Good evening, everyone. Welcome to the investor call for the First Quarter of the Financial Year 2024 - 2025 for Pakka Limited. I'd like to introduce our team first, and then we'll move on to the presentation. I would request everyone to please keep their mics on mute, and we'll have a question-and-answer round after we have concluded with the presentation to take up your queries. I'd like to introduce our leadership team. Mr. Ved Krishna, he's the Vice Chairman for the company. Mr. Jagdeep Hira, he's the Managing Director. Ms. Neetika Suryawanshi, she's the CFO. And Mr. Satish Chamyvelumani, he's the business head of the compostable division. Mr. Ramji Subramanian, he's the Innovation Head. Mr. Sachin Srivastava, he's the Company Secretary. I am Pranay Pasricha, the Brand Head of the company, and we'll start the presentation now. I'll just share my screen. Sorry, correction. Dr. Ramji Subramanian, he's our Innovation Head. Is my screen visible? Yes, please do. Okay. We'll start with a short company video, and then we'll move on to the presentation. This is an introduction of our company and what we are doing and why we are doing it. Thank you for watching the video. I'll hand over now to Ved to go ahead with the presentation. [Foreign Language]. First of all, apologies that I'm in a car. I had to do some travel. It's my 16-year-old daughter's birthday, and when she asks you to take her shopping, then you can't refuse. So that's what happened suddenly. So anyways, I'll attend the call from the car. Yeah, Pranay, we can move ahead. I'm going to start with the key international updates, and then, of course, my colleagues will take it forward again. So again, lots of movement on the international side. We've been hiring the team significantly. As you see, the project lead, community lead, sales support, all those people have been hired. More than that. Pranay, next one. We have tied up for exploring institutional catering in the US market. Go ahead. A big achievement here in two positions which are absolutely critical to our leadership. Our Group CFO and also our Chief Technology Officer have come on board, which will make a big difference as we go along. Again, we've started working on the equity funding on the Kawok project, and investor presentations are on the way. We have done a significant amount. There's interest that is rising, and hopefully, in the next two months, the equity round will get closed. Again, U.S. business launch planning continues, and we are creating a roadmap to launch our products within this quarter. We've also started initiating paper sales, which was not part of the plan earlier, but now we are also going to take that forward. Okay. Over to you, Pranay. Yes. Over to you, Jagdeep, sir. Good evening and [Foreign Language] to all. I would like to take you through the Indian business update. The key highlights for the first quarter have been on the new product development. We have commercialized a High-strength P aper, commercialized almost 200 tons during the first quarter, and two new designs have been produced on the molded, which also has been commercialized. On the ecological front, we could further reduce on the water consumption by around 3%. On the export, we are going heavily. 1% on Wrap & Pack has been increased from the last quarter, making it to 29% of overall volume. On the financial updates, top line surpassed the last quarter results. Against INR 98 crore, we did INR 99.6 crore, and the bottom line also surpassed the last quarter figures. Against INR 15.64 crore, we did INR 15.88 crore. We are working heavily, and the team is on board with almost 40 team members on the project team working day in, day out on the Project Jagriti, and we hope to commission this plant by end of 2025. PM4, we have selected the European pioneer supplier, Allimand France. Pulp mill, again, we are shifting to ECF, which is elemental chlorine free bleaching. On the recovery side, we have gone with the OEM, which supplied our chemical recovery island in 2006 and had gone with the same supplier. Power boiler, again, we tied up with Isgec. We have shook hands with Isgec, order to be followed. And this is the update on the Jagriti project, hoping to commission by 2025 end. So, I'll request Satish to take it forward to give you a glimpse of compostable. Thank you, Jagdeep. Good evening, everybody. We have been facing a lot of headwinds in the market. I think we discussed this even during the last call. We dropped the prices a bit to catch up with the market, and the competition has dropped prices further, which is resulting in a price war. We are still maintaining the pole position on the brand, so everybody continues to look at our pricing, our products, and continue to follow the trend, which is not resulting in a very positive number for us. So we are continuing to face a lot of headwinds, is how I would want to put it. And that is also because of On the sales strategy. I'll take it over. I think the signals are weak for Satish. On the sales strategy, we are more focusing on D2C, the segment, which is a high potential through e-commerce. We are exploring. Again, we are going ahead on semi-metros, where till now we have been focused on metros. So new product has, as I stated earlier, two products have. Satish, I'm taking over. Your signals are weak. So new products have been launched, and we are keeping forward. We are sorry for the inconvenience. Two new products have been launched, as I said, saucers and bowls, already commercialized during the quarter. We are also going ahead with exporting our products to the Middle East. Partners have been selected. Partners are on board, and we look forward to increased export volume on molded products. Next question. As Satish mentioned, we got a hit on the top line and the bottom line for the first quarter, and hoping to surpass last year's performance during the second quarter, quarter-on-quarter basis. But as of now, the situation has been a bit dicey on the pricing and the volumes as well. So, against INR 14.67 crore we did INR 14.51 crore, but we got a hit on the low volume sale of INR 41 lakhs during the first quarter. So, I'll hand over to Ramji Bhai for the innovation update. Thank you, Jagdeep Bhai. Thank you, Jagdeep. Are you able to hear? Yeah. Thank you, Jagdeep Bhai. On the innovation updates, in the flexible packaging, the trials, the beta trials for different product segments are in progress, and it's moving out in a significant positive way. And we are creating structures for non-metalized flexi pack, in which we are looking from scaling it up from lab to pilot, and where the barrier optimization is a significant work, and that is in progress. And we are also evaluating the various coating technologies, which will help us towards the barrier optimization. So that's where the flexible packaging innovation is in progress. The next one, please. On the delivery container side, we have the target is to have a leak-proof and non-soggy delivery container. And there we have a prototype which is validated, and it's successful. And we have done all the studies in that at lab and smaller scales, and now we are looking for pilot scale trials and scaling up is the progress, which we'll be taking up forward this quarter and completing it. And the next one is on the cutlery. There we are looking at novel cost-efficient recipe, which is heat resistant. And there the prototype is completed again, and we have been successful in creating the prototype cost-effectively. And the market evaluation and the manufacturing readiness will be completed by the end of this quarter. And the last one in terms of beverage cups, the beta trials and the preparation for launch has been completed, and we are now the launch is planned. As we speak, we are into the manufacturing trials, and the first manufacturing batch is in progress, and the launch will be in quarter two of this year. That's the innovation updates. Over to Neetika. Thank you, Ramji. Very good evening, everyone. We have the key ratios here, the key performance ratios here. With an incremental denominator, the returns have been reflected here. As in, there are three points that I would want to mention here. For FY 2024-2025, the numbers have been annualized, and hence the annualized numbers are here and estimated. Second, the source of the industry average is data from Screener, and we did not have a direct information on the competition in the compostable food packaging division. Hence, we have taken averages from the food packaging industry. Those ratios have been marked against our ratios, and just to specify that because it is a seasonal business that we operate in, and March is normally the peak of utilization of limits, the debt here has included the working capital as well. Pranay, I request you to move to the next slide. I would like to reshare the welcoming news that we have successfully raised the equity component for our project funding. We have issued INR 54 lakh preference shares and INR 36 lakh warrants. 75% of the warrant money shall be called upon as and when required, and this will be the new structure and the percentage holdings. I'll hand it over to Ved Krishna again for the next slide. Yeah, just the final slide in terms of the commitments that we had made for the last quarter. The exports initiation has been taking steam, and we've, of course, got our head of U.S. business now, and he's building momentum. The orders for metalized solutions for pilot trials are again being initiated, as Ramji talked about it. And of course, the leading solution has been finalized, and we are going to start implementing the delivery solution within this quarter. The complete analysis and business roadmap building for U.S. is again underway, and I think in the next month, we are planning to do a more detailed analysis. And again, I talked about leadership development, and we are already underway, and I announced a lot of different additions that have happened to the team in this last quarter. I think now, more or less, we are set for going for the targets that we had set in the beginning of the year. Next one, Pranay. But looking at this quarter now, our commitments to you are to initiate sales in Americas. This is something we've been working on. We are starting to build a sales pipeline for flexibles, and of course, we will launch our new delivery solution. We have done an analysis for complete business plan and creating a roadmap now for Americas. Our organization structure continues to grow and stabilize, and there is a strengthening of operating model that is happening as we scale. Lead investor finalization in Kawok is to be taken should take place this quarter, and the ordering for Project Jagriti will be completed while we will also start initiating ordering for the Guatemala or Kawok project. I think that's it from us. Happy to have questions. I apologize in advance. I may have to leave in 15, 20 minutes, but I will at least stay till then. Look forward to your thoughts. Pranay, over to you. Yes. Thank you. Please limit your question to two per person, and please press the hand raise button. If you have a question, I'll take them as per the order. Mr. Aman Soni, you have a question. Please go ahead. Aman Soni, you can unmute and ask your question. You are on mute if you are speaking. Okay. I'll just move on to the next question. Mr. Mahesh Atal, you can ask your question. Yeah, hi. So I'm fairly new to this company. Sorry, excuse me if I'm asking some basic things. So long back, we had, if I'm not mistaken, we had some tie-up with Zume. That product where exactly we are particularly with that tie-up. And also recently, we have done this QIP, right? So what was the entire purpose behind we going for fundraising? Because if you're so confident about our business blowing up, then I think internal accruals would have been sufficed. So I just wanted to know where exactly this fundraise will go in future. Satish, I'll take both of them. I know you would probably be better at Zume, but I'll take it because the second one is more for my side. So Mahesh ji, we never had any tie-up with Zume. Zume did approach us a while back, but thankfully, we didn't have any tie-up, and now the company is wrapped up. So anyway, it's a good idea not to have had any tie-ups with Zume. In terms of the fundraise, we are setting up a project about INR 700-odd crores in India. We would have loved to have the internal accruals that could have sufficed, but our total top line right now is about a little over INR 400 crores. That will not give us enough internal accrual. Hence, we felt that it is better to raise about INR 200-odd crores, or it will be raised a little higher, INR 250 crores, INR 244 crores to be precise, from equity and the rest from debt. This project is for building our flexible packaging capability. We have IPs for compostable substrates that we have been launching. Ramji, my colleague, talked about those products, and we are building a certain pipeline for that. This will be a huge commercialization that will take place from our side in the next year, year and a half. I hope that answers your questions. One more question would be on this fast delivery space, which is growing up like the Blinkits or Zomatos of the world. So how are we going to, I mean, part of that particular supply chain of theirs, or how exactly we are looking in that direction? I mean, what are we going to do, or what products are in line for that industry particularly? Satish, if your signal is good, go ahead. Yeah, yeah. I'm sitting in the plant. I don't know why the signal dropped from the last time. So there's a two-part answer. So the first one is quick commerce. Are we growing along with the quick commerce? The answer is yes. What used to be about 5% of R&D revenue for CHUK from D2 C is growing about 15%-20% now. And we continue to capitalize on the growth of Zepto, Blinkit, and Instamart to reach customers directly, right? The second part is what are we doing with the delivery companies, Zomato and Swiggy? As Ved mentioned, we are coming up with our next set of delivery solutions, which are expected to perform very well with the current delivery conditions. And this is expected to be launched over the next two to three months. Will this be cost-competitive with the current things that they are using? And whether we have certain approvals from them? Pranay, we need to move to the next question. Otherwise, we won't finish this. So, Mahesh ji, if you can hold on for the next round. Done. Pranay has two questions for us. Done. Thank you. Yes. Thank you. Mr. Hiren Patel, you can go ahead with your question. Yeah. Good evening, Pakka team. My question is mainly on the product demand side. So, in earlier meetings also, as it was rightly indicated by Ved sir that obviously, unless and until two aspects of this product performance as well as the cost is not being matched up with existing products, it would not be able to catch the demand. So, my question is obviously performance, which would be driven by Pakka's ability to innovate the product. And so first question related to performance is that we have seen that for CHUK product, we have been, I think, in the last eight years that we are using this particular time this product. But we have not been able to see any significant impact on the bottom line, maybe because of the cost part with reference to existing product. So when can we expect this performance based on the current R&D progress? When can we expect the performance of this particular product for molded as well as the flexible packaging to catch up with the existing product? And any guideline on that part? And the second on this cost part, so the question is that once this Project Jagriti and this capacity would be built up, whether we would be able to bridge the gap with the existing product may not be possible to exactly match, but how much percentage we would be able to match this gap? So just I would like to understand based on the current performance as well as the cost part, when we envisage this gap would be bridged? Satish, do you want to take the first part? Yeah. So especially on the molded products, the next set of innovations that are coming out, as I mentioned earlier, we expect them to be out in the next two to three months, which is going to help us out a lot in terms of market performance. The product performance to comparable products in the market, we definitely are up there, right? If anything, we are the best performer in terms of the actual physical performance, right? Ramji, you want to give a timeline on Flexi? I know there was a second part. I can tackle the Flexi. Okay. So Hiren, by going forward on the molded side first, we already turned into profits last year. This quarter is an aberration. So what is very interesting is that looking at us and the push that we have done, about 50-60 manufacturers have come in. And they are all trying to compete cost-wise, which is really interesting for us because it's very difficult to compete on cost with us. But I think people are continuing to bleed, and this will be a temporary kind of lull, and we'll have to face that stall. And that's fine. We are looking at our own strategy in terms of some of the products Satish mentioned, and of course, in terms of markets, where can we go where the value for the products will be there. In terms of the, and that's the food service business, in terms of flexibles, early days, but you're totally right. The first product was at a significant cost, almost double of what the buyer uses today. We've already gotten out our version two of the product, which is at almost 30%-40% lower. And now, once we get into the company, when we start producing, we are going to be able to get it down to another 30%-40%. So we'll just have to wait for that. And I'm sure this is a certain trajectory that we have to go through. Okay. Thank you. And if one more question is allowed, just it would be very short. Sorry. Can you just hold on because you already asked questions? Okay. We'll come back to it. Not any issue. Okay. Yes. Mr. Kushal Chauhan, you can go ahead with your question. Yeah. Hi, everyone. I'm audible, right? Yes, yes. You are audible. Please go ahead. Yeah, so my question is, if I'm not mistaken, you are telling that you will do CapEx of around INR 2,600 crore in the next three, four years, and at the same time, in your investor presentation, you are telling about INR 8,000 crore revenue potential, so can you give breakdown how you're going to achieve these numbers? Thank you. Absolutely. So, the INR 8,000 crore or INR 1 billion target is for 2030. And the plan for us now is to build the India site, which we are investing right now. That comes on stream late next year or early 2026. And that will lead us to about INR 200milion-250 million, about INR 1,500 crores, at least over INR 1,500 crores. And then we are working hard on establishing our site at Guatemala and the Americas business. That leads to about INR 500-odd million. So, the gap is INR 300 million. And there are plans for further innovations and additional products through partnerships for bridging that INR 300 million gap. So, these are the two big ticket investments that we are doing. The rest is more inorganic in nature that we are bringing out. And of course, we are investing very heavily in R&D and enabling various products to come in, which we can co-manufacture, etc. So there is a clear roadmap towards that. And we are definitely very keen to move in that direction because that's the only way we can make the difference that we are trying to make as a company and citizens of this planet. Great, great. I hope we can achieve that. My last question is, what is your EBITDA margin on flexible packaging products? We are not looking at margins right now. We are looking at sales, so I would say even if it's at zero cost, kind of EBITDA will be there, but overall, if you look at a profit margin, it will probably be close to nil, so I would say we are not that fussed about margins right now. The key will be to introduce the product in this next couple of quarters to push hard. In fact, today also, we were in a meeting to look at strategy on how we can start pushing two of the products that have already been proven now in the market, so we're going to go for a harder push, and the idea is application, so I don't think we are expecting to earn margins from this product this year. That said, from next year onwards, once it's more established and we have regular customers, the margins will start coming. But this year is all about just establishing ourselves. Okay. Yeah. Thank you so much. Mr. Aman Soni, you can go ahead with your question. Hello. Am I audible? Yes, audible. Given the decline in the company revenue from INR 408 crore in 2023 to INR 405 crore in 2024, could you elaborate on the primary factors contributing to this decrease? Are there specific challenges within the industry that the company is currently facing? Neetika? Sorry, you'll have to repeat the question. I have. Reduction in the top line. What are the reasons for that? So, reduction in the top line, if you look at this quarter, has primarily been a factor as in the last year. Sorry, sorry. Sorry. It Sorry. It Sorry. It was for the last year, 2023 versus 2024. Exactly. That's primarily driven by two things, which is NSR and volumes, and almost in the same proportion, so that has been the key reason. We don't see any specific challenges, but it's more industry-driven and we are gearing up for that. In terms of EBITDA margins, you would have seen that we have actually improved. The operational efficiencies have gone up, which is primarily because of the product mix that we are operating in, and also the improved COGS at certain levels, and also some drop in the chemical prices, so going forward, we expect to maintain the same EBITDA levels. Okay. And the company's effective tax rate increased from 31% in 2023 to 36% in 2024. Do you anticipate this rate to be sustained, or there is a possibility of further increase in the effective tax rate in the near future? No. There will not be any incremental changes to the effective tax rate. And that is primarily because of the India adjustments and certain expenses that are not allowed. We had to take some write-offs in March 2024. And this is why you see the effective tax rates that high. But I would request you to just relook at the calculation. It doesn't go up beyond 32%. We've specified that in the notes, and we'll have the annual reports published as well. But you'll be able to see that. There's no further rate increase that I will see. Okay. Thank you. Thank you. Thank you, Mr. Paras. Mr. Paras, Mr. Paras, you can go ahead with your question. Yeah. I have just two questions. One is on Project Jagriti. As I understand, the project would probably come online somewhere around FY 2026 early on. So, it will have potential turnover of INR 1,500 crores for FY 2027, is what I understand. Until that time, would it be safe to assume that the turnover would range around about INR 400 crores odd since we do not have any capacity probably to cater to the market? That is question number one. And secondly, is my understanding correct that this loss on segmented loss on molded products is just an aberration for the quarter? Because last year, we were profitable. Will we turn around on that one in the next quarter or so? So, these are the two questions that I have. I would hope differently on the first one. We have numerous plans that we are working on. There doesn't need to be organic growth all the time, so we have an amazing team. We are working on numerous possibilities of outsourced production, of co-manufacturing, of parallel kind of lines and newer products. We talk about flexible packaging, at least that'll give some top line. Satish was talking about co-manufacturing certain products, so I'm definitely hoping that there will be significant difference in this year as well, but of course, difficult to specify right now about that, and yes, I would also consider the molded fiber and operation on the food services division. That's a sudden influx of material creating this imbalance. But in the end, it's our responsibility, and we feel that we need to do more when it comes to customer stickiness. We need to do more in terms of focused marketing. All those things are being tackled. Satish and his team are very, very actively looking at it. And we are definitely hoping for a quick change to that as well. Thank you. Mr. Vignesh, you can go ahead with your question. Hello. Am I audible? Yes. Yeah. Thank you for the opportunity. On our expansion that we have planned in India, just to get an idea, is there any soft commitment from any existing client or any other client that we have tied up with for this facility? Or how are we planning to. Sorry. So is there any soft commitment coming from any existing client or any new client asset for this new facility? Because the facility that is coming on, the size is quite big, like almost 4x of what currently the revenue will be pushed full utilization. So just want to get an idea. You mean in terms of optics, in terms of product optics? Yeah, yeah, yeah. I mean, in volume management or something like that. Yeah, yeah. So there are numerous trials going on right now with significant players. And the idea is that maybe by the end of this year, we see these things tie up. So for example, if you think about flexible packaging, which is used for all kinds of confectionery and snack products, there's a certain methodology to how customers try it. So there's things like shelf life. Now, for shelf life, the customer has to keep it on the shelf for six months and then check. So there are numerous stages to the trials. So those have been taking place. And yes, the plan is to have very, very strong, not just commitments. We are already outsourcing and providing the product, I would say even sales, before we actually start producing ourselves. So both will be there. Yes, the capacity is actually, Vignesh, not that large. We are going to be producing a little over 30,000 tons. That's very little. Unilever's small shampoo sachet that they sell for INR 2, INR 3 rupees is 16,000 tons alone, just that one sachet. So it's nothing. The key is to be able to crack that market. Because once we do, then the capacity will be extremely small. But to your question again, the work is on. And yes, the idea is that by early next year, we'll have sales and not just commitments, so beyond commitments. So when you say early next year, you're talking about the fiscal year, right? I was talking about calendar, but you can consider it fiscal. It's a three-month difference. Right, right. So what will the general ramp up when it comes to this plant? I mean, how early, once it gets commissioned, can you ramp it up the capacity? Jagdeep? Sorry, I'm on mobile and my network. Okay. No, I'll take it. Don't worry. No, no. So normally. Okay, you can. Okay, go ahead. So normally, what we emphasize is once we start a plant, it takes some time to stabilize. But first year, we take it around 75% of efficiency coming in. And the next year would be above 90% next year. So there's a ramp-up time for stabilizing the machine and the coating. Okay. Just one small question before I get back in the queue. What would be the cost of fund for the debt we're taking for this capacity? Neetika, you want to come in? Yeah, so we would be targeting as low as we can, and specifically, we would be looking at something sub-9, and that's what we are targeting at. Right, right. Okay. Thank you for the information. I'll get back in the queue. Probably someone else can. Thank you. Mr. Harsh, you can go ahead with your question. Hello? Yeah, you are audible. I'm from Gujarat. May I question [Foreign language] Pakka [Foreign language] share price [Foreign language] Yes, sir, [Foreign language] [Foreign language] company [Foreign language] [Foreign language] [Foreign language] Pakka, Pakka Limited. [Foreign language] share price [Foreign language] sir. [Foreign language] turnover [Foreign language], profit [Foreign language], impact [Foreign language]. Share price is a resultant of that. That is not our focus. Thank you. Thank you, Mr. Harsh. I'll ask Mr. Kushal to ask his question. Yeah, hello. I'm audible, right? Yes, you're audible. Yeah, I just wanted to know what are the current financials of Guatemala plant? And where can we find these numbers? No, we are not generating the Guatemala plant. We are trying to raise capital right now. So the total outlay of capital is $340 million, out of which $140 million is equity. $10 million is something that we are investing as Pakka Limited. The rest is coming from external