Ladies and gentlemen, good day and welcome to Ion Exchange (India) Limited Q3 and nine months FY 2024 earning conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anuj Sonpal from Valorem Advisors. Thank you, over to you, sir. Thank you. Good afternoon, everyone, and a very warm welcome to you all. My name is Anuj Sonpal from Valorem Advisors. We represent the investor relations of Ion Exchange (India) Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings call for the third quarter and nine months ended of financial year 2024. Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. Audiences are cautioned not to place any undue reliance on these forward-looking statements when making any investment decisions. The purpose of today's earnings call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. Let me now introduce you to the management participating with us on today's earnings call and hand it over to them for opening remarks. We have with us Mr. Aankur Patni, Executive Director; Mr. N. M. Ranadive, Group Head of Financial Planning and Risk Management; Mr. Vasant Naik, Group Chief Financial Officer; and Mr. Milind Puranik, Company Secretary. Without any further delay, I request Mr. Vasant Naik to start with his opening remarks. Thank you, over to you, sir. Thank you, Anuj. Good afternoon, everybody. It is a pleasure to welcome you to the earnings conference call for the third quarter and the nine months of the financial year 2024. For the third quarter of the current financial year, on a consolidated basis, the company reported an operating income of INR 5,539 million, an increase of 8% year-on-year. EBITDA was reported at INR 706 million, representing an increase of 13% year-on-year. EBITDA margin stood at 12.75%, and the net profit was INR 472 million, representing a minor decrease of 1% year-on-year, while the PAT margin stood at 8.52%. For nine months FY 2024 on a consolidated basis, the company reported an operating income of INR 15,660 million, an increase of around 17% year-on-year. EBITDA was reported at INR 1,798 million, an increase of 21% year-on-year, while the EBITDA margin stood at 11.48%, and the net profit was INR 1,229 million, an increase of 8% year-on-year, and the PAT margin stood at 7.85%. Coming to the segmental analysis in the engineering division, the revenue for the quarter was INR 3,212 million, a minor decrease of 1.5% on a year-on-year basis. The EBIT for this segment was INR 240 million, a decrease by 22.5% year-on-year. The segment witnessed satisfactory order flow of medium-sized jobs. The inquiry bank remains robust. However, we experienced some delays in finalizations of some large value opportunities. The engineering segment recorded sequential improvement in turnover. The execution of the large EPC jobs, including the UP Jal Nigam order, is expected to accelerate in the ensuing quarters. Coming to the chemical division segment, the revenue for the third quarter stood at INR 1,872 million, an increase of 20.5% year-on-year, and EBIT stood at around INR 493 million, an increase by around 30% on the year-on-year. The chemical segment recorded improved volumes while maintaining healthy margins. In the third segment, the consumer division segment, the revenue for the quarter was INR 630 million, an increase of around 38% year-on-year. The segment has sustained the growth witnessed in the past few quarters. We can now open the floor for the Q&A session. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to withdraw yourself from 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 is set. First question is from the line of Neeraj Vyas from Union Asset Management. Please go ahead. Hi. Thank you for the opportunity. Yes. Could we have an idea of what is the margin outlook for FY 2024, FY 2025 as well as any growth outlook? Yeah, that is my first question. sir, we're not able to hear you. Hello, can I be heard now? Hello. Yes, sir, you're audible. Yes. What is the margin and growth outlook for FY 2024, FY 2025? Yeah. Yeah. That is all from my side. The margin and growth outlook for the current financial year is as we have been indicating in the previous calls. We are expecting that we could be able to maintain margins compared to what we achieved in the previous financial year. As far as revenue growth is concerned, we are expecting a year-end growth of roughly around 20%. Yes. Actually just looking at the order book. Order book and bid pipeline, if we just compare, I know this is not necessarily the best way of looking at it, but if we look at it, 3Q versus 2Q, there doesn't seem to have been much growth. What is the particular reason for this? I'm sorry. Not able to hear you very clearly. Can you be a little bit louder, please? Yes. Sorry about that. The thing is, if you look at the 3Q order book and the 3Q bid pipeline versus the 2Q order book and pipeline, this seems kind of flattish. Is there any particular reason for this? We have had in recent periods a slight slowing down of the finalizations that we have been expecting. Some of the inquiries which we were expecting to get finalized during the period, they seem to be shifting because of the current environment, both domestic and international. We are now expecting that some of these may flow over into the next financial year also. Yes, there seems to be a little bit of a slowdown. Also, a couple of opportunities which we were hoping to convert, we have not been able to because of the terms at which these were finalized and we have had to let them go. Those two reasons account for this. Thank you. This is just on an overall kind of outlook of the different segments. There's a lot of upcoming semiconductor capacity which is expected to come through. Are we well-placed to take advantage of that opportunity? Yes, we are quite well-placed. We are actively working on a few of such opportunities. By when could we potentially see some kind of move on this front? We've already got a couple of orders on that front, and we should be seeing more of these flowing through the order book in the coming quarters. Okay. Thank you. That is all from my side. I'll get back in the queue. Thank you. Next question from the line of Richa Choudhary from Electrum PMS. Please go ahead. Hello. Thank you for the opportunity, sir. If you could just help me understand why was the execution and engineering segment weak this quarter? If you could just help me with the numbers, what order inflow did we see during this quarter and nine months? If you could just give some guidance on FY 2024, how much orders are we expecting to close this year? Okay. Engineering, we've had some constraints on the invoicing front. One of the large orders, which is the UP order, the procedural issues which we have hinted at in the past, that while we have been able to increase the pace of invoicing, still is not adequate enough. There was a large invoicing in the previous year's third quarter on the international markets, which this time we were not able to match that similar invoicing from the large contract. However, for the full year, as we had mentioned earlier, we do expect that the last quarter, the engineering invoicing will pick up substantially. For the year as a whole, we should be able to deliver good numbers. Sir, what was the order inflow this quarter that we saw? Vasant, can you please share the numbers there? Order inflow was for this quarter, INR 142 crores. It was INR 142 crores. Okay. If you could just give me a little update on the chemical CapEx that we are seeing. What are the timelines and the revenue potential that we are seeing in the first and the second phase? Vasant, can you highlight the CapEx, and then I will share? As we have mentioned in the earlier con calls, the CapEx for the resin refill expansion at Roha, we are expecting the commercial production to start from FY 2025, 2026. CapEx? Okay. Thank you, sir. Thank you. The next question is from the line of Sunil M Kothari from Unique PMS. Please go ahead. Thank you for the opportunity, sir. Sir, the chemical segment has grown after long very respectably. Our margin is also very good. Looking at overall chemical industry scenario, we hear from a lot of companies about slowdown and demand not growing up. What we have done differently and what is changing for us? Well, we have managed to, I think, take a few steps in a timely manner. One was to improve our overall product profile, the efficiencies and throughputs of our various chemical manufacturing facilities. Further to ensure that we managed our costs as best as we could have during turbulent times. During the times when the input prices are relatively more stable, we do enjoy a slightly better ability to control our margins. Which is what you have been seeing over the past few quarters. Sir, my question is regarding more about this volume growth, the revenue growth, mainly what? Domestic or international. How sustainable is this size of growth? We have grown really well during this quarter, particularly chemical. I think we should be able to grow well on the international front specifically. As we have been pointing out in the past, a lot of our plant CapEx is targeted towards the international market, and our current market shares in global markets is quite low, giving us a substantial headroom for growth. We are in discussions with a number of international buyers for these chemical products of ours, and these are progressing quite well. As and when the new capacities come up, we are quite sure that we will be able to ramp up the volumes at a good pace. We should be able to sustain growth going forward. Margins, as I mentioned, have been good. We have been able to improve the product mix sequentially, and that has helped us to improve our margin profile. Great to hear that. Sir, one more thing is about this. On our website, there is a media segment from chemical, this waste to energy segment we have also entered, and we have executed one project for Akshaya Patra and one under implementation at Patra Complex. It's a very big project. This seems to be a new opportunity and area. If you can little bit elaborate and explain what exactly we are planning to do and what the size of opportunity? Sure. Waste to energy is one of the areas where there's a lot of effort being put by the government and industry alike to effectively convert the waste into usable energy. This happens through various routes, including production of gases which are thereafter converted into energy. We've been working on this area for some time. Akshaya Patra, as you mentioned, was one of the first projects which we undertook to demonstrate the technology. We are working on a few of these opportunities and hope we'll be able to convert at least one or two of the large ones in the near future. Mm-hmm. This large one must be what? INR 1,500 crore size of business or is there a smaller one? There are various sizes available, and a lot of discussions going around on this topic. We would want to start executing medium-sized ones and thereafter get into really large ones. Very fair, sir. Sir, another point I would like to understand because you rightly said that some projects are high-end in technology respect to the margin, so let it go. Sir, your voice is not audible. Is my voice clear? Yes. Hello. Hello. Yes, sir. Hello. Yes. Sir, my last question is on this same there is more competition that's why we let go some project. Would you like to comment on the competitive side of this? Sir, we are not able to hear you clearly. Could you please return back to queue? Sure. Thank you. Next question is from the line of Mr. Mohit Kumar from ICICI Securities. Please go ahead. Hi. Good afternoon, sir. Good afternoon. My question is on, if I can you just throw some color on the bid pipeline and the segment which you're looking at, especially in the engineering segment. Why is there a delay in conversion? Is it something to do with election and do you expect this conversion to happen in this fiscal, or do you expect that most of the projects will get postponed to the next fiscal? Let me first tell you about the conversions in recent period. Then I will ask Vasant to give you the numbers on the big pipeline. In the recent period, we are seeing some kind of a slowdown in finalization of open inquiries and offers. This would be on account of the current economic and political scenario, both domestically and internationally. Domestically, you are very well aware of the impending elections and other political developments. Internationally also, because of the rapidly evolving economic scenario, and there are geopolitical developments in various parts of the world. Different inquiries get affected by different things. We have seen some degree of slowdown, both in the international inquiries and offers as well as in the domestic ones. We are hopeful that some of these large ones that we are pursuing, we would be able to close relatively quickly. It's now not certain that some of the ones which we were hoping to convert during the current year, whether those will actually get closed during the year. Some of these would slip into the next financial year. Vasant, can you give the numbers with regard to the inquiry pipeline? The inquiry pipeline as of December end was around INR 8,526 crores. Understood. Sir, which are the countries are of our interest to us? I'm talking outside India. We are quite active in the Middle East, Southeast, as well as in Africa. These are the prominent markets where we work, as far as the engineering business is concerned. Understood, sir. Thank you and all the best, sir. Thank you. Thank you. Thank you. Next question is from the line of Krisha Kansara from Molecule Venture PMS. Please go ahead. Krisha Kansara, we are not able to hear you. The next question is from the line of Angad Kadade from Samiksha Capital. Please go ahead. Thank you for the opportunity. My first question is on for engineering segment and chemical segment for FY 2024 and 2025, if you could throw some light on it. Sorry, I missed it earlier. For the current financial year, we are saying that for the engineering segment, we should be growing at roughly around 25%. For the chemical segment on a consolidated basis, we should be growing at roughly around 10% or thereabouts. Okay. How much more will the recent acquisition, Maprel, will contribute to overall chemicals segment? We would be getting the benefit of roughly three quarters, by the end of the financial year. Randhir, can you spell the numbers on an approximate basis? Approximately it will be INR 75 crores-INR 80 crores. Can you throw some light on the margins from Maprel? You're asking for margins for the chemical segment, right? Yeah. The guidance as well as from the acquisition. For the chemical segment as a whole, on a consolidated basis, we should be delivering margins similar to what we delivered for the full financial year 2022, 2023. On the three-quarter performance, we are seeing a leveling, which is quite similar to what we achieved in the last year, and that gives us the confidence that we'll be able to maintain the overall margins. That's great to hear, sir. If I could just chip in one last question from my side. What will be the peak sales on the current capacity in the chemical segment, and how much will the additional capacity add to the peak sales? The Roha CapEx. Current capacity and the additional Roha. That would be helpful, sir. Thank you. At this point of time, we are doing at roughly 70% capacity utilization. Roughly 60% of that is contributed by the resins business. The Roha capacity expansion is for resins only, and it will double the current capacity. That's how the numbers stack. Okay. Thank you, sir. I'll get back in queue. Thank you. Thank you. The next question is from the line of Mahesh Agarwal from Agarwal Family Office. Please go ahead. Hello? Hi, am I audible? Yes, sir. Great. Hi, Ankur and team. First question was just to get an update on, again, Mapril, the Portugal subsidiary, and specifically just wanted to understand more around is that purely a trading business or does that also have any manufacturing capabilities either in Portugal or anywhere around Europe? Also related to that, I'm guessing those numbers have now started reflecting on a consolidated basis for us. Is that partly the reason why we have seen a boost in the chemical numbers this quarter? That would be my first question, please. The Mapril acquisition we did primarily for reaching into the European market and also to establish a manufacturing base in Europe. It has manufacturing facilities in Portugal, which is on the chemical side of the business. We are getting advantage of this business. As I mentioned earlier, by the end of this financial year we should be consolidating roughly three quarters into our numbers. It has contributed to the growth of chemical business during the period. It is part of the reason the standalone business has also grown during the third quarter reasonably well. We should be expecting to benefit both from the international and domestic markets in the coming quarters. Would the margin profile of this business, and specifically the chemicals part, be similar to the margin profile that we have for our Indian chemical manufacturing? They are not the same kind of chemicals. They are different kind of chemicals. On an overall basis, we are seeing that Mapril is being able to add wealth to our current bottom line. Going forward, as I had mentioned, on a consolidated basis, we would be able to maintain the overall margins for the year as a whole. That would be the story there. Understood. Any plans for expansion over there, or do we have sufficient capacity in that company right now for our demands? We are improving the facilities there in order that we are able to cater to a wider range of products. Some degree of augmentation is going on. While they have decent capacity in place, but we will be improving and augmenting it as required. Understood. Sir, my second question is related to China. I've asked this before as well, but as their economy continues to worsen across different industries, companies, we are hearing a lot of stories of them desperately dumping products at 2%, 3%, 4% EBITDA margin, whatever it is to break even. Are we seeing any kind of that behavior across the resins or the membranes or any of the other chemical components, either globally or in India? Yes, we are seeing a degree of price desperation, if I may call it. We've been able to handle it and counter it quite well. For our chemical business, quality is an important criteria, and not all customers look at a chemical supply only on a price basis, and that gives us a lot of strength in our international markets. However, the influence of a reduced pricing available by the Chinese suppliers does have a bearing on negotiations, which we have. As, again, as you would have seen that we've been able to manage our margins quite well. We are hoping that we will be able to continue this in the future also. Understood. Thank you. If I may ask one more question, this regarding the GPCL consulting investment. That seems to be a relatively small company, like INR 7 crore or so revenue, and it's partly owned by RIISE, Exim Bank, and a few other companies. What is our thinking when we are investing in this company? Are we trying to make it a completely owned subsidiary? What is the value add? Because they operate in a bunch of different sectors as well it seems, not just in the water sector. That's a strategic investment on our part. As you rightly observed, Exim is one of the key contributors there. It's not really an operational investment, but we are supporting the initiatives of various bodies, including Exim, in order to facilitate business in the international markets. Got it. Understood. Thank you. That's all from my side. I'll get back in the queue. Thanks. Good luck. Thank you. Thank you. The next question is from the line of Chirag from Intellect Stockbroking. Please go ahead. Mr. Chirag, we're not able to hear you. Next question is from the line of Sunil M. Kothari from Unique PMS. Please go ahead. Thank you for the opportunity, sir. Sir, my question is related to the competition which you seem to be feeling the increasing in the engineering segment. How you see the scenario maybe over a year or two, maybe near term, fine, but you would be proposing to capture the lower profit margin business or we'll stick to our whatever choices are there. The opportunity size, I think will continue to be very good. As we come out of the current year, my belief is that we will see increasing CapEx in our economy and that would create a much larger pie. We will continue to be careful about what types of businesses that we pick up and at what commercial terms. Apart from the domestic market, I think an important consideration for us is the opportunity which we have in the international market, and we are pursuing some very interesting opportunities in global markets. On the whole, I am very sure that we would have a very good bit of business coming in from Indian as well as the international markets going forward. Yes, the current quarter has been less than what we had otherwise expected, but this should improve in the coming quarters. Right. Sir, last question is, because looking at some lower execution of UP project and some delay in execution, it seems that next year our execution should be far better. Would you like to try to guide us about the engineering segment growth next year, 2024, 2025? Yes. It does look that we will be carrying through a substantial size of order book into the next year. For UP contract, as you mentioned, we should be carrying through a good quantum. We would want to ensure that the invoicing level picks up or continues to pick up sequentially. Apart from just that, the other large contracts that we have, as well