Sagar Cements Limited (NSE: SAGCEM) Q3 2026 Earnings Call dated Jan. 22, 2026
Corporate Participants:
Gavin Desa — Investor Relations
Sreekanth Reddy — Joint Managing Director
Analysts:
Shravan Shah — Analyst
Rajesh Ravi — Analyst
Jaspreet Singh — Analyst
Satyam Kesarwani — Analyst
Sanjit Tambe — Analyst
Jyoti Gupta — Analyst
Parth Bhavsar — Analyst
Presentation:
Operator
Good morning, everyone. Anand Rathi Institutional Equities welcomes you all to 3Q FY ’26 Earnings Conference Call for Sagar Cement Limited. From the management team today, we have Mr. Sreekanth Reddy, Joint Managing Director; Mr. K. Prasad, Chief Financial Officer; Mr. Rajesh Singh, Chief Marketing Officer; and Mr. Raja Reddy, the Company Secretary.
I would now like to hand over the call to Gavin Desa from CDR India for his opening remarks. Post which, we will then hand over the call to
Management. Over to you, Gavin.
Gavin Desa — Investor Relations
Thank you, Prasheel. I’d just like to add that we’re going to start with remarks — we’ll start it with opening remarks from the management, following which we will have the floor open for an interactive Q&A session. Before we begin, I’d like to point out that some statements made in today’s discussions may be forward-looking in nature and a note to that effect was stated in the con call invite sent to you earlier. We trust you’ve had a chance to go through the communications that were emailed yesterday.
I would now like to hand over to Mr. Reddy to make his opening remarks. Over to you, Sreekanth.
Sreekanth Reddy — Joint Managing Director
Thank you, Gavin. Good morning, everyone, and welcome to SagarCement’s earnings call for the quarter ended December 31, 2025. Let me begin the discussions with a brief overview of the market, post which I will move on to the Sagar specific developments. As we have indicated, overall demand during the quarter especially the first half was relatively subdued owing to extended monsoons and festive season. However, we did witness pick up towards the later stage. This trend is continuing as we speak, increasing our confidence of ending the fiscal on a positive note with the overall volumes of around 6 million tonnes supported by pickup in demand and better pricing trends will result into improved financial performance. In Q3 FY ’26, Sagar registered a volume growth of 8% year-on-year while our revenue for the quarter stood at INR591 crores compared to INR564 crores in Q3 FY 2025, an increase of around 5%. EBITDA for the quarter stood at INR38 crore, which is same as previous year’s Q3 numbers.
EBITDA per tonne stood at INR254. We continue to work towards improving efficiencies and profitability through various cost reduction initiatives, including WHRS and solar capacity additions, lead distance optimization, and plant upgrades. Additionally, we expect improving cash flows and planned land monetization to support prudent growth going forward. Loss after tax during the quarter stood at INR64 crores. Our projects at Andhra Cements and Jeerabad are progressing as per plan. The construction of the six-stage preheater at Dachepalli plant of Andhra Cements has been successfully completed and was recently commissioned. 4.35 megawatt Waste Heat Recovery project at the Gudipadu unit is expected to be commissioned by end of FY ’26. We also expect to commission the expansion of Jeerabad capacity from 1 million tonne to 1.5 million tonne by early part of Q1 FY 2027 and the cement capacity addition at Dachepalli by August 2026.
Power and fuel costs stood at INR1,408 per tonne as against INR1,456 per tonne reported during Q3 FY ’25. Freight cost for the quarter stood at INR830 per tonne as against INR835 per tonne during Q3 FY ’25. From an operational point of view, Mattampally plant operated at 57% utilization while Gudipadu, Bayyavaram, Jeerabad, Jajpur, and Dachepalli plants operated at 82%, 66%, 95%, 40%, and 39%, respectively, during the quarter. As far as the key balance sheet items are concerned, gross debt as on 31 December, 2025 stood at INR1,627 crore, out of which INR1,320 crore as a long-term debt and the remaining constitutes the working capital. Net worth of the company on a consolidated basis as on 31st December 2025 stood at INR1,694 crores. Debt equity ratio stands at 0.78:1. Cash and bank balances were at INR83 crores as on 31st December, 2025. In summary, we remain committed to delivering sustainable and profitable growth for strengthening the operational excellence, deepening our regional presence and increasing the use of renewable energy across our manufacturing footprint.