investors. So those conversations are on right now. The plant only comes to stream late 2026, a year after Project Jagriti. So the results will only be available there. That said, we are looking at, like in India, we are looking at introducing numerous products through co-manufacturing in North America. That work is on, and I think by next year, you'll start seeing some turnover happening. Okay. Yeah. Okay. Thank you so much. Thank you. Mr. Jeet Gala, your questions. Yeah, thank you for the opportunity. First thing, I just wanted to understand if the coating machine, which we are going to place at our Project Jagriti, is it going to be fully fungible between different applications like metallized, non-metallized? Or do we have to be very clear at the beginning, while the time of ordering, that we are going to use that coating machine for a particular kind of an application? Because we are going to seed the market with a metallized grade of paper right now, because that is what we've developed, and we've reached a stage of doing some work and start seeding the market. Then with respect to cost reduction, like Ved sir already mentioned that we've already brought the cost down by 30%-40%. Still, that sweet spot is another 30%-40% away. So is that largely only a function of economies of scale and everything around the lab work is done and dusted, or still a lot of work still needs to be done even on the R&D front? So that is my first question. And second question, if you can just give us a breakup of INR 675 crores for Project Jagriti, split into how much is going to be funded interest, how much amount is going towards pulping, chemical recovery plant, power plant, base paper machine, coater machine. And finally, I think in a recent TV interview, you mentioned about some money going towards R&D. So if you can highlight towards that. Thank you. Sir, Jeet, you can go ahead. Yeah, yeah. So this will be the recipe is under development. As we said, we came up with formulation two, and then the formulation three is also being worked up simultaneously. The coating machine will be on a single recipe. So there you can fine-tune, but it will be non-metalized recipe. As of now, we have developed our formulation one on metallization, further invented the formulation two. The formulation three is already in the progress, which the innovation team has got around 70% of achievement one. Secondly, the whole of the machine will be an offline coating on a single recipe, which will be non-metalized coating. Okay. And sir, will we be seeding the market right now with the metalized or the non-metalized? We would be seeding with metallized till we come up with non-metallized solution. And the cost is going to go down, going away from metallized coating. All right. And sir, we just give away our invention towards metallized? I mean, what do we do with the metallized finding then? It's again, because if you see, as you rightly said and we indicated, we are still on the higher side of the cost. If we remain with those formulations, the cost is going to curtail with new formulation coming in, but not to the expectation of the customer. In case that has to go away, we have to come up with a solution which is more feasible and practically possible with the coating technology suppliers. Understood. And sir, breakup for Project Jagriti? Jeet, that's a long list. I think we can connect offline to give you a glimpse of it. Sure, sure. Thank you so much. It will also be there in our annual report coming out soon. All right. Understood. Thank you. Mr. Sayam, your question? Sorry, I just forgot to address one of your questions in terms of R&D. Yes, significant boost has been received because of this investment, and we will look to invest a significant amount. We haven't discussed the amounts yet, but the idea is that we invest a lot towards R&D. All right. Thank you, sir. Thank you. Mr. Sayam, your question, please. Yeah. So thank you for the opportunity. Am I audible? Yes, you're audible. Yeah. So my question is to Mr. Ved. First of all, congratulations for raising the new funding round. And I hope this amount will go to the long-term planning. My question is a bit long-term, just for an idea. By FY 2030, if the things go south, and if you're not able to execute the Guatemala project or the Jagriti project, not in the way which we are thinking, then what could be the expected revenue? And if the things go north, like we have planned, everything goes by the planning, then what is the expected revenue we are targeted FY 2030, when all our investments are done, we are active? So the worst and the best case about FY 2030, just a revenue idea, not off-limits. Thank you. You're asking the wrong person. I don't ever have plan Bs. I only have a plan A, which has already been stated. Plan B will come if the plan A fails, but if I have a plan B, plan A will definitely fail. So there are no plan Bs. There is a singular plan that we have to head towards it. We are driven by a singular factor, which is to scale regenerative plant packaging to leave the planet cleaner. The only way we can do it is by scaling. And if we cannot raise Guatemala, for example, then we will look at other ways to inorganically grow to the level that we want to grow in order to have the impact that we want to impact. We are so blessed with an amazing set of people that there is absolutely no way that we are stopping. So that's not something that is happening with Pakka. So we are all a bunch of people who are, I would call them, mercenaries, that we are all on this mission. And with that, there is no stopping. As our chairman says, the only other option is to die trying. So that is what we are going to do. So just an idea about the revenue of FY 2030, what