Tega Industries Ltd (NSE: TEGA) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Mehul Mohanka — Managing Director & Group Chief Executive Officer
Sharad Kumar Khaitan — Chief Financial Officer
Pratik Basu Roy — President
Analysts:
Unidentified Participant
Varun Jain — Analyst
Chirag — Analyst
Varun Jain — Analyst
Kamlesh — Analyst
Deepak — Analyst
Avisha — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q3FY26 earnings conference call of Tega Industries Limited hosted by Dalit Capital. 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 for pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Varun Jain from Dolib Capital for his opening remarks. Thank you. Over to you, sir.
Varun Jain — Analyst
Hi. Good evening everyone. Welcome to the Tega Industries Q3FY26 earnings conference call. So we are joined today by the management led by Mr. Mehrunga, MDN Group CEO and Mr. Sharat Ketan, the Chief Financial Officer and as well as Mr. Pratik Basu Roy, President, Product Management, Global Sales and Marketing. So we’ll have some initial remarks by the management followed by the Q and A.
Mehul Mohanka — Managing Director & Group Chief Executive Officer
Good evening and a warm welcome to all the participants on the call. I am joined this evening by Mr. Saurav, Senior CEO of Tegan McNelly, Mr. Pratik Basu, President, Product Group and Sales and Sharad Khetan, our cfo. Thank you for joining us today. It’s a pleasure to connect with our valued investors, analysts and stakeholders. I hope you and your families continue to keep well. The consolidated revenue for the nine months ended FY26 stood at 1210.3 crores representing a 6% year on year growth. We delivered an EBITDA of 216.1 crores for the nine month period with EBITDA margins of 18%.
The margins were marginally lower due to a one time acquisition related expense and charges arising from the implementation of the new Labor Code regulations. Excluding these one off items, our EBITDA margins would be above the 20% threshold at the consolidated level, broadly in line with last year for both Q3 and YTD December period. In Q3FY26, our gross margins remained healthy at around 60% of revenue reflecting strong operating discipline and a resilient product mix. Our equipment business recorded strong momentum closing the nine month period with revenue of 182.6 crores, a 34% year on year increase compared to the same period last year.
We continue to make focused efforts to accelerate our growth trajectory in Q4 and Q1 FY27 supported by a healthy order pipeline and operational improvements. As of December 31st, our order book stands at approximately 1114.02 crores with 810.2 crores executable within the next 12 months. This provides strong visibility and confidence in our growth trajectory. We remain cautiously optimistic about the road ahead while macroeconomic uncertainties persist. Our diversified portfolio, strong balance sheet and customer centric approach position us well to navigate challenges and seize emerging opportunities across global markets. Independent export assessments show copper Demand rising at 4% CAGR through 2030 driven by electrification, EVs and infrastructure.
With copper increasingly seen as a strategic metal for the energy transition, gold production is also expected to grow at a similar rate supported by investment demand and central bank mine. These trends are driving increased mining activity, especially in copper rich regions like Latam, North America and Africa. This surge has prompted mining companies to ramp up exploration and production, especially in copper rich regions such as Latin America, North America and Africa. Despite broader macro uncertainties from geopolitics to supply chain volatility, we remain confident in our business model. Our localized manufacturing footprint, supportive commodity environment, strong talent base and continued investments in R and D and innovation position us well for sustained growth.
We’re also making good progress in expanding across Europe, Latin America and Australia with customer trials and negotiations at advanced stages. These initiatives should begin contributing meaningfully from FY27 onwards as per equity interest purchase agreement executed between the buyers and the sellers. Antitrist filings have been done in 12 jurisdictions including US, Canada, Latin American countries, Australia, Saudi Arabia and certain European jurisdictions for the Mollycop transaction. In addition, an FDI related filing was made in Spain. The filings were made by the last week of January 2026. The authorities are presently reviewing our applications and we are hopeful of receiving the approvals over the next year.
We have been cooperating with the authorities to provide the information that they require. I’d like to thank our employees for their unwavering commitment, our customers for their trust and you our investors for your continued support. We’re committed to delivering sustainable value and transparent communication. Now I would like to hand over to Sharad who will take you through the financial performance of the company. Thank you.
