Star Cement Ltd (NSE: STARCEMENT) Q4 2025 Earnings Call dated May. 22, 2025
Corporate Participants:
Tushar Bhajanka — Deputy MD & Director
Manoj Agarwal — CFO
Analysts:
Navin Sahadeo — Analyst
Shravan Shah — Analyst
Unidentified Participant
Harsh Mittal — Analyst
Uttam Srimal — Analyst
Harshal Milan Mehta — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Star Cement Q4 FY ’25 Earnings Call hosted by ICICI Securities 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 then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Naveen. Thank you, and over to you, sir.
Navin Sahadeo — Analyst
Thank you, Saisha. Good afternoon, good evening, everyone, for participating in this call. On behalf of ICICI Securities, I welcome you to the Q4 FY ’25 results conference call of Star Cement. From the management we have with us, Tushar Bajankaji, who is the Deputy Managing Director and joined by Mr Manoj Agarwal, who is the company CFO. So without any further ado, I hand over the call to the management for opening comments. Over to you, sir.
Tushar Bhajanka — Deputy MD & Director
Yeah. So good evening all. My name is. I’m the Deputy MD of Saa Cement. I welcome you all to the conference call of Q4 ’25. And I’ll hand over the — hand over to our CFO, Mr Manoja Agarwal to make you go through the numbers and then we can have the Q&A.
Manoj Agarwal — CFO
Thank you. Yeah, hi,. Very good afternoon. I on behalf of Cement Limited, welcome you all to our con-call for discussing our number of Q4 ’25 and for the full financial year ’24-’25. I would like to clarify that we are discussing on the historical numbers and there is no invitation to invest. Having said that now, I will just take you through the Q4 number followed by full-year number. Starting from clinker production during the quarter ended March ’25, we have produced 11.38 lakh ton of clinker as against 6.93 lakh tons same quarter last year. The increase in-production is on account of the stabilization of our 3.3 million tonne clinker plant at. So-far as cement production is concerned, we have produced 14.79 lakh tons this quarter as against 13.88 lakh tons same quarter last year. Now I will take you through search volume. During the quarter, we have sold 14.75 lakh ton of cement and 0.57 lakh ton of clinker as against — 13.87 lakh ton of cement and
0.2 per lakh ton of clinker last year. This is as far as cement and clicker sale is concerned. As far as geographical distribution is concerned, in Northeast, we have sold around 11.02 lakh tons as against 10.40 lakh ton during same quarter last year. And as far as outside Northeast is concerned, we have sold 3.73 lakh ton of cement this quarter as against 3.47 lakh ton same quarter last year. In terms of blend mix, it is almost 14% of OPC and the rest is TPC. These are the quantitative numbers of the quarter. Now I will take you through to the financials, the total revenue figure this quarter is around INR1,052 crore as against INR914 crore same-period last year. As far as EBITDA cycle is concerned, this quarter we have done an EBITDA of around INR268 crores as against INR188 crore last year. Pat is INR123 crores as against INR88 crore in the same-period last year. There is increase in PAT despite of the fact that there is a fast increase in depreciation due to the capitalization of about two new 2 million ton clinical brand units and also the clinkerization unit. On EBITDA, it front, it is INR1749 during this quarter as against INR1329 per tonne same quarter last year. This is one of our quarterly numbers of 4th-quarter. The total revenue figure for the full financial year is around INR3163 crore as against INR2911 crores in previous financial year. As far as EBITDA figure is concerned, during the financial year, we have done an EBITDA of around INR589 crores as against INR583 crore last year. PAT is INR169 crore as against INR295 crore in FY ’24 the decrease in an account of increased depreciation as explained earlier. On per and EBITDA front, it is during FY ’25 as against INR1,312 per ton last year. These are the quarterly and full-year number. Now we request all of you that if you have any queries, you can ask the same and I will request Naveen jee to moderate the variable-rate required. And further, Mr, our CEO is also with me. So he will also reply the relevant question if requires it. Okay, now it’s your?
Operator
Mister Naven you can speak
Navin Sahadeo — Analyst
Hello, yes, sir. Thank you. Yeah. Saisha, we can start with the Q&A, please.
