Ladies and gentlemen, good day and welcome to the Ion Exchange India Limited's Q4 and FY 2025 earnings 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 Ms. Purvangi Jain from Valorum Advisors. Thank you, and over to you, ma'am. Good afternoon, everyone, and a warm welcome to you all. My name is Purvangi Jain from Valorum Advisors. We represent the investor relations of Ion Exchange India Limited. On behalf of the company and Valorum Advisors, I'd like to thank you all for participating in the company's earnings conference call for the fourth quarter and financial year ended 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 belief as well as assumptions made by, and information currently available to, the management. Audience is cautioned not to place undue reliance on these forward-looking statements in 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 in today's earnings call and hand it over to them for their opening remarks. We have with us Mr. Aankur Patni, Vice Chairman, Mr. Indraneel Dutt, Managing Director and CEO, Mr. Vasant Naik, Group Chief Financial Officer, Mr. N.M. Ranadive, Group Head of Financial Planning and Risk Management, and Ms. Nikisha Solanki, Company Secretary. Without any delay, I'd request Mr. Vasant Naik to start with his opening remarks. Thank you, and over to you, sir. Thank you, Purvangi. Good afternoon, everybody. It is a pleasure to welcome you all to the earnings conference call for the fourth quarter and financial year ended 2025. For the fourth quarter under review on a consolidated basis, the company reported an operating income of INR 8,346 million, an increase of around 7% year-on-year. The EBITDA stood at INR 858 million, which has declined by 7% year-on-year. EBITDA margin stood at 10.28%, and net profit was INR 632 million, a decline by 13% year-on-year, while the PAT margin was around 7.6%. For the financial year ending 2025, the company reported operating income of INR 27,371 million, an increase of around 17% year-on-year. The EBITDA stood at INR 2,939 million, representing an increase of around 8% year-on-year. The EBITDA margin stood at 10.74%. Net profit was INR 2,083 million, an increase of around 7% year-on-year, while the PAT margin was around 7.6%. Let me take you through the quarterly segmental performance on a consolidated basis. In the engineering division, the revenue for the quarter was INR 5,553 million, an increase of 5% year-on-year. The EBIT for this segment was INR 412 million, which declined by 23% year-on-year. For the financial annual year ending 2025, the revenue was INR 17,038 million, an increase of 17% year-on-year, with an EBIT of INR 1,091 million, a decline of 2.5%. The engineering segment recorded sequential and year-on-year turnover growth. However, execution of the UP Jal Nigam order remained muted. Regarding the Sri Lanka order, there has been positive development at the quarter end, with the Sri Lanka authorities committing funds to expedite the job progress. Our inquiry pipeline has remained steady, we did witness delays in the finalization of some large-value opportunities. At the end of Q4 financial year 2025, the total order book for the engineering division stood at INR 2,762 crores. Coming to the chemical division, the revenue for the quarter was INR 2,228 million, an increase by 12% year-on-year. The EBIT was INR 522 million, an increase of 9% on a year-on-year basis. For the annual financial year ending 2025, the revenue was INR 8,184 million, an increase of 15.5% year-on-year, with an EBIT of INR 2,066 million, which grew by 17% year-on-year. This segment delivered improved volume during the quarter while maintaining healthy margins. Our greenfield manufacturing facility at Roha for resin production is expected to go on stream in the second quarter of the financial year 2025-2026. For the consumer product division, the revenue for the quarter stood at INR 779 million, an increase by around 7% year-on-year. The EBIT loss for the quarter was INR 52 million, compared to a loss of INR 28 million in the same period of the previous year. For the annual year ending 2025, the revenue was INR 2,902 million, an increase of around 14% year-on-year, with an EBIT loss of INR 149 million. This segment continues to record the volume growth. With this, I conclude the opening remarks. We can now open the floor to the Q&A. Thank you, sir. We will begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets when asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Ashmita from Electrum PMS. Please go ahead. Hello, am I audible? Yes. Please go ahead. Yes. Two questions from my side. The first one being, the order inflow seemed to be muted for the quarter. Just wanted to know how do we see the growth shaping up ahead and the fourth financial year? Good afternoon, Ashmita. Thank you for your question. We have been a bit slow on the order intake for the last quarter of the last financial year. I think a couple of factors. One is, some of the jobs that we had bid, a couple of large orders we could not win. They were a lot more aggressive pricing in the market. A few other key jobs that we've been pursuing, they have spilled over to the next financial year. Those jobs are still very much alive, and we are in the fray. It's just a timing issue for us. We continue to be selective on the engineering projects, to be able to pick up jobs that we feel are accretive to our overall engineering business margin. We'll continue to pick up jobs in a very selective fashion. Sure. The second question was if the chemical margins were quite lower for the quarter. Just wanted to know if you could just state the