Nava Ltd (NSE: NAVA) Q3 2025 Earnings Call dated Feb. 07, 2025
Corporate Participants:
Ashwin Devineni — Chief Executive Officer
Sultan A. Baig — Chief Financial Officer
Analysts:
Mohit Kumar — Analyst
A.M. Lodha — Analyst
Govind Gilada — Analyst
Gargi Singh — Analyst
Shreegopal Kankani — Analyst
Viraj Mahadevia — Analyst
Vignesh Iyer — Analyst
Nidhi Shah — Analyst
Aryan — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q3 FY ’25 Earnings Conference Call of Nava Limited, hosted by ICICI Securities.
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. Mohit Kumar from ICICI Securities. Thank you, and over to you, sir.
Mohit Kumar — Analyst
Yeah. Thank you, Alaric. On behalf of ICICI Securities, we welcome you all to the Q3 FY ’25 earnings call of Nava Limited. Today, we have with us Mr. Ashwin Devineni, CEO; Mr. GRK Prasad, Executive Director; Mr. Nikhil Devineni, Executive Director; Mr. Sultan Baig, CFO; and Mr. VSR Raju, Company Secretary.
Without much delay, I’ll now hand over the call to the management for opening remarks. This will be followed by Q&A. Thank you, and over to you, sir.
Ashwin Devineni — Chief Executive Officer
Good evening everyone. Thank you for joining Nala Limited earnings call for the third quarter and nine months ended December 31, 2024. We appreciate your continued interest and support.
Despite market challenges, Nava has demonstrated strong financial and operational resilience, reporting steady profitability and operational efficiency. Our consolidated profit grew sequentially and we maintained strong margins across our business division. Our expansion efforts in metals, energy and agriculture continue as planned, positioning Nava Limited for sustained long term growth in the energy sector.
We have successfully maintained high plan availability at our Mamba Energy operations. While our phase two expansion is progressing steadily. Our metals division remains resilient despite sectoral pressures with strategic shifts helping us mitigate challenges. Additionally, our commercial agriculture initiatives continue to gain traction reinforcing our commitment to diversification and long term value creation. We remain committed to optimizing costs, improving efficiencies and driving strategic investment to create value for all stakeholders.
With that, let’s dive into specifics of our financial performance, as I open the floor for any questions you may have. Thank you.
Questions and Answers:
Operator
Thank you, sir. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on their 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. Participants, please restrict yourself to two questions. If you have any more questions, I would request you to rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
The first question comes from the line of A.M. Lodha from Sanmati Consultants. Please go ahead.
A.M. Lodha
Good afternoon sir. I am audible, sir?
Operator
Yes.
Ashwin Devineni
Yes, Mr. Lodha.
A.M. Lodha
Sir, I have two questions. First relating to payments from Mamba Energy to now Bharat Singapore. As indicated in the press Release that some 1.39 million rupees has been repaid by the Mamba Energy. So can we assume that the entire holding interest as well as the principal has been repaid?
Sultan A. Baig
You can go ahead with your second question, Mr. Lodha. We’ll answer this together.
A.M. Lodha
My second question is relating to. Against our arbitration. In last con-call, we have indicated that we are issuing $5 million a month beside the regular payment of the electricity bill. Just I wanted to know in last con-call, I just — I was going through the last con-call. It was that the less amount will be receivable which will be received in few months. Now almost 3, 4 months have elapsed, since last con-call to no material amount has been received. So still we have $160.56 million is outstanding from the arbitration award. Please put some light on this when we can expect this payment to be received by the company?
Sultan A. Baig
Mr. Noa, regarding the outstanding insult and loan outstanding March 24th has been fully repaid, as was disclosed in the September earnings call. As regards to loan, it was repaid to the extent of [Technical Issues].
A.M. Lodha
I could not…
Operator
Sorry to interrupt. Could you — I request to the management. If you all could come a little closer to the microphone. [Speech Overlap] Thank you.
Sultan A. Baig
As regards the overdue interest as of 31st March 24th, it has been fully repaid. Okay. As regards the principal amount, it’s in the process of repayment. As of 31st December 2024, the outstanding amount $38 million.
A.M. Lodha
38. It was 64 million dollar if I recall in the last con-call.
Sultan A. Baig
Correct.
A.M. Lodha
Which has reduced to 38 million dollar. Okay.