Questions and Answers:
Navin Sahadeo
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 touchstone telephone. If you wish to remove yourself from the question queue, you may press star in two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles the first question is from the line of Shravan Shah from Dolat Capital. Please go-ahead.
Shravan Shah
Yeah. Thank you. Sir, first on the volume front. So now for FY ’26, last-time we said 5.5 million ton odd kind of a number we are looking at. So what’s the revised number?
Tushar Bhajanka
Yeah. So the revised number still is about, 5.5 so our target remains broadly the same. Though, of course, monsoon has come early this year and so the Q1 results may not necessarily reflect us achieving the numbers year-round, but I think you know we should be able to broadly achieve that number at by the end-of-the year.
Shravan Shah
Okay, got it. Second, in terms of the prices, so now the current prices both in Northeast and outside Northeast for us versus the 4th-quarter average is the — how much increase it is left and how do we now see the prices?
Tushar Bhajanka
So the prices compared to four — quarter-four are broadly — the average of quarter-four is broadly up by about INR5, INR7 rupees INR7 and we hope to maintain this prices in Q1. But as the offseason comes, then there may be some, you know some degradation in the prices.
Shravan Shah
Okay. So even Northeast and East and East also similar five to INR7 hike is there.
Tushar Bhajanka
Yeah, overall on an average, it’s about INR5 to INR7
Shravan Shah
Okay. And then still in terms of the gap in terms of the trade, non-trade for us is how much?
Tushar Bhajanka
The gap between trade, non-trade would be about
Manoj Agarwal
6 would be about 75 25 in Q3, Q4.
Shravan Shah
Sorry, sir, INR75 you are saying.
Tushar Bhajanka
Yeah, but that is at the GST level, so you’ll have to the GST and then you’ll look at it. So the gap would be about
Manoj Agarwal
15% in Q4
Shravan Shah
Sorry, sir, I didn’t get the number.
Manoj Agarwal
80% in trade and 20% in
Shravan Shah
No, no, you are saying trade sir, non-trades there you are saying.
Manoj Agarwal
Yeah, yeah, yeah.
Tushar Bhajanka
No, no. Yeah. So I think your question was what is the gap in prices between non-trade and trade? Is that correct?
Shravan Shah
Yes. Yes, yes. Yes.
Tushar Bhajanka
So that question, the answer is about INR500 crores
Shravan Shah
500 to 600 you’re saying?
Tushar Bhajanka
Yes, yes.
Shravan Shah
Okay, okay. And in terms of the capex now so first both the grinding units are and the other one. So one or two million tonne we were looking at to start in FY ’26 and the other one in FY ’27. So that remains intact or is there a possibility of?
Tushar Bhajanka
We expect the grinding to come by quarter-four of FY ’26, right, which is basically in about eight months from now. And we expect the grinding unit for Jihad to come around at the same time next year. So it will be coming in-quarter three or quarter three or quarter-four of ’27.
Shravan Shah
Okay. And in terms of the capex for FY ’26 and ’27, so would be how much?
Tushar Bhajanka
So the capex, you know for FY ’25 was about INR560 crores. The capex which is targeted for FY ’26 would be about 83 ’23 and the capex for about FY ’27 will be about INR600 crores.
Shravan Shah
Okay. Okay. Got it. And sir, recently, we got in March 2 limestone auction in Assam, so close to 339 million tonnes. So the point want to understand it, earlier we were having a plant also got a mine in the Rajasthan. So we want to reach a 20 million tonne. So with this 2 million ton, we will be close to 11.7 odd million ton. So another 8.3 million tonne if we want to reach by FY ’30, how one can look at — so are we looking at a more expansion in Assam first and then Rajasthan?
Tushar Bhajanka
No. So I think the capacity that we have set-in terms of clinker and are sufficient for the next four to five years. So we do not plan to expand in clinker very soon. But of course, we will take all the permissions in. We will apply for all the certificates from the environmental clearance to forest clearance to any other clearance that we require. And we will keep the permissions ready so that whenever we have to set-up a new in Northeast, we are ready to set it up in Rumranshu. So that is why we have taken the mine. So the mine that we’ve taken in was from a longer-term perspective for our requirement of setting up a single clink a plant whenever we need it in Northeast. Our focus right now is of course, you know because in Northeast, we’ll have about 12 million right of capacity as you mentioned, including. So that I think for this area for the next three, four years is a good plan. And we will — we are evaluating Rajasthan. We have gotten mines in Nimbol area in Rajasthan. We are also looking for mines in Jasal Mir area Rajasthan and we are trying to make a strategy so that we can enter Rajasthan in a you know, in a substantial way. And for that we are working. Once we have decided, we’ll let you know, right?