reasons for the same and just throw some light about it. The fourth quarter, if you are comparing with the immediate preceding quarter, there has been, in the third, due to the seasonality of certain product lines, the chemical margins in the fourth quarter were lower if you are doing a comparison with the earlier quarters. Also we have seen some cost input increases. Those increases, we have now taken action to pass on the price increases to the customers. These two are broadly the main reasons why the chemical margins are a bit lower than compared to the preceding quarters. Sure. That's it from my side. All the best for the year. Thank you. Thank you. A reminder to all participants, please press star and one to ask a question. The next question comes from the line of Mike Sell from Alquity Investment Management. Please go ahead. Thank you. Good afternoon. Could you just give us your thoughts on the revenue and margin outlook for FY 2026? Are we seeing a more sustained slowdown, which you commented on briefly before, or do you think that the last year is more of a consolidation year, and we should expect much stronger top and bottom-line growth in FY 2026? Good afternoon. Thank you for your question. In response, we would say that we see a similar trend going forward in the coming year. Typically, we don't like to give a call-out before the first half ends. That's been, Michael, our preference and our practice in the past. We also are in the process of going through an SAP implementation across the company. While the first couple of months have been a bit muted, we hope to pick up in the second part of the first half. We should be able to come back and give you a better outlook somewhere in the second quarter presentation. Thank you. You mentioned SAP. Is that having an impact on your order booking and so on, or that's just not causing you any issue in terms of revenue? As you know, an SAP implementation across the company always gives us a lot of learnings for us to work on. We are going through that, they are nothing major from a business standpoint. These are a little bit of timing issues, obviously, there is a bit of a disruption as you move from a legacy one system to a corporate-wide SAP system. That's what we're going through. We feel good that we should be able to get back to a normal course in the next month, which is the third month of the first quarter. In summary, I think nothing major, nothing impactful. We should be back on course for the first half. Thank you. One final follow-up question, just in terms of the ongoing court case. I think the next date is July. Is that the final date, or it could carry on going on for several years still to come? We hope it will be final date, considering the Indian judiciary and the various factors involved in the case, we don't feel it will end in July. It is going to be a long-run affair. Thank you very much and best wishes. Thank you. Thank you. The next question comes from the line of Deepak from Sundaram Mutual Fund. Please go ahead. Yeah, thank you for the opportunity. Am I audible? Yes. My first question, I just want to double-click on what is our demand outlook for the engineering segment. Though you have mentioned in the presentation that there was some delay in order finalization and got pushed off to, let's say, FY 2026, most likely we'll have a good inflow in the quarter one or quarter two of this year. I just want to reconfirm that whatever delay happened in order inflow, since two months have already passed, are we nearing closing those new order wins, let's say, in Q1 of this fiscal year? We don't speak on specific orders, but we feel comfortable with the pursuit of those large cases. Again, a lot of them are not in our control, and it's a basket of opportunities that we pursue. Overall, as one would expect in the sector that we are in, there's no dearth of opportunities. Looking at our past track record of execution of some of these orders, we would want to be selective and picking up good quality orders, which helps us maintain or improve the quality of profitability in the engineering segment. As I said a little bit earlier, we'll continue to be selective about the orders that we pick up and not do anything to the contrary. Sir, I understand that, as a company, we are very conscious in terms of what kind of order we are taking, and we are very much conscious of the cash flow impact as well. How should I look about, let's say, growth in FY 2026 of this segment going forward? Also on the fact that you had one onerous order, which was kind of troubling us in terms of margin, and UP order is also not picking up. How should I think about, let's say, going into this year in terms of growth numbers and margin for this segment? I think first of all, you refer to some of those past orders that we have referenced in the previous calls. I think so these are large orders, both the UP order as well as the other one that we referenced. We continue to work through some of the headwinds there, and that's partly the impact of that you would have seen in our numbers. These are exactly the kind of reasons why we would like to be selective in what we pick up. Having said that doesn't mean that we're looking at a very conservative order backlog. I think as I said, there are orders in the market, both in India as well as outside, which we continue to aggressively pursue, but we will be very careful in terms of the quality of the order that we pick up. Okay. To add to that, Indraneel, overall the demand scenario both in India and abroad remains attractive in the long run. What we are trying to ensure is to keep steadfast