Ladies and gentlemen, good day and welcome to Archean Chemical Industries Limited Q4 and 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 of this day. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participants will be in 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 your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ranjit Pendurthi, Managing Director of Archean Chemical Industries Limited. Thank you and over to you, sir. Thank you. Good afternoon, ladies and gentlemen. We wish you a very warm welcome to our Q4 FY24 earnings call. Thank you all for being here today. Today I'm joined by our CFO, Mr. Raghunathan Rajagopalan, and Rajeev Kumar, DGM Finance and our Investor Relations Advisor. I hope and assume everyone had an opportunity to go through the financial results and investor presentation which has been uploaded on the stock exchange and on our company website as well. I will run with you a quick snapshot on the industry and recent developments at the company. Post that, Mr. Raghunathan, our CFO, will walk you through the operational and financial performance of the company. I'll start with the broad industry highlights in the segment that we operate as well as the chemical industry as such. Over the last few quarters, as you all may be well aware, the Indian chemical industry at large as well as globally, we have experienced some headwinds as China is still yet to come out of its economic challenges and to fully revive their domestic consumption, although we are seeing some green shoots there on the ground which in turn has impacted the overall downstream industries. For a few periods, we saw some stabilization and restoration of select products, but there have been other challenges on the ground with regards to some demand issues as well as some supply chain issues with regard to freight costs, and these have on occasion delayed the overall supplies from our end which in turn have impacted the business temporarily. If you see at an organization level, we have withstood these challenging conditions and maintained a healthy operational performance showing resilience in both performance and managing costs. We have been constantly reviewing our internal measures to mitigate an impact of any rising costs and shipment delays, ensuring that our supply chain remains stable as well as our customers and contracts are fully honored. On this occasion, I would like to thank the Archean team for their commitment and dedication to withstand and come up and rise to all these challenges. Coming to the performance highlights specifically, despite the uncertainties, we are pleased to report a resilient performance for the financial year 2024, registering a total income of INR 13,763 million. Coming to the products itself, the first one on the bromine side, overall demand from end-user market of bromine derivatives or bromine compounds continues to remain on stream, albeit a bit slower than we expected, however stable. Throughout the year, price of bromine stood near about the $3 mark. Consequently, our bromine segment experienced a drop in business only when you compare it to last year. In the last few quarters, we have seen a steady demand from the domestic market which bodes well for the demand scenario, and we have also ramped up our supply. The volume offtake from end-user industries like agrochem and pharma has started picking up gradually over the last few months. The same can be said of the export market, and we are gradually ramping up our shipments there as well. To reiterate, most of our business associations and relationships are bilateral, and based on our engagement with them, we have good demand visibility for the next financial year as well. As most of you may be aware, most of our contracts are done on a long-term basis and thereby giving that stability and visibility as well. We are confident, of course, to do better business from the bromine segment specifically and expect a healthy growth in FY25. The second segment is our industrial salt segment. As you all are aware, industrial salt is an important product for us and at the moment contributing nearly 65% of our total revenue. This chemical, being a grade one category, is primarily manufactured by very few players around the world. We are one of those and one of the largest in the world in that segment. For the year, we have crossed the 4 million mark in terms of volume, 4 million tons per year, that is. We did see some price moderation, but in the last quarter, however, that's only for specific spot shipments of a certain category and grade. But largely, our volume and long-term contracts run at a higher rate and are intact. We continue to remain optimistic in the salt segment and expect to sustain our growth momentum in FY25. Our focus will continue to be on leveraging market opportunities and to do more improvements on the ground in terms of our process and cost efficiencies to drive sustainable growth. Sulfate of potassium, as we have been