increase more models and then we try to increase the customers. Like we are talking with Ford Motor in South Africa. Discussion has already started.
operator
Please go ahead, sir. Hello.
operator
Next question.
Suresh Poddar
Yeah please.
operator
Okay, sir. Thank you. The next question. The next follow up question comes from the line of Viraj from Simpl. Please go ahead.
Unidentified Participant
No, my questions have been answered. Thank you.
Suresh Poddar
Thank you.
operator
Thank you. The next question comes from the line of Sen Til from. I thought pms. Please go ahead.
Unidentified Participant
Good afternoon sir. First on the export side if you can share some how much we export from Mexico to US and in terms of sales and how much directly from India what would be our total share? We are just trading. Yeah. Yeah. Please. What do you want to know? Can you. Can you repeat your question?
operator
Sir, his line got disconnected. We’ll move to the next participant.
Suresh Poddar
Yeah please.
operator
The next question comes from the. The next follow up question comes from the line of Siddharth from. I thought. Please go ahead.
Unidentified Participant
So you said that in this quarter you sold 30 to 35,000 meters of leather to BMW and Mercedes. And the total sales volume for the entire company for this quarter was 77.4 lakh meters. Right?
Suresh Poddar
Yeah. So my question is based on the current order book from Mercedes and BMW. How much of an increase can we expect from this? 30 to 35,000 meters.
Vinod Kumar Sharma
Listen. Listen to me. This is not easy to answer all these questions. Now I have to see as a company that how much I am selling to automotive industry and how to increase. Now if I am selling to South Africa 35,000 meter I have to see what is their requirement. So as I told previously that that we are always work to have more and more models is happening today which I told you and for a specific company it is impossible to tell. My idea is to increase the sales of automotive companies. How that will happen? Number one, by supplying to their more and more Models number two, find out the new companies.
So that’s we are doing. It is very difficult to answer these questions. We can simply say that in automotive OEM all over the world our sales are increasing drastically and it will increase. Like recently we got an order from ford for their four models. We were hardly supplying 10,000 yards. Now in next two years we are going to supply more than 100,000 yards. Everything takes time, you know. It’s not that I can reply you in one go. Very difficult. We are working and which you can see by result that overall what is the situation.
Unidentified Participant
Understood. So one more question I have. Is the previous participant asked about the percentage of revenue that I mean sales that you actually make to us via Mexico, like from India, how much do you actually directly take it to us? And how much do you route through Mexico out of your total exports? I would like to get clarity on that.
Vinod Kumar Sharma
List. Mexico is the hub of making interiors of automotive industries. And they use our material, they make interiors in Mexico. So that’s why we are supplying USA auto companies material in Mexico. It is going directly to Mexico, not to us. And then these guys make their interior, put in their cars and then they export the car. So even if there is any problem of duties that will be for their account because they are selling the car. We are selling just component to them.
Unidentified Participant
Okay. Okay. Understood. That’s all.
operator
Thank you. The next question comes from the line of Rahel from Sapphire Capital. Please go ahead.
operator
Hi sir. Good afternoon. Sir. Just one question on the any sort of guidance outlook for FY26? What sort of revenues do you see clocking in and margins also EBITDA or maybe bottom line.
Suresh Poddar
We have, we have already discussed and told you in last our conference call that we will be expecting 10 to 15% increase in our top line and 15 to 20% increase in bottom line. Next question please.
Unidentified Participant
Okay. Okay. Thank you. Thank you.
Suresh Poddar
Thank you.
operator
Thank you. The next question comes from the line of Praveen Sharma, an individual investor. Please go ahead.
Unidentified Participant
Thank you for taking my question. Actually all my questions have been answered.
operator
Thank you. The next question comes from the line of Janish Shah, an individual investor. Please go ahead.
Unidentified Participant
Thank you sir, for the opportunity. Just dwelling a little bit on the export side. If you were to see the breakup, I mean of the exports, how is the export breakup look like with us, Europe and rest of the world? You can give a little understanding with that. It will be helpful in understanding what kind of an exposure we have in a different geography. Given the geopolitical situations changing around the world. That Is one and second second is on the market. I mean you already guided that the margin or the bottom line is likely to be better.