on the long-term goal without really looking at very short-term gains and pick up orders which are not justified in terms of bottom line. Deepak, to give you a guidance, we are looking at several opportunities both in India and abroad, and we do hope that we will have some good ones to book in the short and medium term. As Indraneel said, we will definitely try to ensure that the quality of orders does not have an adverse impact on our bottom lines. Okay. One question I had on consumer products. Earlier in two, three calls, we had mentioned that you would want to clock an INR 80 crore plus kind of revenue run rate in the consumer product. Right now, if you look at our year-over-year growth rate in Q4, it's now come down below 10%, it's around 7%. I just wanted to understand, is it that the category itself is not growing, or is it the category is growing and we are facing more competition, or is it that the B2C segment is doing well within consumer, but it is the institutional sales which is dragging the overall growth of consumer products? You're right. We continue to see good traction and growth, relative growth both in our products and our services business on our core B2C, B2B business. That continues. That's a part of the business that we have been strengthening pretty much through second half of last year. We are seeing good traction in terms of leading indicators around pipeline and funnel. We hope that this segment will also start firing because all the macroeconomic indicators in the country are all positive in that segment. We believe that we'll be able to benefit from the structural changes that we have made. This segment, this part of the consumer segment will also come back in FY. Sir, could you please highlight in Q4 what was our B2C growth rate and B2B growth rate for us to clock an overall growth rate of 7%? I'm sorry. We don't give individual product line breakups in this call. Maybe if you can reach out to our Valorum, we can take this further separately. Okay. One question to Vasant sir. Sir, now Roha plant will come into operation right in Q2. You have debt on the balance sheet and whatever was being capitalized now will be expensed out. Could you please highlight what is the interest outflow one should expect in FY 2026? As we have informed in the earlier call, the total CapEx of the Roha plant is in the region of around INR 400 crore, and the debt component is around 80% of that. Once the entire debt is disbursed and it comes on our books, the interest cost is just below 10% for this term loan. Okay, sir. Could you quantify that? Okay, sir. I will just join back in the queue. Thank you. The next question comes from the line of Chetan Vora from Abakkus Asset Manager. Please go ahead. Yes. Hi, sir. Sir, can you explain on the EPC front that the growth of this quarter was 5%, which was lowest since five, seven quarters, and the margin of close to 7.5% was five-year low. Would you like to comment on that, sir, on the EPC and how do we see the situation going ahead? Would like to understand the update on the legacy project which has been dragging down the overall performance, sir. Well, Chetan, as you rightly commented, the margins in this particular business have been a bit muted, and I think you also kind of gave the answer. There are a couple of large projects that we are working through the execution, which we talked about in the last call, and are kind of giving us headwinds in this segment. As I said a short while back, these are multi-year contracts that we are working through to get them executed. These particular jobs will continue to be difficult for us from a margin standpoint. However, there are other parts of the engineering projects that are going well. There are some other jobs that are going well. We've got some very good execution on our international portfolio. That's going well, and we believe that should help us mitigate some of those large order headwinds that we have seen in the country. As we speak, we continue to work on strengthening our execution and working with our customers to see that we can come out of these jobs in the best possible way by closing them out. This is not a one-quarter phenomenon, unfortunately. We continue to work this out and grind this out and close these contracts out. By when this could be out, sir? This will continue definitely for this financial year and maybe early part of the next financial year. The U.P. projects, we are not the only company who's doing this. I think there's been a consistent track record in terms of the execution, and some parts of the project we have done well, but there are other parts where they have been slower than expected. I think both these jobs will pretty much continue for the entire financial year. Even the UP is cost overrun for us? No, there is no cost overrun as of now. The margins are. It's more a time spent because as you know, these are government plans that were rolled out earlier, but I think across the board, including our project, we continue to go through the execution. Across the board, every organization executing these projects, we are seeing time overruns. As Vasant said, on the profitability front, we are still able to manage with very tight project management there, but there's still some way to go for us. It was told in the last con call that these legacy projects will be getting over by the quarter two of this year. Now it is being told that this year, in the quarter one of next year, it will go on till then. Just would like to understand that. Can you explain that disconnect between last quarter and this? What I would like to clarify, what was