Ladies and gentlemen, good day, and welcome to Ganesha Ecosphere Limited Q2 FY 2024 earnings conference call, hosted by Antique Stock Broking. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Manish Mahawar from Antique Stock Broking. Thank you, and over to you, sir. Thank you, Yusuf. On behalf of Antique Stock Broking, I would like to welcome all the participants on the Q2 FY24 earnings call of Ganesha Ecosphere. Today, we have Mr. Yash Sharma, Director, Ganesha Ecosphere; Mr. Gopal Agarwal, CFO; and Mr. Prashant Khandelwal, Senior Vice President from the management. Now, I would like to hand over the call to Mr. Agarwal for opening remark, post which we will open the floor for Q&A. Thank you, and over to you, Mr. Agarwal. Yeah, thank you, Manish and Antique Stock Broking for hosting us. Good afternoon to all the participants for taking the time to join us today. On behalf of Ganesha Ecosphere, I extend a warm welcome to all of you at the company's second earnings conference call of FY 2024. I hope all of you might have had a chance to look into our quarterly numbers and investor presentation already uploaded on the exchange. Indian textile sector is facing strong headwinds due to decline in export demand from Western world, which in turn pave the way for cheaper imports of apparel and fabric from China, Vietnam, Bangladesh and other neighboring countries. Export to European region, including U.K., has declined over 20% during last six months. Cheaper imports, coupled with overcapacity in yarn segment, has resulted into steep fall in prices of yarn and fabric. Amidst the above low spirited scenario, we could perform better than last quarter due to our rich product basket and wide customer base. On a standalone basis, company achieved production volume of 29,781 metric tons during the quarter by utilizing the production capacities at 110%. This is an increase of 10% over last quarter and 6.5% over corresponding last quarter. Sales volume also increased by 18% to 29,434 metric tons, over sales volume of 24,857 metric tons during last quarter. Sales volumes were similar in comparison to corresponding year-on-year numbers. Average sales prices declined slightly by 1.5%, though the decline is steep, 21% over quarter to FY 23. The revenue from operations during the quarter, INR 260.59 crore, which is down by 21% from corresponding last quarter due to similar decline in prices. With concerted efforts, company could increase its exports by 35% over last quarter, though it still is down by 31% on year-on-year basis. With increase in volume, we could increase our EBITDA margins to 9.01%, which is an increase of 160 basis points on quarter-on-quarter. In absolute terms, we earned EBITDA of INR 23.49 crore, which turns out INR 7,886 per ton, as against INR 6,355 earned during Q1 FY 2024, and INR 11,810 earned during Q2 FY 2023. Though raw material prices were adjusted downward vis-à-vis decline in sales prices, but pace was not aligned due to higher volatility in sales prices. With increase in volume and EBITDA, we earned profit after tax of INR 13.34 crore. On group level, though some of new product lines were commercially operational during last quarter, March 2023 and June 2023 quarter, ramp up could not happen as expected. It took more than six months to convert the trials and testing into final orders. So on consolidated basis, though company did not incur any loss at EBITDA level, it could not recover the depreciation finance cost. During Q1 FY 2024, we made higher production in Warangal unit due to development of different SKUs, but during Q2 FY 2024, production was still lower than last quarter due to delay in converting the trials into final orders. On consolidated level, PAT dropped to INR 2.8 crore during Q2 FY 2024. The overall performance was encouraging at standalone basis, but on consolidated level, it is at the same level as per last quarter. After explaining these numbers, I hand over the call to Mr. Yash for his comments on the operations of the company. Yash, over to you. Thanks. Thanks, Gopal, for laying out the financial performance of the company, and I extend my warm welcome to all the participants here. As explained by Gopal, the textile intermediate products, particularly yarns and fabrics, is currently at a disadvantageous stage due to low, slower export demands, cheap imports and overcapacity in Southeast Asian countries. The June 2023 quarter was much slower, but August was better off, with some improvements in pricing and demand, and we were expecting it even better due to the start of the festive season. But unfortunately, recovery remained short-lived, and again, there is currently a pressure on demand within textile sector. We could outperform this quarter as against the last quarter due to our deep and wide market network and diversified product portfolio. Our Warangal operations also could not kick off during this quarter, and our earnings