Good evening, ladies and gentlemen. I'm Valsia, moderator for the conference call. Welcome to Nava Limited Q2 and H1 FY 2025 Results Conference Call. 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 touchtone telephone. Please note that this conference is being recorded. I would now like to hand over the floor to Mr. Mohit Kumar from ICICI Securities. Thank you, and over to you, sir. Thank you, Valsia. On behalf of ICICI Securities, we welcome you all to Q2 FY 2025 earnings call at Nava Limited. Today, we have with us Mr. Ashwin Devineni, CEO, Mr. G.R.K. Prasad, Executive Director, Mr. Nikhil Devineni, Executive Director, Mr. Sultan Baig, CFO, and Mr. V. S.N. Raju, Company Secretary. Without much delay, I will now hand over the call to the management for opening remarks, which will be followed by Q&A. Thank you, and over to you, sir. Good evening, everyone, and thank you for joining us today. I'm pleased to report that Nava Limited has delivered a strong quarter with significant growth in profitability. Our consolidated profit after tax increased by about 72% year-on-year to INR 332 crore, highlighting our commitment to operational excellence and financial resilience. Our energy and metals division have shown notable improvements, supported by strategic planning and market adaptability. Additionally, the board's approval of a 2:1 stock split aims to improve liquidity and broaden shareholder access, underscoring our confidence in our growth strategy. We're advancing on key projects, particularly in Zambia, with the 300-MW Phase II energy project on track for completion at the end of 2026, and our agricultural expansion into sugar besides avocados. These initiatives align with our strategy to diversify revenue streams and establish Nava as a leader in sustainable agriculture and green energy. As we continue our journey, Nava remains focused on value creation, operational strength, and sustainable growth. Thank you for your ongoing support, and I look forward to discussing our results in further detail. Thank you. Thank you, 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 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. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. First question comes from A.M. Lodha from Sanmati Consultants. Please go ahead. Hello. Am I audible? Yes, sir. Hello. Am I audible? Yes, sir. We can hear you. Congratulations for a fair set of numbers, sir. Also, I congratulate the board for considering the liquidity issue in the split itself for the split. Thank you very much for that. I have got two, three questions, sir. Number one, my question is, the receivable from Maamba Collieries to the receivable from the Maamba Collieries arbitration money, how much money is still pending from the how much we are receiving per month, and how much is still pending? I suppose the entire money was supposed to be returned by them by December 24. Okay. You can complete your other questions as well, Mr. Lodha, then we can answer all of them. My second question, my second question is regarding the money payable by the MCL to the Singapore holding company where at the time of the project, the Singapore holding company has given some equity participation besides some money has given loans on which they have been providing the interest. So just I wanted to approach it to my mind, it was INR 700 for principal amount, INR 600+INR 700 crore in Indian rupees, and INR 300 crore for something was the interest amount. Total INR 1,000 crore accumulated amount was to be received by Singapore subsidiary, Singapore company from the MCL. I wanted to know the status of the repayment from the MCL to Singapore subsidiary. And simultaneously, I also wanted how the Singapore subsidiary is utilizing that money received from the MCL. That is my two questions. And again, I will join the queue. Thank you, Mr. Lodha. Thank you for your questions. As regards to your first question regarding the receivable spending from ZESCO, as of date, we are yet to receive $197 million, sir. From what we understand from ZESCO, these money bills will be paid over the next few months. Then coming to your second answer regarding the dues from Maamba Energy to Nava Bharat Singapore, as of 31st March, there was an overdue interest of $42 million approximately and a loan of $89 million. That was outstanding. You will be happy to know that as of date, the interest amount has been fully repaid by Maamba Energy to Nava Bharat Singapore. As of date, the outstanding loan out of the outstanding loan amount of $89 million, $25 million has been repaid. Now, my further question relating to your answer number one, $197 million is still outstanding. Suppose the Zambian government doesn't pay by the December, which was the deadline for the arbitration agreement, then do we have any course to take any suitable action against the government of Zambia? I think firstly, after the arbitration agreement, they were supposed to pay us a long time ago when the arbitration award was granted. We then got into discussions with the government and the state utility and agreed on a certain payment plan. Today, to be very honest, they have been paying on a monthly basis. I mean, not to the extent