Shravan Shah
Yeah. No. So the point was that now the FY ’20 is over. So in next five years, if you want to 8 million ton, so how one can — so we have to start spending that so just trying to understand in
Rajasthan how much we can we can add 2 million to 3 million tonnes so where the remaining capacity likely can come.
Tushar Bhajanka
Yeah. So I think if you do Rajasthan, right, if you do end-up doing Rajasthan, it would be about a 4 to 4.5 million ton capacity. Yes. Right. So that will interest to our — that will be a 4 million to 4.5 million tonne grinding capacity with a clinker capacity of about 3 million, right? So if we go in that model, then we reach about, 16 million, like 12 million of what we have already announced and 4.5 million of what potentially we can do in Ajasthan. So including that, I think we closer to the 20 million number. And in the next five, six years, I think there will also be a requirement of another grinding unit in Northeast, not now, so probably in the next five, six years. So that us closer to 18 million to 20 million number basically.
Shravan Shah
Got it. Sir, now couple of data points,
Operator
Sorry to interact. Can you please rejoin the queue? Thank you. Okay, okay. Thank you. Thank you very much. The next question is from the line of Naveen from ICICI Securities. Please go-ahead, sir.
Navin Sahadeo
Yes. Yeah. Thank you. Thank you for the opportunity. A couple of questions. So what was the amount of incentive booked in the quarter, please?
Manoj Agarwal
It is INR75 crores.
Navin Sahadeo
Understood. So that comes to — that comes to roughly around INR500 rupees per ton give or take. So is it fair to assume that with the new kiln fully stabilized, we’ll continue to see the incentives at a similar per ton run-rate going ahead as or there could be some deviation or broadly what is the annual incentives one can look for, let’s say, a foreseeable future of four, five years on a steady run-rate basis.
Manoj Agarwal
It should be almost similar kind of subsidy except for our plant, the old one and that took I think how many years now?
Tushar Bhajanka
See 2027.
Manoj Agarwal
So next two years we are due for subsidy in-plant, Star Cement Limited. And so-far as grinding unit is concerned, so grinding unit will continue to have this for another seven, eight years. So — and plant as standalone, if you see the complete number of subsidy, then it will have — it will not have a much bigger number. So and next year, we are targeting and Johat also in the next year, Johat and next year. So that will also add to the KT of subsidiary. So we do not see any drastic change in the numbers of what you are having right now.
Tushar Bhajanka
But it will be seen that July to September is because it depends upon the volume. So maybe July to September will come down, may not be INR75 crore over the four-quarter no quarter, but it is maybe somewhere between INR220 crore to INR250 between INR220 crore to INR250 crore there.
Navin Sahadeo
Understood. Understood. So roughly INR200 crores to INR250 crore anywhere, that kind of a number per annum is what we can look to generate for next few couple of years going ahead. Understood. Sir, my second question was that as you ramp-up your Northeast like recently commissioned capacities and grinding units are also coming along. And, in the previous question mentioned you have enough like volume left, which can support growth or your volume growth for next four, five years. So is it then fair to say that entire the energy — from a growth perspective, all the energy will be channelized towards new capacities in Rajasthan. Is that the way to look at it?
Tushar Bhajanka
Yeah. I think that is fair. I think that is a one-way of looking at it, but the thing is that you know we are in no hurry in that sense right. So what we really want is that once we enter Rajasthan, we have enough resources, we have enough mines, right, that can sustain our growth in Rajasthan. So we are you know, though we are aggressive in of course, adding up capacities, we are conservative financially and we would want to, you know, first get all the permission, then probably you know if then probably in the next call, I think we’ll be in a better position to explain to you what exactly we are doing in Rajasthan. But right now, we are just making sure that we have our base ready so that we can enter Rajasthan in an effective way?
Navin Sahadeo
Yeah, understood. And my last question was, is there any further scope of efficiency now that the new kiln has ramped-up, are we likely to see further efficiency gains or from the waste-heat recoveries or most of the gains are already captured in.
