Welspun Specialty Solutions Ltd (NSE: WELSPLSOL) Q3 2026 Earnings Call dated Jan. 27, 2026
Corporate Participants:
Goutam Chakraborty — Head of Investor Relations
Anuj Burakia — Chief Executive Officer and Whole Time Director
Analysts:
Unidentified Participant
Anirudh Nagpal — Analyst
Parth Bhavsar — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Wellspun Specialty Solution Limited Q3MFI 26 earning conference call hosted by JM Financial Institutional securities Limited. As a reminder all participant line open 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 touchtone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Aniruddh Nagpal from JM Financial Institutional securities Ltd. Thank you. And over to you sir.
Anirudh Nagpal — Analyst
Thanks operator and welcome everyone to the call. I will first thank Wellspring Solutions limited for giving GM Financial the opportunity to host today’s call. So without much ado, I’ll hand over the call to Mr. Gautam Chakraborty head Investor Relations Wellspan Corp. To introduce the management. Over to you Gautam.
Goutam Chakraborty — Head of Investor Relations
Thank you Anuruddh and good afternoon to everyone. On behalf of Welfare Specialty Solutions Ltd. I welcome all of you to the company’s Q3 and 9 months FY26 results call. Along with me we have Mr. Anuj Burakia, Chief Executive Officer and full time Director and Mr. Naveen Agarwal, Chief Financial Officer of the company. I hope you have had a chance to review the investor presentation that was filed with the exchanges. The presentation is also available on the company’s website. During today’s discussion we may be making references to this presentation. Request to you to please refer to the safe harbor statement in our presentation. Now we’ll start the forum with the opening remarks by Mr. Burakia and then we’ll open the floor for the Q and A.
So I’m just handing over the floor to Mr. Murakia. Over to you sir.
Anuj Burakia — Chief Executive Officer and Whole Time Director
Thank you Vautam. Good afternoon everyone. On behalf of Wellspun Speciality Solutions Ltd. I welcome you all to our quarter three and nine month financial year 2526 earnings call. Thank you for joining us today. I will start with a brief overview of global macroeconomic environment followed by an update on the industry landscape and a summary of our company’s performance during the period under review.
Thereafter, we’ll open the session for an interactive questions the global economy continues to experience significant volatility while some of the extremely high tariffs are being considered for rationalization, overall uncertainty has intensified due to ongoing political geopolitical tensions. Policy inconsistencies and retaliatory measures by several countries led by United States have added pressure on global market stability. At the same time, trade negotiations currently underway with European Union are expected to provide some relief for Indian exporters. Against this backdrop, the International Monetary Fund, in its latest World Economic Outlook, has projected global economic growth at 3.2% for 2025 and 3.1% for 2026.
Turning to India, the economy continues to exhibit resilience and strong growth momentum. India’s real GDP expanded by 8.2% in quarter two of financial year 2526 compared to 7.8% in the previous quarter. Reflecting this strength, the Reserve bank of India has revised its GDP growth forecast for financial year 26 upward to 7.3% from its earlier estimate of 6.8%. The Reserve bank of India has also highlighted that domestic factors including favorable agricultural prospects, the continued benefits of GST rationalization, benign inflation, strong balance sheets of corporates and financial institutions, and supportive monetary and financial conditions are expected to sustain economic activity.
At Wellspun Specialty Solutions, our focus remains firmly on strengthening our core competencies, advancing strategic initiatives in new applications and maintaining an agile operating approach. These priorities have enabled us to deliver consistent performance despite prevailing headwinds and and market challenges. During the first nine months of financial year 26, we are pleased to have added 30 new customers while continuing to maintain strong and meaningful engagement across our entire existing customer base. From a volume perspective, stainless steel seamless pipe sales in quarter three financial year 26 increased by approximately 50% year on year while stainless steel bar volume grew by about 22% year on year.
For the nine month period of FY26, stainless steel pipe and bar volumes recorded growth of 18% and 51% respectively on a year on year basis. Our financial performance during the quarter remained in line with our expectations for quarter three. FY26 total income stood at rupees 229 crores, registering a 15% year on year growth. EBITDA was rupees 19.8 crores, reflecting a strong 52% year on year increase and a 9% sequential growth. EBITDA growth continued to outpace revenue growth, indicating improved operating leverage. Profit after tax for the quarter stood at 9.5 crore rupees compared to a loss of rupees 3.6 crores in the corresponding quarter of last year.
