RENAISSANCE GLOBAL LTD (NSE: RGL) Q3 2025 Earnings Call dated Feb. 17, 2025
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to Q3 FY ’25 Earnings Conference Call of Renaissance Global 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 the conference call, please signal an operator by pressing star zero on a touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Snaikumar Prohit from Renaissance Global Limited. Thank you, and over to you, sir. Thank you, Yous. Good afternoon, everyone, and thank you for joining us on Renaissance Global’s Q3 and nine months FY ’25 earnings conference call. We have with us today Mr Sumit Shah, Chairman and Global CEO; and Mr Zarshul Shah, Managing Director of the company. We would like to begin the call with brief opening remarks from the management, following which we will have the forum open for an interactive question-and-answer session. Before we start, I would like to point out that some statements made in today’s call may be forward-looking in nature and the disclaimer to this effect has been included in the results presentation shared with you earlier., to make his opening remarks. Yeah. Good afternoon, everyone. On behalf of Renaissance Global, I extend a warm welcome and thank you all for joining us on our earnings conference call for the 3rd-quarter ended, 31 December 2024. We are pleased to report a strong quarterly financial performance in Q3 FY ’25, driven by robust growth in our key business segments. Total income from continuing operations grew by 18% year-over-year to INR710 crore compared to INR600 crore in Q3 FY ’24. Our Customer Brands segment witnessed an impressive 34.2% year-over-year increase. Our adjusted EBITDA grew by 32.8% year-over-year, driven by robust cost management and optimized product mix, reflecting our focus on profitability and margin expansion. To further enhance operational efficiency, we initiated a cost optimization program towards the end of Q2 and extending into Q3. This initiative is expected to deliver annual savings of INR40 crores to INR50 crores. The benefits of this program are already evident with employee and other fixed expenses showing a sequential decline. Additionally, we incurred a one-time restructuring expense of INR15 crores in this quarter. As a result, on the profitability front, our adjusted profit before-tax rose 45% to INR47 crore compared to INR32 crores in Q3 FY ’24 and adjusted PAT stood at INR35.6 crores, up 28% year-over-year with margins improving year-over-year. Our financial position remains strong. Our net-debt to equity improved significantly to 0.14 as of 30th December 2024 compared to 0.27 on September 2024. Total net-debt declined to INR188 crores, down from INR328 crores in Q2 and INR311 crores in December ’23, highlighting our commitment to financial discipline and deleveraging. We anticipate further debt reduction by, 31 March 2025. Meanwhile, our cash, bank balances and current investments remain robust at INR395 crores, reflecting an increase of INR151 crores since September 30, 2024. Inventory levels have also improved standing at INR972 crores, down INR173 crores from Q2 FY ’25. As part of our broader vision to expand in the ultra luxury fine jewelry lab-grown segment, we made a strategic investment in Jean LLC founded by Jean, the great grandson of Louis Cartierres. Sean is recognized worldwide for his craftsmanship, innovative design, philosophy and modern interpretation of high-end luxury jewelry. His ability to merge heritage with contemporary sophistication makes his jewelry design a natural fit for our expansion strategy. Jean operates through his flagship store in West Hollywood, complemented by a strong online presence. As part of our expansion strategy, we plan to open three additional Jean stores in FY ’26. The current store contributes INR25 crore to top-line and we have similar expectations from the new stores. As part of our India-owned segment initiative under Irasva, we have successfully introduced with clarity to the Indian market offering customizable lab-grown jewelry through a strategic shop-in-shop model within and a dedicated D2C website. With our current cost optimization program, we plan for our India division to break-even in FY ’26 and plan to accelerate growth in this high-potential segment and we plan to expand our retail footprint in FY ’26, reinforcing our commitment to driving lab-grown market in India due to our continued investments in our brands D2C segment, we expect this segment to be greater than INR300 crores in FY ’26, a growth of more than 50% from the current year. This segment, as a reminder, in FY ’22 was INR30 crores. We’ve grown this segment 10 times over a four-year period. Moving on to our licensed brand segment, Enchanted Star, a lab-grown diamond extension of our Disney fine jewelry brand has been met with a very positive customer response — consumer response in the US market. Following a successful test, we now plan to go-ahead with a full-scale rollout in partnership with a leading US retailer. During this quarter, we successfully raised INR163 crores through a preferential allotment, further strengthening our balance sheet and financial flexibility. This ensures that we are well-positioned to pursue strategic opportunities and accelerate growth