Ladies and gentlemen, good day, and welcome to the Advanced Enzyme Technologies Limited Q2 and H1 FY 2023 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. If you need assistance during the conference call, please signal the operator by pressing star two zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ronak Saraf from Advanced Enzyme Technologies Limited. Thank you, and over to you, sir. Good evening, everyone. Welcome to the Advanced Enzymes Q2 and H1 FY 2023 earnings conference call. I'm Ronak Saraf, the Investor Relations Manager here at Advanced Enzymes. We hope you all have gone through our financials press release and the PPT which has been posted in the investor relations section of our website. We have with us Mr. Vasant Rathi, Chairman, Mr. Mukund Kabra, Whole-Time Director, and Mr. Beni Prasad Rauka, Group CFO. Today, the management will discuss the performance and business highlights, update on strategies, and respond to any questions that you may have. As usual, for ease of discussion, we will look at the consolidated financials. Before we proceed, I would request you all to please read the forward-looking statement included in the PPT. During our call, we may make forward-looking statements regarding our expectations or predictions about the future. Because these statements are based on current assumptions and factors that may involve risk and uncertainty, our actual performance and results may differ materially from our forward-looking statements. Without any further ado, we shall commence this call. Over to you, Vasant, sir. Thank you, Ronak. Good evening, everybody. It's my pleasure to join you for this conference call today. I really appreciate you and all of you taking some time and I welcome you all to the conference call for this quarter and half year ended 30th September 2022. I hope you all enjoyed the festive season well. Last few quarters saw an intense macroeconomic volatility across the globe after a rough start of this year. Disruptions continued in the business environment due to the prolonged pandemic situation and geopolitical crisis. The inflationary pressure sustained on the raw material costs further fueled logistics costs. The supply chain issues which were going on from last couple of quarters remain unresolved. Despite all kinds of uncertainty, our Q2 financial results demonstrated an improved top-line growth. Although our operating costs remain elevated, which impacted our profit margins. The growth in the Q2 numbers are driven by Human Nutrition, Animal Nutrition, which are our fundamental sections in bioprocessing segments. We hope these hurdles ease soon as we further move towards the favorable business environment. Now let's start with the quarter performance. Our turnover stood at INR 1,387 million, grew 15% on the sequential basis on the year. On a year basis, we had grown about 9% in Q2. Our EBITDA stood at INR 397 million, grew about 28% on sequential basis, while it declined by about 27% on year-on-year basis. We have experienced a strong growth of 49% in the bottom line on sequential basis, while it declined 13% on year-on-year. On the margin side, EBITDA margin stood at 29% and our stock margin stood at 19%. Our overall margin improved dramatically on sequential basis, but remains subdued on the year-on-year basis on account of elevated operating costs. Human Nutrition. Talking about various different segments. Human Nutrition segment remained highest contributor as usual at 68% in the revenue, grew by 16% on a sequential basis and 2% on the year basis. On half year comparison, it declined 4%. Pharma API and biotechnology in the international markets and probiotic international markets are primarily driving this growth in human nutrition. We see strong potential in nutrition business as an adjunct to vital nutrition. Animal Nutrition, we always say that Animal Nutrition segment is one of our future growth drivers, and it contributed 12% to the revenue. This segment is continuously improving from almost two consecutive years. It grew by 27% on year-on-year basis, 10% on sequential basis, and 19% on the half year basis. The bio-processing area, the bio-processing contributed 14% of the revenue. It grew by 63% on a year-on-year basis, 5% on sequential basis, while food and non-food business grew by 64% and 61%, respectively, on year-on-year basis. The specialized manufacturing segment contributed 6%. It grew by 28% on the sequential basis and -14% and 36% on year-on-year basis on a half year basis, respectively. We are delighted to announce that we invested INR 50 million for 50% stake in Sci-Tech Enzychem Solutions. The company will have an uninterrupted supply of one of the important digestive enzyme, which is 5'-AMP. It will help the company to provide better and regular offerings in relation to the formulated solution for human health and nutrition and food industry. Apart from the SESL, we have also acquired an additional stake of 4.83% in our subsidiary, Av-Bio Protech, which is over and above our existing 3.3%. I will now hand over the call to Mr. Beni Prasad Rauka, who will walk you through the financials and case of today's conference. Thank you very much, sir. Good evening, everyone. I hope you all are in good health. The COVID lockdowns may be behind us, but the havoc it triggered in the entire supply chain is still causing pain. As Vasant Rathi rightly mentioned, the inflation in the input materials, supported by operating costs, remain elevated. We sincerely hope that things will