Ladies and gentlemen, good day, and welcome to the Ion Exchange (India) Limited's Q1 FY 2025 earnings conference call. As a reminder, all the participants lined 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 0 on your touch-tone phone. I now hand the conference over to Mr. Anuj Sonpal from Valorem Advisors. Thank you, and over to you, Mr. Sonpal. 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 and Valorem Advisors, I would like to thank you all for participating in the company's earnings conference call for the first quarter of financial year 2025. 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 conference 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 in today's earnings call and hand it over to them for opening remarks. We firstly have with us Mr. Aankur Patni, Executive Director; Mr. Vasant Naik, Group Chief Financial Officer; Mr. N.M. Randive, Group Head of Financial Planning and Risk Management; and Mr. Milind Puranik, Company Secretary. Without any further delay, I request Mr. Vasant Naik to start with his opening remarks. Thank you, and over to you, sir. Thank you, Anuj. Good afternoon, everybody. It is a pleasure to welcome you all to the earnings conference call for the first quarter of FY 2025. For the quarter under review on a consolidated basis, the company reported operating income of INR 5,676 million, an increase of around 18% year-on-year. The EBITDA reported was INR 641 million, representing an increase of 31% year-on-year. The EBITDA margin stood at 11.29% with a net profit of INR 448 million, an increase of around 35% year-on-year, while the PAT margin was in the region of around 7.89%. Let me now take you through the quarterly segmental performance on a consolidated basis. In the engineering division, the revenue for the quarter was INR 3,235 million, increase of 13% year-on-year. The EBIT for this segment was INR 188 million, representing an increase of 26% year-on-year. The segment witnessed steady order inflows of medium-sized jobs during the quarter. The domestic inquiry bank remains robust, and we are hopeful that the finalization of some large-value opportunities would accelerate in the next few months. The engineering segment recorded improved turnover on year-on-year basis, largely due to the execution of some of the international contracts. We expect the pace of execution of the larger EPC jobs to increase in the coming quarters. At the end of Q1 FY 2025, the total order book for the engineering division stood at INR 3,394 crores. Coming to the chemical segment, the revenue for the quarter was INR 1,994 million, an increase of 36% year-on-year. The EBIT was INR 498 million, an increase of 36% year-on-year. The segment recorded improved revenue year-on-year while maintaining steady margin. Lastly, the consumer division segment. The revenue for the quarter was INR 660 million, increase of 9% year-on-year. The loss for the quarter was INR 34 million versus INR 15 million in the same period of the previous year. The segment has shown revenue growth on a year-on-year basis. Our new product launches are gaining acceptability in the market. We can now open the floor to 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 their touch-tone telephone. If you wish to withdraw yourself from the question queue, you may press Star and Two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Chetan Vora from Abakkus Asset Manager. Please go ahead. Yeah, good afternoon, sir. Sir, on the engineering side, I was looking at the UP order book. On the Q2, the order book has just gone down by INR 17 crores. How do we see the order and execution for the year, which is close to the order book as of now is INR 800 crores, sir, INR 830 crores, which we were nearly guiding out to be completed by FY 2025? Hello. The order book position remains good. We are expecting good order flows in the ensuing months and quarters. That would ensure that, you know, even while we continue to execute the orders at hand will support future growth continuously. We are expecting that during the subsequent quarters, the execution and industry will improve compared to where we are today. The next quarter and thereafter, we should be seeing improved execution of the UP contract in specific, which had a slight impact of the elections and the related cash flows, which we expect will gradually get removed as the months move. Therefore, as I said, that second half is expected to be significantly better than the first half. Right. Do we foresee that UP order will be getting executed now by the end of this year? UP contract would get substantially executed by the end of this year. However, it is also a function of the funds which get released for the contract for completing the remaining portion. The second element is, of course, the approvals which get received from the government. We are very hopeful that by the end of this year, a substantial portion will get completed. Right. Sir, on the profitability, the previous quarter, despite on a large chunk of revenue of INR 5,000,000 crore, we had reported a margin of 9.6%. Then you had told us that there was some legacy project which got leaked, and because of that, there was a cost overrun, and we expect the similar thing to continue in quarter one of this year. Looking at the margin, the margin looks to be quite steady on a YOY level. Rather the cost of spillovers seen in this quarter, it is now we are largely done. There was a cost spillover. As I had mentioned that contract which has had an adverse impact on the overall engineering