Sanjivani Paranteral Ltd (NSE: SANJIVIN) Q2 2025 Earnings Call dated Oct. 29, 2024
Corporate Participants:
Jill Chandrani — Senior Associate Analyst
Srivardhan Khemka — Executive Director
Pritesh Jain — Chief Financial Officer
Ashwani Khemka — Chairman and Managing Director
Analysts:
Ishita Jain — Analyst
Priya Sharma — Analyst
Neeraj — Individual Investor
Pawan Sharma — Individual Investor
Kaya Patel — Individual Investor
Gaurav — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Sanjivani Paranteral Limited Q2 FY ’25 Post Earnings Conference Call hosted by S-Ancial Technologies Private Limited. [Operator Instructions]
I now hand the conference over to Ms. Jill Chandrani. Thank you. And over to you, ma’am.
Jill Chandrani — Senior Associate Analyst
Thank you, Tanya. Good morning, everyone. Welcome to Sanjivani Paranteral Limited Q2 and H1 FY ’25 earnings conference call. From the management today we have with us Mr. Srivardhan Khemka, Director; and Mr. Pritesh Jain, Chief Financial Officer; and Mr. Ashwani Khemka, Managing Director.
Now I request the management to take us through the key remarks, after which we can open the floor for question-and-answer session. Now I hand over the call to Mr. Srivardhan Khemka for his opening remarks. Thank you. And over to you, sir.
Srivardhan Khemka — Executive Director
Thank you, Jill. Good morning, ladies, and gentlemen. A very warm welcome to all of you to the Q2 and H1 FY ’25 post-result conference call of Sanjivani Paranteral Limited.
Before I begin, let me mention the standard disclaimer. The presentation that we have uploaded on the stock exchange, including the interaction in this call, contains or may contain certain forward-looking statements concerning our business prospects and profitability, which are subject to uncertainties and the actual results could differ from the aforementioned in such forward-looking statements.
Let me start with a brief overview of the company. Sanjivani Paranteral Limited is a WHO GMP certified pharmaceutical pioneer with over 2.5 decades of experience. Specializing in manufacturing injectables and oral solids, the company has established itself as a leader in the industry. The company’s primary focus lies in life-saving drugs, and we export our products to over 25 countries. We are headquartered in Mumbai with a WHO GMP certified manufacturing facility in Navi Mumbai and Dehradun. We cater to major therapeutic areas, encompassing central nervous system, cardiovascular system, antibiotics, gastroenterological, anti-diabetics, and antiallergic, supported by a strong R&D setup.
In the last financial year, with the help of two joint ventures, we collaborated with HAL, that is Hindustan Antibiotics Limited and Prague-based Alevia Healthcare. We categorize our business into three components: the base business, which is the ongoing business which focuses on formulation sales in export markets and primarily CDMO for the domestic markets, though we have nominal presence in the domestic formulations as well; the newer HAL joint venture for IV products where we hold 60% equity; and the Prague joint venture for nutraceuticals where we hold 45% equity.
On the macroeconomic environment, we observe, the global conditions remain challenging. Geopolitical issues, particularly the ongoing conflicts in regions like Middle East have created volatility that directly impacts global trade routes by eventually delaying shipments, escalating shipping and freight costs, and straining supply chains. We see some of the geographic areas seeing a war or war-like situations. Such events do create increased usage of medicines. On the other side, if such situations precipitate further, it may have a negative impact on overall business operations through increased commodity prices and supply chain disruptions. Overall, there is an impact in the smooth procurement of export of finished goods. These factors have placed increased pressure on the pharmaceutical industry’s supply chain, intensifying the challenges manifest in managing costs and ensuring timely delivery.
Now let me update you on performance of our core base business. Despite the supply chain logistics issues, the underlying growth momentum in our base business continues to remain strong. This is reflected in strong top line performance in Q2 and H1 FY ’25. Overall, the momentum is driven by product launches done in the recent past, increasing penetration in existing geographies, and also entry into newer geographies.
In Q2 FY ’25, we reported 29% year-on-year growth. The export domestic mix was at 72%-28%, injectable tablet nutraceutical dosage mix was at 50%, 42.6%, and 7.4%. In H1 FY ’25, we reported 30% YoY growth. The export domestic mix was at 79.2% versus 20.8%. Injectable tablet nutraceutical dosage mix was at 44.1%, 50.9%, and 5%.