That concludes my opening remarks. We would now be glad to take any questions that you may have. Thank you.
Questions and Answers:
Operator
Thank you. We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Shravan Shah. Kindly provide your company name and go ahead with your question.
Shravan Shah
Hi. Shravan here from Dollar Capital. Hi sir. Couple of questions. So first just on the demand front and then we’ll come to the pricing part. So last time whatever the number we have said in terms of the growth for individual state of the south and for FY ’26 and ’27, will the number remain same or is there any change? So primarily we were saying high single-digit growth for AP, Telangana for this year FY ’26, flat to marginal positive for Tamil Nadu, and 3% to 5% for Karnataka. So just your thought on that front.
Sreekanth Reddy
Yes. Good morning, Shravan. I think the numbers what we have discussed during the last quarter call, they more or less hold good. We could be slightly better. But as we speak, the demand uptick has been extremely strong. So the numbers what we have committed, I think they are holding as discussed before, Mr. Shravan.
Shravan Shah
Okay. And for us now when we are saying 6 million tonne for this year FY ’26 volume, if I just translate and I’m assuming this is only the sales volume and not the clinker, that means that the fourth quarter of this year FY ’26, we are looking at just 2.6% kind of growth. And I hope that the fourth quarter growth definitely should be a kind of 7% in the range of that. So just wanted your thoughts. So is this the number on the lower side that we are seeing? And for FY ’27, last time we said 7 million tonne odd. So that number remains intact?
Sreekanth Reddy
Now let us talk of the current financial year’s outlook, it is 6 million. And we did indicate in the past that these are subject to some corrections basis the price. The price has been volatile. So basis that from 5.8 million, we re-revised it to 6 million. So we are holding it to the 6 million now. It should roughly translate close to — year-on-year number of close to around 9%, Mr. Shravan. So going to the next year number, we are holding at this point of time for a 7 million outlook for the coming financial year.
Shravan Shah
Yes. So now on pricing front so I just want your clarity. So in terms of the state wise, if you can spell. So in this January what we heard is that there is a decent hike of INR15, INR20 odd in the non-trade front. So your thought and if you can also specify in terms of the state level, how much till now — from 1st January till now the hike is there in non-trade? And also at the same time, on the trade front, is there any hike and if yes, how much?
Sreekanth Reddy
Yes. From the middle to end of December, we started increasing the prices. From end of December to now, we did get around INR15 to INR20 increase on the non-trade. Though at the trade level, the price increase we started increasing only during the first week of January. But in this part of the world, as you know, Pongal is an important festival. We tried increasing almost INR15 to INR20. But so far, we could only realize anywhere between INR5 to INR10 in trade, Mr. Shravan. And I’m speaking across the states that we operate, most of the trends are very similar across all the south states. In Madhya Pradesh, the price increase happened slightly ahead of almost close to INR10. That is at the end of November itself and it’s mostly in the non-trade. Trade prices have been very flat again for our Madhya Pradesh plant, Mr. Shravan.
Shravan Shah
Okay. Got it. So given this scenario so for us in terms of the profitability. So for nine months, roughly around INR478 EBITDA per tonne is there and we were looking at INR600-odd. So how one can and at the same time, do we now believe that even at the end of the — let’s say, once the March starts and given the capacities which are slightly delayed and now will come up on the stream, this price increase can sustain? Is this the structural price hike or maybe roll back likely to happen in the March? And if that is the case, then how one can look at the profitability for us?
Sreekanth Reddy
In our case what we are trying to factor is not a very steep price hike. The current price hike is we are as close as just before the GST revision has happened. So it’s not that we have gone back to the Q1 pricing, which was extremely healthy. Given the scenario, what we have pencilled in for the Q4 is around INR550 EBITDA per tonne. In all, we should end up very close to INR500 odd EBITDA per tonne to INR525 EBITDA per tonne for the full financial year. That includes the incentives, Mr. Shravan.
Shravan Shah
Got it, sir. Thank you, sir, and all the best.
Operator
Thank you. We now have the next question from the line of Mr. Rajesh Ravi. Kindly unmute yourself, sir, and please ask the question and state where you are from.
Rajesh Ravi
Hi sir. Good morning. I am Rajesh Ravi from HDFC securities. My question pertains to — am I audible?
Sreekanth Reddy
Yes. Good morning Mr. Rajesh. So yes, you are very much audible.