margin, that contract is not yet executed fully, and therefore that overhang of its impact would continue in the next quarter also, and it will taper out after that. In terms of the YOY stability, that's something which is also a function of the other contracts that we are executing, which have supported a decent margin level. Therefore, in spite of a slight adverse impact coming in from these one or two issues, we have managed to maintain those levels. Right. By when we expect the legacy project to get completed? By what time frame from here on? As I said, I would expect that the next quarter would continue to face this particular project's impact, and only thereafter it will start to taper out. By the end of the third and fourth quarters, most of the contract will get fully executed. Sir, on the chemical front, the revenue growth of 15% with a good sort of profitability. How should we see this vertical, sir, with respect to chemicals for the full year? Chemical business continues to do reasonably well. We are expecting the growth momentum to continue, as you have seen in the first quarter. Likewise, the margin also remains at a reasonably robust level. We have been mentioning in the past also, that if the input price scenario, the foreign exchange scenario, and the overall supply dynamics do change in a very material way, we should be able to maintain these margin levels. Right, sir. Sir, lastly, from my end, we are expecting, in your presentation, we have always mentioned. At the start of the call also we have always mentioned that we are working on one of few of the large deals which will be getting certified in the coming quarters. It is now, since many quarters we have been seeing the same statement. By when we can see a deal like UP? We could be getting a deal like UP, sir. Thank you. I have been mentioning in the past few quarters, the reason that we are not including those numbers in our overall inquiry book, as well as we are not specifically commenting on those anymore, is because of the uncertainty about when they will get executed. Okay. The certification of those into our order book would happen. We remain quite hopeful because there is positive movement happening on at least a couple of them. It's a question of when that thing finally converts into something which we are able to announce. As soon as we are able to do so, we will certainly make the exchange. Right, sir. Yeah, that's it from my end. Thank you. Thank you. Thank you. The next question is from the line of Sunil Kothari from Unique PMS. Please go ahead. Thank you, sir, for the opportunity. Sir, my first question is regarding the management change we are proposing by 1st October 2024. Mainly, you are becoming now non-executive, non-independent director. What is the reason? What I found since last many years, we are actively participating and the way you've grown the company profitability business, the way you are interacting with the investor community also. What will change and what are the reasons? If you can little bit explain qualitatively, that will be really helpful. We had appointed a CEO last year, of which also we had made an announcement on the exchange including the various forums with the investors. That will complete about a year's time in September. This is a very planned move on part of all the four people from the promoter group that we need to hand over the operating functions of the company to professional management. As announced, the CEO would be taking over the role of the MD and as well as myself, along with Mr. Dinesh Sharma, both of us will become non-executive, non-independent directors designated as Vice Chairman, both of us. Also, the current CMD, he would be relinquishing the post of Managing Director. We will continue to obviously remain associated. We will be actively involved in trying to help the company to grow further and in whatever way support its future operations. As far as the investor community is concerned, I will certainly be available and I'll remain engaged in the way that we have been in the past many quarters. It is probably in the interest of the investors and also for the sake of continuity of the organization as a whole and for professional improvement in its management and growth that we have taken this call. Hopefully, it will usher in a mention of growth and also ensure that we continue to expand the professional profile of the company. Great to hear, sir. One more question on, sir, the way we develop this chemical segment, resins, chemical membranes, and in a very challenging time across the chemical segment of the country and industry, we have done really well. We maintain profitability, which is very respectable and very high also. I would like to know from you, because you always mention about the word capability, R&D, new products, new projects. If you can talk a little bit more on how you see next three, five years. What I understand is now U.S. also slowly coming back to some normalized demand, and we are very keen and prepared to penetrate on a high scale those markets. How prepared we are on this segment? What we see for next two, three years? We've always been positive about the chemical segment as a whole, and certainly because it drives profitability to a greater extent in terms of margin percentages. That's the reason that we have initiated all the capacity expansion moves, both for resins and for other chemicals which to a large extent are also targeted at the international market. With the relative improvements in the European and the