...This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. The statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Today, from the management side, we have with us Mr. Vimal Kumar, Managing Director, Mr. Surendra Sai, Head of Strategy and Overseas, and Mr. Vikas Jain, Chief Financial Officer. I would now like to hand over the call to Mr. Vimal Kumar for his opening remarks. Thank you, and over to you, sir. Yeah, thank you. Good afternoon, everyone. Welcoming everyone to the earnings call for our second quarter and half year financial performance. Let me begin talking about the industry landscape. This year, India's monsoon rainfall has been the highest since twenty twenty. With above average rainfall for three consecutive months, this has helped the country recover from last year's poor rainfall situation. In India, a good annual monsoon is very important for the farmers, for our industry as well. A good monsoon provides nearly 70% of the water needed to irrigate farms and fill up the reservoirs. A good monsoon supports our $3.7 trillion economy. However, the above average rainfall that happened in September was due to a delayed monsoon withdrawal, and that caused damage to some summer-sown crops like rice, cotton, soybean, corn, and pulses in some areas. On a positive note, India's water reservoirs has seen a significant boost with 155 reservoirs at 88% of total capacity. This is 14% above normal levels. The water storage situation in the western and southern region of India, including Gujarat, Maharashtra, Karnataka, Madhya Pradesh, Andhra Pradesh, Telangana, has been particularly good, with above 90% of reservoirs being full. This is encouraging for our agricultural landscape, and we are expecting a good Rabi season, upcoming season, Rabi season. Coming to our company and the second quarter of this financial year, I'm happy to report a strong performance driven by our strategic focus and market knowledge. Our strategic focus in R&D and growing our brand business is helping us in making the best of farmer brand. Our three core pillar are innovation, products, and farmer. We know this will drive a sustainable and profitable growth for Best Agrolife. We have been investing in developing patented products for our farmer and working on backward integration of technicals as well as intermediates. During the first half of the year, we secured three key patents for our innovative formulations. We aim to establish leadership in the patented crop protection segment. Our branded product continue to perform exceptionally well across regions, driving overall revenue growth. As a result of these efforts, we saw an improvement in profitability, with our gross margins expanding from 26% to 34% year on year. Looking ahead, we are enthusiastic about our robust product pipeline for the upcoming quarters. In the third quarter, we plan to launch our patented herbicide, Shot Down, along with a new insecticide. Additionally, we have two more innovative insecticides scheduled for release in Q4, which will further enhance our product portfolio and strengthen our market competitiveness. Thank you, and I now invite Mr. Vikas Jain, our CFO, to address the financial performance for the quarter ended Q2 and H1 FY 2025. Thank you. Thank you, Mr. Vimalji, and good afternoon, everyone. Coming to our financial performance, our revenue from operations for Q2 FY 2025 stood at INR 747 crores, compared to INR 811 crores in Q2 of FY 2024. Although seasonal conditions were generally more favorable compared to last year, some regions experienced excessive and continuous rainfall, which resulted in fewer crops produced. The decline was primarily due to strategic focus on building the branded business and lower institutional sales. Our focus on strengthening our branded business is yielding positive results, so our branded business is now accounting for 65% of our overall revenue. Branded sales have grown by more than 15% this year. In Q2 FY 2025, notably, branded has experienced a volume growth of 35%. From this 35%, 24% was attributed to newly launched products and 11% from our existing offerings. The growth was offset by a price variance of 20%, primarily resulting from reduction in prices for products such as CTPR, Pymetrozine, and others. On the other hand, institutional sales saw a decline of 41%, with a 26% reduction in volume and a 15% decrease in prices. This decline is largely due to price reductions, combined with our strategic shift from institutional sales to branded products. Several generic products sold last year are being slowly deprioritized. Institutional sales, which was hitherto focused on generics, is on the downward trend now. Our subsidiary company that we acquired last year, Sudarshan, contributed to INR 213 crores in H1 FY 2025, as against full year sales of INR 242 crores in FY 2024. This revenue reflects a 74% growth on quarter-on-quarter basis. In terms of profitability, our Q2 FY 2025 EBITDA, excluding other income, was around INR 147 crore, enhancing the EBITDA margin to around 19%. The increase in margins was account of stability in raw material prices and higher sales of branded products. The Q2 FY 2025 PAT stood at INR 95 crore, and PAT margins stood at 13%. Talking about H1 FY 2025, revenue from operations stood at INR 1,266 crore as compared to INR 1,423 crore in H1 FY 2024. EBITDA stood at INR 202 crore with a margin of 16%. PAT is 116 crore with a PAT margin of 9%. Our OpEx for Q on Q is higher due to consolidation of Sudarshan, which was acquired in March 2024. We have made significant progress in strengthening our balance sheet. Our debt-to-equity ratio has improved to 0.59 as of September thirtieth, 2024, compared to 0.90 on March thirty-first, 2024. As we expect a good Rabi season, we expect a significant improvement in our working capital as well. Additionally, we have completely liquidated high-cost inventory. We have seen a significant improvement in the cash flows from operating activities, rising from INR 5 crores in H1 FY twenty-four to INR 125 crores in H1 FY twenty-five. We are expecting an in-principle approval for the preferential allotment and will be hoping to complete the preferential allotment, and 25% payment will be received within 15 days of receipt of all regulatory approvals. I now hand over to Mr. Sai to speak for further business updates. Thank you, Mr. Vikasji. Good afternoon, everyone. Thank you for joining us here today. As Mr. Vimalji shared, during the first half, we have received three patents for our important products. One of the patents is for our novel ternary synergistic insecticide formulation that combines isoprothiolane, pymetrozine, and trifloxystrobin. We have also received a binary patent for a novel synergistic fungicide that combines the technical trifloxystrobin and valifenalate. This, these will be released as products in due course. Our third patent is for our released product, which is a synergistic insecticide formulation, Nemagen. This is a combination of CTPR, novaluron, and emamectin. This product is designed to handle multiple pest infestations in different