Rajesh Ravi
So if I look at the stand-alone versus Andhra performance, the cost structure is still different, probably is stabilized at Andhra Cements. So how should we look at your standalone operating cost per tonne hovers around close to INR3,900 whereas it is for the Andhra Cement capacity, these numbers are still very high around INR4,800.
Sreekanth Reddy
Yeah, I think you should look at, we only commissioned the new pre-heater at Andhra. All in all, from a year-on-year kind of a number, you should expect around INR250 per tonne kind of a reduction at Andhra. Now when you look at the cost, it again adds up the freight so it could be significantly different across the plants. And when you look at standalone, it includes Jajpur. It also includes Gudipadu. So each of the unit has its own characteristic and proximity to the markets. But all in all, if you look at Andhra’s performance, it has been significantly better. We are trying to align it to with the other group companies, especially with the Mattampally because Mattampally plant happens to be one of the most cost-efficient plants. The idea is to replicate the same cost here at Andhra. I would not say that we have reached there because Andhra doesn’t have waste heat recovery compared to Mattampally. But if you look at specific consumptions and all, we are almost very, very close or better than Mattampally because obviously this is a brand new pre-heater. So given this situation, fortunately in the last quarter itself, we are very close to the breakeven. I think in the current quarter itself, we expect Andhra to break even. With the better prices, we hope it should become profitable in the current quarter itself, Mr. Rajesh.
Rajesh Ravi
Understood. So for ex-factory operating cost because that number would be more comparable at your end, so how much Andhra would be still higher in terms of the cost structure versus Mattampally plant? No, I think that’s again — see, up to clinker, I think there is still a gap. Yes, up to clinker at least.
Sreekanth Reddy
There is a gap because the electrical power cost at Mattampally includes almost 90% of the power comes from green sources for Mattampally. But whereas in Andhra, we still source from the grid, only 6-megawatt solar plant is operational. Except for that, on a specific power consumption, Mattampally is almost at 725 to 730 Kcal per kg of clinker whereas Andhra is almost sub 720 Kcal per kg of clinker. Up to clinkerization, electrical units for Mattampally is around 52 units whereas Andhra is at 51 units. On a specific consumption, Andhra is already below Mattampally. But the landed cost of fuels as well as the energy cost is slightly different. It would take some more time before we could on a rupees, we could be very close to Mattampally. But again the product mix for Mattampally to Andhra would be very, very different. So it needs to be compared. What I would say is that when we’ve embarked on this investment for capex for Andhra, the objective was primarily to be specific fuel consumptions, everything to be lower. From 850 to 880 Kcal, yes, we could straight away reduce it to INR720, Mr. Rajesh. So that’s the revenue translation. And from 60 units, 62 units up to clinker, we are already at 51 units. So with the capex and successful commissioning, we could achieve much more than what we initially thought we would achieve from there.
Rajesh Ravi
Great. Understood. So gradually this will narrow and the difference will remain so because of the energy mix.
Sreekanth Reddy
Yes. Again, I’m talking specific to Mattampally. Because each unit has its own cost structure because of the either raw material costs or the coal landed cost. But as it stands, we are not very far from the best in the business at Andhra.
Rajesh Ravi
Understood. And at company level, Q4, you’re looking at INR500 plus EBITDA per tonne. Is this understanding right?
Sreekanth Reddy
Yes, sir. We are looking at INR500 to INR550 because we did factor some amount of price hike, but not the full one what probably is expected to because March is going to be end of the year so there could be some kind of pricing pressure that has been pencilled in internally.
Rajesh Ravi
Okay. And majorly would also be coming from better profitability from Andhra Cements?
Sreekanth Reddy
I think most of it is not only from better performance from Andhra, sir. Across the units, the operating leverage also is going to be better.
Rajesh Ravi
Yes. Okay. Understood. And second, on the land sale, what is your progress over there? Can we see some disposal happening?
Sreekanth Reddy
Yes, sir. I think we are happy to state that there is only one step left. Most of the other steps have already been covered. So we are waiting for the final government policy very specific to the Andhra. As indicated last time, I think over a year, 1.5 years, we should have totally monetized the Vizag land, Mr. Rajesh. So from a timeline perspective, as indicated before, we are expecting over next 18 months for the entire thing to be monetized.
Rajesh Ravi
Okay. So nothing — for this financial year, there wouldn’t be anything? Whatever we think we should be…
Sreekanth Reddy
No, I don’t think we expected for this financial year. It’s only spread over next financial year and I think bulk of the money we should have received over next 18 months.
