Panama Petrochem Ltd (PANAMAPET) Q3 FY23 Earnings Concall Transcript

Panama Petrochem Ltd (NSE:PANAMAPET) Q3 FY23 Earnings Concall dated Feb. 10, 2023.

Corporate Participants:

Mahesh Narvekar — Vice President, Corporate Relations

Hussein Rayani — Joint Managing Director

Unidentified Speaker —

Analysts:

Harshil Solanki — Equitree Capital — Analyst

Rajesh Mehta — Individual Investor — Analyst

Megha Verma — Individual Investor — Analyst

Sameer Goyal — Investo — Analyst

Rohan Mehta — Individual Investor — Analyst

Dixit Doshi — Whitestone Financial Advisors — Analyst

Abbas — Individual Investor — Analyst

Utsav Anand — Investo — Analyst

Siddhant Dand — Goodwill — Analyst

Manpreet Singh — Individual Investor — Analyst

Venkatesh Subramanian — LogicTree — Analyst

Presentation:

Operator

Ladies and gentlemen, good day, and welcome to Q3 FY23 Earnings Conference Call of Panama Petrochem Limited. [Operator Instructions] Please note that this conference is being recorded.

I now hand the conference over to Mr. Mahesh Narvekar, Vice President, Corporate Relations. Thank you, and over to you Mr. Mahesh Narvekar.

Mahesh Narvekar — Vice President, Corporate Relations

Thank you. Good morning, everyone. Welcome to Panama Petrochem Limited Earnings Conference Call for Quarter Three ending December 31, 2022.

I would like to begin by expressing my gratitude to all of you by taking your time to join us on this call. This conference call may contain some forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict.

I would like to introduce Mr. Hussein Rayani, Joint Managing Director; and Mr. Pramod Maheshwari, CFO, Panama Petrochem Limited.

I request Mr. Hussein Rayani to share the quarter three performance overview of our company. Over to you, sir.

Hussein Rayani — Joint Managing Director

Thank you, Mahesh. Good morning, everybody. It is my pleasure to welcome you all to the quarter ending December 2022 earnings conference call of Panama Petrochem Limited.

The geopolitical issues and volatile business environment persist in this quarter as well. The company faces challenges in the form of volatile raw material price, due to very uncertain oil market. The price has been very volatile, coupled with supply chain constraints. The businesses were reflecting challenging times. War and sanctions era has made international commerce difficult to perform and execute, thus affecting the export markets. However, given these challenges, Panama Petrochem has performed well, with stable growth in revenues and margins.

Going forward, we anticipate steady performance in coming quarters. We do expect the domestic demand to remain stable and the company’s reliance on value-added products would enable us to weather these challenges. Customer requirements are expected to remain stable in near future, as we have not observed any fall or postponement in their requirements. And the order book remains healthy in the quarter. Company hopes to provide steady growth guidance for next quarter as well, backed by good domestic manufacturing demand.

On margins front, we are confident of maintaining the trend in near future, backed by increasing the product mix towards the value-add. Expansion programs have been successfully implemented in batches with 30,000 metric tonnes going on-stream in this quarter ending March 2023.

Now, I request Mr. Mahesh Narvekar to give the financial highlights.

Mahesh Narvekar — Vice President, Corporate Relations

Thank you, sir. On a consolidated basis, for December 2022 quarter, the operating income was around INR574 crores, which grew approximately 12.4% over December ’21 quarter. Operating EBITDA reported was INR69 crores against INR68.7 crores in the same period. Operating EBITDA margin for the quarter stood at 12.03%. Net profit after tax was INR50.15 crores against INR54.12 crores on year-on-year basis. PAT margins reported at 8.74%.

As for the nine months ending December 2022, the operating income was INR1,742 crores, registering the growth of 7.07% over previous period. Operating EBITDA reported as INR246.59 crores, which was an increase of about 7.2% on a year-on-year basis. Operating EBITDA margin stood at 14.16% as against 14.1% on year-on-year basis. Net profit after tax reported was INR182.16 crores, which was net increase of about 5% on an year-on-year basis. PAT margins were reported at 10.46%.

Okay. With this, we can now open the floor to questions-and-answer session.

Questions and Answers:

Operator

Thank you. We will now begin the question-and-answer session. [Operator Instructions] Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Harshil Solanki, Equitree Capital. Please go ahead.

