Ladies and gentlemen, good day and welcome to Vimta Labs Ltd. Quarter 2 FY 2025 conference call hosted by Systematix Institutional Equities. 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 assistance during the conference call, please signal the operator by pressing star then zero on your touch-tone phone. Please note that this conference call is being recorded. I now hand the conference over to Mr. Vishal Manchanda from Systematix Institutional Equities. Over to you, sir. Thank you, Siddhant. Good afternoon everyone. On behalf of Systematix Institutional Equities I welcome you to the Q2 FY 2025 earnings call of Vimta Labs. We thank the Vimta Labs management for giving us an opportunity to host the call. Today we have with us the senior management of the company represented by Managing Director Mr. Satya Sreenivas Neerukonda, Executive Director, Mr. Narahari Naidu, Chief Financial Officer and Ms. Sujani Vasireddi, Company Secretary. I'll now hand over the call to the company management for opening remarks over to you. Thank you Vishal. Good afternoon and a very warm welcome to our Q2FY 2025 earnings call. Our investor presentation and the financial results are available on the company website and on the stock exchanges. Please note that anything said on this call which reflects our outlook for the future or which could be construed as a forward looking statement must be reviewed in conjunction with the risks which the company faces. The conference call is being recorded and the transcript along with the audio of the same will be made available on the website of the company as well. As on the stock exchanges. Please also note that the audio of the conference call is the corporate material of Vimta Labs Limited and cannot be copied, rebroadcast or attributed in the press or media without specific or written permission of the company. Now I would request our Managing Director Ms. Harita Vasireddi to provide you with updates on the quarter September 2024 financial results. Thank you. Good afternoon everyone. Thank you for joining our Q2 and H1 financial year 2025 earnings call. The first half of the financial year 2025 was good according to the market response and the way we have delivered our services. The Indian economy demonstrated positive momentum with growth driven by robust domestic demand, infrastructure spending and government led initiatives. The manufacturing sector saw substantial growth buoyed by increased exports and the success of the PLI scheme. Service sectors such as IT, financial services and retail also performed well. However, inflationary pressures and global economic uncertainties pose some risks. Despite these challenges, India's economic fundamentals remain solid, positioning it as one of the fastest growing economies in the world. Coming to the TIC testing, inspection and certification and CRO industries we operate in based on moderate growth driven by continuing demand for stronger compliance and quality assurance across various sectors including manufacturing and healthcare. However, economic uncertainties and inflationary pressures have tempered the overall expansion. Talking about the quarter and business highlights, Vimta Labs witnessed very good year on year growth of 26.4%. This was primarily led by our pharmaceutical services which continue to drive our business. Overall, we saw good traction across all our verticals and would like to highlight that our new life sciences facility will be commercialized from third quarter. The clinical trial services had a positive impact on our revenue. This being one of our growth drivers, we are confident that these services will bring in good performance in the years to come. Looking at the food testing services, we witnessed a slack in the business due to certain factors which we feel would stabilize in the coming quarters. On the electronics and electrical testing, there continues to be new products coming in for testing in our lab and these services too have performed well for us. We are also in the process of expanding the space for electronics testing at our life sciences facility in Hyderabad. We are adding a new EMI/EMC Chamber to further gear up to the market requirements. As per the press release published on August 30, 2024, Vimta Labs has divested the diagnostics services business to Thyrocare Technologies. This decision allows us to sharpen our focus on our core services and optimize resources for sustained growth which will result in a significant improvement as you see in our financials which our CFO Mr. Narahari will take you through in a bit. Looking ahead, we are optimistic on all the services we offer and with the growth drivers in place we are confident that we will achieve our near term target of with this brief overview I now hand over the call to Narahari to walk you through the financials. Over to you Narahari, thank you. Now I would like to walk you through the consolidated financial performance for the quarter ended 30 September 2024, after which we can open the floor for questions and answers. Before I start discussing the financials, I would like to highlight that the previous period figures for P&L items have been regrouped to ensure comparability with the current period basis. The announcement of sale of Diagnostics and Pathological services business on 30 August 2024. I'll start with the consolidated financial highlights for the quarter. Total income for quarter two FY 2025 stood at INR 854 million as compared to INR 676 million in Q2 of FY 2024 up by 26.4% YoY. EBITDA stood at INR 306 million in Q2 FY 2025 as compared to INR 194 million in Q2 FY 2024 up by about 57% on