Is this likely to be because of change in the product mix which is undergoing that is one or it is likely to be because of the operating leverage. How does the profitability is likely to get benefit from and how do we see. Like I’m saying, as you mentioned, in the current situation there are different countries are getting different kind of a tariff at least in US and even people are looking at reheating their supply chains. Probably they will be looking out for next six months as well. How do you read out that situation? Given this entire chaos which is happening in the export market, that would be helpful.
And how is Mayuri is placed to get an opportunity next 12 to 18 months for in this entire chaos which is happening around the world on the export side. Thank you sir.
Suresh Poddar
Yeah. You have raised three questions. First, questions regarding the breakup of region wise export sale. So that data we will provide you separately. You send your mail so that we can provide you separately readily we don’t have that data.
Unidentified Participant
Okay.
Suresh Poddar
Export data. And second question, the margin change in margin or increase in margin we are expecting and it is based on the mix of our cells mix and other impacts. So say our raw material and operating efficiency, productivity efficiency, etc. The product mix also is getting changed. So that’s why we are expecting increase in our bottom line because of increase in exports and efficiency improvement.
Unidentified Participant
Okay. And on the overall global front, how is the Mayur is being positioned to benefit or how has it been positioned to read the situation entirely in a. Global market now because of this tariff impact?
Suresh Poddar
Yes. I mean saying because it’s not only India, it’s also very other countries are also getting the impact. So there is going to be a imbalance in terms of imbalance in terms of the cost structure. And also a lot of automobile companies will be looking at their supply chain be it in Europe or be it in US as well. So I’m just trying to understand what kind of feedbacks or what kind of pillars you are getting from the market with regard to the current situation or upcoming situation. I have told you that our supply so far USA is concerned is to Mexico. We have got no effect on that number one. But two other countries in Europe or other areas we have no issue. And now you ask what happened this year? If you ask me sincerely, can anybody can predict anything? It is next to impossible. The only thing I can say as a manufacturer, as a public limited company that we are Doing our best. Now can you tell me how many companies in manufacturing PET of 20%. Tell me. No, I want to know because you people always ask how you will improve, how you will do this, that it is very impossible to predict.
Margin generate Karna and we have a very high respect for that. The only thing is that.
Vinod Kumar Sharma
As a manufacturer I know what is happening where we will improve. But it is difficult. Yeah, we don’t know when we yet suddenly he had a problem and we get a business and that’s what we are getting. So what I’m trying to say simply we are trying our best and this situation tell me ever Mr. Modi or Mr. Trump can say anything what is going to happen tomorrow. So our job is do our best. And for that we are well equipped. We have good professionals, we have good team and we are working on that that reflects our results.
You understand?
Unidentified Participant
Yes.
Vinod Kumar Sharma
Because it is very difficult to say all these things. You know, situation change every moment. Business is not like that. That what you are doing today you really keep on doing same thing. You have to change every moment according to the situation. Then only you will get successful. For that we are very particular. In business there are two things identify and satisfy. I have to identify my customer’s requirement and then I have to satisfy that. That is the only two things which take you up or down. We are working very seriously on these two things.
That’s why we are getting progress. And in nutshell I can tell you we are not leaving any stone altered. But everything takes time. Dhirubhaya money was not made in one day. So only thing we have to see that we should keep going on. We should not come on. Do you agree?
operator
Thank you, sir. Ladies and gentlemen, will take this as the last question for today. I would now like to hand the conference over to the management for closing comments.
Suresh Poddar
Thank you very much for listening very patiently. I’m sorry if I’ve said some hard word, I apologize for that. But what I can say finally that we are sincerely working for the improvement of our company. Because it is public limited company. We have to work for our shareholders.
Suresh Poddar
That’s all.
operator
Thank you on behalf of Monarch Network Capital Ltd. That concludes this conference. Thank you all for joining us. And you may now disconnect your lines.