crops. It is a one-shot solution for most of Lepidoptera pests and sucking/chewing pests. This product has been well accepted by the farmers, and we look forward to doing INR 100 crores plus business in this full year of induction itself. These recent patent approvals highlight our commitment to innovation and our focus on developing effective solutions for the agricultural industry. With our focus on product innovation, R&D, and technology, combined with expanding our brand presence, we're well positioned to capitalize on the opportunities in the agrochemical market and drive a profitable and sustainable growth going forward. We continue to build upon our robust pipeline of patents. We intend to release at least two to three new products per year. This year, we have incorporated a subsidiary in China as a strategic decision. This subsidiary will be focused on developing deeper cooperation with our suppliers and increasing our collaboration for R&D in newer technical and intermediates. We continue to work on registration for products in large markets such as Brazil, Australia, and other geographies. We will be aligning our first registration with the newer products we developed. This is all from our end. We are now opening the floor for Q&A session. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use hands free while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Balakrishnan from Axon Investment Management. Please go ahead. Good afternoon, sir. My first question is related to the search that was conducted by Income Tax Department. Is there any update on the final conclusion of the proceedings, or what is our assessment of the outcome of the proceedings? ...asking for the income tax. Income tax, we have fully updated with the proceedings, and as of now, we don't have any extra demand, whatever level regular, we are paying that on time always, that is our advance tax and everything. And according to us, there is no demand we are expecting for this income tax. No extra demand, I mean. Okay. With regard to your full year guidance for the current year, in terms of revenue, so do you expect to achieve the full year guidance for the revenue, considering that we have two quarters which were either flat or lower than last year? And the prime quarters, the two main quarters in which we do business has already been, you know, they are flat. Yeah, Mr. Balakrishnan. Yeah, you are asking about the third quarter and fourth quarter. Correct? Yes. Yeah, the third quarter and fourth quarter, of course, last year was very weak, of course, last year financial year. But this year, we have planned such a way, and you can see our second quarter, growth from first quarter, it is, there is a good growth. But if you talk about the number, revenue number, that is lesser than last year. That because of, because, you know, we were expecting 20% at least, growth in the second quarter or first quarter also. That we have planned in such a way of the sales in B2C, because major hit was B2C in the third quarter and fourth quarter. So we have taken the good provision, for that also. That's why you can see the number of around INR 740 crore, INR 746 crore, which was expected, maybe INR 900 crore. Moreover, last year, third quarter, was badly hit, but this year, as in my commentary also, I said, because of the delayed season and, the third quarter, mainly we have, you know, November, December and January, these all months are for the Rabi. And if you talk about the October, because the season has delayed, so our October month is also going very well, and, we are expecting very good number if we compare to... There is no comparison from last year. We are expecting very good number in this, coming third quarter and fourth quarter. Third quarter which is running and the fourth quarter. The last question is related to QIP. When do we expect to receive the funds? I mean, when are we expecting to conclude the filing and all the stuff? You are talking about the preferential, which we have done? Yes, yes. With QIP. Yeah, that is not QIP, that preferential we have done. We did the last month. Of course, that is approved by our general board meeting in annual general meeting. That is already approved in end of September. So first week we have applied to the authorities, and hopefully within November, we will get all that amount, which is prescribed there, like 25% or whatever. Once we get the approval, after that we will get that money into the company. That's it from my side. Thank you. Thank you. Thank you, Mr. Balakrishnan. Thank you. The next question is from the line of Raj from Arjav Partners. Please go ahead. Hello, am I audible? Yeah. Yeah, Mr. Raj. I wanted to ask on the preferential allotment. So overall, you are expecting to raise around INR 189 crores, right? It is INR 200 crore. Around INR 200 crores. Okay, okay. And hello? Yeah, yeah. Please, Mr. Raj. You are expecting to raise around INR 200 crores, right? Yeah, it is complete INR 200 crore. All right, and how are you planning to utilize these funds? Mostly, we are expanding our backward integration as technical and intermediate. In that, we are giving almost INR 80-90 crore, and the balance we will use for the working capital. All right. So working capital will be around INR 110 crores then? Yeah, yeah, INR 110 crore, INR 120 crore, and 80-90 crores, which will go in our expansion of the backward integration. All right. Okay. I wanted to understand. You had mentioned that in Q2 FY 2025, you had earlier planned to do sales of around INR 900 crores, right? And instead of that number, you achieved INR 746 crores. Why is it so? Just because of the, I told you, you know, because the in the second quarter, that is pushed because of the rain, because there was a heavy rain in the full quarter, so some pushed sale in the November-October only. So that it will reflect in the third quarter. Just that pushed in the fifteen days, so whatever the sales need to be happened by thirty September, it will come, it will reflect in the month of October, I mean the third quarter only. All right, understood. And sir, I wanted to know your full year guidance for FY 2025 and FY 2026. Yeah, earlier also we have given that guidance. That is, of course, that is, we have given 15% at least growth we will get, but we are expecting more than that because our Rabi season, we can see it is good and we can get easily. We can say the full year to 16% EBITDA and at least 16% EBITDA we will get in the full year. And if you talk about the top line, revenue, that will be also more than INR 2,000 crore. For FY 2025, right? And for FY 2026? The 26, we are expecting 20% growth in the top line. And about the EBITDA margins, any, guidance you would like to give? EBITDA margin will improve. You can see that drastically there is a change in the second quarter, from 26% to 34%. If you see last year, the second quarter it was 26%. Now it is 34%, the gross margin. So of course, the gross margin will increase because our focus is on always on our proprietary molecule, either in our patented molecule that we are focusing. So by this way, it will increase year on year, quarter to quarter and year on year. Okay, so how much is our gross margin? More business in with the B2C also. All right. So how much is the gross margin on the B2C side compared to institutional sales? Yeah, B2B and B2C, that is depend on the product to product, which product we are selling. But in a general, if you talk about the B2C margin is, near about, gross margin, we can say 45% or 40%. And where our B2B business, we talk about, that will come around 20%-25%. 