that the payment plan stipulated, but to the extent that they can afford. Given the current energy crisis in Zambia, there is a certain cash crunch. Even though there's been a cash crunch, they've been very, very timely in terms of their monthly payments. And over and above that too, they've been paying us a small amount, up to about $5 million on a monthly basis. So we are in constant discussions with them. Although they are expecting certain difficulty to pay the entire $197 million outstanding by this year's end, they are committed. They are working on certain avenues of financing where they could get certain lump sums that they would be directing to us. It's an ongoing discussion. Okay. Sir, even the $75 million of the September 2023 is still outstanding. No, that's not the way you look at it, Mr. Lodha. No, no. There's a lump sum payment of September in last phone call. You recall the last phone call? $75 million of the September 2023 is still outstanding. They are paying $5 million a month along with your electricity bills. So just I wanted to know, when $197 million suppose they don't pay for one year, another one year, shall we charge the interest on the outstanding amount from this date? No, I think from the last time we had this investor call, they have paid us $25 million, which was attributed towards arrear payments. So it's not like they've not been paying or not clearing the $75 million. So they have paid us $25 million since the last quarter. In fact, we just received $5 million this week too towards the arrear payments. So there is an ongoing thing. It's not like they've left it alone. Discussions are underway. Mr. Lodha, can you please allow me to finish first? Yes. Yes. Yes. Please. Yes, sir. Tell us. Discussions are underway. There is a certain crisis going on there. We are working with them. On a monthly basis, they pay us about $21 million-$22 million, which includes our monthly receivables. In addition to that, they're paying us $5 million, which is on arrears. Given the current situation, I think they're doing their level best. Discussions are continuing in terms of how they would pay the remainder of the arrears. We are happy with the progress they're making. Okay, sir. Then the question number two, I want further clarification. Out of the $131 million, $68.7 million have been paid by the Singapore subsidiary. Interest fully cleared, and some amount of principal has been paid. Balance amount, when we can expect to get by the Singapore subsidiary? As in when Maamba Energy realizes the funds, it will have funds for distribution to both the sponsors. So it depends upon the availability of free cash surplus with Maamba, sir. Maamba is utilizing the money only for its expenditure and operations, and surplus is distributing to its sponsors. How is it utilizing that money in the Singapore subsidiary? I think you can come back in the queue. We'll take your questions later. Okay. Okay. Okay. Thank you. I request the participants to restrict with two questions in the initial round and join back the queue for more questions. Next question comes from Vignesh Iyer from Sequent Investments. Please go ahead. A repeat question comes from Vignesh Iyer. Please go ahead. Hello. Yeah. Am I audible now? Yes, sir. Yeah. Yeah. Thank you. Thank you for the opportunity. Congratulations on a good set of numbers. My first question comes from the fact that I recall something that was a possibility while earlier calls, in earlier calls, as in when we thought that any receivable that is pending can be converted into equity for the new 300-MW project, as in the receivable getting converted, wherein they, instead of paying us, it gets converted into equity, and they put up the fund in realization of that $200 million, which was pending. I mean, is it still in the discussion part of it, or will wait till the revenues get recognized like $5 million per month? Mr. Iyer, your understanding is not correct. Receivables are not getting converted into equity. So as in when Maamba Energy receives the receivables and it distributes to its sponsors, sponsors will have the opportunity to plow back the surplus funds as equity to Phase II project. There is no direct conversion. Right. Right, but we had contemplated something so that because in the 300-MW, we have to anyways put our money, right, as an equity for the new project, right, if I'm not wrong. Hello. Hello. Mr. Iyer, the receivables are on ZESCO, whereas the equity deployment from the sponsors is ZESCO, ZCCM-IH, as well as Nava. So there are different parties. So receivables were never planned to be converted to equity. Okay, and continuing with the earlier participant, I wanted to understand the money we have received in the Singapore subsidiary. So how are we planning to utilize it, as in are we passing it to the standalone, or is it getting reinvested in other businesses? And if you could give the breakup of the same. So in terms of the money that we are getting, essentially, there are two aspects. One is there is a lot of growth capital that's required. We just talked about the expansion where we need to contribute a portion of the equity. The total equity contribution based on the project cost is $100 