Sultan A. Baig
Correct.
A.M. Lodha
Okay. Now second question. Sir, arbitration award.
Ashwin Devineni
Yeah. So, basically in terms of the arbitration award, Jesco has been paying us. In fact the last quarter they paid us more than 5 million per month. They paid us a total of $43 million in the areas. So, I think the total outstanding is about $150 million from Zeppo which they have indicated that they plan on clearing before the end of the year.
A.M. Lodha
Okay, I will end the queue. Thank you.
Operator
Thank you. The next question comes from the line of Govind Gilada [Phonetic], an individual investor. Please go ahead.
Govind Gilada
Hello. Good evening to Nava team, sir. I got only one question. This dollar has appreciated almost 4% from our last quarter, 83 average. So how it will impact our profitability, sir? I hope this electricity payments Zambia we receive in dollars. I am right, sir?
Ashwin Devineni
Yeah. The PPA that we have in Zambia is dollar denominated. In fact even the coal sales that we report in Zambia, we charge in collecting dollars.
Govind Gilada
So, this 4% appreciation in dollar, shall I presume that that will benefit will flow to our bottom line in this quarter?
Sultan A. Baig
Mr. Govind, the balance sheet and revenue and everything is dollar denominate. The revenue going up or down in terms of the subsidiary companies. But when it comes to the reporting structure, of course, the dollar gets converted into INR and gets reported.
Govind Gilada
No, I didn’t follow, sir. See, payment we issue in dollars. Then what is outgoing dollars? You mean to tell that what the appreciation will get in dollars, somewhere it will be offsetted by other items. You mean to tell me?
Sultan A. Baig
The dollar appreciation against rupee has no impact on the subsidiary financials. Because subsidiary financials are dollar denominated members.
Govind Gilada
As a layman I want to understand net net. This 4% appreciation from 80 to 87, will it impact our profitability or not?
Sultan A. Baig
It will impact your profitability in terms of reporting in India. Thank you.
Govind Gilada
Okay. Thank you.
Operator
Thank you. The next question comes from the line of Gargi Singh of Value Investments. Please go ahead.
Gargi Singh
Yes, sir. Hi. Am I audible?
Operator
Yes.
Gargi Singh
Yes, sir. So my first question is with regards to the avocado business. So, sir, in last quarter con-call, you had said that there will be plantations of total 1.92 lakh trees in the 1,100 hectares of land by November 2024. But in today’s update we have seen that only 130,000 trees have been planted as of now. So some highlights on why is there a delay?
Sultan A. Baig
Ma’am, there is no delay on that. So, division A, we have about 95,000 trees already planted. Division B, another 100,000 trees plantation is ongoing. We said the plantation will commence from December and it will go on till March. So, as of today, we have finished of course 35, 40,000 trees and balance 60,000 trees will be planted by March. There’s no delay. The plantation follows the rainy season. So, currently, plantation is going on.
Gargi Singh
Okay. The second question is with regards to the same. So, on a per term basis if you take realizations of 180,000 per metric ton. So is it a fair understanding that the revenue potential at from the entire 1.92 lakh 3 is 400 crores after the plant purchase. And of course the pat of from the revenue of 400 crores is 150 crores?
Sultan A. Baig
Ma’am, these numbers are too premature to calculate. Basically, it’s not possible at this juncture to calculate revenue per tree and peak revenue comes when the plant matures. So, it’s too early to put these numbers in crores now. And it also depends upon the avocado market globally.
Gargi Singh
Yes, but you know you have announced an investment of $45 million. So while making an investment, I’m sure you must have done some rough estimates with regards to what kind of return you are expecting from this investment. So, I understand that the pricing scenario and everything will vary, because of the maturity will take two to three years. But some sense on you know from your investment of 45 million dollar, what is your calculation as to what kind of returns you are expecting from this?
Sultan A. Baig
To clarify, the $45 million investment is based upon a business plan that has been developed and the peak revenue will commence will only commit total revenue will commence when all the four divisions will get into peak maturity period which is about four, five years down the lane. So at this point of time to put a fixed number is not proper.
Gargi Singh
So, for the four divisions then we’ll have how much trees, sir?
Sultan A. Baig
About 400,000 trees.