20%-22%, okay. No, 20%-25%, it depend on the product to product. Okay. Some product are 30%, some product are 20%. So we can say, conservatively, that is 20%-25%, and B2C, we are getting 40%-45%. Now, this year it will be happen because, our so many product we have launched this year, which are patent, so this will, this will also increase, you know, year on year. Understood. And just how much is the gross margin on the patented products? No, I'm giving you the average, but some of the product, like, we have some of product where we have even 70% of margin also there, if you talk about gross margin, and some of the 30%, it depend, you know, because whenever we go to the market, we have to see the farmer need and farmer how much farmer can spend. Either we are replacing farmer you know mindset from other group to our product. Then we have to see how is it comfortable to farmer pricing, we have to see. Accordingly, we get the margins. So it is not decided by directly on the product. That has to decide on the field how the farmer is getting alternate products. So we have to keep that way, the pricing. That's why it fluctuates. Otherwise, that is our patented molecule. We can take a big margin also, but we always keep in mind that we have really, you know, we have to really see the farmer benefit also, how they are getting benefits from our products. That's why sometimes it is 70%, sometimes it is 50%, and sometimes it is 30% also. Understood. All right. Product. How much CapEx are we expecting to do for FY 2025 and FY 2026? Uh, CapEx. Initially, we are planning to do, as Vimalji mentioned, INR 80-90 crores from the preferential allotment, and then there is future growth planning as well, but that we'll consider once we start this one and complete this project. All right. And how much time it will take for us to complete the CapEx of INR 90 crores? Right, so this particular CapEx for the INR 90 crores is going abroad in, you know, multiple phases. There is a phase one that we are doing it on a priority basis, and the phase two, which will consume the large amount of the CapEx, which is the INR 80-90 crores. We will be completing it, you know, at least in, you know, before the year. So I would say, you know, in six to nine months, because we are sort of well used to the art of creating a technical plant at a, you know, rapid pace. So we know how to be able to build technical plants at a good pace. So I would say within two to three quarters, we will be able to complete the plant. Two to three quarters. So you are expecting the CapEx to come on stream by around quarter one and- Yeah, yeah. FY twenty-six. Yeah, next year, quarter one to quarter two, around that timeframe. Because after the plant completion, there would be trials and other things for the new molecule. So it, that takes at least around, one to two quarters to stabilize. Stabilize. Okay. So it is a greenfield CapEx? No, this will be a brownfield. It's a brownfield CapEx. All right. Okay, sir. Thank you. All the best. Thank you. Thank you. Thank you very much. Thank you. The next question is from the line of Preet Nagshet from Wealthsmith Advisors. Please go ahead. Yes, hi. So I think, the question that I had, was, do you still see any negative impact of rain? Because there are still some parts of the country that are receiving rain even in October. So how does that impact your projections for the quarter four? You're talking about the excess rain? That's correct. Okay, okay. No, of course, there is some part where somewhere... Because, you know, if you talk about the southern region, it is already, it is always delay. Delay means, you know, the first season comes for us is the North India, then it goes to Central India, and then it goes to the Southern India, if you talk about the Kharif crops. What you're talking about some rains are there, there is no impact at all. Because there was very heavy rainfalls, which was in the second quarter. I mean, the north in second quarter, which started from June end, and then it is till September it was. So that will give even good impact on the land because, you know, when the rains comes, it goes, you know, to the deep in the land. So it will give always good impact when there is a I would say the rain is not like some of the big you know like a flooding situation and all that. This is not anywhere that kind of situation in any part of the country. So there is no negative impact. Of course, negative was some delay in the season, that was there, and some negativity we can say some area because that time has lapsed, so some area already they don't you know in my commentary also I said, you know, there was no sowing. So that we can say. Otherwise, overall, it will be give a really good boost, to the everywhere in our industry also as well as agriculture. What is the impact on the Chinese dumping that was very strong and prevalent? Has that kind of reduced or stabilized, or what's the update on that and prices of products? Yeah. Now I can say because, in the last two quarters also, even now last four quarter, I would say in the last one year, there was a thing, you know, we can say there is a China dumping and this and that, but right now we can say it is stabilized. Because, once, any of the factory in China, they are under the cost when they are producing, so they have to stop, because under the cost, they cannot survive. So now I would say the situation is there, where prices have fallen down a lot, and now the situation is that the factory has to stop, because they cannot run at that level. So I would say now the situation is stable from last two months, and it will be stable because it is almost the lowest cost for the intermediate and the chemicals, which we use in agrochemical, I mean. Right. So you, you're guiding for at least 15% or more, top line guidance for FY 2025, right? Yeah. Now, if that is what you are saying, then it will mean that your top line should at least cross 2,100 crores for the full year. Yeah. Right? Because INR 1,873 crores is what you had done for last year. Now, that means that at least in the next two quarters, a total INR 800 crore plus worth of business has to come for you to- Yes. Get to those numbers. So, that would mean getting kind of numbers that you've never, ever done in the history of the organization. Because Q3 is generally better, is not as bad, but Q4 generally is obviously going to be the weakest. So how do you see generating that kind of revenue in Q3 and Q4? Definitely, as you said, you know, it is around 1800 crore, which is very easy because, you know, we are