Sharad Kumar Khaitan — Chief Financial Officer
Thank you Mehul. A very warm welcome to everyone and thank you once again for joining the Earnings call for Q3 of FY26 and nine months ending December 25th. Performance and Results the total group revenues for the nine months ending December 25th of of FY26 stood at 12,103 million with an EBITDA of 2,161 million. That is an EBITDA margin of 18%. For the similar period last year. That is nine months ending FY December 24th the total group revenues was at 11,390 million with an EBITDA of 2264 million. With that results in an EBITDA margin of 20% on a year on year basis the total revenues at a group level has grown by 6%. During the nine month period ending December. 25, the consumable business segment and the equipment business segment contributed 84 and 16% to the group’s revenue from operations respectively. On a nine month basis the gross. Margins have shown an improvement of 200 basis points that is up from 57% last year to 59% in the current year mainly on account of regional and product mix specific execution of high margin orders. The equipment business has also shown a. Turnaround and is also PVT positive. We serviced last year same period where it was marginally negative at a PVT level with significant increase in revenues as. Mentioned at the start of the call. During the period under revenue we have accounted for the expenses related to the Mollycop acquisition I.e. professional fees, due diligence, legal consultancy, etc. As per the terms and the agreed. Milestone, there has been an additional charge. For in employee benefit expenses due to the new Labor Code regulations and if we exclude such one time expenses then the EBITDA margins would be above the 20% threshold. For the nine months ending December 25th. The order book for both the business. Segments that is consumable segment as well as the equipment segment remains strong and we have an order book of rupees 11,402 million as a 31 of December 25th out of which executable orders within one year is 8102 million. The total group revenues for Q3 of. FY26 stood at rupees 4175 million with an EBITDA of rupees 600 million I.e. eBITDA margins of 14%. The group revenue for same period last year I.e. Q3 of FY25 was at 4206 million with an EBITDA of 1027 million, I.e. an EBITDA margin of 24%. During the quarter under reporting, the consumable. Business segment and equipment business segment contributed 88 and 12% to the group revenues respectively. The revenue from operations of the consummal. Business reported revenues of 3585 million in Q3 of FY26. We serviced 3556 million in same period last year up by about 29 million. The revenue from operations of the equipment Business witnessed a modest decrease of 72. Million on a quarter on quarter basis with revenues at 475 million as against 547 million reported in same period last year. We have maintained healthy gross margins of. 60% at the group level, we serviced 59% same period last year in spite of raw material volatility, global uncertainties and a higher share of the equipment business segment. As mentioned earlier, ebitda margins for Q3. Has also been impacted by the one time expenses account related to the proposed Mollycop acquisition and the one time charge account the new Labor Code regulations. And if you exclude such one time expenses, the EBITDA margins for the quarter would be above the 20% threshold with which we operate. Please note that there are variability on a quarter on quarter basis and hence. We should always see the performance of the group on an annualized basis. The Chile CAPEX project is on track with the project in full action and we are trying to have the same ready for commercial production in Q2 of FY27. It may be noted that sales shall. Not be impacted in the interim period as we have put up alternate plans at Chile which will address any capacity limitations to meet the revenue growth. Thank you very much for your time. And the forum is now open to questions. You may have any.
Questions and Answers:
operator
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 their touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and 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 Chirag from Centrum Broking. Please proceed.
Chirag
Yeah, thank you and good evening to all. So sir, first question is on mollycorp acquisition. So during the quarter we have. We have released a press list saying that we would like to increase our stake in that entity and and also announcement today increasing the borrowing facility basically. So just wanted to have an update on what is the financing structure that we are likely to propose and are we on track for March closing the deal by the March month basically next month.
Sharad Kumar Khaitan
So as far as the increasing of. Our stake is concerned, we have upsized our stake and we are now having a stake of 84% in the Molycop entity. We are estimating the transaction to close. ASAP currently as advised, we are expecting to complete it by March 31 March. However, there may be some spillover which will keep you updated as we have firm timelines in regards as far as. The capital raise is concerned. We are going ahead with a mix of internal accruals, debt and the equity. The upside was anyways a part of. The SHA option which was negotiated at the time of signing and the time we exercise that we gave the disclosures to the investor community.
