Ladies and gentlemen, good day and welcome to KEI Industries Q1 FY25 earnings conference call, hosted by Monarch Networth Capital. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Dani from Monarch Networth Capital. Thank you, and over to you, sir. Yeah. Hi. Thank you, Manav. Good afternoon, everyone. On behalf of Monarch Networth Capital, we're delighted to host the senior management of KEI Industries. We have with us Mr. Anil Gupta, Chairman and Managing Director of the company; Mr. Rajeev Gupta, CFO of the company. We will start the call with opening remarks from the management and then move to Q&A. Thank you, and over to you, sir. Thank you, everyone. Good morning, everyone. Welcome to this conference call. I'm Anil Gupta, Chairman and Managing Director, KEI Industries Ltd. Along with me, Mr. Rajeev Gupta is there, who is the CFO of the company. I'll give you a brief about the quarter results. The net sales in Q1 of FY2024-25 is ₹2,060.50 crore against ₹1,780.53 crore last year. The growth in the net sales is 15.72%. EBITDA in this quarter is ₹252.41 crore against ₹186.6 crore last year. Growth is 24.55%. EBITDA/net sales margin is 11.28% against 10.48% in the same period previous year. Profit after tax in this quarter is ₹150.25 crore against same quarter in the previous year, ₹121.39 crore. Growth in the profit after tax is 23.77%. Profit after tax/net sales margin is 7.29% versus 6.82% previous year same period. Domestic institutional cable sales, wires and cables, is INR 574 crore in the first quarter against INR 493 crore in the same period in the previous year. Growth is approximately 17%. Domestic institutional cable sales for extra-high voltage cable is INR 79 crore in the first quarter against INR 49 crore in the previous year same period. The growth is approximately 62%. Export sale in this quarter is INR 233 crore against INR 307 crore previous year same period. There is a decline of 24%, which will be made up substantially because some of the substantial amount of goods could not be dispatched due to logistic reasons. Total cable institutional sales contribution is 39% against 34% in the previous year same period. Sales through distribution network, that is B2C, is INR 1,085 crore against previous year INR 842 crore. So, the growth is approximately 29%. Distribution sales contributed 53% in the first quarter as against 47% previous year same period. Sales of EPC department other than cable is ₹131 crore as against ₹111 crore. Growth in the EPC sale is 19%. Out of the total sale of EPC, ESP EPC sale is ₹45 crore as against ₹29 crore in the same quarter last year. Same wire division sale is ₹53 crore against ₹58 crore in the same period last year. Volume increase in the cable division on the basis of production and consumption of metals in Q1 of FY2024-25 as compared to previous year same period is approximately 18%. Total active working dealers for the company as of 30 June 2024 was approximately 2,050. We are in the process of strengthening dealer network by replacing some existing small dealers with the bigger distributors. Pending order as of date is ₹3,590 crore. In the mix is EPC ₹653 crore, extra high-voltage cable ₹333 crore, domestic cable from the institutional cable department ₹2,052 crore, and export orders of cables pending is ₹552 crore. So, the total is ₹3,590 crore. External ratings, India Ratings and Research has affirmed its long-term rating as AA with positive outlook. ICRA and CARE long-term rating is AA stable. Short-term rating from India Ratings ICRA and CARE is A1+. Book value per equity share of the company is ₹365.77 as on 30 June 2024 as against ₹348.87 as on 31 March 2024. The total borrowing of the company is ₹165 crore, out of which channel finance ₹98 crore, cash and bank balances is ₹599 crore as on 30 June against total borrowing of ₹134 crore last year. March of this? No. So, not last year. Against total borrowing of INR 134 crore as on 31 March 2024. Acceptance creditors as on 30 June 2024 is INR 504 crore against INR 506 crore as on 31 March 2024. So, the net debt is INR 70 crore as on 30 June 2024 as against net cash of INR 60 crore on 31 March 2024. During Q1 of this year, finance cost was INR 14.16 crore against INR 16.51 crore in the same period last year. In the March quarter? In the March quarter, sorry. In the March quarter, interest income from bank deposits or others in Q1 is ₹8.64 crore, which is included in the other income. It was ₹6 crore in the previous year same period. Now, I will tell you about the future outlook. Capacity utilized during Q1 FY2024-25 is approximately 87%-88% in cable division, 80% in housewire division, and 90% in seamless steam wire division. During Q1 2024-25, company has incurred a capital expenditure payment of ₹145 crore, in which the final greenfield project coming up near Ahmedabad is ₹76 crore, Chinchpada in Silvassa ₹24 crore, Bhiwadi ₹21 crore, Pathredi ₹14 crore, and other plants locations ₹10 crore. Company has done capital expenditures for brownfield CAPEX at Chinchpada to further add capacity for wires and housewires and MT power cables. This will be completed. It is partially commissioned and but fully completed in Q2 of FY2024-25. Another greenfield brownfield expansion is going on at Pathredi in Bhiwadi area with approximate cost of INR 125 crore, which will increase the capacity of MT power cables by INR 800-900 crore per annum. It will be operational in Q2 of this financial year, 2024-25. That means by August or September. This brownfield CapEx will enable us to grow by 16%-17% in this financial year. Apart from the brownfield CapEx, in FY2024-25, company has planned INR 900-1,000 crore CapEx on greenfield extension for LT, HT, and EHV cables in Gujarat in Thanand. Commercial production of which will commence by end of fourth quarter of FY2024-25. We have already started construction in FY2023-24. Further, we will spend another ₹500-₹600 crore in the next financial years to complete the project to maintain a CAGR of 15%-16% per annum in future years as against achieved CAGR of 14%-15% during last 15 years. So, this is a brief commentary from the management side. You are requested to raise any query you may have. It will be our privilege to answer it. Understood. Now, I will also give a little brief about the industry outlook. The industry outlook remains strong and with a good demand in domestic market as well as international markets. We are progressing well on our aim to increase our footprints in the various destinations internationally and getting good traction from U.S. market and European markets. I n the moment with our new CAPEX, CAPEX start commercial production, we'll be able to see export volumes going up besides the domestic volumes. There is a good amount of CAPEX coming up in India or abroad in solar power projects, wind power projects, transmission and distribution projects, and also in various industrial projects. So, this is a brief commentary from our side. Thank you very much. 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 touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. We have our first question from the line of Praveen Sahai from Prabhudas Lilladher. Please go ahead. Yeah. Thank you for taking my question and many congratulations for a good set of numbers for Q1. So, the first question, sir, is related to the export. What exactly happened in the export for a decline, for a quarter? We had around INR 65 crore worth of cables lying for export, but the logistics was in the container placement was in customer's scope, and they delayed the placement of containers, due to which a substantial amount of cables, around INR 65 crore, could not be dispatched, which is now being dispatched in July. So, we will be able to make up this shortfall in the Q2. I explained that there is a substantial order book in the export itself. More than ₹500? More than INR 550 crore at the moment. So, container delay or availability has sorted as per you. Now, we will see in the Q2 those numbers. Container placement was not in our scope. It was in the customer's scope, and they delayed the placement. Okay. Okay. Got it. Second thing is related to the dealer distributor-based revenue, which has increased 29%. So, and also these two are 52%, 53% contribution of overall. So, is that including the export number, and also it's include the cable business of ours? Correct. So, dealer distributor business of wire and cable, both. And we are not exporting any cables to dealers. So, it is all the dealer business is all domestic. The export business we are doing directly. Okay. Okay. Got it, sir. And the second clarification, the third clarification is related to the house wire and vending wire. From the last several quarters, observing that's a very good growth in the segment you are reporting. So, if you can give some color of is it from the house wire you are getting a growth or the vending wire which has bring the growth in that segment? It's basically the wires and flexibles used in the real estate and channel market, etc. So, it's largely real estate-based what the growth you are reporting? Yes, sir. It's mainly real estate-based. Okay. L astly, sir, can you give some volume growth number for wire and cable, how you had a growth for a quarter? We have, in volume terms, we have done a growth of 18%. On the basis of production? On the basis of consumption of metal in the fields. Okay. Okay. L astly, sir, on the EHV, last quarter call, you had given that the EHV FY25 would be flat on the YoY side, but this quarter also you had given a very good growth. So, is that the guidance for last quarter of a flat EHV for this semester? It is flat because the first quarter number last year was very low because of the non-clearances from the customers due to ROW issues. That is why we are seeing a growth compared to last year. But otherwise, on a quarterly capacity basis, it is flat. Okay. So, your guidance related to flat EHV stands? Yes. It holds? Okay. Apparently, one thing is we have given the guidance of 16%-17% growth for all the products with all the segments for the full financial year. It is in the normal course. Sometimes EHV goes up, sometimes goes down also. Sometimes export goes up, goes down also. Sometimes retail goes up, goes down. So, it does not matter to us. Our matter to us is how we are utilizing our capacity, and ultimately, we are achieving the growth of 16%-17%. Right. Right. True. It is not on individual segment or individual product. Right. Got it. Thank you. Thank you, sir, and all the best. Thank you, sir. A reminder to all participants, you may press star and one on your touchtone telephone to ask questions. We have our next question from the line of Natasha Jain from Nirmal Bang Equities. Please go ahead. Thank you for the opportunity, sir. My question is a follow-up on the previous question. So, you said that there was container unavailability in the export market. Can you also just throw some light as to how the U.S. market performed for you, and is there an inherent slowdown in that market? Madam, first of all, this was not a problem of container availability from our side. I said that container placement was in the scope of the customer, the overseas customer, and they delayed the placement of the container due to the reason known to them. So, we can't comment on it, but all that material is being dispatched in the month of July. Second question was? In terms of the export market, especially the U.S. market, how does the outlook look like there in the short term? Yeah. The customers we are dealing with in the US, the outlook is very good, and we are going to substantially grow business in US in this financial year. It means because the base was last year, base was very low. So, we expect that, I mean, ballpark figure of INR 200 crore-INR 300 crore coming up from US market this year. Understood, sir. So, can you just give us some sense in terms of your geographical split in your export market? At that, I cannot give, but we have substantial exports in Australia and the Middle East, some countries in Africa, and U.S. and Europe has started only last year. But Australia is our very big market for the last 10 years. Understood, sir. One last question. Can you just call out what kind of cables are we exporting in these markets? We are exporting medium voltage HT cables like up to 33 kV-66 kV, and also cables for oil and gas industry in the Middle East and the U.S. Understood. Lastly, sir, EHV that we manufacture, it's completely used in India? EHV, some EHV cables we are exporting to Australia also, but mostly we are selling in India. Got it, sir. Thank you so much and all the very best. We are working on developing exports of EHV cables, which may start from next year. Sure, sir. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. We have our next question from the line of Venkatesh from Axis Capital. Please go ahead. Yeah. Thank you for the opportunity. Just one very simple question. I mean, one of your most important competitors in India and who also exports a lot of cables outside India has been telling the broader market that they have been actually rejigging their distribution network. Just like you, they used to also sell all their cables directly to customers. Now, they are trying to sell it via distributors. But you do continue to sell directly to the customers, and you are not trying to set up a distribution network. So, can you kind of tell us what are the pros and cons of each of them and why you are not attempting to do it and why what you are trying to do is better for KEI, some kind of a perspective? Our export model has always been direct business. We are not developing any distributor in overseas markets. And because we feel that access to the end user and the end customer or end contractor gives us better margin and better sustainability and regularity in the business as compared to distribution. Now, while you are at current levels, let's say 2-3 years down the line, when your size is significantly bigger on the export side, will the fact that you are only going directly impact your reach to how many customers you can reach? So, any particular thought on that? I think we will definitely review that strategy maybe in the next 6 months to 1 year. At the moment, we are not working on that strategy of developing distributors, but we may review it. Okay. One last question from my side. When we actually see the exports of cables and wires from India to the U.S., we are actually seeing that one is calendar year for calendar year 2023 because the data is available on a calendar year rather than on a financial year. There is a deceleration in terms of exports from India to U.S. in terms of exports of wires. What was 30%-35% for the past two years, in calendar year 2023, the growth is only 6% for the full year, exports of wires from India. And especially in the U.S., we are seeing last two to three quarters, exports have started declining. Now, what I'm trying to dive at is, is this something related to there is some issue with the end market, or it is just that among the people supplying, one of your key competitors is a large exporter, and they themselves are having a problem? That is why these numbers are showing to be weak. Or is there a problem with the end market? I don't think there is a problem with the end market. It may be the problem with the individual company exporting from India. Certainly, our export to U.S. was very small last year because we just started last year. So, and we are only selling cables. We are not selling conductors or any other materials. So, we will be comparing our export compared to very small numbers of last year. But our export into U.S. should be substantial this year as per the order availability with us. But we are not exporting wires to any country. We are not exporting wires. We are only exporting cables. That's so for power cables and for oil and gas industry. Okay. Understood. Thanks a lot. All the very best. Thank you, sir. We have our next question from the line of Amit Mahawar from UBS. Please go ahead. Hello. Anil Gupta, congratulations on a very stable growth and profitability. Sir, you have multiple expansions. By 2027, most of the capacity that you're planning will be normalized and available for full year, right? First full year, sir. Roughly around by that time, you can do INR 13,000 crore turnover because your exports would be mostly around INR 2,000 crore by then. Is that a right assessment? Yes. Maybe more than that. Okay. Broadly on the branded house wire turnover, what is that you have in mind and say by 2027, sir? Amit, house wire business in our company is growing close to 20%+ year after year because our base is also low, but still we are focusing to grow at 20%-22%. Because in all the respects, we are adopting a disciplined approach so that overall growth of the company should be 16%-17%+. Accordingly, we are creating the capacity either for wire or for cable. And continuously, we are increasing the capacity in our existing factories for the wire also. That's how we are growing in a disciplined manner. Great, sir. Thank you very much for this question, sir. One last question on, so in the next 2-3 years, the kind of growth we have, your cash flow will still be maybe much better than what you had in the last 3-4 years. So, Anil, beyond the current capacity, when I'm more talking about the next progression in business beyond just cables, how should we think about for the next 4-5 years on this company in terms of more B2C businesses if you have in mind around adjacent segments? That's it. Thank you. At the moment, we have no plan to add any new products in the B2C business. If something comes up in our mind, we will definitely let you know in advance. At the moment, we have no plan. Okay. Thank you, sir, and good luck. Thank you, Amit Ji. Thank you, sir. We have our next question from the line of Manoj Gori from Equirus Capital. Please go ahead. Yes. Thanks for the opportunity. Sir, congratulations on a good set of numbers. Sir, my question here, if you look at if we go back in FY 2024 and then we see that we grew by roughly around 17% on top line front, so can you bifurcate probably what was growth from government-related orders or probably private orders and probably how you are expecting this to shape up in the coming years? Any qualitative answer over there that would. Sir, private orders are mainly coming from solar power developers and industrial projects in the domain of cement, steel, and other miscellaneous industrial projects like pharma or any type of industry which is coming from. So far as government orders are done, even a lot of transmission and distribution project orders are now coming from private discoms. A lot of private distribution companies in various parts in India are privatized, like CESC, like Torrent Power and like that. So, a lot of orders are from such companies also. At the moment, we don't have any quantification of and dealers, when they buy, I mean, we have to collate that whether they are selling to a private sector or to a they may be selling to a contractor who's end customer, maybe government. But we don't have available data at the moment. Most of the government contracts taken by the EPC contractors, we supply to EPC contractors. Correct, sir. Got it. So, secondly, the sectors that you just mentioned, anything you see in the coming years, probably you are getting incrementally positive demand drivers from these sectors or probably in some of the sectors you are seeing some headwinds. Any read over there? See, individual sector [foreign language]? I think if you talk of any individual sector at the moment, I think solar as an individual sector has substantial demand in this year. But otherwise, all sectors are doing well. And we hope that from next year, a good demand should come from the newly started expansions in thermal power projects and even pump storage projects for generating power. Correct, sir. Sir, lastly, on the margin side, obviously, you have been very kind in highlighting the top line guidance. Can you throw some light where we see ourselves at the end of FY 2024 on the margin trajectory? Close to 11%. We have earlier also targeted the same thing. We maintained that. Yeah. And sir, what would be the price hike at the end of June month versus, let's say, February of FY 2024? Price hike? Yes. What's the trend on the power movement? See, if we say as compared to February and June, average price hike might be 7.5%-8%. But we keep on adjusting our prices depending on the input cost and the metal prices like copper and aluminum. Correct, sir. Thank you, sir, and wish you all the best. Thank you. Thank you. We have our next question from the line of Andrey Purushottam from Cogito Advisors. Please go ahead. This is Andrey Purushottam. Anil Ji and Rajeev Ji, congratulations once again for giving such consistent and great numbers. I just heard you say about 11% margin guidance for FY 27. If you look at the various years, you've delivered between 10%-11% consistently. Is there a possibility and the promise of upping that margin aspiration from 11%-12% or somewhere between 11%-12%? Is it possible? Is it aspirational? We have also commented on this topic. As our capacity gets in place, then because of economies of scale, we will be achieving higher margins. That is possible. Next 3-4 years, we will be heading into the margin at least by 1%+. Mainly because of economies at this stage. In 3-4 years, time period, you're saying? Pardon? In what time frame are you saying, sir? Rajeev Ji? Maybe 26, 27. 26. Because by 2026, our capacity will be in place of extra high voltage. Right. Okay. Okay. One more clarification I had. You have shown that the amount of channel financing that you are doing has reduced. That actually means that the amount of channel financing available by dealers at. Channel financing is reduced mainly because, first of all, basically the FLDG amount increased by the bank. Earlier, it used to be 50%. Now, all the banks have reduced to the level of 15%-25% FLDG. So the recourse has basically reduced. Sorry, what is the FLDG? It's basically a First Loss Default Guarantee we need to give to the bank. It's basically recourse. So the recourse percentage has decreased. Our risk for channel financing has reduced by 50%. So therefore, the amount of channel financing available by the dealers has increased. Am I right? Yes, yes. That has increased. It has increased. That is increasing because of the sales also increasing. Right. Also, the proportion of dealers who are availing for channel financing, what? Actually, Tariq, it's not many. Close to 550+ dealers are under channel financing. Close to 70% of our total dealer distributor sales are covered under the channel financing scheme. Okay. And can that move further or do you think you are? It is improving further because as the dealer is getting old by 7-8 months, we are covering under channel financing because we are getting the new dealer distributor also. Okay. And just one comment. Apart from the channel financing or the recourse reduction, we have taken the receivable insurance for all the receivables. Whether it's an export receivable or it's a domestic receivable or it's a retail distributor receivable. Okay. Just one comment I wanted to make that Anil Ji just now clarified that you have no intention of getting into B2C enterprises at this point of time. That actually is very reassuring to us because it means that you are sticking to your core strength and businesses, and that is reassuring to investors too. Yes, sir, Prashad Panji. We are focusing in our strength, and we are focusing in our product domain where we are having these specialized. Thank you very much, sir. Thank you, Prashad Panji. Thank you, sir. We have our next question from the line of Keyur Pandya from ICICI Prudential Life. Please go ahead. Thank you. Sir, a couple of questions. So first, on the capacity side, just to get clarified, so Silvassa INR 100 crore of CapEx and Bhiwadi INR 110 crore of CapEx for LT cable. These two are the CapEx which would be available for FY 2025. And am I missing any other CapEx which got commissioned or is about to commission in near term? In FY 2025, a little bit CAPEX will go into the Silvassa plant because since last 2 years, we are adding the capacity because we are adding the capacity of cable. We are adding the capacity now into the wire also. So now, each and every inch of land is completing by 60 quarters. So nothing will be available for us to further expand in those places. Only now, expansion will go