ease it soon. Now on the company's financials for the second quarter 2023. On a sequential basis, QoQ, our revenue is increased by INR 176 million, 58% growth from INR 1,211 million to INR 1,387 million. Our EBITDA has increased by INR 88 million, 28% growth from INR 309 million- INR 397 million. Now it's about 29% of our revenue as compared to 26% in the previous quarter. Profit before tax has increased by about INR 105 million, which is about 44% growth from INR 237 million to INR 342 million, which is about 25% of our revenue as compared to 20% in the previous quarter. Our tax has increased from INR 176 million to INR 263 million, increase of about INR 87 million, which is about 49% growth and is about 19% of our revenue as compared to 15% of our revenue in the previous quarter. On year-on-year basis, revenue is increased by INR 116 million, which is a growth of about 9%, and the EBITDA margin has gone up and now it's about INR 39.97 million from INR 49.3 million, so there is a dip of about 20%. Profit before tax has decreased by about INR 71 million and tax is decreased by INR 40 million from INR 303 million to INR 263 million. The performance for the first half of the year as compared to the first half of the previous year, revenue is decreased by about 2%, INR 43 million, from INR 2,641 million to INR 2,598 million. EBITDA is decreased by INR 4.4 million from INR 1,120 million to INR 706 million. Profit before tax has gone down by about INR 382 million, and profit after tax has also decreased by about INR 262 million from INR 700 million to INR 438 million. I would like to give some reasons why the EBITDA margin is down. This is because of couple of reasons. The first one, as you all are aware, the impact of inflation on the raw material price. In addition to that, the product mix also is very important in our case. That has also impacted. In addition to that, the cost of like, you know, other inputs like power and fuel has gone up and, there is, you know, additional expenses now because now the things are becoming normal, so travel costs has gone up. Lab expenses gone up. Sales promotion is gone up. All these expenses which has, you know, increased, so that has impacted our EBITDA margin if I compare on quarter-on-quarter basis. In addition to that, if I compare EBITDA margin on year-on-year basis, the main impact I've mentioned earlier is one because of the increased input costs, be it raw material, power and fuel and lab expenses, stores and spares. In addition to that, we have also taken into consideration the mark-to-market valuation. This is fair market valuation loss of about INR 43 million when I compare year-on-year increase in my other expenses. On 18 basis, the EBITDA margin is down from 42%- 27%, mainly because of the lower growth contribution due to the increased input cost and payroll cost is up by INR 22 million and higher expenses as mentioned earlier, mark-to-market loss of about INR 26 million. In addition to that, consulting charges, power and fuel expenses, lab expenses, travel, sales and promotional activities. All these expenses are higher than, you know, the previous six months of the FY 2022. Now talking about our subsidiary numbers. Av-Bio Protech revenue stood at INR 137 million with EBITDA of INR 14 million, CAD of INR 5 million during this quarter. This is 9% lower than the previous quarter on year-on-year basis, and for quarter-on-quarter basis it is lower than by 6%. CAD margin is lower than by about 29% on QoQ and on year-on-year basis about 80%. Evoxx is EBITDA positive. Revenue stood at INR 48 million. EBITDA of INR 4 million. Sci-Tech numbers are topline revenue has improved from INR 66 million to INR 84 million, but the EBITDA is still negative in this quarter also. Due to higher depreciation and interest cost, the CAD is negative of INR 8.5 million as compared to INR 13.7 million during the previous quarter. The sale of our largest product, this is our anti-inflammatory enzyme. It stood at INR 352 million as compared to INR 268 million in Q2 of FY 2022. This constitutes about 25% of our revenue as compared to 23% in the previous quarter. The corresponding quarter of last year it was about 21%. Top 10 customers contributes about 28% of our revenue as compared to 30% in the previous quarter and on the corresponding Q2 of FY 2022, 31%. Our B2C segment contributed sale of about EUR 1.11 million as compared to EUR 1.62 million during the same period previous year. Our R&D expenses have gone up from INR 100 million to INR 148 million in six months. When you compare with our previous quarter to Q2 it was INR 56 million and this time to Q2 it is about INR 72 million. R&D expenses constitute about 6% of our consolidated revenue as compared to 4%. This is what is from my side. Now, we shall open the floor for Q&A session. The floor is open. Thank you. Ladies and gentlemen, we will now begin with the Q&A session. Anyone wishing to ask a question may please press star and one on your touch-tone telephone. If you wish to unmute yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment for all the questions to assemble. First question is from the line of Nikhil Mathur from HDFC Mutual Fund. Please go ahead. Yeah, hi. Good evening, sir. My first question is on the comments you made initially that margins are impacted a bit by product mix. So can you elaborate a bit more as to what are the key segments which are underperforming and you feel that in the coming quarters and in upcoming years there can be a reversal on