On the regulatory front, we witnessed FDA site approval from one of the regulators from the Francophone country. This will help us enter into not just one, but multiple countries in the French-speaking African region. The IV or intravenous solutions opportunity in India is very large and growing. The current market is 7.2 billion bottles and current installed capacity is around 2.4 billion to 2.8 billion bottles. Therefore, the opportunity is multi-decadal structural opportunity in India. The IV business also has unique feathers such as injectable nature of the product, bulky size, and hence transportation related constraints, institutional clientele, etc. So, once we establish ourselves, it favors well in terms of competitive landscape.
On the HAL joint venture, we are setting up the plant and machinery at the manufacturing location at Pimpri, Pune. The plant is broadly ready and on the machinery front, we have imported the core manufacturing machine which is at the site now. With this, most of the setup related parts are done now, and additionally, we have started the recruitment of manpower for this facility. On the Prague joint venture, the unit of operational and initial commercial quantities of nutraceutical products are being supplied to the market. Overall, raw material prices, which had increased during lockdown period, have been normalizing over the last few quarters. We have seen this trend continuing even in this quarter. We do not anticipate major increase in the raw material prices in the normal operating business environment.
Now let me give you broader color on outlook of the business. On the base business, we continue to remain optimistic on the growth outlook going ahead. This will be driven by increasing presence in new geographies, increasing penetration in existing geographies and, of course, new product launches. For HAL, we are expected to start production in Q4 FY ’25. And on Prague, we expect a gradual pick in already commercial operations. I would also request you to look at the performance on an annual basis which is more of a normalized performance versus quarterly numbers which can have lumpiness.
With this, let me hand over to our CFO, Mr. Pritesh Jain, for updating you on the financial performance.
Pritesh Jain — Chief Financial Officer
Thank you, Srivardhan. Good morning, ladies, and gentlemen. A very warm welcome to you all. Let me share some updates on the financials of the company, first, Q2 financial year ’25 and then H1 financial year ’25. So, for Q2 ’25, the company has reported a revenue of INR18.1 crores and a growth of 29.5% year-on-year basis. The growth in revenue was driven by higher volumes. The EBITDA was at INR3.2 crores, a growth of 43% year-on-year. EBITDA margins were at 17.9% vis-a-vis 16.2% reported during the same period last year. The EBITDA growth was due to a better sales realization during the period. Profit after tax was at INR2.3 crores, a growth of 34.6 percentage year-on-year basis. The profit after tax growth was reflection on a broader operating performance.
Now for H1 ’25, the company reported a revenue of INR34.6 crores with a growth of 30 percentage. EBITDA was at INR5.7 crores, with a growth of 30.7 percentage. EBITDA margins were at 16.4 percentage, as against 16.3 percentage reported during the same period last year. Profit after tax was at INR4 crores with a growth of 23.2 percentage. The growth was a reflection on a broader operating performance.
On the balance sheet front, as of September 24, the gross block was at INR28.49 crores. We have incurred a capex of INR1.46 crores during the H1 financial year ’25. Capex for the base business was at INR1.46 crores for the current period. On working capital front, our receivables were at INR9.9 crores, translating into 58 days. This is an increase of 26 days vis-a-vis March ’24. The inventory was at INR2.6 crores. In terms of days, it stood at 28 days. We had a debt of INR5 crores on books, with the cash and cash equivalent of INR5.2 crores.
We expect the capex for the base business to be around INR3.5 crores for the financial year ’25 and INR5.5 crores for financial year ’26. For the HAL venture, we expect the total capex for financial year ’25 to be around INR35 crores to INR40 crores. On the working capital front, we continue to remain focused on optimizing the working capital requirement for growing our business.
With this, we can now open the floor to questions and answers. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Ishita Jain from Ashika Group. Please go ahead.
Ishita Jain
Hi. Am I audible?
Operator
Yes. Please go ahead.
Ishita Jain
Congrats on a good quarter. Thank you for the opportunity for letting me ask some questions. My first question is, if you can give us a geographical split for the INR18 crores top line, that would be very helpful.
Srivardhan Khemka
Yeah. Hi, Ishita. Thank you. So, for this quarter, we had INR18.13 crores of sales, out of which around INR7 crores came from the Middle East, around INR6 crores came from Latin America, the Indian and Asian subcontinent gave us INR5.2 crores, and the CIS region gave us INR25 lakhs.