million, out of which $65 million has to come from us. So that is a priority. So a lot of the funds that we are receiving will be plowed back in the form of equity. Then we also have other projects that are currently ongoing and gaining a lot of traction, such as the agricultural project, such as the projects in Ivory Coast, and so on. And apart from that, we're also looking at corporate actions. Like during this quarter, we did declare an interim dividend. And a lot of those funds were funds that we received from MEL to NBS, which further declared a dividend to Nava. So it's a combination of using the funds towards growth and corporate action that we're taking to benefit the shareholders. Understood, sir. Understood. First of all, one more question before I could squeeze in. So this avocado plantation in Zambia, I understand that we have already planted around 90,000 plants, and expecting to do another 1,000,000 plant in the month of November. So if you could help me understand the amount we have already spent and the amount we'll be spending for this 1,000,000 plant, and what is the yield expected out of it, as in we have stated in the press release that we might get our first set of crops in the month of December? So just to understand the metrics and economics behind this Nava Avocado Limited. Yes, sir. Your understanding is correct. We have already planted 100,000+, 100,000 trees in division A. Generally, the tree takes about two to three years to mature fully and giving full yield. So the initial yield that we are getting from this is the very initial yield of very young trees. So it's very small. It can be called as a commercial yield. And secondly, on division B, our 100,000 trees will get planted from December onwards till March, April. And it will be another three years also before these trees will give full maturity, full yield. Generally, once the entire plantation reaches a maturity of three, four years, the yield expected is somewhere about 20,000- 25,000, metric tons per hectare. So on an overall capacity of 1,100 hectares, we can expect somewhere about 20,000- 25,000 tons per annum. 20,000-25,000 metric per hectare, right, if I got it right? Iyer, for the entire 1,100 hectares. For the entire 1,100 hectares. And what is the unit economics as in per metric ton? What realization we could get? And what is the cost we spent on planting the first 1,000,000 trees and the subsequent 1,000,000? Mr. Iyer, I think you have to give chance to others. It's been almost four or five questions. It's been in the session. I just. Okay. Fine. I'll join back in a moment. Thank you. Thank you. Next question comes from Abhinav from ICICI Securities. Please go ahead. Yes. Hi, sir. Good evening. Thank you for the opportunity. So my question is for MEL Phase II project to 300-MW plant, what is the overall status? What is the total project cost? I understand the debt has been tied up. So what is the debt-to-equity ratio? And has the equipment supplied and secured? So overall understanding on the Phase II project. Yes, sir. The overall project cost in-house is $400 million, out of which $100 million is equity as told by the CEO, and $300 million is debt. As of today, we've tied up $260 million. Depending upon the project progress and requirement, we will tie up the balance. The EPC contractor has already been appointed. We issued the notice to proceed to the contractor in the month of August. Currently, they are in the process of placing the orders for equipment supply from China. Understood. And one more thing. In the balance sheet, I can see that there's cash including the investment more than INR 1,500 crores. INR 15,000, INR 1,500 crores, yeah, right. So I mean, what are the plans for utilization of that cash? Yes. On the consolidation level, you'll see a significant cash balance. And it has to be split into the cash that we are keeping aside for growth capital and corporate actions, which is sitting in Nava, Singapore, and in the in-house treasury of Nava India. So both will take a suitable decision at the right time for the corporate actions and the growth capital on the total cash. Okay. Thank you, and I must say that the presentation is quite exhaustive. Exhaustive, and it sort of gives us a lot of understanding. Thank you for that. Thank you. Thank you. Next question comes from Gargi Agarwal from Value Investment. Please go ahead. Sir, hi. Thank you for the opportunity. And congratulations on good product results. So my question was, out of the $100 million of equity funding, how much have we deployed till now, or if we have not, then by when do we plan to deploy that? As of date, we have not deployed any. The deployment will commence from December onwards, spread over a period of two years during the project construction. All right. Second question is, sir, the India power business is very volatile. So do we have any long-term contract with third-party power players? And also, what kind of PLF are you expecting for the full year, on an average, for the India business particularly? India's power sector is kind of dynamic, where long-term contracts are not coming through. Whatever the contracts that have come in by way of short-term contracts, we