Chirag
Correct, sir. So but for the financing part, has it been finally decided what would be the amount of debt they would which we would be taking and beyond the 2000 crore capital raise that we have already mentioned. Apart from that whether there will be any further capital raise requirement.
Sharad Kumar Khaitan
Currently we are equipped with the funds what we have with the last equity raise we have done definitely in case if any requirement is there, we will. Definitely go with for another round of equity raise if required. But we are with the current structure and the current funds available with us. We are in a position to conclude the transaction itself. So the financial closure for the transaction is achieved in the current scheme of things.
Chirag
Okay. And sir, second on the consumable business. So while you mentioned that in Q3 considering the, you know, various acquisition related expenses and labor quote, the margin would have been upwards of 20%. But also considering some of the commodity cost inflation, etc. What is the margin outlook over a near to medium term of let’s say 12 to 18 months. Do we see any cost inflation impacting our gross or operating margin profile for consumable business over a near term?
Sharad Kumar Khaitan
The consumable basis chirag. We generally operate in a gross margins of 57 to 60% and EBITDA margins anything between 22 to 23%. That’s the reason why we told that in spite of the volatility and the. Uncertainties, we have been able to maintain the gross margins. And it’s a mix of the raw material cost, the efficiencies all put together.
Chirag
Sure. So basically commodity cost inflation is unlikely to impact the margin profile going ahead beyond Q3. I was asking specifically.
Sharad Kumar Khaitan
We generally pass on the price differential, if any to the customers with a quarter time lag. So that takes care of any community price.
Chirag
Sure, sure sir. And the last thing on equipment segment. So on equipment again the Q3 margin was lower for the exact same reason. I mean the acquisition and labor cost impact is split across both segments. When it accounting for EBITDA for equipment.
Sharad Kumar Khaitan
We have a labor code impact. Yes, that if eliminated would definitely pull the margins up. But there are quarter on quarter variability. In both the businesses. Hence we request you to see it. On a full year basis. So on an equipment basis we always operate On a gross margin, anything between 40 to 45% with EBITDA margins in. The range of 13 to 14%. So there is a quarter revenue spillover. Which happens generally actually in case of any lumpy project coming, big project coming in or something, getting little differed, so on and so forth.
Chirag
Okay. Okay, sir, thank you.
Sharad Kumar Khaitan
Thank you.
Chirag
Thanks.
operator
Thank you. Before we take the next question, we would like to remind participants that you may press Star and one to ask a question. The next question is from the line of Varun Jain from Dalad Capital. Please proceed.
Varun Jain
Yeah, hi sir. So my question was that in this business usually we always have that H2 is stronger than H1 and you had guided that. Overall, the revenue growth for FY26 will be close to 1525 plus for equipment, which is there in nine months also, and maybe 12, 13% for consumers, which is on a ninth month, which is like 2, 3%. So like, can you explain like what has happened? Yeah.
Pratik Basu Roy
Hi, this is Pratik here. See, we have had, the industry has grown by about 4.9%. On top of that, we are maintaining our CAGR momentum that we have a 15% on a long term basis and we want to continue to grow on that momentum, although on a way higher base. So there is no change in that. Long term forecast for us.
Varun Jain
Specifically for consumables, what happened like in this quarter, why was Q3 much weaker? There was no growth almost like 1%.
Mehul Mohanka
Yeah. So what’s happened is that while, you know, our sustainable spares business, which is repeat business, has come back very strong, some of the initiatives on conversions of new customers, they’ve had a time lag where some of the purchase orders or the orders that were to come through have been delayed by a quarter or two. So not that there has been any slippages per se or erosion of market share, there’s just been a time lag where some of the volumes have moved from one quarter to the other. So while consumables has been a bit weak in terms of the 2% year to date growth and we don’t expect it to come in at double digit numbers by the end of the year, but we still see it at high single digit numbers.
Varun Jain
So sir, you’re saying that Q4 will be so strong that the entire for the entire year it will come up to like 7, 8%, something like that. That’s what you’re saying.
Mehul Mohanka
So closer to that number.
Pratik Basu Roy
Yeah.
Varun Jain
Okay. And sir, what would be your guidance for FY27 for both the segments in terms of revenue?
Sharad Kumar Khaitan
We Will give the guidance for FY27 once we firm up our budgets. We are in the midst of our budget process. I think when we connect next time we will give you the full year estimates for the next financial year.
Varun Jain
Okay.
Pratik Basu Roy
Okay.
Varun Jain
And for this last bit on the fee side. So you said that there was a one time fee impact which hit the consumers business margin. So is there any impact which is pending like which is there for both for this labor code on equipment and this other one on consumers which will be there in Q4 also for labor.
Sharad Kumar Khaitan
Code we have done the actual valuation now since the rules have not yet been notified. Once the rules comes in we will. Figure it out how to structure and make changes if any. But I doubt we will have any. Further charges on account of labor. Good. The charges what we have taken are actually determined are sufficient I think even on a full year basis.
Varun Jain
As far as the.
Sharad Kumar Khaitan
Yeah, yeah please go ahead.
Varun Jain
No, I’ll say consumers.
Sharad Kumar Khaitan
Yeah. As far as the mollycop equation is concerned certain expenses have been incurred for. Example Due diligence etc. Certain expenses are based on milestone and on completion of the entire transaction. For example the refinancing fees, the other fees etc, certain milestone days and as. And when they come we shall provide. For them in the subsequent quarters.
Varun Jain
Okay. In the subsequent. So even like Some quarters of FY27 may also be impacted then.
Sharad Kumar Khaitan
Yes. Because it’s a huge transaction. So the. Refinancing fees, all of that become in once we do the refinancing. I cannot take a charge today if. I have not done the refinancing for example.
Pratik Basu Roy
Yes. Yes.
Varun Jain
Okay sir. Okay.
Sharad Kumar Khaitan
Yeah. And anyways all these expenses will come at the Singapore entity what we have formed and will not be a part of the TEGA consumable segment what we are seeing today. So as far as the takeout consumable segment what we are seeing I think. The expenses have been taken care of in this nine months ended December 25th.
Varun Jain
Okay. Okay sir, I will come back in the case.
operator
Thank you. Before we take the next question we would like to remind participants that you may press star and one to ask a question. The next question is on the line of style. They style. Please proceed.
Unidentified Participant
Thank you. Sharad. Hi. Can you quantify this one time expense in this quarter on these fees and due bridges and all. Because if I adjusted to get to a 20% plus EBITDA margin like you’re saying then I get some 3540 crores odd number. So if you can give you the number or maybe just confirm whether this is true?
Sharad Kumar Khaitan
Yes. Basically the labor code impact is about. 6 crores at a group level. And then a significant portion of the. Numbers you have given represents the transaction expenses. All right. Okay.
Unidentified Participant
But the total should be in the range of 35 crores. Is that understanding?
Sharad Kumar Khaitan
Yeah. The total difference if you see on a 9 months period is about 45,50 crores. In the other expenses, which comprise of. Certain increments are the normal course of increment. But predominantly these two, the transaction expenses are there because the labor code impact. Is anyways part of the employee benefit expense.
Unidentified Participant
Understood. Right. Secondly, while I appreciate that this is not a business to be thought of on a quarter to quarter basis, but I thought the consumables was a more steady one. Right. Where there is kind of order and then the mind needs to be fed continuously with liners. So how should one think of the variability on the consumable business specifically and if there are any specific reasons why you had some weaker numbers in this quarter?
Sharad Kumar Khaitan
No. Like we mentioned in the earlier part of the call, a major part of the space business that’s there with us. So there is no market loss per se as such. It’s only about a volume shift from. This quarter to the subsequent quarters.
Unidentified Participant
This. You’re saying this is a consumable business also there is a shift in the consumer business.
Sharad Kumar Khaitan
Yes.
Unidentified Participant
Okay, right. And this would be any particular reasons why this has happened? Because we’ve had some logistics issues in the past. So are these recurring or. Or something else is leading to this volatility?
Sharad Kumar Khaitan
The logistics issue remains a challenge, but it has also cooled off to a large extent. It’s about the customers and because of the global uncertainties, things like that, the consumption pattern may be at a particular. Site getting little elongated, things like this. And that’s how the customer inventory at site is consumption pattern. So it’s just about a deferment of this thing and certain conversions. What we were thinking of coming in. Q3 gets now shifted to Q4.
