Ladies and gentlemen, good day and welcome to Pitti Engineering's Q2 and H1 FY 2025 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions at the end of today's presentation. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. Before we begin, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. For a list of such considerations, please refer to the earnings presentation. I would now like to hand the conference over to Mr. Akshay Pitti. Thank you, and over to you, sir. Thank you. Good evening and a warm welcome to the earnings call for Q2 and H1 FY 2025. We'll begin with a brief overview of the performance during the quarter, followed by the Q&A session. The past six months have been quite eventful for our company. As you know, we have completed the acquisitions of both Bagadia Chaitra Industries Private Limited and Dakshin Foundries Private Limited. We have also completed the merger of Pitti Castings Private Limited with Pitti Engineering Limited. Further, during the H1, we have raised INR 359.99 crore through QIP. On the back of these developments, we have reported our best consolidated performance in H1 FY 2025. Consolidated revenue grew by 37.1% to INR 850 crore. EBITDA was up by 59.83% at INR 124 crore and reported PAT was higher by 105% at INR 57.38 crore. EPS was 16.04. On a standalone basis, our revenue in H1 was INR 768 crore, our EBITDA was INR 115 crore, and PAT was INR 52.57 crore. Sales volume from lamination and its assemblies was 24,952 tons. Sales volume from casting and machine components was 5,636 tons. Now coming to the Q2 FY 2025, our consolidated revenue was INR 455 crore, EBITDA was INR 66 crore, PAT was INR 38 crore, registering YoY growth of 44.39%, 48.27%, and 72.74% respectively. EPS was 10.2. On a standalone basis, for Q2 FY 2025, our revenue grew by 28.44% to INR 404.97 crore. EBITDA was INR 59.49 crore, up by 33.51%, and PAT was INR 34.05 crore, higher by 54.7%. Sales volume for the quarter for lamination and its assemblies was 12,514 tons. Sales of casting and machine components was 1,900 tons. The funds raised through QIP have been fully utilized towards the objects as stated in the placement document. Consolidated net debt as of 30th September was INR 330 crore. Looking ahead, I'm confident on further improvement in our operating and financial performance as our new capacities become operational, and we continue to derive synergies from our recent acquisition and merger. On that note, I would like to now start our Q&A session. Thank you very much, sir. We will now begin with the question- and- answer session. Anyone who wishes to ask questions may press star and one on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking your question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press star and one to ask questions. The first question is from the line of Dipak Saha from KRChoksey Shares and Securities Private Limited. Please go ahead. Hi, good afternoon. Am I audible? Yes, sir. You're audible. Thank you. So first of all, congrats on good set of number. So a couple of things. First, if you can help me understand the current capacity expansion that we are doing in Aurangabad facility? So once that is done, what would be our consolidated capacity overall? For the lamination part of the business, once the full capacity in Aurangabad is done, Aurangabad will be 72,000 tons. Hyderabad, the lamination facilities will be decommissioned, and the capacity in Pitti Industries Private Limited, as well as Bagadia Chaitra Industries, will be 18,000. So consolidated capacity on lamination would be 90,000 tons. Coming to the casting part of the business, Pitti Castings has a capacity of 14,400 tons, and the wholly owned subsidiary, Dakshin Foundries, has 4,200 tons. So on the foundry side of the business, we have 18,600 tons as a consolidated capacity. And the machining capacity will increase from 547,000 machine hours to 650,000 machine hours by the end of March. Okay, okay, and what would be our existing capacity overall for the lamination right now? So consolidated basis would be 64 plus 18, so roughly about 82,000 tons. Okay. And the 72,000 lamination that we are talking for Aurangabad facility, it would be commissioned by FY 2025, right? By December, it should be commissioned. We are under commissioning right now. So by December, the 72,000 tons will be commissioned in Aurangabad. Okay, okay. So secondly, now we have traveled quite a journey, and kudos to the entire team for where we are today. So when we look two to three years down the line, so what kind of, I mean, specific numbers we should look in terms of EBITDA per turn or, say, volume and PAT? If some color, if you can share that, say, two to three years down the line, what are the numbers that we're looking for for these specific metrics like EBITDA per ton equal to a certain level right now and volume and PAT? So how can we comprehend this particular part going three years down the line? Yeah. So on the lamination side of the business, on a consolidated basis for FY 2027, we should be looking at about 72,000 tons as our sales number. On the machine component side, we should be looking closer to about 15,000 tons-16,000 tons as