Gargi Singh
Okay. Yes. So second question is. With regards to your announcement today regarding the solar power setup in Zambia. So…
Ashwin Devineni
I think you exhausted your two questions for now. Maybe you can join the queue again and we’ll answer the other questions.
Gargi Singh
Okay, sir. Thanks. All the best.
Operator
The next question comes from the line of Shreegopal Kankani from S.G. Kankani & Associates. Please go ahead.
Shreegopal Kankani
Good afternoon, sir to all of you. I just wanted to know. This 100 megawatt solar power plant which you have proposed to install. What is the expected date of commissioning of this plant and what will be the tariff? Whether PPA has been educated with the Zambia Jesko?
Ashwin Devineni
No, as we mentioned in our release, it’s in a very premature stage. I think MEL has formed a subsidiary called Mamba Solar Energy which plans on executing this 100 megawatt solar plant. Currently, all the studies are currently being done in terms of what technology, the techno feasibility study, the grid stability study and also discussions and negotiations with Cisco on the commercial. So, once something materializes in the next few months, we will report it to the wider community.
Shreegopal Kankani
Okay. My second question regarding existing 300 megawatt power plant expense on phase two. So I think the expected date of commissioning of this expansion is August 26th or December 26th?
Ashwin Devineni
It’s August 26th.
Shreegopal Kankani
August 26th, sir. What is the present day for existing power plant?
Operator
Sorry to interrupt. Shreegopal, I would request you to rejoin the queue as you’re done with your two questions.
Shreegopal Kankani
Okay. Okay. Okay. Thank you.
Operator
The next question comes from the line of A.M. Lodha from Sanmati Consultants. Please go ahead.
A.M. Lodha
Sir, thank you for follow up questions. Sir, I have first question relating to the 300 megawatt new project which is being put up in Zambia, is the financial closure is over and the promoters have contributed 100 million to the new project? And second question is also relating to monetization of the Nataram handset.
Ashwin Devineni
Okay. Let me answer the first question. Mamba phase two is expected to cost 400 million. 300 million is the debt portion and 100 is the equity portion. Currently, the debt has been dispersed and the policy implementation is going on. The equity inclusion will happen in phases in the current calendar year.
A.M. Lodha
Okay. What about the, sir, Nacharam land monetization plan?
Ashwin Devineni
Yeah, Mr. Lodha, so Nacharam, I think our answer is the same as what it was before. We have been seeing an upward trend in terms of real estate appreciation in Hyderabad and its surrounding areas. So, I think we are planning on not, I mean, actively selling it at this point of time unless we get a very good offer, but sitting on it and enjoying the real estate appreciation. But when opportunities do arise in terms of developing that land, we will definitely investigate and move on.
A.M. Lodha
Okay. Thank you.
Operator
Thank you. The next question comes from the line of Viraj Mahadevia from MoneyGrow India. Please go ahead.
Viraj Mahadevia
Hi. Congratulations for the stable results. I had a question regarding the revenue dip in this quarter. Was it largely driven by the operational, you know, maintenance at the India level power plant?
Ashwin Devineni
Yeah.
Sultan A. Baig
Yes, that’s correct. Power plant also and something on small demand.
Viraj Mahadevia
Okay. And is that operational as of Q4 now? Is the maintenance complete?
Sultan A. Baig
Yes, it’s completely operational.
Viraj Mahadevia
Okay. My second question, Ashwin, is to you regarding, you know, the shareholder friendly actions that you’ve mentioned in the past. As now the company has become debt free and the payments from the Mamba subsidiary have begun, do you expect to see some of this happening in this year either through dividends, special dividends, etc.?
Ashwin Devineni
Yes, definitely. I think we’re always, we’re happy that number one, that now NavaBharat Singapore is getting repaid its entire shareholder loan and plus more in the next few months, hopefully. Definitely, I think as a company we are evaluating certain actions that we may take and intimate to the wider group soon.
Viraj Mahadevia
Okay, thank you. All the best. I’ll come back with any more.
Operator
Thank you. The next question comes from the line of Vignesh Iyer from Sequent Investments. Please go ahead.
Vignesh Iyer
Hello. Thank you for the opportunity. Regarding this expansion of 300 megawatt projects. The debt has been sanctioned. Could you share what is the cost of debt for the 300 million USD that has been sanctioned?
Ashwin Devineni
It’s 9%.
