I now hand the conference over to Mr. Parth Patel from Orient Capital. Thank you, and over to you. Thank you very much. Q1 FY 25 earnings phone call. From the management side, we have Mr. Mangesh Chauhan, Managing Director and Chief Financial Officer, Mr. Jayesh Tangi from the finance team, and Ms. Nikita Jain, Company Secretary. I hope everyone had an opportunity to go through our investor deck and press release that we have uploaded on exchanges and the company's website. A short disclaimer I would like to mention before we begin the call. This call may contain some of the forward-looking statements, which are completely based upon our belief, opinions, and expectations as of today. These statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. With this, now I hand over the call to Mr. Mangesh Chauhan. Over to you, sir. Thank you, Parth. Good morning, everyone. Thank you for joining us today. As we discuss our Q1 2025 quarterly performance, as we look into our quarterly performance for Q1 2021, we have pleased to start the new financial year on a positive note. Sorry, Parth. The company reported yet another quarter of robust operation performance marked by improvement across multiple levels. This includes higher capacity utilization and turnover level, increased export exposure, use of technology in inventory management, and automation resulting in operational leverage. We feel has just started to get materialized with lot more potential leverage yet to contribute as we growth and achieve our goal in INR 6,300 crore by 2027. Coming to our robust Q1 numbers, revenue for the quarter stood at INR 723 crore, registering a growth of 92% year-on-year, 40% quarter-on-quarter. PAT stood at INR 21 crore, registering a remarkable growth of almost 100% for the second consecutive quarter in a row. Speaking about the industry, we operate, jewelry market is expanding at a robust rate of 15%-16% and expected to reach INR 145 billion by 2028. The overall jewelry sector has seen an approximate 8% revenue CAGR during FY 2019 - 2024, with the organized segment growing at much faster rate of 18%-19%. The organized market is expected to continue with robust pace and target of achieving 40%-43% of total market. This is driven as a result of multiple travelers in the industry, leading to such rapid growth, driven by rising disposable income, and improving mix for regular jewelry wear, enhanced product offering, such as design and diamond trust building through hallmarking and better buying experience at organized retail outlets. This, along with recent announcement by government to raise import duty, will have a long-lasting positive impact on the jewelry market in India. Reduction in import duties has lowered the overall cost of raw material, making it more affordable for the manufacturing to procure gold. The duty cuts have also had a positive impact on the market by making gold jewelry more accessible to a broader range of customers. With lower prices, demand has surged, promoting manufacturers to meet this growth demand by ramping up their production capacities. Additionally, the duty cut has elevated some of the financial pressures faced by the industry, allowing companies to invest more in innovation design and advanced manufacturing techniques. This has not only enhanced the quality of jewelry, but also improved efficiency in production processes. Overall, the duty cut has acted as a catalyst for the growth in the gold jewelry manufacturing sector, driving higher production volumes and faster, fostering a new, more dynamic and competitive market environment. This shift is gradually capturing a larger share from the unorganized sector, providing us with significant opportunity to drive volume growth. As Sky Gold, we are uniquely positioned to capitalize on this trend, especially as consumers increasingly prefer branded jewelry of high quality. Over the past three years, Sky Gold has strategically positioned itself as a leader in the jewelry manufacturing sector. With a strong focus on corporate partnership, currently 65% of business is derived from corporate clients, while the remaining 35% come from distributors. Our goal is to elevate our corporate business share to 100% over the next three years. Aligning with our mission to become a leading jewelry manufacturer, serving large retail chains in India. Our inventory primarily consists of products within INR 5,000-INR 1 lakh range, and with a smaller portion from INR 1 lakh-INR 2 lakh segment. We specialize in casting jewelry, offering a wide range of necklaces, bracelets, earrings, rings. Currently, casting jewelry accounts for about 35% of retail sales, presenting a substantial addressable market to us. In line with our vision, we had mentioned our previous earnings call that we have acquired two entities, Starmangalsutra Private Limited, Sparkling Chains Private Limited, are pro our and promoter own private. Even though both these entities are into jewelry manufacturing, the product portfolio is completely different from Sky Gold. These entities were kept separate since the design and manufacturing capabilities are different. However, considering our current long-term strategy, we have acquired the buy. As a promoter do not own any other entities. With our recent acquisition, the total addressable market will be and now risen to 65%. This means we can target more than two-third of offerings in the retail store. It also, cater, creates more, lot of more value for Sky Gold in front of its customers. We can now consider Sky Gold as a their preferred partner for jewelry across diversified product offering. Exports, which contributes 6% to our overall revenues in FY 2024, has done phenomenally well. For us in Q1 2025, the exports contributed 11% of the total revenue