For the nine months ended December 2625, total income stood at 683 crores up 26% year on year. EBITDA increased by about 36% year on year to rupees 52 crores. Profit after tax stood at rupees 18.4 crores compared to a loss of approximately 8 crores in the same period last year. Please note that EBITDA for both quarter three and nine month period include a one time charge of approximately rupees 66 lakhs relating to an additional gratuity provision following the implementation of new Labor Code announced by the Government of India. Our order book at the end of quarter three remains stable at approximately 5000 tonnes metric tons with a total value of approximately 200 crores.
I am also pleased to share that CARE Ratings have further upgraded our long term facility rating from Care A to Care AA minus while our short term facility rating continues at Care A1. In addition, our commercial paper has been rated at Care A1. These upgrades reflect growing confidence in our strengthened fundamentals, improved financial profile and disciplined execution. Considering the existing business environment and the overall demand scenario, particularly in export markets. As discussed earlier, margins have remained under pressure. However, we continue to pursue our strategy of improving capacity utilization while positioning the company for future growth.
In the current environment, we have further sharpened our focus on the domestic market while remaining fully prepared to capitalize on a rebound in export opportunities. I am pleased to inform that the IBR accreditation process for our chrome alloy steel bars and tubes was successfully completed during quarter three. Additionally, commissioning of our new Right bar project is progressing at full pace. These strategic initiatives aimed at debottlenecking operations and enhancing technical capabilities position the company strongly and make us as we move towards higher utilization of our steel making and pipe making facilities. Our technical and marketing team continue to drive the development of new products, grades and applications while simultaneously expanding our customer base and strengthening our market presence.
On the sustainability front, I am pleased to share that the proportion of renewable electricity consumption has increased significantly from approximately 31% during financial year 25 to about 53% during nine months financial year 26. This progress underscores our steadfast commitment to sustainability and green products as we advance along our ESG roadmap. Despite an extremely challenging external environment, the company’s value driven strategy, strong customer relationships, integrated solutions and agile execution have consistently delivered progress. This reinforces our confidence in our long term strategy focused on sustainable value creation.
With that I now would like to open the floor for questions. Please. Thank you so much.
Questions and Answers:
operator
Thank you sir. Ladies and gentlemen, we’ll begin with the question and answer session. Anyone who wishes to ask a question will press star and one on the test room 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’ll wait for a moment while the question queue assembles. Ladies and gentlemen, anyone who wishes to ask a question. I press star and one on the touchdown telephone.
Our first question comes from the line of Radha from BNK securities. Please go ahead.
Unidentified Participant
Hi sir. Thank you for the opportunity and congratulations on improved performance in this quarter. So first question is what are the key strategies to fill the bright bar capacity that will be commissioned in this quarter and by when do you expect to achieve full utilization of the same?
Anuj Burakia
Yeah. Good afternoon Mr. Thank you. Good question. So as I was mentioning that the bright bar commissioning is happening is right now and going on in full swing and will be completed very very soon. So this is the capacity that has been built also considering the full capacity utilization of the steel plant. So the utilization of Breitbar capacity also will go in line with. As we increase our overall utilization. I would say on an immediate term basis we can say that these being modern new equipment will definitely add to the efficiency, the speed of churning out and in delivering faster product.
Unidentified Participant
Thank you. The second question is. So one of the key strategies for growth for us has been exporting to new geographies like Middle East. In that context could you help us understand how big is the market size in Middle east, especially the ashes.
Anuj Burakia
Sorry, you broke in your first statement. Could you please repeat your question?
Unidentified Participant
Yes sir. One of the key strategies for growth for our company has been supporting the new geographies with Middle East. So in that context could you help us understand what is the purpose CMS demanding release.
Anuj Burakia
So Middle east is one of the geographies that you know that we are targeting. And plus you see there are both like direct pipe supplies to Middle East. But more importantly for us is to seek the approvals of major oil and gas who are let’s say established in Middle east region and and who are ordering their equipment not only within Middle east but also outside of Middle East. So as of now also we are doing few projects which belong to that region but we are supplying to a fabricator in India or a fabricator into Europe.