Unidentified Participant
I see, I see, Right. And lastly, the full year guidance, I think you were at 15% for consumables. Is that still hold or you might see some sort of shortfall there?
Sharad Kumar Khaitan
We have been growing historically at about. So we have always maintained that the long term growth story of 15% CAGR. Remains intact with us this current year. We may be something around 8 odd. Percent growth in the consumable segment.
Unidentified Participant
Understood. Great. Thank you so much.
Sharad Kumar Khaitan
And the equipment business will have growth of anything close to about 28 to 30%. So at a group level still we. Should be able to have a decent double digit growth.
Unidentified Participant
Okay, great. Thank you so much.
operator
Thank you. The next question is from the line of Kamlesh from Lotus Asset Managers. Please proceed.
Kamlesh
Yeah, thanks for the opportunity. First, like say it has been asked number of times. So can you quantify the fer. For like say the fees paid for the acquisition in this quarter as well as the nine month.
Sharad Kumar Khaitan
Sir, we have not been able to get your question. Can you please repeat or be a little loud?
Kamlesh
Yeah, I’m asking that would you please quantify the fees paid for the acquisition for this quarter as well as the 9 months FY26.
Sharad Kumar Khaitan
So the fees what we have paid. If you see the other expenses on a nine month basis, you will see about 45 to 50 crores of expense. Increase which includes a significant part of the transaction expenses.
Kamlesh
And for the quarter, sir, the quarter.
Sharad Kumar Khaitan
Also the difference what you see a significant part of it because of this. Transaction expenses in Q3.
Kamlesh
Okay. And so going forward like in the. The consumable business is a bulky one for us. So can you throw some light on the income from the breakup like how much comes from the gold mining or the copper. So can you provide some breakup on the segments or the revenue which is originating from the gold, copper and all these things?
Sharad Kumar Khaitan
Gold and copper are the two metals which we cater to predominantly. About 75 to 77% of our revenues. Come from these two sectors.
Kamlesh
Okay. And going forward like say that in India cement is coming up in a big way and even the metal ferrous. Non ferrous. So once the MollyCorp comes into play. So are we looking to diversify to other metal?
Sharad Kumar Khaitan
We would explore all possible opportunities and would like to comment on this once we consolidate Malika.
Kamlesh
Great. Thanks a lot, sir.
Sharad Kumar Khaitan
Yeah.
operator
Thank you. The next question is from the line of Varun Jain from Dalit Capital. Please proceed.
Varun Jain
Yeah, so just last few questions I had. So in your consumables, what is the dynaplime share?
Sharad Kumar Khaitan
We don’t give the dynaprime share Varun. Because of confidentiality reasons.
Varun Jain
But you used to tell the year on year growth like how it has.
Sharad Kumar Khaitan
Been because of the sensitivity involved. We never give the breakup.
Varun Jain
Okay. And sir, has this particular mill liner segment composite. Has it seen more competition like heightened competition in the past few quarters or is it table.
Pratik Basu Roy
Hi, Pratik here. So no, I think we still are very comfortable in that position. People have been trying but they haven’t performed as of now. So right now I do not see any challenge.
Varun Jain
And sir, any. Any you Say you were saying that a lot of, you know, mines and all were in process of conversion. So any big mine which we are in, we are expected to convert in the next couple of quarters which will move the needle for us.
Sharad Kumar Khaitan
There are discussions going on, couple of trials are also there in place which. Are ongoing as we talk now. But due to the sensitivity and the. Confidentiality of the customers I think will not be able to share the names with you.
Varun Jain
Okay. Okay. And there is last one fundamental question on the business side, sir. Gold and copper prices are, you know, kind of increasing and like there’s no tomorrow. So your business is not like a direct beneficiary of that. Right. So because mining output and all, they take a long time to increase. So like we shouldn’t plot like gold and copper increasing directly to your business. Right.
Sharad Kumar Khaitan
It has got an impact. For example if the mines are churning a higher amount of throughput actually. So to have that higher throughput they need to have a higher input. And if they need to have an input it means more consumables will be. Required to process that much amount of ores actually. So in case if the demand and if the prices are up, you have more the mines churning out more throughput actually. And even the mines which are not making money, they also come back into the business now. So if the prices are rise, people find an opportunity and more over that. Process, the business definitely grows for us.
