Ladies and gentlemen, good day and welcome to Alkyl Amines Chemicals Limited Q2 FY 2026 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 touch tone phone. Please note that this conference is being recorded. I now like to hand over the conference to Mr. Kumar Saumya. Thank you, and over to you, sir. Thank you, Swami. Good afternoon, everyone. Welcome to second quarter and first half FY 2026 post-result conference call of Alkyl Amines. From the management team, we have with us Mr. Kirat Patel, Executive Director, and Mrs. Kanchan Shinde, Chief Financial Officer. I now hand over the call to management for an opening remark, which will open the floor for Q&A. Over to you, sir. Thank you, Kumar. Good afternoon, everyone. This is Kirat Patel from Alkyl Amines Chemicals, and welcome to our half-yearly investor call. I'll just begin by giving you a little overall view of the half year, and then we will open the informed questions. Okay. So this first half year has been a little subdued because of demand pressures, and though our volumes have been marginally up, the top line has been flat because prices have been subdued. However, we have been able to manage the margins to retain our profitability. This is, of course, partly due to the geopolitical pressures because of the actions that the U.S. government has taken over the last six months. These have impacted us in various ways. One, our direct exports to the U.S., then our customers having been affected by their demand being affected because of U.S. exports. The impact on the Chinese who have become more aggressive as our competitors and are affecting our domestic market, and finally, the sanctions on some of our distributors in India, suppliers who are part of our supply chain, so we have been affected in four ways by these actions of the U.S. government, and to some extent, this is the cause of the demand slackness, so with that, this opening remark, I will open the floor for questions. Please, Kumar, can you start the question and answer session, please? Sure. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touchstone phone. If you wish to remove yourself from the queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for the moment while the question queue aligns. Thank you. The first question is from the line of Nirav from Anvil Wealth. Please go ahead. Yeah, good afternoon, sir. I have a few questions to ask. Shalom, good afternoon, Nirav. Yeah. Sir, last year, FY 2025, we had seen a volume growth of close to around 13%. Just wanted to understand from you, what was the volume growth in this first half, and any indication of volume growth which you can share for FY 2026? Yeah. Nirav, the first half volume growth has been just marginally up from last year compared to H1 of both the years, slightly higher than last year. But looking forward also, we feel that it's not going to be what we had expected at the beginning of the year, which is our normal 7% to 10% to 10% growth, 10% to 15% growth has been normally expected here. So I think this year, the volume growth will be subdued because of the various factors I had mentioned a little earlier. Perfect. So sir, is the impact predominantly coming from the methylamines part, or even the ethylamines chain is also impacted? No. The impact on the methylamines is there more than the ethylamines. The ethylamines is not that much impacted because ethylamines is largely focused domestically, and the competition here is domestic. So whatever impact it has on the domestic competition is marginal. Yes, it is impacted to the extent that our customers, our pharma customers and other customers, do have some impact on their demand globally. So there is some impact on volume sales of ethyl, but it's not as much as the methyl. Got it. And sir, in terms of both these categories, where was the contribution margin per kg was majorly impacted? Was it more on the methylamine side, or was it more on the ethylamine side? And because of which, possibly, even on a YoY basis, there is a dip in our operating profits? It was more on ethylamines because ethylamines market, the prices, selling prices have gone down. But methyls, we have lost volumes. Okay. Contribution per kg, yes, it is methyl, ethyls. But on the whole, I think our contribution has been fairly protected. Yeah. Overall contribution is protected. Gross margins are almost stable. Got it. Got it. And sir, if you can also walk us through in terms of the current market size for methylamines and ethylamines in India? See, the methylamine market, merchant market, and there is, both as you know, all the three people manufacturing are also self-consumers to the extent of between 20% to 40% of their own production, they self-consume. And now we have a fourth player coming into the market, Aarti Drugs. They just commissioned their plant, and they will be soon in the market. So there is certainly an overhanging capacity. All of us, Balaji, RCF, us, and Aarti will have an overhang of capacity. So methylamines is going to be a long item for some time to come here. And the gap, I mean, it's very difficult to predict how much is self-consumption and how much is the market. But I would say that the total market between all