fell short in recovering finance and depreciation costs. To become more resilient to the market headwinds, we are currently planning to diversify our market segmentation in the recycled PSF segment. We are now focusing towards reducing share of the yarn spinning sector to 50% from present share of 65%, over the next 6-12 months, and increasing the share of technical textiles and household textiles sector. This will also reduce the volatility in pricing and production planning as well. We are also focusing more on export markets and are constantly strengthening our overseas presence through participation in various international trade shows and exhibitions. We are looking for substantially increasing our exports further with development of new products and exploring newer, newer markets as well. We also expect the domestic markets to strengthen, as the Government of India has now introduced BIS standards for PSF and yarn, for standardizing the quality and supporting domestic manufacturers. This will also help reduce the lower quality, cheaper imports into the country from various Southeast Asian countries. In the rPET bottle-to-bottle chips market, we have finally started delivering, and we have joined hands with one of the largest FMCG brands in India to launch 100% rPET beverage products, as mentioned in the several PR releases that we have done last in the last month. We are currently operating at full utilization in this product. We have started... We have already ordered two more production lines for rPET bottle-to-bottle, out of which one has already arrived to our plant in Warangal and expected to start production by February. Another line which will be dispatched by the mid of December and it is expected to be operational during early June 2024 quarter, which will take our total nameplate capacity to 42,000 tons on annual basis. We are currently working with around 45 brands, where some of them have given us final product approvals, and the rest would be completed by the end of this financial year. Due to our exceptional quality and performance of the rPET products, we are seeing a lot of interest from the brand owners to collaborate and scale the rPET adoption for the next year. We have also joined hands with Manjushree Technopack Limited, the leading PET preform converter in the country, supplying to almost all the major brands for joint development, branding, and marketing of the recycled PET packaging products. This will reduce the turnaround time in converting the brands to recycled packaging, as well as our product development and marketing strength will be developed. New rPSF line in Warangal is also going to be operational over the next couple of weeks, and will start contributing towards the top and bottom line. FDY production line has also started gaining momentum, but pace is still slow, and it will take around 2-3 quarters to bring it to optimum utilization of capacity. We are very optimistic about the future and expecting the current quarter of December 2023 would be much better than September, and the journey towards the new calendar year to be far better and smoother than the calendar year of 2023. So this is all from our side, and we are very thankful for your kind attention and to be here. We are now able to take any questions that you may have. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. First question is from the line of Gunjan Kabra from Niveshaay Investment Advisories. Please go ahead. Hi. Thank you for the opportunity. I have two questions. First is, the Ganesha Ecopet business. So it, it has chips and yarn business. So we have received approval from a lot of companies, as you just mentioned in your opening commentary. So what's the timeline of their orders, like, when will it start at full capacity? And in the current scenario also, what's the margins, margins are we seeing in that particular business, in the bottle-to-bottle chip business? In near term, in exports and with EPR in place, when it comes in FY 2026, so what kind of margins are we seeing in the current scenario? Okay. So basically, in terms of the approvals and orders starting to come in, so currently we are already already running our current production line at full capacity utilization. You know, that, and that is why we are also expanding our capacity aggressively now, because we are seeing a lot of demand from these brand owners to start the rPET adoption. So we think that for the next year we should be able to you know do full, almost near to full utilizations on the capacities as and when we increase them. That's for the rPET bottle-to-bottle side. Now, coming to the margins side, so, the current margins that we are getting, that we have started to make, in the current line, is slightly lesser than our expected 25% EBITDA margins. But that is because the rPET adoption has just started in India. Only a handful of people have started using commercially the rPET in their packaging products. As the adoption is growing to scale, we think that by the, by next year, we should see an increase in the margins to better than our expectation as well. Okay. But what does the margin profile look like right now in the current scenario? Yeah, it is within 20%, yeah, for the rPET business as of now. Twenty percent? Yeah. Okay. From the perspective of availability of raw material, like, a lot of players are coming up with bottle-to-bottle, and then rPSF also, a lot of players are coming up and setting up new plants. So once the PET bottles consumption will increase at a very normal rate, but it will not... But the but at this high rate, as the demand for these will increase, as the number of players are also increasing very quickly, and recycling rate in India is also very high, which is around 75%-80%. So don't you think it will be difficult to maintain rPSF margins going forward at the historical levels of 11%-12%? ... Yeah, with the, with the increase. Yeah, please, please go ahead. Yeah. Yeah, so you know, so basically, yes, there, there are many factors in play over here, Gunjan. So basically, yes, the adoption of our PET bottle is coming, is now in front of us. And, if you talk about the PET bottle availability, there is a huge growth happening in the PET bottle consumption as well, in the PET, bottle production as well, because it is also growing at a rate of 12%-15%. As you would have seen, almost all the beverage manufacturing, or the beverage brands are coming up with huge expansions in India in the next year itself. So definitely, we think that the PET bottle availability is gonna increase as well. We don't really foresee any pressure in the rPSF margins for now, because also there is a lot of consolidation happening on the rPSF side as well, as brands are now looking to adopt rPSF with recycling certificate as well, which was not happening in India largely now. So, we think we honestly, we think that even there, the industry should perform better than what it was, what it was performing historically. Okay. But actually, what I believe is... What I wanted to also understand is the number of PET bottles consumption will not increase at such a rate, but the number of players that are coming up in rPSF and Bottle-to-Bottle Chips is very high. So that is... And recycling rate is also very high in India. So that's why I wanted to understand, because we cannot import raw material as well. We cannot import PET bottles. So that is why I wanted to understand what's your view with respect to that. Because the number of machines that are coming up in PET to rPET Bottle-to-Bottle Chips also, I mean, it's huge, the capacity that's coming up in India. So that is why I wanted to understand if the raw material availability will shrink- Uh. Or how will you... Or you might just have an advantage also because of— Sure. So would it- Yeah, so basically, yes, you are right. A lot of, you know, bottle-to-bottle capacities are coming up in India as well, but that is in line with the industry demand. You know, that is that the industry currently foresees. By 2025, 2026, so it is completely in line with industry demand. That's number one. Number two, on the availability of raw material, you know, we, though we cannot import waste directly, but we do have, on user basis, we do have licenses to import processed flakes, you know, clean and processed flakes that we are already doing. Since we are one of the largest in the industry, we already have the license to import up to 20% of our capacity on user basis. Along with that, the usage and availability of PET bottles is also growing very rapidly in India now because a lot of, you know, expansions in the bottling is going on. And since the industry is viewing PET as a recyclable product, a lot of transition from the other plastics to PET is also happening parallelly. So, you know, though in the short term there might be a little volatility, but we think that in the long term, there should be no issue in matching the supply and demand as well. Moreover, the rPSF industry may come into the consolidation phase, and some weak players may go out. So we don't see any threat for the rPSF business also going forward. Okay. Okay. And on the filament plan, what's the ramp-up plan there? And are the 25% margins intact, the guidance of 25% margins intact in that segment as well? Yeah, so basically, you know, in the filament side, we still, we still, the current ramp-up of the current production line is slower than expected. You know, the product approvals are taking a lot of time. So I think it's gonna take time until we, you know, we reach to our optimum utilization levels. As of today, we are not having any further expansion plans on that side. We are majorly focusing on the bottle-to-bottle side because that's a regulatory demand that we see that is coming on. But on the margin side, same, you know, it is still the margins over there also are a little less than what we expected it to be because of the, you know, first adoption that is currently has that is starting to happen, but definitely it will grow to be better. Got it. Just last question. Is the EPR by any chance getting delayed or is it on time? And then what kind of, I mean, if you... If the EPR policy is on time or it's getting delayed, how is that scenario right now? And even if the EPR doesn't come up, then also we are very much confident that the bottling companies will opt for recycled chips. So basically- Yeah, so as of- Yeah. Yeah, yeah, yeah, yeah, yes. Yes, sir. Yes, sir. Please go on, please go on. Mm-hmm. So basically, EPR policies have already taken place. There is no delay in implementing of, implementation of EPR. Just few days back, a new Draft Rules regulation has been given- Mm-hmm for the EPR policy, which is to be adopted by end of December. And in this also, as you can clearly see in the draft itself, that earlier MSME, small micro scale companies, has been taken out of that EPR purview. But now in the draft regulation itself, it is very clearly mentioned that on behalf of those small and micro scale organizations, all the suppliers has to fulfill the EPR. So they, they are not even allowing anybody go out of the EPR umbrella. On behalf of MSMEs, their suppliers or the importers has to complete the EPR obligation. So EPR has to be there for sure. As far as the usage of recycled content in the material, that is also on the board. It is already there with 30% compulsion from 2025 onwards. And as it is also gaining momentum now with the brands as well, even they are willing to go up to 50% in 2025 itself, whether there is a regulation comes or not. Because now it is time has came, and everybody is looking to have environmentally friendly materials and policies. So it is now ESG compliance are going very high level, and everybody wants to be there. Okay. And so what can be the sustainable margin- Sorry to interrupt, Ms. Gunjan. May we please request you to- Okay. Rejoin the queue if you have any follow-up questions, as there are several participants waiting for their turn. Thank you so much, and good luck. Thank you. Thank you. Thank you. Next question is from the line of Gaurav Agarwal from Nine One Capital. Please go ahead. Hi, sir. Thank you for the opportunity. So you mentioned that your RPET B2B capacity is running at full utilization. So is it for the entire Q3, or is it only part of this Q3? Yeah, it is started from mid of the October. Okay. We expect it to continue to run at full capacity, at least for this Q4 and next year of 25 also? Yes. Yes. Okay. And so in the presentation you have mentioned that, you know, you are expecting, you are already expecting these three production lines, which are going to get installed over the next four, five months, and you are expecting this capacity to get fully booked. So can you indicate some of the vendors who are giving you orders, and why are you getting so confident on this side? So basically, the customers or the clients over here are largely all FMCG brands. The current brands that we are working with is with, you know, include... So we are not allowed to take names publicly, but, you know, you can imagine all the largest FMCG brands, beverage brands, as well as, you know, personal care brands, that are there in India right now, who, you know, who give out personal care FMCG products, oils, you know, cold drinks, water, you know, shampoos, etc. So all these are very large FMCG brands, and since they also have their internal targets to use recycled products from their guidelines, they have started the adoption of rPET already, to be able to scale up to 30% by 2025. Because otherwise, it's not that easy to scale up to 30% usage, you know, very quickly. So that's why they've already started utilizing rPET now in their packaging. And so you're supplying to these FMCG customers directly, or, like, is it through Manjushree? No, no, no. So, to most of them, we are supplying directly. It's on a case-to-case basis of what kind of an understanding they have with their converter. The larger brands buy directly from us, and they ship it to their converters to get it converted and pay them conversion charges. On some smaller brands basis, it is also through converters, so it's on a case-to-case basis. Sir, our agreement with Manjushree, can you elaborate a bit more, how does it entail? What will they do for us? How will the commercials be shared between both the parties? So, with Manjushree, basically, we have a joint development, branding, and marketing agreement, where, you know, Manjushree—because Manjushree also has to use RPET in its production, you know, in its products too, which it is giving to its brands. So, we have tied up with them to promote Ganesha's RPET or Go Rewise's RPET to all its customers. That is also coming from the fact that they, on usage of RPET products, have realized that Ganesha's RPET performs far better and far superior than what others that they have tried to utilize. So they are very comfortable with going with Ganesha's rPET, and that's what they are currently promoting to all their customers, to be able to give, you know, performance, good performance, guarantees. Okay. And sir, it's the last question I may ask. Can you for all of your products, let's say, RPS, spun yarn, dyed yarn, filament yarn, and RPET B2B, call out what kind of margins, you know, in a realistic scenario, you expect to achieve, you know, in FY 25? And what kind of utilizations can you make in these all segments? Yeah, for rPET business or rPET business, we are already 10-11% margins, so it is slightly lower in first two quarters of FY 2024. But we are confident in achieving the turnover rate of 10-11% over next quarter for rPET business. And for our Varanasi project, rPET B2B business, we are looking for the margins of around 24%-25% when we are utilizing the full capacity next year, next year onward, and as regulations is adopted fully by the brands. Okay, and just for the spun yarn and dyed yarn. So, dyed yarn is a very small portion where we are not using any recycled material in that. So that is only a processing activity, so the margins are not great there. It is in the range of 6%-7%. And then, our spun yarn business, it is more than 13%-14%. So the numbers which are giving 13%-14%, is it after adjusting for the corporate costs or corporate overheads come after this, after the margin that you have discussed? I am talking about the EBITDA margins. Because we are not selling the gray yarn there. We are only making the dyed yarn there. ... Okay, but, let's say if I just multiply all these margins with the revenue, the ultimate EBITDA will I get, that I get, is it equal to your yearly EBITDA that you show every year in your financials, or there's some corporate overheads that one needs to adjust for before arriving at the, the- Yeah, yeah. The EBITDA means the profit, the earning before interest and depreciation and tax, so adjusting all the corporate overheads. Okay. Okay. Thank you so much. Thank you. Next question is from the line of Jenish Karia from Antique Stock Broking. Please go ahead. Thank you for the opportunity. So firstly, just a clarification. In the south plant, we have total 50,000 tons of capacity, of which only 37,000 has been commercialized. Around 12,500 of rPSF will be commercialized in the second half, correct? Correct. Okay, and so on the 37,000 tons, what would have been the utilization level for the current quarter? I understand the B2B operated at around 70% utilization as per your press release, but on the entire 37,000 tons, what would be the capaci ty utilization? So, as explained, yes, so for the bottle to filament or the filament yarn business, it is slowly ramping up, so the capacity utilization is about 25%-30% there. And for rPSF, we have yet to start the line, which is expected to be started in next couple of days. Okay, so on a plant level, it will have been around 30% utilization? Yes. So secondly, according to our cash flow statement, we have spent around INR 92 crore on a consolidated level for CapEx and for staff, of which around INR 5 crore was for the standalone entity. Means around INR 87 crore is spent for the south plant. So where has this CapEx been allocated? These CapEx were allocated for the completion of the rPSF line, and also the second line of the B2B chips. Okay, and any guidance on the CapEx which you'll incur in the second half of FY 2024 and FY 2026, 2027? Yeah. So almost all of the CapEx is for the Warangal plant, except the third line, third B2B line, which is yet to be start. So we would be incurring around INR 60-INR 65 crore CapEx further in this coming half year. Okay, and for FY 2025, any guidance you want to give? FY25, we have to decide the CapEx. It depends on the further expansion which we'll undertake. That is to be decided. Understood. So after the two lines that we have planned in the B2B for the south plant, do we have any other space for adding more lines in the south plant, or we'll have to find a new land somewhere? Yeah. So you see, we have land available here in south plant as well, because we have procured, in starting itself, we have procured a land of 50 acres. So, depending on the supply and demand mechanism and the transportation, we are still having enough land available in south plant, and we can increase the capacity almost by adding another 3 lines here. So it can be doubled from here, what have been planned. Those all decisions will be taken at a later stage, when we see the market is growing and how the demand is taking place, and which areas the demand is more, and whether it will be benefited to us for putting up a plant in south itself or to expand in other areas as well. Just to clarify, so we have 50,000 tons of capacity currently. 24,000 tons is upcoming, so 75,000 is where we would be by end of FY 2024. We have additional capacity for 36,000 tons more, so the maximum south plant can hold is 110,000 capacity. Yes. Something. 110,000-125,000 tons of capacity can be added here. Understood. Perfect, sir. And just a couple of more questions. Ganesha Ecotech, Ganesha Ecopet, if I see the margins, they have been improving, but for Ganesha Ecotech, the margins have declined on a QOQ basis. So last quarter, we had done 25% margin, but in this quarter, we have only done 5% EBITDA margin. So any reason for such sharp drop in the Ganesha Ecotech margin? Actually, you see, in the first quarter, we started the production lines, and we took a lot of production because of some trials and some trials and making the of the more and more SKUs we have for delivering more and more SKU, we made the production higher. But in second quarter, as the lifting was not started, so the production was not up to mark in second quarter. So the production was lower than the production in Q1. Okay. And how should we see these two entities, like Ganesha Ecotech is a captive supplier for Ecopet entity? Like, how should we factor that in, so the margin- Yeah, Ganesha Ecotech is the feeding supplier to Ecopet. So the final products are manufacturing in Ecopet only. ... Okay, so margins will ideally be lower for the Ecotech entity because it's just captive? Yes, yes, yes. Okay, no problem, sir. I will fall back in the queue for a couple of more questions. Bye. Thank you. Ladies and gentlemen, before we move to the next question, reminder to the participant, anyone who wishes to ask a question may press star and one. Next question is from the line of Deep Mehta from Bank of India Mutual Fund. Please proceed. Thank you for the opportunity. So, out of the total debt, if you can give us the breakup regarding how much of the debt is in the holding company, and how much of the debt is in the various subsidiaries? Yeah. So, we are having the net debt level of around INR 550 crore on consolidated level. Out of that, around INR 200 crore is spent on Ganesha Ecotech parent company, and the rest is with the subsidiaries. Majority of the INR 350 crore will be for ourSouth plant, plants? Yes, yes. What will be the payment schedule for this debt? Repayment is to be made up to FY2032. It is equally divided, or some part of it is front-ended? No, it, no, it is not front-ended, it is back-ended. Okay, fair enough. And, regarding this B2B, which you have said that you can add 3 more facilities in Telangana plant. Over and above that, do we have capabilities to add, another B2B line in, let's say, our northern plant or some other facility, some other area? Yeah, we would explore all the existing plants as well as the new location, depending upon the demand and the customers' locations. Sure, sir. And just one last question regarding our rPSF business. Historically, is there any correlation between crude prices and our realization, as well as our margins, or both of them are not strictly correlated? Yes. Earlier there was a one-to-one, there is a very positive correlation with the crude oil prices. But now, since last one and half year, the correlation has come to end, and it is purely running on the demand and supply basis. Okay, sir, understood. That's all from me. Thank you. Thank you. Next question is from the line of Divyam Gupta, an individual investor. Please go ahead. Good afternoon, sir, and thank you for taking my question. I have a couple of questions. So the first is regarding our margins. So we make about 10% operating margins, and we have done so for a few years. So going forward, as our product mix improves, can we achieve a consolidated mid- to high-teens margins of, say, 16% or 18% over the next 2-3 years? So that is, I mean, by FY 2027, can we achieve a consolidated 18% margin? Yes. So, but for our Warangal project, we, of course, we are looking for the 18-20% margins on consolidated basis for all the products. But for the rPSF business of Northern India, we are looking for a margin of 12%-13%, which is a standard margins for last couple of years, barring these two quarters only. So that's fine, sir. I was actually... What I meant was on a total company, on a total consolidated firm basis, can we look at a total number of, like, let's say, 18% consolidated margin in the next 3, 4 years? Yes, of course. Gotcha. Going forward, we are looking for increasing the proportion of B2B business. B2B, our chief business, is higher than the overall business trends because the margins are higher in that segment. So we are looking for the 17%-18% margins control level over the next 2-4 years. Of course. Great. And so my second question is regarding our competitive landscape. So Varun Beverages actually yesterday mentioned that they are tying up with Indorama Ventures to set up a new PET recycling plant by 2025-26. And Coca-Cola, as we