North American markets, our exports overall of chemicals have improved, and we'll continue to see improvement as the quarters go by. That's our hope and also the indication from the results. We continue to invest substantially on innovations and R&D, and that's the reason also that the product portfolio continues to undergo a change. We are moving towards more and more value-added products to ensure not just profitability but also a competitive edge. In terms of how we are being able to penetrate the markets in North America and Europe, the strategy which we have been following over the past few quarters and past few years has been to increasingly create customer confidence and trust and also ensure that we are able to fulfill their expectations while maintaining competitive edge and profitability. This process has yielded good results, and I'm sure that with increased bouquet of products that we offer for these specific markets and the relationships and partnerships that we are continuously forging, we would be able to very quickly take full advantage of the increased capacity Fully create a much bigger revenue pie coming from the international market. Great, sir. Wish you good luck. Thank you very much. Thank you. Thank you. Ladies and gentlemen, before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Prashant Aggarwal from Kamaya Kayla Wealth Management. Please go ahead. Yeah, good afternoon, sir, and thank you for the opportunity. I just wanted to understand in the chemical segment, what sort of peak revenue can be garnered for FY 2025? Hello. We have been guiding for an overall growth of roughly 15% for the chemical segment. That's the revenue growth that we have been guiding till now. If there is a change in it, as the quarters progress, we will again advise on the call. Fair enough, sir. Sir, in terms of our CapEx in the chemical segment, when can we see the revenue contribution happening from which year or quarter? The current CapEx which is now at a good stage of execution at Roha, we are expecting the commercial start of that operation to happen in the next financial year, and it will take roughly 3-4 years for it to reach optimum capacity utilization. Fair enough, sir. Sir, in terms of Saudi Arabia and UAE opportunity, when can we see a good, sizable order coming from there? We are already seeing a good improvement on the ground in terms of our customer relationships and also increased flow of opportunities from that market. We have started to see an order inflow also from that market. I would expect that in another couple of years, that geography will start giving us substantial revenues. Fair enough, sir. Sir, in terms of our engineering business, any particular segment we are targeting, maybe reverse osmosis or desalination or any specific area? Engineering opportunities in that geography are quite a few, and it's not as such specific to a particular technology, and we are trying to make sure that our presence is quite broad-based. We would be looking at desalination opportunities and indeed any other opportunity of sizable or medium-sized scale. We are sure that with our manufacturing setup there, the kind and scale of opportunities there would be not restricted to a particular size or sector or technology, but we would be able to garner much wider scope of business. Fair enough, sir. Thank you. Thank you. Thank you. Ladies and gentlemen, before we take the next question, we would like to remind the participants that you may press star and one to ask a question. The next question is from the line of Saket Kapoor from Kapoor Company. Please go ahead. Yeah. Namaste, Pattni ji. Thank you for this opportunity. Sir, firstly, about the engineering segment, you alluded to the fact of some hitting problems with the UP project and also with the legacy projects. Could you dwell slightly more into where are we in terms of execution pace for the UP project? It was only the election that was the reason for slower execution? Or what is the residual value, if you could give some understanding? Sure. I'll request Vasant to share some of the numbers attached with the project, the current status, as well as the residual values. Regarding the UP project, the current residual value is around INR 817 crores roughly, which as was mentioned earlier, we are planning to execute a significant part by the end of the current year. Current calendar year? Sorry. Hello? Current financial year, I mean. What were the key reasons, sir? Can you quantify what the contracted value that we got executed out of this INR 315 crores that pertains to the UP project? For the current quarter, the UP contract execution was around. A number for March, just to compare the pace. It was around INR 78 crores. It slowed down a lot. Sir, what were the key reasons you alluded to, sir? It was already explained earlier in the call as well in the last con call that because of the election season being on and the uncertainties surrounding the whole process, there was a slowdown in the overall execution and the funding for the project. Which as we explained, is expected to improve as the quarter moves on. From the second half onwards, we expect that significant increase will take place in the execution of this project. Okay. What was the value of the legacy project that affected the margin for this quarter? Specific project-wise details we don't give other than for the large projects. This, unfortunately, I will not be able to share. Okay, sir. Now, sir, coming to the consumer product division. I think a lot has been