Rajesh Ravi
Over next 18 months. Okay. Great sir. Thank you. I’ll come back in queue.
Operator
Thank you. [Operator Instructions] We have a question from Jaspreet Singh. Kindly provide your company name and proceed with the question.
Jaspreet Singh
Hi. Good morning, Mr. Reddy. And I’m from a Equentis PMS. I missed this non-core money that we could realize over 18 months. What’s the total value attached to this?
Sreekanth Reddy
Good morning Mr. Jaspreet. The government reckoner rate at this point of time is around INR4 crore per acre, which roughly translates to INR400 crore. But there would be some expenditure, as you know, and also some capital gain. So we are assuming that we should receive around INR350 crores net of the expenses that we might incur.
Jaspreet Singh
Okay. So net of expenses and net of tax, INR350 crores?
Sreekanth Reddy
Yes, sir.
Jaspreet Singh
And this would be received in one shot or would it be spread out in that 18-month period?
Sreekanth Reddy
See, one of the advisers whose help we are taking for the monetization of this, their view is that Vizag is not such a big market for — there are not many large real estate players around that place for them to absorb in a single lot. Probably it should be split into five to six convenient parts so that you could monetize in that time horizon, Mr. Jaspreet.
Jaspreet Singh
Okay. But ending in that 18-month window only?
Sreekanth Reddy
Yes, sir.
Jaspreet Singh
Okay. And sorry, if I’m asking if you’ve mentioned it multiple times in the past, but how do we plan to utilize these proceeds, capex or debt retiring or anything else?
Sreekanth Reddy
Our plan is to have a balanced and optimized debt. So for the next two to three years, we do not have large capex plans. So most of the money should be utilized to retire the debt, Mr. Jaspreet.
Jaspreet Singh
Okay, which is at a consol level about INR1,600 crore plus. Am I correct?
Sreekanth Reddy
Yes. The net debt is around INR1,450 crore. That’s what we expect by end of this financial year.
Jaspreet Singh
Okay. So let’s say we retire this and we have some cash flow so about debt equity then should come closer to 0.5, let’s say, in 18 months to 24 months’ time frame.
Sreekanth Reddy
Yes, Mr. Jaspreet. From our medium-term plan, our objective is to be INR12 million. From increasing it from INR12 million to INR15 million, but the capex should start somewhere around end of FY ’28 to early part of FY ’29. So for the next good 2.5 to 3 years, we do not have any major large capex plan except for the maintenance capex that we have. The ongoing capex anyhow is likely to conclude by end of next year or middle of next year. So that gives us some additional cash flows to retire the debt.
Jaspreet Singh
Okay. Brilliant, sir. Thanks for giving all that inputs. All the best.
Sreekanth Reddy
Thank you, Mr. Jaspreet.
Operator
Thank you, sir. [Operator Instructions] The next question we have from Mr. Satya. Kindly state your company name and proceed with your question.
Satyam Kesarwani
Hi sir. I’m Satyam from PL Capital. Sir, I just wanted to understand the state mix that we had like from different states like where did we sell what percentage?
Sreekanth Reddy
Good morning, Mr. Satyam. From a state mix perspective, for the quarter we are at 28% in Telangana with a similar 28% in Andhra Pradesh, around 7% in Karnataka, 6% Tamil Nadu, 9% Maharashtra, 10% Odisha, 8% Madhya Pradesh, 3% Gujarat, and all the other states included at 1%.
Satyam Kesarwani
Okay, thank you. The next question would be what is the capex that we are envisaging for ’26 overall as well as for ’27 as well?
Sreekanth Reddy
Yes. We did state part of our investor presentation, Mr. Satyam. Yes, it is on Slide Number 12 of the investor presentation. But since you’ve asked, it’s around INR303 crore for the nine months that we have done. What we have budgeted around INR186 crore. For the total FY ’26, it is around INR489 crore, sir., And for the coming year, what is budgeted is around INR291 crore.
Satyam Kesarwani
Understood. Thanks. That’s it from my side.
Sreekanth Reddy
Thank you.
Operator
Thank you. We have next question from Sanjit Tambe. Kindly state your company name and proceed with the question.
Sanjit Tambe
Hi sir. I’m from Antique Stock Broking. Sir, sorry if I missed this, but will you tell me like what sort of capacity additions were expected by our peers in the markets that we operate in next six to 12 months?