mentioned now was with reference to the UP project, which is going to percolate also to the beginning of the 2026/2027, while the other legacy project, what was referred into the earlier calls, we expect to largely get it over by the end of the current financial year. It has got extended till up to the end of this year from quarter two. That's right. Even the UP project is making the subdued margins for us vis-à-vis our earlier expectation? As we have been informing in earlier calls, we don't give project-specific margins. As I was reiterating No, I'm just asking directionally. I'm not asking for the number, but I'm just asking the directionality. It is making the margins which is lower than our EPC margins, right? Is that fair to assume? That may not be a fair assumption. How should one work with it? What's the unexecuted UP project order value as of now? That has been given in the investor call. It is around INR 378 crores. It will be getting continued till up to quarter one of next year, right? That's right. Okay. Sir, apart from that, how do we see the EPC demand environment? Because order inflow had been muted for this quarter and the growth has also decelerated to 5%. Any reason for that, why the growth has decelerated? As I said, we see a lot of opportunities in the EPC space. We actually started with opportunities and we are trying to be selective to ensure that we improve the profitability of that segment and continue to bring that up and work on it. There is no dearth of opportunities. It is just that we are looking for good quality and selective orders that we can execute. And sir, the reason for the revenue deceleration up to 5%? Any specific I think we already addressed that the UP job, the execution which was expected in the current financial year, that has not happened as per the plan, largely because of the funding issues which we have faced in this contract. That is primarily one of the reasons why there is lower-than-expected growth in the engineering segment in the fourth quarter. Right. Sir, lastly on the chemicals, the plant will be up and running by the quarter 2 of this year. By when the commercial production will start? It will be in the trial phase, right, for at least some time and the commercial production will begin then after, right? We are very close. As we speak, we are doing various kinds of testing. Obviously, this is a plant largely catering to the export market, so we just need to ensure that we have everything right in place. We are very close. Most of the systems are all installed, commissioned, and we are in the process of the pre-commissioning activities as well. For the year as a whole, the chemicals will be at the same profitability as what it was in the last year at INR 525? As we said, we would be able to give you a better outlook around the end of the second quarter. As of now, we see limited headwinds, I will just leave it there and we can come back and share with you a little bit more accurate guidance in the end of the first half of the year. No. Last question. On the balance sheet side, our debtors has also gone up, which were like 140, 145 days, has gone up to 160 days. One major contract which has contributed to the increase in debtors is the UP contract. As I mentioned, the funding issues, this contract that has led to elongated debtors level in this contract. Second is we had a spike in invoicing in the month of March, which has slightly distorted the overall debtors level. That is primarily the two reasons where we are seeing the number of days have gone up. Okay. Thank you. Thank you. The next question comes from the line of Ejaz Lakani from Unifi Mutual Fund. Please go ahead. Yeah. Hi. Am I audible? Yes. Perfect, thanks. My first question is that if you look at the PPT deck and see the order book from UP that was outstanding in December 2024, it showed INR 719 crore, and that number has dropped to INR 378 crore. You've effectively done INR 350 crore ballpark from your old order book. I'm just trying to understand that in the earlier call again, we clearly stated that because of the bureaucracy, there was a time delay, but what is visible is the INR 350 crore rundown in the UP project. Firstly, is that understanding correct? Because I have following questions based on this. Yeah. I think I must compliment you on good reading of our report. That understanding is correct. The original backlog. We have taken a correction on the backlog based on what we see on the ground. The earlier backlog was driven by more from the original project that we took up and the detailed project reports, the DPRs. Based on the actual situation on the ground, we expect some foreclosures to happen. Also because the projects have taken inordinate long time to deliver, and in our objective to close the project and come out, we've taken a conservative view of the remaining backlog, and that is why you see a drop in the backlog, which is not reflected in the revenue correspondingly for the quarter. We feel that collectively, based on the inputs from the team, we feel that this is a true reflection of the actual revenueable backlog for this particular project. Questions that I have, again, it's not clear from what you've just spoken in your earlier commentary, that now this business of especially UP is just barely 10% or 12% of your existing book order book, incrementally, the share of it in revenues will be lower. You have again cited on previous calls that you can refer to quarter one, quarter two call where you said that there's been an adverse impact of that project on the overall engineering margins. You've also spoken simultaneously about