spoken about our trust on growing this segment for a profitable journey. Where are we in midst of reaching that critical mark when the segment will start to be EBITDA positive also? If you could give us some targets or the way forward for the segment for this financial year. We clocked a top line of INR 254 crore for last financial year. What should we look in terms of growth and how profitable can we or when can we return to profit? We have been calling out the consumer segment growth prospects, and we remain excited about the growth which the segment is being able to achieve, along with the acceptance of the various new products that we have been launching. The focus which we have maintained over the last few quarters, and as we spoke a bit in more detail during the last con call, was to ensure that we achieve a much larger scale of operations, and therefore, without immediately focusing on achieving EBITDA positivity, the primary focus for the time being is to reinvest whatever surpluses are being generated by the business into further growth and expansion of the team, expansion of infrastructure and whatever it takes for the operations to achieve a much larger scale. The primary focus on EBITDA for the moment is not there. The primary focus is very much to expand the scale of business. Hopefully, if we are being able to achieve our overall growth pursuits, we would quickly reach a scale where EBITDA positivity happens on account of the scale by itself. The margins at a gross level remain very good. The product margins are comparable with the best which exists in the other segments also. It's only that we are investing substantially in overheads, in expansion of its capabilities and manpower, the infrastructure. That is what pulls down the EBIT level profitability in this segment. Right. For the year as a whole, sir, what kind of growth I request you to return with the question queue for follow-up, as there are several parties just waiting for their turn. Okay. Thank you very much. The next question is from the line of Dhiraj Ram from Ashika Stock Broking. Please go ahead. I say congratulations for the good set of numbers. Post-budget, what we expect is the water treatment segment to improve its execution and order inflow. In this regard, we have seen many companies entering into water treatment business such as VA Tech Wabag, Welspun Corp, VPRPL, Xylem, and YMS Limited. How do you see, how do you position yourselves in this particular market? How do you plan to grow from here for next two years? Well, the numbers which have been shared by various ministries and industry forums, indeed the policy actions which are being driven by the central government, the state governments and governments at even lower levels are very positive for the water and wastewater industry in general. I do expect that the investments or policy directions will not just be limited to a large degree of infrastructure or civil-oriented construction, but also increasingly towards higher technology interventions, which ensure that companies like us would have an even larger play. We are currently hearing from the government their intention to spruce up action on improving the quality of water, not just the supply. Looking at tackling specific contaminants which affect pockets of our country. They are also talking about increased technology interventions at a very distributed level to ensure the reach of high quality sanitation, high quality wastewater treatment, recycle to reach remote parts of our country and specifically the rural areas. Along with this, the increased focus on making our rivers clean, augmenting the quality of our groundwaters. There are several such initiatives by the government which would have an impact on technology companies like us to a large extent than when the investments are focused on construction and infrastructure creation only. I do expect the future, therefore, to be quite interesting. Got it, sir. One more question on, what do you expect the ROI of the Roha plant that you are currently working on? I can tell you that we are looking at roughly a three-year to four-year period when we reach optimum capacity. We are also looking at, as we have explained several times during the last few con calls, that out of the INR 400 crore odd investment, roughly around INR 125 crore is targeted towards specific technology intervention which has other benefits beyond capacity augmentation. The balance INR 275, on that, we should be achieving a turnover or revenue multiple of roughly two to three times. That's for you to do the math. Our margin levels are not barring unforeseen or exceptional circumstances, margin levels should stay in the ballpark of where we are. Got it, sir. One last question. What is the bidding criterias in this EPC segment? What does one see to go for bidding process? Is it the bank guarantee or is it the order book or something like that? Bidding criterias vary slightly from customer to customer. They would certainly look at your technical abilities as also your financial capabilities. Bank guarantees and all that come at a much later stage. Primarily, they would look at your technical capability, your financial capability, and also what you have done in the past. Got it, sir. Thank you. Thank you. Thank you very much. The next question is from the line of Aejas Lakhani from Unifi Capital. Please go ahead. Hi. Thanks, Elvin. My questions are two. The first one is, you have stated that there's a growth guidance of about 15%. If I were to break that up segmentally and