Tushar Bhajanka
So I think you know the WHRS had just come in said. So quarter-four may not be a may not cover the entire period of WHRS benefit. So I think WHRS is one benefit which we expect from Line-3, which the new line that will start reflecting. Besides that, the new line is still stabilizing. Of course, we are able to produce at 70%, 80% capacity, but still can produce more. So as the kiln stabilizes further and starts producing at a higher capacity, the heat rate and the and the power would come down and that saving may not be very significant or will start reflecting in the results.
Navin Sahadeo
Thank you. Understood. That’s helpful. Thank you. Thank you. I’ll come back-in queue for further questions.
Operator
Thank you. Thank you very much. The next question is from the line of Mr Jain from Investein. Please go-ahead.
Unidentified Participant
Hi, good afternoon. Thank you so much for the opportunity. Just twofold question that I have. One is about the EBITDA that we have. In which — in this what is the proportion of incentives for Q4 year-on-year and FY on FY basis?
Manoj Agarwal
Yeah, it is because INR75 crores as already, this quarter is INR75 crores.
Unidentified Participant
So your voice is not very clear
Tushar Bhajanka
As my CFO said that this quarter Q4 FY ’25 the incentive is and on a full-year basis just and on a full-year basis, it is 1, 67 CR
Unidentified Participant
On this as compared to previous year and quarter respectively
Tushar Bhajanka
As compared to previous year this year 167 against 16 or 17 CR last year-on full-year basis. And on a Y-on-Y quarter basis, this quarter — Q4 quarter is 75 CR
Manoj Agarwal
I think about INR3 crores last year.
Tushar Bhajanka
As I guess last year, very negligible amount of around three.
Unidentified Participant
Okay. Okay. So and the other question is, what is the current installed capacity — capacity in Northeast?
Manoj Agarwal
Sure. Northeast. You are asking about our capacity or total capacity of industry?
Unidentified Participant
No, your capacity, what is the total grinding capacity in Northeast?
Tushar Bhajanka
Our capacity is 5.7 because total we have 7.7, 2 is in Siliguri, 5.7 is in Northeast.
Unidentified Participant
Okay. Okay. So comparatively, the sales in UPSC is quite differential compared to the grinding units that we have.
Operator
Is that — sorry, sorry to interrupt, can you please join for a follow-up?
Unidentified Participant
Okay, sure. Thank you very much.
Operator
The next question is from the line of Harsh Mittal from Emkay Global. Please go-ahead.
Harsh Mittal
Hi, good evening. Thank you for taking my question. Most of my questions have been answered. A few questions. First is what is the EBITDA breakup between the East and Northeast, if you can provide the data?
Manoj Agarwal
Normally, we do not break EBITDA on geography basis. So we work on the combined EBITDA basis already. So — and that’s not a workable for us to talk with under plant normal. So we have to take it on a holistic basis
Harsh Mittal
In the second. Sure, sir. Sir, next question is, what is the time difference between the incentive booked and the actual cash receipt of the same?
Manoj Agarwal
See, now most of the subsidiary GST subsidy. So in — when you commission a new plant, initial lag it long say 18
Months and after that it kind of regularly cash-flow kind of maybe 1/4 or so, 1/4 left.
Harsh Mittal
Okay, okay. Sure, sir. And sir, what would be the lead distance for this quarter, sir?
Tushar Bhajanka
This quarter we have a lead distance of 229 kilometers.
Harsh Mittal
Sure. Thank you, sir. That is all. Thank you.
Operator
Thank you very much. The next question is from the line of Uttam Kumar Shimar from Axis Securities Limited. Please go-ahead.
Uttam Srimal
Very good afternoon and congratulations on a set of numbers. Sir, my question pertains to the AAC blocks in. So what is the current status of the same?
Manoj Agarwal
A AC block unit is actually now almost ready for commercial production. We are targeting to commence the production maybe in last week of — any day kind of situation is there.
Uttam Srimal
And sir, how much revenue we are expecting from this particular unit in FY ’26?
Tushar Bhajanka
So we have actually set-up AAC plant and also construction chemicals. So though I don’t have the revenue estimate right now, but we do expect — and there are central benefits and also state benefits attached to it. So we do expect to generate an EBITDA of about 10 — about INR15 crores from this in the first year and it is going to commence, I think in this coming weeks.