Harshil Solanki — Equitree Capital — Analyst

Hi, good morning, team. I had two questions. Firstly, sir, if you can help us with the volume number for the current quarter?

Hussein Rayani — Joint Managing Director

Yes. In this quarter, we have clocked a volume of 59,000 tonnes on consol basis.

Harshil Solanki — Equitree Capital — Analyst

And this is including our 30,000 tonnes additional capacity, which has come up or this is excluding…?

Hussein Rayani — Joint Managing Director

The 30,000 tonnes additional capacity has been completed and the trials and the production will commence in this quarter.

Harshil Solanki — Equitree Capital — Analyst

Okay. Got it. Sir, in past, you have said that in the crude, we expect the volumes to increase. But in the current quarter, our volumes have declined. So what is the reason being that?

Hussein Rayani — Joint Managing Director

We have been actually facing a global scenario, and the recessionary pressures and the inflationary concerns have led to an overall little bit of the demand in the export, and global markets have been a little bit challenging. The environment is quite challenging. The raw material prices, especially, the oil prices are very volatile. But we are still quite happy with the performance in this quarter and we have seen — we see that the order book in this current quarter is also quite healthy. And going forward, we are hoping for a much more stable performance by the company.

Harshil Solanki — Equitree Capital — Analyst

Okay. Got it. Sir, you have earlier guided that we will touch 3,00,000 tonnes volume in this full year. And in the nine months, we have done close to 1,80,000 tonnes.

Hussein Rayani — Joint Managing Director

Yes.

Harshil Solanki — Equitree Capital — Analyst

So do you think that that number is achievable or you need to revise our guidance for the volume, given the uncertainties?

Hussein Rayani — Joint Managing Director

We anticipate about 10% to 15% growth in this year.

Harshil Solanki — Equitree Capital — Analyst

Yes, sir, but that looks [Indecipherable], right. We did 2,60,000 tonnes last year and nine month, we have done 1,80,000 tonnes.

Hussein Rayani — Joint Managing Director

Yes.

Harshil Solanki — Equitree Capital — Analyst

If I add 10%, 15%, it comes to roughly 3,00,000 tonnes. So for Q4…

Hussein Rayani — Joint Managing Director

[Speech Overlap] Nine-month basis, the total revenues of the company is about INR1,740 crores vis-a-vis about INR1,627 crores in the nine months of last year. So we are on track, and we anticipate a 10% to 15% growth.

Mahesh Narvekar — Vice President, Corporate Relations

So next question?

Operator

Thank you. Harshil, we request that you return to the question queue for follow-up questions. Next question comes from the line of Rajesh Mehta [Phonetic], an Individual Investor. Please go ahead.

Rajesh Mehta — Individual Investor — Analyst

Yeah. Sir, very good morning.

Hussein Rayani — Joint Managing Director

Yes. Good morning to you too, Rajesh [Phonetic].

Rajesh Mehta — Individual Investor — Analyst

Sir, could you please guide us on revenue and operating margin in the coming quarters? And how do you see a year forward from here and will you — will we be able to — still the margin going forward?

Hussein Rayani — Joint Managing Director

We anticipate, Rajesh [Phonetic], a revenue growth of 10% to 15% and sustainable margins in the range of 12% to 14% for this year. The domestic markets are quite resilient and the demand has been encouraging.

Rajesh Mehta — Individual Investor — Analyst

Okay, sir. Thank you.

Operator

Thank you. The next question comes from the line of Megha Verma [Phonetic], an Individual Investor. Please go ahead.

Megha Verma — Individual Investor — Analyst

Sir, I wanted to know, what is the contribution of value-added products in this quarter? And has the margin in this segment impacted?

Hussein Rayani — Joint Managing Director

Yeah. Thank you so much for your question. The contribution from value-added product is about 65%. And we have been able to maintain the margins in the range in spite of volatility in the raw material prices, which saw wide fluctuations over short period of time.

Megha Verma — Individual Investor — Analyst

Okay. Thank you.

Operator

Thank you. Next question comes from the line of Sameer Goyal [Phonetic] from Investo [Phonetic]. Please go ahead.

Sameer Goyal — Investo — Analyst

Good morning, sir. I just wanted to know, in this period of crude volatility, is the company facing any challenges or any — anticipate any in future with regard to base oil performance?