have been participating in our 150-MW unit or, where possible, in our 60-MW unit. What we can say is some kind of a long-term contract could come in in the early 2025, where we would like to participate in both 150-MW as well as 60-MW IPPs. At this point, it's not clear, but some indications are there that such contracts could come in. All right. Third question is that you mentioned about some. Can you join back the queue, ma'am? Yes. Yes, Yes, you can. Thank you. I request the participants to restrict with two questions in the initial round and join back the queue for more questions. Next question comes from Praveen Desai, an individual investor. Please go ahead. Yeah. Good afternoon, sir. Thank you for the call invitation. And congratulations for a good set of first half-year results. So for liquidity purpose, you people are splitting the stock. Our request is that we have a very huge reserve. So why don't you give a bonus to us and make us happy? Can you do that? Yeah. We're always looking at corporate actions that benefit the shareholders. So we'll take the necessary action when required. Okay, sir. Thank you. But think about that we are expecting some good thing from you. The splitting is not beneficial to individual shareholders, sir. The number of shares will increase. That's the purpose. Liquidity may increase, but the value will not go up, no, sir. So we're always looking at the shareholders' perspective. I mean, please don't forget that we just declared an interim dividend during the quarter two. So we're always looking at actions that benefit the shareholders. Okay. Thank you, sir. But in future, think about this also, sir. Please. Thank you. Next question comes from Viraj Mahadevia from MoneyGrow. Please go ahead. This is Viraj. Congratulations on stable results. Quick question regarding the different performance this quarter is because of the scheduled maintenance of India and Zambia plants. Am I right? Absolutely right, Mr. Viraj. Zambia, both units underwent biannual maintenance, and also, our Odisha unit, power units, went through a major maintenance. This was for a large part of this quarter, or was it half the quarter? Just trying to get a sense of what the normalized earnings will be getting back into Q3. 85% PLF for a power plant is considered normal, and our Maamba power plant has come close to 100% in the previous quarter. Current quarter, it was at 84.5%. Whereas for the Odisha power plants, it was a long overdue major maintenance, so PLF was slightly lower. Are they fully operational starting this quarter, October 1? Yes. All the plants are fully operational now. Got it. Okay. My second question is, I'm just trying to understand the map between sources and users of cash over the next two years. As Ashwin mentioned, there are quite a few projects on the anvil. What I understand is the business has net cash of about INR 1,000 crores on the books. Annual free cash flow, give or take, looks like about INR 1,500 crores. The arbitration dues, as you highlighted, is roughly about INR 1,500 crores. So it's about INR 4,000 crores of cash coming in within the 12- 18-month period. Can you articulate the uses of cash, particularly in the equity contributions towards the various projects 12- 18 months? Absolutely, Mr. Viraj. As Ashwin pointed out, our immediate requirement is for the Maamba Energy Phase II project, which is about $65 million. Then we have ongoing avocado project, which is almost fully funded by EPC. There's no debt on it. Other than the $15 million we already incurred so far, there will be an investment of additional $30 million over the next two to three years in the project. And the integrated sugar project that we are commencing in Zambia, the total project outlay is $125 million. And Nava's, about $40 million-$45 million will go as EPC into that project. So overall, put together. About $150 million between these two. Yes, and besides that, we have Ferroalloys smelting plant, which we are planning in Ivory Coast, besides the mining, so it will have an outlay of somewhere about $150 million in that. $150 million in equity? Sorry, sir. That's the total capital outlay, which includes the. It'll be $50 million max equity. Yes. So about $200 million over the next two years, let's say, roughly. Yes. Yes. It's about INR 1,500 crores. Okay. And the inflow should be about INR 4,000 crores. So we're hoping to see shareholders. It's a good start, I think, with the split. I think the bonus, but I think we're hoping to see further shareholder value-enhancing actions through meaningful dividends, buybacks over the next year or so because it's INR 1,500 crores, as we've just gone through, as spends, and about INR 4,000 crores hopefully coming in over the next 12- 18 months. Thank you. All the best. Thank you. Thank you. Next question comes from Nidhi Shah from ICICI Securities. Please go ahead. Hi. Thank you so much for taking my question. So I have a couple of questions for you on Zambia. Now that we have power plant mining, avocado, integrated sugar coming up in Zambia, what is the reason for all this expansion in Zambia? Is it that the environment is good for our business? That is the first question that I had on