Uttam Srimal
Okay. And sir, how was the premium cement sale during this quarter-out of sales
Tushar Bhajanka
I think we have reached a premium segment sale of almost about 12% in-quarter four, which we had started last year at about 5%, 6%. So there is a good growth of premium sales in the last eight, nine months. And we expect that in the coming years, we can be reaching about 20%.
Uttam Srimal
Okay. Okay. As far as a few data points, fuel mix for this quarter, this is Nagaland coal, biomass and auction coal and per kil — per kilo fuel cost.
Manoj Agarwal
Yeah. Yeah, fuel cost is 1.54 per GCV and from FSA, we have 52% from FSE and from biomark bamboo and others 14%, is mere 1% and that is spot oxide 33%
Uttam Srimal
Okay. Okay, that’s all from my side and wish you all the best.
Operator
Thank you. Thank you very much. The next question is from the line of Shravan Shah from Dolat Capital. Please go-ahead.
Shravan Shah
Thank you, sir. Sir, just one thing to understand. This depreciation run-rate of INR88 crores INR89 odd crores. So that’s the — now the new normal run-rate that one can expect or now once the plant is stabilized and we can start seeing a decline in the depreciation till the new 2G or grinding comes on.
Manoj Agarwal
Yeah, because the depletion year is on the diminishing balance myself. So our depreciation is — because the first year it will be higher and then as year goes on, it will come down. So the depreciation because the new plant will come only in the Q4. So there will be deprecision since that time the deprecision is going to reduce only.
Shravan Shah
Okay. And sir, in freight cost per ton basis versus Q-o-Q basis from 3rd-quarter to 4th-quarter, there is a sharp increases there from INR1144 odd per tonne to INR1,280 odd. So kind of INR136 rupees. So any specific thing to highlight or how one can now look at-will this INR1,200, INR1,300 freight is kind of a new normal?
Manoj Agarwal
Normally Q4, last quarter of the financial year is the peak season time for of our cement business is good. So at that time, if you see on a — on a year-to-year basis also, then freight, there is a tendency of increase in freight in the last quarter of the financial year.
Shravan Shah
Actually, sir, yeah, it increases even last year it has increased, but not of significant only 20 — 25, INR30 odd, but this time it was a significant INR136 per ton on Q-o-Q. So that’s what I asked.
Manoj Agarwal
So because this is maybe the distance has gone up just this quarter. So once it will — it will be normalized, but there will be no such increase in freight cost. And also it depends upon the fuel prices and also if it goes up, then it is very difficult to predict right now. But it will normalize.
Shravan Shah
Okay. Okay. Okay. Got it. And currently would be in terms of utilization for 4th-quarter would be similar, 45%, 50% or it has gone up?
Manoj Agarwal
It is in last quarter we implied 70% more than 70%.
Shravan Shah
Oh, that’s a great number. Okay. Great. Yeah. And in terms of last-time we were saying that though our focus will remain on the trade segment, but we also want to grow the non-trade share. So though this quarter we haven’t seen any much change despite of sharp improvement in the volume. So this 80-20 kind of a trade, non-trade, that’s the way one can look at or we can see a maybe further increase in the non-trade and trade going down?
Manoj Agarwal
I think more relationship should remain barring 2% here and there.
Shravan Shah
Okay. Okay. Got it, sir. Thank you and all the best. Thank you.
Operator
Thank you very much. The next question is from the line of Harshal from Asian Market Securities. Please go-ahead.
Harshal Milan Mehta
Thanks for the opportunity, sir. Basically seeing the balance sheet in current assets, other financial assets, we have seen a very sharp jump from almost INR12 crore to INR175 CR.
Manoj Agarwal
So it is because we have told us because subsidy what we accrued around INR150 crores of subsidy that has been increased from as compared to the last year and which we are hopeful to get-in there maybe by quarter two, it will be clear. And then after that, it will be maybe a quarterly quarter accumulation, quarterly accumulation. So that is the one-time because the subsidies being filed — going
Tushar Bhajanka
As I shared earlier that in the initial year of first year of production around — it takes around 12 to 18 months. The first time it gets accumulated and then there is a gradual cash inflow of that accumulated subsidy. And I think from next or next to next quarter, this will get streamlined and this whatever you are able to see in the current asset number, that will also get stabilized.