for the quarter, on a much wider base because of the robust increase in overall revenues as well. Catching the robust demand for Sky Gold products in the export market as well. With our strategic initiative, we initiated maintaining this figure to in FY 2025. Our pricing capability are unmatched, with 2,000 new designs being introduced monthly, ensuring exclusivity for our corporate clients. The ability to consistently deliver fresh, trendy designs has become a strong competitive advantage for Sky Gold. In Q1 2025, our volume turnover stood at 2,349 kgs per month, as compared to roughly 270 kg month in the previous quarter, and 200 kgs a month year ago for the same quarter. Our capacity utilization now stands at 30-45% of the including our acquisitions. Our consistent increase in turnover and export number highlights our capability to scale operations, strengthen our position in the gold jewelry market, both in India and globally. The recent integration of Star Mangalsutra and Sparkling Chains into Sky Gold is perfectly aligned with our growth strategy. This acquisition are expected to boost our margins through the synergies that bring the enterprise. By consolidating our operation, as mentioned, we are broadening our total addressable market and expanding our product presence in numerous retail outlets, which itself are expanding at a high, very higher rate. Our design and R&D team, comprising of more than 80 talented designers who focus on anticipating and setting trends on a monthly, quarterly, yearly basis. The relentless pursuit of innovation has enabled us to establish a solid foothold in the market. As we look forward to the future, we aim to expand our corporate client base. This shift in consumer preference towards branded jewelry and the government's favorable policies supporting organized retail have played a significant role in our growth. Over the past five years, we have concentrated on building our customer base. Our focus is on enhancing margins through value-added product, which have significantly improved our margins as we grow. In a competitive landscape, we differentiate ourselves through our expertise in casting jewelry, rapid inventory turnover, and robust corporate relations with some of them are now more than a decade. To support our growth ambitions, we are planning a fundraise of INR 270 crore, which will be utilized across the multiple parameters, effectively help the company to achieve the goal of INR 6,300 crore. In conclusion, Sky Gold Jewelry Manufacturers and Designer Limited is well on its way to becoming a leader jewelry manufacturer in India, with a growing global presence. Our strategy is clear, we are committed to capturing market share, delivering value to our corporate clients, and ensuring sustainable, profitable growth for our stakeholders. Now, I'll quickly discuss the Q1 25 financial performance before we open the floor for question and answer. The consolidated revenues for the current quarter stood at INR 723 crore versus INR 375 crore FY 2024, thus registering a growth o f 92%. The gross margin stood at 6.5% quarterly, volatility in gross margin due to product mix changes. Subsequently, we would be like to sustain the margins for 6.5% through the product mix and exports. EBITDA for the quarter was INR 37 crore compared to INR 18 crore Q1 25, showing a growth of 100% improvement in margins by 19 point basis, taking a EBITDA margin to 5.2% for the quarterly basis. VAT for the quarter stood at INR 21 crore as compared to INR 10 crore in 2021, INR 10.7 crore in 2021-2024, thus registering a year-on-year of 19%. With this, I would like to moderate to open the floor for question and answers. Thank you, sir. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets 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 Palash Kawale from Nuvama Wealth. Please go ahead. Yeah, sir. Thank you for the opportunity. Congratulations for the very good set of results. Thank you, sir. My first question is on volume. If I look at our volumes year-on-year, the volumes have grown by 75%. Since last four quarters, there has been an average sequential growth of 15% every quarter. Do you expect this 15% quarter-on-quarter growth to continue for the rest of the year? How do you see the volumes, average volumes for the full year? Already, I, we have done 270 kgs per month, last full year, and this quarter we have done 345 kg. It's a growth of approximately 25%-27%. We can, we, for the year, this year we are targeting is to keep up to 350-360 kg per month we will produce in this year. Okay, sir, thank you. Thank you for that. sir, given this high growth, how do you see your operating cash flow panning out? When do you expect to be cash flow positive? Cash flow positive, we are expecting after INR 5,000, when we reach INR 5,000 crore revenue in 2026 end, then we will start with generating cash flow, cash flow positive. Okay, sir. Sir, what was the inventory level, for the... after the Q1? it is INR 250 crore inventory was there. Last month, inventories were high because we had taken the debt in the March month only. Now, this year, this quarter, inventory is lower from the last quarter, and we our sales are also increased. Sir, our exports have shown a tremendous growth, contributing 11%. Do you see this 11% number sustaining for the whole year? Sir, we have already given the guidance in the last quarter that we, in this year, we will go up to 9%-10% from the exports. We'll sustain this growth of up to 9%-10%. This quarter is 11%, but 10% is sustainable for this year. Okay, sir. Sir, my last question is, what are your plans with utilizing the funds to grow to give a detailed answer around that? Yeah, we will be utilizing some of the funds in the growth, two subsidiaries. We have hired some 18-carat operational heads. Last year, we produced 97% of 22-carat and 3% of 18-carat. The market is expanding for 18-carat also. In India, it's about, 22-carat market was 99%. It is 95%. 