a YoY basis. EBITDA margins for the quarter stood at 35.8%. Earlier the margins were in the range of 23%-30% which has now significantly improved. Profit after tax in Q2 FY 2025 stood at INR 170 million as compared to INR 81 million in Q2 of FY 2024. A growth of more than 100% on a YoY basis. PAT margin for the quarter stood close to 20%. Moving on to half year performance. Revenue from operations for H1 of FY 2025 stood at INR 161.0 million as compared to 143.9 million in H1 FY 2024. This roughly translates to a growth of 12% on YoY basis. EBITDA stood at INR 472 million in H1 of FY 2025 as compared to INR 468 million in H1 of FY 2024. This translates to EBITDA margins of 35.5%. Profit after tax in H1 FY 2025 stood at INR 309 million as compared to INR 226 million in H1 of FY 2024. On the balance sheet side, we continue to have a net debt free balance sheet with cash and cash equivalents, including other bank deposits, of close to INR 28 crores. Our total debt stands at INR 115 million as on 30th September 2024 with a debt to equity ratio of 0.03x. CapEx for the quarter stood at INR 30 crore. We continue to maintain our CapEx guidance of INR 90 crores for FY 2025. With that, we can now open the floor for Q and A. Thank you. Thank you very much, sir. 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 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Our first question is from the line of Viraj Mehta from Equirus Securities. Please go ahead. Yeah. Hello, ma'am, and congratulations for the numbers. Ma'am, my first question is regarding the divestment of diagnostics. I can see the loss that you. Have mentioned in the. In the quarterly run rate. But in the sense, is it safe to assume that if you take out diagnostic, this very high margin of mid-30 percentage points is more or less sustainable for Vimta. Is it a fair way to think about this? Yes, as you rightly said, of course you know the numbers, what you're seeing for diagnostics business, what we had reported, excluding that the margins are sustainable around 35%. Okay. And sir, madam mentioned that we are looking at 500 crores in near term. And. We have always mentioned we'll be able to do it in FY 2026. Are we on track to do that? Yes, we are still on track to do that. So, ma'am, we are in FY 2025. So FY 2026 you are saying that we would be at a quarterly run rate of INR 125 crore from 80-plus crore this quarter. The only reason I'm asking this is because when we mentioned 500 crore we also had diagnostics in our business. Now that that is gone, do we take out some money? Like do you take out 30, 40 crore from our ambition or we are still looking at 500. Yeah. I think we would have to remove that 9% of the pie that diagnostics was occupying. But having said that, I'm pretty confident that we will hit that run rate during the next financial year. Okay. Ma'am, as a company, that incremental INR 40 crore revenue, if you think as in quarterly INR 40 crore incremental revenue that you talked that we will hit by Q3, Q4 of next year, where you see incrementally a large portion or where are the higher portion of that incremental revenue you think will come from which part of the businesses? The growth will come from all the business units according to the portion of business that they currently contribute to. Like for example pharmaceutical still remains the dominant business for us. So majority of the growth will come from there in terms of absolute numbers. But our other divisions are also gearing up to deliver a very strong growth in the next few years. My last question is when we go from INR 85 crore quarterly revenue as in basically INR 2730 crore monthly revenue to INR 40 crore kind of monthly revenue with such high gross margin business, what kind of operating margin or operating leverage do you think will play out in business at that revenue? Can we be a company of 30% or 40% margin or even higher? That is a little tricky to answer in a straightforward manner because when your top line grows then the economies of scale hit in. But then after a certain time you would need fresh capacities to be added. So it is kind of go in a slightly wave fashion. So I won't be able to accurately answer that. But the margins that you are seeing now are sustainable. Yeah, I'll just add on to that. The reason why we are not commenting on a higher EBITDA margins is that, you know, because we are having addition of capacity which is going to commence from quarter three and it would take a little more time for us to fully occupy. So till then we would be very happy to maintain margins around the current levels, and once we reach a critical volume of you know, 450 crores around probably that point in time we'll have to relook, you know, if we can have higher margins or not. But as such the industry, we are way above the industry average margins currently. Yeah, sure. Thank you so much. And last, just wanted your comment on our food initiative for the government. What are the monthly run rate there? I mean, you know, we have been. Much slower than our anticipation when we put it up. So has there been any improvement there? What is our future for that? Yeah, there is a betterment of revenue there, but I would still say it is significantly lower than what we had anticipated, but it has kind of stabilized where it is for now, so we don't have any forecasting on that side of revenues. Sure madam. Thank you and best of luck. Thank you. Thank you. Before we take our next question, we would like to remind participants that you may press Star and one to ask a question. Our next question is from the line of Pankit Gupta from Bamboo Capital. Please