four of us would be about 80, 000 to 90,000 tons, and there is a capacity of more than 150,000 tons in the market, which can all come on stream. Balaji has one plant which is kind of standby. We have a plant standby. Similarly, RCF has one. And Aarti is just starting off. Noted and for ethylamines, it is close to 30,000 tons to 35,000 tons, is the correct assumption? Sorry, the market? Yes. Yes, possibly in that region. Noted. So two more questions. So one on the newer product which we spoke last time in terms of expected to be launched by this December. So if you can share your thoughts here in terms of the total CapEx for that product and whether it is an import substitute product, DMC, let's say what sort of sales could be expected out of this newer product when the ramp-up would start happening on? Okay. So this capital expenditure is going on in Kurkumbh, and we expect the mechanical completion to be somewhere between February, March of 2026, with commissioning, I mean, in the market, commercialization in the first quarter of 2026-2027. The capital expenditure, as we had earlier stated, is in the region of about INR 120 crores. And we hope that it's a very profitable market, I mean, a profitable product. And at the moment, it looks quite good. Of course, given the fact that the market is changing so rapidly with the Chinese and all, but we feel that our technology will be superior to that, and we will be able to maintain this. This product goes largely into dyes and pigments and electronics and others. Got it. And, sir, what sort of asset turnover? Import substitute. There's nobody in the country making this. Got it. And sir, what sort of asset turnover we can assume out of this capacity? About 1.5 turnover it is, t urnover to asset ratio. Got it. Sir, last question from my side would be on anti-dumping on isopropylamine, since the anti-dumping duties have now been imposed on, and given the kind of Indian market of 30,000 tons, 35,000 tons where imports were close to around 40% as per our discussions in the earlier calls, I just wanted to have your thoughts here in terms of how we are in terms of, A, the improvement in capacity utilization, and B, how the prices slightly improved in terms of the duty benefits accruing to us? So Nirav, this anti-dumping duty came into effect at the end of June. And just before that, there was a lot of imports coming into the country in anticipation. So if you see the quarter before that, the imports were almost one and a half to two times what they were normally there. Now, all that inventory is going through the system. So in this quarter of July to September, we have had to wait a bit. Yes, prices have improved marginally, but at the same time, the market is also reacting with the Chinese dropping the prices further. So at the moment, we have not got the full benefit of what these anti-dumping duty. But going forward, we expect to get both in terms of price and in terms of market share, we hope to do better. Got it. And can this run rate start improving from fourth quarter onwards, or should we take next year as a good assumption in terms of improvement in volumes for acetonitrile? It's a bit difficult, but I think fourth quarter is a good estimate to start with. The fourth quarter onwards, we will see real benefit coming in. Got it. Mainly just in volume. Prices, of course, right now, the Chinese are very aggressive all over the place for all chemicals. So it's a bit difficult to predict. But yes, volumes, I think fourth quarter onwards, we may see some impact. Thank you so much, sir, and wish you all the best. I'll join back if I have any further questions. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Ranjeet Sahani, an individual investor. Please go ahead. Yeah. Good afternoon, sir. My question was on ethylamine. So what is the current capacity utilization for us in ethylamine? You're talking about ethylamine, right? Yes. Or methyl? Methyl. Methyl. So if you recollect, we had commissioned a year and a half ago a plant for about 30,000 tons. And anticipating that this would give us enough capacity for the next few years, right? Because these are plants which you set up once in a decade, kind of. And we expect that we should be at about 60%-70% utilization in that plant. With plenty of headroom to go further. Okay. And my next question was on methylamine. Since you just mentioned that the capacity is huge and the demand is low, so can our methylamine be used further for derivative products? Yes. We have already, the derivatives, each of us, whether it's RCF, Balaji, or Alkyl Amines, or even Aarti for that matter, are all having some derivatives which we are doing, but even that has some limits, and those also have their own economics working against it. We have, I think, three or four derivatives based on methylamines. Balaji has three or four, RCF has two, Aarti has two, which are all part of this thing, so the derivatives themselves comprise for us, for example, all including the methylamine derivatives and isopropyl and methyl derivatives, about 30% of our amine output. So I have a follow-up question. Do we have the technology to produce DMF? Because I think methylamines can be used for making DMF. And do we plan to make DMF? Yes, RCF and Balaji are both making DMF from methylamine. We have the technology, but we are not making it. Any particular reason? It's not a viable situation at the current moment because the imports are much cheaper. Thank you. Thank you. The next question is from the line of Nilesh Ghuge from HDFC Securities. Please go ahead. Yeah. Hi. Good afternoon. Welcome, Nilesh. Yeah. Can I ask a couple of questions from my side? Firstly, on these GLP-1 drugs for diabetes, so in our earlier conversation, what we assume that what we discussed about this acetonitrile demand may pick up because of these GLP-1 drugs are coming. Have you seen any pickup because of these GLP-1 drugs on this pharma industry? And if any, in future, how do you see the growth of acetonitrile coming for the GLP-1? Any comments on this? So you are referring to these peptide-based diabetic weight loss drugs, are you? Yes. Yes, sir. Okay. Yeah. So acetonitrile is used for manufacture of some of these, and there is potentially a demand for that. How much is that demand is a bit of a question mark because the drugs have just been launched, and it's in the early stages. We have got some approval from some of these manufacturers for our acetonitrile because they have. But it will take a little time to establish how much the market is going to grow. It's a bit of a question mark. Okay. But it is an additional use. That is very clear. Yes. Okay. Because we are the only manufacturer of pharma-grade acetonitrile. Is my understanding correct? In India. In India. Yes, sir. Yeah. But there are people who also process. Okay. But you see some potential coming from the acetonitrile. It may not be in a couple of years, but down the line. Yeah. I mean, acetonitrile market as such is growing, and this is one of the new uses. Now, everybody is talking of it being a very big product, but one doesn't know. These things take time. Okay. Okay. And secondly, in your opening remark, you mentioned that volumes impacted actually, the prices impacted because of this sanction from the government. So can you just help me out with the export as a percentage to U.S., let's say last year or maybe last couple of years? I mean, which one applies when you say, how much is the direct export to U.S. as a percentage of total? It's a little complicated here because what has happened, we have an exposure to the U.S. is about 4%. 4% of total exports. Of total exports, which means maybe 1% of our total sales, and within that, also, there are some products which are exempt, some products which have the 20%, 25%, and some which are at that 50%, the Russian additional, so the mix is odd, but I would say the worst-case scenario, it would be about 1% of the top line, the direct exports to the U.S. Maybe if I add indirect exposure to various products going to pharmaceuticals, it could be less than 5%-6%, or it's more than that? Because I just want to understand the impact of this U.S. series on overall top line. No, I know where you're coming from. But from our position, it is very difficult to know what each of us, we have maybe about 200 customers in the pharma business. How much each of them is affected by the U.S. is a bit of an unknown. But it is definitely certain that their U.S. exports, because the generics are exempt, so that portion is not. Only branded are. And so there's a mix involved. So it's very difficult to guess how much of our customer's business is affected. There are a couple of customers in other businesses who we directly know have got impacted in their whole export part, if there was a substantial part of their business that were impacted. But it's not in pharma, but in other end use. So we can clearly put a 1:1 ratio there, but in pharma, it's a bit more difficult to guess. But generally, the demand is not only because of the U.S. export, but because the Chinese have become more aggressive because they've got impacted also by the U.S. So they have started putting their material elsewhere. Okay. So there's a combination of both these. How much is directly to U.S. and how much is indirect from the Chinese? You mean that Chinese are dumping in ex-U.S. markets? Yeah. Because what they were probably directing towards the U.S. is now not available to them, so they are pushing it towards Asia or wherever else they can. Okay. Yeah. Thanks. Thanks a lot, sir. Right. Right. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Mehul from Purnartha. Please go ahead. Hello, sir. Thank you so much for the opportunity. Sir, I have a very industry dynamic kind of a question. So post-COVID, we were in a very sweet spot kind of a situation for our products, the entire industry was, because there was a huge upsurging demand. And we had a very good time for the initial part of the COVID period. And then it was followed by a lull period. So my question is that because we are in a recovery mode right now, I mean, please correct me if I'm wrong on whatever I'm quoting, but this is my very raw observation. So my question is, is it possible to see that kind of a sweet spot regain for this industry in the near future or in the next few years? It's very difficult to predict whether we are going to have another situation like the COVID times. I hope not because COVID is not a great period for the world. Yes, it helped the pharma industry generally and those who were supplying to pharma. But now the situation is what you would call normal circumstances. All businesses settle to its normal cycles, up and down. Perhaps it's at a slightly lower thing, but there are new challenges. As you can see, every day in the papers, you read something more different about trade. And so it's a different kind of challenge. So once this phase is over, we will revert to normal. And whether that kind of sweet spot is reached, I don't think that is something that can be predicted. I was not alluding to having a COVID kind of a crisis, but I was more asking you about the favorable industry dynamics. With my little knowledge, I understand that it was because of pharma uptick during those days. Right now, can we say that we are a little below average right now in terms of demand? Yeah. I would say that, yes, right now, it is worse because of all the ups and downs of the U.S. government. People are a bit nervous, and demand is a little constrained. But that could change. Right. Right. So let me just. You see it and all get settled. Right. So, sir, let me restate my question. When are we expected to reach a 2019 kind of a scenario for the industry? You mean 2021? Yeah. Or 2021. I mean, I don't know. 2021 or 2022. I think that was the year, the COVID year. No, no. I was saying a normal kind of scenario where there was nothing like COVID, 2019 kind of a scenario. So that kind of normality is already there today. It's 2019, the pre-COVID period. Yes. Yes. Yes. In fact, we are already at higher volumes and higher profitability than those years. Okay. It's just. It's a normal trend line. That COVID year was off the trend line. And we are now on the trend line. Okay. So now, going forward, if nothing drastic happens, if we are in a normal situation over the world, we would be trending upwards slowly and gradually. Yes. Okay, sir. Okay. Thank you so much for your patience listening. Thank you. Thank you. Thank you. The next question is from the line of Devesh Lakhotia from Ikigai Asset Management. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. So a couple of questions. First, would you be able to quantify what kind of volumes you were selling to Aarti? Is that possible? No. We don't reveal our selling quantities either globally or per our customer-wise or whatever. We can't. All right. All right. No problem. Secondly, on that isopropylamine, there, I think we were pursuing some duty protection again. So any progress that you can share? Yeah. So, Ministry of Commerce, we had the investigation. The Ministry of Commerce has a deadline to give their recommendation by December, and then three months post that, Ministry of Finance will take, so by March, we should expect something. Okay. Okay. Thank you. And just last one, on this whole narrative around usage of acetonitrile for GLP-1, I just wanted to clarify something. We have seen in applications, we see applications by generic companies that acetonitrile would be used for semaglutide. But could you clarify in terms of other GLP-1 drugs, either oral or injectable, is it used across other varieties of drugs and different application modes, or is it largely dependent on semaglutide? We don't have that much knowledge of the product. But yes, from what we can see from our customers' inquiries, most of them seem to be using acetonitrile because it's probably used in the API. What we are looking at is the formulation end, which has various ways to deliver the API. But yes, acetonitrile is used in the API, so it's used in most of the peptide drugs. Okay. Thanks. Thank you. The next question is from the line of Sanil from Ambit Asset Management. Please go ahead. Hi, sir. Good afternoon. Good afternoon. Just one question from my side. Can you help me with the capacity of methylamines for Aarti drugs? I don't know it. But I mean, they have declared it in their conference calls and their presentations. But I am told that it's about 50,000 tons per annum, 50,000 tons or 60,000 tons per annum. We don't really know what the thing is. We don't have access to that information. Sorry, sir. Can you repeat? Your line was. Yeah. They have declared in their presentations to be about 50,000 tons to 60,000 tons per annum. We ourselves don't know. We don't have access to their plans or whatever. So you would have to accept that they are about 50,000 tons per annum is their capacity. Understood. Understood. But they have just started, so it will be some time before they ramp up. Understood. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Nirav from Anvil Wealth. Please go ahead. Yeah. So thanks for the opportunity again. Sir, just wanted to understand in terms of our volumes, combining all the products put together, have we crossed the 100 tons of volumes combined with the methylamines and its derivatives, as well as methylamines and its derivatives and acetonitrile? So put together all the product baskets currently we have, have we crossed the sales volume above 100 tons? Yeah. We have only done half a year. But on a run rate going just now, we will cross 100 tons. Yeah. 100 tons. We have already last year also. Last year, we have crossed. We have already crossed that. On a run rate half a year also, we are crossing it. Got it. And sir, in terms of the current saleable capacity, what we have among all the products put together, what sort of capacity we should look into in terms of our total saleable capacity as of now? Good guess. But because we have some of these are multipurpose plants and all that. But I would say up to about 200,000 tons is possible. Okay. Okay. And. The market has to be there in the right mix and all that. So sometimes you have triethylamine demand up, but monoethylamine demand down, so the capacity can't be better. Those kind of things are there. But if everything runs perfectly, maybe about 200,000 tons. So this 200,000 tons what you mentioned includes the saleable portion only. Whatever methylamines we are consuming internally for our derivatives part. This is production. Okay. Correct. So I was. On the production side. Yeah. Okay. So I was just trying to understand from the saleable capacity part. So. And then you have to remove about 25% from that, approximately 25%. So about 1 50,000 saleable. Got it. So second question was on DEK. We commercialized this product, I think, two, three years back, and it was meant for one of the agrochemical molecules. But that molecule didn't do well and so was DEK also. So if you can share your update here in terms of where are we currently in terms of those 5,000 tons of capacity which we had put for DEK? And any anticipation in terms of the improvement? When can we expect this to reach the optimum level? First thing is that the end use in the agrochemical has been just under a little pressure, but they are back to normal now. So there is no issue with that, and as far as our capacity was not 5,000 tons to begin with. It began with 5,000 tons, but now it is 10,000 tons. Yeah. No, no, no. 5,000 tons. 5,000 tons. Containers. So it was a little less than that. And we are now running reasonably at a good capacity of that. So it is catching up. Got it. Yes. The margins are a little lower than what we expected, but the volumes are now catching up. The agro market is doing a little better, and we are able to get our market share, and our plant is stabilized. All things seem to be getting in line. That's what next half we will do well in that product. Okay. So last bit from my side was on the raw material side. So very recently, we have seen the prices of ammonia catching up in the international market due to some disruptions in the Middle East. So can you share your thoughts here in terms of has it started impacting us also in terms of the ammonia, or we are covered update in terms of our ammonia requirement for, let's say, at least two, three months? So if you can just share your thoughts here. This impact has happened because of the sanctions that the U.S. government put on people who buy from Iran, and a lot of the Indian petrochemicals, for us, for example, methanol, ammonia, it all comes from distributors, large distributors. All of them buy from various sources from the Middle East and across the world, and in that mix, they have Iran as one of their suppliers, so all of them have got affected to the greater or lesser extent, but the supply chain is all getting readjusted. Yes, temporarily. At the moment, we are well, it just happened about a month ago, less than a month ago, so at the moment, it has no impact because all these materials are covered, but going forward, certainly, there will be a flip. There will be a time when the prices will go up a bit and then come back to normal as the supply chain starts adjusting. So whatever was, say, for coming out of Iran may travel to China or somewhere else and then come back. What was going to China will come to India. But this will have some logistical cost differences, and the prices will settle. Because in the end, there is a certain overhang of capacity for these products across the world. So there is not much of an upward kind of look for them beyond temporary disruptions like this. So in short, at the moment, we haven't seen the change, but we expect it to happen shortly. But in the longer run, it will settle down. Got it. And sir, hypothetically, let's say if the situation continues for the next five, six months, and since it's a global phenomenon, the finished product prices should also accordingly adjust to this change in raw material. Is it a safe assumption to make? Yeah. But I don't think it will take that much time because all these people have alternate routes. Okay. Trade is very, very, very flexible, and they are very quick to adjust. Got it. Got it. Got it. Got it. So I don't think that the impact of this Iranian sanctions will be very long-lasting. Ultimately, they are only a small player in the global market. It may impact Iran to some extent, but it will not impact the whole supply chain so much. It settles very quickly. All of these eight or 10 distributors have found alternate ways to raise their supplies, find their alternate sources. Perfect. Perfect. Thank you. They are very large people, large distributors supplying the whole country. Got it. Thank you so much. Thank you. The next question is from the line of Ranjeet Sahani, an individual investor. Please go ahead. Yes, sir. I had a follow-up question. So sir, we are going to launch new products in the coming year. I would like to know that what next for the company? Are there more products in the R&D pipeline that we can launch after a year or two and on which side are the specialty chemicals? Could you please clarify? Yeah. So we already have R&D pipeline, and we have a couple of products we will be looking at in the years to come. The decisions haven't been made about investments in those yet. But hopefully, in the next three to six months, we will make some decisions on those if we look at that. Yeah. But that is going to be a part in the technological area of our strengths. It's not something completely outside our use. They cannot be amines or amine derivatives. But like the other specialties like acetonitrile and the others which we have, they are in that broad range of technological capabilities. Okay. And my follow-up question on ACN. So what do you think will be the capacity utilization of ACN for us in a year or two, two years from now? Because our competitor also has set up, is setting up 60 metric tons plant, which will be commissioned this year. So could you please guide us? This has been going on for now 12 years, the production of this material. If we are lucky enough to have full utilization in two, three years, we will also expand. But let's see. It's a long way. I mean, there have been a lot of people who have voiced their desire to expand acetonitrile over the last four years. How many they have actually turned up in the market? So you have to look at that. Are there any export opportunities available for ACN? Of course. We are exporting acetonitrile worldwide now. Thank you. Thank you. The next question is from the line of Nirav. Please go ahead. Hello, sir. Thanks again for the opportunity. So how much does ACN add to, how much is the contribution of ACN to our revenue? I'll tell you that we have a whole range of products. No product is more than about 10% to 20% of the top line. You can guess from that where ACN falls. They have a whole range of products. Yes, it is an important product, but it's in that range of the top line. Right. And for ACN, we are only competition from the global players? No, no. We have local players. You remember there is Deepak Novochem, and there is Jindal. Well, Balaji is not yet in the market, but there are also small what we might call processors. There is some small domestic competition. Yes, there is. It's not only Chinese and us. It's not just purely a two-person game. Right. Plus the Chinese and other major players. Okay, and in Indian players, we are the number one, right? Yes. How much is your market share? Another question I would not answer. Okay, sir. Thank you so much, and all the best. Thank you. The next question is from the line of Kumar Saumya from Ambit Capital. Please go ahead. Hello. Saumya? Hello. Hello? Hello. Yeah. Saumya. Yeah. Go ahead. I can hear you. Yes. Yes, sir. I had a question on acetonitrile, sir. Today, we would be selling around 15,000 tons to 16,000 tons. And assuming current growth rate, we would be roughly touching 20,000 tons in two years. So if this pharma demand is expected to come, do you think we will have to add capacity over there? Yeah. I mean, it depends on how the market grows. If it grows, we may have to add capacity. But that call we will take when we are reaching the capacity utilization, which seems that we can afford to take a call on this. It's a large investment decision. Okay. And sir, typically, what is the quantum of CapEx required for roughly, say, 10,000 tons or 20,000 tons expansion? See, the last plant we put up was about, as you know, 150. Now, what will happen? It will be that maybe we have more now, we believe me. What is the usual turnaround time, sir? Oh, these plants take what, two years? Yeah. Any continuous process plant takes about a couple of years to set up. If you have your environmental clearances and everything. Because environmental clearances is another year or so. Got it. And sir, lastly, on the agrochem side, how is the demand over there? It's not great. In fact, as you said, demand across, not just agrochem, the pharma and other industries, also seems to be a little subdued. Molecule to molecule, it varies, but it's subdued. Okay, sir. Thank you, sir. That will be all from my side. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. We have reached to the end of the question and answer session. I would like now to hand over the conference to the management for the closing comments. Thank you. I would like to thank everybody for the interest they've shown in joining our conference call and in the company. And as I mentioned earlier, we've had a little bit of a subdued half year. But looking forward, we hope that all these global volatile trade situations settle down and we go back to normal business of growth as we have seen in the past. And thank you, and looking forward to meeting you again in half a year. Thank you. Thank you. Thank you. On behalf of Alkyl Amines Chemicals Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.