Vignesh Iyer
Sorry?
Ashwin Devineni
9% in dollar terms.
Vignesh Iyer
9% in dollar terms?
Ashwin Devineni
Yes.
Vignesh Iyer
Okay. And also wanted to know as to regarding the equity inclusion that you’re planning to do, I mean would that equity inclusion happen in this current year, I mean in this fiscal year 25 or would it be delayed to fiscal year 26?
Ashwin Devineni
It would be spread over FY26.
Vignesh Iyer
Okay. So this rate regarding the new 300 megawatts plant, what would be the rate per unit that we have agreed and visa with our old 300 megawatt plant?
Ashwin Devineni
The rate that’s been agreed is 9.5 cents. Currently the current tariff goes at about 10.5.
Vignesh Iyer
Okay, so. Got it. Got it, sir. Yeah. Thank you. That’s all from me. All the best.
Operator
Thank you. A reminder to all participants. You may press time one to ask a question. The next question comes from the line of Gargi Singh from Value Investments. Please go ahead.
Gargi Singh
Yes, sir. Just a bit of clarity on my previous question. So for the entire 4 lakh trees, what is the total investment that will be required? So is $45 million the amount for entire four leg trees?
Sultan A. Baig
The $45 million investment is for the plantation as well as developing pack the related infrastructure.
Gargi Singh
I could not understand. Is it for the entire 4 lakh trees?
Ashwin Devineni
It’s for the entire project. Avocado project will include the plantation of the trees, the development of a pack house that sorts the final fruit and also the supporting infrastructure. So it’s the entire project cost.
Gargi Singh
Okay. Understood, sir. So, yes, second question is to Mr. Nikhil on the ferro alloy business. So I wanted to understand how is the profitability of the ferro alloy business in India now? So in this quarter we have reported around 7 crores of EBITDA loss in third quarter. But now I believe the spreads are improving. So with the current trend, how do you see the profitability in the coming quarter and what are the steps are we taking to reduce the volatility in terms of right customer mix or the right product mix?
Ashwin Devineni
As you rightly pointed out, things are looking on the up and up. Quarter three was particularly subdued for silico manganese wherein the fixed cost recovery was becoming a huge challenge. Whereas in quarter four, we are finding that the export market in particular is faring much better than the domestic market wherein prices have increased by about 10 to 15%, if you look at Q-on-Q. This definitely has given us some visibility because most of our stocks are booked until the end of the financial year. The other point is we also diversified into ferrosilicon, which is a different product line, that has helped greatly to insulate us from the volatility in the silico manganese market. We find that there is good potential for exports to the US particularly for ferro silicon, which has been continuing for quite some time.
In terms of your second question, how are we insulating ourselves? Well, fortunately, Nava has good working capital limits. As a result of that, we were able to purchase raw material, manganese, ore and other raw materials for ferro silicon when prices had raw bottle. So we are essentially now covered until about September to — September to November in terms of the raw material at a fixed price. So, this gives us a lot of visibility in terms of our costing and any further appreciation in the market should only improve the margins.
Gargi Singh
Sir, you spoke about the ferro silicon, but with regards to the silicone manganese. So I understand that the manganese ore prices are in a downward trend. And if you have booked the raw material for this year at historical prices, so would that be favorable for us considering that now the manganese oil prices are falling and the silicone manganese prices are increasing?
Ashwin Devineni
I was talking about manganese oil only. The manganese ore prices hit rock bottom sometime in November, December. So, we picked up large quantities at that point, which covers us until September. Now if you look at from January onwards, in fact the prices have been increasing. They’ve increased about 10% since the price in December. So, they haven’t been on a downward trend, they’ve been on increasing trend.
Gargi Singh
Okay. Yes. The second question is on the…
Operator
Gargi, I’m sorry to interrupt, I think you’re done with your two questions.
Gargi Singh
Okay. Thank you.
Operator
The next question comes from the line of Nidhi Shah from ICICI Securities. Please go ahead.
Nidhi Shah
Thank you so much for taking up my question. So, on the Zambia expansion that we are undertaking at the moment, I had a couple of questions on the commissioning and the timeline. So, when do we expect this plan to start? And do we have any PPAs tied up, any bilateral agreements, anything like that? And have we come up with a talent discovery?