outcoming from the generic products, and mostly we are selling our, you know, specialty molecule and patented only. But we have new product. One is herbicide, which is Shot Down. That is in the particular segment of soybean and the groundnut. That is the, that is the best one of the molecule and is a new chemistry. No one has that molecule in the, as a, as a chemical also not introduced by any company that is that Shot Down, Haloxyfop, that is not even in the market as of now. So, you know, that segment is itself, it is more than 2000 crores. So very easily, this INR 800 crores we can still achieve. That is not a problem. But always we conservative side said, you know, that we will grow more than INR 2,000 crores this year, but definitely it will give us, you know, 15% we can achieve, more than INR 2,100 crores. The other question that I had was regarding the herbicide usage. Is it true that the utilization of herbicide is going to keep on increasing as a pattern? Is that something you see? What's your take on that? No, it is general statement everybody gives, like, because herbicide is confirmed sale, and when rain is good, so herbicide is more for sure. Mm. Because that is with the rains. When rains is more, so herbicide usage is more. But insecticide as well is the same, and fungicide also is the same. Like, we are a struggling chemistry, we are working from last many years, so many problems we have, so that will also boost up. And also we have herbicide in our pipeline and in our basket also already. So there is true that herbicide sales, we say sometimes it is confirmed sales, and sometimes insecticide sale, we don't say it is confirmed sale till, you know, sometime pressed and according to the segment, sometime it go 10% up and down. But herbicide, sometime we say when we plan, you know, like INR 500 crores, so definitely we will achieve INR 500 crores. This is the only difference we can say. Not much difference we can say, like I said earlier. Understood. Thank you so much, sir, and wishing you all the best. Thank you. Thank you, Mr. Pradeep. Thank you. The next question is from the line of Ankur Kumar from Alpha Capital. Please go ahead. Hello, sir. Thank you for taking my question, and congrats for the improved numbers. Sir, I wanted to ask regarding the same question, the INR 800 crore in second half. So is it like the season is much better, and we don't expect any comeback of sales also? Because last year, I think that also hurt us in the second half. So... And in terms of bottom line also, do we as in last year, we had losses in the last two quarters. So how should we look at bottom line also, sir? Yeah, definitely, Mr. Ankur. That your question is relevant because last year, everybody has seen third quarter and fourth quarter as a Best Agrolife. It was negative. So it was, you know, for us also it was a learning because, once we place and it get returned, some percentage, and it was our more than provision. So this year, in conservative, we have taken the good provision for that, which is provision is more than last year. But again, provision is more, but the expectation is less to return back, because return back is not that much, because we can see now we have a good system of SAP, which is again this year only, because that we have started from first of April. So we can see the liquidation from the dealer distributor end and each of our territory involved in each of this SAP. So we can see the liquidation is very good, so we are not expecting a big return. Even, even the provision which we have taken, now we can say there will be a growth in certain fourth quarter because of the less return, according to provision even. Got it, sir. And sir, since first half is our seasonally strong period, so in terms of FY 2026, the next year, how are we preparing to have a good, good numbers in that time? Yeah, because, you know, any of the product, because we are working on the new chemistry, new molecule, when we are talking about the new chemistry, new molecule, any of the molecule, when we start, that, of course, in one year we cannot create that market. If you talk about, our product, which is, our, you know, Ronfen, that is a brand name, that we have started in, two thousand twenty-three, then 2022 exactly, but it was half year before. So first year sale was around, you know, INR 100 crore. Second year sale was around INR 200 crore. So this year, I mean, this financial year, we will cross, more than INR 270 crore. If you talk about that kind of number, because any of the product, either it is a very good product for the farmer, very unique product, still it has some time to create its own market, and farmer mindset. So each year it will grow, because our product, which we are launching, that we are not launching 100%, which we have patent, we are launching, which is really commercial viable and also benefited to Indian farmers. Then that product we are launching and, that we can show them what benefit they are getting out of it. Less carbon load, product, because there is a one example I would say, like, any product, if there is a 50% of the AI, and we are giving that same product, same efficacy and the same, in the 25%. That creates a really good value for the farmer. But farmer only will believe when, once they use, and the first year use always will be less of any good product, and second year will be high, third year will be high. So, and each year we are again launching our at least two to three products, which is, in the different segments, either herbicide, fungicide or insecticide. So if you see in that way, it is confirmed, I can say that, financial year 2026 will be a really good year, and, again, the coming year will be again very, very good. Because we have changed our entire selling pattern. It was earlier our B2B and was generic. Now, slowly, slowly, each year, we will be a fully brand company to be B2C company, by FY 2027. It will be 100% sales by our two, both of the brand, Sudarshan and the Best Agrolife. Got it, sir. So that we can, we are very confident about that, yeah. Yeah, got it. Yes. Thank you. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Dishika Rathod from Bhairavi Finserv Consultancy. Please go ahead. Hello, sir, am I audible? Yeah, yeah. I have just one question. So your receivables have gone up a lot. Can you comment on that, please? Yeah, receivable. Yeah. Yeah, please. Yeah, so receivables are in line with what we sold in last four months. So the receivables, if you take the revenue and if you add 18% GST, so more or less, we are close to that kind of receivables. So otherwise, there's no receivables which are pretty old. So mostly these are all coming from the recent season. Okay, sir. Thank you. Thank you. Thank you. The next question is from the line of Saket Kapoor from Kapoor and Company. Please go ahead. Yeah. Namaskar, Vimal ji and team, Vikas ji and Sai sir. Thank you for this opportunity. Sir, firstly, would like to congratulate the team to come up with the result very early in the first twenty days of the ensuing quarter. So we hope that this practice will not be a one-off, and we would be adhering to these good standard of corporate governance where good company, many companies, are looking how investors can benefit with results also being declared within a fortnight. So firstly, I hope that we continue with this exercise and it is not a one-off. Secondly, sir, if you could give us some understanding on the sales return part, the number for the second quarter and also for the first half? Yes, Mr. Saket, thank you. Thank you very much that you give your encouragement, and definitely we will try our best and to give result in you know in the third quarter and fourth quarter also. We will keep trying and we always trying to give our you know stakeholders to give the comfort with the results dates and you know with our results also. Definitely because of the third and fourth quarter last year was not so good, so we have this year planned in such a way, our system has strong and like SAP is giving us really good thing you know because the earlier we have to merge the number, we have to take the number, now everything is ready. So that is the one of the example which we have given the result earlier. That is one of the thing. And, if we talk about, question was... Yes. Yeah, yeah, which Mr. Ankur also asked the same question. So I have the same reply, because this year season is good and our product we are chasing, you know, liquidation as dealer distributor level also as our particular TSM level also, so and provision is also there. So I don't think so that will give even third quarter and fourth quarter, you know, the provision is higher according to us, which liquidation we can see as of now. So there will be no big surprise in that side. But of course, it can be a little surprise in the positive side, because when there is no return, which we are provisioning, again, it can give us the good results for third and fourth quarter. So we can expect the reversal, that is. The provision which we have made, we can write back the provision. That is what you are suggesting? Exactly. Exactly, Mr. Saket. Sir, what commentary I heard you in during the AGM and now today also, it seems that we are transitioning into a different Best Agro altogether than what the company was. And now with the steps which you alluded in your opening remarks also with SAP implementation and also now our taking inroads in the southern market. So, if you could just explain to us in some more brief detail what is this transition journey currently which gives you the confidence that things would look very different than what the company used to be earlier? As you very well mentioned about FY twenty- not only for FY 2025, but also now you are giving numbers for FY 2026. So if you could just explain to us what gives you that confidence? And also in the southern market, I think the last time during the quarter one, you did mention that we have done lot of work wherein we will be capturing lot of market or we will be having our presence in the southern market. And I think so Q3 and Q4 are very relevant markets, very relevant periods for these markets. So if you could just dwell how what are our preparations and how are things going likely to be? Thank you for the question. Regarding the transformation, yes, certainly, you know, the last two, three years has been a change in how we have been operating, what is our strategy been, what we would like to make, and what we would like to sell, and the transformation has not been based on the last two, three years, it has been based on multiple years of effort. In terms of our R&D getting to a mature level, where we are able to get patents, where we are able to get the registration for the new patented formulation, and we are able to create a whole infrastructure which is agile enough to take care of the various geographies, right from the north to south, east to west, and be able to deliver a good product to the farmers. This transformation is a little different from any other agrochemical company. I can say that. I can say that with a lot of confidence. While we work on the patents, we have been able to transform these patents into products, and we have been able to make these products successful in the market. It is a difficult challenge to be able to introduce a new product, get the farmer acceptance, to be able to do INR 50 crores to INR 100 crores, you know, even more than that, in the first year of introduction of launch. This transformation has also helped us understand that we need to be able to reduce our B2B business, which was obviously giving us a lower margin than the B2C business. The B2C business has also been effective in helping us to make a brand presence, and that is, the farmer is now able to understand that there is a brand which is called as Best, and which provides new patented formulations which are effective on the field. That said, the whole pan-India distribution mechanism, which is digitally now linked with SAP, is also an important factor in our operational efficiency. There were certain learnings that we had from the last year, which was in terms of increase in terms of our returns, which was also the reason for that was the fact that, you know, there was our ability to understand the market demand and requirements. Those things have been put in place to the extent that we are now much more confident about what is the channel inventory and how much has been the channel liquidation. That said, your second part of your question was on the southern market. We traditionally were strong in the northern part of the Indian belt, and to some extent, the central belt. We had a presence in Gujarat, Maharashtra, Madhya Pradesh, Haryana, Punjab, whereas our presence in the southern market was a little bit on the weaker side. Today, I can say confidently, we have a good, strong presence in Andhra, Telangana. And, with the completion of the, you know, the southern market, which is a very important part of the Indian geography and the market, we hope to be able to have that complete pan-India presence. And this is very necessary for as the years go by and we introduce one molecule, two molecules, three molecules, patented formulation per year, this will help us to be able to become, I would say confidently, a very good brand in India. I hope I answered this question. So sir, the confidence which you are alluding for quarter three and quarter four to be good, posting good numbers, is on our penetration in the southern market and better understanding of how things are in the southern market. That will all attribute to growth, that is what you are alluding to? Yeah, that is in addition to that, some season has pushed because of the rains. Again, I'm mentioning that, October is also going well, so that is also one of the reason, adding to what you said. Okay. Sir, and about the international market, if you could just give an understanding, where are things in terms of the developing our registration process in the different geographies of the world? And what kind of numbers can we expect in terms of revenue from the international market, sir, if some color