across global markets. I would also like to express our deepest gratitude to Mr Hitesh Shah, who has been a guiding force in Renaissance’s journey. While he retired as Managing Director on December 31, 2024, we are honored to have him continue as Non-Executive Director and Management consultant. His wisdom and leadership will remain invaluable as we step into this new phase of our growth. And with great excitement, we welcome Mr Dharshul Shah as our new Managing Director, a chartered accountant with a strong foundation in corporate law and finance. Darshal has been a driving force behind RGL strategic expansion and operational excellence. Having effectively overseen our Middle-East business corporate strategy team and having served as Executive Director for the past two years, he is positioned to guide RGL into its next chapter of innovation and growth. Our focus on expanding the branded lab-grown jewelry division and strengthening operational efficiencies positions us well for long-term sustainable growth. With iconic partnerships, cutting-edge craftsmanship and a commitment to innovation, we are confident in our ability to meet customer expectations and deliver value to stakeholders. With that, I now hand over the call to Dharshal, who will provide a detailed breakdown of our financial performance. Thank you, Sumit. Good day, everyone. We have reported a steady performance during the quarter, driven by robust growth in the Customer Brands segment. In Q3 of FY ’25, our adjusted total income grew by 18.3% and stood at INR710 crores versus INR600 crores in the same quarter last year. And on the profitability front, adjusted EBITDA for nine months FY ’25 expanded by 32% year-on-year, reaching INR147 crores compared to INR11 crores during the same-period last year. Adjusted EBITDA margins saw an improvement to 10%, up from 7.1% for the nine-month period FY ’24, reflecting enhanced operational efficiencies and disciplined cost management our margins improved during the quarter and we anticipate a continued upward revenue trajectory in the upcoming quarters. Adjusted PAT for Q3 FY ’25 stood at INR35.6 crores, marking a 28% year-on-year growth compared to INR28 crores in Q3 FY ’24 with margins expanding from 5% to 5%
Questions and Answers:
Operator
From 4.2%. For nine months FY ’25, adjusted PAT increased to INR66.8 crores, up from INR52.6 crores during the same-period last year, with margins improving to 4.3% from 3.3%. In our owned Brands segment, revenue for nine months FY ’25 reached INR158 crores, up 12.3% year-on-year as compared to INR141 crores in the same-period last year. Within this segment, our US owned brands recorded INR141 crores of revenue, delivering a 13% year-on-year growth, highlighting our continued success in this market. The licensed brands business maintained stable revenue at INR308.6 crores for nine months FY ’25, supported by a steady flow of orders from our retail partner and the D2C channel, it reported an EBITDA margin of 14.8%. Meanwhile, our Customer Brands division reported a revenue of INR1,007 crores for nine months FY ’25 with an EBITDA of INR86 crores during the period, showing an EBITDA margin of 8.5%. Lastly, regarding our balance sheet, we remain focused on strengthening our financial position. The proceeds from the preferential allotment have helped improve our net-debt to equity ratio, which improved to 0.14 as at the end of December ’24 compared to 0.27 at the end of September ’24 and 0.28 at the end of December ’23. Total net-debt stands at INR188 crores, down from INR328 crores in at the end of Q2 FY ’25 and INR311 crores at the end of December ’23, demonstrating our focus on financial discipline. Furthermore, we anticipate a further reduction in gross debt by 31st of March ’25. Meanwhile, our cash, bank balances and current investments remained strong at INR395 crores, marking an increase of INR151 crores from September 30, 2024. In conclusion, we are pleased with our resilient performance amid evolving market dynamics, our strong balance sheet, operational excellence and strategic initiatives position us well for sustained growth. We remain confident in our ability to navigate challenges and capitalize on emerging opportunities and we look-forward to delivering even stronger results in the coming fiscal year. With that, I now request the moderator to open the forum for any questions or suggestions. Thank you. 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 telephone. If you wish to withdraw yourself from the question queue, you may press star N2 participants are requested to use handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question is from the line of Ritesh Gandhi from Discovery Capital. Please go-ahead. Hi, sir. Kind of congratulations on your numbers. Just had a few questions. We’ve seen a robust growth on our like customer clients products and our owned D2C has been reasonably slow at under 5%. Just wanted to understand the reason for the high-growth in the customers and the reason for the low-growth in our D2C business. Yeah. Thanks for the question. So our customer brands segment has — has been sort of under pressure for a couple of years. And as we made our transition to lab-grown, we are seeing sort of a reemergence in growth in that segment. So I