Ishita Jain
Got it. And for the rest of the year, what is our estimation? Will the geographical mix be on the similar lines, or will it change meaningfully?
Srivardhan Khemka
It will be on the similar lines, although we see a little bit of a shift between Middle East and Latin America. We have filed a few dossiers and once we receive the approvals on them, the commercials might kick in this year.
Ishita Jain
Got it. And in terms of Latin America, I remember we were having some shipping challenges. Are those challenges resolved, or are they still lingering a bit?
Srivardhan Khemka
They are lingering a bit. Actually, the shipping routes are all impacted by the conflict in the Middle East. So, there are two ways basically we ship. One is through the central part, which goes via the Suez Canal, and that is impacted due to the Middle East conflict. And the other one is through China. So, on both fronts, we are looking at increase in freight cost to the tune of sometimes two to three times of our regular freight. So, the challenges remain, but we are still going through with our supplies.
Ishita Jain
Okay. And coming on product mix, if you can also give us a breakup of what was the product mix this quarter, sterile injectables versus the OSD?
Srivardhan Khemka
Yeah. So, for this quarter, the injectables was at 42% and the tablets stood at 50% and the nutraceuticals stood at 7.5%.
Ishita Jain
Nutraceuticals is entirely Europe only, right?
Srivardhan Khemka
No. Nutraceuticals includes some of the CIS region as well as our domestic supplies, which go to Vitabiotics.
Ishita Jain
Okay, right. I meant Vitabiotics U.K. only. Okay, understood.
Srivardhan Khemka
I’m sorry. I would like to correct myself. Injectables stood at 50% and tablets at 42.6%. The numbers were reversed.
Ishita Jain
Right. Okay. So, injectables is higher.
Srivardhan Khemka
Correct.
Ishita Jain
Okay. Coming to our HAL project, we were estimating to see a full revenue quarter as the first quarter calendar year 2025. Are we on track for that?
Srivardhan Khemka
Yes, correct. We are on track for that.
Ishita Jain
Okay, fantastic. And so, I’m assuming exhibit batches will be sometime in November, December.
Srivardhan Khemka
Yes, towards the end or the first week of December.
Ishita Jain
Okay. And in terms of expenses, the expenses for the HAL project, have they come under what we were estimating it to be or have they gone over?
Srivardhan Khemka
No. It has actually come under what we had estimated to be. We did have quite a few good round of negotiations, and we have managed to save a bunch on it.
Ishita Jain
Okay, fantastic. My last question is, what about the plant upgrades? I remember we were trying to do plant upgrades on both our Bombay facility as well as Dehradun facility. What’s the update on that?
Srivardhan Khemka
So, the Bombay facility, the upgrades are almost through. There are a few things which are ongoing, and they come by as and when we see inspections. Regarding the Dehradun facility, the upgrades will begin now, as we were taking one project by one project, as most of our time is also involved in HAL at the moment.
Ishita Jain
Of course, okay. And just final question. If you can just give us the number of — actually, what is the capacity utilization on both capacities?
Srivardhan Khemka
So, it remains the same as we did the last quarter, around 70%, 75% in the Bombay plant and around 45% in Dehradun. We did see a little bit improvement in Dehradun on account of our own products increasing.
Ishita Jain
Okay. And sorry, the INR18 crores top line that we have this quarter, what percentage is manufactured inhouse, and what is CMO?
Srivardhan Khemka
I will have to come back to you on that.
Ishita Jain
Okay. And us acting as CMO, is that also — have we had some revenue share where we have acted as a CMO for other domestic players?
Srivardhan Khemka
Yes, that is also a share of revenue. It stands around 9% to 10% as has been over the past few quarters.
Ishita Jain
Okay, fantastic. I’ll get back in the queue. Thank you.
Operator
Thank you very much. Our next question is from the line of Priya Sharma [Phonetic], who is an individual investor. Please go ahead.
Priya Sharma
Hello. Good morning. I had a question regarding the product launches. How many product launches do we expect in the next few years, or probably anything in pipeline for this year?