Hussein Rayani — Joint Managing Director

The company has further renewed long-term purchase contracts with our existing suppliers from different parts of the world to ensure steady and timely delivery of raw materials. Due to our firm contracts, we do not anticipate any disruptions.

Sameer Goyal — Investo — Analyst

Okay, sir. Best of luck for the next quarter.

Hussein Rayani — Joint Managing Director

Thank you.

Operator

Thank you. Next question comes from the line of Rohan Mehta [Phonetic], an Individual Investor. Please go ahead.

Rohan Mehta — Individual Investor — Analyst

Yeah. Good morning, sir. Sir, just want to check that basis — if I see past two years’ demand of our products, what do you think — I mean, whether company is looking for any significant capacity expansion? And if yes, any tentative timeline for the same?

Hussein Rayani — Joint Managing Director

Yes. We have a plan of a total addition in our capacity by 100,000 tonnes, out of which, in this year, we have completed about 30,000 tonnes. In the coming two years, we plan to add another 60,000 tonnes to our existing capacity.

Rohan Mehta — Individual Investor — Analyst

Okay. Thank you.

Operator

Thank you. Next question comes from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead.

Dixit Doshi — Whitestone Financial Advisors — Analyst

Yeah. Thanks for the opportunity. I’m slightly new to the company, so a couple of basic questions. So you mentioned that 65% of revenue was from value-added products. Can you mention that, let’s say, two, three years back, pre-COVID, how much was the value-added product mix?

Hussein Rayani — Joint Managing Director

Sure. Thank you for your question. So we have been consistently changing the product mix in favor of more value-added, tailor-made, specialized products. If you see about three to four years back, the contribution from value-add was about 50%. So we have been gradually increasing in that and we have plans to further introduce more product ranges in the special — in the value-added product range.

Dixit Doshi — Whitestone Financial Advisors — Analyst

Okay. And second question is, so if I see our historical performance, I think till FY20, we were doing a 6% to 8% kind of EBITDA margin. And from last three, three and a half years, almost — we are doing almost 13%, 14% margin consistently. So what led to this change, if you can elaborate?

Hussein Rayani — Joint Managing Director

Yeah. There are — it has been due to a combination of factors. But as I have also mentioned in the previous calls, that the direction of the management is to keep working on the specialty zone, and the change in the product mix is the reason why we have been able to — the margins have been on the upswing, and that’s the direction we plan to go forward.

Operator

Thank you. Mr. Dixit, we request that you return to the question queue for follow-up questions. Next question comes from the line of Harshil Solanki from Equitree Capital. Please go ahead.

Harshil Solanki — Equitree Capital — Analyst

Hi, sir. Thank you for the follow-up. I had two questions. Any update on the drilling fluid? Have we started the full-fledged supply, or it’s still we are on the trial basis? Can you shed some light on that?

Hussein Rayani — Joint Managing Director

Yes. This is a new range of products, which we have introduced in our portfolio, and we have all the approvals required to supply this product commercially to the major service providers worldwide. We have been supplying this product now on regular basis to regular service providers. But in the last couple of years, due to the very volatile situation in the oil markets, we are — still, we are hoping that in the coming years, this would be a significant part of our revenues.

Harshil Solanki — Equitree Capital — Analyst

Okay. Sir, next question is on the GDR. Last month, 7,50,000 GDRs were converted into equity and the promoters bought close to 2,00,000 shares on the market. So this has resulted into some dilution of promoter holding. So how does the promoter family look at it going forward, because if in future, the conversion continues to happen, our holding will…?

Hussein Rayani — Joint Managing Director

Mr. Mahesh?

Mahesh Narvekar — Vice President, Corporate Relations

Yeah. Harshil, Mahesh here. As far as this promoters’ dilution, promoters have not sold any shares into the market, neither they do enter into all these transactions here. And GDRs have been totally converted into equity. So a further dilution — we don’t anticipate any dilution from the promoters’ side.

Operator

Thank you. Mr. Harshil, we request that you return to the question queue to ask a question. Next question comes from the line of Abbas [Phonetic], an Individual Investor. Please go ahead.

Abbas — Individual Investor — Analyst

Yeah. Good morning, sir. This is Abbas [Phonetic]. Sir, I would like to ask one question. How are the export markets faring and what is your assessment going forward?