assume the rates of growth that consumer is seeing in line with historical, and given that Roha is still a year away, and given that the chemical segment operating utilization capacities are fairly high, is it fair to derive that the growth is largely going to be driven by engineering? That's question number 1. A subset of that is because you mentioned that a bunch of UP will get completed this year and X of UP when you have a fairly good order book. That was question 1. Question number 2 is how should we think about your operating margins for the year? Right. For engineering segment also, the indication that we had given when we did our last call, and as of today, that is what we are stating during the current call also, is a 15%-20% top-line growth. We have been indicating that we should be moving towards the margin levels which we achieved in the financial year 2022-2023, and therefore upwards from what we ended for 2023-2024. We are very much hopeful that we will reach towards that level. Hopefully we would be able to give you a more firm number as we move through the year. Got it. Mr. Patni, just a quick follow-up on that. You mentioned 15%-20% growth on the engineering side. Today in the chemical plants, what kind of capacities are we operating at? That's roughly in the 65%-70% range. Okay. Sir, would that mean that your ability to extract greater revenue is still available in those facilities, or is it that the next leg of growth is severely dependent on Roha and Roha coming on stream? No, there is a headroom available there. Of course, the aspiration is not just to look at that headroom, but to grow at a faster pace in years to come. Roha and other capacity creation on the chemical front would aid that. Noted, sir. Sir, could you just expand on that one statement you made that out of the INR 400 crores investment in Roha, INR 120 crores is going into enhancement. What does that really mean? How does it impact business? If you could just expand a little bit on that, sir. That INR 120 crores is into that technology, a new area, which could improve the overall profitability. There are other advantages also which ensue from that. We should be able to declare it a little bit more openly once the things come on stream. At the moment, we are keeping it a little bit under wraps till the plan becomes operational. Got it, sir. All the best. Thank you. Thank you very much. The next question is from the line of Kartik Kothari from Unique PMS. Please go ahead. Hi, good afternoon, gents. First question, you did mention that we are closer to a couple of contracts, I mean, the larger orders near finalization. These are domestic or international? The ones that we have been talking about, they are international. Correct. I understand the timeline of this usually is very uncertain and nothing that we can predict. Just again, from an international side, sir, I mean, X of this two that we are close to, how are we looking at in terms of finalization, in terms of inquiry? Earlier we were hoping for much more from Southeast Asia, Africa, Middle East. If you can just talk a bit more on that. The target markets for large engineering orders remain the same, which is the Middle East, Africa, and Southeast Asia. Beyond these large or very large projects, we are getting a steady stream of inquiries as well as orders from that same region. Therefore, there's an increasing pace at which we have been able to capitalize on these opportunities. We are quite sure that with all the initiatives that we are taking in these respective regions, the overall order flow, and it's not just engineering, but also for the other segments, the overall order flow from these regions is going to improve. Correct. Sir, anything which is progressing on Sri Lankan orders? Sri Lanka, the pace at which we have been doing further invoicing or execution remains extremely weak. As we have been sharing, it is a function of the funds which gets released by either the Sri Lankan authorities or with the intervention of EXIM or Government of India. We have seen a few infusion of funds, and that specifically has come from the Sri Lankan government, who have over the past few months, released significant sums of money under the current circumstances. To that extent, we have also been able to invoice small portions. The remaining contract which still remains to be invoiced is not very substantial. It's somewhere around 10%-12%. As soon as we get significant commitments or clarity on further fund flows, we should be able to close out the balance unexecuted portion at a very quick pace, which can easily happen within the current financial year. Again, we have to be quite clear about how the various fund arrangements are being made and whether we can then be certain about closing the contract. Correct. Fair enough. It's a lot, I think a year or two back, they had announced this expansion in Odisha. Any further, have you planned what do you intend to do there? As of now, there's no further details to share with all of you. As I have indicated earlier also, we'll certainly come back to all of you and make an announcement once there is further developments on that front. Our intention is very much to expand capacity for the other chemicals, doing some backward integrations in line with what we are aspiring to do in the domestic and certainly the international market. That's what that particular investment is targeted. Once it reaches details to share with the investor community, we'll do so. Great. Thank you. All the best, sir. Thank you. Thank