are you targeting if things go all right? FY 2030 revenue, what are we targeting? We've already mentioned that a significant amount ties also in the video that we started with. The effort is to go towards $1 billion. Billion. Great. Thank you and all the best. Thank you. Mr. Aman Soni, your question. Hello. Yes. Hello. Am I audible? Yeah, yeah. Please go ahead. Are we expected to maintain the current EBITDA margin for the next two years or any further changes? We wish so too. It will be a forward-looking thing. We are working towards building inefficiencies, and that's what we've been doing in the past. Jagdeep, sir, if you want to add anything. I don't think so. We would be happy sustaining those EBITDA margins. Exactly. Any specific number do you want to? So let's move forward, and we'll see those numbers coming up. Okay. Thank you. Thank you, Mr. Manali, your question, please. Hi. So my question is, when you say that if you were required 16,000 tons, so say, suppose a giant does not come in for a tie-up with us, so how many such small companies, say, any premium companies, say, a Lindt or a Mars, how many such companies would be required to exhaust the sales, exhaust the quantity that we have or we are upcoming? Great question, Manali. That's a discussion we were having today itself on how do we make sure that we really penetrate the market. And we are looking at it a little differently. The way we look at it is what is the substrate that we have created, and where all can the customer succeed? So we've chosen about four to five segments that we are going to target with this product that we have currently now. And that's going to be a big push in the next six months. With that in mind, once we have scaled products, so right now, what is happening is that we are producing one, two, three kind of tons. It's a very low kind of number. And that has to significantly change because the challenges also are different. When you are making 20 tons, and then when you're making 200 tons, there are different challenges. So that's what we are doing. The segments are huge. So for example, one of the current trials is with a big tea company. That's a much easier product. You can imagine a tea cover, tea bag cover. So that's a much easier product that we are targeting. But that's also significant in size. It's not small. When we look at chocolates and stuff like that, we have now begun discussions with huge chocolate conglomerates. It was a very funny incident. Ramji and I were together last week. And a huge customer, again, had taken our product, and we are not even realizing this, but had tried it for ice creams. It was very interesting because they said, "Oh, this is your product after a month of being in the freezer," and they were very impressed. They were like, "There was a little bit of watermark on top," but they said, "We can work with this. It'll be interesting," so there are numerous ideas that are opening up, but too nascent to say. Yes, I agree with you. If there is no large customer, and large customers, as we also realize, take a long time for their qualification, it's a lot of their reputation on the line. We do look at various numerous small, not just small customers, but a variety of applications, so it will be a learning curve for us, but we are definitely hoping that this financial year will give us enough insight that we can give a more targeted, clearer answer to you by next year beginning. Fair enough. And also, I mean, I already asked that on the chat box, but so what I was asking was, so the produce of Guatemala, the bagasse itself, and that of India would be different in terms of properties. So I mean, if there is, I do not know. I'm asking if there is. So how is, I mean, are we working on both these products separately also to make the going ahead with our formulation that we are trying to make? And if there is, I mean, how much of a difference is it bringing on the product itself, I mean, in terms of what we're trying to achieve? Super insightful question, and it shows your depth in the amount of work that you guys do, but yes, we have, of course, been testing Guatemala's bagasse. And to our glee or satisfaction, we find that the bagasse in Guatemala is much better than what we get in India, which has been a great thing for us. Again, Jagdeep and the team have run numerous studies for that right from the beginning. Even before we did the bagasse tie-up, actually, our chairman was insistent, "Don't finalize this before you try the bagasse." So we had to get sacks of bagasse and take trials in India and get that right. What really happens is not in terms of the product efficacy. It happens, it basically changes the cost configuration because we normally have to blend the bagasse with certain fibers. So if we are using 20% of certain kind of softwood in India, you end up using a little lesser in Guatemala, say 15%. Or you end up the other way. You start making a stronger product on that side. So that depends on what is, again, the product that we are going to eventually make and what is the need of the market for that. But yeah, overall, the bagasse has been found stronger. The varieties of cane are different. We have very small kind of farm holdings. There, it's 2,000 hectares, one farmer. So the quality is much more homogeneous as well. Right. So the reason why I was asking, in India right now, while we were looking at other sugar companies, all of them have also started facing a cane issue where the seed variant itself had become a little fraudulent in terms of that's the reason we have had a lower cane crushing, etc., with all the companies. So does that change for us too? I mean, when they come up with a new product, new seed coming up, again, new properties, same India