briefing you the last couple of quarters, this is a work in progress. We are seeing encouraging results on the trials and the labs by a technology partner in Europe, and we expect it to contribute meaningfully in H2 FY25. Coming to our capacity expansion, phase one of our greenfield expansion at the bromine derivative plant at Jhagadia, GIDC, has been undertaken through our subsidiary Acume Chemicals Private Limited and has successfully commissioned in March 2024. This phase is dedicated to manufacturing bromine performance derivatives and clear brine fluids which will enhance our product offerings and market presence. We have started engaging with end customers of both segments and have received a very encouraging response, and samples have been tested and approved in certain cases, and trials are on elsewhere. The next phase of the same phase one would be commissioned by the end of H1 FY25. This phase will focus on producing a high range of demand products. These products are essential for various industrial applications, continuing to be on the bromine performance side, and their production will significantly boost both our capability and market reach. A further update that happened over the last few months is Oren Hydrocarbons. This we have acquired through our wholly-owned subsidiary Idealis Chemicals Private Limited. This company, we are waiting for the NCLT approval, and that is pending at the moment. We're actively engaged in the process and are closely monitoring the situation. While we await these approvals, we remain optimistic about the potential of this project and its contribution to our portfolio. We have started doing some groundwork in restarting the plants, and that will keep going as we move forward. Of course, we understand the importance of keeping our stakeholders informed and will provide more detailed updates in the upcoming quarters. Once approvals are secured, we anticipate that this project will enhance our market position and also our capability in the segments that we sell in. We're looking forward to engage with new clients, expand our product offerings, penetrate new markets, and stabilize the new sites. We welcome the new financial year with renewed hope and are confident to deliver sustainable growth. That's it from my side. Now, I would request our CFO, Mr. Raghunathan, to run through the financial performance in broad numbers. Thank you. Thank you, sir. And a very good afternoon to all the participants on the call. I'm pleased to report a notable performance for this quarter. To give a summary of the Q4 of FY24, the total revenue for this quarter stood at around INR 2,972 million. Bromine contributed around 36% of the revenue from the product, and Industrial Salt has contributed around 64%. EBITDA for the company stood at around INR 1,019 million for this quarter with a margin at 34%, and net profit for the quarter stood at around INR 596 million. Coming to 12-month highlights, the total revenue stood at around INR 13,762.8 million. Bromine contributed around 33%. Industrial salt is around 64%, and the balanced 3% of the revenue came from SOP. 74% of the revenue is from the export market, and the balanced 26% towards the domestic market. EBITDA for 12 months stood at around INR 5,110.3 million with a margin at 37%. Net profit for the financial year stood at around INR 3,223.5 million. Returns on capital employed and the returns on equity stood nearly at around 24% and 21% respectively for the full year. We also wish to inform and are happy to inform you that the board of directors have recommended a final dividend of Rs. 1 per equity share of INR 2 each for the financial year, amounting to INR 12.34 crores. It is further to be noted that the company had already declared a two-interim dividend in the year, and thus with this, the total amount disbursed by way of dividend aggregates to around INR 37 crores. With this, we conclude the speech and open 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 touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Archit Joshi from B&K Securities. Please go ahead. Hi, sir. Thanks a lot for the opportunity. Sir, I have a couple of questions. Firstly, if you can throw some light on how are you seeing the contracts for bromine, both long-term and short-term, to be panning out for this year for FY25? I think last quarter we had mentioned that we endeavored to reach close to 28,000-29,000 tons of volumes. Do you think in the current statement form of the demand environment, would that number be achievable? And more so, would that be more back-ended towards the second half of FY25? Thank you. Thank you for that question. So I think generally, if you see the pattern in our business, the second half generally tends to be stronger than the first half. But having said that, I think we remain on target. I think the recent, as I mentioned in the introduction, I think we are seeing a healthy demand offtake. So there is no challenge on being able to sell more. So I think we'll continue to maintain that balance between the domestic and export because the domestic also now, with the monsoon coming, generally agrochem players start getting a bit more active in terms of their production and stocking for the monsoon, post-monsoon period, etc. So I think we don't see a challenge in meeting what we have suggested for FY25. Sure, sir. And if you could throw some light on the pricing bit as to at what prices would have our company locked the bromine contracts at? I think even despite, sir, the conflict geopolitically that we saw, we haven't seen much of a rise in the commodity prices, including that of bromine. So would we be higher or lower compared to last year with bromine pricing, if you can share some of that on the long-term contracts that we usually have? So I think I was asked this question maybe a quarter or two quarters ago. I said the geopolitical issue, we are not seeing any impact as such on the bromine business globally, although I think there's a little bit more pronounced effect maybe now. But nevertheless, I think supplies are still happening from that part of the world. And we've always competed, I think, with the global players. So we don't see any reason for us to not be able to continue to compete. And I think bromine pricing. Pricing, I think. Yeah. I think the pricing specifically, I think pricing is around the, I think, last quarter average, maybe I would say about INR 220 per kilo. I think that's a fair number to assume. Understood, sir. So one last question. We've said that we'll be having our new phase two plants coming in the second half of FY25. Now, assuming the ramp-up of all these three derivative plants, what would be the internal consumption of bromine with the existing capacity that we have towards these derivatives that we intend to ramp up over a period of time? Thank you. That would be my last one. Thank you. So I think the bromine ramp-up also just to clarify, I think our phase one is broken up in two parts. So I think largely the phase two that we're talking about is the FR-related project. So we have not yet started work on that because we have discovered that in our phase one itself, there's a lot of products that now actually have a healthy offtake and demand. So instead of committing more CapEx, we want to be able to utilize the CapEx that we've already spent. And hence, we have expanded the portfolio of products that we're going to make in phase one itself beyond pure PTA catalyst products or clear brine fluids. So I think in that aspect, we will ramp up. I think we've already started testing and sending for trial and samples almost 8 or 9 new products. We expect to commercialize and start those sales over the next few months. Sir, my question was more about knowing all the CapEx plants, assuming that once we ramp up to, let's say, a peak utilization, how much bromine will be internally consumed? That was my question, Radha. Okay. So I think we remain on target. I think we will consume between 10,000-15,000 tons of bromine. Right. So this assumes the fact that all the capacities of the derivatives will be more or less at peak utilization, and we might require 10,000-15,000 tons of bromine. Got it. Yes. At phase one, yes. Okay. At phase one only, not assuming phase two. Yes, only for phase one technique. Not assuming FR. Not assuming FR, yes. Right. Sure, sir. That's it. That's it. Thanks a lot and all the best. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, please limit your question to two per participant. The next question is from the line of Aditya Khetan from SMIFS Institutional Equities. Please go ahead. Yeah. Thank you, sir, for the opportunity, Team. Sir, my question is onto the volume growth. So more or less, sir, we have told that we will be setting up the phase two plant in the second half, and phase one has been started. So for FY25 and for 2026, so cumulatively, what sort of volume growth you're looking at? I think we are looking at least 30% growth from the FY24 volume. 30% growth. And sir, in FY26? FY26, in today's context, that's a long way off. But I will hazard a guess here. I think we should at least be able to double from where we are today. Okay. Sir, onto the CapEx side, sir, if you can tell us how much CapEx of this INR 250 crores has been completed and how much is remaining in the pipeline? Sir, Mr. Raghunathan will answer that. Yeah. We have incurred cost around INR 110 crores. Remaining would be done so before the second half? No, not necessarily or not fully. As we have said, for the purpose of completing the so-called phase one, we'll be incurring an additional INR 30-INR 40 crores. Okay. Okay. Sir, my last question, sir, sir. Post-expansion into these bromine derivatives, so considering your domestic export split is somewhere around 25-75, so with this bromine expansion, how this split would change more towards the export side? Our initial efforts are towards the export side. So I would imagine that it will translate into numbers showing the same. There would be a more. 75% exports would remain at 75% only post the bromine derivative expansion? I mean, I think to be honest, I think give or take a few percentage. But by and large, generally, at least 70% plus is generally where we export. So product portfolio shouldn't undergo too much of a change in export versus domestic. Okay. Sir, just one last question. Sir, onto the import side, are you witnessing any sort of increase in imports in India, so from China or from any other countries? And are there any news of capacity expansion which you have heard? In bromine? Yes, sir. No, I think there's no new capacity as such. I think everyone's maybe trying to tweak capacity what they have depending upon the market situation. But imports, I think largely over the last few years anyway, have reduced quite a bit. But there will be sudden spurts in imports simply because there are some customers who have been buying from the foreign companies for a long time. They're relationship-based. So they continue to import some part of the requirement. But I would say largely, there's no big user of bromine who's not our customer at the moment. Okay. Thank you, sir. Thank you. Thank you. Thank you. The next question is from the line of Sanjesh Jain from ICICI Securities. Please go ahead. Yeah. Good afternoon, sir. Apologies if it's a repetition. I joined late in the call. First, on the bromine itself, how are you seeing demand scenario? Because it appears that the last few quarters have been very tough for us. How is the bromine market looking up? And when do you see volumes actually normalizing and the market, say, bottoming out in terms of pricing competition and the volume demand? So thank you for that question, Ranjit. So I think volume normalization is happening as we speak. I think our order book is full for our capacity, what we have planned for this year. So I think in that context, we see some demand having come back, the domestic market and the export market. And I think there are larger commitments per customer on a per-order basis. So we believe that large segments of the customers also are quite encouraged by the signs that they are seeing in their end-user market. So we believe that it will continue to look that way. I think I mentioned this over the last call or the two calls before. Too familiar with how much destocking, etc., is happening. But from our industry perspective, we see more stability today as we speak than we did over the last two quarters. That's fair enough. That's fair enough. But now that we have a full order book for the year, how does the pricing look like for this year? Because we generally do pricing plus volume contracts. How does the bromine realization for this year look like? Yeah. So I think that. So that question, I think someone else had asked when you were not on the call. So no issues. So it's, I think no problem. It's, I think we are looking at between INR 220-INR 225 mark per kilo. And I think we're comfortable with that range as well. That's great. Second on the downstream products, clear brine fluid, clearly we can see INR 50 lakh of revenue being booked in the subsidiary, which is your consolidated minus standalone. That means we have already started doing some sales in the subsidiary. How has been the response from the customer? And what kind of customers are we right now talking? And will it also have a beneficial impact on our expansion in Oren Hydrocarbons? Sir, that's a very good question. You've tied all the three companies together. So I think you're right. I think our aim from two years ago was always that we'll continue to grow in the bromine space and the downstream space. So one step towards that was Acume, the subsidiary that's producing the bromine derivatives. And as you said, we have started exports of the clear brine fluids from that subsidiary as intended. And we've already invoiced and billed. And I think those were the first few batches of product. So I think as you understand, there'll be two, three months of stabilization. But I think our response is very encouraging from the market, specifically since you asked the question. I think today we have on the table almost 60+ clients that we have started talking to. And we've given almost the majority of them have already taken our sample. And I would say about one-third of them are testing it for approval. And about 10 of them have already approved it. So we are making good progress. Like we always said, it's a slightly more technical product than elemental bromine. So there's a lot more engagement with the customer. And certain testing and specification requirements are there. So as we fine-tune those, we anticipate the response will continue to be encouraging. Got it. And how does your tie up with Oren? When is that going to start? And will it be the same customers? So Oren, incidentally, also deals in the hydrocarbon space. They do make some products, not necessarily only bromine-related. But the end-user industry is largely oil and gas and drilling industries. So that is where our derivatives are going already. So we do see a proper fit and hence the acquisition. And some of these products are complementary, not competition per se. So we'll be able to approach these customers with a bigger basket of products than just only a Clear Brine Fluid product. So that was the intention. Got it. Got it. Next on the TBBPA, the flame retardant part of it, how is that market looking like? You don't think another six months is the right time for us to get in, or it will take more than that? I think the TBBPA market specifically, I think, has been weak for a bit. But it's primarily, I think, more of a concern for those who buy bromine and make the product. For integrated manufacturers, at the end of the day, TBBPA is still being sold maybe at lower prices. But I think for integrated manufacturers like ourselves, TBBPA will still make a return on the investment. However, at this point, we see the other products on the inorganic side where we've already invested some CapEx, building that portfolio out with the newer products, I think will make an equally good return, if not slightly better, and still consume equal amounts of bromine. So I would say we have taken a pause. But I think we keep reevaluating it every month and seeing when is the right time for us to commit that CapEx because the money's already been raised and is available with us. So we don't foresee a problem deploying that fund. It's just that we need to get the timing right in terms of when we want to come for the CapEx. Clear. Clear. Just last two questions, one on the salt and one on the SOP. On the salt, how does FY25 look like? Should we grow volumes over FY24, which was stronger? And number two, any more update to share on the SOP flotation technology, which we were trying to do? Sure. Sir, on the salt, our endeavor is to build on the volume that we crossed in FY24. I think the market is there. As you know, we are a pretty dominant player in the market in the Asian space itself, not just domestic. We don't do domestic business anyways in salt. So there is ample scope to improve that volume. On the SOP itself, I think the tests have been encouraging. It's a work in progress. We have made good headway over the last few months. We've recently commissioned a pilot plant trial at the technology provider's lab, which basically means the largest sample has been shipped and a larger test is being conducted. So I think, as I have said on earlier calls, I think we are almost there. We are very encouraged seeing the results of the tests. SOP is a bit of a patience game. I think we are getting there. Got it. Will there be any sale of SOP volume in FY25? Because I think we have exhausted that one batch which we manufactured last year. So we've also now started making a second-grade SOP. This also has a market. We are seeing some demand and some inquiries for that. So we are now in the process of getting that certified locally within the Indian market, domestic. But we're also seeing some encouraging signs on the export side. So that material, we have enough to process and manufacture raw material for that particular grade. So you will see some production and volumes this year. Got it. Got it. Thanks, Sanjesh, for answering all my questions so patiently and appreciate all the efforts. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, please limit your question to two per participant. The next question is from the line of Deepak Shah from D.R. Choksey Finserv Private Limited. Please go ahead. Hi. Thanks for the opportunity. Am I audible, sir? Yes, sir. You're audible. Okay. Sir, a few housekeeping questions. Can you share the value for bromine and industrial salt for the quarter and the volume for the field? Sorry. Can you come again? We can hear you, but you're not very clear. I'm asking for the value and volume wise bromine and industrial salt number for the quarter and the full year? Okay. For the quarter, the revenue from salt is around INR 179 crores. Bromine is around INR 102 crores. As far as the volume goes, it's around 930,000 in industrial salt and 4,800 tons in bromine. Mr. Deepak, can you please unmute your line? Yes. Yes. Sir, thanks for the number. And what is the total production for bromine and industrial salt for the full year, the production number, sir? Okay. For the full year, bromine production is around 17,300 tons. If it comes to salt, it's around 4.25 million. Okay. Okay. One clarification that maybe I need to say. Thank you, sir. May I request you to use your handset, please? Is there an audience? No, sir. There is a break in your voice. Is it better now? Sir, now you're sounding a little distant. Good work now. May I request you to rejoin the queue again? Is it better now? Yes, sir. Now it's better. Yeah. Sir, one thing. Earlier, you said for the full year, FY25, you're targeting 28,000-29,000 odd volume for bromine. This is excluding your captive consumption for the bromine derivatives, right? No. The number that you have said for this financial year is excluding the captive consumption. No, no. FY25, you highlighted while you were targeting. Yeah. FY25 includes captive consumption as well. Going forward, all the numbers will include captive consumption because the plant is up now. Okay. So within that captive consumption, I think you highlighted will go 10,000-15,000 metric tons odd, right? Depending on the product mix that we choose in the downstream plant, yes. Okay. Okay. And on the industrial salt, what is the output for the full year? Yes, sir. Sorry. There is a break in your voice. Can you repeat the question? Yeah. We couldn't hear either. I'm asking. Sorry for the inconvenience of the audio. The audio is still not clear. May I request you to rejoin the queue again? Okay. I'll rejoin the queue. Bye. Thank you. Rejoin. The next question is from the line of Krishan Parwani from JM Financial. Please go ahead. Yeah. Hi, sir. Thank you for taking my question. Firstly, if you could give the sales volume of SOP during the quarter because I think I might have missed that number if you have given already. Thank you, Krishan, for the question. We have done around 8,200 tons of SOP. Of SOP in the quarter? For the full year. Okay. For the full year. Okay. No worries. Okay. We'll probably calculate that. And secondly, just one clarification. I think in your presentation, you mentioned phase two to get commercialized by 1H FY25. And I think in our earlier commentary, you mentioned that a BFR will be done probably in the second half of FY25. So if you can give some clarity on that, I mean. Sure. Yeah. I think that's what I was talking about earlier when I clarified. So we've broken up our phase one into two parts, right, given the change in the market. We have added a larger number of product portfolio products into the phase one itself. And within that same CapEx, we've expanded the number of products that we are going to be making. And we are seeing enough and more customer demand coming from there. So with the INR 130 crore-INR 140 crore CapEx that Mr. Raghunathan mentioned that we've already spent, we are saying to ourselves that we will assess the market on TBBPA and the other FRs over the next few months. And then we will see if we need to commit more CapEx to that phase two larger product portfolio of including FRs as well. We'd also like to see how the pricing works out in the FR market. Of course, having said that, since we are an integrated player, we are better positioned to make the complete chain of FR products. But at the moment, given that our phase one itself is showing encouraging results and signs of business, so we feel that it may be better utilized the CapEx to expand that portfolio that we've already spent on. Understood. So just to follow up on that, so the capacity is like 13,000 for CBF and 5,000 for PTA. It still stands, or that can be higher? Yes. That can be increased as well because, as you are aware, we've spent INR 130-140 crores on the CapEx. We have a sizable reactor capacity today. This allows us to. There's a lot of flexibility in the mix and match of product portfolio that we can do, including volume and types of products. Noted. So probably if we were to take in, we can probably take in at 20,000 tons of CBF and PTA both put together. Is that a fair number today? Yes. If the demand realizes at the right pricing, yes. Noted. Just one last clarification on this Oren Hydrocarbons. I think in your press release, it is mentioned that on 30th April 2024, NCLT heard the argument for Oren's. And the order is reserved. So what does that mean? I mean, I think given you mentioned that NCLT is still to pass the resolution. Can you just clarify? So I think the legal language, yeah. So the legal language, I think, says order reserved. But as for the arguments that have been heard from our side, there's no other side as such because there's no other entity on the other side. From what we understand, the judgment is likely to be in our favor. And NCLT will endorse this post-vacation and resuming of the court after the summer holidays. So when they come back, there may be a 30-45-day timeline for getting the order in hand. But like in all things, we'd like to see it before we check the box and say it's all done and dusted. If I may just ask the follow-up on that, I mean, what kind of then revenue would you expect to do from Oren Hydrocarbons in FY25? I think our first year, we are looking at a conservative outlook because once we get the order is when we will put some capital expenditure to refurbish and restart the plants, although the work is started in a small way. I think you may only see, at best, three full quarters of operation and at the very minimum, two quarters of operation. Given that, the revenue may fluctuate. I think you can assume safely, I would say, anywhere between INR 100 crore-INR 250 crore band. Well, that's a very