you'll be giving? Thank you for the question. The international business market development has been going on for the, I would say, the last year. So we had a good number of registration in international market, but some of these registrations were for older molecules and older formulations. We see that, you know, the opportunity for good margins and for good growth as well is under pressure from Chinese competition, and that is where we have been creating a strategy for the international markets also to be working on newer molecules, newer chemistry, which is one of which is the Strobilurin chemistry. And we are also, one of the questions which I was asked earlier was on the herbicide segment, which is something that we will be doing in terms of developing a market for herbicides and developing a production facility for herbicides also. We are also working on trying to get a little bit more into the bulk, formulations and other things for our patented molecules. These things will take a little bit of time, because registration process in many countries is an extended effort, which could anywhere between one year to two years, three years. And if you look at the Brazilian market, it could potentially go up to six years. So this is something that is a work in progress. The expertise that we have been able to gather in the Indian geography in terms of being able to market our newer products and value that newer products bring to the farmers, we would like to be able to replicate that across the world. The last part of the answer would be that being competitive with respect vis-a-vis China is an important factor in our whole international strategy, and we are actively working on that. The development of our China subsidiary is a step in the same direction, where we are looking at collaborative R&D to be able to, you know, explore international markets. We hope to be able to develop India as a manufacturing base where we can produce and be able to develop products, fungicides and herbicides, to some extended patented formulations for the international market at a price which is very competitive, possibly the, you know, the best possible price in the world. So those are some of the three areas that we're working on. Sir, a small point on the inventory. We have closing inventory of INR 873 crores for September. So can you provide the split between herbicide, fungicide and insecticide in percentage term in terms of the closing inventory? Yeah, actually, if we talk about the herbicide, because the more major, which is 873, you're talking about is a major inventory, which we have. We are selling, in fact, now in the third quarter, because again, I mentioned that October is, you know, pushed from the second quarter sale, which we are doing in October. So that is also the inventory in the insecticide segment and the fungicide. And again, herbicide, which we are preparing our new formulations and the Rabi season. So that is our inventory, which will be end of the year, like March 2025, you will see there will be significant changes in the inventory level. Okay. No, sir. Currently, I can't provide the mix. I don't have it in front of me, but approx, I can tell you which can be number minus or plus. But I can tell you majorly INR 300 crore of insecticide, and I can say the total INR 200 crore can be the fungicide and the other will be the herbicide, like the balance. It will be approximate number, because I don't have exact- Right. number in front of me. Right. Like this, yeah. Q3 sales would be majorly for herbicide as a product, which we are doing for the Rabi crop. That is the major sales proportion will be there. Mm-hmm. Generally, it is like this only what you are saying. Generally, it is like this only, but this year have some changes because of the Kharif season. The Kharif season also will give us the insecticide and fungicide sales also, and the herbicide as well as herbicide is there already, because third quarter majorly is for herbicide, as you said. Correctly you said. One small observation, sir. If we could state our numbers in terms of lakhs or crores, that would be more sufficient than reporting in millions. That is a small suggestion. Also in terms of the investor presentation that got uploaded today morning at eleven, if we could work out with uploading the same in a few hours after posting the result, that would provide us some more time to go through your investor presentation. These are meant for us only to go through. So only two-hour time is there, and this is a busy earnings season. So we would request the management and the IR team to take note of these two points also. And if it's a deliberate way, then kindly look into the implementation of the same. Thank you for the suggestions, Mr. Jaget, and definitely we will work on it. And from next time we will give it at the time of the result also. Thank you for your suggestions. Thank you, sir. I will join the call and listen to their reply. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Ram Tavva, an individual investor. Please go ahead. Yeah, hi. Thank you for the opportunity. So I know that these patented products, you've been claiming as game changer products from now and as well as the future. But I want to understand how is the feedback from the farmers on the effectiveness and the efficiency of these products? Except for Ronfen, the rest of the present products, major have been launched, this quarter, this half year. Right, I want to know how is the feedback from the farmers. In fact, feedback with the numbers, you can see because the feedback is very good, not only Ronfen, there is one product, Tricolor, and we believe this Tricolor, one year will be the number. I'm talking about the number, and the products all are great products. I'm talking about the numbers. If you talk about the number of the Tricolor and the Warden Extra, it will be bigger than Ronfen. I'm telling you because the fungicide segment is bigger, you know, the crops are more for these products. But again, because the these products like Tricolor, Warden Extra, these are, you know, the first year we have Ronfen. So this is now, this year we will reach up to INR 270 crore. The Tricolor, if you talk about, this is again, second year, so we are only at the level of hundred and twenty-two crore. But one day we believe, because that product is so great and multi-crops, so this will be bigger than the Ronfen. If you talk about the number, so you can assess, because these numbers is not so easy for any of the product in the country. If any product, any new chemistry, any new thing, it will take much, much time to develop that product. But the product, if you don't have, you know, the right efficacy, right, you know, if not the benefits of farmers, so definitely we cannot get this kind of number. If you talk about, you know, the growth of the patented molecules in our, you know, in Q2 even, that has grown up to 38%. That is our PPT also you can see, which we have uploaded there. So that is 38% approach we have, you know, the patented product in branded sale. So if you see, that number