the product mix side? Hello? Nikhil, your voice is not clear. Can you please repeat? Am I clear now? Is this audible? Yeah. We are audible, but it is kind of distorted voice. I'll just switch out from my headset. Just give me a sec, please. Hello, sir. Yes, please. Yeah. Sir, my question was on the comment you made in your opening remarks around product mix impacting gross margins. Can you please elaborate a bit more which kind of segments or kind of underperforming which is leading to this gross margin pressure? What is the outlook for second half FY 2023 and also for FY 2024? Do you believe that there could be reversal in store on the product mix side? Nikhil, usually industrial segments do impact the margins definitely. You will see that our international sales, particularly in U.S., has impacted this year quite a bit, and that also reduces the margins. Overall also we try to reduce single margins in those two areas. The cost, we are spending a good deal of money also on the R&D. R&D expenditures have gone up by 2% and more and more will be invested into research and development. I think your question is what mix is impacting the cost because of the industrial segment, which has considerably gone up. Nikhil, it's always a percentage when we talk about. When you really look at it, margins you can say is little bit down because of the inflation is the pressure right now. Input costs are on a higher side, and those make the mix impact on the margin side. Speaking about looking to the second half and the next year, we already communicated earlier also that we are a R&D company. Our research is continuously going on, and as we move on, we will improve our margins as we pass on cost increases, and we are working on that. When if you look from the last quarter to this quarter, our margins are better. We are continuously working on it. Maybe two, three quarters down the line, our target is to come back to our original margin, EBITDA margin of 15.2%. Right. Sir, if I remember from the last con call, I mean, in fact in the last two quarterly results, you have highlighted de-stocking the probiotics market, and maybe lower private label sales is what is impacting margins. Any colors you can share on how that market is shaping up from a margin price perspective? We always talk about that there are two types of probiotics market which we have. The long-term market which we want to do is our own branded market, right? That market is like already like improving from the international side. On the domestic side, when we are talking about is the bulk market. Those are on a lower side. Okay. It's a mixed picture as we often say. Overall, if you really look at it, we have been much better on the pharma side, on the Indian side as well. On the animal side, but because of the inflation and pressures, the inputs have increased right now, which we will switch in the quarter in next two, three quarters. Understood. Sir, when you say that the margins you are targeting to go back to the normal levels, is there any explicit cost reduction that you are building in that expectation or this entire margin improvement will be driven by better mix and better sales growth? If you can help me understand the drivers of margins herein. It's a combination of all. It will be the increase in the sales. It will be improvement on the productivity, and it will be reduction on the cost. We are working on all the fronts. Like, we continuously work on improving our outputs. That reduces the cost as well on the raw material side. We are also working on improving the uptime, and that will also lead to improve in margins. Okay. Sir, one clarification. Sorry, I missed the number that you shared on MTM losses, other expenses. Can you reiterate those numbers, please? Yes. To the mark-to-market losses. Yeah. What were the mark-to-market losses? Yeah, yeah. The fair market valuation loss is about INR 10 million in this quarter. In the last quarter it increased to, you know, INR 43 million. Total for six months it is about INR 76 million. In other expenses it is sitting, you know, overall if you see the other expenses for six months has gone up by about INR 414 million. I'm sorry. I'll just come back with the numbers. The other expenses has gone up substantially by about, I think if you see the EBITDA, this is down by INR 414 million. INR 203 million is our, other expenses increase in six months' time, which comprises of INR 76 million of, you know, mark-to-market loss. Okay. The consulting charges, commercial fees expenses has gone up by about INR 24 million. Power and fuel cost is up by INR 27 million. Our lab expenses is up by INR 15 million. This is combination of, you know, various expenses increase due to the inflationary trend as well as, you know, as the business is picking up. Definitely, you know, a lot of expenses on travel, sales promotion and lot of activities of, you know, lab related. A lot of, you know, QC related work is to be done. Even like, you know, rents and taxes are up because of, you know, the increase in sale of our exempted products, so basically expenses is also gone up. Total overall, you know, INR 250 million is the increase in other expenses if I compare the six-month number of the previous year. Right. Pardon me, sir, for a very short-term oriented question, in a very volatile environment. With 1.5 months gone into this quarter, do we expect that these expenses should start normalizing from this quarter or we still gonna see the base, the impact of this visit? No, this