Srivardhan Khemka
Hi, good morning. So, usually we target around 15 to 20 products that we launch every year. In this year, we have gone ahead with around six launches till now and another five are in the works as of now. A few projects are under discussion, which might get commercialized in a month or two. And for future, we maintain a target of 15 to 20 every year.
Priya Sharma
Okay. And any plant or anything in the pipeline?
Srivardhan Khemka
No. Just the HAL venture. That’s all. Nothing else.
Priya Sharma
Okay. Thank you.
Operator
[Operator Instructions] Our next question is from the line of Neeraj [Phonetic], who is an individual investor. Please go ahead.
Neeraj
Yeah. Hello. Thanks for the opportunity. I had two questions. If I see our balance sheet, during the quarter, our current assets increased massively. So, what is driving that?
Pritesh Jain
So, the increase in the current asset is basically the amount, which has been gone to the subsidiary. That is SPL Infusion Private Limited for our HAL business. Since we are in the process of capitalization of the plant, till that time those amounts would remain in advances. And post the issuance of shares, that will move to the investment. So, that is how the movement will happen going forward.
Neeraj
Okay. And second question was, if I look at our nutraceutical revenues during the quarter, it has increased very sharply. So, is that a function of our Prague JV? Because it was trending sharply at lower levels during the previous quarter. So, what is driving this?
Srivardhan Khemka
Correct. So, due to the Prague JV, we are experiencing new orders which are coming in. As well as, we had a few products in the pipeline for the CIS region in the nutraceutical space, which have again commercialized. So, that’s the reason for the bump in the numbers.
Neeraj
Understood. And in our previous quarterly call, we mentioned that regarding our Prague JV, maybe that our operations will stabilize by August, September. So, has that already stabilized? And can we expect these nutraceutical revenues to inch up further in Q3, Q4 and what would be that number, approx?
Srivardhan Khemka
Yeah. So, the operations are still underway, and I would say they are on the way to get stabilized still. Since it is a new venture in a new geography and nutraceuticals is a very customized business. So, there are a lot of things which go in the start like developing new packaging methods and developing new products. So, it will take a little bit more time to stabilize, although we will definitely see an increase in the numbers. But it is too early to comment on that right now.
Neeraj
Understood. Thank you. I will come back in the queue.
Srivardhan Khemka
Thank you.
Operator
Thank you very much. Our next question is from the line of Pawan Sharma [Phonetic], who is an individual investor. Please go ahead.
Srivardhan Khemka
Hello.
Operator
Yes, Mr. Pawan Sharma [Phonetic], your line is unmuted. Please go ahead with your question.
Pawan Sharma
Yeah. Good morning, sir. Thank you for the opportunity. So, my question is for domestic, what are the reasons for the increasing in the domestic market revenue? Is there any increase in volume, pricing, or launches in new products, or any addition of the new customers, etc.? And how will it pan out going ahead? Just throw some light on this question.
Srivardhan Khemka
Yes. Hello, Mr. Pawan. Regarding the domestic business, we have a very minor presence in the market on our own as well as we have a little bit of our CDMO business. The domestic share of our business as compared to exports is still lesser, as our guidance usually continues. However, there is an increase in the numbers which can be attributed to certain orders from our CDMO clients, which we had executed in this specific quarter. That’s why there is a slight bump, but nothing new that could be reported.
Pawan Sharma
Okay, sir. Thank you so much for your insights.
Operator
[Operator Instructions] The next question is from the line of Kaya Patel [Phonetic], who is an individual investor. Please go ahead.
Kaya Patel
Hi, good morning. Just wanted to know more on the product front. So, if we keep adding the products and initially if these products have lower margins, what will the margin trajectory look like when we continue launching more products going ahead?
Srivardhan Khemka
Yeah. So, we intend to add more products because when we go into the export markets, it is preferable from the buyer’s point of view to have one stock for all kinds of requirements. Currently, our product list stands at around 145 to 150. Normally, the companies who excel at exports, they stand around 280 to 300. So, that is our eventual goal to get there. Regarding the low margins, when we start a product, definitely, because we are establishing the supply chain, the vendor, the qualification. So, initially the margins are less. But once we have a product developed and in our kitty, we can start offering this to multiple buyers across the world. So, that will definitely show as a bump in our margins as and when time progresses.
Kaya Patel
Yeah. I had one more question regarding the increase in employee expense, and what is the reason for it, and how do we see it going ahead in the near future?