go ahead. Thanks for the opportunity and congratulations for a great set of numbers. So my first question was on, you know, if we look at our performance as you had said in your initial commentary, that food continues to remain a bit sluggish. So the top line growth, if we remove the diagnostic business performance in last year's performance, is primarily driven by pharma, is what we can infer because the rest of the segments are pretty small to make much of a dent on our overall numbers. Yes. So what is the question? Is the growth that we are seeing or the run rate of around 85 crore that we have seen in this quarter? The growth is largely driven by the pharma. Yes, yes it is largely driven by pharma and you're right, the other segment, except for food are too small to have a significant impact on the absolute number. And food also is mostly due to internal reason we are shifting from the existing facility to the new facility that we have built in life sciences. So there is inevitably a little slowdown in operations. And since this is a retail kind of business, there is a little impact on that side of the business. Sure, if you can talk about, you know, the Biosecure Act and how it is going to impact us. You know, are we seeing you know, increased inquiries over the past few months and you know, increased traction with the existing and new clients? Yeah, there is a positive impact of. That. Regulation in U.S. that we see here. Some big corporations, MNC have reached out. To us. To see if there could be possible partnerships but these are all still in very early explorative stages. We think that the momentum could pick up in the upcoming quarters or maybe a year or so. You know, this 85 crore run rate is now become like normally we are seeing that, you know, because of, because of some capacity constraints. We were facing some challenges on the growth because there was some slowdown in the U.S. pharma segment. So, now, given how things are looking at that new additional capacity coming in our life sciences campus, 85 crore is a new base now from where we can see a growth, hopefully over the next few quarters. Yes. Okay. Okay, thank you and wish you all the best. Thank you. Thank you. Our next question is from the line of Ankeet Pandya from InCred AMC. Please go ahead. Yeah, hi, thank you for the opportunity and congratulations on the great set of numbers. Ma'am, just two questions. So, firstly, on the top line growth we have seen, top line growth driven by the overall pharma segment. So, can you give more, like, you know, can you throw some light on what has worked for us during the quarter and, like, you know, just directionally over the next few quarters and, like, one, two years, how are you looking? At the pharma sector? Secondly, you mentioned in the opening call that there's some challenges were faced in the food segment. If you can highlight what were the challenges that we faced in the food segment? Sure. In the pharmaceutical services we have preclinical services, we have clinical research services and also analytical services. So in this quarter all three of them have picked up on the revenue side, clinical research especially got a boost because of the clinical trials that we started. And on the analytical side also the investments that we have made on the biopharma side are slowly starting to be, we are starting to see returns on those investments. And preclinical also has shown growth during the quarter. So all three segments have helped push the pharmaceutical revenues quite well. And on the food side, I was explaining earlier, it's mostly internal reasons. One of our labs that we had in Pune, we shifted to Nashik. So there was a temporary gap. There still is a little bit of temporary gap of revenues from that lab location. And here also in the Hyderabad headquarters lab, we are shifting the food testing services from our existing life sciences building to the new building that we have built. So it's in transition phase. So during transition the equipment have to be shut down and they have to be reinstalled at the new location. So they have to be validated again. So we are trying to do this very, very slowly but it does have a little impact on the operational capacities, day to day capacity. So therefore the factors are more internal than external. On the food business. So, on the food side. Will it be right to say that? Was there a loss of business that can or will transfer to the next quarter or something like that? On those lines, will that be likely to look. At it. As of now I won't say there is a lot but even if it was there, it could be a temporary transfer because it's like a retail business now. If we are not available to give the report in three days then of course they will have to look for that testing service somewhere else. So that little chance, that little risk is there. But we have good relationships especially with our large customers. So there shouldn't be a long term impact of this. Okay. And on the pharma side, like to bring on the clinical piece and so clinical that we have recently started. So again, I think the momentum that. Will be one of the key. Sort of like the bump up in the revenue going forward that we can see on the quarterly basis. We have actually just begun the first trial. The first trial is going very well. So more projects have to be added and the efforts are on. The first few ones may not come one after the other in a very successive manner. There might be some gaps but it will pick up. One last question on bookkeeping. So in the balance sheet and the other financial liabilities there's an increase from 24 crores