Varun Jain
Okay. Okay. Thanks and all the best.
Pratik Basu Roy
Thank you.
operator
Thank you. The next question is from the line of Deepak from Kundaram. Please proceed.
Deepak
Thank you for the opportunity. Am I audible, sir?
Sharad Kumar Khaitan
Yeah.
Deepak
Deepak sir, just I have one question. In fact it’s an clarification regarding financing of this Mollycop deal. So if I recall correctly in round one we have raised around 1700 odd growth in form of potential equity share. And now with this upsizing of investment our total investment is likely to be around 3520 crore mark. So just wanted to know like are we looking to finance more of debt in the incremental portion which is yet to be financed means over and above 1700 crore which we have raised in equity in round one. Just wanted to know what is the equity debt split of this 3520 crore which you’ll be investing in Mollycorp.
Currently?
Sharad Kumar Khaitan
Deepak, we have secured this entire transactions with the equity raise, the internal accruals. What we have, the surpluses at my treasury plus the debt. What we have done in case if. We feel the requirement of equity raise. To reduce my debt, we’ll definitely come back and then seek your health in the matter.
Deepak
And sir, could you also explain what is this OCR PS that we are now trying to invest in the TEGA Holdco level means how is that related to whatever financing option we are currently exploring?
Sharad Kumar Khaitan
So it’s one of the instruments through which we will park. We will remit the money into our TEGA Singapore entity which will be onward. Used for the Polycop acquisition. This instrument particularly gives us the flexibility of structuring restructuring in the future. And that’s the way as advised by our consultants etc. We have evaluated this and we found it to be the right way to remit the funds abroad.
Deepak
Okay. So if the understanding is that whatever equity we have raised at Pega level but once we’ll be investing that money into a molecule level, it will be in this OCR form over and above let’s say whatever debt will be financing.
Sharad Kumar Khaitan
Yeah. So the money is what we’ll be sending it to the Singapore entity which will be my hundred percent only on subsidiary will be using a mix of pure equity as well as the OCRPs. And once the money flows into this Singapore entity, the onward movement for mollycop equation to the downward JV company along. With Apollo funds will be in the nature of equity.
Deepak
Okay. And as far as Apollo’s investment is concerned, there is no change in that.
Sharad Kumar Khaitan
The preference amount that remains the same. What we had disclosed earlier.
Deepak
Okay. Okay, very helpful. Thank you.
Sharad Kumar Khaitan
Thanks Deepak.
operator
Thank you. The next question is from the line of Avisha from Sydney Technology. Please proceed.
Avisha
So I have one question. It’s a little repetitive regarding equipment side. So like quarter two it was around 77707. Now it has dropped significantly like on a Y O Y basis also it has dropped and on a QOQ basis also. And you have also said that H2 would be heavy. So why the number has dropped and secondly what will drive Q4 growth? So what are the drivers that will be driving so High growth in Q4?
Sharad Kumar Khaitan
Hi, this is Sourav. So what you would say that you know we have the enough order backlog which we are going to push out in the Q4. So as regards to the order backlog is concerned is absolutely we are very comfortable situation and it is basically as we mentioned there is a quarter variability is there in some of the some of the equipment which we couldn’t push into Q3 which naturally will be done in Q2. So overall the financial are concerned we will remain as we focused and we given the guidance in past. Quarter we did about 70 crores of. Equipment sale revenue from operations. Visa, Visa. If you see September 24th the same number was about 45 crores. So there are certain orders which gets referred in, certain orders gets preponed. So those variability on a quarter on quarter basis remains in our business and hence we have always advised to see our business on a full year 12 month basis. So that takes care of and eliminates. All these variability and fluctuations.
Avisha
Okay, that was my question.
Sharad Kumar Khaitan
Thank you.
operator
Thank you. We take that as the last question. I now hand the conference over to the management for the closing comments. Over to you sir.
Sharad Kumar Khaitan
Thank you once again for taking out time and coming out coming to our investor call. We’ll keep you posted of any subsequent developments. Happy to interact and take any subsequent questions you have. You can reach out to us to. Our investor department and we’ll be happy to address the same. Thank you so much.
operator
Thank you on behalf of Dollar Capital. That concludes this conference. Thank you for joining us. And you may now disconnect your line.