a sales number by FY 2027. And the EBITDA per ton would be a bad barometer going forward since we have the casting, machining, and lamination now, which are very large parts of the overall business when compared to lamination. The revenue projection on a constant raw material basis for this operating level would be in the vicinity of INR 2,300-INR 2,400 crore on a consolidated basis. And your EBITDA margin should be around 15%-16% of revenue. That is over the long term, that 15%-16%, because I understand this year there will be certain moderation because of all the things coming and upfront cost getting borne initially. So that 15%-16% probably FY 2026, FY 2027, we should look for, right? Yes. Okay, okay. And so, I mean, so our understanding, we are probably already into the entire value chain of this motor, say 40% or 35%-40%. Now, is there any further plan to move deeper and commence our journey on the copper winding side as well? We are open to doing that activity. We are waiting for the right customer to partner with to explore that opportunity. The low voltage motors or the industrial motors, the competition is very intense in the motor industry in general. So that's something you would not be interested to take up because there the margins would be compressed. We would be more inclined to do it for something like renewable energy or power generation or locomotives. So we are just waiting for the right kind of customer to partner with on that activity. Okay. And as you said that it's kind of you're looking for more of a margin of greater penetration going ahead. So given the current context, what is the trend you are picking largely from these big players within the motor space across different industries? Is there any slowdown or any sort of moderated activity that you are sensing from global OEM? First, let's talk of India specifically and then globally. Barring the low- voltage motors, which is more like a commodity product, we are not seeing any kind of slowdown per se in any of our customer segments. If you look at renewable energy, that is growing. Mining is growing. Locomotive part of the business also is growing. So only it is on the industrial motor side where we have seen a slight amount of slowdown purely on account of price. Coming to the global scenario, we are predominantly exporting for locomotive business in North America and renewable business in Europe and North America. So there, we continue to see growth as those countries are investing in green energy as well as their transportation networks. Okay. And that's really helpful. As a last question before I fall back on the queue, for the full year, I mean, two things. I think initially you alluded to the overall volume number. That once again, if you can say, probably missed it. And secondly, for the full year, FY 2025, what kind of numbers you are looking in terms of top line and bottom line? Some color, if you can share, that would be really helpful. And thanks. Thanks a lot for answering all the questions in detail. On the volume side for the full year, on a consolidated basis, should be about 62,000 tons-64,000 tons. We are pretty much on track to achieving those numbers if you see H1. On a revenue side, along with Dakshin Foundries and the merger, it should be about INR 1,900-INR 2,000 crore top- line, provided that the raw material prices hold. And if that is the case, you should be looking at an EBITDA margin roughly in the vicinity of 15.5%. On a standalone basis and on a consolidated basis, it should be, I would say, around the same. It will not make much of a difference. Okay, sir. Fine. Thanks. And for the quarter, if you can just give us the volume or capacity utilization numbers? For the quarter, on a standalone basis, we did 12,500 tons and 12,500 tons standalone. Consolidated would be 16,500. Okay. Fine. Amazing. Thanks. Thanks Thanks for all the answers that you provided in quite detail. I really appreciate it. Thank you and all the best for the rest of the year. Thank you. Thank you. We'll take the next question from the line of Charvin from Share India. Please go ahead. Yes. Hello. Thank you for the opportunity. So my question was, what is the current order book, the timeline of its execution, and any guidance on the future order book? The order book is not exactly relevant to our industry as I've explained in the past also in the conference call. We are more of a B2B kind of a supplier to our customers where we get our short cycle orders in the domestic side of the business. And on the export side, we have longer visibility. Overall, if I have to just give you a number on order book, it should be about INR 800 crore of revenue, worth of order book executable over the next eight to 12 months. Okay. However, we do get customer forecasts, which are quite accurate. So that's not exactly order book. It is a forecast that we receive from customers based on which we do our capacity planning. So if I look at that slightly towards a longer-term horizon, as I mentioned in my previous answer, we are looking at about 72,000 tons of sales by FY 2027 on the lamination side and about 15,000 tons on the casting side. Okay. And my next question