to 45 crores. So anything to read in those numbers? Can you refer to the exact liability? Other financial liabilities. So this is because of, you know, CapEx expenditure. So there are certain CapEx related vendors which were due payment, which were not due payment but, you know, which were accrued as a payment liability. So that was the exact reason. Okay, that's it. Thank you. Thank you. Our next question is from the line of Milan Shah from Urmil Research Consultancy. Please go ahead. Hello. Hello Mr. Milan. Yes sir, your line is unmuted. Please go ahead with your question. Okay. Congratulations for a great set of numbers. Madam, in opening notes. Sorry, the said presentation is uploaded on exchange and website. But there is no any presentation on. The right or BSE exchange. So look into matter because of English are going through and then after they're going to ask the question. So my request to and second question is what is the outlook of the business contained in this quarter's result? Can you please come again with the question? What is the content of export in? Current quarter business and a half year? So typically our export is in the range of 25%-30%. So this year there is this quarter also. There is no exception to that general percentage. Okay. And after. Third quarter, our expansion is on board. Then it is a chance to increase the export revenue. It has no direct connection between expansion and export revenue. So the typical trend has been around those numbers. It's a continuous endeavor to increase those numbers. Fortunately for us, India's market is also very strong. So we are able to drive good growth in both domestically and internationally. Okay, and electrical and electronics side we are going to expansion in this way or this is slowly we are going to add it. We have created a space to add one more EMI/EMC chamber. The chamber also is ordered but it has a long lead time. So we expect the installation of the new chamber to be done maybe around Q4 or early next year. Okay, thank you and good luck. Sir, as you speak I just cross-referenced the investor presentation. It got uploaded. Could you please recheck and have a look at it? So the line for Mr. Melan dropped. Okay, our next question is from the line of Vignesh Iyer from Sequent Investments. Please go ahead. Hello. Yes Mr. Vignesh, please go ahead. Sir, actually I think I missed the. Initial part of the call. So as per the understanding we are. Targeting to do INR 500 crores next year, is that correct? Yes, we want to at least reach the run rate of INR 500 crores in next year. And the new facility, should we expect the margins to be in the similar? Leadership in the pharma and the food. Segment, I think overall level, EBITDA margins. Yes. Yeah. Okay. That's it. Thank you. Thank you. A reminder to the participants that you may press star and one to ask a question. Our next question from line of Zaki Nasser, who's an individual investor, please go ahead. Hello. Yes, sir. Please go ahead with the question. Yes, ma'. Am. Congratulations to you and your team on the phenomenal set of numbers. Ma'am, I would want you to. Throw some light on this electronics testing? Facility which you are. Which one is on, and you have ordered for another one. How do you foresee this standing out? Over the next two to three? Thank you. The defense sector I think is getting a very good push in our country and we are sitting in the hub of defense component manufacturers. So the variety of systems that are coming to us for testing is actually adding month on month. So we are quite upbeat about it. Already our capacities have been utilized around 80%-85% so far. We are just gearing up for additional capacities because these have very long lead times. The chamber takes a long time to once you place an order, it takes a long time for it to be delivered and installed. Therefore, we are proactively creating additional capacities which should help us continue the growth even in the next years without any pause or slow down in revenues. And bookkeeping. Question, ma'am, the current revenues in the current quarter, would that exclude the. Division you sold to Thyrocare, ma'am? Am? Yes, sir. The numbers reported are exclusive of our diagnostics business, so the top line what we are mentioning of close to 85 crores, this doesn't include diagnostic business for the quarter. Thank you. Thank you and best wishes to you for the 500 crore figure. Thank you. Thank you. Thank you. Participants who wish to ask a question may press star one at this time. Participants who wish to ask a question may press star one at this time. Our next question is a follow-up question from the line of Pankit Gupta from Bamboo Capital. Please go ahead. Yeah, thanks for the opportunity. Can you talk about, you know, how the NFL lab is doing at JNPT and you know, any positive developments there? The sample loads at NFL have slightly better, and after that they are stabilized now. So there is no forecast like I said earlier on whether it would go up furthermore. So as of now it is better than what it was a couple of quarters before. So how much growth will that be? Let's say compared to a couple of quarters, will it be a significant growth? That will say yeah, that would probably be around 30%-40% increase in sample volume. Okay, okay, okay. Okay. Let's say how far are we from the numbers that we were expecting two, three years back when we started this lab? As of now, we are probably still 30%-40% away from what our expectation was. Okay. In terms of, you know, margins, we have seen improvement given the volume of that we have seen there. Yes. So the margin is a