think that the 34% growth that we see in the customer brand segment is on the back of two years of decline back to a normalizing — normalizing situation. On our own brands, I think our primary focus has been to improve profitability and really control our marketing spends in order to get the business to a profitable level. You know, we see opportunities to accelerate the customer — our brand segment in the next year, especially given the recent strategic acquisition that we’ve done. So I think the — our brand segment, I think that has grown significantly. We were at about INR30 crores in FY ’22 and we’ll be at INR200 crores this year, expected to be at INR300 crores next year. So I think in this phase of rapid growth, I think the focus was really on customer acquisition and brand recognition. I think that for this year, we focus a little bit on profitability and we do see growth reaccelerating next year in the — in our brand segment. So if you’re saying we’ll do about INR200 crores next year and 300 or 200 this year and INR300 next year, you’re saying we could have a 50% growth in our — in our own brands and that too would potentially higher profitability given our focus is now on the — on the profitability as well? Yeah. Yeah, I think that’s — our outlook for next year would be more than INR300 crores in our brands, especially given you know that there is a new brand that we’ve made a strategic investment in and along with the organic or inorganic business. So that INR300 crores INR300 crore number would be a combination of both organic and inorganic. It will be greater than INR300 crores would be the organic would be how much in your view in terms of the growth? Okay. So I would say that you know, safe to say between 15% and 20% organic — organic growth and the remainder would — would be through the strategic acquisition. Got it. Got it. The other question is, sir, after the exit of your gold business and with the preferential allotment, et-cetera, while we have seen your effectively net-debt go down, your gross debt remains the same and obviously our — each interest-rate isn’t exactly — yeah, is also reasonably high. Any reason why we have so many cash and the cash equivalents and how much is the split between your like cash-and-cash equivalents and your actually current investments? Yeah. So the money from the preferential allotment came in actually in the last week of December. So we haven’t yet paid — we hadn’t yet paid down the debt as of 30th December. Obviously, the plan is to pay-down the gross debt and you will see the gross debt number being significantly lower in the current quarter. I think that it’s a — it’s a timing issue in terms of when the money came in and when we got permission from the concerned authorities to utilize the money. Got it. So all of the QIP proceeds will initially be used to pay-down the debt, especially yes, higher-cost debt? That’s right. That’s right. And I mean, how much is the breakup between your cash and equivalents and your — and your investments and have your investments gone up at all or they remain the same? No, the investments are at about INR100 crores, everything else is — they’ve remained steady at INR100 crores for the last four or five years. We have not increased them. In fact, when the value of the investment goes up, we usually sell it down. So it usually fluctuates between INR100 crores and INR120 crores and the rest is in cash. Sorry, right now. Gandhi, maybe please request you? I’ll come back to the question queue. Thank you, sir. Next question is from the line of Hemang Dagli from Centrum Broking. Please go-ahead. Good afternoon, sir. Thank you for the opportunity. I wanted to understand what is the lab grown diamond as a percentage of our total sales, that is INR1,566 crore for the nine months. Yeah, I wouldn’t have that number of the top of my head right now, but we can get back to you. I think that if I were to guess roughly, it would be in the 30% range or so of our total revenue, but you know, I can have my IR team come back to you with the exact number. Okay. And we are looking at a growth of around what growth are we looking for FY ’26 in this particular segment. In which segment grown as a put if lab grown put as a overall revenue number. So you know, we don’t track sort of growth in-lab grown because the way we manage our business would be as our brands, licensed brands and customer brands. So if I were to tell you in our brands, we would be looking at an absolute growth of about About 50% and our brands are primarily lab-grown. So this INR200 crores in revenue going to greater than INR300 crores would be all lab-grown. I think within the licensed brands segment also, I think we would expect to see more than a 50% jump-in the lab-grown business. And we are — similarly, we are seeing a very strong migration even in the customer brand segment to lab-grown. So I think that the share of lab grown would increase meaningfully, difficult to come up with an exact number, but you know, safe to say that the percentage of lab grown would be north of 50% for FY ’26. Great. So on the margin profile for lab grown diamond compared to the real diamonds. Could you throw some light over there just for our understanding that how the margins will improve with lab groom