5% 18-carat market also has grown. We will be using some of the funds in 18-carat inventory. We'll be using some funds in diamond jewelry, which we have started last year. In this quarter, we've done INR 5 crore sales of diamond jewelry, which was very lower. It started as a very lower level. We'll be investing in three, four segments to increase the margin also and create the volumes also. Okay, sir. Thank you. Thank you for your detailed answer. That's it from my side. Thank you. Next question is from the line of Yash Bajaj from Lucky Investments. Please go ahead. Yeah, thank you for the opportunity and good morning to you, and congratulations on the great set of numbers. Mm. Sir, my first question is, we have grown on a year-on-year basis, almost doubled. Our clients, I mean, the top four, five clients have grown on a relatively lower clip. What has led to this kind of growth? I mean, what are we doing in terms of growing faster than the industry? That's it. Yeah. We last August only, we were in an older facility. We were at 20,000-25,000 traffic facility. We came in August in a new facility of 80,000 capacity, which is largest of the Maharashtra. We have increased this facility from last two quarter, we were preparing, we were scaling this facility. We in the older facility, we were not taking orders much from the corporates because we were at 110% utilization. From August, September, we told them, they visited our facility, we told them, "We can produce more for you." We have improved our stake in the corporates. Already we were, like, one part gold, we were giving 7%, now we are at 9% of their purchase. Sales are coming from the existing corporates also. We have acquired mid corporate also, which are at 5-10 stores. We are going to be at 50 stores, 3-5 stores, which are going to be at 10-20 stores. Our sales are coming from all the mid, small and large corporates. Existing corporates have grown by 15%-20%. We have grown by 30% because we have increased our sales in this corporates. Our stakes are increased in this corporates. Yeah. Sir, like you said, that Malabar, we would be 9% of their purchase. Any similar number, if you can give for, suppose, the, I mean, the remaining three, like a ballpark number also, just to understand how much? Sure, sir. in the parent company, we are making casting jewelry. we, if in Kalyan Jewellers, we were at 5%, now we are at 7% of their casting jewelry, and can't give you more details because of some- Right. competitive reasons. Yeah. Got it. My second question is also, you have in the presentation given the capacity utilization number. Yes. Q4, which is per month. Q4 was 300 kilos, and Q1 is 349 kilos. Yes. That increase, 300 kg- 349 kg, is a 16%, a 15%, 20% increase in capacity. When it comes to sequential number, like a top line for Q4 and Q1, that has grown by 40%. INR 500 crores has grown to INR 720 crores. Yes. I mean, how should we look at this, sir? I mean, or you can just give us the volume number for these respective quarters, Q1 - Q4. Yeah, I think, I will give you the last year average. Last year average. Right. was 270 kg per year, per month, last year, for the whole year. Okay. this year quarter, we have made 345 kg. 270 kg. Correct. Yeah, yeah, that's 25%, really 6% from the volume load. Okay. Sir, my next question is on the GML loan. Did we see any benefit of GML loan this quarter? If not, then when do we see that coming? Yeah, yeah. Already, this quarter, we have shifted, so, we were using about 300 kg, that we were using 10% of GML. This quarter, we will be using approximately 30% of GML, and December quarter, 100% we will be using GML. Till December quarter, we will be at 100% GML, and this quarter, we can, we will be utilizing about 30%-40% of the rest in GML. Got it. My last question, sir, is that our recent acquisitions which we have made, when do we see that getting consolidated in our numbers? Because I think this quarter we haven't seen any of those numbers coming in. Pardon? Can you ask once again? No, recent acquisitions which we have made- Yeah. Already, we have, we are in the acquisition process. We... It will take some 10 days more, when it will be cycled immediately. It is a process of 1.5 months. In September month, you can see the some consolidation of one or two months result. The better clarity you can see in December quarter, the full results will be added in that. Yeah. Yeah, yeah. Got it, sir. Thank you so much, Mangesh sir, and all the best. Thank you. Thanks so much. Thank you very much. The next question is from the line of Vikrant Kashyap from Asian Markets Securities. Please go ahead. Sir, good morning, and congratulations on the very good set of numbers. Good morning, sir. Good morning. Thank you, sir. Good. Yeah. Sir, just on the client concentration, could you please highlight which are your top five clients and how much revenue you get from them? We have Malabar Gold & Diamonds is our largest client, which is topmost of the world, both seven services and seven Malabar Gold & Diamonds, Kalyan Jewellers, Senco Gold, Joyalukkas. These are our major clients. Kalyan Jewellers, GIA, other than that, all clients are also there. This blended business comes from all these five major clients. You are saying Tanishq is our client? No, Tanishq is not our client, sir. So any- Yeah, Tanishq. Yeah. I'm just trying to understand, since we have almost all of the big players, big domestic jewelers in our bucket, why we don't have able to crack Tanishq as our client? Before, you can see, we were at really, our facility was very small, of 20,000 sq ft. Mm-hmm. This was not eligible for Tanishq criteria. Mm-hmm. From August, we came into the new facility. Already we have many talks with the Tanishq. They have visited our facility, and our up-to-mark facility is up-to-mark to their requirements. Our products are up-to-mark to their requirement. It's all about the waiting process because it is a lengthy process with such a big company to onboard the clients. They have conveyed us that we have done all the process, but whenever the board decides and whenever the vendors are open for the casting, we are in the nearest number to be onboarded. Just we are waiting for that confirmation. Already, all process are already done. Okay, great. Wish you best of luck for that. Second question on the mix of gold and studded diamond. We have been growing in the both segment. Do you see the mix changing towards the studded diamonds or it is likely to remain same? How do you see the trend going ahead? No, gold, studded. About real diamond, you are telling? Gold studded, yeah. Yeah, gold studded. About the, you are talking about real diamond or studded with cubic zirconia? No, no, I'm talking about real diamond. Okay, okay. No, gold has a major, upper hand in the market. Always, gold will be- Mm-hmm. The major upper hand. We are working on increasing share of diamond jewelry also, because we have started diamond jewelry in last two quarters only, which will result in gross margin, more gross margin. Gold, I can say is always upper hand. Diamond jewelry share is stronger in the market. Mm-hmm. Okay, no, in the mix of the industry. Yeah. I understand almost 20%, demand is for diamond studded average. Yeah, yeah. We have just started this business, we can improve our margin based on the mix, improvement in the mix. Yeah, yeah. Here, I am trying to understand, since you have given a target of INR 6,300 crore of within 2027, do we see improvement in the mix which will result in the improvement in margin? Though we have a strong margin, no, I don't doubt on that. Yeah. I'm just trying to understand, do we have further leverage to improve that? Yeah, 100%, because we have just started the diamond jewelry. We are into gold jewelry 100%, so we have a gap of 10, taking the discount to 10%-20% of our whole turnover. We understand the industry is moving towards studded products also. We are also working in that direction. Our mix will change, we don't want to have category-wise growth. Okay. Yeah. 100% we are conscious of diamond jewelry. means that we are seeing latent demand, and it will take some time for us to shift the mix. That is why- Yes, it will take four quarters. I think we are on the right way, we have already started, in four quarters, diamond jewelry sales will come to 10%-15% of our turnover. Okay. Sir, also in the- Help me, help us to improve our margin. Yeah. Great, great. I understand you have leverage for the margin from operating mix also and from the operating leverage also, since we have to scale up our utilization levels. My next question pertaining to the duty cut on budget. You highlighted the benefits of that. How much impact you are seeing on your inventory that you were carrying on the date of announcement? I request the participant to wait for a moment. The management phone has got disconnected. Just give me a moment, I'll connect them again. Hello. Is now online. Sir, please go ahead. Sorry, can you repeat the question, sir? I was asking you on the date of the announcement of budget on the duty cut. Yes. You had, must have some inventory, where you are taking gold loan, gold metal loan, et cetera. Okay. Do you have any impact on your inventory that is going to come in the next quarters? Nothing, because we, our inventory is totally hedged, in the MCX, so we don't have any impact of any rise also or any fall also on the inventory. Budget duty does not impact on your inventory. You have structural gains? Yeah, yeah, totally, limits are hedging in the MCX. Okay, great. Thank you once for answering my question. This is best of luck, sir. Thank you very much. The next question is from the line of Prerana Amana from Amana Capital. Please go ahead. C ongratulations on a very good, great set of numbers! I have two questions. The first one is: I understand you have a revenue guidance of INR 6,300 grow by 5.7%, and you are on track to achieve it. What is the revenue guidance for this year, that is, the end of this year? You are also on track to achieve the PAT margin of 3.5% by the end of this year, I believe. Do you want to increase the guidance, you know, this 3.5% of PAT margin to anything else further? About the revenue guidance, already we have given INR 2,700 crore from the parent company and INR 500-INR 600 crore from the subsidiaries, both the subsidiaries. This phase will come from I think mid-August in this company. INR 3,300-INR 3,400 crore revenue growth we have targeted this year. About the PAT margins, I think it will be approximately 3.5% in March, because we are going to gold metal loans, we don't want to increase the PAT margin, we'll sustain that margin till the March, we'll reach 3.5%. Okay, sir. The next question is regarding the gold metal loan. I believe you already answered it, but how much percentage did you use of GML in this quarter, that is, Q1 FY 25? In September quarter, we will be using 30%-35% limit, about INR 100 crore GML, in September quarter, and December quarter, 100% utilization will be there of GML. Okay, sir. Thank you so much. Thank you so much. Thank you very much. The next question is from the line of Bharat Gianani from Moneycontrol. Please go ahead. Yes, sir, good morning, and congratulations for a great set of numbers and good guidance. Just my question was, like, so this, again, only, because of the question may be, in fact, many of the jewelry retailers indicate..., margins pressure because of the inventory. I just wanted to, you earlier said that we would not have any impact. Is it that you have, you know, kind of a fixed price of the gold which you are going to manufacture and supply to your clients? That is why you will not have any impact, like, can you explain why you not have any impact because of the duty cut, which has resulted in inventory loss? 100%, because it's a process that we follow. We have our hedging team, our pricing team. Whenever in our industry, I will explain you properly, that whenever the orders comes over industry, if Mangal Gold has given 20 kg orders to us, so we, under, at the time of order, the rates are not fixed with the consumers. We buy bullion from the bank or licensed importer. We sell it in the MCX to produce the order. When the order is ready for dispatch, we fix the price with the consumer, and we hedge it against in the MCX, so reverse the impact. Our selling price, everything is hedged in the MCX, so there is no impact of inventory. Most of our clients, which, who are large corporates are following the same process. About the small retailers or another retailer, I don't know, they have impact or no impact, I don't know. Whichever, our clients also are there, are large corporate, they follow all the same process which we are following. Okay. I'll Okay, fine. The second question is on this INR 270 crore kind of and fundraise that you have announced. Sir, what will be the utilization of that? If you can break it up, like, how much will be for inventory? How much will be for spending on R&D or how much you would if you can highlight that. If any capacity utilization, and obviously you have shifted to a very new facility. Just wanted to understand what exactly is the, you know, INR 270 crore utilization, if you can split by function, like, of broad assumption, not the exact. Yeah, I will not give you the perfect figure, but we will invest some of the part in the when we are ready, we'll some of the part in the two subsidiary to grow them more like Sky Gold. Some of the part will be used for 18-carat. We have hired some new operations head for 18-carat. I already told in some of one question of that 18-carat we are growing very much, so we are investing in 18-carat also. In diamond jewelry also we'll invest some of the part. Some part we will be keeping for the R&D we are doing for the U.S. a product, which we are making, we are planning for in two quarters to export to U.S. Some corporates are there in the U.S. This is in the R&D phase, we'll be investing that also. Profile segment, new segment, we are investing in that. Okay. new segment will be, when we say 18-carat and diamond jewelry, that is the new product introduction, right? Yeah, yeah. Okay. Got it, sir. Thanks. All the best. Thank you. Thank you very much. The next question is from the line of Vivek Kumar from Luna Capital. Please go ahead. Yeah, hi, can you hear me? Yes, tell me, sir. Hi, sir. First, thanks for the opportunity, congratulations on a super-duper number this quarter. It's very heartening to see that you are on the track to reach where you have guided to reach. Just one query I had around that. We are talking about roughly anywhere from 2.5x -3x more utilization over the next 1.5, two years. Just wanted to understand your strategy about is it more towards increasing the wallet share, or is it about more towards adding more customer, what is your, how are you going about it? If I can just follow that up with another question, is what are different constraints you may see or foresee in achieving these large volume application numbers? Thank you. Yeah, we are already increasing our export market. We are increasing our customers in Dubai, Singapore, Malaysia. We are working with jeweler jewelry in Dubai, Singapore, Mustafa Jewellery. Many corporate from Malaysia also joining our joining hands with us, which have 5-10 store, which are equivalent to 50 stores or it's a largest stores. Industry is also growing. Our organized market is shifting to organized. The unorganized market is shifting on this, organized market share is increasing very high, we gain share from that also. We are increasing our new customers. As I said, the mid-corporate customers, we are increasing, which have 5-10 store, which are not in line in this market right now. We are seeing that this will be in two years. You'll see that names, which are we going to 50-100 stores. Some 3-5 stores, which have very small corporates, we are planning to go to 10-15 stores. This will be like Malabar, Kalyan, Senco. Many more 5-10 companies are coming ahead in the market, so we are on board there also. We are increasing our volume share of small and mid-corporate also. Large corporates are already there in our pocket, so they are, their mark, in them, we are supplying. Our percentage is increasing our supply. All from these three, our sales is coming, and we are increasing exports also in Dubai, Singapore, and Malaysia. That's a fantastic service. If you can just answer the other part of it. Yeah. What are the different constraints you may foresee in achieving such a high growth? Like, will it be in terms of resources, manpower, working capital? What are the different challenges you may foresee? Already we are in a convenient position with the working capital and the funds, we have good funds in our company. There will be no concern of the manpower is every time available in Mumbai because it's very favorable for the favorable city for the workers to come up. There is no concern in reaching. I think when if your products are up to mark, you are very much clear on the product, which we are launching every month. We are launching every month 2,000 designs. This August also, we had an exhibition in Goregaon, and there was so much tremendous response overall in the jewelry market because of the duty cut and all. If you are up to mark to your designs or the design you are working on, it is what we are launching in every quarter. After 12 months, what will be changing in the generation, what will be, trends is shifting where, and we are reading it, and properly we are launching the product. There is no concern for the manufacturer, I think. Sure, sir. Thank you. Thank you so much for your answer, and wishing you all the best for the future. Thank you. Thank you very much. The next question is from the line of Digesh Mehta from the Narrowburg. Please go ahead. Yes, sir. Good morning, sir. Good morning, good morning, sir. Hello. Good morning, sir. I just wanted to understand, there is a slide number 23 in your presentation, which shows your sub-brands, like Veena, Kimora, Sky9 and all. How do we deal with such kind of brands, sir? Where do we deal it, sir? Yeah, we exhibit every quarter in India with GJC, and we display our brands. This helps the corporates to identify which how many segments we have in casting jewelry, so how many products lines we have. So this one, this brand is for our corporate clients, which our client is not for retail. This brings us, yeah, differently for the corporate, they can identify which is brand we have, which we deal in, and this is the line of products we have. This is not also on the distributor side also, right? It for distribution also, yeah. No, I'm saying, we don't deal with such kind of brands, even with the distributors also, I think. It's only for purely corporates. Yeah, corporates. Corporates, yeah. Second thing, sir, just wanted to understand the two exhibitions which we have done right now. I understand that we are taking a funding decision for the same, and we are going to deploy either through working capital or either for the growth plans for the same. Sir, can you just help us to understand the numbers? What I understand is around INR 350 crore of the top line, both of the brands are generating right now. Yeah, yeah. Yeah. Yeah. What is the scalability we can expect from both of these brands going forward in next two years, sir? We have, both have capacity up to go up to INR 1,200-INR 1,300 crore in two years. Already last year, both entities did INR 370 crore for sorry, last year. This year we can make it INR 600-INR 700 crore from the both the entity. sir, what kind of margins- We are giving guidance to together for INR 6,000 crore and INR 5,000 crore from the parent company and INR 1,300 crore from the both company, subsidiary company. Margins more or less will be the same, right? Margins are basically Sky Gold in both the entity, but we have much scope in both the entity to work on. We'll start working from 15 August, and then we create more fancy products from different different type of change, different valuable product, which where we can create more margins. Okay. Okay. Okay. Thanks a lot, sir. Thanks a lot. Thank you. Next question is from the line of Dipanju Soman from Satava Ventures. Please go ahead. H i, sir. Congratulations for super performance. Sir, I just wanted to share with you what kind of the volume growth we are looking on a quarter-on-quarter basis from here. 345 kg we have already done. In our standalone business, should we look at 5%-6% kind of quarter-on-quarter volume growth from here for coming three quarters? We've sustained approximately whole year, this will be 30kg, 50 kg annually. I can give you annually guidance. We'll be up to 350 kg, 360 kg. Year and then 10 kg-15 kg for the each quarter. Annually we'll come up to 350 kg-360 kg. With the upcoming marriage season, et cetera, it's a strong marriage season this year, so are the orders already in place or you are going to receive further higher orders, which is for October, November? I just wanted to understand the ordering cycle. Is it three months before, one month before? What kind of ordering cycle is there? Already, we have ordering cycle of 30-45 days. Basically, these are very confidential. We can't give much on this, but we have a cycle of 30-45 days. Second thing, sir, on this, say, per kg realization price of, say, gold, which because of this tax cut, et cetera, is your realization per kg, is there a chance that if the gold price comes down, what has happened? Is there a chance that there's the realization price can come down, and if so, can it impact the gross margin? Not much, because really, they have reduced the 10% margins duties. And prices are about 7%-8% down, so there is not much difference in the on our labor cycle. I'm very good, sir. Sir, also in your press series, we saw that you are going ahead with new regional head hiring and also hiring people on the export side. Any color you want to say that how these guys are joining and how much contribution from when can these contributions will start to come in? Yeah, already we have hired 18 trade operations, and we have hired 22 trade operations at last assessment before we have development hired. We are now hired our international sales, and also he will be joining from September. He will also add in our margin center revenue, as and when he will join. We'll give guidance in next quarter when he will join, but he's joining from next month, yeah. Okay, sir. Thank you and all the best. Yeah. Thank you, sir. Thank you so much. Thank you. Ladies and gentlemen, before we take the next question, I would like to remind the participants that you may press Star and One to ask a question. The next question will be from the line of Manan Mandor from Wallfort PMS. Please go ahead. Thank you so much for the opportunity and, congratulations on the numbers, sir. Thank you, sir. Sir, I had two, three questions. I wanted to understand that, are we planning to get into other new geographies, or are we planning to, you know, which existing geographies we have, are we going to, like, penetrate more or like what we are going to do? No, we are basically concentrated in corporates only. We with large, medium, and small corporates, we're not going into much single detail stores. We are much concentrated into corporates. We're planning to grow more in export corporates also, whichever have 50, 100 or 250 stores in exports. We'll be joining hands with them also, but our main focus is on corporates only. Yeah. Yes, so like, geographies, like, let's say, like, you know, other countries, so we are. Yeah. Already in a few countries, so more countries, I'm asking. Yeah, we are into R&D. Already we are into, we are into a R&D phase. We are developing a product for U.S., USA. It will take some two quarters, and we are planning to enter into US market. Okay, sir. Have we added any clients in this quarter, like any e-export client or Indian clients? Yes, three more new clients, we have added in this quarter, yeah. Okay. Another one last question that, do we have, like, a particular criteria that they should have so many stores, only then we can, you know, go and, you know, approach them to, so that we can be their, you know, distributor, something like that? Do we have, like, a certain criteria? Every customer is important to us, we like to join hands with, which have at least 3-5 stores, which have the, which we can give sales up to yearly at least INR 30 crore-INR 50 crore or something. We can't serve the small retailers who will take yearly INR 1 crore or INR 2 crore products because they have small capacity. We are into it that some corporate minimum criteria is 3-5 stores they should have, and they should take INR 22, INR 30 crore, or INR 50 crore sales yearly. Okay, understood. Thank you so much. That's it from my side. Thank you. The next question is from the line of Bharat Gianani from Moneycontrol Pro. Please go ahead. Thanks for the opportunity once again. You have just one clarification, sir. FY 2027, you have given a revenue guidance of INR 6,300 crores. Just wanted to check what would be the revenue target for Sky Gold standalone and the two subsidiaries that is there. Can you call them bit about that? Yes. For Sky Gold, we have already given INR 5,000 crore revenue to 2027 March, and for the subsidiaries, INR 1,300 crore. The consolidation will be INR 6,300 crore. Okay, okay. Sir, the subsidiary margin, PAT margin is, currently, I mean, what PAT margin the subsidiary is making, and, what is the target? Only it's, we last last year, the subsidiary, we had a 2% PAT margin. Now, this year we are expecting that PAT margin from them also 2.5%-3% in this year. We'll be treating them like Sky Gold. They have a capacity to grow like Sky Gold, and we'll be putting efforts and putting some funds also in their inventory, and we can bring them also to the Sky Gold level. Okay. Okay. Okay, sir. Thank you very much. Thank you. The next question is from the line of Ash, who's an individual investor. Please go ahead. Hi. Thank you for the opportunity. I have some questions around the GML. You said that GML will be 100% by December. Will it have an impact on the finance cost? Right now, if I look at the finance cost from March to June, it is almost double. Will it have impact on the finance cost as well? 100%. We had risen the debt in the last quarter, the March quarter. That's why finance cost risen. GML will help us to reduce 0.5% of the sales, which 0.5% PAT will be improved because of the GML. That will help us improve 0.5%. All right. In terms of, say, top 10 customers, I think last year it was like, top 10 customers contributed 75% of the revenue. What does that number look today like? Top 10 customers contribute how much% approximately as revenue? The total corporate total mid-large is more corporate is 65%-70%. Large ten contributed approximately 40% or something. All right. Okay. Thank you, sir. Thank you very much. The next question is from the line of Varun from EVK. Please go ahead. Hi. Thanks for taking my question. I'm sorry I joined the call late. It's already been answered. Maybe, you know, sorry for repetition. There are two questions. One is, I want a quarter-on-quarter basis. The employee cost and the other expenses have gone down. Any reason behind that? about, gone down, about the...? The quarter, on quarter on quarter basis, other expenses and employee expenses have gone down. Yes. It has reduced, so. Just, I have to see on that. I'll skip that question because I don't have data on that. I will avail you that. Sorry for that, not answering that. Yeah. Sure. Okay. And, sir, till last quarter, I remember in the, you know, the For fundraising, your plan was that no more fundraising is required, and we are self-sufficient right now. Suddenly, now this has come up. What is the plan for the utilization of this? Before that, we have not acquired that more entity. When we saw, said that no funders required, but we acquired two more entities, so we can fuel them. We have started two more divisions. 18-carat, we are scaling up. 18-carat, we were very low, so we are putting funds in 18-carat also, and we have started diamond jewelry also from last quarter. We have four segment to invest in. Already we have funded 22-carat. We don't need funds for 22-carat, which is our core. We are expanding our funds in 18-carat, diamond jewelry, and two more subsidiaries of Mangalsutra and chains. That's why we are going to fundraise. Okay. What is the preferential route? I mean, what way, where are we thinking of? Is it like QIP or a preferential allotment or, I mean, any? We have a rights issue? What are we planning for this? Maybe combination of both. As and when required, we'll inform the exchange, everybody. Tentatively, by when you expect it to happen? Sir, these are, we will inform as and when required to the exchange and all of you, so. Okay. Okay. Okay. You know, is there, because we were reading for other, you know, retailers, jewelry retailers, there is a significant increase of the gold jewelry demand because of a reduction in prices. Have you also starting feeling or getting some trends whereby there is a significant increase, or it is just like the way that you expected it to be a normal growth, or it is a certain spark that has happened? No, no, it's extraordinary growth we are seeing because, right where we were in the exhibition from 9th August, I just came today. Today also, exhibition is going on. I think historic, consume, buying is there in the, in the total historic booking is there. The clients, retail clients are saying that we have seen so much demand, it's like 2008. Only 2008, some this type of demand has come, domestic demand has come. That type of demand we are seeing in the exhibition. We, in the exhibition, we don't have a space to so and so for the consumer, it's fully packed. I think this is a great response. The Nirmala Sitharaman has taken a really historic decision. Never any government has reduced the import duty. This is a master stroke for unobvious market. Got it. One last thing. We were targeting one of the largest, you know, retail chain in the country. Also, you know, is there any further progress on that? Already I have answered this question that we have already done all the process. They have visited twice our facility, products also are shown. In this exhibition also, we showed the products. It's a matter of time when they open the doors for the vendors, and they have a process when to onboard a vendor for the casting jewelry. We are very much on the high numbers to be onboarded. As a, you know, general industry trend or someone like them, is it they are primarily outsourcing or they have their in-house facilities also to produce? Major corporates are outsourcing because outsourcing is a good choice for them. Titan also outsourcing 70%-80% from outside. Malabar Gold, Kalyan Jewellers, everybody is. Malabar Gold is producing 10%-15% inside, but major all are outsourcing 100%, more from the manufacturers. Barring us, I mean, if we say that they from this industry size of outsourcing and top 10 manufacturers or to contract manufacturers, where do you think we will stand in an overall country perspective? In, there are many segments in the jewelry. In the gold jewelry, although we are Parent Company, as I give example of a Sky Gold, Parent Company is at, I think second, our competitor, Anral Jewelry, is at first. He is doing 6,000 gold per year. Per year, we are running on track to achieve 2,700 gold. We are about second in the casting jewelry. There are many segments, different, in the mangalsutra and chains we have acquired. We are at, I think, eight or nine. At the Parent Company, we are the second for the casting jewelry. Why I'm asking you, see, someone like Titan is not part of us, and they are the market leaders, and we being on the second, is it like they don't procure that kind of this jewelry or 18-carat too much? Is it like because of that? Because how they will operate is majority is outsourcing, we are not. As well is supplying to them, they don't procure, it's not about that, it's about the timing and Titan takes every vendor 1.5 years to onboard. Already we have from last two years, we are in talks with them. Titan is not about that their product is good, we are creating 10% margin on that, and we'll onboard that. What we are doing for them, like what is about their facility and all. Already they have done the R&D for our company as we are getting the information. We, our facility was very small to reach them. Now we are very much eligible for them. It's just a matter of time, sir. Okay. Done, done. Thank you so much, sir. Thank you. Thank you very much. The next question will be from the line of Amit Akecha from HDFC Hava and Company. Please go ahead. Good morning, sir. Thank you for giving me the opportunity. Congratulations for a good set of numbers. My question was with respect to capacity, total capacity that we have, and how much can we increase after the consolidation of these subsidiaries? Already, in parent company, I told we have put in the PPD also, that we have 750 kg per month capacity, and subsidiaries put together, we have 300 kgs per month capacity. Both together can go up to 250 kg per month, and yearly, 12 tons we can produce. We have produced 3 tons only in the last year, we have a higher road to go ahead. At present, like we are working on 350 per kg per month, right? Yeah, in the parent company. That comes to roughly 30%-40% utilization. Yeah, 40%-45%. Any plans or the strategies of the companies to, like, come to, like, 80%-90% capacity utilization? Any timings? Yeah, 2027, we have already told you in a PPD, we will be at 100% utilization. Thank you, Pankaj. Thank you. Thank you very much. Thank you so much, ma'am. Can we conclude this or? Yes, sir. Ladies and gentlemen, that was the last question for today in the interest of time. I would now like to hand the conference over to the management for closing comments. Thank you everyone for joining us. I hope we have been able to answer all the queries. In case you require any further business, you may please contact our for Orient Capital, our investor relation partners. Thank you so much. Thank you for being a part of our Sky Gold journey. Thank you so much. Thank you very much. On behalf of Sky Gold Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.