picking up better quality orders incrementally that do not hurt you like the UP. I'm just trying to understand that should we not build for better margin trajectory in the engineering business in FY 2026 and onwards, given that the run rate of these old projects is now far more lower than it was in 2025 and 2024? That is absolutely correct. That is exactly what we want to do, that is why, as we said, we have been selective in picking up the kind of jobs we want to do and take learnings from our experiences. As I also said multiple times that, at this point, we'll not be able to provide you a guidance for the year. We can come back and talk about it at the end of the second quarter. Directionally, what you said is correct. That is what we'd want to do, finish these jobs where we've had headwinds in the past and move towards better quality orders to be executed. As we said, in that order backlog of INR 2,700 odd crores, you see about 12%-15% is on the UP jobs. I think we are working very consciously towards improving the quality of the executable orders for the company. Understood. Sir, the second bit is in the earlier comments about you mentioned that there has been some margin compression on chemicals. I want to understand that from a raw material basket, do you foresee headwinds? You called out that you've taken the cost pressure increases, but are you incrementally seeing any raw material headwinds? What is the effect of the increase in cost that has been passed on? Is it 100% or is it just some part of it and some part is yet to be taken? This is a process that we continue to observe on a very regular basis. As we have mentioned earlier, these are driven more by commodity prices that change, and we have been extremely agile in the past to ensure that the profitability of our chemicals business is protected. Sometimes, you do end up with a little bit of a timeline gap between the cost hitting us and we transferring that back to our customers. The same process has happened in our parts of the chemical business. We've gone ahead with price increase. Again, as you would understand, that is always a balancing act between getting price back and then maintaining share. That's what our businesses in the chemical segment are working on. We have done this multiple times over the past several years, and we feel confident to be able to navigate this cost rise as well. Understood. Sir, is there a headwind in the raw material basket for chemicals today? I haven't understood that. No. As I said, currently I don't think we are facing that. As I said, it's a very dynamic situation, so I wouldn't want to call and give you a lot of comfort. It's a very dynamic situation. What I can assure you is that we are pretty much on top of it and across all our chemical business units, and we are taking almost real-time action from a pricing standpoint to ensure that we're able to protect our margins in this part of our business. Understood. Sir, is it fair to then understand that the entire increase in cost price has been passed on to customers fully? Yeah, I wouldn't make that comment. I would say that in parts of the business we have passed on, and we continue to work through that process. Understood. You've called about in the chemical segment, the management thoughts on focusing on the export opportunities that are there in North America and Europe, I'm presuming that is because of a better margin profile. Could you please elaborate on what are the steps the management has taken to increase this opportunity pipe? That's our focus on the company is how do we grow the chemical part of our business? You all heard that our Roha plant is close to commissioning. That's a big part of our chemicals growth strategy. I also said that a big part of that plant we are building to cater to our exports market. Clearly there's a lot of work that your company is doing in terms of ensuring that we're able to fulfill the volume that will come out from the Roha plant. That also goes true for our other businesses, including chemicals and membranes. All of these products that we sell today are sold in the international market, they are international grade products. We are significantly strengthening our go-to market on that international front, and we hope to see results of that coming forward in the future quarters. Sir, understood. Could you call out what is the go-to market? I'm just trying to understand a little more about what are the efforts that the management has made in this direction. In this call, we will not be able to give you any more specifics. If you are interested to know more, we'll be happy to have a conversation through Valorum. We'll be happy to share whatever more we can. The other part that you know that we are in a very competitive market. Beyond this, in a forum like this, it'll be difficult to share more. Understood, sir. We'll definitely reach out. Sir, just my final question is that, does the plant require to be reapproved by customers or because effectively the similar product range will be coming out, the customers really know Ion Exchange and it's just a business continuity, or do these plants require revalidation from customers? No, these are all standard products that we make there, and these are very standard processes. Obviously our customers are very keen to look at, come and visit our new plant as and when it goes up on stream. No, there are no regulatory requirements for us to get new approvals for this plant. Got it, sir. Finally, my understanding on the chemical segment is that as the Roha plant comes on stream, your ability, which today is constrained because from a