So any new geography is especially Middle east is not only Important in terms of supplying directly to that region but also to seek the approval or the, you know, accreditation from the oil and gas establishments there to be able to supply to those projects. And we are on the path. I think we are. We are in advanced stages of gathering quite a few of important approvals very soon.
Unidentified Participant
Sir, are we expecting any new orders from Saudi Aramco this year?
Anuj Burakia
I think directly I really cannot say. But that is, you know, I can tell you that that is one one of the important approvals that we are already eng engaging with them. So once done then of course we will certainly expect business coming from Saudi Aramco maybe directly or maybe indirectly.
Unidentified Participant
The second third question is Saudi has already put an antidote duty on welded seamless insights. So do you think they can plan the same for famous and seamless also once they feel that there is adequate local country capacity. Especially now with a company called Gul Saudi Gulf Special Steel putting up a seamless plant there. And also Ratnaman is setting up a coal finish line over there. So with these developments, how do you plan to export more to that region?
operator
Ladies and gentlemen, the management line has been disconnected. I’ll connect the management line now. Ladies and gentlemen, the management line has been connected again. Thank you. And over to you sir.
Anuj Burakia
Sorry, I think Mr. Was asking something and we had lost in between. So could you please repeat your question?
Unidentified Participant
Yes sir, I’ll just ask a more important question first on the bright bars, what is our right to win and is there any exports opportunity? And do you believe filling bright bars capacity is much more easier and profitable compared to the round bars.
Anuj Burakia
So bright bar see it is like this. Whatever get exported is, you can say 90% plus is bright bar. That’s how it works. So I think more important question is not the export relating to Breitbar. The more important question is when do we see the export markets opening again and we know the turmoil that is happening at this point in time. So I think we are also watching the situation very very closely. So and eventually it will come back to normal at some stage. So when the export volume starts increasing again then I think 90% plus would be bright bar any which way.
Having said that even in India in domestic market the bright bar consumption is now increasing and interestingly the growing piercing seamless capacity in India also consuming a lot of bright bars is one of the sectors. Plus there are so many other applications which are now consuming bright bars in the country. So I think it’s a mix of both export as well as domestic and what we See is that we are unique size range, going up to larger sizes and the grade mix. So we have a lot of opportunity and scope for selling bright bars in times to come.
Unidentified Participant
So what is your volume guidance for fourth year and next year both for pipes and bars?
Anuj Burakia
So I think I would not like to give any particular volumes because you see we have a very volatile market here. But as we have been guiding before and now also we are maintaining that this year we had expected to grow by anything between 25, 30% and I think we’ll end up growing probably better than that. So for now I think that is the only guidance that we can give and we will probably would like to watch for another, you know, a few weeks or let’s say a couple of months before we will be in a position to talk about next year. I think that would be a fair ask given the situation outside.
Unidentified Participant
Okay, thank you.
Anuj Burakia
Thank you, thank you,
operator
thank you. Ladies and gentlemen, anyone who wishes to ask a question, Matrix star N1 on their test on telephone. Our next question comes from the line of Parth Bowser from Investec. Please go ahead.
Parth Bhavsar
Yeah, hi sir. So thank you for the opportunity. I just wanted to understand on the order book, right. So we, I, I see that you know from Q4 onwards the order book has been on a declining trend in terms of volume. Right. So wanted to get a sense on what’s happening on the ground in the domestic market, in the exports market in key regions like Europe, US Middle east to get some sense like what are you looking at in terms of demand, why there’s a consistent drop in order book, not only your, but even everyone’s order book. So to get some sense on demand.
Anuj Burakia
Yeah, thanks. Thanks Mr. Pal. So let me put it this way. Perhaps we as an industry, or let’s say as a world, you know, engaged with engineering industry is not for the first time we are seeing a situation like this before. This also situations have come where you know, the projects are postponed, you know, when the stability is not there and there is a, there is a environment of uncertainty, right. Which is prevailing at this point in time. So the real demand takes a little backseat which means that not the projects are going to go off the books, they are still going to come.