is not going to normalize this quarter at all. Okay? It will continue. Got it, sir. Thank you so much. This is very helpful. Yeah. Thank you. Thank you. Thank you. The next question is from the line of Vaibhav Badjatya from Honesty and Integrity Investments. Please go ahead. Yeah, thanks for providing the opportunity. I mean, you know, we understand the adverse pressure on the margins because of the product mix. In terms of product-wise gross margins, do you think that has contracted or improved sequentially as compared to last quarter? I'm not asking for a specific number, just a broad commentary on whether our top three, four products have seen sequential improvement in gross margin or not. If you really look at it, Vaibhav, our EBITDA numbers is improved on the sequential basis. Our bottom line is improved. Our sales are improved. On percentage basis also it's improved. It says that sequentially we are doing quite a bit progress. I understand EBITDA has improved with the margin. What I was talking about gross margin. If I look at the gross margin, revenue minus raw material cost, that sequentially- That is same. The numbers doesn't suggest so. It shows that your RM cost as a percentage of sales has increased from 22.4%-24.2%. Gross margin has worsened as per the numbers. I think that there is some increase in the inventory shortages. Yeah. I mean, you know, he is saying he's talking about only input cost, raw material. In terms of the percentage of revenue, I think he's right absolutely. It shows like, you know, from 22%-24%, there is an increase in the input cost. But what we are trying to say is that this increased cost is fine, you know. Other than that, if you really see other expenses, they are showing some downward change. Because, you know, whatever increase had to happen in the cost of, you know, various power and fuel, employee cost and lab expenses, most of them has already taken place. Overall improvement in the EBITDA margin. Now, it's actually a question about whether the gross margin on some of the products is gone up or on sequential basis. It all depends on where we have higher sales. Because, you know, we cater to Human Nutrition and Animal Nutrition, Food Processing. Sometimes, you know, in a particular quarter, the sale of that particular product which is it might be having, you know, better margin may not be there. That will keep on happening, you know. I mean, to give you a precise number it is not possible, frankly speaking, for one and given two products. Right. Yeah, I understand that completely. That's why I was not asking for precise numbers. You know, on a broad basis, if I see your obviously one source of improvement in margin is basically our scale and operating leverage which drives employee cost and other cost because of that. But if I look at your gross margin. Now from FY 2017-2018, you know, your gross margin was always, or your raw material cost was always around 20%-21% of the sales. That has increased to say 23%-24%. That 3%-4% margin compression that has happened, we're just trying to understand that, is it due to some of the pricing pressure that you've taken or is it due to the mix, only the mix change between the products that has happened? Yes. That's what. That's where I was trying to understand. I understand your point. I mean, if I look at, you know, the increase in the prices of the input, I mean, raw material, roughly the impact is about 1%-1.5% of our revenue, which is only because, you know, the input cost has gone up. In addition to that, the impact of product mix, like, you know, you have the products which is fetching high margin. That impact is probably from, you know, 5%-4%. That's not exactly you see the grind in the raw material. This is gonna save, so maybe it is gonna be 8%. And it might be, like, reduced because some of the output has gone up. So it's an impact what you say is only like 8%, but on an overall basis, the impact is much bigger. Okay. Okay, understood. That's it from my side. Thank you. Thank you. Back to the participants. Anyone wishing to ask a question, may please press star and one. The next question is from the line of Rohit Sinha from Sunidhi Securities. Please go ahead. Hello. Yeah, thank you for taking my question, sir. Congratulations for recent set of numbers. We have seen some improvement on the top line as well as on the margin side. Going forward, wanted to understand that this recovery in the revenue and also on the margin side, how we should see the coming two quarters. In past few quarters, we were talking about the higher logistic costs, which are impacting the margins. Now since we are seeing that logistic costs or rates are coming down. That would be also going to help us on the margin front, or it will take some more time to reflect a decent margin expansion. Well, Rohit, we can see some changes happening in the logistics side. The cost is coming down. We are getting good picture of the ongoing of the regular market. Large chilled market is somewhat softening. International conditions are mixed, to say the least. Inventory pressures are still pretty high globally. The overall people are still working out their inventories, built-up inventories and very cautious about ordering. This will take, I believe, couple of quarters or more until the market settles down. We see the trend is trending positively, definitely in the right direction. Okay. On this Sci-Tech business, I believe there is some, I mean, this quarter's numbers were slightly lower. That