Seamec Ltd (NSE: SEAMECLTD) Q3 2026 Earnings Call dated Feb. 02, 2026
Corporate Participants:
Naveen Mohta — Whole-Time Director
Vinay Kumar Agarwal — Chief Financial Officer
Sunil Gupta — Vice President, Strategy, Head of Investors Relations
Analysts:
Unidentified Participant
Balasubramanian — Analyst
Abu Rafi — Analyst
Rahul Jain — Analyst
Amish Kanani — Analyst
Rohan Baranwal — Analyst
Pratham Agarwal — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to CEMEC Limited Q3FY26 earnings conference call hosted by Ariyand Capital Markets 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 this conference call please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now end the conference over to Mr. Bala Subramanian from Ariant Capital Markets Limited. Thank you. And over to you sir.
Balasubramanian — Analyst
Thank you Shubham. Good afternoon everyone. On behalf of Arigan Capital, I welcome you to the earnings of CMAC Limited Q3FY26 concal. From the management side today we have Mr. Naveen Mukta, Whole Time Director. Mr. Vinay Kumar Agarwal, CFO and Mr. Sunil Gupta, Vice President Strategy and Investor Relations. We welcome the management of CMAC on this call. Now I invite Mr. Naveen Moktra sir to give his opening remarks following which will which we will open the floor for Q and A. Over to you sir.
Naveen Mohta — Whole-Time Director
Thank you Vala. Good afternoon ladies and gentlemen. On behalf of CMAC Ltd. I extend a warm welcome to all the participants joining us today for our Q3 and nine month financial year 26 earning call. Thank you for taking the time to be with us. On the industry front, India continues to strengthen its global partnership across the energy value chain. As highlighted by our honorable Prime Minister Shri Narendra Modi. India’s position as the world’s fastest growing economy is driving sustained growth in energy consumption positioning the country as a key destination for a long term energy investment.
As part of the government’s USD 100 billion investment push, India has significantly liberalized its exploration and production framework. Additionally, the government is working to expand the country’s refining capacity from 260mm TPA to 300mm TPA. Further reinforcing India’s strategic importance in global petroleum production market. From a global perspective, the CEO of ADNOC Abu Dhabi has projected that oil demand is expected to remain above 100 million barrels per day till 2040, underscoring the long term relevance of offshore and energy infrastructure services. The last week we witnessed several significant development across the oil and gas sector. Indian Oil Corporation announced plans to increase its annual refining capacity to 98 million tons from the current 80 million ton over the next 18 months.
Further, ONGC and Reliance Industries Limited have entered into a memorandum of understanding to share offshore resources including offshore supply vessels and logistics aimed at improving operational efficiency in exploration and production activities for CMEC. Q3 was a landmark quarter marked by the highest ever vessel deployment in the company’s history. This operational performance translated into our best ever quarterly revenue and profitability during the quarter. We completed the turnkey revamping of ONGC’s Neelam 9 platform well ahead of schedule and in vessels, CMAC 3 sailed for commencement of the second phase of the pipeline replacement project and DSF 2 project effective 25 December 2025 and in recent development, CMAC Agasta has commenced the operation with ONGC through HAL Offshore following the successful completion of dry docking and CMAC Paladin sailed to Dubai for its statutory dry docking expected to last approximately 70 days.
In summary, this was our strongest quarter to date reflecting disciplined execution, improved asset utilization and a favorable industrial environment. We remain confident of sustaining growth momentum yearly. Thank you for your continued trust and support. I will now hand over the call to Mr. Vinay Agarwal, our CFO who will take you through a detailed overview of our financial performance for the Q3. Over to you Vinay.
Vinay Kumar Agarwal — Chief Financial Officer
Thank you Naveenji. Good afternoon everyone. I warmly welcome all participants to our Q3 and 9 months FY26 earnings call. I will take you through the key highlights of our standalone and consolidated financial performance of the third quarter and the nine month period ended. FY26 financial performance for Q3 FY26 on a consolidated basis, revenue for the quarter stood at rupees 331 crore compared to rupees 139 crores in Q3FY25 reflecting a YoY increase of 138%. At the standalone level, revenue is rupees 317 crore as against rupees 133 crores increase of 139% in the corresponding quarter of the previous year.