It is only that they are postponed or they are delayed or you know, so which creates a pent up demand in the end. So what we feel is, you know, like when we operate in the market there are not only the new asset creation but we also sell for, you can say the upgradations or spares of the existing products. So that demand is anyway there. And even for the new projects as we go forward, eventually they will all come on stream. So before this also we have seen periods where the demand vanish or reduces significantly for a period of time, but then it comes back with an equal intensity. So it’s only a matter of time, we believe.
Parth Bhavsar
Okay, okay, fair enough. And so you mentioned that, you know, the piercing capacities, you know, are increasing and which will, you know, basically help, help you, you know, sell basically excess bars. Right. So what is your take on, you know, our company, you know, putting up a small piercing capacity or we are not looking on, on that particular product or we don’t want to get into it. What’s your take on it?
Anuj Burakia
So Bob, these are two different worlds. Not that there are, you know, of course there are common applications where you know, a piercing, wherever piercing can be used, obviously extrusion can be used. But then, you know, it is like using a premium product for a non premium application. Right. So I think over a period of time, primarily for most of the applications, this divide has got clearly established as to where piercing will go and where extrusion will go. And the divide has got created because the value addition or a price difference has widened too much.
So, and this is not a new phenomenon I think we have as execution players, we have learned to operate in that environment wherein we are focused on businesses or let’s say we work in the applications where in most of the cases only extrusion can really do the job. So for us piercing becomes a method which is used for very different applications. And whether to get into that business or not is something strategic. But at this point in time, I mean we have no plans to get into that. From day one, as we have been saying that we wish to chase value and not volume.
And that is how with our strategy, I think it is paying off. At the end of the day with so much of a turmoil outside and pressure on margins and low capacity utilization, prices have gone down, but we have been still able to deliver some respectable results here. So we will stick to our strategy and we will only change the value and we will not change the volume. That is, that is I think, you know, strategy that we are going to follow in long run. Also.
Parth Bhavsar
So basically like you said, right, the product is different, the pricing is different, the application is different. So and even if you look at the capex intensity, even if we look at the CapEx intensity, it is, it is quite low, you know, so basically it does BS and does well on rocs as well. Right. So why not, you know, think of it since it is, you clearly said it, right. It’s different product application, everything is different.
Anuj Burakia
I’m not having 100% hang on the numbers because we are not there in that field. But I can, I can only guess and I think I am making a fair guess that you know, with no entry barriers, low investment, that industry is killing itself. Right. So if you look at the price decline that has happened and when I’m saying price decline is a relative price decline, this is the difference between selling price and the key raw material which is bar has continuously come under pressure. Of course it has a rub off effect also on the extrusion product but not so much.
Right. In case of extrusion it’s a huge investment and that is how we don’t see, at least I am not aware of any new investment or new plant coming in India. So that’s a very clear case of two different industries and both are going their own ways. So I think as the country grow, as the investments into strategic sectors will increase we have a lot to look forward to as extrusion players and especially integrated extrusion players.
Parth Bhavsar
And similarly sir, I had a question on welded pipes and tubes as well. Like what’s our take on it? Do we intend to expand on the welded side?
Anuj Burakia
Good question. I think I’d actually like to answer that. You see our focus again, you know, is value add. And as far as welded pipes are concerned I think there are many players again low entry barrier, we don’t see a value in that and neither in that case we will remain integrated because it uses flat products and we don’t produce flat products. So an investment for us. Let’s say though we are not having any firm plans but let’s say even if in future we will have to look for investments we would like to go for secondary remelting.
I think I must have mentioned it somewhere that these are going to be our future plans to go more and more value add and which would, which would be in the field of being able to produce very high grade, you know, nickel alloys and going into forging, you know, things like that instead of going into a welded tube plant.
Parth Bhavsar
Fair enough sir, fair enough. So those are my questions. Thank you.
Anuj Burakia
Thank you.
operator
Thank you sir. Ladies and gentlemen, anyone who to ask a question but press star and one on the test room. Our next question comes from the line of Sagar Shah from SH Financials. Please go ahead.
Unidentified Participant
Yes sir. Thank you for taking my question. See I’m relatively following the company lately, I mean not for long. I just wanted to understand a bit about the business. What would be the main raw materials that we use? Sir?
Anuj Burakia
So Mr. Sagar, this is an integrated facility focused only on stainless steel and high grade alloys. We don’t produce carbon steel or mid alloy steels. And when we say integrated it starts from scrap melting. So one of our very important raw material is scrap stainless steel scrap. And then the second important raw material is ferroalloys like ferrochrome, ferronickel, molybdenum, niobium, those kind of alloys. So these are our major raw materials and we produce stainless steel long products which are bars, ingots, blums, dried bars. And we also produce seamless pipes and tubes.
Unidentified Participant
And so who would be our competitor. Sir, in the sense.
Anuj Burakia
So you see on the steel side there are players in India but how we differentiate is, is because of our size range which is bigger and unique and second is the kind of grades that we produce which some of which are. We are the only producers as of now in India and some are like very, very few players. So on the product side of it we certainly end up differentiating though otherwise. There are of course stainless steel producers also in big volumes in India like Viraj Steel and Mukand which are primarily wire rods. So there are players,
Unidentified Participant
is it general stainless? Sir?
Anuj Burakia
General stainless is into flat products which is a different field altogether different applications. So that is not something that we’ll consider as our competition. On the seamless side, as I was just mentioning in the previous question that a lot of piercing players have come in but strategically I think execution is completely different ball game. And there we have a few players, some good ones also Ratnamani is one established exclusion player. And then we have Jindal saw came up and then. Yeah I think. And plus there is one company in government of India, Defense but they only do for strategic government projects, Nuclear fuel complex.
Unidentified Participant
I see
Anuj Burakia
pretty much these companies. Yeah.
Unidentified Participant
And sir, what about, I mean our capacity utilization, I mean across the. Because the planter would be
Anuj Burakia
so our. Steel capacity and this is, I’m saying that you know we are not considering investing any money on further expansion or anything. So in stainless steel we can as a stage one go up to 100,000 tons of liquid metal which means about 85,000 tonnes available including the quantity to be used in captive pipeline. And currently we are operating at about 50% you can say. So this in last two years we have grown from 20, 25% to now, you know, above 50% and that’s how we are progressing similarly on pipe. Currently we are operating at about, you can say 60, 65%.
So in both the cases we have a huge headroom and we are looking forward to, you know, a little improved market, improved sentiments as far as we are concerned. I mean we cannot control the market but we remain completely prepared that you know, given an opportunity, I think we are as a company, you know, ready to grab the opportunity.
Unidentified Participant
I think in one of the earlier calls, so you had mentioned that we intend to take the capacity to about 80, 85% in two years time.
Anuj Burakia
Yes, that’s, that’s still, you know, is what is our agenda?
Unidentified Participant
Okay. And sir, final question. What is the status of the deal order so that we have procured for supplying boiler tubes?
Anuj Burakia
Quite a lot of it has been already delivered because there was, there is obviously, you know, delivery schedule attached and plus BACL also, you know, governs the delivery based on their usage and things like that. So. But I think quite a lot of it is already delivered. Maybe some tail left.
Unidentified Participant
Okay, thank you very much and all the best.
Anuj Burakia
Yeah. Thank you.
operator
Thank you, sir. Ladies and gentlemen, anyone who wishes to ask a question, maybe star N1 on the test and till our next question comes from the line of rather from the end securities I think please go ahead, ma’. Am.
Unidentified Participant
Thank you again. So the presentation mentions that a constructive outcome of the upcoming EU trade agreement would be beneficial to the company. However, my understanding was that there is no anti dumping duty on stainless pipe exports from India to. So is this statement pertaining to buyers only?
Anuj Burakia
No, I think it is for both. There is no anti dumping from India but there is a quota system, tariff rate quotas. So you know, there is a volume which, up to which it is a duty free export into EU both for bars as well as for seamless pipes and tubes. And once the quota exceeds and the quota is on quarterly basis, once the quota is over and any product then after that gets into EU is charged with 25% duty. So while we are not aware as of now whether there will be any interventions, you know, being, you know, being brought as far as these quotas are concerned.
But as industry, I mean together you can say that, you know, through the appropriate councils we had certainly, you know, discussed and you know, presented to the government that these are the aspects. The tariff rate quota is kind of restrictive, you know, for the volumes from stainless steel to Europe and it’s an important market. So on the behalf of industry this should be also taken up so that the quota system if not increased, at least it is maintained and it should not become a further bottleneck given the current situation of market. So we are yet to know as to what happened, what will happen on that. But that’s related to the quota.