broad range. It's a very conservative basis. It's a broad range because these products and plants, the ramp-up is pretty fast, right? So they don't take too much time to start producing more volume. And I think if the market continues to hold and we continue to develop that anyways as it is, so we think we should be able to see the higher range of what I just told you. Sure. Thank you for patiently answering my questions. Wish you all the best, then. Thank you. Thank you. Thank you. The next question is from the line of Rishabh from RBSA Investment Managers. Please go ahead. Yeah. Hi, sir. This is Yash. Incorporated subsidiary called SiCSem sometime back. Any updates about what are we planning to do here? Sir, I think Rajeev, my colleague, will take that question. Thank you, sir. See, SiCSem Private Limited, we have committed under Nirmal Sir. We are looking to develop a subsidiary and operation there on power electronics segment. As and when we have some more development, we'll update you. FY25, FY26, I mean, we can expect or what is the I mean, any product segments that we are adding to? What is the market size? Some development very soon. As and when we have some development, we'll update you. Okay. Okay, sir. Sir, any update on the flow batteries that we are doing some research on earlier? Rajeev, you can go ahead and ask that question. Yeah. Yeah. Flow battery also, we have some encouraging results. But since it is an R&D project, generally, it takes its own time until we have a path to commercialization. But as of date, there's some positive development on flow batteries. Okay. Thank you. Thank you. The next question is from the line of Arpit Tapadia from IGE Family Office. Please go ahead. Hi. Thank you for the opportunity. I'm audible? Yes, sir. You're audible. I just wanted to ask when we can see meaningful revenue coming from our derivative products? Apologies. Can you repeat that question? What I want to say is, have we started any contracts for Bromine derivative products and when we can see it ramping up and getting a meaningful revenue for the company? So thank you for that question. Yes. We've started billing products from that subsidiary. The bromine derivatives, we have started selling them. I think at the moment, since it's just commissioned plant, we are still working on stabilizing the production, quality, etc. But we have started the exports already. I think meaningful ramp-up will be post-first quarter. And like I said earlier, we're already engaged with 60+ clients. 10 of them have already approved the samples. And I think almost 20-30 of them are under-testing, qualifying the product. So we're making good progress on this. Okay. Thank you very much. Thank you. Thank you. The next question is from the line of Parth Mehta from Vallum Capital. Please go ahead. Yeah. Hi. Thank you for taking my question. I just wanted to understand that you mentioned you've identified some more products for the phase one of our derivatives. So what are these products, and what would be their applications? Can you repeat the last part of your question, Parth? So what would be the which are these products, and what would be their applications and potential size of these applications? On the derivatives? Yes. Yes. The new 8-line products that you've identified on the derivatives, sir. I think we're going to oil and gas drilling, which obviously is a robust sector. The second one is they're going; they're intermediate in some ways to agrochemicals. Finally, some of them are a part of the petrochemical chain. They're going to some of those aspects as well. What would be the potential size that you're looking on? I think our first size you're talking about quantity? Quantity. Quantity and value both. Yeah. So I think we're looking at anywhere between 15,000-20,000 tons in the first year and possibly giving us revenue between INR 200 crore-INR 300 crore. Okay. Great. So, 200. If I look at the capacity that we have ramped up for phase one, what would be the expected revenue for the FY25 from our phase one derivative? I think it'll be closer to the lower range. But at the end of the year, I would expect us to be at the top of the range. Any ballpark figure? Yes. Around the 200-250 mark, conservatively. Okay. Okay. Okay. That helps. Thank you. Thank you. Thank you. Ladies and gentlemen, due to time constraints, we will take that as a last question. I would now like to hand the conference over to the management for closing comments. Thank you, everyone, for joining us today and for your faith in the company. We appreciate you joining us on this earnings call, your time, and showing interest in our company as well. In case of any queries, please do feel free to get in touch with us or SGA, our investor relations advisors. We look forward to meeting all of you over the next call. Meanwhile, have a pleasant evening and a good weekend. Thank you. On behalf of Archean Chemical Industries Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.