as the new contracts, which we are hoping to win during the coming quarters, the overall trend of invoicing should improve going forward. It's actually a little bit early to start giving guidance out for the next year as a whole. I'm just giving you a generic outlook and hopefully, over the course of the next two or three quarters, I would be able to give you much more color. Thank you very much, sir. Wish you good luck. Thank you. Thank you. Next question from the line of Amit Thawani from an individual investor. Please go ahead. Hi. Thank you for taking my question, sir. Sir, I don't know if I heard you correctly. Did you say that we will do a 10% revenue growth for the year in chemicals business? Yes, you heard that right. We are targeting to grow by roughly around 10% on a consolidated basis. How much would that translate into organic growth, if you don't mind? Because the nine-month number is flat in the chemicals business. What kind of organic growth are we looking at in Q4? So far, on a standalone basis, we would be growing by roughly around 5%, and on a consolidated basis, roughly around 10%, if that answers your question. Okay. Thank you, sir. Thank you. The next question is from the line of Krisha Kansara from Molecule Venture PMS. Please go ahead. Hello, am I audible, sir? Yes, ma'am. Hello. Sir, my question is regarding the chemicals division. In this quarter, we saw that the chemical segment grew by around 30%. If you could just break this growth into 3 parts, let's say, how much was led by volume, how much was due to pricing, and how much was due to the inclusion of Mapril in our consolidated statement? That would be helpful, sir. Thank you. For getting the sense of what is coming from Mapril, as we mentioned a little while back, we are roughly expecting around INR 80 crore topline addition by the end of the financial year from that operation. In terms of volume versus price growth, those are the kind of details that we do not really furnish on the calls. I can give you a broad sense that during the last few months or recent few months, we have seen a degree of price correction on the downward side. Our customers have benefited from slightly lower pricing from us, and the growth which you see is in spite of that. Okay. The growth is volume led. This INR 80 crore topline is for the whole FY division, right? Like last two quarters, basically. Yes. INR 80 crore topline addition, which I mentioned is for the financial year as a whole. We started consolidating at the first quarter, that's why. Okay. Thank you, sir. Thank you. A reminder to all participants, you may press star and one to ask questions. Next question is from the line of Mahesh Agarwal from Agarwal Family Office. Please go ahead. Hi, Adanankar. I just wanted to double-click on the China issue. Specifically, if we look at the domestic Indian market, are there any import duties or anti-dumping duties in place right now? Something the government has been very proactive about is protecting some of the critical industries, specifically related to China dumping. China in the resin market, I believe, is 40%-50% of the global supply. Are there any of those policies already in place to protect local manufacturing from that? If not, is there any ongoing dialogue or discussion with the government around those? Hello. We have, from the government, the initiatives have been to promote the Make in India concept. In the various government tenders, there's a definite direction given to the procurement teams to favor products manufactured in India. There's a definite advantage which accrues on account of that. The anti-dumping duties or otherwise would feature on very specific cases. In general, we don't see anti-dumping duties coming into the products which we deal with. As I mentioned, we are getting benefits from the government on other accounts. Understood. What would be the reason why you don't see anti-dumping duties? That's one thing the government has been very proactive about for a lot of other products and industries. Is there something about the nature of our products or industries that it would not make sense for the government to do so? Yes, to an extent, because the kind of pricing that we are seeing from them, which is on landed basis, I would believe that the government probably feels that they don't need to intervene at this point. Okay. We keep a keen eye on these matters, and we do bring it up to the government when we feel it is important. Understood. If you can give a rough sense of the difference in landed prices between, say, a desperate China price versus our price in India, and then also what the price essentially would be when we sell abroad. That's a very broad market scope that we are looking at. Right. Difficult to generalize this. Yes, we do see when they get desperate, then the price differences can become significant to start making an impact in the customer's mind. For chemicals, as I mentioned, it's not just the pricing. For a lot of our key customers, it goes way beyond pricing. It's quality, the service that you provide and other things. Pricing is not always the only criteria. Understood. How long would generally, obviously, I'm sure this will vary as well, the contracts on the chemical side, are they more on just a purchase order to purchase order basis, or is there also some form of a longer-term contract with customers on the chemical side? There are a lot of customers who would give out 1 to 3-year