Hussein Rayani — Joint Managing Director

Thank you for your question. The export has contributed 41% of the sales revenue, which is an increase of 30% from the preceding quarter. We anticipate most difficulty in export market this year. We have successfully introduced our products to five new markets and thus, have added about 12 new customers.

Abbas — Individual Investor — Analyst

Thank you, sir. Thank you very much.

Operator

Thank you. Next question comes from the line of Utsav Anand [Phonetic] from Investo [Phonetic]. Please go ahead.

Utsav Anand — Investo — Analyst

Good morning, sir. Congratulations [Technical Issues].

Hussein Rayani — Joint Managing Director

Thank you.

Utsav Anand — Investo — Analyst

I just like to know whether the capacity that you’re adding, did we see any production coming in this?

Hussein Rayani — Joint Managing Director

No. I couldn’t understand your question. Can you repeat, please?

Utsav Anand — Investo — Analyst

[Technical Issues] tonne for trial for this quarter four for the March, right? Hello.

Hussein Rayani — Joint Managing Director

Your voice is a bit cracking.

Utsav Anand — Investo — Analyst

I’m audible now?

Hussein Rayani — Joint Managing Director

Yeah. Now, it’s fine.

Utsav Anand — Investo — Analyst

Sir, I just wanted to know, the capacity that we’re adding for 30,000 tonnes this quarter, the additional capacity, right?

Hussein Rayani — Joint Managing Director

Yes.

Utsav Anand — Investo — Analyst

Do — will we see any production coming out of that for this quarter?

Hussein Rayani — Joint Managing Director

In this quarter — the trials and productions will be in this quarter for the additional capacity.

Utsav Anand — Investo — Analyst

So we can see that will be affecting the revenue — also, like growth in revenue because of the…

Hussein Rayani — Joint Managing Director

Yes.

Utsav Anand — Investo — Analyst

Additional capacity…

Hussein Rayani — Joint Managing Director

You can see [Speech Overlap] in this quarter.

Utsav Anand — Investo — Analyst

Okay. Sir, my next question is the — next 30,000 tonnes that we will be adding, right?

Hussein Rayani — Joint Managing Director

Yes.

Utsav Anand — Investo — Analyst

By when we can see that being added to the total capacity?

Hussein Rayani — Joint Managing Director

It will be in batches in the second half of the next year.

Utsav Anand — Investo — Analyst

So by — around by the same time.

Hussein Rayani — Joint Managing Director

Around the same time.

Utsav Anand — Investo — Analyst

Okay. And sir, my last question is regarding the capacity utilizations that you’re working on now.

Hussein Rayani — Joint Managing Director

What’s that?

Utsav Anand — Investo — Analyst

Manufacturing, what utilization are you working on?

Hussein Rayani — Joint Managing Director

We are currently working at about 95% capacity utilization.

Utsav Anand — Investo — Analyst

Okay. So do we see that maintaining this quarter as well?

Hussein Rayani — Joint Managing Director

Yes.

Utsav Anand — Investo — Analyst

Or like higher?

Hussein Rayani — Joint Managing Director

Yeah. We are having — the order books are quite healthy in this quarter and we have seen steady demand from our customers.

Operator

Thank you. Mr. Utsav [Phonetic], we request that you return back to the queue for follow-up questions. Next question comes from the line of Siddhant Dand from Goodwill. Please go ahead.

Siddhant Dand — Goodwill — Analyst

Yeah, hi. What’s the current status of the GDR? Then, what’s the plan going ahead?

Hussein Rayani — Joint Managing Director

Can you repeat your question?

Siddhant Dand — Goodwill — Analyst

Regarding the GDR, so how — what’s the current status with the GDR? How many are outstanding?

Unidentified Speaker —

We already shared this information in the BSE and NSE website. You can go through it.

Siddhant Dand — Goodwill — Analyst

Okay. And — okay, and what is the future capital allocation plans of the company, like…

Unidentified Speaker —

Already mentioned in all the shareholding pattern in the last quarter.

Siddhant Dand — Goodwill — Analyst

No, no. Capital allocation plan, like in terms of dividend payouts or buyback?

Unidentified Speaker —

Yeah. We will pay out — we have already mentioned our policy, 20% of net profit.