as a percentage going up for our overall dimensions? That’s from my side. So I mean margins on lab grown are definitely better and should help — should help margins — margins going-forward. I think the other advantage for our tailwind to our margins is actually, we’ve invested significantly in sort of growing our direct-to-consumer business, which has been margin-dilutive for two or three years as we’ve grown that business from INR30 crores to INR200 crores. And now that we’ve reached some critical mass, we expect normalization of margins in that segment, which should help margins as well. And in the other two segments, increased penetration of lab-grown diamonds will definitely help margins. Okay. That sounds helpful, sir. Thank you. Thank you. Thank you. Thank you. Next question is from the line of Srikant Parik from Prudent Investments. Please proceed. First of all, congratulations on this good set of numbers. And my question was particularly note that continuing from the last participant’s question, where do we see our company going to be debt-free? Sorry to interrupt, Mr Parik, your voice is breaking. Okay. Am I audible now? Yes, please go-ahead. My question was again in the line on the lines of debt actually. Is there any plan of what’s going debt-free in near-future like FY ’26 yeah. So I think currently, you know, our net-debt is at about INR188 crores. And our expectation is that this number will be lower on 31st March this year. You know, clearly we’ve made a commitment to reducing our debt and we expect to definitely be sub INR100 crores in the following year. I think that you know with INR1,300 crore or INR1,400 crores of equity, I think a net-debt of sub INR100 crores is not a meaningful number. And you know, our endeavor would definitely be to be at you know zero or near-zero net-debt in the next 18 months or so, 18 to 24 months. Okay. And secondly, regarding the acquisition which we recently did, what will be the — the contribution of it towards our top-line or bottom-line? Any additional — because I don’t think we have — we have got contribution from those acquisitions in-quarter three. So what kind of the contribution which we can look in-quarter four and onwards. Yeah. So the acquisition, the acquisition that we have done will — will add around INR80 crores or so to the top-line for the next financial year. I think that currently the company brokeven last year or actually had a slight loss. So we are working at-cost reduction measures in the company and consolidate operations under our D2C segment. So we expect to deliver profitability. Hard to say you know where we land, but you know the company was at a small loss last year and it will add about INR80 odd crores to the top-line. Okay. And on a consolidated basis, I don’t want the segment-wise the numbers, but on a consolidated basis, what would be kind of a guidance you would be looking into revenue and the margin space for the next year, financial year. Yeah. So I think that currently, what I can tell you qualitatively is that the demand environment is finally very strong. I think that our largest segment, the customer Brand segment was muted for a couple of years due to our transition to lab-grown consumer inflation and various factors, we are seeing a lot of that largely behind us. We expect to have reasonably strong growth and especially strong improvement in margins because of our cost-reduction initiatives that we we’ve undertaken in Q3. So we should have strong revenue growth with even stronger growth in profitability, given the business shift of our brands finally reaching a critical mass as well as a cost-reduction program. Is there by any time we could see some double-digit please request you to rejoin the queue, sir for the follow-up questions. Yes, sir. So one thing, sure. Thank you. Before we move to the next question, a reminder to the participants to ask a question, you may press star and one. Next follow-up question is from the line of Ritesh Gandhi from Discovery Capital. Please proceed. Hi, sir, just wanted to also understand in terms of the restructuring, so are there going to be any implications in Q4 or all of the restructuring expenses have been taken? It’s all — yeah, it’s all been — it’s all been done. All of the restructuring expenses have been taken already. And how much of a kind of cost-savings are we expecting out of this? So I think on an annualized basis, we are expecting INR40 crores to INR50 crores of cost-savings on an annualized basis. So all this would flow straight to PBT and this too starting from Q4, is it? Yes, it should. Got it. Got it. Sir. And can I last question again just going on your cash and. So like right now, we have not put in any of the press capital or any of that into investments, right? It’s like it’s being ultimately used to pay-down debt and gold and the gold. All of the all of the — as I mentioned earlier, all of this — the fundraise from the preferential allotment will be used to pay-down debt. And obviously for some capex going-forward as we plan to open a few more stores for our India retail business as well as for Jean, but they will not be used to add to investments. Got it. And just actually on our owned brands, it was a little deliberate that we sort of slowed it down or it was an