actually, once that will cross, I think, INR 100 million or a similar kind of million mark on a quarterly basis, then it would be a good contributor in the EBITDA side also. This quarter, as you mentioned, EBITDA it was affecting from the negative side. Can you see the number? What is the factors which are actually affecting Sci-Tech's revenue growth? Number of rockets finished here. Sci-Tech revenues for Q3, INR 34 million. Yeah. Which is down by 15% year-on-year basis. EBITDA is - INR 3 million and cash is further - INR 8 million. Sci-Tech is going through a very tough patch, rough phase right now, with all the Vitamin C and other businesses on a lower side. However, this is the toughest time the Sci-Tech will see. Maybe it will take another two quarters to really recover. Okay. What kind of inventory built up at the customer level or at the where you are observing? Because in the post-COVID, we have been talking about the sudden demand for group of products, and that has probably lead to some inventory stocking also at the customer level. It's a mixed picture. At some places, like particularly in the area, you'll find lot of people have lot of inventories. In the Vitamin C side or other grades, you will see that, people are carrying lot of inventories. At the same time, there's some of the products where there's like shortage of the products. It's always a mixed picture. It is really handling it on the microscopic level. Okay. One last question from my side. I actually missed out on the opening remark for this new acquisition. If you can just elaborate on the thought behind that. Well, it's just a nice addition to our overall concept of total service to our customers with strategic products. I think this will enable us to develop many different product line and service. Okay. Our pharmaceutical as well as industrial market as well. Okay. Any number on the revenue side or margin side we can get for this purpose? Yeah, it's not going to be impacting on the relations. I need to check. Rohit, are you there? I think we missed him. I know. Hold on, give me a minute. I think he wants a number, right? Yeah. It was a top line of about INR 83 million. EBITDA of about INR 7 million and PAT of about INR 5 million. That is, you know, the financials of FY 2022. Okay. That's it from my side, sir. Thank you. Best of luck. Thank you, sir. Thank you. Thank you. Thank you. A reminder to the participants, anyone wishing to ask a question, please press star and one. The next question is from the line of Anurag Agrawal, an individual investor. Please go ahead. Sir, good evening, sir. My question is related to R&D expenses. We've seen a sharp increase during the first half. Could you elaborate more in terms of, you know, are there new hirings? You know, which segments are they? Are you looking to focus more on as you go forward? Usually in your experience, what type of timeframe do you see when you start investing incrementally in R&D? I know it's difficult to answer, but from your own experiences, if you could just suggest what type of lead lag effect do we see from such type of initiatives? If you could explain all of this R&D in a Okay. I think that would be very helpful. Thank you. Let me try. Agrawal. Agrawal ji. Okay. Agrawal ji, the R&D is a long-term project always, and we are expanding with more personnel, expansion of the labs, development of various different processes. Obviously that all takes a lot of capital expenditures. We are very committed to keep on continuously grow in these R&D sectors. Most of our concentration is on our segments at this point in time, in the Human Nutrition, Animal Nutrition, et cetera. They will start providing some immediate results, probably next year. Some of them will be two-three years down the road. As usual, we are putting a lot of emphasis and energy into. I'm very excited, Agrawal, with the results which we are having. Essentially we try to back ourselves. To continue with that, so within the Human and the Animal segments that we have, are we more of incremental, what you call R&D on your existing product baskets, or these are mostly being spent on identifying new business lines in which we can focus on? It's a combination of both. In the existing product we are carrying on clinical trials. We are doing a lot of supporting research, right? The new products we always trying to find out. There are a lot of things which are going on currently. We are working on more than 20 different enzymes, new enzymes. We are working on many different bacterial areas. We are working on a lot of different formulations on animal food areas. It's a mix of this. You can't exist on one deep area of that area. I think that is very helpful. Thank you, sir. Thanks a lot. Thank you. Thank you. The next question is from the line of Vaibhav Badjatya from Honesty and Integrity Investments. Please go ahead. Yeah. Thanks for providing the follow-up. Just one request, you know. These MTM numbers in other expenses, that you said, you give it on call. It would be great if, you know, these can be mentioned either in the notes to the results or in the presentation, because that changes, you know, sometimes, the fluctuations are such that it changes lot of things. It would be great if it can be mentioned in the presentation or the notes to the- Thank you so much for your suggestion. We'll take a note of it. Yeah. R&D costs mostly would be sitting in employee costs, right? It has no large cost. Maybe 70%-80% of it would be in employee costs? It will be in