Zambia. Secondly, what other opportunities can we pursue in Zambia that are related to our business? Can we pursue, say, expansion at the power plant? In and around Zambia, rest of Africa, neighboring African countries, are there more opportunities in power and mining lined up for us? Yeah. So I think whenever we evaluate projects, we look at the risk profile and the benefit that they're getting. And after we have a very large presence in Zambia already with the Maamba Energy Limited, we found that the investment climate is fairly good. The rewards are fairly good. While there is risk, the margin rewards are good. So therefore, we decided to expand in Zambia. Today, we are doing power generation. In terms of mining, we're getting into lithium and possibly iron ore. And on the agricultural side, we're doing avocados and sugar. But needless to say, it's not just Zambia that we're looking at. We're also looking at the Ivory Coast, where we're looking at the manganese in terms of mining and smelting and possibly power generation. We're looking at other countries too that offer a good investment climate where the risk is lower, but the margins are high. Do you see any specific countries in specifically the African region where you could possibly have opportunities to set up something? Is there any bids that have opened up? I think Ivory Coast is one. The other countries that we are possibly looking at are Botswana and Namibia, where the ratings of these are high. They are English-speaking countries who make it easier for us to work for. There is rule of law. So those are the different aspects that we look at, and we're always looking at opportunities in these regions. All right. Lastly, I had a chance for a bookkeeping question on the Maamba Energy Limited. I can see in the slide that you've given us separate financials for the energy business and for the mining business. What I would like to understand is that, firstly, in the mining business, when you talk about the revenues there, are you only recognizing revenues where you've sold coal to third parties, or are you also recognizing revenues where the mining output has been sold to Maamba Energy Limited? That is one. Secondly, if that is the case, then does the energy business recognize that as a cost? What is the accounting just between these? I understand that at a consolidated level, those would get nullified. But between these two slides, could you help me understand the benefit of that? Even in the Maamba Energy, when we present the Maamba Energy numbers, the revenue gets knocked off for the coal supplies from the mining business to the energy business. What we report as mining sales is third-party sales, which is about $14 million for the quarter. Okay. So when you talk about on the slide number 40 and the slide number 37, they're essentially numbers individually, and there is no overlap in terms of revenues and costs, right? Yeah. They're independent divisions. Yeah. All right. All right. Thank you so much. Those are my questions. Thank you. Next question comes from Harinadh Reddy from PNR Investments. Please go ahead. Sir, this is regarding the coal business, coal mining there. Do we have any pre-fixed price purchase agreements from some clients, or is it that our coal mining business is prone to the global price fluctuations? How can you explain a bit? We don't have any pre-fixed agreements, long-term agreements. The reason is we don't want them. One of the advantages of Zambia being landlocked too and logistics prices being high from the port is that we're not subject to global prices fluctuating. I think there is a price set in Zambia, and we follow that with certain escalations due to increased fuel costs and so on. But we get into shorter-term agreements rather than longer-term agreements there. And they're all U.S. dollar denominated. Okay. Who fixes that, sir? Can you just explain that? It depends on the market. I mean, in terms of the supply-demand, today, there are about three to four different suppliers of coal within Zambia, apart from us, and there is demand from the various industries, so that's how it works. Overall, it is more stable and consistent than the global prices. That's what you meant to say? It is a lot more stable. Okay. Thank you, sir. That's it from my side. Thank you. I request the participants to restrict with two questions in the initial round and join back to queue for more questions. Next question comes from Shreegopal Kankani from S.G. Kankani & Associates. Please go ahead. Good afternoon, Devineni and Baig Saab, and Raju Saab. I am SG Kankani calling from Raichur. My first question was whether this 150 to 300 MWs power plant expansion will be executed in two phases, or it is single-stroke expansion? It is a single-stroke expansion. We are constructing both the units together. Okay, and the deadline is December 26, I think. It's August 26, Mr. Kankani. Okay. What is the expected date of fruition of this avocado project, sir? It's underway, sir. It's a gradual progress year on year. Total project will be completed in 2027. Okay. Okay. Thank you, sir. Thank you. Thank you. We have a follow-up question from A.M. Lodha from Sanmati Consultants. Please go ahead. Hello. Thank