implication of our kind of optimizing our — our marketing spend. And then you just wanted to know actually, I mean, what is giving us the confidence of going to a 15% to 20% organic growth in our own brands business. Yeah. So I think that it’s been a deliberate strategy for us to kind of, you know, focus this year-on improving our profitability because the given the company’s company size, I mean we felt that as a company, we needed to focus on profitability more. So I think all of the business heads and all the business divisions this year have really put their heads-down to optimize costs, optimize marketing spends and make sure that we deliver profitability before we reaccelerate growth. So I think that the markets in which we operate are large markets and we are still very small players in the markets that we operate in. So we don’t see a challenge in reaccelerating growth. I think that we want to ensure that we get to especially on the own brands to 15% kind of operating margins while we accelerate growth. So we’ve kind of you know, bridge that. I mean, made significant improvements over the last couple of years from our own brands being loss-making to now being profitable. So I think we are fairly confident that given the size of the addressable market being quite large, we should be able to you know, grow the business 15% to 20% organically I’m assuming the exchange rate depreciation is should also help us. Sorry, I actually didn’t hear your question. Can you repeat no, I was asking, is the exchange rate depreciation going to be helpful given both our customer and own brand are primarily in the US market. Is it like — is the rupee depreciation helpful to us and are we hedged and if for how long and then when do we see that the positive implications come to that? Yeah. So I think that for — I think for us, a lot of our — our raw-material costs are also in US dollars. So any benefit from the rupee depreciation really is on our operating costs, not really from a raw-material perspective. So I would not say that there would be a meaningful improvement in profitability due to the rupee. Obviously that 2%, 3% extra growth due to the rupee depreciation you’re likely to see. Got it. Understood, sir. All the best. Thank you. Thank you. Thank you. Next question is from the line of Mitesh from Redant Capital. Please go-ahead. Good evening, sir. Sir, could you throw some qualitative details with? Like in H1, how do you intend to grow? What are the number of stores we plan to open? How do we intend to scale-up those things? Some qualitative details with actionable points would be appreciated, sir. Thank you., could you repeat your question? I lost you there for half of your question. Yeah. So could you please throw some qualitative details with regard to the growth in India for our own brands online with clarity as well as the and stuff and how do we plan to scale both of them online with clarity and the physical stores also, like number of the stores we intend to open in H1, in H2 with actionable things. So qualitative plus a pointers would be appreciated, sir. Yeah. Yeah. So I think on the India — India retail side, you know we — we are very encouraged with you know the momentum that we are seeing currently on the India retail side. And you know, while we did our entire cost rationalization program, we’ve done the same for our India retail business as well because as you can see that business was or is in Q3 losing a significant amount of money. We expect that in FY ’26, the business should break-even and even in Q4, the numbers will be a lot better than what they were in Q3. And with that in mind, we currently have — have a plan to open five stores in FY ’26 in the next year. I don’t have a plan in terms of H1 and H2 yet because all the store locations have not been have not been finalized. But I think the unit economics are looking quite favorable and we definitely expect to ramp-up the India retail business in the coming years. So I think currently the plan is for five more stores in FY ’26. Okay. Okay. Thanks a lot, sir. And sir, some thoughts with regard to the scaling up of with clarity also. I mean, number of the visitors and repeat customers and some data points as well as the killability. Yeah, yeah. So on — on sort of our US brands, I think you know, we focus this year-on profitability and growth is at about 13% or so. I think as I mentioned before, I think we expect that growth to be in that 15% to 20% range for our US brands organically. And then obviously, the inorganic growth would take it to north of 50% for next year. Okay. Okay. Thank you, sir. Thank you. Thank you. Thank you. The next question is from the line of Pawan from Geojit PMS. Please go-ahead. Yeah. Hi, sir. Sir, just a couple of questions. One, just wanted to understand how is your license brand business different from your customer brand business? Yeah. Yeah. So the licensed brand — licensed brand business is essentially a business where we are licensees for the Walt Disney Company for Hallmark, NFL and Warner Media. We use the licenses of these iconic global brands, we pay them a royalty and then we distribute the product through retail partners as well as direct-to-consumer. And the customer brands business is essentially a business where