know, works with Indorama in the Philippines for PET recycling as well. So how does this affect our competitive position in the Indian market? Yes- So in fact, you're right. Yes, a lot of, you know, investments are coming on now in the rPET recycling space. Now, usually, what happens is that both Coca-Cola and Pepsi, you know, partner with one, you know, big converter. You know, one partner, and they usually do not cross roads with each other. So that's how that historically has been how they operate globally, everywhere. So it doesn't really matter, because Indorama is coming up with a good capacity, and we are also looking to increase our capacity in the bottle-to-bottle space as well. We know that we, since we have been operating in this industry since the last 30 years, we have a, a strong foothold in the sourcing side, where we are currently sourcing around 20% of India's PET bottles, which we are able to, you know, optimize very well. And, since we are, the experts currently in delivering and sourcing, both rPET products as well as post-consumer waste, we think that we will always be on the, front-end side of, leading this industry. As regards to the Philippines plant, I think it is not under operation yet. ... Yeah, yeah, that's as well, and that's because of the sourcing challenges that they are facing there. It's currently not under operations. That's in the force majeure, but it does not matter. We have partnered here with Coca-Cola in India as well, and we think that, being a strong competitive position that we have today, we are gonna be at the leadership position in this industry as well. So according to you, there won't be much of a difference, there won't be much of a difference to our business- Yeah. The Indorama- Yeah. Venture. Yeah, yeah. Okay. Definitely. Sir, finally, can you just comment on the consolidated volume growth guidance for our, for our business for, let's say, FY 2025, 2026 going forward? Volume for about 25, 26, we would be having the 3% lines operating per operating, so that would be around 35,000-40,000 tons. And going forward, we are looking for a CAGR growth of around 20%-25% in that segment. On a consolidated basis, you're saying 20% growth, CAGR, volume? Yeah. Yeah. Going forward. Okay. Yeah. Thank you so much, sir. Thank you so much. Thank you. Next question is from the line of Suraj Nawandar from Sampada Investments. Please go ahead. Hi, sir. Sir, can you share since what date you have started utilizing your B2B bottle chips plant at full utilization? Because in last quarter, I don't think there was any much contribution from that. Yeah, as we replied in earlier question, we had started mid of the October. Okay. And so what is the maximum revenue or the, what is the realization per kg in, that segment? Yeah, we are having only one line and from that line, we are looking for a revenue realizations about INR 125 crore-INR 150 crore in a year. Okay, okay. The margin will be between 20%-25%? Yes. Yes. Okay. Thank you, sir. Thank you. Participants, to ask a question, you may press star and one. We have our next follow-up question from the line of Jenish Karia from Antique Stock Broking. Please go ahead. Sir, thank you so much for the follow-up opportunity. So we had received the order from Moon Beverages sometime in August, and to be delivered over the next three months by November. And also, we have been speaking of improving textile demand outlook on a sequential basis and the export demand also improving. Despite all this, why has the production volumes been declining on a sequential basis for the South India plant? No, as we told, we have started this B2B existing plant in full there in mid-October. So though we had got the orders in late August, but the supply started by end of this September. Okay, okay. That's fine. Okay, so whatever volumes were done in second quarter was only for the textiles in the south plant? Yeah. Okay. Just, can you provide a segment-wise revenue breakup, just for example, for yarn business, rPSF business, B2B and trading business? Yeah. So, for Ganesha Ecosphere, the mix is 85% from the rPSF business and 15% from yarn business. And, for our Warangal plant, so, as of now, the major revenue would be from the B2B business and rPSF business. And, our filament yarn business will ramp up as explained earlier over next two, three quarters. Understood. That's all from my end. Thank you so much, and all the best. Thank you. Ladies and gentlemen, that was the last question for the day. I now hand the conference over to the management for the closing comments. Yeah, so I would like to thank you everyone for joining us on this call. I hope you have been able, we have been able to address all the questions. We also thank you, Mr. Amit, Mr. Yusuf, for hosting this call. Have a good day. Thank you. Thank you. On behalf of Antique Stock Broking, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines. Thank you.