on for the new greenfield projects of the plant which is Ahmedabad. So as Anil Ji said, that in the current year, INR 900 crore-INR 1,000 crore, and next year, INR 500 crore-INR 600 crore will go into the same place for all the greenfield expansion completion. Sir, what I was asking is, I mean, we are supposed to start Silvassa expansion around INR 100 crore in March 2024 and Bhiwadi expansion for LT power cable for exports from June 2024, which you mentioned that which will start in July-August. So these two are the additional capacities available to grow in FY 2025, or is there anything else also or rest of the capacities are fully utilized? Capacity available for capacity addition. That's how we are growing in the current financial year, 16%-17% kind of thing. Okay. One follow-up is on the EHV side. Now, EHV is fully utilized, and the next EHV expansion would come in Gujarat greenfield. So till that time, including FY 2026, the EHV would remain more or less flat. Is that a correct understanding? Yes, sir. That's why sometimes goes up, sometimes goes down also. But the capacity utilized not only for EHV, capacity utilized for the basically medium voltage power cable also. The same capacity. Okay. Understood. Understood. And this last question, you mentioned about some rejigging in the dealer distributor network, replacing smaller ones with larger dealer distributors. Now, do you see any impact in near term on the dealer-based sales in our revenue? He was saying there is a continuous process to add more strengthened dealers and to increase the geography also to reach increase. So there's a continuing process, actually. It is not a one-time job. It's a continuing process. Okay. Okay. Noted. I have a couple of questions. We'll get back in with you. Thank you and all the best. Thank you, sir. We have our next question from the line of Ajay Vora from Nuvama Institutional Equities. Please go ahead. Yeah. Good afternoon, sir. Thank you for the opportunity. I just wanted to check in terms of our subcategories in cables and wires. Is it possible to get what kind of market share, and is there any white space? Is there any particular SKU which we can still look at adding or medium term? We have already covered everything. We have already covered market share. I mean, close to 12% in the cables. And what do you mean by white space? You mean to say that where the capacities are demand is more and capacities are less? That is what do you mean by white space? No. I mean, like you mentioned about the oil and gas industry, right? The exports for the oil and gas industry sector, something on those lines, whether it is railways, whether it is solar, wind, etc., any of these industries specific. Yeah. We are mostly exporting cables for solar projects, wind projects, oil and gas projects, and transmission and distribution projects. These are the main. In some areas, we are even exporting to some industrial projects as well. Got it. And just to clarify, you said the metal consumption growth is 18% year-over-year for the quarter. Have I understood right, sir? Yes. Actually, this 18% for the production. So if we produce more, actually, like Anil Ji's explained, some of the export materials that we'll be selling to in this second quarter, it is like this. Understood. Apart from exports, is there any increase in the inventory days? No. In the summer period? Because almost 50% sales to the institutional and close to 50% to the retail. So in the 50% institutional sales, it is a normal feature. Sometimes material can delay because of the inspection or something else. But overall, ultimately, the growth rate will be 16%-17% for four-year basis. Absolutely. Absolutely. Understood, sir. And just to clarify, you said 11% margin for the current year, right? FY 2025? Yes. Further margin expansion of 100 basis points in FY 2026, 2027. Have I understood right with operating average? Yes. Got it. Understood, sir. Thank you and wish you all the best. Thank you. We have our next question from the line of Aasiya Khosla from BOB Capital Markets. Please go ahead. Yeah, hi. Thank you for taking my question. Sir, can I just get the order book bifurcation? Order book costs close to EPC. In the EPC side, the order book is INR 653 crore. Extra high voltage power cables, INR 333 crore. Institutional order for the cable and domestic market, this is INR 2,052 crore. And export market order is INR 552 crore. Total is INR 3,590 crore. Thank you for that, sir. Also, I just wanted to understand the capex spend for quarter one and what will be the trajectory going forward? It is close to in the range of ₹10 crore. The same kind of expenditure will be on a quarterly basis. Sure, sir. Thank you. Thank you. We have our next question from the line of Praveen Sahay from Prabhudas Lilladher. Please go ahead. Thank you for a follow-up question. It's related to the increase in the debt and the reduction in the cash as well. So these are because of expansion. So around INR 100 crore cash has been reduced if I look at from March. For the CAPEX, it will go on increase because we are taking the Tamil Nadu close to INR 300 crore-INR 400 crore for the new project, wherein we will be investing around INR 1,700 crore-INR 1,800 crore. The total cost of the project close to as for the need, maybe INR 300 crore-INR 500 crore, we will avail the Tamil Nadu and balance we will be from the internal accruals. As of now, the full capital utilization is not there because we are having the cash. But for the Tamil Nadu, we will start availing. Okay. Okay. Great. And the second question, sir, related to the branded housing wire. As you had mentioned, that the growth has been very good and the way forward also around the 15% of growth you are expecting. So can you give some geographical presence where you are largely present and how much of the market share you are holding in this segment? Sir, our sales close to 36%+ from the northern region and close to 27%-30% from the western region. 17%-19%, we are in the southern region and balance is from the eastern region. That is our geographical breakup of the dealer distributors. Okay. Okay. And one clarification on the solar, as you had mentioned, that the demand is huge. How much is the contribution right now in your wire and cable right now? Because we are selling to EPC contractors so far. In our books, the customer is EPC contractor, actually. So that same EPC contractor is buying for the other projects also, not only for Solar but the other projects also. Okay. Okay. Got it, sir. Thank you. All the best. Thank you, Praveen. Thank you. We have a follow-up question from the line of Keyur Pandya from ICICI Prudential Life Insurance. Please go ahead. Thanks for the opportunity again. Sir, just one question. So we have seen strong house wire, winding wire sales. I mean, just if you can give some idea on how the end industry or industry is growing and probably they are growing faster than that. So just color on how industry is growing, the end demand, and the primary sales also. I mean, we have seen with other players that they have seen some impact of de-stocking on their primary sales. So at the industry level, has the de-stocking because of the copper prices stopped, decelerated? So some color on the industry in the house wire. So first of all, these are the normal things because every time copper will increase, copper will decrease. Depending on the behavior of copper increase, the distributor also waits, and sometimes they buy extra. So these are the normal feature related to this industry, actually. Industry directly belongs to the consumer side for the individual houses and bungalows. And for all the larger cities, industry belongs to the real estate projects, which are the multi-story buildings are coming up. So these things are continuing growing up, but the nature of the industry will remain as it is, actually, because of the copper. What has been the growth in the end user demand, that is, secondary or tertiary sales? Are we seeing any pickup based on real estate deliveries in larger cities? Any color on the end industry demand at the secondary level? I think end industry demand is growing. It's only that sometimes due to fluctuations in the copper prices, dealers delay the lifting of material for maybe 15 days, 20 days. But beyond that, they cannot delay. Ultimately, the end user is requiring the material. So I think that any offtake due to the copper may be temporary. It is part of the nature of the industry, no? Yes, sir. It's going on every time. Okay. Basically, just wanted to understand that the industry, the consumer demand is growing into single-digit or high double-digit. I mean, any idea on growth rate of—I mean, we have seen that cables are growing faster than house wire? It is basically higher double demand because lots of individual bungalows are being made all over the country. The real estate projects, which was earlier not there in the larger cities in the last 1.5-2 years, these projects getting announced, and we had started the projects. This demand is coming up now. Noted. Noted. Sir, thanks a lot and all the best. Thank you. A reminder to all participants, you may press star and one to ask questions. A reminder to all participants, you may press star and one to ask questions. As there are no further questions, I would now like to hand the conference back to the management for closing comments. Thank you very much for interacting with us on this conference call. We assure you that the company is on the right path and will be growing as per the guidance. If you still have any further questions, you may reach out to us. Thank you very much. Thank you, everyone. Thank you very much. Thank you very much. On behalf of Monarch Networth Capital, that concludes this conference. Thank you for joining us, and you may now disconnect the line.