Ladies and gentlemen, welcome to the Archean Chemical Industries Limited Q3 and nine months FY24 earnings conference call. 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. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on the touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to the management team. Thank you, and over to you. Thank you. Good morning, ladies and gentlemen. This is Ranjit Pendurthi. We wish you all a very warm welcome to our Q3 FY24 earnings call today. I'm joined by Mr. Raghunathan, our CFO, Mr. Rajeev Kumar, DGM of Finance, and SGA, our internal investor relations advisor. I hope everyone had an opportunity to go through the financial results and the investor presentation, which has been uploaded on the stock exchange and on the company website. I'll take this opportunity to give you a quick snapshot of the industry and recent developments of the company. Post that, Mr. Raghunathan, as usual, will walk you through the operational and financial performance of the company. To start with, the industry highlights: over the last few quarters, there's been some moderation in the business performance across the chemical industries at large. As you all know, the sector has faced some headwinds over the last 3, 4 quarters, and we believe that continues to happen as well. China, of course, the large player on the domestic impact as well as overseas, continues to encounter hurdles as the recovery in domestic consumption is slower than expected, resulting in an overall downturn in end-user industries. As you're all aware from news and various other sources, their economy is struggling, especially on the construction sector, and thereby impacting many downstream industries as well. However, in recent times, we observed some stabilization in certain end-user industries, restoring and sustaining demand for specific chemicals like bromine. China, as you're all aware, is one of the largest manufacturers of downstream bromine derivatives. Despite the current industry-wide destocking phase and demand moderation, Archean Chemicals has not only withstood these external obstacles but has also recorded consistent performance. Coming to the performance highlights, we're glad to inform you that the company was able to report a healthy performance for the quarter, registering a total revenue of INR 4,227 million for Q3 FY24, growth of 13% year-on-year basis. On the bromine side specifically, during the quarter, we did see some demand pickup in bromine, as well as some of the clients have started pushing back their inventory levels to limited demand and are now restocking. In the domestic markets, it's been more resilient. We did some business with agrochemical players who are facing headwinds at the moment, and often it is lower than usual. However, we see that as well moderating shortly. Due to, of course, the global geopolitical tensions, we have seen some additional inquiries from various customers. However, we believe this to be momentary and not sustainable in the longer term. On the pricing front, bromine prices have moderated, as you're aware, from the numbers, but they remain around the $2.75-$3 mark. In the long term, we are confident to generate steady business. This is the contracts we have and the relationships we maintain with our global customers. On industrial salt, we are delighted to inform you that our quarterly volume run rate has remained steady at more than 1 million tons. Industrial salt, as you're aware, finds applications in a vast array of end-user sectors. However, our primary clientele consists of chlorine and chlorine derivative manufacturers in the Asian market who require grade I industrial salt. There are limited players of this quality in the world, and we are one of the handful producers of the same and able to deliver such large volumes as well. The derivative industry is witnessing the advent of new areas, especially in the Middle East, and our geographical spread continues. Based on our strategic location, we are well positioned to serve this ongoing, growing global demand. The third one is on sulfate of potash. We're getting some new business clients and have done a good amount of business this quarter. We're doing several trials in the market, both domestic and overseas, to make the product profile even more varied. We'll also be able to serve our domestic clients, and we expect this business to grow meaningfully in the latter part of the next financial year. Coming to our greenfield project, the bromine derivatives facility coming up in Jagadia, Gujarat, the project is progressing as per schedule, and we anticipate starting the phase I in this quarter, subject to obtaining necessary clearances from the regulatory authorities. That is it from my side. Now, I will request our CFO, Mr. Raghunathan, to run through the financial performance. Thank you. Thank you, sir. And a very good morning to all the participants on the call. We are pleased to report a notable performance for this quarter. To give you a summary of Q3 FY24, as MD has indicated in his speech, the company has registered a total revenue of INR 4,227.2 million. This is a growth of close to 13.5% on a YoY basis. Bromine has contributed around 27% of the total revenue. Industrial salt has around 68%, and the balance 5% has come from SOP. This is on the product mix. Moving to EBITDA. EBITDA