utilization standpoint, you are pretty much maxed out in chemicals, will effectively we start to be able to see the revenue traction building from, say, second quarter and third quarter onwards. Is that understanding fair? Yes. Our salespeople will get very busy very soon. Done. Noted. Thank you so much, sir. All the best. Thank you. The next question comes from the line of Prem Singh from AC Choksi Brokers. Please go ahead. Hello, sir. Am I audible? Yes. Yeah. I'd like to ask, when can we expect any consumer division to be profitable at the EBITDA level? Have you all received environmental clearance for the Roha plant? Yeah. We are going through our clearances. We'll not speak about specific clearances, but we are on the last leg and in parallel, we are also working on our pre-commissioning. We expect those last few action points to get closed very soon, and then hopefully, we can come back and give you the good news of production happening from that plant. On the consumer products division profitability question, I'll request Vasant to take that. Yeah. During the year, we have invested substantially in, as we have covered in our earlier calls, on our infrastructure, including manpower and on our distribution network. Also we have ventured into newer market segments within these consumer products. The payback did not happen as per the timelines, what we had anticipated during this year. We remain hopeful that, as the volumes have picked up, which we have seen, we should be having a much better margin profile to disclose in the results going forward from the third and fourth quarter onwards. All right, sir. Just another one. Are we getting any sort of inquiries from industries that are currently booming, such as semiconductors or any data center-related industries? Yes. As we mentioned in the past call, these are some of our growth segments. We are working very closely with some of our customers in this space. In fact, there were some significant opportunities we were pursuing in one of the segments, unfortunately, those did not close in our favor predominantly because of extremely aggressive stance taken by competition. These are important segments for us. Your company is very well-positioned to win in those segments. In some of them, we have very strong references and track record. We'll continue to work on these segments. Our teams are continuously working with our customers, we believe that we will get good results in those segments in the future that you talked about. All right, sir. Thank you so much and all the best for the coming year. Thank you. The next question comes from the line of Omkar, an individual investor. Please go ahead. Thanks for taking my question. Sir, I need some clarity on earlier participant has asked you on UP and Delhi project. In Q3 presentation, Delhi Jal Board order was mentioned, including UP order. Suddenly in this quarter presentation, the Delhi Jal Board order book disappeared from the presentation. Whether Delhi Jal order book was there or it was only UP order book? That was my first question. In which month Roha plant will start, and are we expecting overall good margin in this particular financial year as compared to last financial year, sir? You had three questions. I'll answer all three one by one. The first question, this is the UP Jal Jeevan Mission or the Jal Nigam project, the Swachh Bharat project, SWSM. There are two circles that our company is executing. One is in eastern UP and the other is on the western side of the state. That is where we talk about these two projects. It is both. There was no Delhi Jal Nigam project earlier. It is the UP project that we are doing in two locations of the state. Just to follow up on what Mr. Indraneel mentioned. In the last presentation, we had mentioned Delhi Jal Board. That was a very minuscule part, which has since been completed. Okay. Sir, which month Roha plant will start in quarter two? Can we expect better margin in this financial year? My second and third question. Yeah. We will not be able to give you very specific month. As I said, we are very close. We are going through pre-commissioning. We're getting everything lined up. We should be able to come back with some good news soon. At this point, it will not be fair or accurate for us to give you a specific month information. As regards your question on the overall margin outlook of the year, as per company practices, we should be able to come back and give you a broad guidance in the end of the second quarter. Okay. Sir, last small question. Any big orders are we expecting in next two, three months as last year was muted in terms of winning new engineering orders? Any specific orders can we expect? Last year was little bit tough for getting big orders. As we said in the earlier part of the call, we continue to work on the engineering segment. It is a very important segment, the biggest segment for the company. At the same time, we continue to look for good quality orders. That's what our effort has been. As we speak right now, there are multiple opportunities, both big and medium, that we are working through. Again, it will be improper for us to make a call. Ultimately, we are in a competitive market. We continue to work on quite a few deals. We'll continue to be very selective and be interested to picking up good quality orders. Okay, sir. Thanks for taking my questions. All the best. Thank you. The next question comes from the line of Mahesh, an individual investor. Please go ahead. Mahesh, please go ahead with your question and unmute yourself in case if you're on mute. Mahesh, are you there? Since there's no response from