Sreekanth Reddy
We are not expecting much in next six months. In 12 months, again we are not expecting anything in the current financial year. Probably before the end of next financial year, we do expect Ramco’s Kolimigundla Line-2. Same would be the case with the Line-4 of UltraTech. But I may not be very precise, either it should be in the coming financial year or a quarter later, which should get into the next financial year. But these are the two assets that we are looking at in AP.
Sanjit Tambe
Okay. Thank you. Thank you so much, sir.
Sreekanth Reddy
Thank you.
Operator
Thank you. [Operator Instructions] We have next question from Shravan Shah. Shravan, please you can unmute yourself and ask the question.
Shravan Shah
Hi sir. Sir, for next year so once this four-megawatt WHRS also starts so broadly at a consol level, how one can look at in terms of the cost reduction overall?
Sreekanth Reddy
Yes. Mr. Shravan, the only addition or rather there are going to be two additions, I would say, or three additions. One on the waste heat recovery. As you know, it’s a 4.35 megawatt which would roughly translate to a net saving of around INR100 to INR125 per tonne at Gudipadu unit, up to clinkerisation. And we have a grinding mill getting added up at Jeerabad. We are hoping it should be in the early part of FY ’27. So that should help us have some operating leverage because Jeerabad is already operating close to 100%. So that should again on a fixed cost basis should help us save a minimum of INR150 to INR200 per tonne. The Andhra grinding plant primarily would help us achieve the number of electrical units where we expect that is likely to get commissioned by August of ’26. So at least for half year, it should be available. We expect four to five units kind of a reduction on close to 1 million tonne of sale per half year, sir. So 0.5 million into four units is what we should factor. That should be around INR25 crores to INR30 crores we should expect — sorry, INR50 per tonne kind of saving is what we should expect at Andhra.
Shravan Shah
Okay. Understood. And then given the current pet coke prices are there, do we see some kind of 3%, 4% kind of increase at a fuel cost level?
Sreekanth Reddy
Sir, I think we did switch over from pet coke to the domestic coal in some of the assets and to the imported coal at the other assets. Our internal pencilling in is that for the current financial year, we don’t expect any cost increase as far as power and fuel is concerned. For the coming year, as it stands, we expect around 2% to 3% kind of an increase at the fuel price. Again it is too soon, but we would be in a much better situation to confirm for the next financial year end of this quarter.
Shravan Shah
Okay. Got it, sir. And sir, do you see — is there still any kind of M&A still left in south?
Sreekanth Reddy
Yes, Mr. Shravan. I have absolutely no idea about the activity about M&A because most of these M&A are very specific between a buyer and a seller. I think it’s in public domain. I have nothing to add on what is already in the public domain. But specifically we have not seen major intensity or activity that is happening on M&A for last six months. So we assume that for next few quarters, it might remain very similar.
Shravan Shah
Okay. Got it, sir. Thank you.
Sreekanth Reddy
Thank you.
Operator
Thank you. We have next question from Jyoti Gupta. Kindly unmute yourself and ask the question. Please state your company name as well.
Jyoti Gupta
Good morning, sir. This is Jyoti from Nirmal Bang Institutional Equities. Can you hear me?
Sreekanth Reddy
Yes. Good morning, Jyoti. How are you, ma’am?
Jyoti Gupta
I’m very well, sir. Just that I’m a bit unwell so can’t speak much I hope, but I’m audible.
Sreekanth Reddy
Loud and clear.
Jyoti Gupta
Sir, I have two questions. One is any specific reason that we have a sudden spike in depreciation and is it likely to continue? Second is on the finance cost also, we’ve had an average of almost like INR470 crores. This time it’s 503 — I mean INR50 crores. Is there a possibility that this will continue? And then on the fuel mix part while I believe that transitioning from a pet coke to coal may have limited cushion there, however, what is the fuel mix because the increase in the fuel cost is almost 15%? I understand the cost of pet coke was high, but still other companies were able to mitigate in some way. So maybe first is what is the fuel mix this quarter? What was the earlier fuel mix and what is it now in this quarter? And on the finance cost and depreciation part, sir.?