Ashwani Khemka
Hi. See, when the sales are increasing and the new product portfolio is being added, so more and more technical people are being hired with a good background and good knowledge perspective. And we are going to start a new facility in Pune, which has been declared and told in the presentation as well. It’s an infusion project, and it will be going for various approvals. So, now the company is getting up on a higher front and more upgraded versions of markets. More people are being hired to take care of those activities.
Kaya Patel
Yeah. That’s it from my side. Thank you so much.
Operator
Thank you very much. Our next question is from the line of Neeraj [Phonetic], who is an individual investor. Please go ahead.
Neeraj
Thanks for the follow-up opportunity. Sir, in our previous calls we have indicated that more projects similar to HAL might come up in future maybe we were working towards those projects. Any updates over there? Can we expect anything in the near term?
Ashwani Khemka
Sir, those new projects, everything is in line, but it cannot be disclosed right now, because as you very well know, there are many players in the market who are seeing our model, how it works and how it operates. So, once it is done, and it is appropriate time to disclose, we will be disclosing the same. They are in the pipeline. And the company is doing good, and we will be a good pharmaceutical player in the coming years.
Neeraj
Understood. And sir, one question maybe on the competitive landscape. So, there is one more listed — yeah, you can hear me?
Ashwani Khemka
Yeah, tell me.
Neeraj
Yeah. So there is one more listed player, and maybe they are doing much lower margins than what we are doing. So, can you please elaborate a bit what we are doing differently so that we are able to consistently earn higher margin than our peers?
Ashwani Khemka
Which player? Can you name the player?
Neeraj
Yeah. Bharat Paranterals.
Ashwani Khemka
Yeah, okay. See what happens is the product mix. Bharat Parenteral is a similar company. They have injectables. They are in the field for more than our establishments. And our competitive advantage is that we develop good product portfolio, and we have a very good R&D team which develops and evaluates the product portfolio. So, our margins are better, and we are, you can say, less operating cost. We have operational efficiency because in international markets the orders are there and tenders are there. Our conversion time is faster than anyone in the industry. We are not blacklisted in any of the overseas tenders.
Neeraj
Okay. Understood, sir. Thank you.
Operator
[Operator Instructions] The next question is from the line of Pawan Sharma [Phonetic], who is an individual investor. Please go ahead.
Pawan Sharma
Hello.
Operator
Yes, Pawan, your line has been unmuted. Please go ahead.
Pawan Sharma
Yeah. So sir, my one more question is remaining. So, for Prague plant, can we expect any big order in near future? And what is the capacity utilization for that plant?
Srivardhan Khemka
Yeah. Hi. So, we are in discussion with a few players regarding big orders. However, when it comes to nutraceuticals, it is difficult to tap into an existing player who has big volumes instantly. We are discussing with them on the commercial front. Hopefully, it will convert in a quarter or two, but nothing to comment as of now. Regarding our capacity utilization, it’s too early to comment. We have just started operations, and the numbers does not make sense because a lot of developmental activity is going on. Hello. Was I audible?
Operator
Mr. Pawan.
Pawan Sharma
Hi. Hello.
Operator
Yes, Mr. Pawan. Please go ahead with your question.
Pawan Sharma
My second question is, for the base business, what is the competitive advantage that Sanjivani has in the export market?
Srivardhan Khemka
We have just taken that question. I would like to reiterate that our long history in the export market, along with our operational excellence of turning around orders very quickly, enables us to have long-term relationships with our distributors and buyers across the world. We have had some people who have been working with us for more than 15 years. And this reputation and history is the credit to our good numbers in the export and outstanding reputation.
Pawan Sharma
Okay, sir. Thank you so much for your insights. I’ll get back in queue.
Operator
[Operator Instructions] The next question is from the line of Gaurav from IndiaBridge. Please go ahead.
Gaurav
Hi, sir. Good morning, and thanks for the opportunity. Can you comment a little bit about what’s the peak revenue we can achieve from full utilization of our HAL facility?
Srivardhan Khemka
Hi, Gaurav. Hope you’re doing well. Yeah. So, regarding HAL, we expect a peak revenue of around INR105 crores to INR110 crores.
Gaurav
And what’s the…
Srivardhan Khemka
In the current situation, with our current product mix.