the participant, we'll move to the next participant, that is Saket Kapoor from Kapoor Company. Please go ahead. Namaskar, sir, and thank you for the opportunity. Sir, with respect to the UP Jal Jeevan project, how is the pace of execution currently, and when are we supposed to conclude the project? Also on the receivable funds, what is the position of the movement of funds? Sir, if you could just throw some color on the same. Currently, how are things shaping up? I'll answer the first question, and then I'll request Vasant to take the second one. As we mentioned earlier in the call, the UP Jal Nigam project has been moving slow. There has been a challenge on the allocation of funds, which is getting worked through, and hopefully we'll see some improvement in the future. The project progress has been slow, which has been reflected in our engineering business performance in the last preceding quarter. As we also mentioned in the call, looking at the progress of the project, we have taken a conservative view of the balance order backlog. As we've also said that we expect the balance of this project to continue throughout this financial year, and we should be able to hopefully wrap it up early in the next financial year. I request Vasant to answer the next question. You had asked about the receivables on the UP project. As I mentioned earlier, and what has been mentioned by Mr. Indraneel also, there have been some funding issues on this contract. The collections against the receivables has been slow in the current year. That is one of the reasons why our overall debtors have also gone up. Coming to the specifics of the amount, I'm afraid that we don't disclose on the investor calls, and we can leave it at this. Sir, you mentioned that this project will be executed over the entire this financial year, and it will take the next year also first quarter. I missed Indraneel Dutt' comment on the same. Can you come again, sir? When are we expecting the closure? Yeah. That is our conservative estimate, looking at the run rate of how this project has moved in the last 6 months. It is in obviously our interest. We are fully mobilized on all the sites. We would want to close and complete and get out of the job as soon as possible. Looking at how this project is moving and the disbursement of funds, this is our current estimate. If we see a faster fund flow coming in, then we should be able to get out of those jobs earlier. I don't want to give any optimistic picture right now. This is purely based on the progress of this job and allocation of funds in the last 6 months. Okay. Just to conclude, that means the project has been almost stalled. The size of the pie which we are garnering, if the execution takes this longer time, that means there are some serious issues with the entire execution process. I think so we got a small package out of the entire project. I got your point, sir. There's a serious issue with the Yeah. I don't think that was exactly what we wanted to communicate. What we were trying to say is that we have seen progress, but we have not seen sufficient fast progress to get this job concluded in the next three quarters based on our current fund flow that is happening. We continue to see progress on the project. We continue to get milestones done. We continue to see that some of the projects actually are moving into the O&M phase. The other thing that you must remember is that we don't get out of this project purely by completing this project. There is an operation maintenance segment of this project over the next 10 years. We are working with the government and the administration to move some of the completed projects to the O&M phase. Here we're talking about more the EPC portion of these projects. Progress is there. Some parts have been muted because of the fund flow in the last few months, which we're expecting should pick up so that we can close the balance off in this financial year. As I said, we have been conservative and we've taken up all that there could be certain foreclosures. We are working on this project on a very conservative basis, but we are fully mobilized and as fund flow pick up, we should be able to pick up speed as well. Okay. Last question, sir. We did an acquisition earlier of a foreign company, I think by the name MAPRIL, I forgot the name. How is that acquisition fit currently to our portfolio? That's working well. This is about, I think close to two years since we acquired the company. I was personally there in November last year. I think we have kind of been over the integration process. It's gone well. We are fully integrated. I think we have a good reference base in South Europe, specifically in Portugal and Spain. That's the focus market that we are working on. We are taking more of our products to that geography, and it's going well, and we believe that should give us a good launchpad for the company in the South Europe market. What are the contributions, sir? Numerically, can you give the revenue contribution for this financial year and the margins posted by the same? As we said, we don't talk about the specific entity performances. It is beginning to pick up traction in terms of our leading indicators, and we feel good about where we can take that business to. Thank you, sir. I join the queue and all the best to the team, sir. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for the closing remarks. 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 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. Thank you, sir. Ladies and gentlemen, on behalf of Ion Exchange India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.