for this quarter stood at around INR 1,559.8 million, with a margin of around 37%. Net profit after tax stood at around INR 1,021.9 million, a growth of around 4% on a YoY basis. Moving to nine months FY24 highlights, total revenue is around INR 10,790.6 million, has softened by around 1.4% when compared to YoY numbers. Moving to the business mix, bromine contributed around 32%. Industrial salt is around 64, and the balance four has come from SOP. Export market has contributed around 75%, and the balance 25 is from the domestic market. EBITDA for nine months stood at around INR 4,090.9 million, with a margin of around 38%. The net profit is around INR 2,627.1 million, a growth of around 6.5% when compared to the nine months of the previous year. We are also happy to share that the Board of Directors has declared a second interim dividend of INR 1 per equity for this FY24, amounting to INR 3.34 crores. It is further to be noted that the company had already declared a first interim dividend in the previous quarter. And thus, with this second interim dividend, the total amount disbursement by way of dividends aggregates to around INR 24.38 crores. With this, we conclude the speech, and the floor is open for Q&A. 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 the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sudarshan Padmanabhan from JM Financial. Please go ahead. Thank you for taking my question. Sir, my question is, we have seen that the downward spiral of the bromine price has got arrested by about 3-4 months ago. And globally, the assumption was that we will be able to get a little bit more firmer contracts in the longer-term business. So if you can give some color with respect to prospectively when we intend to, how do we see the contracts getting signed? And as you mentioned, $2.9 also seems to be lower than the long-term average. So how do you see the demand scenario kind of pushing the prices, especially in the light of the Israel situation at this point of time? So thank you for the question, Mr. Sudarshan. As I said in my commentary, I think there is a demand moderation. So a couple of factors contribute to the bromine pricing. Specifically to us, we are performing on our long-term contracts. So I think that continues. We have a backlog of almost 4,000 of orders. So fulfilling that itself keeps us on a fairly even path. But with regards to the pricing of bromine, yes, I think in the context of the bromine prices coming down, it's got to do with end-user industries. It's not so much about the requirement of bromine as a critical chemical into what processes these companies do, especially in China. I think we anticipate that the pricing will continue maybe at current levels, give or take a few cents here and there. But having said that, I think the longer-term picture will emerge when the Chinese are able to stabilize on the export front. The Chinese are able to stabilize their end-user industries, especially on the derivatives aspect. With Israel, I think I said this maybe a couple of quarters ago when this question came up or in some other conversations with investors or shareholders, that we really didn't see too much of an impact from the Israel situation. And I don't think we're seeing much of an impact today either. I think shipments out of Israel are happening. Maybe albeit has slightly more expensive, because insurance premiums, marine insurance, etc., have gone up. But as such, we don't think there has been too much of a disruption to the supply chain as such. So as we have been competing before, I think we will continue to compete even now. Our focus remains on ensuring that our market stays intact and grows. With respect to the derivatives as the capacity is coming up, are we being able to get some contracts or visibility to this business? As I said in my last earnings call, we anticipated to start doing trials with customers in January this year. I think we've stuck to that schedule. We've started doing some sampling and trials with both domestic and overseas customers. I think we're on track. Hopefully, once the trials are done, I think that's when we will start moving towards firmer negotiations on contracts and offtake. Sir, in terms of costs, we had embarked on some cost cutting before. Are we largely done with it, and can we start seeing the benefits therefrom FY25 onward? I think given the environment, I think all industries today are focusing on a continuous exercise of cost savings. I'm not sure how much of it is cutting because, at the same time, we need to keep getting talented people on board. So I think our cost-saving exercise is an ongoing process. Certain things have kicked in just this past month or so. So I think we'll start seeing some benefits in the coming quarters for sure. But I think it's an ongoing exercise always. It's about cost savings versus efficiency. One final question before I join back is, so we have seen a change in inventory to the tune of about INR 57 crore. Sir, I mean, why is it specifically towards SOP or derivatives and something around that? I'll take this question, sir. Mr. Raghunathan will take it. Yeah, Mr. Raghunathan will take this question. Mr. Sudarshan, basically, we have to see the operation for Q3 where our sales in all the three products, in terms of quantity, is much higher than the production. That means we are eating the opening stock. We're using the opening stock to do our sales. And so we can see that the entire cost that is coming up from the opening is sitting in the increase or decrease in inventory. [inaudible] Thank you. Our next question is from the line of Sanjesh Jain from ICICI Securities. Please go ahead. Yeah, good morning, sir. Thanks for taking my questions. I got a few of them. First, probably start with the bookkeeping question. Can you help us with the sales volume for all the three products during this quarter? Yeah. Yes, Mr. Sanjesh. For this quarter, the sales from salt is around INR 1.3 million. Bromine is around INR 5,000. And SOP is around INR 4,300. Thank you. That's helpful. Second, again, picking up on the bromine pricing, we said that $2.75-$2.9 is what you see as a steady state pricing. If you look at the bromine prices for the last, say, 7-8 years, the prices have averaged at about $3. Any reason why do you believe the prices will be lower than the long-term median in the bromine for us? I think it's a view that we've taken, Sanjesh, that I think if you recall, over the last couple of years, in various discussions, we've always said I think the pricing should be about $3.50 or $4 over a period of time. So we're not too far away from that, I think, trend. I think we've taken a bit of a conservative view, as we always do. And we've pegged it to the levels that I mentioned, $2.75 odd. So during the quarters, there may be some changes, a little bit up, a little bit down. But I think, broadly, we are comfortable with that range. So it all flows back into us maintaining all the other parameters to ensure the margins remain intact. And I think that's our endeavor to be on the conservative side and deliver numbers on that basis. Fair enough. Fair enough. Second, on the long-term contract, we generally have a long-term contract. Given that the demand situation remains muted, are you seeing longer-term contracts being signed lower than what we have done historically? I think definitely below the historical record prices. I think that's across all chemicals, not just bromine. No, not prices. I was looking more from the volume perspective. Volume, I think some part of it, I think, will continue. We're not seeing too much of, I think, a problem on the volume. I would say that some part of that also will start increasing when we do our downstream plant commissioning. As you're aware, we're going to consume some part of the bromine there also. So we don't see too much of a challenge on volume. Got it. Got it. Now that we are already hit the 5,000 margin this quarter, do you believe that consuming the 28,000, 29,000 of elemental bromine now looks possible in FY25? I think that's our endeavor. If we do get a boost from external customers, not just our consuming ourselves, I think we will definitely look at doing that. But having said that, as it is today, if you ask me, I would probably take a conservative number than that. Got it. One question on the acquisition we announced on the Oren Hydrocarbons, which is largely into pyrites and bentonites, while we are largely into the bromine, salt, and SOP. Can you help us understand what excites you about this business, what has led to the decision-making of buying out this business? Sure. Good question. So I think Oren Hydrocarbons was a company that was started in 1990 by the promoter who was part of Schlumberger oil drilling. And subsequent to that, they had some financial difficulties. And we've just acquired that company. So that company is primarily into oil drilling fluids, which ties into our bromine derivatives business where we also are going to be making oil drilling products, as you're aware. So I think the synergy there is a right fit. And also, it allows us to expand our product portfolio while going into oil drilling companies and contracts. So we're able today not only to offer pure bromine-related products but also other specialized chemical products into oil drilling. So I think that expands our basket of product portfolio when we approach oil drilling customers. I guess this company has been shut for now, what, multi-years, right? How do we plan, and what is the kind of investment this company may require to come back into the shape so they can, again, start producing that much chemicals they have been doing historically? And second, follow up again on the talent. I guess with such a long, the talent really would have moved out of the company. How do we are looking at bringing that talent back into the company in terms of employees, manufacturing, construction? And what is the level of investment from our side required to bring that operation, say, to their historical levels? Sure. So I think with any acquisition, I think people is probably the most important thing that we need to focus on, followed by the funds required. So I think on the people front, there is already an existing team. We need to obviously, we've used the top-grade diligence people to evaluate prior to us doing the acquisition. So I think we are also in the process of signing with, I think, shortly for an integration exercise of Oren with the company. And I think we've already recruited the people to lead it. The ex-promoter is also going to be advising us on some of these products, certifications, etc. So I think we've covered most of those bases. The plants, as you said, have been, I think, largely in operation for a couple of years. But some of them are brand new. We don't anticipate too long to start up some of these facilities and get the products recertified with all the drilling companies. I think from our perspective, we will be spending maybe between INR 20 crore-INR 50 crore on the revamp. It's not a large sum of money. Sure. It's a very small sum. INR 50 crore is fairly and Ranjit, what was the peak revenue for this company historically? Y ou have any? In the 1970s? Yeah. Yeah. Sanjesh, it was around INR 430 crore. Which year was this? This was 2016. 2016. Okay. Okay. What was the EBITDA margin then for this entity? Around 15%. Around 15%. We should be doing better than this because. Allow us some more time to work on this. Maybe a quarter later, we'll answer this. No, no. That's fine. That's fine. I'll contact probably next quarter to get more details. One last bit on the bromine derivative side. Can you help us understand where are we in the entire process as the initial run, pilot run has been done, or we are still in that process in terms of sampling? What is your internal assessment of the sample of the products which we have produced at the lab level? And where are we with the TBBA, CapEx, and commercialization? So, as you're aware, phase I is not having the retardants. That phase I, I think, as I said earlier, I think we have started doing the sampling with customers already in January as we had projected in our earlier call. Feedback, I think, is very good because we've always said this from day one, that being an integrated producer gives us an advantage in terms of how we are positioning the bromine derivative. I think that strength is going to play out as we've always said. The customers have given good feedback on the product, on the quality. So now, I think we, as I said a few minutes ago in the earlier question, as we move forward, I know we will start trying to get more contract-driven, I guess, projection going. We hope that we will be able to commission that this quarter and then start doing the sales. On the TBBA, when it. Sorry to interrupt, sir. Maybe request you to rejoin the question queue. I think several participants are waiting for their turns. Yeah. No, no. It's just a follow-up for my existing question, then end up. Sorry. Sanjesh, can you please repeat? So, we said that Q1 is when we are expecting TBBA plant to come up. Is that on the schedule? I think at the moment, Q1 is what the targeting thought. But we anticipate, I would say, between Q1 and Q2, to be safe. Okay. Q1 and Q2, to be safe. Done. Done. Thanks. Thanks for answering all the questions. Just a flip for the coming quarters. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to one or two per participant. Should you have a follow-up question, we would request you to rejoin the queue. Thank you. Our next question is from the line of Rusmik Oza from 9 Rays Equi Research. Please go ahead. Thanks for the opportunity. And sir, Congrats. Numbers have been commented. Sir, may I request you to use your handset, sir? Your audio is muffled. Yeah. One second. Yeah. Congrats on the good set of numbers, sir, because the chemical and specialty company numbers haven't quite beaten down in the last few years. I have two questions, sir. One is the phase I of CapEx once it gets commissioned. What kind of revenue we can expect in FY25 from the phase I? What kind of revenues can come in the phase II from the bromine derivatives? I think thanks for the question. I think we've always had, I would say, a conservative view on how the business would shape up. We've, I think, consciously avoided being too aggressive in how we see business growing because our intention is not to compete quarter-on-quarter basis. I think our intention is to compete on the product portfolio over a period of time because some of these things take time to be able to generate, I think, substantial revenues. The business entry is primarily into promising fields and new fields that people from India are not in right now. That's the endeavor of being in the bromine derivative business, right, to become a fully integrated manufacturer so we compete globally. So I think more specifically to your question, I think in FY25, we are targeting between INR 200 crore-INR 300 crore on the lower end from the derivative plant. Subsequently, I think, as the previous question Sanjesh asked, when we ramp up and add the phase II of the flame-retardant part of the project, then the revenues obviously go up correspondingly. Okay. Sir, a related question. What kind of margins we can expect from this bromine derivative as compared to a normal bromine business which we are doing as of now? So I think the bromine business obviously colors the margins part. But I think on a combined basis, we've always said that we will be in that 35%-40% mark. So I think that is what we'll continue to endeavor. I think Rajeev also wanted to add something. Yeah. Exactly. So the numbers which Ranjit, sir, gave was on a capacity utilization of around 70% for the phase I of product. And like we have said in our previous interaction, that margin over and above the market prices of bromine, we are expecting around 20%-25%. Okay. Okay. And my second question is related to the lease because as a shareholder, the big concern for us is that renewal of lease, actually. So if you can give us some clarity on where we are right now and how do you see this lease renewal going forward in the company? Yeah. So I think as we continue to operate in Gujarat, as you know, they do have one of the most robust industrial policies and support of industry. And I think we continue to believe that the government is evaluating the whole industry, not just our lease. There are many pending. And we think the government is working on, I think, sorting out and closing a lot of these open points. And we get a lot of support from them as well, the administration. So it is a work in progress. That's the pointed answer. And it will be done sooner than later because, like I said, it's just not us. There's a lot of them pending. Okay. Based on your interaction with the authorities, any timelines, actually, you would like to actually share by when this can be? You can hear some outcome on this? As I said, I think it's always been a productive dialogue with the government and administration. This is not a new industry as such. I think it's a subject the government has been in for many decades. And they continue to support all businesses at the ground level from a state perspective. So I wouldn't venture in putting a timeline on it. But I would say that we remain confident that it will happen sooner than later. Thank you. Sorry to interrupt, sir. May I request you to rejoin the question queue, please? Sure. Sure. Thank you, sir. Our next question is from the line of Alok Ranjan from 360 ONE AMC. Please go ahead. Yeah. Thanks for the opportunity. So just clarification on this. Oren Hydrocarbons, although you have indicated quite a lot on the business, but this INR 20 crore-INR 30 crore, which will be needed to invest into the company for the revamp, whether this business is more capital-intensive or how is capex coming from that? How is that concerned in this business, sir? I don't think it is capital-intensive. Rajeev wants to answer. Okay. Question. Yeah. And exact question. So as I said, it is not capital-intensive, Alok ji. Post this INR 20 crore-INR 30 crore of investment, which will be required to refurbish the plants and make most of the assets operational, the day-to-day maintenance CapEx requirement won't be much. Got it. Got it. Perfect. And last question is we have also created a new subsidiary company, SiCSem Private Limited, which is under this Neun Infra Private Limited. Any color that you can give what will be the purpose of this company, anything that you can share at this point? I think we'll probably, I think, wait for some things to happen. Then we'll provide clarity. But it has been incorporated with the purpose, as you know, similar to what we had done with Idealis when we created that subsidiary. So there is a plan. And I think at the moment, it's a bit premature for us to talk about it. But in due course, we will inform all stakeholders appropriately. Don't worry. Sure, sir. Thank you. That's all from me, sir. Thanks. Thank you. Our next question is from the line of Aditya Khetan from SMIFS Institutional Equities. Please go ahead. Thank you for the opportunity. Sir, my first question was onto the flame-retardant side. Sir, almost around 90% of the volume are contracted. So whenever the business starts so during the first year itself, so we can see that business at so reaching utilization level? I think on the flame-retardant business, that is phase II. So I think if I were you, I would expect revenues to start ticking in conservatively in FY26. Correct, sir. So whenever that starts so just my point was that. So So will it run at around 90%-95%? So I'll take this question. We have indicated that for the current year, inorganic chemicals, we expect it to start at 70%. Flame Retardant also, we expect that from the first year, it will start at 60%-70% capacity utilization. And then it will ramp up from there. Okay. Okay. Sir, so the second question was onto the destocking side. Sir, many of the agrochemical companies are indicating that destocking is going on. They are still struggling onto the numbers. Have we also faced any sort of headwinds? I think agrochemical companies obviously have a very large setup. They have a very large geographical exposure to around the world. And I think some part of it is related also to weather and seasonal patterns around the world. So I think we are, in context, a smaller subset player. So I don't really know about the destocking part per se about their own products. But at least from what we hear from our buyers, I think it's stabilized far better now than over the last couple of quarters. And I think the worst-case scenario would be that it continues at this level. The best-case scenario would be that there is some tailwind from either weather or from demand or a combination of both. So, I think we have to see how it plays out. Any near-term views that you can share so this will continue or this is the end, like they're standing at the bottom? Just a view from your side? I think I'm very wary of sharing a view simply because I think it is easy to be mistaken as reality. So I think, like I said, I think our own view as a company is to be conservative. We plan for the worst-case scenario and prepare ourselves accordingly in terms of how we run our business on cost, production, efficiency, etc. So I think, like I said in my earlier comments on this call, I think that will continue to be our focus. Our focus is on what we do and how we do it well and keep delivering on what we are doing. Thank you, sir. So maybe the question to join the question queue, please. Thank you. Our next question is from the line of Rohit Sinha from Sunidhi Securities. Please go ahead. Yeah. Thank you for taking my question, sir. Congratulations for a good set of numbers. So one question, if I have heard correctly, in your initial remark, you have indicated that there have been some additional inquiries about the business on the bromine side. But you said that it is not sustainable. So just wanted to understand why we cannot capitalize on that and what is the position level we have in terms of capitalizing those inquiries? No. I think all inquiries will be pursued, obviously, vigorously because today, everyone's competing for the business. So I don't think there's going to be any shortage of effort and action on our side. I think I was merely referring to the fact that we can't base the business on what could happen and how good the prices could be. I think our business has always been a large part of it contracted. But we do leave some percentage of our production into the spot market. So I think if there were an upsurge in the prices, we do have quantity to be able to take advantage of any such uptick in those prices. So we don't leave anything on the table as such. Okay. Okay. And secondly, on the domestic and export side, I would say we are into a lot of other countries and things also looking at their numbers. I mean, indicating that the domestic part is quite good as of now as we are seeing a lot of disturbance in the global market. And since we have higher exposure on export side, how we are looking at this domestic market for us, especially for the industrial part also, because currently, almost 100% is for the export market. So is there any scope for us to expand into the domestic market also? And And how, basically, we are seeing the opportunity in the domestic market? So I think for us, the domestic market will primarily be bromine-related and potash-related. We don't have any intention of doing any industrial salt in the domestic market. Most of our volume is only contracted for exports. As an entire company, I think we will continue to be predominantly export-oriented. That will continue. That won't change. There won't be a greater domestic mix as a company. Product portfolios, like I said, salt will not be domestic. Okay. Okay. Any specific reason for that, why you are not looking at domestic market for this? I think the grade that we supply is preferred by the overseas markets, not necessarily required locally. I think, as I said, most of our volume is only contracted out. We have never positioned it as a domestic supply. I think we are comfortable with what we produce and what we sell in the export market. Okay. Okay. And last question on just margin side. I missed out it so, c urrently around what 35%-40% kind of EBITDA margin is what we are indicating. And with this derivative segment coming up, what should be the margin I mean, overall combined margin level we would be looking at? I think, as my colleague Rajeev mentioned, I think overall combined, we will stay within that range. Okay. Okay. Fair enough. Fair enough. Thank you, t hat's it for my side. Thank you. Thank you. Next question is from the line of Krishan Parwani from JM Financial. Please go ahead. Yeah. Thank you for taking my question. I have two questions. The first is on the salt business. The salt transit of this quarter is about 1.3 million metric tons, as you mentioned. Is this a sustainable run rate going into FY25? Or were there, let's say, orders for this quarter specifically? I think, thank you, Krishan, for the question. I think the run rate should be maintained, give or take a couple of 100,000 tons. Like I said, salt is largely contracted out. So generally, if you see the quarter-on-quarter performance in monsoon season, there'll generally be a little bit of a dip. And then third quarter, fourth quarter, generally, it peaks. So if you normalize it, I think the 4 million tons plus is, I think, sustainable for the year. Understood. And on the Oren Hydrocarbons, I think the liquidation reserve price was about 90 or so. So, how much did you sell for that? Exactly, On the first. So, I think we failed on the first liquidation. But I think Mr. Raghunathan maybe can specify what we have done. The bidding price was INR 76.55 crores. Sorry? 76.55. 76.55, I believe. Yeah. Okay. Okay. Thank you. These are the two questions. And I Wish you all the best. Thank you. Thank you, ladies and gentlemen. Due to time constraints, that was the last question. I now hand the conference over to the management team for closing comments. Thank you, everyone, for joining us in this earnings call. We appreciate your time and showing interest in our company, as always. We're happy with the questions we got and the clarifications you have provided. I hope it's the same for you. In case of any further queries, of course, you can always get in touch with us or SGA, our investor relations advisors. We look forward to meeting all of you over the next call. Thank you. Thank you. On behalf of Archean Chemical Industries Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.