you for the opportunity, sir. Hello. Thanks for the follow-up opportunity. I only got one question regarding the Nacharam land. Since I partly stay in Hyderabad also, right now I am in Jaipur. Actually, in Hyderabad, prices have gone up tremendously. In your area corporate office exists, there is a land where I stay. The Sobha is coming with the project. That initially, they started booking at INR 12,000 per sq ft. Now, they are asking for the INR 16,000 per sq ft in this near Banjara Millennium Center. So I wanted to suggest to you that you have got a quite good land, 65 acres around in Nacharam, that is in the heart of the city, I believe, in between the residential area. So, my suggestion is that instead of opting for selling it, better you easily 10 acres or seven acres or 15 acres to one good developer who can develop it and the rest you keep it with you. Gradually, you monetize the land over the period of the three, four years. That will get you much better returns than instead of selling the land in the market. You will have to find out a buyer for that much value of the land. Please throw some light on it. Your suggestion is noted, Mr. Lodha. We'll consider it. Okay. Thank you. Thank you very much, sir. Thank you. We have a follow-up question from Gargi Agarwal from Value Investment. Please go ahead. Hi, sir. Thanks for joining. Sir, you mentioned about some corporate action. The money that you'll be using, it will be for growth capital as well as growth capex and corporate action. So is there any buyback on plan? No. I think right now, we just announced the stock split. So we're always deliberating corporate actions when the time is right. So today, the announcement that we made is about the stock split. All right. Second question, and this is the last. Sir, I missed your part. I missed the part where you laid out the CapEx plan for the next two years. So if you can just give me the breakup for the CapEx of various businesses that you plan to do for the remaining half of FY 2025, FY 2026, and FY 2027? Yeah. It's $100 million for the Maamba Phase II, $125 million for sugarcane integrated project, $45 million for the avocado project, and $150 million for the Ivory Coast smelter project integrated with the biomass plant. Yes, sir. I have the total numbers, but I wanted to know how will you split it between second half of FY 2025 and FY 2026 and FY 2027? It will depend upon the requirement of the funds for the project, ma'am. Okay. Thanks. Thanks so much. It all depends. Thank you. We have a follow-up question from Nidhi Shah from ICICI Securities. Please go ahead. Hi. Thank you for taking my question again. So I wanted to ask about the investment climate in regards to energy. As you can see, companies like NTPC and Power Grid are coming up with huge, say, capacities in the next couple of years to power the grid. So in terms of that, that environment in India, how is our company looking at setting up more plants and expanding within the nation? Yeah. I think for us as a company, we definitely look at energy as one of the most important verticals in terms of currency and in terms of growth. But coal-fired power plants, I think there's hardly any scope in terms of expansion. One is unless you have fuel security, meaning that you own a coal mine where you have security over the fuel, it doesn't make sense setting up a plant in this day and age. And secondly, I think everyone's moving away from expanding on coal-fired power plants today in terms of lending lenders and so on. So I don't think we'll be expanding on coal-fired power, but we are always open to looking at other energy sources. Right. One more on that, so as most of the power companies are coming up with their renewable subsidiaries and putting up significant capacities in renewable energy, does Nava have any plans in terms of solar or wind? We are looking. We are always exploring. There are opportunities that are coming up with regards to renewables. And as we speak, Ivory Coast is a project which involves renewables because we are looking at a 25-MW power plant using cacao, which is one of the main crops there as a biofuel to run the units. Right. All right. Thank you so much. Thank you. That was the last question for the day. Now, I hand over the floor to management for closing comments. In closing, I'd like to extend my sincere gratitude to each of you in your interest in continued support of Nava Limited. As we look to the future, we remain focused on executing our strategic initiatives, particularly in expanding our energy capacity, advancing agricultural ventures, and reinforcing our financial position. With a steadfast commitment to sustainable growth and operational excellence, we are confident in our ability to seize new opportunities and continue to create meaningful long-term value for all stakeholders. Thank you all for joining us today. We look forward to keeping you updated on our progress. Please feel free to reach out to our investor relations team should you have any further questions. Thank you. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using ICICI Securities' conference call service. You may disconnect your lines now. Thank you and have a good day.