you very much. I would like to give a reminder that, ladies and gentlemen, if you wish to ask a question, you may press star and one on your touchtone telephone. The next question is from the line of Saket Kapoor from Kapoor Company. Please go ahead. Yes, sir. Sir, can you give some more color on our recent acquisition, the foreign company which we acquired? Since when we look at the consolidation in the chemical segment and also for the engineering part. For the engineering segment, the profitability is lower. For the chemical segment, the profitability has improved. If you could just give us an understanding of what changes between standalone and the control numbers, in terms of profitability. Sir, am I there online? Hello. Yes, Aakif. You are there. Okay, ma'am. In terms of the engineering segment, the reduction in the margin from a standalone to the consolidated is largely on account of some of the losses which we have made in a couple of our engineering subsidiaries. Typically, these subsidiaries, once the scale increases, generally in the second half of the year, the profitability should improve. That largely explains the delta between the standalone numbers and the consolidated of the engineering segment. As far as the chemical segment is concerned, the top line increase as well as the margin improvement is largely because of the consolidation of the subsidiary Mapril, which was acquired in June of 2023, in the last week of June 2023. In the current year, we have consolidated 90 days of full quarter numbers, while in the previous year it was only a one-week number. That is largely the reason for the change in the chemical segment top line as well as the profitability. What are we looking, sir, in terms of Mapril contribution growth aspect for this year, and what are the utilization levels there? We should see the growth what we have seen in the standalone segment of the chemicals, the 15% growth in the Mapril turnover also in the current year. Right. Sir, when we look at our big pipeline Ma'am, just I would like to conclude, ma'am, so that I can. Only last point, please. Okay. Sir, when we look at the big pipeline of, let's say, INR 8,000 crore and the type of businesses execution we have done in terms of the UP project, can you give some color in the same vein of what would be the value of projects that we are bidding? My understanding is, what kind of repeat orders or the same set of business we can cater to as we are doing it for the Uttar Pradesh Jal Nigam. I think our overall inclination is to do more and more jobs in the segments where we make a higher degree of profitability, one, and where our risk perception is lower. While our ability to do contracts of the nature of UP or Sri Lanka or any one of these remains quite high, whether we do it or not is a function of whether we get a contract structure and overall comfort for taking up an order of that kind. A lot of the orders that we are trying to pick up, both internationally and domestic, would tend to be in areas, in sectors and with a margin profile where we feel a little bit better covered in terms of risk. It's less a question of our ability to multiply in terms of capability, more a question of the specific areas where we want to grow and consequential impact on our bottom line and balance sheets. Yes, sir. That is correct. My question was whether there are more orders in the pipeline or in the bid pipeline of similar nature of the one for the UP Jal Nigam project which we are making. My question. In the inquiry bank, there's nothing of that nature. The opportunities exist, and we are evaluating it, but they are not a part of the inquiry bank. Okay, sir. Thank you. Thank you. Thank you very much. The next question is from the line of Dhiraj Ram from Ashika Stock Broking. Please go ahead. Sir, we are into this demineralization segment. Could you please let me know what is the market size of this segment in India or globally? We are not into demineralization segment only. I mean, that's a small subset of the activities that we do. There are several other technology areas where we are actively present and which are in fact part of almost all large projects that we do, which includes things like membranes, which include things to do with much more prior process like a pre-treatment. You can get more details about the various technology areas where we operate from our website, which elaborates in quite a lot of detail about the various technologies and products we are dealing with. Got it, sir. Yeah. I've understood that demineralization is a subset of a particular project. It's a subset of our technology plate. Demineralization is one of the technologies where we operate, but there are several others. That's what I was trying to tell you. Got it. What is the O&M revenue that we are currently doing? The service and spares revenue is roughly around 20% of our engineering revenue, but I'll ask Vasant to look at the numbers and confirm that. Okay, sir. Thank you. That is largely in line with what you have mentioned. Around 20% of our engineering segment revenue will come from the services and spares. Okay, sir. Got it. Thank you. Thank you very much. As there are no further questions, I would now like to hand over the conference to Mr. N. M. Randive from Ion Exchange Limited for closing comments. Thank you all for participating in this earnings phone 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 will 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 Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.