EBITDA at the consolidated level is rupees 150 crores in Q3FY26 compared to rupees 34 crore in Q3FY25 On a standalone basis, EBITDA stood at rupees 144 crore versus Ruby 36 crores in Q3FY25, the highest ever vessel deployment contributed to an exceptional performance during the quarter. Profit after tax on a consolidated basis stood at rupees 100 crore compared to a loss of rupees 3 crore in the same quarter last year. At the stand alone level PAT is rupees 101 crore versus rupees 2 crore in Q3FY25 now I take you through to the financial performance of nine months for FY26.
For the nine month period, consolidated revenue stood at rupees 670 crore compared to rupees 473 crore in nine months FY25 reflecting an increase of 42% year on year basis. At the standalone level, revenue for nine months FY26 is rupees 631 crores as against rupees 452 crore in the corresponding period and registered a growth of 40% Consolidated EBITDA for nine months FY26 is Rupees 285 crores compared to rupees 153 crores in nine months FY25 on a standalone basis, EBITDA stood at rupees 269 crore versus rupees 159 crores in nine months. FY25 paid for nine months FY26 at the consolidated level is rupees 150 crore compared to rupees 47 crore in nine months.
FY25 at the standalone level, package rupees 155 crore compared to rupees 57 crore in the same period Last year, ROCE and ROE stood at 15% and 16% at the consolidated level respectively. With continued support from our stakeholders, we remain confident about strengthening our performance in the years to come. With that, I would like to open the floor for question and answer. Thank you. Over to you, Bala.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on your touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assemble. The first question comes from the line of Abu Rafi from Wealth Catalyst. Please go ahead.
Abu Rafi
Thank you for giving me the opportunity. Sir. I have few questions. So my first question is our charter rates are currently at the highest levels we have seen so far. Could you share your perspective on how these rates are likely to trend over the next two years? Do you see the current strength as sustainable or do you expect some normalization?
Naveen Mohta
So on the charter rates right now, as a company management, we feel that the environment is going to remain quite steady and the rate what we are getting is going to sustain for some more time. And as if you have gone through our revenue mix, most of the contracts, some of the contracts are for long term charter rate and Some are in the short term. So there’s a going to be a steady visibility of the revenue and rate will be going to be steady over a period of time.
Abu Rafi
Okay. All right sir, so my next question is. In the previous communication management had indicated that ANAND would be deployed by 1st of February. Could you please provide an update on the current status of deployment?
Vinay Kumar Agarwal
So we are also. We are till now in the process of acquiring the vessel. All visited approvals from shareholder and the board of directors of both the companies are in place and we are hopeful to complete this acquisition within this financial year and vessel will be deployed in Q1 27.
Abu Rafi
Okay, so my final question is. Historically we have seen some quarters with exceptionally strong performance followed by relatively weaker quarters. How should we look at the next few quarters? Do you expect earnings to remove more stable going forward?
Naveen Mohta
See, we always tell our investors while we are in the process of consolidating business. But this is a business where investors should look on year to year growth than quarter to quarter. There might be times when a vessel is off hire because of dry dock or a vessel is out of business because of changeover of contract. This may have some anomalies.
While our endeavor is to gain more and more business of IMR which will streamline the quarters. But I would appreciate that investors look pmax growth on a yearly basis.
Naveen Mohta
Thank you sir. That’s it from my side. Thank you very much. Thank you.
operator
Thank you. A reminder to all participants, anyone who wishes to ask the question may press star and 1. The next question comes from the line of Rahul Jain from Abhinandan Stockbroking. Please go ahead.
Rahul Jain
Hi, I had a quick question to better understand the charter rate differences across the fleet. Even after accounting for Augustine’s longer five year tenor and utilization certainty. I was curious about the technical or commercial factors that explained the large gap versus swordfish $75,000 day rate. Similarly for Anant, despite being a new vessel, what Factors drove the 45k per day charter? Are these differences mainly related to scope of work, vessel specifications, contract structure or market conditions at the time of fixing?