combination of economies of scale as well as, you know, exclusion of diagnostics business. I think he was asking about NFL. Okay. Okay, thank you. Thank you, next. Thank you. Our next question is from line of Dhuanil Desai from Turtle Capital. Please go ahead. Hi. Congratulations for very good setup numbers. Ma'am, just one question. I think you alluded to, you know, some conversations that you are having, you know, with some of the MNC players, you know, as a fallout of BIOSECURE Act now, you know, given that, you know, if some of these contracts materializes again when it rectifies, you know, is. There's a possibility that, you know, we. May run out of space even after expansion? Because, you know, that expansion, you know, we may have already kind of, you know, tied up the capacity for the existing businesses and the growth for that. So how do you look at that, you know, and is this a single? Conversation that we are having. there multiple conversations across three areas on the pharma side that we are having? So the relationship that I was talking about has already begun. And as in any relationship, especially with a global company, the ramp up is slow and steady. So that is what that is a phase that we are in, capacity wise. I am not concerned, at least for the next couple of years. We should be very comfortable in accommodating any requirements that such partners may have. And I also want to clarify that there is no direct correlation with the BIOSECURE Act and this partnership. This is not probably directly because of that. Understood. And, sir, madam, you can give some. More color on the preclinical side, the scale up and you know, how you are looking at things, how the pipeline is shaping up, you know, where do we see from here, how can we grow? Some more qualitative insights into that would be helpful. Pipeline, sir. Mainly I mean two segments that we spoke about which are for us to grow in the future. One is the pharma segment and the food segment. I am asking for three clinical part. Of it within pharma. The three segments that are poised for growth and what we are pursuing are the pharma segment, the food segment, and electrical and electronics segment. These are the three focus areas for us, and these are the three areas where there is traction globally. Coming to the pharma segment, preclinical is a part of the pharma segment, and preclinical is mainly driven, or the major opportunities for preclinical are in the countries where there's a lot of drug innovation going on, which is the Western world, the European markets, and the U.S. markets. We are equally placed in both these markets. A lot of efforts have been put over the last three, four years, and we are seeing good returns coming in from there. The clinical business again is; there's a lot of business which flows into India from the Western markets. Europe was a market where we were not very strong, but the efforts in the last two years have started yielding. We are making partnerships, we are making progress in these markets. So overall I think the pipelines are growing and the business outlook for the future is also very positive. Okay, thank you, and of course. Thank you. Our next question from the line of VP Rajesh from Banyan Capital. Please go ahead. I thank for the opportunity and congratulations on an excellent set of numbers. Just two, three questions. So one is on the partnership that you were earlier talking about. Are you starting to see aside from that, are you starting to see any conversations which are pertaining directly to the BIOSECURE Act in the U.S.? So the. Partnership we have been talking about is with one of the major U.S. innovator company and this partnership is not necessarily as on today directly hinting at the BIOSECURE Act, but it is mainly on the cost cutting measures taken by MNCs year on year where they are looking to find markets where they can offshore or send out some of the work which takes a lot of resources. So our initial talk, the initial discussions and initial work which is coming in is directly related to that and that is going to continue. The BIOSECURE Act is still, I think it is still yet to show much of an impact, but I'm pretty sure it's going to gradually shape up that way. Thank you for your answer, sir. The line for the participant seems to have disconnected. A reminder to the participants that you may press Star and one to ask a question. The line for the previous participant has reconnected. Mr. Rajesh, please go ahead with your question. Yeah, thanks. Sorry for that. So what I was trying to understand and I'm not sure if you already answered that, if you put that partnership aside, which you were saying is more related to cost cutting, are there any other conversations which are a direct result of BIOSECURE? That's what I was trying to understand. As of today, we don't see that in the market where companies are coming to India. But I think eventually it's going to happen. There are discussions of moving those manufacturing facilities out of China and I think there are some active discussions happening in the country, some of the major players. I think we will have more concrete understanding of that by the first quarter of next year. Understood, Understood. And my next question is, and I know ma'am doesn't like to talk about this, but directionally can we assume that 70% of the revenue in this quarter was from pharma? Yeah, close to that, yes. Okay, great. And then lastly on the guidance for next year, you know I heard two numbers. I heard 450 because you are taking the diagnostic out and I also heard you say the run rate of 125 crores in a