Ladies and gentlemen, good day and welcome to the UFlex Limited Q3 and nine months FY twenty twenty five Results Conference Call hosted by Dollard Capital. As a reminder, all participant lines will be in the listen only mode and Please note that this conference is being recorded. I now hand the conference over to Mr. Sachin Gopey from Dholat Capital. Thank you and over to you. Thank you, Ashishree, and good evening everyone. On behalf of Dholat Capital, I welcome you all to the Q3 FY twenty twenty five earnings conference call of Influx Limited. Hope you all and your family members of the UFACT held me. From the management side, we have with us Mr. Rajesh Bhatia, Group President and Chief Financial Officer and Mr. Sujit Pal, Vice Chairman, Investor Relations. Now I hand the floor to Mr. Sujit Parr for his opening remarks and then he will have a mic. Thank you, Sujit. Good afternoon, everyone. Thank you for joining us today for the Q3 nine month FY 'twenty '5 earnings conference call of UFlex Limited. Let me draw your attention to the fact that our discussion on this call will include certain forward looking statements, which are predictions, projections or other estimates about future events. These estimates reflect management's current expectations about the future performance of the company. Please note that these estimates involve several risks and uncertainties that could cause our actual results to differ materially from what is expressed or implied. I would now request Mr. Rajesh Wathia, our Group President and CFO, for his opening remarks. Following which, we will open the forum for an interactive questions and answer session. Over to you, sir. Thank you. Hello. Thanks a lot for introducing me on this call, Surajit. Hi, everybody. I think I'll start with saying that this has been a very decent quarter as you would have all seen from the quarterly reports, financials as well as the investor's deck. The key highlights being the revenue is up 12.8% on a year on year basis and to about INR 3,774 crores and while we've also seen a volume growth of 6.3%. So the differential between the revenue growth of 12.8% backed by the volume growth of 6.3% very well explains the margin improvement in the business in the current quarter. So we had a 13.8% EBITDA margin for the quarter versus 11.4% in Q2. So they're clearly evident that the margin expansion has happened. And even when we look at the nine month performance also, the EBITDA margin is at 12.6%, which is gives a Y o Y growth of 1.1%. The other notable things are that aseptic packaging capacity utilization in the leanest period of the year, which is Q3 from October, November, December is also above 100%. It's actually at 104%. While in the same period of last year, the capacity utilization was 84%. So clearly, you see 20% higher in this Q3 versus FY twenty twenty four Q3. Similarly, in certain other jurisdictions where we were having a lower capacity utilization because of various issues and all that, Nigeria being one where the currency devaluation had played havoc in the past couple of years. So we saw the plant utilization for that improving to 90% in this quarter, which is the highest ever we've achieved so far. In Q2, we had achieved 64%, but we expect that going forward, Nigeria plant, we'll be able to operate at 100% capacity utilization. Even the Mexico plant capacity utilization reached 98% in this quarter, which was 85% in Q2. The pollen plant still continues to have a lower capacity utilization less than 70%, so that remains still there's a room for improvement in that. And this quarter, after many four quarters at least, we had a positive PAT of INR111 crores as we didn't witness any negative currency devaluation. Rather in this quarter, there has been a positive currency devaluation of Nigeria, which so the devaluation impact in this quarter is actually positive by about INR 26 odd crores. So that gives us a PAT of about INR 111 crores. The other things that we announced along with the highlights for the quarter was that the Government of India from with effect from first April twenty twenty five have mandated the norms for use of the recycled materials in the rigid plastics as well as in the flexibles. So in the rigid plastics, the country is starting with the 30 recycled material to be used along with 70% virgin material. So that and in the flexible side, the stipulation is 10% to begin with from first April twenty twenty five. And given our previous experience into recycling, we have mastered the art of recycling with smaller facilities over many plants over the last few years, starting way back from mid-90s. There's a time now to look at expanding your recycling facilities because the customer will need a blended material, not only a virgin material, which we've been making so far, but a blended material with the recycled contents changing as per the government directives. This part, we have also so we're going to set up a pet bottle recycling facility at a new facility in Noida. There will be polyethylene recycling also and the multi layered plastic recycling