Unidentified Participant
How much is the quota?
Anuj Burakia
So from India for the bars the rounded off number would be about 140,000 tonnes a year. Year which is for the bars pipe is less. Is. Is. Is about 20,000 tons a year.
Unidentified Participant
And. And is there any anti dung duty on bars? Sir,
Anuj Burakia
there is no anti dumping as such. As I said once we like for example they would open 35000 tons quota in the beginning of quarter. Okay. And you take an example. If a quarter is, let’s say September, December 1st of September they will release from India 35,000 tons duty free import. And let’s say that you know that quota is filled up and normally it happens is that a quota gets filled on day one because every single kg of bar actually comes and sits there before the end of previous quarter and gets cleared on first.
So any further quantity that goes in after that is charged with 25% duty. So you can call it anti dumping, you can call it by whatever name but you know they allow duty free up to certain volume and beyond that they charge.
Unidentified Participant
Since they have 40% duty on China. So do you think that in the last one year how our export volumes have reduced strategically has the export volumes for Chinese also reduced to European units?
Anuj Burakia
I think see on the standard product which is your standard scheduled pipes which is in sizes quite a lot of that market, not now, but last year more than two and a half years or perhaps three years is already taken by you know, piercing mills. Earlier there used to be a lot of imports that was coming from China and now also under advanced license a lot of material is still coming from China which you know either the piercing miss in India are supplying for that requirement or there are cold finishing companies in India who are buying, you know, the hollows from China under the advanced license.
And then you know they finish it to the. To the tubes and then they, you know send it to for exports. So that business had been like that for last, you know, more than couple of years.
Unidentified Participant
The Indian government had temporarily eased restrictions permitting sale of non BiH compliant office products in India. So was there any loss of sales due to this and has this restriction. Has been lifted now
Anuj Burakia
See that restriction continues to remain lifted, right? And as of now I think it is eased until the end of March and we know that the imports are coming so somewhere that has also affected all the companies in India. But I don’t think that’s, you know, that’s coming in, let’s say very huge volumes and you know, completely denting the industry. But we are still now, you know, as industry working with the government and trying to persuade that, you know, whichever, you know, such routes of, you know, infiltration which was closed and you know, restriction should be imposed back.
So this was a temporary easing that was done. We don’t see this to be continuing for very long time but as of now it’s fine. I mean we are not so greatly affected if you ask me.
Unidentified Participant
The last question is what is the domestic market share for the company in Belpass?
Anuj Burakia
Very difficult question because the market is also evolving and in the whole scheme of things, only Bright Bar is difficult to say how much is the market. But you see in India, overall consumption of long products between Black Bright and belist is about 0.8 million tonnes. And what, let’s say if I remove, you know, the wire rods and all would be about 0.6 million tonnes. So out of 0.6 million tons, what we are selling is hardly at this point in time, 30,000 tons. So you can imagine, I mean maybe 4%, 3, 4% of the Tokyo market.
But you know, I think this would not be the most appropriate measure because this 0, 6.7 million tons has a wide range of products. Very, very wide range. Right. And in stainless steel, you know, it is. No, I mean I don’t think there is any manufacturer which can do, you know, the complete range. So if we really go on a product level basis, say the size range that we produce and the market size to that, I think we would be about 10, 15% of the total market size.
Unidentified Participant
Thank you. All the best.
operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press star and one on the touched on telephone. If there are no questions from the participant, I would like to hand the conference over to the management for the closing comments. Thank you. And over to you sir.
Anuj Burakia
Thank you. I’d like to emphasize that the company remains focused on driving operational efficiencies, advancing early mover initiatives aligned with India’s growth story, addressing evolving and complex customer requirements and expanding our customer footprint across both existing markets and new opportunities. As always, we remain sharply focused and committed to delivering long term value for all our stakeholders. I hope we have been able to address your queries satisfactorily. Should you have any additional queries, please feel free to reach out to our investor relations team. Be happy to assist. Thank you once again for joining us today. We look forward to reconnecting with you in near future. Thanks.
operator
Thank you so much, sir. Ladies and gentlemen, on behalf of GM Financial Institutional securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.