Gaurav
Okay. And how long does it take for you to get to maximum capacity utilization post commissioning?
Srivardhan Khemka
IV plant is basically a plastic manufacturing for bottles. So, ideally, the plant has to run nonstop. Looking at the initial teething issues that we might face, we expect to hit 95% to 100% capacity utilization by the first few months, first couple of months, I would say.
Gaurav
And what kind of EBITDA margins are you likely to see in this business?
Srivardhan Khemka
So, EBITDA margin we are looking at around 19%.
Gaurav
19%. And when do you plan the next set of expansion in this business? And could you also talk about the opportunity size in this?
Ashwani Khemka
Yeah. Hi, Gaurav. See, this IV business currently is controlled by the price control and DPCO. And it is going for revision in December. So, what figures my team has given to you, it is with the current DPCO pricing and NPPA pricing. The moment these prices are increased, the revenue is also increasing, and the bottom line is also increasing. And coming to the second question of the expansion, IV set and few products in the bags [Phonetic], which are being prepared and are under discussion and under approval. So, when those things are there, we’ll come back to you on that.
Gaurav
Sure. Thank you. And I see that there’s very little difference between your consolidated and standalone numbers. So, you are not seeing any revenue right now from your Prague entity, is it?
Srivardhan Khemka
No. On a consolidated basis, Prague will not come under our revenues because we hold a minority share in that.
Gaurav
Sure. So, what revenues are you doing from Prague right now, as we speak?
Srivardhan Khemka
We have executed like a few orders from there. We cannot comment on the same due to there are some pending approvals since there is a difference in the accounting year and it’s [Indecipherable].
Gaurav
Okay. Thank you. That’s it from my side.
Operator
[Operator Instructions] The next question is from the line of Gaurav from IndiaBridge. Please go ahead.
Gaurav
Thanks for the opportunity again. On the Prague side of the business, once you have the necessary approvals over the course of the next six months, what scale up do you expect on the Prague business in the next year?
Srivardhan Khemka
Yeah, so as I told you, we are in discussion with some big players to move their products into our facility. Along with that, a few small orders we are executing, and there are many more under discussion. On a revenue front, we look at the numbers getting stabilized — so what happens is basically, once the facility is stable, a lot of people will visit and then the business starts coming in. As Nutraceutical is a business which relies on trust, and Alevia as a company is a new company, and we are a new player in that market. So, looking at all these factors, we see that by next year Q1, we should be stabilized, and the numbers should start coming in properly.
Gaurav
But any broad estimation of conservative numbers on what you could actually deliver on the Prague side of things next year?
Srivardhan Khemka
Looking at what we have estimated and what we are discussing right now, around EUR3.5 million to EUR4 million we are looking at from a top-line perspective on an annual basis.
Gaurav
And on the margins, you are likely to be better than your other exports or domestic CMO business? What margins are you expecting in Prague?
Srivardhan Khemka
Yeah, correct. We will be better off as compared to what we see in the Indian side of the business. Around 25% to 30% is the margin that we are looking at.
Gaurav
25% EBITDA?
Srivardhan Khemka
Yeah.
Gaurav
And what kind of potential does this Prague entity hold over medium to long term? Maybe a couple of years down the line since you have taken the step to expand and put up a facility in the Eastern European side of the thing. So, what’s the potential like once you have the necessary approvals, maybe by FY ’27 or so?
Srivardhan Khemka
Yeah. So see right now what we have set up is a pretty small facility since we were testing the waters. However, the response that we see is phenomenal. If we expand into that market, we’ll probably add on to another facility which might be bigger than what we have right now. So, anything between EUR8 million to EUR10 million is not something which is difficult to achieve over the course of next couple of years if everything stabilizes and the demand continues to grow, which we are looking at as the market for nutraceutical is constantly growing across the world.
Gaurav
Okay. Thank you. That’s it from my side.
Operator
[Operator Instructions] I would now like to hand the conference over to Mr. Srivardhan Khemka, Executive Director for closing comments.
Srivardhan Khemka
Yes. Thank you everyone for attending the investor call, and I hope all your queries have been answered. I hope everybody is happy with the performance of the company. And we look forward to continue to deliver on our commitments and grow the company phenomenally. Looking forward to seeing you guys in the next investor call. Thank you and have a great day.
Operator
[Operator Closing Remarks]