is not easy. 100 crore, any molecule in India, you can count on, because there is no that such big market you cannot. So that is in the second year, if we are a 100 plus crore. So you can assume that will be go up to 200, 50 crore, 300 crore each product. So that without efficacy, without result, it is impossible. Farmer is very smart because for farmer, this cost is not only the cost of bottle. To the farmer, the cost is as a percentage per hectare or per acre, I would say, so per acre, what the cost is approximate for the pesticide seed, and if you talk about a fertilizer, that is the only, you know, input cost for the farmer, so they are very smart. Whenever they get the benefits from any product, then only they will use, and this kind of number we can get. Okay. But I remember a couple of years back when you launched Ronfen, that you'd be achieving around INR 800 crore numbers starting Ronfen in the next coming two years or so. But now we are lagging behind in a significant way of just INR 270 crore after two years launch. So is this a pattern that this will slowly grow, or there's something we are missing or there's some inflection point that is still pending over this? Yeah, I'm sure there may be some communication gap because I don't remember we have said somewhere this 800 crore. It is 8,000 crore we have said already, always. And 8,000 crore means the Ronfen, in which segment we are giving in the second best, that is 8,000 crore rupees of segment where we are using Ronfen product. That was the commentary which I, Yeah, INR 8,000 crores. I remember you mentioned 10% was the market share in the next couple of years. Yeah. Definitely, it can be definitely 800 crore. There is no doubt, but it will take some longer time. It cannot be 1 year or 2 year. Because any of the product, if you've seen in insecticide, I would say the name, because that is our product also, CTPR. So that product in first year itself was maybe not even they are able to sell the, the company not able to sell even 20 crore. But after 15 years, the product they were selling, it was INR 2,800 crore, the single product in the country. So that is the example there. So it will take some time, because first year there is a 10 crore sale, and after 15 years, the sale is INR 2,800 crore. So always we are ambitious about our product, but definitely, the 10% you are talking about, INR 800 crore, also hopefully we will get in any of the year, but it will take some longer time, of course. When do you get the feedback pertaining to these newly the newly launched patent products this half year, like Nemagen, Warden Extra? From the field, how when will you get the feedback on the efficacy and the efficiency? Again, I will say you, because we have number of patent, but which we introduce to the market only which have really really commercially viable to the farmer, to the company also, we have good profit. We take that, you know, advantage only with that commercially, which is viable product to the farmer. So Warden Extra or Nemagen, they're fantastic products, which we are getting the feedback from the market itself in the first year. Even Nemagen, we have launched just a few months back, like two months back, and in two months we are getting more than 50 crore of sale of Nemagen. So we are expecting this year, if we can close 100 crore, that will be big achievement for the Nemagen kind of product. Because that is again, CTPR there in our commentary, because you, you remember, my maybe, earlier commentary. So you have also seen, I have always given the, like CTPR, we are not focusing only on the CTPR, but for the combination we are talking about. So that is a Nemagen, one of the example, where CTPR, Novaluron, and the third molecule. So there is a combination of, CTPR, which are upcoming, not this one only, more also in the pipeline. So definitely, Nemagen, this year, we are targeting, like INR 100 crore, and hopefully we will get that, but it was little delay in the registration, so if not, but, next year it will be very big product. Nemagen also will be very big product. Okay. So without Sudarshan Farm Chemicals numbers, I reckon the Best Agrolife numbers would be less than the last year because Sudarshan Farm Chemicals itself they recorded INR 240 crores odd in the H1. So it means that without Sudarshan Farm Chemicals, we are running negative in terms of top line as well as bottom line. Yeah, but with the Best Agrolife products? No, that's not the case. So Sudarshan Farm Chemicals, last year was like a third party and we were supplying to them. So some part of our sales was going as an institutional business to Sudarshan Farm. But this year, because we are consolidating it, it is like our own entity. So it's not that last year was low and suddenly this year entire situation is there. So last year we were selling it as an institutional sales to Sudarshan Farm. Okay. And are we anticipating any more patented products this year? I know first half, you already launched three products. So any more in the next six months? Yeah, yeah. That I already mentioned in my commentary also. There is one herbicide which is Shot Down. That is also coming in the third quarter. But third quarter only have few sales for the Shot Down, but in fourth quarter, you can see the result for this Shot Down also. That already we got the registration last month, I mean this month, October, we already got that Shot Down, and that we will start selling in third quarter. And more two product which I cannot announce right now, but that product also in the pipeline, which we will quarter four and quarter one of the next year, financial year, we will launch. Quarter one and quarter four of the- You can say, yeah, quarter three, one product, and quarter four and, quarter one again, will be two, one product. So three product, which is, upcoming in the coming month. Got it. Yeah. Thank you. That's all from my side. Thank you. The next question is from the line of M. Hemant, an individual investor. Please go ahead. Hi, sir. Good afternoon. My first question is related to this B2C business. We have done around INR 800 crores in H1. With the help of SAP, are you getting any number, how much of this INR 800 crores was already consumed by farmers? How much consumed by the farmer, that is your question, Mr. Hemant? Yes, yes. Out of this INR 800 crores till date. Of course, we have some data from the dealer distributors and our managers, but really, I cannot say how much used by our daily farmer, because farmer use one bottle, so I cannot say the real number of the farmers. But definitely, we can assess and we can give an idea, mostly sales, how much sales is the liquidation, completely is liquidation. Because what we think, you know, when farmer buy any product, which is liquidation only, because farmer doesn't give any return to any distributor or dealer. That is what we know. So we cannot say the farmer sale, we always think it is a end sale for the any other company. What is the farmer sale out of this INR 800 crores? No, you are talking about the inventory of the dealer and