quarter. So should, should I conclude that, you know, maybe in Q3, Q4 next year you are targeting to hit 125 crores of over of the run rate revenue. Is that the way to understand your comments? Yeah, that's the right understanding. Okay. All right, great. All the best. Thank you so much. Thank you. Thank you. Our next question is from the line of Vishal Manchanda from Systematix Institutional Equities. Please go ahead. Good afternoon and thanks for the opportunity. I have a question on the biosimilar business that you are trying to build. So would you be able to provide any color whether you have been able to win any contract there in terms of executing a trial or maybe the basic bioanalytical test in that line of the business? Yes, we have been doing pretty well in this segment of biosimilars and some of the other big molecule large molecule areas. This is an ongoing work. We have been doing it for quite some time on the preclinical space. But now, in the analytical and clinical. Space also we have contracts which we are executing now. So you mean you would be doing? A trial for a client on the biosimilar front you have a contract for that? We today have. I won't go into much specifics but yes, we are part of such contracts, clinical trial programs. Yes. Okay. And just one more fundamental question on the pharma analytics side. Just wanted to understand the driver of growth for the business. So is it, is it primarily the filings that companies do for their products in the US to support these filings they need analytical test and? Supports these. Companies on those analytical tests. Is that a driver or there are other drivers as well? For the pharma analytics business that is. Essentially the basic driver for any of the CROs, the outsourcing work to support these filings. But the other part of that same what you call driver is the complex products. So for the general products and all there are number of labs available. But for complex and more R and D support kind of work they rely on CROs of experience or CROs which have been with complex solutions, sorry solutions for the complex problems like. So that is the second part which is also fueling the growth. You started to get more complex work related to complex generics. Now. We are supporting a lot of those complex generic studies. Are these primarily Indian clients or the global innovative clients? Mix of both Indian clients, European, North American, Southeast Asia, but the common factor between all these companies are they are filing in regulated markets which could be North America, Europe, Japan. Got it. Thank you very much. That's something. Thank you Vishal. Thank you. Next is a follow-up question from the line of VP Rajesh from Banyan Capital. Please go ahead. Yeah, thanks for the follow up. So I wanted to just inquire about the transition that we were doing from the facility that you guys showed us during the investor day and obviously the capacity was very tight at that point in time. So if you could just comment about that. How's the transition of going into the new place etc is going on and? What is sort of the deadline as? To when that will get done? New facility is created to house food testing services and also to house preclinical services. So food has almost 90%. We have moved food from the existing facility to the new facility. Food also has multiple labs. We have the nutrition testing laboratory, we have the microbiology laboratory, and we have the residue trace analysis laboratory. So nutrition lab is fully migrated. The trace analysis lab is also almost migrated. The last one will be microbiology that we will be moving in this month or maybe till mid of next month. Preclinical we are yet to start shifting so that also we will initiate in the month of November and that will also be very gradual. And the reason we are doing it very gradually is because we do not want to impact our service to the customers. Got it. And I think you had also talked about putting up a second chamber for the electronics business. So any update on that? Yeah, so we have placed an order for the chamber. The delivery is expected late Q4 or early Q1. Okay. Okay. And then lastly on the CapEx side, you know, if you can just update us as to what's the plan for this year and what are you planning for the following year. So if we have to divide between the infrastructure addition as well as other than infrastructure, infrastructure we may incur close to INR 70 Cr in totality, which we expect it to be capitalized during quarter three, out of which majority was spent last year and this year also we are spending out of the overall budgeted allocation of INR 70 Cr. Other than that we can expect an increase between somewhere around INR 50 Cr, INR 50 Cr to INR 60 Cr, and we already incurred close to INR 30 Cr in the H1. Got it. Got it. Thank you. That's all. Thank you. Our next question is from the line of Milan Shah from Urmil Research Consultancy. Please go ahead. Hello. Hello. Yes, I want to know that we are going to inorganic expansion. So any plan to preferential or fundraising planning for this year or next year? As of now we don't have any thought in that direction. Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Thank you, Siddhant. I want to thank all the participants for joining us in the call today and also for all the good wishes that were shared with us. I wish to thank even Vishal and Systematix for hosting this call today. Thank you all. Bye bye. Good day. Thank you. On behalf of Systematix Institutional Equities. That concludes this conference. We thank you for joining us and you may now disconnect your lines. Thank you.