also for which we are going to spend about INR $3.17 crores for setting up this facility. I know that there has been there will be a delay in the way that the market needs it. But we expect that even the implementation of this new facility will also have its own hiccups and all that and the present requirements maybe we can customer requirements, we can meet with our existing capacities. To that extent, we can. But I think we, if we invest in we need to invest in this because ultimately, we need, our customer will need blended material and we need to be prepared ourselves today for achieving that. Other than that, we've also announced the WPP bags investment of about $50,000,000 in Mexico, which will take care of the North America and South America markets. So this is not flexible packaging. This is the WPP bags, which are used in the pet food industry. It's a very specific product. We've set up a separate company in Mexico, which will increment this project and we are spending about $50,000,000 in terms of making, investing in this plant. Other than that, our existing expansion of our perseptic facility in India from 7,000,000,000 packs to 12,000,000,000 packs has already achieved mechanical completion. We have proceeded towards commercializing commercial operations. And similarly for our 216,000 MTTF pet chips facility at Egypt also, that has also achieved mechanical completion and we are taking steps to make that operational as well. We had also announced in the last quarter our aseptic packaging expansion even at Egypt also. So that's also underway. And during the quarter, we've spent about $19,000,000 on that facility. And we look to complete that try to complete that within FY 'twenty six. But let's see as to we'll be closer to that event. We'll give you more updates about that. The debt has increased with all the extensions and all that. So while in a nine months period, we've spent close to about INR 1,100 crores on the CapEx, The net debt increase is about INR550 crores, which means that we've spent, we've liquidated even with this expansion, we've lowered our debt and the existing amortization is happening in a natural process. So as we get into FY 'twenty six, I think we will get the advantage, start getting the advantage of our chips plant, of our aseptic facility in Sanand. And just by these two, we expect that these should add about on a full utilization basis. This should add to anywhere between INR 2,200 to INR 2,400 crores and will, plus the CPP in Mexico, which is already more or less completed. So these three will give us anywhere between INR 2,200 to INR 2,500 crores of the top line at a full capacity utilization basis. So I think we can maybe FY 'twenty six we'll achieve partial, but FY 'twenty seven we will achieve its full potential. And then we will have these three new facilities of recycling WPP bags and 12,000,000,000, a sector of capacity coming into play from FY 'twenty seven and onwards, which will give us additional revenues as well as the profitability. The net debt to EBITDA ratio is reasonable at about 3.24x. And we expect that the earning momentum in the packaging and the packaging films, we've seen the EBITDA expansion. So that trend will continue in the current quarter as well in FY 'twenty six. And this will come from the higher margins as well as from the higher utilization of our various facilities. And for the year as a whole, we expect that the Mexico as well as the plant in Nigeria will achieve 100% capacity utilization for the whole of the FY 'twenty six, which will give us the margin expansion in these two. Currency stabilization in Nigeria also gives a lot of boost in terms of planning in a much better way. And that is what we saw in this quarter when we had an 8% currency appreciation vis a vis as on September 30. And that led to higher demand, higher more balanced planning for your cash flows, for your receivables. So I think that is sort of very positive for the business as such. In India also, the demand continues to be strong and expansion in the export markets continue to be the main focus of the Indian player. And we've seen in the last two years that there is a 52% increase in the exports from India for the BOPP and much lower export expansion in the BOPP side. But the real test of that will come later in this year when we will the new capacities from the new facilities getting commissioned on the BOPP side comes into play maybe in Q1, towards the end of Q1 in the fiscal FY 'twenty six. So that in nutshell is the our take on the Q3 performance and the operations and the proposed investments in the recycling and WPP bags, that is happening in Mexico, but the recycling investment is happening at our Noida facility. The new facility, it's not in the existing premises. It's a new land and building what we are building for this project. Thank you, gentlemen. And I would open the house to the questions and will be happy to address all your queries to the best of my knowledge and abilities. And if there's anything that we can't answer, I think our teams can always be in touch