Ashwin Devineni
Sorry, yes. I mean we’ve answered this question multiple times on this call. In terms of the commissioning of Phase 2, both units as per the schedule are to be commissioned by August 2026. And yes, we have a PPA that’s already been signed with Jesco at a rate of tariff of 9.5 cents for the expansion.
Nidhi Shah
And the — I also said on the PPD that the that the orders for the equipment have been placed. Have they been placed with the same question, the same Chinese player that we had done last time or are we going to some other player for equipment this time?
Ashwin Devineni
No. So we have a turnkey EPC contract that we signed with a different party than what it was last time and all major equipment, some of them are similar but some are not in terms of the manufacturer but orders have been placed.
Nidhi Shah
Lastly on the Ferro Silico Manganese, so we see that the sales are nearly 75% of the production. Are we expecting to to keep our production at the same level in Q4 as well? And you mentioned on the call that we’re seeing strong Export numbers for Q4. But would you like to comment on say FY26 and how is that looking like?
Ashwin Devineni
So, I think in terms of the production volumes we should actually see an uptake because we’ve had one of our annual shutdowns in Odisha in the month of December where essentially for 15 days we were out of production. So those numbers are stated to go up from Q4 onwards. In terms of the outlook, like I said, we are more or less booked until 31st March with very limited quantity left over. And I think based on the most the recent bookings we are looking at a full recovery of cost as well as a margin.
Nidhi Shah
And for FY26 do you have any outlook for you’ll be able to provide some color on what we can expect in FY26?
Ashwin Devineni
So, you know, if you followed the ferro oil market, it’s been so extremely volatile that any assumption made today not be holding true. But I think based on the fact that you know your raw material prices are going up, we hope that you know, prices should either stabilize if not improve going forward.
Nidhi Shah
All right. Okay. Thank you so much for answering.
Operator
Thank you. The next question comes from the line of A.M. Lodha from Sanmati Consultants. Please go ahead.
A.M. Lodha
Thank you again for the follow up question sir. I have one, two questions. One relating to silico magnet. I understand the prices in last 10, 15 days they have gone by 6,000, 7,000 per ton and the freight rates have also been normalized which was very high. Now everybody, so can we expect the turnaround in zero alloys in coming quarter?
Ashwin Devineni
Yeah, exactly, Mr. Lodha. So prices are looking better than they were in Q3. And given that we have more or less a fixed cost structure for the next six months, any appreciation in finished product prices should help us in terms of profitability.
A.M. Lodha
My second question is related to domestic power rate. Domestic power rates are normalized. How they are in presently and what is the expectation of the management in the coming summer? Can we, can the domestic power rates go up so our domestic power business can earn something for the company?
Ashwin Devineni
You know, the power sector, particularly in the domestic operation are also having long term in the sense that for most of the capacity that we have, we have tied up until about September, October, we only have a minimal quantity that has been left over. And the primary idea behind doing that is to see if there is a spurt in exchange prices. We would be in a position to take advantage of that. But having said that, the tariffs, what we are witnessing this year around, even during the summer months are lower compared to last year. That’s mainly on account of, you know, the election that took place last year.
A.M. Lodha
Thank you. Thank you. very much. Wish you all the best. Thank you.
Operator
Thank you. The next question comes from the line of Aryan from CIM [Phonetic]. Please go ahead.
Aryan
Yes sir. Thanks for the opportunity. I just wanted to know could you segregate the segment revenue, the energy segment revenue. So can I have the domestic numbers and the numbers from Zambia?
Sultan A. Baig
So we have published standalone equipment, consolidated separately. Standalone energy revenue is 200 crores and consol energy revenue is 3,513 crores.
Aryan
Okay.
Operator
Do you have another question, Aryan?
Aryan
No.
Operator
Okay. Thank you. The next question comes from the line of Govind Gilada, an individual investor. Please go ahead.
Govind Gilada
Thanks for giving again opportunity, sir. So, sorry I couldn’t hear properly your reply to Mr. Lodha regarding this arbitration award. So, at the cost of repetition I am asking sir, how much we have received amount in this quarter now as on today, how much is due now?
Ashwin Devineni
What we received this quarter is 43 million.
Govind Gilada
Yeah. And how much is due as on today?
Ashwin Devineni
So, what is pending or what is due is $160 million.
Govind Gilada
160?