contract. We would be taking care of their facilities with the help of our chemicals. There would be a few where they would be procuring the chemical products on specifications. Yet we would probably be supplying to some of these customers for many years at a stretch. Even though it is from purchase to purchase, we do manage to hold the customer pool. Understood. On the EPC side, I just wanted to get your thoughts around what you all are seeing in terms of the landscape of projects which are out there, both on the private sector and then specifically on the public sector as well. The reason I'm asking that is the government has been pushing out a lot of tenders around water-related projects, both in municipal wastewater, irrigation. Historically, that's not an area I know that you guys have been too keen to focus on. We focus more on the private side. What is the opportunity set now looking like both on the private and public side, and is there a change in mindset for us to maybe start focusing more on some of the public tenders as well? We've been looking at some of the opportunities from the government sectors for some time now. We remain very cautious about which opportunities we would want to work aggressively on and to what extent we are able to mitigate the risks which we perceive. It's an evolution that we are ourselves going through in terms of where we put our filters on a commercial front. We still are light on the government sector and relatively heavier on the private sector. The way we define private sector includes the Navratna companies from the government. The PSUs, like, for example, an NTPC or Indian Oil, they would be a part of our private sector basket, and we go after these opportunities quite aggressively. Understood. Got it. For instance, I believe there's a desalination project now coming up for Mumbai or Navi Mumbai. Would that be something that would fit the profile of projects you would be interested in? Well, we take a balanced approach towards such an opportunity, and while we are interested in participating in it, but the mechanisms of participation may be different from a direct EPC contract. Okay. The RO membrane supply would probably go from Assam, that's been given a market share there, even if it's not the EPC aspect. Right. We look at different ways of participating in some of these opportunities. Unfortunately, I can't share more details on the call. Yes, we would participate in one form or another. Understood. Got it. Cool. That's all from my side. Thank you. Good luck. Thank you. Thank you. Next question is from the line of Ayush Aggarwal, an individual investor. Please go ahead. Can you hear me? Yes, sir. Could you please speak a little louder? We are seeing an increase in the negative margins in this sector. Sir, we're not able to hear you clearly. Can you hear me now? Yes, sir. Right. Saying that on your consumer products segment, we are seeing increased losses from quarter-to-quarter. Are you facing any challenges in reigning in the profitability? At the moment, the focus is on ramping up the overall revenues of that segment. We are investing quite a lot on the manpower, as well as increased expenditure on marketing. That's the reason that you are seeing the volumes grow of that business, but it has also contributed negatively to the bottom line. If we had maintained the business levels at earlier levels, and we had also not focused on improving the infrastructure for future growth, we might have seen better profitability. Understood. Recently I read that TCBS is looking at entering the water treatment segment. I believe they bought out some major private company which is involved in water treatment chemicals. How do you stand in comparison to them at this stage? Which company did you mention? Phillips Carbon Black. They had recently acquired. Yeah. Well, there are always new entrants who look into getting into the market in one form or the other. It's not a monopolistic market in any case. There are several domestic as well as global majors present in the space. As we've been mentioning in the past, for example, in our resin business, we continue to enjoy more than 40% market share in the country. Competition is a part of the playing field. Got it. My last question is regarding your increase in deferred taxes. I was looking at the balance sheet, and I believe your deferred taxes have doubled from the previous quarter. Could you give us some more information on what taxes have been deferred? Vasant, can you come in on that? This is as per the income tax provision. These are basically arising out of the timing differences. This will be widened out in the coming quarters. We don't expect the effective tax rate to materially change. Got it. That's all from my side. Thank you. Thank you. Ladies and gentlemen, that was the last question of the day. I now hand the conference over to Mr. N.M. Ranadive from Ion Exchange (India) Limited for closing comments. Good evening. Thank you all for participating in this earnings call. I hope we have been able to answer your questions satisfactorily. If you have any further questions or would like to know more about the company, we would be happy to be of assistance. We are very thankful to all our investors who stood by us, and also had confidence in the company's growth plan and focus. With this, I wish everyone a great evening. Thank you. On behalf of Ion Exchange (India) Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.