and get back. Thank you. Thank you very much. We will now begin the question and answer We'll take our first question from the line of Chirag Singhal from First Waterfront. Please go ahead. Thanks for the opportunity. Just a couple of questions. Firstly, on the performance of overseas plants. So in Egypt and Poland, we saw a dip in the utilization. So, is this due to some lack of demand or like some temporary issues such as technical issues in the plant? And if you can provide capacity utilization guidance for these two plants for FY twenty six? No. Which one are you referring to? Egypt and Poland. If you look at sequentially, there was a definite capacity utilization. So what are the reasons for that? And if you can provide guidance for FY26? So as I said that the Europe still continues to be affected, the bond continues to be affected because of the specific things to the Europe, which we've already told many times on the call. And the other reason is that the India has increased its exports to European countries. And that's the reason why you see that though in the Q3 of FY 'twenty four Poland plant capacity utilization was 61.5. In Q2 of last year this year, we achieved about 68%, but we are back to 61% in the current quarter. And we will try to achieve about 80% levels in the FY 'twenty six for this. Egypt will come up fast. I think Egypt had some technical issues at the plant and there may be their routine maintenance and all that. So that's a one off. So Egypt will remain at about 90 plus percent utilization levels. Okay. And this is for FY 'twenty six? Yes, FY 'twenty six. Understood. My next question is on ACEPTO. So we are very close to the commissioning of the debottlenecking. So how much time will it take to ramp up this expansion? And if you can also provide guidance in terms of sales volume for this sector for FY 2026? So FY 2026, if we, I think out of 12,000,000,000 packs, if we can achieve anywhere around between 10,500,000,000 to 11,000,000,000 packs a year, I think we target that as of now for FY 'twenty six. Got it. Regarding this WPP Labs, so can you like provide some data points? What is the optimum capacity utilization? How much time it will take? And the kind of top line and EBITDA margins that we can expect from this expansion? So I think this we spent $50,000,000 in this. And the top line that we will need we are looking to generate from this will almost be the same number. The margins would be margins in this are higher because U. S. Imports about 80% of its pet food bags, packaging from all over the world. But there is no near shoring. So there is nothing which is being supplied by Mexico, which is next door to this. So that is where we spotted this opportunity. So the same product we make in India also, and but that plant had a limited capacity. And the larger players of the world, which brands, which is Unima of Nestle and the two brands of Mars, which are Pedigree and Royal Canning, I think we are they we'll be looking at selling them largely. So overall, this business should generate anywhere between 22% to 25% EBITDA margin. The ramping will take a bit of a time here because like in Asepto, in anything wherever you pack food, it takes time for you to get the customer validation of the product and all. So the ramp up will be ramp up here might take about a couple of years time. Okay. So this is more like maybe initially it will take time to ramp up till we have a base. And then I think just like in Exacto, we saw the expansions coming in and standing up very fast. Are we also looking at this line of business? Asepto, this is a very small capacity plant that we are going ahead with. And as you rightly said, one, the product is accepted and America has a huge deficit. They import as much as 80% of their pet food requirement packaging requirements from outside of USA. So the opportunity here could be big. So actually my next question was on the exports from Mexico to U. S. So you mentioned that we are we are we are we are statistically put this land in Mexico because there is a good demand from The U. S. Now with this new scenario of twenty five percent tariffs, if they get imposed and whenever they get imposed. So what are the alternatives available for us? Because given that, I mean, our existing Mexico plant, we have one line that is dedicated to The U. S. So if the tariffs are imposed, then what are the alternatives available? So I think there are multiple options here. The first scenario is that this is this does not get implemented. And as we saw, this was levered, but then withdrawn the next day and postponed for a month period. And in the meanwhile, there have been positive statements from Mexican side also in terms of the increasing the border security and all that and infiltration. So hopefully, if that gets taken care of, there will be no duty. Other aspects are that if there are duty on Mexican products, if not 25, maybe 10, maybe 15, maybe five, we don't know as yet. So in all likelihood, all the other countries exporting to U. S. Will also have some sort of duties or the other, which