was, what is the expected volume growth in sheet metal and castings for the second half of FY 2025? Sorry. Your line was not clear. I couldn't understand the question. I'm audible now. Hello? Yes. Yeah. Yes. So I wanted to know what is the expected volume growth in sheet metal and castings for the second half of this FY 2025? So in H2, we would look to do about 25,000 tons from our own standalone basis, sheet metal. And at Pitti Industries, the sheet metal volume should be roughly about 6,500 for H2. In terms of casting sales, consolidated casting sales should be about 5,000 tons for H2. Okay. Okay. Thank you so much for the answer. Thank you. A reminder to all the participants that you may please press star and one to ask questions. We'll take the next question from the line of Sani Vishe from Axis Securities. Please go ahead. Thank you for taking my question and congratulations on another set of strong numbers. I think you answered a lot of questions earlier in detail. So I'll just stick to one couple of questions. That is, what are the expectations in terms of the working capital requirements? Because given that there has been some restatement, so I would ask the question in absolute terms. So do we see the numbers for trade payables and receivables and inventory to be constant or similar around the current level? We should see a reduction from here on. If you see, we've kind of just recently bought Bagadia and recently bought Dakshin. So as we integrate these companies, we should be reducing the overall working capital at all our facilities through our synergy process. So going forward, you should see the inventories coming down, trade payables more or less remaining stable, as well as your trade receivables remaining more or less stable. The inventory side should come down going forward. Understood. Understood. Thank you. And lastly, what are our base expectations for the year? I think we are already seeing some reduction in this quarter. For the full year, where do we see? We estimate that our net debt at end of the year should be about INR 200 crore. Okay. That's it from my side. Thanks. Thank you. Anyone who wishes to ask questions, may please press star and one now. You may please press star and one to ask questions. The next question is from the line of Sanjeev Zarbade from Dreamladder. Please go ahead. I'm sorry, sir, your audio is not clear. May I request you to use your handset, please? Is it audible now? Yes, sir. Please proceed. Yeah. I wanted to regarding the incentive part, how much more incentive can be booked in the remaining part of the system? That's what I wanted to understand. We are eligible for an INR 30 crore incentive on an annual basis up till FY 2026. We have accounted INR 25 crore already. Remaining INR 5 crore will be accounted in two tranches, which will be about INR 4 crore would be the second tranche, and the third tranche would be about INR 1 crore. It's based on the filing system with the Maharashtra government. Okay, and what are the various segments that are really driving the user segments, basically, which are driving demand for the motors? So for us, the generators in data centers, wind turbine, and compact hydro mining locomotives. These three segments are driving the maximum amount of growth as of now. How is the demand shaping up from the IC and EV motors, EV vehicles? We have started with the IC product largely, and the EV products are now getting developed. We see a demand ratio of about 75%-80% from IC and about 20% from EV. Okay, sir. That's it from my side. Thanks. All the best. Thank you. The next question is from the line of Dharmil from Dalmus Capital Management LLP. Please go ahead. Hi. Thank you for taking my questions, and congratulations on the good set of numbers. My question was more on the consolidated volume number. So if we see Q- on- Q, it's largely the volumes are flat, and the numbers you get for H2 as well are somewhat similar. So do we see the trend that volumes are going to be flat for next two quarters around 12,500 for standalone? Yeah. So if you take our annual target, Dharmil as what we had guided to earlier, 48,000 tons on a standalone basis and about 14,000 at Bagadia. So if you see, we have this time far surprisingly got a very equated quarterly number for our annual target. Right. So that's a departure from the past trend where 40% was H1 and 60% was H2. This year, it's like all the growth is kind of equally spread across all the quarters. And that is largely because of the product mix again changing. If you see at Bagadia Chaitra, we have the pump business, which typically works pre-monsoon. So that has given us volume in H1. In H2, that will dissipate, but then the appliance businesses will pick up. So the seasonality of some of the smaller segments have played very well in this consolidation. Understood. So would it be fair to understand that? To provide stability. Yeah. So this would be, I mean, this would remain constant for coming years as well, right? I mean, the seasonality. Yeah, we hope so. If some of our other businesses, say example, wind energy picks up, then again, that imbalance on that seasonality would come. But if this product mix continues, we should see stability going forward as well. Understood. And yeah, again, I missed the part you mentioned about the other income. So there was some INR 25 crore other income recorded during the quarter, INR 26 crore. Was this pertinent to the incentive income from Maharashtra government, or I mean, if you can just quantify again? Yes. INR 25 crore is the incentive income from Maharashtra government out of the INR 25.59 crore of total other income. Okay. And how much would be booked in the remaining year? The remaining one, cumulatively, INR 5 crore will be booked. Understood. Yeah. That's it. Yeah. Thank you very much. Thank you. The next question is from the line of Akash Singhania from Aart Ventures. Please go ahead. Yeah. Hi. Congratulations, Akash, for a great set of numbers. My question is on the sales breakup, which you have given in the presentation. So I have two queries over here. One is I am seeing that the high-value-added assemblies have been declining over the last two years, whether it be on a quarter basis or half-year basis, whereas the low-value-added assemblies have been increasing. So any reason for the decline in high-value-added? Because we were thinking that there would be a better and a richer mix. And secondly, if you can also explain about Side Trim Coils, which has been mentioned, which is the biggest component of the sales breakup. Like what kind of value-add is there and how does it compare with these between high-value-added and low-value-added assemblies? Yeah. Thanks, Akash. I think that's a great question. We wanted to actually bring some insight on this entire sales breakup that we've tried to do now. If you see vis-à-vis the past data, what we started giving now, we have broken up the sales of lamination into the lamination content and the child part and shaft content as well. So it gives you a clearer understanding as to how much shafts we are making and where it is going in terms of the assembly. So earlier, the weight of child part and shaft will be bunched into the high-value-added assemblies. We have spelled that out and segregated it. That's why if you see in quantitative terms with the prior period, it may look like a decline. But if you see in this breakup that we have given, there's a YoY increase only taking place. If you see in FY 2023, there's NA for shaft and child part because they were clubbed about. Okay. The top five line items would be the lamination assemblies in total. Now, as you come to the second part of the quantitative data, we did 1,057 tons of machine components in Q2. 635 tons was the raw castings sold. 213 tons of castings went in assembly of the state of sales. Because if you see that item, it's a combination of casting, shaft, lamination, machining, and other part. So if we kind of add that up in that line item, it would not be a fair representation of the capacity utilized. So we kind of clubbed it with the casting business. And then the last line item is scrap and side trim coils. If you look at our manufacturing process, the thumb rule input-output ratio is 1.75. So for every ton of lamination produced, about 0.75 tons of scrap also is generated. So that's what we call as a byproduct or scrap. The side trim coils are, if you take the big coil which we use to buy from our steel suppliers, they typically come in, say, 1,200 mm or 1,300 mm coil size. So we cut it to the size that we require for our lamination. And the side trims, say, 100 mm, 200 mm, 300 mm are not usable in our product or our product mix. So those used to be sold in the market. These are the coils that we are now, in short, selling in the market, selling to Bagadia, and they are using it as raw material. Thereby, their profitability is improving. Okay. Understood. Very clear idea. This breakup would be very clear and transparent. We are explaining to everyone the complexity of our business and why the EBITDA pattern is not exactly a good barometer going forward to subsidiaries and the merger. Okay. Currently, I think this is very useful. It gives a very granular and a finer picture. I have one more question on the subsidy part or the incentive part. I think last year we had received the incentive in the March quarter. This time, it looks like we have received it earlier in the September quarter. So just to understand, this year, overall, the incentive will be around INR 30 crore, out of which we have received INR 25. Is that correct? Yes. Let me just take you one step back. If you see in Q2 FY 2024, we had accounted INR 12 crore, INR 70 lakh of other income. So that was also the incentive income. For our Aurangabad project, we had phase I-A and I-B. So phase I-A was running at the rate of INR 12 crore per year for seven years. I-B was running at the rate of INR 18 crore for four years. So the eligibility certificate for I-B had not been received earlier. We had to finish the capacity addition and then apply for the incentive scheme. So last year, we accounted INR 12 crore in September quarter. And in one shot in the March quarter, we accounted two years' worth of incentives for FY 2023 and FY 2024, INR 18 crore into two, INR 36 crore in March. Here after, for current year and next year, it will be INR 30 crore only. Okay, so FY 2025 and 2026 will be INR 30 crores. Yes. And the way it works is we get to account 75% on application and the remaining with the audited balance sheet and tax return and GST return, the remaining 25%. So that would typically be done in the second half of the year. Okay. And post FY 2026, FY 2027 onwards, will the incentives be available? I think, was it for five, seven years, or 10 years, or it expires after FY 2026? No, the phase I will be finished. Then the phase II will start. The ongoing CapEx, which will be capitalized by December, we are eligible to claim that starting FY 2027 for nine years. That will be roughly about INR 40 crore per year. Okay. Understood. Thank you so much. Thanks for the clarification and great set of numbers. Thank you, Akshay. Thank you. Thank you. Before we take the next question, a reminder to all the participants that you may please press star one to ask questions. The next question is from the line of Charvin from Share India. Please go ahead. So I wanted to ask, what is the current EBITDA pattern, and what will be the expected EBITDA pattern for the second half of the year? I'll give you the current EBITDA pattern, but if you take on the same barometer as we took last time, because we didn't have the subsidiary or the merged business, if you take the current EBITDA and take by the tonnage, it will not be very indicative. We did about INR 59.49 crore of EBITDA on a standalone basis, and our standalone tonnage was 12,541 tons. So the EBITDA pattern works out to about INR 47,436. But going forward, this would not be the right barometer. The barometer should be more like EBITDA margin on a constant raw material cost basis. We will be looking at about 15%-16% EBITDA margin going forward. Okay. Thank you so much. Okay. Thank you. The next question is from the line of Ishpreet Batra from Relax Capital. Please go ahead. Hi, Akshay. Good set of numbers. Congratulations. Hello. Hello? Yeah. Hi. Thank you. Yeah. Hi. I just wanted to check. So leaving apart the new acquisitions, what would have been the sales growth apart from the new acquisitions? The sales? Sorry? The sales growth number apart from the new acquisition. On a standalone basis, we did about INR 379 crore of revenue. Okay. So just seeing the standalone numbers. Okay. Got it. So that would be the like-to-like. Standalone would also be the merged revenue of Pitti Castings, which would be coming in. There's no way to actually look at it without Pitti Castings revenue now. Okay, so the reported numbers. That was reported, was affected in April 2023. But September 2023, the reported numbers, did they also have the Pitti Castings? Yeah. They are all restated. If you see the financials, they have all been restated with effect 01/04/2023. Okay. Great. Fine. Just on the incentive part that you were explaining, so from FY 2026 onwards, did you mention that it would be INR 40 crore incentive for the next nine years? Effective FY 2027, we will be claiming for FY 2026 in FY 2027. So the accounting treatment would be given in FY 2027 onwards. So till 2026, you're saying it would be INR 30 crore, and phase I would get over, and the new phase would come in with the new CapEx that you're coming up with? Yes. It is estimated to be INR 40 crore per year, depending on the final CapEx that we actually end up spending. Including the I-B one that you just mentioned, INR 12 crore. INR 40 crore would be inclusive of that. Yes. No, excluding of that. The one would be phase I- A and B would be closed by FY 2026. Okay. So 2027 onwards? Okay. We will start effective 2026, but the accounting would be done in 2027. We have to finish the sales and then raise a claim on the government. Okay. Great. Got it. And are there plans for any further acquisitions or any white spaces that you see, like you mentioned, maybe if you want to up the value chain in terms of the motors? Or is there any other space that you feel that you can get into organically or inorganically? For the foreseeable future, I think we have our hands full with the two acquisitions and the integration and the merger. We see great potential in kind of growing this business over the next one and a half year. The only CapEx that we would be looking at would be to strengthen our tool room, about INR 40-INR 50 crore, that too over the next two years. Okay. Great. Okay. Great. We look at any more opportunities about a year later once we have this in our control and stabilize all these parameters. Sure. Great. Great. Thank you so much. Thank you. The next question is from the line of Balas ubramanian from Arihant Capital. Please go ahead. Good evening, sir. Congratulations for a good set of numbers. Sir, my question is regarding railways. We have seen some slowdown on the execution side, especially in railway wagons, metro coaches, and Vande Bharat also. So is there any impact on our business? So what's your view on that? We are not seeing any impact as of now on our business, and also, any projections that we have received from our customers continue to remain encouraging. On the contrary, in absolute revenue terms, we are seeing a growth in our locomotive and metro rail businesses. Okay, sir. Sir, on the EV side, we are engaged in a discussion with a few of the customers for EV side. So what's the progress on that? So it's not only EV. It is automotive in general. We are not saying we will not do IC-related products. The order books are encouraging on the automotive side. If you see year- on- year, quarter- on- quarter, our automotive revenue continues to grow. Okay, sir. Okay. Sir, in recent concalls, whether it's the Cummins or Kirloskar Oil Engines, they have mentioned they have witnessed a strong demand from data centers side. What's the traction on that side as of now? Right now, it's around 2%- 3% kind of overall top- line. So where we can see in coming years? If you see on a consolidated basis, YoY, our data center-related business has more than doubled on the higher revenue that too. So we continue to see that growth. And you're right, the Cummins and all of them are very bullish on this product. We have received similar indications of growth on that product line. In absolute terms, data centers, we see growing at least 2x further from here on. Got it, sir. Got it. Thank you, sir. Thank you. We'll take the next question from the line of Mayank Chaturvedi from HSBC Mutual Fund. Please go ahead. Mr. Chaturvedi, I have unmuted your line. Please proceed. Yeah. Hi. Sorry. Congratulations, Akshay, on a great set of numbers. I just wanted to draw more of your insights on this comment that you made that is witnessing a slight amount of slowdown in the industrial motors purely because of price. Maybe if you can elaborate a bit on that, where exactly is the pain point coming from? Because as we understand, prices for low-voltage motors have been subdued for the last six, seven months. And is there an uptick that you're seeing which is causing the slowdown? Any comments on that? So the prices of those motors continue to remain at rock bottom, and therefore, the customer expectation on pricing also remains rock bottom. We are seeing a lot of import possibilities from China. The raw material prices have kind of fallen off in China, and that typically affects this segment because this is more of a commodity, like I mentioned. If you see the consolidated revenue, this segment was about 13.5% of sorry, 13.5% of revenue last year, Q2. It has shrunk to 11.5%. So while it has, in absolute terms, not degrown, it has not grown like how the other sectors have grown, such as power generation, data centers, renewable, mining, oil, and gas. We are just slightly cautious about this segment going forward, while we are not perturbed by it because the growth in the other segments is more than offsetting any potential losses in the future from this segment. For sure. I'm not concerned about the revenue potential that the other segments do hold for you. I'm trying to make an analysis of the broader market trends for the industrial motors through your revenues. So just wanted to know if there's a volume shift that you're seeing? At a broader level, the competition is intense. I mean, between our customers, I would not want to name them, but a lot of them which operate in the low-voltage space, there is market share moving from customer A to customer B, and that's kind of causing a lot of churn in the whole industry as a whole in the LV space. Okay. All right. But on the broader overall volumes, you're not witnessing any thing as that. No. Would that be a right understanding? Yeah. That's absolutely right. Overall volumes, not much concern, but within the customer's space, there's a churn. All right. Okay. Thanks. That's from my side. Thank you. The next question is from the line of Akash Singhania from Aart Ventures. Please go ahead. Yeah. Hi, Akshay. Just one more query. You mentioned that the debt would be increasing, I think, from INR 330 crore to INR 400 crore by the end of the year. So how much of CapEx you are doing second half and next year, and what is leading to the increase? No, no. It will come down to 200, Akash. Okay. Sorry. It will come down to 200. Yeah. The way we look at it, the incentive claim that we've done in April, so in March, we have to receive from the government. We typically receive it by December, March. That money will come in. While it's accounted, the cash flow has not come in yet. And the cash accruals on a consolidated basis, along with the inventory reduction, will contribute about INR 150-INR 160 crore of cash coming in, of which about INR 50 crore is capital expenditure planned. So we see about INR 100-INR 120 crore of net debt reduction taking place as a result. Okay. Okay, sir. Thanks. Thanks for the clarification. Fantastic. Thank you. Thank you. Participants, you may please press star one to ask questions at this time. Ladies and gentlemen, as there are no further questions, we have reached the end of the question- and- answer session, and on behalf of Pitti Engineering, that concludes this conference. Thank you all for joining us. For further queries on visiting the plant, please be in touch with Mr. Rama Naidu from Intellect PR on 9920209623. I repeat, 9920209623. Thank you for joining us, and you may have a wonderful day. Thank you, and you may disconnect the lines.