Siddhant Dand — Goodwill — Analyst

Okay. We plan to continue with that, right?

Unidentified Speaker —

Yes.

Siddhant Dand — Goodwill — Analyst

Okay. Thank you.

Operator

Thank you. Next question comes from the line of Manpreet Singh [Phonetic], an Individual Investor. Please go ahead.

Manpreet Singh — Individual Investor — Analyst

Thank you. Mr. Rayani, I have two questions, basically follow-up from answers you gave during the call. My first question is regarding this long-term supply of raw materials that you were talking about. From the earlier calls, I’ve understood that it’s sort of monthly contract that we get into with your customers. So whatever volatility in raw material happens, you are able to pass it on. But in this quarter, it seems that you were not able to pass it on and your gross margin got impacted. So in light of it, are we to understand that now you’ve taken a policy of entering into long-term contracts for your raw material supply so that you can assure your gross margins? If the answer is yes, then I would want to know that why wasn’t this done earlier, considering the volatility? So this is the question around raw material.

And my second question would come around the volume — the sales volume, but that I’ll ask later on. So — yeah.

Hussein Rayani — Joint Managing Director

Yeah. See, we — our purchase is under long-term contracts with our suppliers who are refineries, which — who are located world over in different parts of the world and we’ve been having long-term contracts with them over the years, because in times of volatility and supply chain constraints, if we have a contract then we get a steady flow of raw materials always. So this has been the policy. We have — about 50% of our raw material requirements are under long-term purchase contracts and the balance requirements, we have with the spot purchase.

In terms of the sales, we — with our customers, we — normally, we have a practice of quarterly engagement on the volumes, but the prices are negotiated every month. So it is the same strategy, which we are following that every monthly, any changes in the prices have been — are always passed on. In this quarter also, if you would have seen, there is a slight downward on the margins. But we are — we have always given a guidance on the margins, and we have been able to have a steady performance in this quarter also. So there is no change in the business model in terms of supply raw — supply of raw materials and our sales to our customer.

Operator

Thank you. Mr. Manpreet [Phonetic], we request that you return to the question queue for follow-up questions. Next question comes from the line of Venkatesh from LogicTree. Please go ahead.

Venkatesh Subramanian — LogicTree — Analyst

Yes, sir, good morning. Sir, one big picture question. I know that you’re expanding capacity. You mentioned we are adding 30,000 tonnes this quarter and another 60,000 tonnes probably in the next one or two years. So what is your — if I take a slightly longer-term view and — say, a three year or a five-year horizon, what is that — do you envision for Panama Petro in terms of broad topline growth? And are there any new opportunities, new value-added products that you may want to get into? Can you give us some big picture? And most importantly, sir, is Panama Petro — is it — in terms of competitive positioning, what is the advantage that we enjoy? Because we’ve been very successful at it for a very long term. Just want to understand what is your strength? Yeah.

Hussein Rayani — Joint Managing Director

Yeah. Thank you very much for your question. The company — the management has a very clear direction to work more with closely in the specialty zone and keep on adding new products, which are much more environmental-friendly, which are much more specialized, which are much more tailor-made. So if you see, the long-term vision of the company is to keep introducing newer and cleaner products, which are the need of the time. So that is — we are — we have a very strong R&D center at our Ankleshwar unit, where there is a lot of work going on, not only to introduce newer products in our existing segments that we are operating, but also to introduce some new products for new, specialized application.

So if you would see, we are confident of having a growth of about 10% to 15% every year and with — our vision to change the product mix more towards the value-adds.

Operator

Thank you. Mr. Venkatesh, we request that you return to the question queue for follow-up questions. [Operator Instructions] Next question comes from the line of Dixit Doshi from Whitestone Financial Solution — Financial Advisors. Please go ahead.

Dixit Doshi — Whitestone Financial Advisors — Analyst

Yeah. Thanks for the opportunity again. My question was a positive 30,000 tonne expansion. How is — how much is our capacity right now? And what is the margin difference between the value-added products and, let’s say, non-value-added products? Thank you.

Hussein Rayani — Joint Managing Director

Yeah. The total capacity will this new addition would be about 270,000 tonnes, as compared to 2,40,000 tonnes in the last year. And normally, we have about — for the conventional grades, we have an EBITDA margin of 8% to 10% vis-a-vis about 14% to 15% for our value-add. So we have a blended EBITDA in the range of 12% to 14%.