Harshal Milan Mehta
Thank you, sir.
Operator
Thank you very much. Before we take the next question, we would like to remind participants to press star and 1 to join the question queue. The next question is from the line of Mr Jain from investing. Please go-ahead.
Unidentified Participant
Thank you for the opportunity again. Just a follow-on question. So what is the what is the expansion that we are looking for in the other regions as well? Is there any scope of, anywhere?
Manoj Agarwal
I think right now, so-far as expenses are concerned, we have a plan as we already discussed with all of you in Northeast, one grinding unit in, which is already on one grinding unit at and then we have some plans in Rastana, as we said earlier. Barring those plans, as of now, we don’t have any other plans. Whenever we have any change in our plans, we will definitely see our investors.
Unidentified Participant
Okay, understood. Thank you so much and all the best for the coming months. Thank you.
Operator
Thank you very much. The next question is from the line of Mr Naveen from ICICI Securities. Please go-ahead, sir.
Navin Sahadeo
Thank you. Yeah. Thank you. Thank you for the opportunity. My question was around the competitive intensity in Northeast. So if you could just share or give some light on how are you looking at the overall competitive scenario in the region in the sense, except Dalmia, do you see any other major capacity coming up, be it from bill cement or like some other entities that are likely to — were looking to set-up a plant in the region, including Ultra Tech. So if you could just throw some light on the competitive landscape there.
Manoj Agarwal
I think except Darnia, as you rightly said, like Ultra Tech and other bigger players, in next two, three financial year or three, four financial — financial years, we are not able to foresee any asset acquisition or any greenfield project
And going over there. So in the short-term, we are not able to see — foresee any such capacity addition over there or competitive marketing scenario.
Tushar Bhajanka
Understood. Understood. That’s it from my side. Saisha, if you have any more follow-up questions, please check on that or we can then probably conclude the queue.
Operator
Okay, sir. The next question is from the line of Harsh Mittal from Emkay Global. Please go-ahead.
Harshal Milan Mehta
Hi, thank you for the follow-up. Just one small question. What is the consolidated gross debt and net-debt? Thank you.
Manoj Agarwal
Is around 38080 or so
Harshal Milan Mehta
380 sir am I right and net-debt
Manoj Agarwal
Net-debt is because hardly any chance bank balances right now maybe every INR20 crores you can see 60 kind of say
Tushar Bhajanka
Around INR350, 360 gross debt, we are due for subsidiary of around 150, which is as we discussed a moment before. As so-far as other cash and other things, cash, if you had that is not very much significant only. So 350 might be 60 minus, you can say 150. So around 200 or 200th here you can take.
Harshal Milan Mehta
Sure. Thank you. Thank you, sir. So this 200 CR, can we say it as on March 25 ending, or is it the current net-debt to because what says that
Tushar Bhajanka
Books the subsidiary receiving there that is also maybe currently we will be receiving in three, four month times. So maybe that you talking about. If you were talking about the debt is around — the gross debt is INR350 crores and net of cash and bank balances is around INR320 odd crore. But if you the receivable from current receivable of this subsidy, then it will be around INR200 crores, INR200 crores. G
Harshal Milan Mehta
Ot it. Thank you, sir. Thank you for that. Thank you for that. T
Operator
Hank you very much. The next question is from the line of Utam Kumar Shimar from Axis Securities Limited. Please go-ahead.
Uttam Srimal
Yes, sir. Thanks for the follow-up. Sir, I missed the capex number for FY ’23 FY ’27, if you can provide it.
Manoj Agarwal
So Sanjay said that FY ’26 we have plan of around INR823, INR820 odd crore and for FY ’27, it is around INR600 crores.
Uttam Srimal
Okay, sir. Okay, sir. That’s all from my side. Thanks a lot.
Operator
Thank you. Thank you very much. As there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Tushar Bhajanka
So thank you friends for participating in discussion of Q4 FY ’25 and year-end FY ’25 numbers. We’ll keep you informed about the numbers on a quarter-to-quarter basis. Thanks for joining.
Operator
Thank you very much. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines