Evening, ladies and gentlemen. I'm Saumya, the moderator for today's conference call. Welcome to Avanti Feeds Limited Q2 and H1FY25 Earnings Conference Call. We have with us today Mr. C. Ramachandra Rao, Joint Managing Director; Mr. A. Venkata Sanjeev, Executive Director; Mr. Alluri Nikhilesh, Executive Director of Avanti Frozen Foods Private Limited; Mrs. Santhi Latha, GM of Finance and Accounts; Ms. Lakshmi Sharma, Senior Manager, Corporate Affairs; and Mr. D.V.S. Sathyanarayana, CFO of Avanti Frozen Foods Private Limited. As a reminder, all participants 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 and then zero on your touch-tone telephone. Please note that this conference is being recorded. I would now like to hand over the floor to Mr. C. Ramachandra Rao, Joint Managing Director. Thank you, and over to you, sir. And thank you, Saumya. Good evening, ladies and gentlemen. I am pleased to extend a warm welcome to all of you for this investors' conference call to review the audited financial results for the Q2 financial year 2025. Along with me here are Mr. Venkata Sanjeev, Executive Director; Mrs. Santhi Latha, General Manager, Finance and Accounts; Mr. D.V.S. Sathyanarayana, CFO; and Lakshmi Sharma, Company Secretary; and Mr. Nikhilesh, who is joining from the Avanti Frozen Foods Processing Plant from Yaravaram. To begin with, Mrs. Santhi Latha, GM Finance and Accounts, Avanti Feeds will present highlights of the financial results for the period ended 30 September 2024 of feed division and also consolidated financials of the company for the same period. Thereafter, Mr. D.V.S. Sathyanarayana will present the financial highlights of shrimp processing and export division. After presentation by both of them, we'll take a question-and-answer session. Over to you, Mrs. Santhi Latha. Thank you, sir. Good evening. Now, I'll take you through the consolidated and feed division financial performance highlights for the quarter ended 30 September 2024. So, Q2 FY25 results, consolidated financial results. The comparative performance of Q2 FY25 with that of Q1 FY25 and Q2 FY24 have been given in the presentation already circulated. Gross income in Q2 FY25 is INR 1,397 crores as compared to INR 1,541 crores in the previous quarter, Q1 FY25. A decrease of INR 144 crores by 9.34%. Compared to Q2 FY24, gross income of INR 1,312 crores, there is an increase of INR 85 crores by about 6.48%. The PBT is INR 162 crores in Q2 FY25 as compared to INR 180 crores in Q1 FY25. A decrease of INR 18 crores by 10%. And compared to Q2 FY24, PBT of INR 113 crores, there is an increase of INR 49 crores by about 43.36%. The consolidated results indicate the net impact of several factors such as increase or decrease in income, expenditure, and exceptional items relating to both feed and frozen food division, which have been discussed in the following divisional performance of these units individually. Now, I'll move on to standalone financial results of feed division. Q2 FY25 results. The gross income for Q2 FY25 is INR 1,118 crores as compared to INR 1,298 crores in the previous quarter of Q1 FY25. A decrease of INR 180 crores, mainly due to decrease in quantity of feed sold by 23,694 MT. The gross income in Q2 FY25 increased to INR 118 crores from INR 1,064 crores in the corresponding quarter, an increase by 54 crores, representing 5.07% due to increase in sales quantity by 7,033 MT. The PBT for Q2 FY25 is INR 145 crores as compared to INR 153 crores in Q1 FY25. A decrease of ₹8 crores by 5.22%, mainly due to decrease in sales volume. The feed sales decreased to ₹134,897 MT in Q2 FY25 as compared to ₹158,591 MT in Q1 FY25. The PBT in Q2 has increased by ₹59 crores from ₹86 crores in Q2 FY24, represented by 68.6%. The increase in the PBT is because of the raw material and other overhead absorption. So, the major raw materials are fish meal, soybean meal, and wheat flour. The noticeable development in this quarter is marginal softening of two major raw materials, that is, fish meal and soybean meal prices, resulting in marginal improvement in the profitability. The prices of these raw materials keep fluctuating since their production is based on agriculture and fish catches from the ocean. The prices of fish meal decreased in Q2 FY25 to INR 105 per kg from INR 117 per kg in Q1 and from INR 126 per kg in Q2 FY24. In case of soya bean meal, their prices were stable at INR 49 in both Q2 and Q1 of FY25, and it was INR 54 in Q2 FY24. However, the wheat flour price increased to INR 31 per kg in Q2 FY25 from INR 28 per kg in Q1 FY25 and Q2 FY24. The present price of wheat flour is INR 36 per kg, which is a steep hike from Q2 FY25. While on one hand, the raw material prices are instrumental in determining the margins, on the other hand, the status of agricultural activity, conditions such as climatic changes, diseases, etc., determine the consumption of feed in terms of volume, which will have an impact on the overall performance. In the normal course, the quarter July to September is when the second crop for the shrimp culture is started. However, in the current year, due to cyclone and rains in Andhra Pradesh during July and August, the consumption of feed at a lesser volume as the harvesting took place early with small-sized shrimps, that is, 100 counts, and the culture didn't progress as expected. However, favorable climatic conditions supported farmers to reharvest from September, extending the season up to October, November, December, raising the hopes. Restocking. Restocking. What harvest? Reharvesting from September extended the season from October, November, and December, raising the hopes of higher consumption of feed during Q3 FY25 compared to the corresponding period of the previous year. To sum up, in general, FY24-25 is expected to be a challenging year for the aquaculture industry, both in respect of shrimp production as well as global demand for shrimp export. In spite of the challenging year, your company is expected to have better capacity utilization. Shrimp production and feed consumption is in FY24, and company plans for FY25. So, on the basis of estimated shrimp production of about 10.5-11 lakh MTs in 2024, the feed consumption is expected to be about same levels. The company's feed sales during the half-year ended FY25 is INR 293,487 MT against INR 293,370 MT in half-year FY24. Shrimp processing and export. India's seafood exports touch 1,781,602 MT, an all-time high in volume during the financial year 2023-24. Frozen shrimp remain the major export item in quantity and value, accounting for a share of 40% in quantity and 66% of the total dollar earnings. The country's shrimp exports in terms of value increased in FY24 compared to FY23 by 1.5% from $4,809 million to $4,881 million. The country's overall export of frozen shrimp in quantitative terms for FY24 was 7,16,004 MT as compared to 7,11,099 MT in FY23, an increase of 4,905 MT representing 0.69%. The company's shrimp exports during FY24 was 13,443 MT as compared to 12,497 MT in FY23, an increase by 946 MT. It is estimated that the exports during FY25 would be around 16,000 MT. Now, I hand over to Mr. D.V.S. Sathyanarayana to present highlights of shrimp processing and export division. Thank you, ma'am. Good evening, everyone. Now, I would like to take you through the financial highlights of shrimp processing and export division. Q2 FY25 results. The gross income for Q2 FY25 is INR 284 crores as compared to INR 243 crores in Q1 FY25, an increase by INR 41 crores representing 17%, mainly due to increase in sales quantity by 640 metric tonnes representing 23%. The gross income in Q2 FY25 increased to INR 284 crores from INR 253 crores during Q2 FY24, an increase of INR 31 crores representing 12% year-over-year. The sales volume during Q2 FY25 increased to 3,423 metric tonnes from 2,950 metric tonnes in Q2 FY24, an increase by 473 metric tonnes. The PBT before exceptional item for the Q2 FY25 is INR 23 crores as compared to INR 27 crores in Q1 FY25, decreased by INR 4 crores. The PBT is decreased mainly due to increase in raw material cost during the quarter. The PBT in Q2 FY25 is INR 23 crores, a decrease from INR 31 crores in the corresponding quarter of Q2 FY23-24, primarily due to the impact of CVD and increase in ocean price and also depreciation on profitability in the current quarter. Comparison of performance for six months ended 30 September 2024 with six months ended 30 September 2023. The gross income for six months during FY25 was INR 527 crores as compared to INR 491 crores in the corresponding six-month period of previous year, that is, FY23-24. An increase of INR 36 crores in the gross income during six months of FY25 is mainly due to increase in sales quantity by 597 metric tonnes, representing 11%. The PBT in six months FY25 is INR 50 crores as compared to INR 64 crores in six months FY23-24. A decrease in PBT by ₹14 crores is mainly due to CVD and increase in ocean freight rates and also depreciation. So, government incentives. As you know, the company has been availing the following two incentive schemes from the Government of India: sales-based incentive under production-linked incentive scheme and granting aid under Operation Greens long-term intervention scheme. Production-linked incentive scheme. Company is eligible for incentive of 6% for raw products and 10% for value-added products on incremental sales over a period of six years from the financial year 2021-22 to 2026-27, subject to a maximum incentive of ₹79.44 crores with a minimum 5% CAGR in sales. The company has received an incentive of ₹9.92 crores pertaining to financial year 2022-23. The total incentive, including FY 2020-23, received until the quarter ended 30 September 2024 is ₹16.77 crores. The MOFPI team conducted a physical site inspection in June 2024 as part of the investment verification. The company fulfilled the investment obligation and also commenced production before 31 March 2024 as committed to the Ministry of Food Processing Industries. The incentive claim for FY23-24 will be filed in the month of December 2024. Operation Greens Scheme. Approval from the Government of India for granting aid for the proposed investment in new shrimp processing plant at Krishnapuram is received in the month of December 2022. Maximum granting aid under the scheme is INR 10 crores. The first installment of one-third of granting aid is due from the Ministry. The company has submitted all the relevant documents in this regard. As required by the MOFPI, the company shared the latest update on the project status and also geotagged photographs in the month of June 2024. Now, I hand over to JMD sir for sharing future outlook of the industry. Thank you, Sathyanarayana. In my previous discussion, you had given an outline of global economic prospects and also prospects for the future industry based on the World Bank Group's latest report on global economic prospects. A review of the expectations and forecast made a quarter ago remains promising and achievable during the year 2025. So far, there have been no serious disruptive factors having major impact on achieving the projected performance for the year 2025, other than the normal fluctuation. Global shrimp market versus Indian shrimp industry. Global shrimp market size was valued at $68.40 billion in 2022 and is poised to grow from $72.16 billion in 2023 to $110.75 billion by 2031, growing at a CAGR of 5.5% in the forecast period 2024 to 2031. In recent years, the global shrimp market has been changing as per consumer preferences and demands due to increasing consumer demand for seafood, a rise in health-conscious eating habits, and the popularity of shrimp in various cuisines worldwide. The versatile nature of shrimp makes it a key ingredient in various dishes, and its appeal extends across diverse cultures, leading to the increasing popularity and consumption of seafood choices globally. Moreover, health-conscious consumers are attracted to low-calorie, high-protein food sources of shrimp. The global market for shrimp continues to be volatile, and global industry faces a mixed outlook and growing competition market shifts. However, the forecast continues to be promising with projected higher volumes of consumption due to reasons mentioned above. The Government of India has been initiating several measures from time to time for encouraging increase in productivity in all sectors, including shrimp culture and processing and export of shrimps. Apart from the existing incentives of production-linked incentive on incremental sales and one-time granting aid under the Operation Greens Scheme for setting up seafood shrimp processing plants in the recently announced budget for 2024-25, under the leadership of Honorable Prime Minister, the Honorable Finance Minister has announced financial support for setting up a network of nuclear breeding centers for shrimp broodstock and financing for shrimp farming, processing, and export facilities to NABARD. We understand that the NABARD, in consultation with the Government of India, Ministry of Fisheries, are working on these proposals. Apart from these incentives, as mentioned in my previous discussion, the Honorable Finance Minister has also announced an incentive scheme for employment generation and skilling in her budget speech for 2024-25. The company has initiated the following central government schemes during Q2 FY25: Apprenticeship Program. We have initiated the hiring of apprentices under the National Apprenticeship Promotion Scheme and have selected 75 apprentices under the Apprenticeship Act. By March 2025, we aim to train at least 150 apprentices across all of our facilities. The apprentice will be imparted training in shrimp culture, shrimp processing, hatchery, and feed-related activities. The other incentive is the Prime Minister's Internship Scheme. We have enrolled in recently launched a PM Internship Scheme through its portal. Initially, we will be taking about 100 interns, and the process will begin on 25 November this year. Further, the company has been training workers on personal hygiene, team building, housekeeping techniques, anger management, communication, and grooming in association with LAMIT, a business affiliate of National Skill Development Corporation, since July 2024. A total of 350 workers have been trained to date as part of Phase One, and an additional 500 workers will be trained in Phase Two. I would like to share an update on levy of CVD by U.S. on shrimp imposed by them. The U.S. Department of Commerce announced its final determination on 22 October 2024 on the countervailing duty investigations of frozen warm water shrimp from Ecuador, India, Indonesia, and Vietnam. The proposed rate of CVD for India is 5.77% as is its preliminary determination of 4.36%. However, this rate is subject to US International Trade Commission's final announcement, which is expected in December this year. Apart from that, coming to the diversification of company's plans into pet food and pet care products. As you know, the company has signed up with Bluefalo Company Limited, Thailand, a well-known pet food and pet care products manufacturing company in Thailand, for setting up a joint venture company in India involving the investment by them along with the transfer of technology. This joint venture company's name is Avanti Pet Care Private Limited, which has been established as a subsidiary of Avanti Feeds. The company has purchased about 30 acres of land to set up the facility. The APC will buy APCPL. APCPL will initially commence trading of pet food products in India under the APCPL brand name, importing from Bluefalo, Thailand. After completing the setting up of manufacturing facility in India, the products will be produced and marketed in India. The trading activity is planned to start before 31 March 2025, for which the company has already recruited a team for market development for the company's products. Apart from pet care, we have fish feed, which we have been making a lot of efforts to bring into Indian fish culture. As reported earlier, the company has undertaken market survey for fish feed for various pieces of fish and intends to initially import feed from Thai Union Feed Company Limited and conduct trials under Indian conditions. Once the product performance is approved, the production in India will be taken up for domestic sales. A very serious study is being made on this aspect, and we have identified about five or six fish culture farms and the way fish culture is being done, and associated with them, for import of the sample feed trial runs will be held. And if it is proved to be effective in Indian conditions, it will be brought initially as a trading activity. And in the course of time, we will set up necessary production facilities in our existing feed plant, for which already there is sufficient civil work. It's only the import feed; the machinery has to be installed to start production. Apart from that, I think we have covered all the aspects, and I think we can take up the question and answer session now. Okay, thank you, Saumya. We can start the Q&A session. Thank you so much, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad, and please wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. Our first question comes from Mr. Kunal Ochiramani from Kitara Capital Private Limited. Please go ahead. Hi, sir. Congratulations on good numbers. Just wanted to know, this quarter was good in terms of exports due to strong demand in Europe. So just wanted to gauge how the global demand currently and how will it be as per your industry. Secondly, there was marginal softening in commodity prices. However, as your team reported in processing, due to raw material prices, the profits are down. So on that front, wanted some clarity and overall some clarity on when are you going to take on fish feed business. Yeah, I think first question, Nikhilesh, can you answer that first question, please? Okay. Hi, good evening, so on the global demand for shrimp, shrimp continues to be a strong seafood category. A lot of customers, consumers always think shrimp is a good seafood meat, so consumption only will increase with higher income levels, so that's positive, and being frozen, it can give also long shelf life, so overall, global demand for shrimp is good and is forecasted to be positive in the long term. What was the second question? It was about raw material prices being high in processing business, and hence the profits are down. So in September this year, it was very unfortunate that Andhra suffered huge rainfall. So a lot of crop shrimp farms were washed away. So the off-season continued instead of the two months for almost three and a half months, so we didn't get the second crop even till now. So we had to buy raw material at higher prices due to limited availability. So that was the reason for the high cost of input. The third question, can you please repeat? For the fish feed business. Yeah, as I told you, for the fish feed business, we have undertaken a lot of surveys, and also we have identified about six farms, fish culture farms, where we would like to run the trial feeding and seeing the results, how the fish feed, which is the formula which we have now, that is Thailand, Thai Union has got the fish feed, which we are going to import and use it here in our farms and see how the results are. Because there are several varieties of fish like sea bass and each product has got different parameters like protein levels that is required. So it is a bit difficult for us to have different types of products under the species of fish feed. What we are doing is now we are trying to undertake the trials in respect of each one of them and try out in about five to six fish culture farms. We have entered into some sort of understanding MOU with the owners of these farms to undertake the trial runs. Once it is proved to be effective and if it is good, then we will make them produced in Thailand and import to start with. Gradually, once the demand picks up in India, we will start our own production facility in the course of time. A lot of work is being done because the price is another important challenging factor, which the prices of Indian products keep fluctuating. Once we enter into the imported feed, it will have a cost-effective feed which is going to be determined the demand for the product. So we are trying to balance these two things and arrive at a competitive price for the Indian farmers so that we will be able to give them in competition with other producers in India. So while it gives a better yield, it should be competitive also. Price should be competitive. That is what our endeavor is, and we are working very seriously on this. Maybe in the next three-to-six months, we should be able to start off on this. Sir, relating to my second question, sir, CVD and ADD rates are high, and it's been two months into the quarter that's ended. So what is the outlook now and going ahead? The CVD is that they have the final determination has come at 5.77. So we'll have to see that announcement sometime next month, and that will have a direct impact on that. But we are also working on various other cost-effective measures and try to see that we still make margins out of this by increasing the value-added products and all. I think, Nikhilesh, can you just throw some light on this? CVD and ADD, the two separate duties, countervailing duty and anti-dumping duty. Right now, our anti-dumping duty is about a little over 1.33%. CVD is determined to be 5.77%. That's the final determinations that are being made right now. Maybe we expect or we anticipate that the CVD might reduce by maybe 0.4%, but not sure. On the alternate route, on the alternate, all the other countries like Ecuador, Vietnam, Indonesia, everyone attracted CVD or ADD. Unfortunately, India stands with the highest duty of 5.77% compared to the other countries. In the long run, in the past, we've had CVD duty for shrimp before. It's a lot of working with the government, the US regulatory authority, and also the private sector to submit and rework on some of these claims that the US DOC is making. This is a time-taking process. But if we work it right, then the duties will come down. It's not any tariff per se which was not revised previously. So it is a complicated case. It is a small problem for India at the moment. And also, the other countries have CVD, so everyone has this problem. But on the long run, I think we can work with the government to reduce such duty. And second, also, this also means higher selling price in the market. So that would be helping to drive revenues up because the selling price of shrimp has been falling continuously for the last 50 years. So that's about the CVD and ADD. Thank you, sir. It's very important. It all depends on the government here in the U.S. and also, it is an ongoing process. It is almost done the CVD at once one year. The second year, again, it will be reviewed. And again, the data is collected, whether the incentives that the government is giving and what is the taxes that are being levied. And all they work out, and as Nikhilesh said, it may come down also in the next year. But it is an issue which we have to live with because CVD has been levied by the U.S. and almost all the countries. It is only our effort should be to reduce the CVD percentage on which is levied on Indian exports. Thank you so much. Thank you so much, sir. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad, and you're requested to ask one question in the initial round, and you may join back the queue for more questions. Our next question comes from Pradeep Rao from Yogya Capital. Please go ahead. Yeah, good evening, and thank you for the opportunity. I have just one question about Ecuador. How is the competition faring up with respect to Ecuador, especially after the power shortage issue over there? Nikhilesh, can you take that question? Ecuador, we've told you in previous meetings that Ecuador and India, we have separate product categories. India does more of peeled and cooked shrimp, while Ecuador does head-on, then commodity products. On the power shortage, at the current moment, this has affected Ecuador's exports. They're not able to produce as much. So the selling price in China has been moving up due to non-deliveries from the Ecuadorian market, from what we gather in market intelligence. And also, in the U.S., there's also less exports of Ecuadorian shrimp in the past one, two months. However, we need to see how this pans out in the long term. Currently, most of the buying for the primary market is done for the holiday season. So right now, there's no large impact for any other producing country like India, Vietnam, or Indonesia because of the power problems in Ecuador. Okay, understood. And one last question, if I can squeeze in, is can you also mention the CVD on other countries like Ecuador and Vietnam? Maybe if you could send an email, we can send it in a separate note. Okay, sure. Thank you. Thank you, sir. Our next question comes from Nitin Awasthi from InCred Equities. Please go ahead. Hello, sir. One question continuing from the previous participant questions is that the amount of CVD that we have paid so far, I believe we are liable to pay CVD from April this year. And for how far have we paid the CVD? And whenever we have paid it, have we booked it as an expense or as a different item? Second, I'll see who will answer the question. Yeah. So far, the company has paid around INR 8.5 crores CVD till 30th September 2024. And whatever the CVD we deposited with the U.S. government, we are booking as an expenditure. We are debiting to P&L. Understood, sir. So as of now, when the rate increase has come in, we are still continuing and depositing what we were depositing earlier, or are we depositing as per a new rate? No, we were depositing as per the existing rate, the rate which was decided during preliminary determination, which is 4.36%. Understood, sir. So second question from my side would be, are we looking to use DDGS as a component in our feed, given that there has been a lot of production of that commodity in the country now due to a different reason with the small program? But however, there is a lot of animal feed companies that are experimenting with this product. Are we also doing this here? No, listen, we're not using it in our shrimp feed. Hello? Yes, sir. We're not using DDGS in our shrimp feed as of now because it has some nutritional factors which are not very good for growth promotion. Understood. However, are we experimenting with it trying to make it efficient, or that is not how we could take on? No, listen, but we didn't get favorable results. Okay, understood. Thank you. Thank you, sir. Our next question comes from Kamal Sharma, an individual investor. Please go ahead. Yeah, thank you, ma'am. My question relates to two recent announcements coming from government. One is, of course, what you mentioned in the presentation about the budget, wherein there were, I think, three separate instances where shrimp or aquaculture was referred to. And then a recent one wherein there is an MSP hike on soybean. Plus, of course, in your presentation, you have mentioned about hike in the wheat duty as well. How do you see these two together? First one is, what is the opportunity that the budgetary announcement opened up for animal feeds along with the timeline or next five years that we realize? And is it like the government is planning to achieve those targets in one year, two years, or whatever, or do we have that clarity yet? And of course, do we have the capacity to support that opportunity utilization combined with the impact of soybean? Right, MSP announcement. So how will these two go together? See, the MSP announcement has been there from the government from time to time, and mostly, it is related to some political activity rather than the real situation of the crop or the prevailing in the country. That has been the stand that has been the procedure that is being followed by the government. Whenever they consider that the farmers are not getting remunerated for their crop, they increase the MSP. That is, the MSP is the price at which the government procures the soy from the farmers, but there are other factors which are working. The market, it keeps on changing. For instance, recently, soy price has been increased. Soy MSP has been increased, but we did not feel that much impact on the soy price as such. It is remaining more or stable. On the 5% side or the side, it is fluctuating on a day-to-day basis. So MSP is something which is the government regulation which says that if you buy from the farmer, you have to buy only from that. And for MSP, it's a price which the farmer has to sell. That is the remunerative price. So that, in fact, will not have a direct impact immediately, but over a period of time, when the government starts purchasing more, then it will have an impact. Then there will be demand for that. The prices will be more than the MSP. But as of now, it is not the situation as far as the soy is concerned. Coming to the other question which you mentioned. The economic impact is coming due to the budgetary announcement. Yeah, budgetary announcement is about the other things that are as far as the aquaculture industry is concerned, they are for processing and export. We have already explained the details of the schemes that are in operation now. And other than that, they are trying to encourage nuclear breeding centers for the broodstock. That is one of the major constraints that India has been facing because India does not have a proper broodstock available for the culture. We have been importing from different countries, and each time, the quality of the broodstock varies. And sometimes, it will have less survival. Sometimes, it will have disease, prone to diseases and all. So the government of India would like to now encourage the Indian farmers or processing units, the stakeholders, to start nuclear breeding centers for these broodstock. With the support of NABARD, but so far, no instructions or no scheme has been announced by NABARD. I think we'll have to wait for some more time if they come out with the one on this proposal. Other than that, as you have explained, they are encouraging the employment. They are increasing the apprenticeship programs and also internship. As far as the aquaculture industry is concerned, we are taking a number of apprentices in each of the shrimp culture activity. For example, in feed manufacturing, culture itself, shrimp culture, and processing, we are training them. That is an advantage which overall, if it is possible for Indian shrimp culture to make more economic and more competitive prices globally, it will have a very good future as the consumption of shrimp is increasing globally. These are the impacts of budget, but the government seems to be very serious about this. They are taking aquaculture, marine food products export as one of the major thrust areas for the government for earning foreign exchange and as well as also employment generation. Okay, I think I've answered your question. Yeah, to a large extent, but I just wanted to know if we have any numbers also available. No numbers as of now. See, government schemes, it will take time. See, there are several schemes which are announced in last budget. They have not implemented it at all. So it will take some time. See, when they really ground it, only after a lot of pressure, they commenced these two programs, mainly which is substantially helping the industry, that is the PLI and also Operation Greens Scheme. These two are good, but again, there are some constraints in that also. The government is always in a situation they announce, but when the time comes for implementation, there are a lot of bottlenecks for that. So they try to take these bottlenecks. We are trying to solve one after the other. So in the course of time, we should be able to get these benefits. But to give you a number, as of now, nobody has got numbers as to what is the projected advantage of this. Thank you, sir. Thank you, sir. Our next question comes from Suresh Pal from KRS Capital Limited. Please go ahead. Yes, sir. Thank you for the opportunity. So my question is, we can see that the global shrimp prices are rising from what are two stars. I can see that from July end, these months of October, shrimp prices have risen more than 10%. So I would like to know how Avanti Feeds will likely to be benefited from this shrimp price rise that is happening in the last three, four months. Nikhil? Right now, there is, I think, a shrimp price increase. I don't think there's any such benefit for the industry because this price increase is mainly due to new duty levies, so there's no impact as such, except the revenues are forced to go higher, so that's only just direct impact onto the company in the immediate term. No, but duty might have risen 5-6%, right? But the price rise is more than 10%. If I consider three, four months, it is more than 10%. Are you talking about selling price? Yeah, selling price I'm talking about. I don't know if it increased by 10%. There are some sizes which have actually increased by eight%. There's one or two sizes, but on average, about three to four, five% maybe. But that's only because the raw material price is higher. So it's not at the market accepting higher price at the retail store and the food service store. It's more with the duty and higher raw material price at the moment. Okay, okay. Thank you. That's all from my side. Thank you, sir. Our next question comes from Amit Kumar Rajput from Capital Craft Research. Please go ahead. Am I audible? Yes, yes. Yes, you're audible, sir. Thanks for the opportunity, sir. So this is my first question regarding the American election and the recent policy shift you are looking for. As our majority of business is coming from America, so any sort of policy shift you are preparing for it as of now on a tariff side? So on the U.S., I think with the Donald Trump coming, at least my personal opinion is that it's more positive for India because the last term he was there, there was nothing substantial against India or Indian people. But again, we don't know. So as a company that is diversifying our sales channels to other countries like Europe, Asia, and also Canada, Middle East, we're trying to get more sales portfolio into these markets so that we kind of diversify the marketplace. Oh, great to know. So my second question regarding the margin side. So could we see the recent trend in margin going forward in future? In recent, your margin has been rising on a yearly basis? Yeah, see, the margins are rising as it is obvious because of the margin in the softening of the raw material prices. So as long as the raw material prices remain at this level, we certainly make a profit, which is unfortunately not in our control. So we expect the fish meal, which last year it gave a lot of trouble to us because it was going up because of the exports. But this time, the Chile and Peru were the major suppliers of fish meal to the world. They have globally, they have their good crops. They are able to supply. So the demand from India has drastically reduced. So the fish meal producers in India have now looked for Indian markets rather than depending on the export market for a higher yield. That is number one. Number two, coming to the other two products like the soybean meal and wheat flour. See, the soybean meal production has been continuously good. See, each year, year after year, this year also, the crop has done very well. And harvesting has already started. And we expect the prices to still continue softening, but we do not know how they are going to move. But it all, again, depends upon the soybean oil. Soybean oil is another factor which determines the price of soybean meal. So these two are the balancing factors for the soybean meal. So we expect that the prices remain at this level for some more time, if not going down. At least it will not go up. It's what our expectation is. So that being the case, as far as the soybean meal is concerned, we are very comfortable as of now. Coming to the wheat flour, it is surprising that the wheat flour prices are going up like at a great speed going up. Nobody is able to exactly tell why it is going up. See, it is an essential commodity as far as the human consumption of wheat flour is concerned. So the rate at which it is going, it is impossible to even predict how it's why it is going. Crop is good. We are getting till March, we don't have crop. The next crop comes only in March. Still four months are left, four, five months. But how it's going to be in these four months? It is expected that after Maharashtra elections, the prices are going to a little soften. We have to wait and see how this particularly wheat flour, which no one is able to really imagine, but being the most highly consumed product in a daily family's, the wheat flour is going up like anything, which is surprising. So we will wait and see. We are expecting that after Maharashtra elections, by end of this year, the prices should, the wheat flour also should come down. So if these prices remain, definitely we'll be able to achieve the margins what we have achieved now, and we'll be able to maintain these margins definitely. Okay, okay. So my last question would be, if you can give me any sort of guidance regarding FY25 financial year on the margin side? See, I'll just see. What happened was in this quarter, there was, as Nikhilesh said, there was unexpected rainfall. It was cyclone and all. It has reduced the crop. Actually, the duration of the crop, the main crop reduced, and there was a forced harvest, the 10 pounds, sorry, the 10 grams, the 100 count. So that's why the feed consumption has come down. The margins automatically come down, but the best point of that is that later on, the August, September, the climate has really improved, and it was very convenient for the shrimp culture. So the farmers have stocked it again, and it's going well as of now. If nothing serious happens in the next one and a half months, two months, we should be able to get the normal crop, and also then the consumption will also be there. We are expecting more or less whatever the last year's consumption, plus or minus 5%. We should be able to achieve 5,040,000 or something like that was the last year's feed sales. And we are also likely to register more or less the same sales this year. And being, as I told you, because of the raw material softening, we may be able to get better margins compared to the last year. That's what our hopeful expectations are, positive expectations. And we'll have to wait and see for another one and a half months. So it will result automatically in the next FY25 ending on 31st March, which will be reflected. Again, if the situation continues, again, the next crop will start sometime in the January end and February beginning. Then again, there will be sales. I think it looks as of now very promising. That is, wait and see because it's a very volatile market. Thank you. That's all from my side. Thank you. Thank you, sir. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. Our next question comes from Sriram R., an individual investor. Please go ahead. Thank you for the opportunity. I have two questions. One is on the shrimp processing. Do you import the raw shrimp, or do you have a shrimp farm? Second question is, yeah, sorry, go ahead. Oh, you may continue with your second question. Yeah, my second question is, the budget had some provisions regarding decrease of customs duties for shrimp feed. So how has that impacted you? Are we seeing more imports now because of the duty cut? Yeah, I think Nikhilesh, can you answer the first question? We don't import any shrimp. India is one of the largest producers of shrimp. So we buy shrimp locally. So as Avanti, we don't farm ourselves. We have some contract farming. But that's the major source of shrimp. So as far as the reduction in the customs duty of some of the products relating to the shrimp culture, it's true that there is a reduction, but it did not really have any impact on our, and rather it had a negative impact. As far as the protein premixes and mineral premixes, we were importing earlier. But now everything is available in India. Almost every product is available in India. What they have done is they have decreased duty on shrimp feed, imported shrimp feed, which is a negative point for as far as our industry is concerned, the Indian shrimp feed industry is concerned. Because if we reduce the price of the imported, then foreign companies are likely to dump their products in India. So that, in fact, we have represented to the government that we bring back the same level because if you reduce the shrimp feed duty, then the neighboring countries, they'll have the advantage of the reduced import duty, so they will dump in India. But so far, there has not been so much impact on account of this. But certain advantages are there. The farmers do know that the Indian shrimp feed is more fresh, and they are able to get better yields and all those things. So they may not immediately go unless it is really very attractive for them to go and reduce the expected results, the feed. So that is one disadvantage which we found. But as far as the other products are concerned, we are having all the products available in India. Only one algal oil was not, algal oil was reduced, but that is again a substitute for fish oil. But that is very expensive. And India has got plenty of fish oil available. So along with fish meal, we are buying locally the fish oil also, sourcing it. So there is no need for practically any import of raw materials from that. So there is no impact of reduced duty on our feed costs. Yes. So just one question. I mean, what are the pricing difference between the imported shrimp feed and our feed? It is the same. There is no difference at all. See, if you in fact look at the yields and performance of the Indian feed, it is much more. I think Mr. Venkata, you will be able to give more details on this. So as of now, the prices are almost similar to Indian feed prices. The performance of the imported feed is not as good as the Indian feed, like Mr. Rawat said. And also the new Indian feed companies which have taken over the market share, so it's become very hard for the foreign players to enter and get a substantial market share. See, most of the foreign companies are already in India. They have their plants. For example, CP, they are already. There are so many foreign companies which are in India, and there is no need for them to bring in imported feed. That's what we have represented to the government. See, the foreign companies are already there in the feed manufacturing in India, and they are getting the feed. Then why should the government of India allow reduction in customs duty on the import of these products? So we hope that by next budget, we'll be able to get some favorable outcome of our representation. Okay, sir. Got it. Thanks for an elaborate answer. Very helpful. Thank you. All the best. Thank you, sir. Due to time constraints, that will be the last question. Now I hand over the floor to the management for closing comments. Yeah. Thank you, investors. Thank you, everyone, for participating in this call. So in case of any queries, you can reach out to us by mail. Thank you. Thank you so much. Ladies and gentlemen, this concludes our conference call for today. 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