Sreekanth Reddy
Good morning, Jyoti. On the depreciation front, I think we have been capitalizing all the capex that we are doing whatever got concluded. So that actually has added up to the overall kind of depreciation. We did give the mix over a few last quarters on Slide 11, Jyoti, of our investor presentation. So that should help you see how the overall kind of fuel mix that we are doing. We switched over from pet coke imported as well as Indian to the Indian coal as well as imported coal. That is helping us mitigate as much extent as possible in terms of the overall. As mentioned, we don’t expect any major fuel price increase. Now on a peer comparison, again our issue is you should compare apple to apple even at the product mix. So our product mix primarily is at 55% OPC and 45% blended. So that also makes it look higher because again it’s the markets that we service have a slightly higher OPC kind of orientation. So that makes it look higher. But on kind of cost, I think we should be flat for the current quarter. And going into the next year, I think we would be coming back end of this quarter, Jyoti.
Jyoti Gupta
And what about the coal cess, that INR400 coal cess?
Sreekanth Reddy
No, I think that actually has made the domestic coal and imported coal lower than pet coke. But it, as such, the coal did not, price did not come down. Only this cess actually helped us to mitigate the increased pet coke kind of a price to a great extent.
Jyoti Gupta
But that’s on a staggered — quarterly it has staggered by almost like INR50, INR55 per tonne. So hopefully we should see some value incrementally should add in quarter four also. And then for full year, we should be able to see the full impact of this coal cess.
Sreekanth Reddy
No, I think it’s a mix I would say. In our case, we probably don’t have as high inventories. So from that perspective, earlier we used to keep very large inventories. Right now we are running on a quarter ahead. Earlier we used to do two quarters, now we are doing only a quarter ahead. As it stands, we don’t expect any major either cost increase or saving on the power and fuel except for the efficiencies that we have achieved, Jyoti.
Jyoti Gupta
Thank you, sir.
Operator
Thank you. We now have next question from Parth Bhavsar. Kindly unmute yourself and ask the question. Also state your company name.
Parth Bhavsar
Hi sir. This is Parth from Investec. Sir, I had a couple of questions. So the first one, are we accruing any incentives currently and if yes, how much was it in the current quarter?
Sreekanth Reddy
No, I don’t think we have accrued any interest during the current quarter — incentive, sorry. Whatever we got was during the Q1 and Q2. Yes, nothing is due for the current quarter or the coming quarter, Mr. Parth.
Parth Bhavsar
Okay. And sir, one clarification. When I look at Slide Number 11, the fuel pricing, right? So the current quarter’s presentation versus the last quarter when I compare it, the domestic coal pricing, it’s quite different. So the last quarter base like basically Q2, like in the previous presentation, it shows INR1.26 for domestic coal. And the current quarter it shows INR1.72.
Sreekanth Reddy
Because of the Singareni as fired. Yes, it is as fired. So we would have fired most of it from Singareni at Mattampally and also got lot of domestic coal at Jeerabad. So that is the difference.
Parth Bhavsar
Got it. So basically, we should rebase the previous quarters as well? Would that be the right?
Sreekanth Reddy
No, I don’t think. It’s on as fired basis. It again depends on if it is 100% Singareni coal and elsewhere, we are using imported pet coke, your pricing would have been that. Now it is actually a mix of some other than Singareni, domestic coal has been used at Jeerabad. So that is the reason why the prices got increased. The Singareni per coke landed price as fired cost at Mattampally is sub INR1.20.
Parth Bhavsar
Okay. In the base year, shouldn’t it be the same? Like because you’ve rebased in the current quarter. Is it for Q2 FY ’26?
Sreekanth Reddy
It is only current price trends that we are giving, Mr. Parth. It’s not like we are trying to reorganize. It’s the current fuel prices strength that we are
Indicating there.
Parth Bhavsar
Right. But that is for the current quarter, right? But what about Q2 FY ’26, that’s in the past, right?
Sreekanth Reddy
As fired, sir. It’s all realigned with as fired basis
Parth Bhavsar
Okay. Got it, sir. Thank you for answering my questions.
Operator
Thank you. [Operator Instructions]
Gavin Desa
Prasheel, we can close.
Operator
Thank you. As there are no further questions, I now hand over the call to management for its closing remarks.
Sreekanth Reddy
Thank you, Prasheel. Yes, we would once again like to thank each one of you for taking time to join us on the call. I hope you have got all the answers you were looking for. Please feel free to contact our team at Sagar or CDR should you need any further information or you have any further queries. We would be more than happy to discuss them with you. Thank you and have a good day.
Operator
[Operator Closing Remarks]