we design, manufacture and sell jewelry under the customers’ brands. So this is essentially a private-label business where we did not license or own the brands. So the way we’ve segmented our business is, number-one, our brands. Number two is licensed brands and number three is private-label essentially. The customer brands is a private-label segment where the product is sold to brands as well as to large retailers under their brand-name. Okay. Okay. So essentially, sir, in the licensed brand, since we are also capturing a kind of some sort of retail margins also apart from the manufacturing and designing one, shouldn’t the margins be a bit — a lot more higher or is it maybe as the — as the business scales up, these margins can then potentially improve substantially going ahead in say, next two, three years. Okay. Yeah. So our licensed brand segment is currently for the nine months at about 15% operating margins. We feel that you know this will remain in this 14% to 17% range because 75% of this business is distributed through retail partners. The margin is higher on the direct-to-consumer side, but I think as an average between the two segments, I think 14% to 16% is a fair operating margin for the licensed brand segment and we don’t see too much upside in that segment. The opportunity for margin improvement is really in the other two segments in the Customer Brands segment where we’ve undertaken a cost-reduction initiative and our brands, which have been loss-making previously and we’ve — we’ve optimized the cost structure there and we plan to see improvement in margins in our brands. Okay. And so essentially, we have got multiple brand those e-com business that we do, is it profitable in its own, I mean standalone basis? Yes. I mean, currently in the licensed brand segment, the e-com business that we run makes 18% to 19% operating margin. And in the US, it’s about 11% margin for the year. On the India retail business is what has been a drag, it’s a minus 16% operating margin. Next year, I think we plan to see improvement in the India business, because we’ve reduced costs meaningfully there. So to answer your question, the e-commerce businesses are profitable, both licensed brands as well as our brands. Right. And then in both these businesses. MR. Pawan, may we please request you to rejoin the queue for the follow-up questions, sir. Thank you. Participants to ask a question, you may press star N1. Next follow-up question is from the line of Parak from Prudent Investment. Please go-ahead. Thank you once again. Sir, my question was, I had just two questions. One question is on the — so what is the currently our — means the debt level on which the interest is serviceable sorry, — are you asking what is the gross debt on which we are paying interest? Yeah. Yes, yes, yes. Yeah. So I think the gross debt is somewhere around INR500 crores on which we are paying around 8% or 8.5% interest. And that number will obviously go down during the quarter by around INR150 crores or so as we pay-down the proceeds from the preferential allotment on the short-term borrowings. Okay. And sir, one thing I wanted to understand about the labroom diamond business. The spread between the real diamonds and the does that poses a risk for our lab-room diamond business? So I think there are different products. I mean, I I’m not sure if I fully understand your question, but you know, I think lab grown diamonds are meaningfully cheaper than natural diamonds and I think that consumers understand that are different products and I think that there is, you know, consumers who choose one over the other. I mean, having said that, the lab-grown business is growing meaningfully And the natural diamond business is either stagnant or shrinking. So consumers have clearly in the US demonstrated a preference towards lab-grown diamonds and demand is migrating towards lab-grown diamonds. Thank you. Thank you, sir. Thank you. Next question is from the line of Ritesh Gandhi from Discovery Capital. Please go-ahead. Hi. So just to clarify, so effectively, if we are looking at about INR45 crore INR50 crores of the cost-savings, which we’ve implemented and then another INR150 crores of debt pay-down at, let’s say, let’s say, roughly 9% odd. We are talking about roughly — about INR25 crores to INR30 crores a quarter of incremental — actually PBT just on these two effectively. No, if we pay-down INR150 crores of debt, that’s INR12 crores a year, that’s INR3 crores a quarter. Sorry, INR3 crores a quarter there and about INR12 crores, about INR15 crores. Yeah. INR15 crores additionally and INR40 crore to INR50 crores is a cost-saving. That’s right. Your number is correct. Got it. Understood. Got it. Understood. That’s all for me. Thanks. Thank you. Thank you all participants if you wish to ask a question, you may press star N1. As there are no further questions from the participants, I would now like to hand the conference over to Mr Sumit Shah for the closing comments. Thank you. Thank you everyone for joining us on today’s conference call. We look-forward to seeing you to discuss full-year financial results. Thank you. Thank you. On behalf of Renaissance Global Limited, that concludes this conference. Thank you all for joining us and you may now disconnect your lines