distributors. Yes. Yeah, that is that I can say that mostly sales. Again, I am repeating the same thing, mostly sale has happened, and there is not much because we have taken, suppose, provision of INR 100 crore for the return from the dealer and distributor. So that we can say that is not even INR 10 crore we will get. As of now, that is the situation, but as a number, conservative number, we always keep that provision. Okay. Sir, and whatever product portfolio we have for herbicides, so, do we have any products that are high margin, which will be sold in Q3 and Q4? That is again, Shot Down. Last year also, we have a long pyroxasulfone, and we have given to some MNCs company. This year again, we are giving. So that sale will be in third and fourth quarter. yroxasulfone is one of the herbicide, which is a wheat herbicide, which is the user, that is particularly whead segment. And if you talk about the soybean, groundnut, that all four we are upcoming with our patented molecule, that is Shot Down. Okay, okay. So to achieve this 400 up to INR 450 crores of revenues per quarter, maybe for next two quarters, if we compare it with last year, I know the season is very good this year, but subsequently, prices were down maybe 20%-25% for most of the formulations. So is it really possible for us to do more than 100% volume growth in Q3 and Q4? So then only we can achieve this INR 450 number. Yes, Mr. Hemant, your question is itself the answer for a company like Best Agrolife, because you're talking about the, you know, the price is reducing for the generic, not for the specialty molecule. That is in our hand only. Because we calculate as per acre or per hectare, which goes to farmers, not as chemical prices. The chemical prices come, that is benefit to company like us, because we are selling our proprietary molecule, not the generics. So that you can say for generic, there is a problem, but if you talk about the specialty molecule, there is not a problem. Even it is a benefit to the company who are doing specialty molecules. So even this, more than 100% volume growth is possible? 100%. 100%. So it is not, which is easy to achieve. It is easy to achieve. Okay. Sir, and in terms of this Ronfen and Kubex Power, this combination is go-to product in our region for chili crops majorly. So are we planning to get any patent on the technical that is there in Kubex Power? Kubex Power, that product we will launch in the next financial year, I hope quarter two. That will be better than Kubex Power. Patented product or, Patented. It will be patented, product to the best. Okay, okay. Because most of the farmers, they are having this Kubex Power for red flies. The feedback is also good for this product. When- Yeah, yeah. It is in combination with- Cubax Power is, our Cubax Power also have very good technology for formulation, and that is also going not only that, this one, and also going for the black grapes also, which is very big problem for the chili, especially chili farmer in southern region. So that we are, coming with a very good solution, effective solution, and no one has that kind of good solution in the country. That will, we will launch in second quarter of next year. Second quarter of next year, okay. Sir, and how many patented products we are planning to launch in next two to three years? Two to three year, if you are talking about, as of now, if you talk about the commercial sale, we majorly only have five products, which this year we have, we are selling. If you talk about last year, there were three products. If till now you would talk about, we have five products, but, in the pipeline, we have three products, which is again, very good in quarter four, quarter three, quarter one of next year. So I can say two to three product, at least minimum three product, I would say each year we have in the plan. But definitely, I cannot say it is a three product or four product because it depend on the, how we get the patent and how, fast we can the registration, it depend on that. If you talk about those pipeline, pipeline is very strong. We have, as of now, if you talk about the applicant of the patent and registration, that is more than hundred product which we have. But we have to select which product for which segment we have to launch. That way we are working on. Sir, when you say two to three products per year, is it the patented products or total overall products? No, only patented, because you're questioning- Only patented will be two to three per year for the coming years. Yes, yes. Sir, and majorly in the market, what I am seeing, if you see the product like Ronfen, if you see the technicals inside the Ronfen formulation, those are generic technicals. So because of that, we are having high competitions from products like SLR 525, Osheen. So do you have any plans to launch patented products with some specialty technicals or patented technicals? Yes, let me come to the point, because Ronfen you have correctly said, there is diafenthiuron, there is pyriproxyfen, and dinotefuran. Dinotefuran, again, there is a chemistry, which is a new chemistry, which is in the Ronfen. If you talk about Tricolor, that is a trifloxystrobin, which is again, new chemistry. Nobody has launched this product in India, except one MNC, which is the biggest MNC in India. They have this product, and after that, we are the in that chemistry. And no, the third company as of now in this chemistry, and we, as we can see, the pipeline coming five year, nobody can come because of some registration reason, and because anybody has to come with a new registered of this product. Because of which product we have registered, that is patented to us. That is again, new. If you talk about Warden Extra, again, there is a trifloxystrobin. If you talk about Nemagen, there is a CTPR, novaluron, that is again, not very, I would say. And Defender, again, there is a pyriproxyfen, which is again, new chemistry. So of course, Ronfen, out of three, there is a two, which you can say you have correctly said there is a product which is available in the market, but third one, third one also available, of course, dinotefuran is also available, but, I would say the specialty molecule, out of that. But in other product, we are, we also have in our mind that that should be one or two product in each combination should be specialty molecule out of it. Thank you, Hemant, for your question. Ladies and gentlemen, we'll take this as the last question. I now hand the conference over to Mr. Vimal Kumar for closing comments. Yeah, thank you. Thank you, and, thank you, everyone. We remain committed to leveraging on our product innovation, investing in R&D and technology, enhancing our brand presence while maintaining strong financial discipline to drive sustainable and profitable growth in the coming quarters. If you have any query, further query, please feel free to contact with our investor relation team. Thanks for your questions and, thanks for, your support. Thanks you all the participating today. Thank you. Thank you. On behalf of Best Agrolife Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.