Sultan A. Baig
Yes, sir.
Govind Gilada
This 43 million, it means that regularly we are receiving 5 million. So 15, another some 28 million, we have received extra regular what they were giving. My understanding is correct, sir?
Ashwin Devineni
No, as I mentioned during the last call, the payment plan is dynamic. We are in constant discussions with Jesco. So it’s not 5 million a month anymore. It’s when and when they get lump sum payments, we take that. So that’s exactly why we received 43 million during the last quarter. And we hope we will receive large payments in the months moving forward.
Govind Gilada
Great, sir. Happy to know that. Thank you very much.
Operator
Thank you. The next question comes from the line of Gargi Singh from Value Investments. Please go ahead.
Gargi Singh
Yes, sir. Thank you again. So a bit of color if you can provide on the lithium and the magnetite mines where you were doing discoveries. When we expect contribution from this business?
Ashwin Devineni
No. So both lithium and magnified, they’re in there. I mean, at least in the. Yeah, they’re in the early stages of exploration. Surveys are being carried out, followed by drilling. So this process does take time. So we will not probably have an answer for the next few months. It’ll take about a year for us to have a concrete plan in terms of how we’re going to move forward.
Gargi Singh
So while this process of discovery is ongoing, so what is the cost that is incurred in this phase on an annual basis and how much of that we see in the books?
Ashwin Devineni
Yeah, so I think the cost that we have budgeted for the exploration activities is about $2 million.
Gargi Singh
Okay, sir, thank you. All the best.
Operator
Thank you. The next question comes from the line of Viraj Mahadevia from MoneyGrow India. Please go ahead.
Viraj Mahadevia
Hi. This is regarding your thermal power plant business. Given that coal prices have come off meaningfully in the last six, eight months, are you expecting the spreads to widen and profitability to improve going forward, as you know, both at Mamba and at the India plants?
Ashwin Devineni
Yeah. So in terms of the Mamba, it doesn’t really make a big difference because at the end of the day we have our active mines. In terms of India, yeah, we do definitely want to take advantage of the coal prices. I don’t think they’ve come down per se, but they’ve not gone up at the rate that they were going up in the past few years. But we are taking advantage of the coal prices for our India plant. As you probably know, fuel cost is the biggest cost factor. So that definitely would help in benefit the plant.
Viraj Mahadevia
Okay, my second question, Ashwin, just to get this a bit straight, because you have a lot of growth initiatives underway in terms of the rough timeline. The Mamba Stage 2 thermal power plant is August 26th. The avocado is, let’s call it, end of FY26. Solar is early, but it’s probably two to three years out. Lithium and magnetite are early, but probably two to three years out. Is there any other initiative that’s underway in terms of growth and expansion that I’ve missed out on and are the timelines correct?
Ashwin Devineni
Sugar is another one which we are actively pursuing in Zambia, which is adjacent to the avocado plantation.
Viraj Mahadevia
And what is the timeline of that?
Ashwin Devineni
So, both agri, it’s not like a commissioning date or so even the avocado, we should start having our first commercial fruit, actually end of this year. And sugar is pretty quick. So I think the cultivation will start probably this year itself, if things go as planned. And the other project I think you have missed is both the manganese exploration that’s currently being carried out in Ivory Coast and also the possible processing plan that we plan on setting up at Ivory Coast.
Viraj Mahadevia
Okay, I thought. My understanding. Correct me if I’m wrong, I thought the manganese did not yield great results in Ivory Coast, or am I getting that wrong?
Ashwin Devineni
You are partly right. We’ve been allocated two mines, actually, one of which the results were not very encouraging. But the second mine, which was recently allocated, is an area of about 360 square kilometers. And the exploration work there are ongoing. So, we should know more properly in a year’s time.
Viraj Mahadevia
Okay. Thank you very much. All the best.
Operator
Thank you. Ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to the management for the closing comments.
Ashwin Devineni
As we conclude, I would like to reiterate that Nava Limited remains focused on maintaining operational excellence and delivering value to our shareholders. We’re optimistic about our future growth prospects and will continue to strengthen our position in our key business sectors. Thank you for all your time today and we look forward to your continued support. Thanks.
Operator
Thank you, sir. Ladies and gentlemen, on behalf of ICICI Securities Limited, that concludes this conference. You may now disconnect your lines.