will put us on a level playing field with others who are exporting to America. But let's see, there are couple of other options as well, maybe job work things also. But I think those are very, very premature as of now. But once there is something final, which is to be done by which is done by U. S, then only we will take a final call as to what needs to be done on things. Understood. Thank you. I'll turn back in the queue. Thank you. We'll take our next question from the line of Prashant Rishi from Cascade Capital. Please go ahead. Hi, good evening, sir. My question was slightly related to the industry situation right now. If you could give us some color on the current overcapacity in the BOPP and BOPP segment and some Q on the upcoming capacities in both segments? So, Bobette is, yes, overcapacity is there. And that is where we are seeing that after the Q1, around June 15 around, there was everybody started to look at exports in a big way and that is where we are seeing that the exports from India have increased. There is a natural demand increase also in India by about 10% or so. So over the last year and a half, we've seen also that coming into play. And higher exports from India means that there is a lesser domestic availability. So to that extent, as of now, there is a near balance in the capacity with the result that the capacity utilization levels across, if we see Q3 of FY 'twenty four, in India, we had a capacity utilization level of 73%, which is now 77%. It will gradually increase in FY 'twenty '6 as well. So more or less, the pain on the pet side seems to be over. On the BOPP side, it's quite balanced as of now. There is no not much overcapacity, but there are four new capacities which are coming on stream in FY 'twenty six, June onwards. I think there will be some impact of that on the BOPP prices. But and it will take maybe a couple of quarters, the way pet industry behaved during this while there was a price war that got started, but everybody realized that it does not help anybody. And so there has been an overall discipline and there has been export orientation by all the players, which has helped stabilize the prices on the pet side. So maybe if similar things happen on the DOVP side also, I think we see the much lesser pain than what was seen at the both at times. Okay. What is the extent of capacity that is coming? You said four different capacities are coming in the BOPP nine in FY '26, if you have any idea? Each plant, if you take about 4,000 tons also per month, so about 1580% capacity utilization levels. So every month, there will be an excess product of about 12,000 to 13,000 tonnes given the present release is balanced. Okay. 12,000 to 13,000 tonnes per month of capacity will be there by 05/26 in the OPP. Hello? Yes. Okay. All right. And sir, in Pet segment, is there any new capacity in the offering in next one or two years? I think next one year or so, there will be one plant more which will be coming. That will be maybe in FY 'twenty seven or maybe later part of FY 'twenty six. Okay. And the extent of capacity there which is coming? 4,000 tonnes a month. 4,000 tonnes a month. Okay. Okay. Yes. That's it, sir. That's it from my side. Thank you. Thank you. We'll take our next question from the line of Darshil Zaveri from Crown Capital. Please go ahead. Hello. Good evening, sir. Thank you so much for taking my question. So just wanted on a broad basis like how do we see the industry currently and like the performance that we did in Q3, will it be similar in Q4 And how do we see FY 'twenty six expanding out for us, sir? So I think Q4 should be better for us given that this is the peak period for aseptic and the new capacity will give us some extra volumes for sure. The Q4 will also have some impact of your Egypt pet facility coming into play and giving us additional volumes. So these two are the incremental ones. And if we are able to maintain our base in the way we've done in the Q3, with the base being there, these two add ons should give us a better number in the Q4. And obviously FY 'twenty six when we have a full year working off these three investments available, I think as I said already, we are looking to add from there about 2,000 to 2,400 kind of the revenue. And taking an EBITDA, average EBITDA margin of about 15% or so. So that should give you additional EBITDA for FY 'twenty six over and above your baseline for FY 'twenty five. And there might be some impact of the BOPP extra capacity coming into play. I'll not be able to foresee that. But given that as U Flex, we are a very small player in DOPP in India, and we are a much larger player on the BOPET side in India. I think that impact can be easily absorbed quite comfortably. Correct, sir. But I think the three new capacities, you were saying 2,000 colons were not at optimum level, right? What kind of utilization do we expect in for like next year, sir? So I think the first year, because the PAC chips will not add to the revenues much. Why I'm saying so is because ultimately if we are using that in our own plants and all that, so that sales will get negated. That will ultimately add to the margin profile. But accepting if first year we are able to utilize from the new plant 80% capacity, I think we're good to go in the next year. Okay. Fair enough, sir. So any broad, like revenue guidance on a consolidated or EBITDA consolidated business that we could look for, sir? I think we should look at about 1512% to 15% over FY 'twenty five. Okay. And with margins getting better? Margins better only, so, but if so FY 'twenty five looks like we'll be able to achieve about INR 2,000 crores of EBITDA as I had said at the beginning of the year. So we have already achieved $14.25 crores in the first three quarters. And if we replicate the same number as what we achieved in Q3 and Q4, then we are above $19.50 odd crores. And the additional volumes from the pet chips and the effect of expansion should take us to about 2,000 odd order numbers for sure. We'll take our next question from the line of Kaushik Poddar from KB Capital Markets. Yes. This data you have given the debt EBITDA at around 3.25. How do you see that panning out for '26 and '27? 'twenty six, we have to add on the debt because the two projects that we've announced, we are looking at about INR $7.50 crores of expansion, the money to be spent on these two expansions. And then there is $126,000,000 of Asepto packaging expansion announced in Egypt, of which about $19,000,000 20 million dollars is already spent. So I see about seven, just give me a second. I think we will spend about 1,700 crores more in the new expansion, what is happening in the next couple of years. And so that will increase the debt. But as I said that, if you see FY 'twenty five or nine months, we've spent INR 1,100 crores and the net debt increase is about INR $5.50 crores. So the natural amortization, which is already into play, which is about INR 1,000 crores a year, will take care of that the debt not much of the debt will get added to the overall numbers as of now. But still, I think we will have to see as to how much given that there's a 1,700 crores of the new expansions which are announced, which have to sort of get concluded over the next couple of years. So there will be some debt which will get added. And about INR 2,000 crores is the normal amortization during this period as as well. Okay. And, but you don't have a ready made number in at hand? We have that number as of now. Okay. And see, in Egypt for the effective packaging, has the first phase come into operation? When will it come into operation? No, no. Egypt, we just announced in the last quarter. So we're expecting a completion in FY 'twenty six that had given to the team, which means that even if it happens on time, so only FY 'twenty seven onwards, the operations will come into play. And it is see, so this is a new 7,000,000,000 units, right? This is new 12,000,000,000 units. Oh, it's straight away 12,000,000,000? Yes. Oh, okay. Okay. So initially, it was 7,000,000,000. You have hiked it to 12,000,000,000, and it will be $12,000,000,000 at the whenever it gets up this commission? Egypt, we planned directly for $12,000,000,000 7 billion dollars is India existing capacity, which has been upgraded to 12,000,000,000 bags now. Okay. But this 3.25, whatever you have shown for the for right now, can this be a ballpark figure at least for the next two, three years or maybe But then as the operations will because when you complete the project, the debt gets added but the revenue and profitability does not. So it might go up a little bit when the project is implemented under implementation. And as to the recycling of used polymers, so for example, likes of the Hindustan Lever or Nestle, they will obviously be using you for that percentage, is that right? I mean, so you'll be supplying them the combined recycled as well as virgin plastic. Is that the way it works? They are to their converters. Yes. So they will push their thing to the converters, right? So you will be giving a certificate that this packaging is, say, 30% recycled and 70% virgin. Is that the will it work that way as a converter? Yes. You said yes, is it? Yes. Okay, okay. So have you been talking to the likes of Nestle and Hindustan Lever on this issue as Talking to all our clients that this is, they need this support very, very on an urgent basis because the law comes into force from April 1. And industry as a whole is not ready with this capacity. Industry as a whole. So because of this industry not being ready and you people are ahead of others probably in this industry. It's a yearly commitment to thought about first year, everybody feels that the government will not be as rigid as it will be. But I think we'll have to see that how does this pan out. But do you see any scope for increase in margin because of this new regime? 100%, one hundred%. There will be definitely a scope to increase your margin because not many people will be able to sort of do that. And do you expect the margin to be around 15% next year? Margin, I think, let's keep 14% as of now. But That's the bottom, is it? I mean, 14% to 16%, can we take it? Or it's around 1414%, around $1,000,000 is more comfortable. Let's see one more quarter. This quarter has been 13.8%. But let's see the next one quarter and then probably for FY 'twenty six, then we can make a better guidance. So plus minus 14% is what we can take it, is it? Hello? You're right. Okay. Okay. So if you see on the year, FY 'twenty five, nine months is 12.6%. Okay. Yes. Okay. So while for this quarter, it is 12.8% Sorry, it is 13.8%, but for nine months, it is 12.6%. So our guidance of 14% for the whole year by 'twenty six I think will be our decent numbers to not very aggressive and not very unduly lower also. And which hopefully will get ramped up with the commissioning of the other plants in 'twenty seven, fully out of functioning of some other plants, right? Recycling will definitely give you more margins to begin with as the industry will settle and all that. Obviously, the margin profile will get India, it's normal. And this pet packaging plant will be coming up in Mexico and when? We again Pet food packaging rather, sir. The pet food packaging, the packaging? Food packaging also we are targeting completion at the, towards the end of 'twenty six. Okay, okay, okay. Thanks. I think I have taken a good amount of We'll take our next question from the line of Mehul Savala from RW Equity. Please go ahead. So just on the packaging business, while we are seeing growth, it's mainly coming from the liquid side. So flexible packaging pay, which outlook if you can give? Flexible packaging, we are doing, we've not done any capacity expansion there. But only thing we are trying to do is we are trying to improve our profile in that moving on to the more retort, pouches and all that and leaving the roll form business, the lower margins roll form business. So there that trend has been we're doing that trend. I saw Utamaki posted only about 5%, five odd percent operating margins, EBITDA margin in that business. So adding that business, clearly, nobody is expanding the capacity. And even we are also not expanding any capacity over there. So that in a way, the focus remains to do more value added products rather than look to expand capacity because the margins still are very, very low in that business. So it's a business which is there for us, but clearly not focused of any growth or any new initiatives other than that you move up the value chain in terms of what you're doing. Got it, sir. And, sir, while I think this whole shift to this monopolymer, that also I think it seems to be more regulation driven rather than voluntary adoption. So does that impact us in any way? Monomer, So with the new guidelines which do not differentiate between a monomer or a multiple, multilayered from a recycling perspective, I think India has settled things. Europe also, the recycling is coming into play in a big way in the next few years. They are also starting now. But I think India has said that irrespective of whatever you use, whether you use monomer or X or Y, you have to have so much of recycled content in your material. Now BOBT clearly cannot be recycled mechanically, while PET and PE, polyethylene can be mechanically recycled. So if the guideline is 10% to begin with and BOPP is not recyclable, so that may impact balance. So I think those adjustments have to be made because the concept is on a mass balance basis and not if you have a structure where you use BOPP, BOPP and PE And the regulation is overall 10% should be recycled content. So recycle higher recycled content used, overall, you will achieve 10% of the loan. But from a technology point of view, that is not like a big challenge or No, no, that's not a challenge. Thank you. We'll take our next question from the line of Amant Kumar Santalya from AK Securities. Please go ahead. Sir, my question is related to Asypto. So there is a two part of this question. Number one is that, sir, recently, Turkan and UP government has announced that they have make it mandatory to use the Asypto packaging in the local liquor. So how much market will it create for UP and Uttarakhand? And if it rollovers to other state also, then how big capacity requirement will be there? This is number one. And number two, sir, 40 our total capacity of Asypto, sixty percent we sold sell in the domestic market and 40% in the overseas market. So, sir, when we start this Egypt facility to that 40% which we used to export in the international market, Egypt will take care of that market. But that 40% will be increased in the domestic market. So 40% plus this 5,000,000,000 extra capacity. So whether we will be able to sell the entire capacity in the Indian market? So So this opportunity has it's a very large opportunity. Unfortunately, there are no player in this industry or this combination for the catalact category. So industry wide, focus on this category. But governments themselves are realizing to prevent any counterfeiting and any debt due to spurious liquor and all that, this is packaging they need to go to. So right now our plant is running at 65 and we are again Geovir recycling India major capacity. You can import that also. So raw material side may constraints. The existing capacity utilization for this recycling facility is low because nobody wants to pay extra money for the recycled material given that there is no legal requirement to do so. So all the big brands will do this under the compulsion of the law, voluntarily. The self discipline, the self things that we say probably are only seen in the media reports and all that. But when it comes to actually putting the money on the table and spending a bit extra in terms of the recycled content, the companies don't do that. But with the regulation coming in, so we had not done any large investments in this line because there was no regulation. But we were just keeping ourselves we knew that this is going to happen one day or the other. So we were just keeping ourselves up to date with these smaller pilot plants or smaller investments to test the waters, to test the efficiencies, to test the technology, so that as and when it comes, we have the head start that we have got gives us an advantage over the rest of the competition. That's what the whole endeavor wants. The testing will be done for the year as a whole only. So for the initial months, probably, because that material is not going to be available so widely. So it will take time for things to mature. And as the battery charging stations versus the EV cars. I see. So, yes, Hungary Ultra High barrier film already I think I'll have to address this offline. Okay, sir. Okay. No issues, sir. And one last question regarding this debt. And I think this is a little bit here. Stock market may price go damp. Whether the company is planning to tend this leverage, high leverage planning? I think as of now, I have no sort of guidance on this as to so whatever we are planning as of now, we are planning through a mix of debt and internal accruals. And as I said that gets repaid. So not added on to your ultimate debt level. And overall debt to EBITDA, we've done investment, but debt to EBITDA ratio is around the same only. Sir, last question. Concentrate on the CapEx. Instead of putting new BOP plant, if we consider more on value added films, which will give us more margin. And, John, we had planned value added films only in Hungary and Egypt. But when COVID came and there was a huge shortage of the raw material, so Ustinpe, that time everything was selling because the material was in short supply. So we didn't get the opportunity to sort of start working on that value added films. And so value added films, so we made good money during that period. Our plants, our investments got implemented at the right time by the grace of God. Those were the good times to implement and start producing. But eventually, I think you are right because we'll have to go there. But the value added films, base films, value added films, base films. So I think we're now realizing twenty three, twenty four. So that is where we started putting emphasis on the value added products. We'll take our next question from the line of Saket Kapoor from Kapoor Company. Please go ahead. Yes, sir. Sir, our presentation is released. Sir. Absolute numbers with our buying list. And these are suppliers, Engineering activities So NetTech India So net debt India or total consolidated net. 6,150. Okay, sir. Is this split between long term and working capital? So long term, India or overseas, long term, Slide number 27, So engineering activities, engineering activities, there we make printing machines and packaging machines, including aseptic packaging machines also. So facility, that facility is used for making printing machines for the converting industry and also for the packaging machines at the customer end. End. Dusra, other subset of that business is cylinders which are required in the printing. So those cylinder, because they form part of the engineering activity, they also get clubbed under the engineering activities. Okay. Materials are sourced and we do the finishing work. As a job work, total engineering, everything in house are our work right there? Everything is in house, totally. We buy the raw materials. We buy the raw materials. We buy aluminum, we buy all that. We have a full workshop of our own where we make these machines. We don't do any trading as such. We make at our plant and give it to Sir, I joined a bit late. So BOPP claims and BOPP margins, the trajectory of December was average. Consultants and all that. Unfortunately, we have a final But we'll keep you informed. The endeavor is there clearly. But the timeliness of the final decision making and all that is clearly unable to give you any guidance on that. As a business, we see at EBITDA margin basis. Our capital may today be more financed from the debt level and all that. And that is why at the PAT level, we have a higher interest. And the depreciation, we use that money to pay our loans. But eventually, when these get knocked out from the balance sheet, then only depreciation to balance sheet. Actual cash outflow because that charge is what is used to pay your debt repayment back. But would debt repayment zero be be? So we will charge the balance sheet. Sacrifice growth, whatever is the new trending in the business and all that. So, Abhijit Bhakoti, unless the management says we will fund our growth subsequent from the IPO market or from raising the equity and all that and very nominal amount from the debt financing levels and all that, then it's a different story. But at present today, with the projects we have and the debt financing we take for that, I think I feel that these two liabilities expenses on the balance sheet, interest as well as principal will remain. And last two points to conclude, sir. Other operating income and other income, I think we can get back to you offline on this, I think this has been the best quarter in terms of the profitability also and also the operational performance. So this quarter performance is not working. That is the PBT number before exceptional item for consolidated labor was at INR 147 crores. So if this is a constituent major other income and other operating income, this number is consistent Other than that, all other aspects of the business seems manageable. Okay. BOPP, BOPP and Aesthetic Packaging, is there a percentage difference percentage Okay. And control level pay? Consol level pay. Consol level pay. Consol level pay. Okay. And sir, Power and Fuel line items, we have a lot of money in the renewable investment. So Lastly, sir, 10 numbers line item, this may be mentioned, items that will be reclassified to profit and loss account. Okay. It's a translation loss only? Yes. Correct, sir. Thank you. We'll take our next question from the line of Aman Kumar Sondhalia from AK Securities. Please go ahead. Sir, AK, how is the energy prices in Europe? Because in the past, it was very high. So whether it has come down? And Yes, yes. Shipping prices are now normal, double of what they were pre COVID, but it's manageable now. And, sir, there would be an overcapacity of POPP. So whether it is confined to India or it is applicable to Hungary and Egypt also? In you will have some one plant coming in Turkey also, but it is more of an India problem. It's more of an India problem. And sir, there is a comment from Trump that Do you think that this plastic phenomenon, plastic band I think that's a very valid point, sir, what you have raised. That he has endorsed plastic in a big way through his statement of this. We have a movement from the plastic around noise and all that. But let's see its long term implication. I think it's good for the industry aspect because he's realized there is no life without plastics. And he said that I don't want to even manage this plastic like everybody else is saying. It's a good beginning, but I don't have a clear visibility on this as to whether it will remain or it goes when he has to leave the office after four years because he's not coming back again after that no ever. But in the short term, there is no problem for next four years? Short term, And sir, we are flexible packaging. Columbia, packaging cylinders, chemicals and INSE. We definitely have a better margin profile than the competition at present. But again, the fact that we've not grown in that business in capacity, that itself is clearly shows that the margin profile in the industry is not up to the desired level, and that is why we are not investing in that business. In fact, in the last seven years I've been with this company, I mean, we would have invested only in some balancing equipment here and there, but never added any capacity in that business. R. Vijay Kumar:] R. Vijay Kumar:] I think there are multiple reasons. One, you rightly said that this is a business in India where MNCs also look to buy at the cheapest cost rather than look to buy from the quality suppliers. And they use those players to bring the quality suppliers value also down. So if you compare me with the person who is father and son who are operating the plant at a photoshop level basis and all that, do not comply to labor guidelines, do not comply to any directives or when I do all that and I'm subjected to audit also from these setups vis a vis. So they show me that this person is able to give them at lower cost than me and I should match its price. So we'll achieve one sector, sir. I don't know. This sector is only there in India, not in other mature jurisdictions. So as I said that because the margin profiling because of these small outfits is not so good. So that is why we are not expanding this capacity. And so, the Holography, we are consistently business product and margins is matching. And the margins are quite good. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to management for closing comments. Over to you, sir. Thank you, ladies and gentlemen, for your engaging questions and active participation. We will soon have the transcript of this call on our website, www.eflexlimited.com. We look forward to connecting with you again in the next quarter. Thank you and have a great day. Thank you. We thank the management for this call. On behalf of Dollard Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.