Naveen Mohta
See, your question itself contains the answer. It is the rate for each and every contract is a different rate and it all depends upon the factor the way you have spoken. So Swordfish is a vessel which has got better capabilities than Anant. So that way it is fetching a higher rate. It is a crane wise, it is accommodation wise. It is bigger than the Anant and that’s why the reason is that it is getting a better rate compared to anand. Similarly, the Vessel which are operating in India. For Anand, which is a brand, which is a younger vessel that agreed, the charter rate is more while for vessel which are older, charter rate is slightly less.
So this is all a mix of various factors and also the scope.
Rahul Jain
So in some vessels the scope will be higher and the rate will be higher. And some vessels part of the scope will not be in our book and therefore the rate will be lower.
Naveen Mohta
Plus, plus a risk perception is also there. So wherever chances of off fire or distinguish are more, so rate will be accordingly vary.
Rahul Jain
All right, thank you so much. Thank you.
operator
Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star N1. The next question comes from the line of Amish Kanani from novice investment managers. Please go ahead.
Amish Kanani
Yeah. Hi sir, after you know, acquiring the vessels and you know, deploying it, our numbers are improving. The question is for the next year, will there be a year of consolidation, sir, or we are still looking for some growth in terms of acquisition and you know, grow because opportunities are quite a bit there. And if we are planning for growth, are we doing looking at some inorganic acquisition or you know, organic growth that we are planning and you know, how do we use the surplus that is getting generated? Are we going to use it for debt reduction or for growth? Thanks.
Vinay Kumar Agarwal
See, first of all, next year will be a year of growth because so we expect the Swordfish to continue working full year. This year it was part of the year. We are also adding Agastya and Anant as we mentioned in the previous discussion. So all these high new vessels will give us more business and will definitely give us growth. Management is conscious that we have to bring growth to our shareholders. So definitely there will be growth. As of now we have, we are thinking of growth only basis the assets that we have except for Anand which will be added in Q4.
Okay. Second, the cash flow that is you, that is generated will be used for acquiring growth assets like in Anant. Definitely we will be paying from our internal accruals to a major extent. And whatever money is left over will be used for reduction of debt. However, just to mention, today also our net debt is zero or minus. I would say.
Amish Kanani
Sure, sir. All the best. Thanks.
Vinay Kumar Agarwal
Thank you.
operator
Thank you. The next question comes from the line of Rohan Benwar from three Nether Investment Capital. Please go ahead.
Rohan Baranwal
Hello. Thank you for the opportunity. Sir, my question is on the overseas subsidiary size which has contributed to the consolidated growth. Can you break down the revenue and profitability for CMAC International FZ and then the shipping FZC And CMAC UK investment.
Vinay Kumar Agarwal
Give me a second.
Sunil Gupta
Yeah, I’ll take that question. Okay. In Dubai we have a subsidiary that is operating one vessel. The revenue for the quarter from that was 15 crore. So major addition between CEMAC and overseas is that only in terms of the profitability There were certain expenses on subsidiaries. So there was an overall net impact of around 2 crores. Negative impact. If you would have witnessed our yearly details of the last two, three years you would have seen that there has been a conscious effort to reduce any negative impact in overseas business and consolidate our core business.
Rohan Baranwal
Got it sir. Got it. My next question is when can we expect CMAC Anand which will be deployed and when can we expect revenue contribution from it?
Sunil Gupta
Q1 as Vinay mentioned Q1 next year we are expecting CMAC Anand to be deployed and revenue to start.
Rohan Baranwal
Okay. And yeah. And around 1000 crore of MoU like with the DG shipping has been done. What specific vessel types or capacity are being considered under this mou? And how will this funded? Debt, equity or lease. And what is the expected timeline for the final approval and deployment?
Sunil Gupta
Naveenji, can you take the first part, I’ll take the second.
Naveen Mohta
So this MoU which we have signed with DG Shipping is again our on the our focus to expand our capabilities and assets. So this MOU we have signed where we have committed an investment of almost like thousand crore over a period over next two or two three year period. This is toward our targeted acquisition of one or more vessels during the next two, three years. And for the funding and all these things it will be decided on case to case basis. Once we zero in on the acquisition at that point of time we will take the best possible decision whether it should be funded entirely through the internal accrual or a mix of both will be done.
Rohan Baranwal
Got it sir. And sir, like this digit shipping norms may force the retirement of older vessels. So even if economically viable what is the latest communicated timeline for older vessels and what is the plan for its replacement or phase out?
Naveen Mohta
So as per the latest guideline from DG Shipping is are concerned the majority of the vessels which CMAC is operating which are called diving support vessel they have been kept out of the purview of the age norms. So technically there is no age restriction for operating the vessels in India for us. But as a prudent operator we will continue to decide whether it is better to operate the older vessel or better to put them for recycling and then buy the newer vessel. So our endeavor will always be to optimize the return for all the stakeholders and all the decision will be taken accordingly.
Rohan Baranwal
Got it. So that answers all of my questions. I will get in the queue till the next questions arise for me.
Naveen Mohta
Yeah.
operator
Thank you. Ladies and gentlemen, if you wish to ask a question, you may press Star and one. A reminder to all participants, if you wish to ask a question, you may press Star and one.
Sunil Gupta
Hi. Can in the meantime say something?
operator
Yes sir. You may proceed.
Sunil Gupta
Yeah, so I just wanted to highlight to our investors that this quarter has been exceptionally well. There were one factor which is important that there was a vessel, Goodman, which was owned by HAL Offshore and the contract was taken in Cemac as we had a commitment with our investors that we will try and build most of the new businesses in CMAC only. Okay. This has given us a benefit of almost upwards of 22 crores in the quarter. So this was kind of an exceptional business that the management has been able to secure in Q3. Secondly, in Q4 one of our IMR contracts vessel which is CMAC Paladin is on a dry dock for two months.
So we will see revenue and profitability to that extent. Therefore, I was mentioning that investors should not look on quarterly basis. But our endeavor is that yes, on a year to year basis we should definitely bring growth to the cemex P&LN balance sheet.
operator
A reminder to all participants, if you wish to ask a question, you may press star and 1. The next question comes from the line of Deepali Kumari, an individual investor. Please go ahead. Ms. Kumari, you may proceed with your question. As there is no response from this participant, we move towards the next participant. The next question comes from the line of Amish Kanani from Novise Investment managers. Please go ahead.
Amish Kanani
Yeah, hi sir. Last quarter we had a breakdown of one of our vessel and you know, we couldn’t deploy it for the fourth quarter and there were some concerns about if at all, you know, client is not happy and you know, kind of asking for some, you know, compensation or damages or whatever you want to, you know, kind of say. So if you can give us some sense of, you know, whether the client is okay and or should we expect some kind of compensation that we may have to pay them and should we incorporate that in the fourth quarter year end kind of numbers.
Thanks.
Vinay Kumar Agarwal
Naveen
Naveen Mohta
Swamish. Yes, of course there was some breakdown of some vessel in the last quarter and as part of this operational distinguish are concerned all our vessels are required to. They operate on 247 basis. And as you will appreciate, these are all our machinery. So there will be some breakdown of One equipment or other all through the contract duration and through the quarter. It is only when it gets stretched, only then there is a area of concern. However, that breakdown which you are referring to for the last quarter that has been addressed and there has been never any kind of concern from the client.
Because client also understand that since it is a machinery and it is prone to breakdown. So those kind of issue may happen and they do happen with everybody. Concern will be when there is a recurring breakdown or they consider that okay, the maintenance of the vessel is not up to the mark. So those kind of things have never happened with us. And whatever the breakdown has happened, that has been addressed. And right now all the vessels are working good.
Sunil Gupta
Which itself denotes that the client is happy. And because that vessel has performed during the quarter for the full
Amish Kanani
so no. Issues in the at least this quarter.
Sunil Gupta
Naveenji, his second question was on part of any compensation or any provision. Maybe you are. Vinay can answer that.
Naveen Mohta
Oh there see there. As far as this off IP and all those things are there we have been discussing with the client. But there is. There is no vice versa kind of thing that client putting any kind of penalty on us.
Amish Kanani
Okay, thank you sir. Do we have. So do we have the insurance which normally covers such kind of events? Is it part of our normal insurance coverages or. These are all things that we have to kind of incorporate that as you know, part of someone of if at all it comes in future.
Naveen Mohta
No, since these are. These are very high value kind of charter rate. So these are not normally covered by the insurance company or even if covered, the insurance premium is quite huge. So going by our own experience, that’s what when we are bidding or when we are quoting the rate, some kind of risk element is added into that rate. So we work on that basis. Because if we are going to go the insurance then premium is very huge for those kind of things.
Amish Kanani
So we should take this as a portfolio of asset that we’re deploying. And sometimes such thing happens. We have to incorporate that as a part of the ongoing business.
Naveen Mohta
Yeah. So as part of our contingency we can keep some margin for breakdowns.
Amish Kanani
Thanks a lot and all the best.
operator
Thank you. The next question comes from the line of Deepali Kumari, an individual investor. Please go ahead.
Unidentified Participant
Hello. Am I audible?
Sunil Gupta
Yeah.
Unidentified Participant
So firstly, thank you for letting me ask the question. My question is as I can see strategic shift towards IMR contract as a driver of higher margin. What is the current IMR vs EPC revenue mix and what target mix is CMAC aiming for? Over the next three to five years.
Vinay Kumar Agarwal
Hi Deepali. So we are inclined to put our thrust to the IMR contract. Reason being in that contract we are getting deployment for the whole year. So there is no Offaia period, the monsoon also. But just to keep our portfolio diverse we have kept two vessels for of our two sports which are catering to the EPC business. And as a novel feature of this EPC business they are not working in a monsoon period. But they are providing us good top line. Though they are not that much of.
Sunil Gupta
Let me explain to her any new business or any new asset that is assumed on an IMR contract. Because see, these vessels are high value assets. Okay. As you also said and investors understand that IMR gives higher margins. So these vessels become profitable only when we put on ironr. However, Vinay just said we have two vessels of older vintage which are working on epc. Since these assets are on zero value in our book, any business that they add helps us improve our ROC roe and getting more profitability to the bottom line. I hope we answered your question well.
Unidentified Participant
Yeah. Okay. And my next question is how much capex estimated for Agastya and Anand vessel. What is the funding mix if there is any debt? Or what is the repayment plant plan and interest cost which is expected of buyer.
Vinay Kumar Agarwal
In case of Agastya, the latest acquisition for our fleet. This vessel was acquired for a cost of 23 million in a mix of internal sources plus debt. Debt which we have acquired is 150 crore which will be repaired over a period of eight years in quarterly installments. So far as Anant is concerned, again we are funding it through mix of own funds and term loan in a 5050 ratio. And again this term loan will be acquired for a tenure of five to eight years and tenor we will decide exactly at the time of disbursement. But we are very hopeful.
Both the loans we will prepay with the internal accrual. With the deployment of both these vessels our accrual will be higher. And we are hopeful to repay both these loans within a period of three to four years.
Sunil Gupta
Also if you see our debt equity ratio and debt EBITDA is very healthy. So keeping some debt on the balance sheet does not hurt us.
Unidentified Participant
Okay, sir. Got it. Yeah. My next question is can you give me the detailed operational update for all the vessels apart from CMAX Aladdin and are all the vessels under a high utilization?
Sunil Gupta
Naveenji, a quick snapshot.
Naveen Mohta
Yeah. Normally if there is any kind of breakdown or offer is there which is going to affect the revenues materially they are all intimated to stock exchanges. So you will know about it if there is some any kind of deviation, is there? That’s all you need to presume that all the vessels are working. Having said that, I will just tell you right now that our vessels, Cmac 2, Cmac 3, Cmac Princess, Cmac Glorious, Cmac Diamond, Cmac Agastra, all these vessels are working currently and even Cmac Swordfish. Currently only Cmac Paladin is undergoing dry dock repair.
So she is expected to be back by March end.
Sunil Gupta
I hope that answers your question.
Unidentified Participant
Yeah. Yes. Yes sir. If my next question IS ONGC secured 7 of 10 blocks in OALT 8. How does CMAP plan to capitalize on this increased acceleration activity? Are there any tenders or contracts already in the pipeline?
Naveen Mohta
So if you the block which has been acquired by ongc, they will undergo now the process of extracting crude, which is going to be a long run process and it will take anywhere around four to six years to commercialize the extraction from those blocks. Only then the scope for us will arise for our kind of vessel. So immediately there is no upside for us in that way. But of course the more the increased exploration activity, the more exploration takes place is good for the company’s business.
Unidentified Participant
Okay, thank you so much sir. Thanks for all the answers.
operator
Thank you.
Naveen Mohta
Yeah.
operator
The next question question comes from the line of Pratham Agarwar from Noah Orbit. Please go ahead.
Pratham Agarwal
Hello. First of all sir, congratulations on good set of numbers. So except from CMAX Palladium, is there any other ship stated to go for dry dog in this quarter and which are the ships which are stated to go for dry dock in FY27?
Naveen Mohta
So in, in this quarter there are one more vessel, CMAC diamond, which is a smaller vessel which is supply vessel is planned to go for the dry dock. So that is. That’s all. So Palladin and CMAC diamond are the only vessel which will be under dry dock during this quarter.
Pratham Agarwal
Okay. So and for FY27
Naveen Mohta
and FY27 then. There will be another three vessel which will be undergoing the dry dock.
Pratham Agarwal
Which. Would be those species,
Naveen Mohta
but those vessels will be going in dry dock during the monsoon period. So there is very less chances of disruption in revenue for those vessels.
Pratham Agarwal
So if, if I’m right, is it CMAC 3, CMAC Princess and CMAC Glorious?
Naveen Mohta
Yeah, yeah. These three vessels.
Pratham Agarwal
Okay, thank you so much.
operator
Thank you. The next question comes from the line of Zoeb Rashid from Swinglish. Please go ahead.
Unidentified Participant
Yeah, hello. Am I audible?
Sunil Gupta
Yeah, yeah, yeah.
Unidentified Participant
I just wanted to ask why is the accusation of ANAND taking so long? We just, first time we mentioned it one year ago, I guess in Q3 of FY25. And I mean why is it taking so long when we just have to transfer it from our parent? And just this one first.
Naveen Mohta
See as soon as you are taking.
Sunil Gupta
Yeah, I’m taking. So see there are a number of approvals that were required. First it had to go through board approval. It had to go to shareholder approval. Then we had to take ONGC approval. We have recently, in October, November got shareholder approval for announcement of limit for related party transaction. Because as you know this vessel is already chartered by HAL to ongc. All these situations have delayed the process to some extent. But now we are confident that we should be able to close this in Q4 and by Q1 we should be deploying it.
Unidentified Participant
Okay. Okay. And the other vessels which we you know get contract in a parent company hal, but we get a contract in cmax. So do we have to pay some royalty to the parent as such?
Sunil Gupta
No. So basically there is a revenue share and some part of the scope is done by parent company and some part of the scope is done by cmac. As I just mentioned, this Goodman vessel was parents owned vessel. So typically this vessel could have been deployed by the parent in altogether. But since we now interact with investors and we believe that we have to create value for investors. This contract was taken by cmac. The vessel was taken on rent from HAL Offshore. And CMAC performed and earned exceptionally well in Q3 by marginally paying to HAL Offshore for the rentals that we use the vessel for.
And going forward also we believe that as and when the new contracts will be coming we will be trying to bid them in CMAC and increase CEMAC share of business. And gradually HAL Offshores business will deplete by the expiry of the contracts.
Unidentified Participant
Okay. Okay. And just you know, after you know having Anant, we said that it will be also going in dry dock. So will it be before the quarter one of financial year 27?
Sunil Gupta
Naveenji?
Naveen Mohta
No, no, no. Anand. We have not not said that. Anand will go for the dry dog.
Unidentified Participant
Okay, okay. Okay. Okay.
Naveen Mohta
Is not due now even in this quarter or for the next year.
Unidentified Participant
Okay. Okay. Thank you. Thank you. Thank you. That’s answers man.
operator
Thank you. As there are no further questions from the participants. And now hand the conference over to Mr. Bala Subramaniam for closing comments. Thank you. And over to you sir.
Balasubramanian
Thank you sir. Sorry. Any final closing remarks from your side?
Sunil Gupta
We have done this quarter exceptionally well. We plan to close the year also. Good. And we thank you, our investors, in having faith in us. We believe cemax has lot of potential to grow in years to come. And we will take most of the opportunities to grow for our investors and other stakeholders. Thank you very much.
operator
Thank you. On behalf of aria’s Capital Markets Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.
Sunil Gupta
Thank you.
Naveen Mohta
Thank you.
Vinay Kumar Agarwal
Thanks, everyone.