itself, and then there's a lower cane availability, how much of that impact comes to us? Jagdeep is better at this. So two things, two questions, Manali, you have asked in a single question. One is availability. We are secured for five years, and this is a rotational contractual contract with two sugar industries for the raw material. Secondly, yes, with the change in the seed, there are properties changes, but our technology is suited to get the maximum benefit, which is called cellulose to get out of the bagasse. So you may get a bit of a dent in certain seed quality of the cane on the economy, but quality can be maintained as per the requirement. Okay. Thank you so much. Thank you so much. Thank you. Can we take the last question? Yes. I had planned to drop out, but it's too interesting to drop out, so. Okay. Mr. Mr. Paras, your question. Yeah. Thank you for accommodating me. I have just three questions. One is that you mentioned in the next interim until Project Jagriti comes in, some sort of co-manufacturing or outsource manufacturing is possible. What kind of extra revenue potential and margins can we expect on that? That's number one. Secondly, all these projects, Project Jagriti and the Guatemala project, are multiple times of the current revenue that we are doing. What kind of risks, a principal one or two risks that you see in these projects on a sustainable basis you expect, or what kind of risk could be there in these projects? And third is, what is the ultimate equity stake that we want to retain in the Guatemala project eventually after getting investors on board for Guatemala to kickstart? What is the equity that Pakka will likely hold eventually after all the dilution that happens over there? So these are the three questions. What was the first one? Sorry, I lost track of the first one. Yeah. The first one was in the interim that Project Jagriti comes in. Oh, yeah. Got it. Remember. Yeah. Yeah. So again, as a team, we are driven by the goal for impact. So what we keep trying to do is that even if we are not growing organically, we keep trying to see ways to grow inorganically, and that's where the ideas around co-manufacturing, around outsourcing, even our R&D is coming out with amazing products. So very, very interesting products. Ramji talked about the new cutter here. I'm really excited about that. It's a very small product in terms of turnover. It won't be that high, but just the quality that we are trying to make is exceptional. So I feel that that will continue. Exactly how much it will be is tough. We have our internal targets for sure. But I have one of the board members sitting here in this call, and he's going to shoot me while I'm on the call. So I will not risk my life. Any risk possible to mention that? I won't risk it. I know I will be shot for giving any forward-looking statements. So I'll not risk that. What I can tell you is that we will try our best to do our best. In terms of risk, of course, there are risks, but what is life without risk? So that is what makes life exciting and interesting. I can give you 100 risk factors in terms of trying to. No, no. There is no No, no. There is no risk. Any risk which can take the whole company down? Broadly, these projects. How many risks do you want? How many risks do you want that can take the company down? I can give you 100 risks that can right from bagasse, like Manali said, there could be a disease in sugarcane, through to an earthquake, through fire, and through to the market shifting entirely back to plastic. It could be 10,000. But we are here to do our work, and we believe in the journey rather than the end result. So every day, are we doing our best work is the big question that we are going to ask ourselves. And of course, we mitigate risk. Like in Guatemala, we have a 10-year tie-up for raw material. We have a tie-up for operations with local manufacturer. We have a tie-up, off-take tie-up with three, four people now in Guatemala. So we cover those, but those are in terms of risk, I feel there are no guarantees. What is the coverage so far that you've got on the off-take of the capacity? 100%. 100% has been promised. But that's it. Okay. Yes, operational execution is required. Nobody will give you a contractual guarantee because the product is not out yet. It's a promissory note that they give you. So sorry, what was your last question in your follow-up? The last question is on the ultimate equity stake that we want to retain in Guatemala. So the effort is to make sure that we remain management controlled. So basically, upwards of 50% is the target. Just now, the target for us is 30% dilution and retaining 70%. But in the end, that all comes to who the investor is, what is the value they are bringing, how is it that the negotiations take place. It's a complex world that we are exploring, and it's on our competence and the way we are able to pitch and the way we are able to position the project. But yeah, all I can say is that we are going to keep trying our very best. The effort will be to control over there. That's the only way we will work. We won't even take it forward if we don't have management control. Nice. Thank you so much. Thank you. Thank you, everyone, for your questions. Wait, a closing note from your side. No, [Foreign Language]. It's always a joy. I had said in the beginning that I'll last about half an hour as I am committed to my daughter today. But it was so interesting that I'm going to get a shouting from my daughter, but no matter that. But it's great to speak to you again. Thank you again for your belief in us, for your support, and all your kindness. Thank you so much. [Foreign Language]. Thank you. Thank you for joining this call. Thank you. Thank you. Thank you, everyone.