Operator

Thank you. Mr. Dixit, We request that you return to the question queue for follow-up questions. Next question comes from the line of Manpreet Singh [Phonetic], an Individual Investor. Please go ahead.

Manpreet Singh — Individual Investor — Analyst

Yeah. Thank you. So Mr. Rayani, the second thing I wanted to understand is, with respect to your volume done so far and then your sales estimate for the entire year, so what I understand so far is that in nine months, you’ve done around 170,000 tonnes vis-a-vis [Phonetic] the 180,000 tonnes yield of volume. But last year, you’ve done 260,000 tonnes. So if I just sort of annualize the current run rate, it gets me to around 240,000 tonnes for the entire year, which is, of course, going to be lower than the previous year. So in light of this, how do you expect that your sales volume — you are enjoying going growth of, let’s say, 10% to 15% in your revenues and probably your profitability as well?

Hussein Rayani — Joint Managing Director

Yeah. So if you will compare the revenues on the nine-monthly basis, there has been increase of about 7%, from INR1,640 crores to INR1,760 crores — INR1,742 crores for the nine months of this year. In terms of volume, we have clocked about 180,000 tonnes. So we anticipate, in terms of the sales, we should be about 10% higher than the last year.

Operator

Thank you. Mr. Manpreet [Phonetic], to ask a question, please return to the queue. Next question comes from the line of Venkatesh from LogicTree. Please go ahead.

Venkatesh Subramanian — LogicTree — Analyst

Yeah. So just on the capacity, right, sir, we are adding 12,000 tonnes this quarter and the next 30,000 tonnes would come in, in the second half of FY24. Is that right, sir?

Hussein Rayani — Joint Managing Director

Yes, that’s right.

Venkatesh Subramanian — LogicTree — Analyst

Okay. I’ll join the question queue, sir.

Operator

Thank you. Next question comes from the line of Manpreet Singh [Phonetic], an Individual Investor. Please go ahead.

Manpreet Singh — Individual Investor — Analyst

Mr. Rayani, sorry, I’m back. On the previous revenue part, I was not able to ask a clarified question, so I have to come back, but — okay. So I was able to understand that you said that in nine months, the revenue have been increased to, I think, INR1,738 crores versus INR1,624 crores [Phonetic]. So there is a — the follow-up question is that, if your volume has been lowered, how is that your revenue has gone up? Is it because you’ve been able to increase your selling price? Is it because you’ve been able to improve your product mix? So what is the reason for that?

Hussein Rayani — Joint Managing Director

So even if you compared for the nine months volume data, in the nine months last year, FY22, we had about 170,000 tonnes of volumes done vis-a-vis 180,000 tonnes in the nine months ending in this year, FY23. So there has been about 6% increase in volume on a nine-monthly basis.

Operator

Thank you, Mr. Manpreet [Phonetic], please return to the question queue. Next question comes from the line of Venkatesh from LogicTree. Please go ahead.

Venkatesh Subramanian — LogicTree — Analyst

Yeah. Sir, following up on the question on your competitive advantage, I wanted to check with you, as Panama Petro, is there a global company or a company in the region that you consider as a benchmark or a competition, somebody who we think we can kind of compare ourselves with?

Hussein Rayani — Joint Managing Director

No, we cannot reveal the — any kind of data on the competition. But yes, for us, the advantage, as I said, we are having a product mix, where value-add is about 65% of our total revenues. Export contributes about 41% of our total revenues. We are currently exporting our products to more than 75 countries worldwide. And in terms of the domestic sales, we’ve been working with most of the multinational companies in each segment. So we provide them with an import substitute product. I mean, otherwise, they would have to be importing. So we give them a just-in-time delivery with an import substitute. So all these advantages help us to further cement our position with our customers and increase our relations with them.

Operator

Thank you. That was the last question for today. We have reached the end of question-and-answer session. I would now like to hand the conference over to Mr. Hussein Rayani for closing comments.

Hussein Rayani — Joint Managing Director

Thank you, everyone. I would like to thank everyone who have participated in this call. For any further queries or information, please get in touch with our Investor Relation team and we will be very happy to answer them. Thank you very much once again.

Operator

[Operator Closing Remarks]