employee cost, it will be in, you know, power and fuel cost. There are different, you know, work locations. Lab expenses, then, you know, consulting, you know, you have some consultants in research and development too, and you spend a lot of money on technical services. Of course, you know, rent, which is like, you know, the premises. Those are, you know, different buckets where these expenses are sitting. Okay. The large portion of it maybe 50%-20% of it would be in labor cost or my understanding is not right? It's about 30%. Thirty. Okay. That's right. Lastly, on the backend side of the business where we have made an acquisition. Maybe I'm wrong, but I think we already had that business in form of procurement from a third party and selling it in open market if I'm not wrong. Just wanted to understand what is the additional benefit as compared to what we already had by acquiring this new entity? Yeah. In this area, you need to have a lot of control on the procurement. If you want to expand the business, even though like you are in this business from 1968, which recently, you were just doing it whichever is needed. If you want to really expand it, this business, then you need to have a control on the procurement side, and you need to have a continuous supply of the material. These are the two areas which was really missing, from this point of view, and that's why this acquisition has come into force. Okay. I mean, we were procuring from the same entity or there was some. No, we were procuring from different people depending on the situation. Okay, got it. Understood. Thank you so much. Thank you. Thank you. Thank you for the participants. Anyone wishing to ask a question, please press star then one. The next question is from the line of Rajat Goyal, an investor. Please go ahead. Yeah. Good evening, sir. I'm Rajat Goyal, individual investor in company since more than three years. I have few queries like, first one, like we developed this ImmunoSEB to overcome disease of COVID, but we could not take any benefits from the same. Anyhow, these are like some breakthrough, but we could not make a good market of that. Second one is overall the results are almost in the same trajectory since long time as I am also from R&D background. So I believe R&D and enzymes can do miracle, but it is not reflecting very great in the result. Rajat, thank you for this, your patience. Glad to see that you are investing in our company for the last three years. You have a great experience in R&D. Not every R&D projects convert into blockbusters, right? Right. Unfortunately, fortunately for the general public, you know, unfortunate for the company, sometimes the ImmunoSEB kind of products which are, people know that the results are good, but the period was short and couldn't take hold of it, so people forget very quickly. There are some exciting results coming out, which as I told before question before, these things will take a little time and sometimes right conditions. Immunity is one of the very key area and there'll be other aspects of it. We hope that we'll continue to work on it, make sure that we can provide good solutions of enzymes and then benefit in various different sectors which are clinically proven. Rest of it, we hope that there will be success. The one thing which it has given us is like a lot of knowledge, deep knowledge how to deal with the licensing. This knowledge will always remain with you. There's always going to be some opportunity. You know, ImmunoSEB is another example in India because we think we are an expert, which we think that they might distribute in here. Yeah. It's a excellent references because once you take the NIH websites and study the publications, it will give you the impact globally. Yeah. Right. In fact, I was reading your, one of your interview in that you told that, okay, you were working on some Lumpy Skin Disease trials that are under progress. Sorry. Would you talk again? Yeah. You are saying. Yeah, I read your article. In that interview you told that you, Advanced Enzyme working on Lumpy Skin Disease trial. Yes. The trials are going on. They are still going on the lab side. I don't have a result as of now, which is. Okay. It's again on the widest basis. Only we can try to compare it. Only we can find some solutions. Okay. This is only my concern point that, okay, sometimes we do great work, but sometimes we are not able to sell to the world. Yeah, but- Yeah, yeah. At least like something is there in the future. We should see in the future. Yeah. Always helps. We always learn, right? Right. Okay, sir. Thank you very much. Thank you. Thank you, sir. Thank you. Reminding to the participants, anyone wishing to ask a question may please press star and one. Participants, if you wish to ask a question, you may please press star and one. There are no further questions right now on the conference. Over to Mr. Mukund Kabra for the closing comments. Thank you everyone for taking your valuable time for attending our earnings call. We will keep you all posted for any further updates. I request you all to kindly send in your questions that may remain unanswered. An audio recording and the transcript of this call will be soon uploaded on our website. Looking forward to host you all in the next quarter. Till then, stay healthy. Thank you. Thank you, everyone. Thank you. Ladies and gentlemen, on behalf of Advanced Enzyme Technologies, that concludes this conference call. Thank you for joining us. You may now disconnect your lines. Thank you.