Ladies and gentlemen, good day and welcome to AIA Engineering Limited's Q1/FY26 Earnings Conference Call. 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 this conference call, please signal an operator by pressing * then 0 on your secure phone. Please note that this conference is being recorded. I now hand the conference over to the management. Thank you, and over to you, sir. Thank you so much, Sukhmajit sir. A very warm welcome to everyone. This is Kunal, and as always, I have got Sanjay on the call here with me, and both of us will walk you through the results for the first quarter of financial year 2025-2026 and a broad update on the business. I will start with the headline numbers for the business for this quarter, and then we'll get into Q&A. We produced 59,500 tons, and we sold 60,156 tons in the quarter. This is flat as compared to the first quarter last year, and from a sales standpoint, and compares to 68,000 tons that we did in the fourth quarter last year. This translates to about INR 1,026 crore of revenue, and a realization of about INR 170 per kilo. We've got INR 12.93 crore of other operating income, which includes export benefits, and another INR 108 crore of non-operating income, and all of that translating to an EBITDA of about INR 420.39 crore, at 40.46% EBITDA margin, and a profit after tax of INR 305 crore. That compares to INR 259 crore of net cash in the first quarter last year and INR 285 crore in the sequential fourth quarter of last year. Moving on, our other income of INR 108 crore includes INR 88 crore of treasury income, which is up from INR 73 crore from the first quarter last year and INR 73 crore of the fourth quarter last year. There is a INR 19 crore foreign exchange income, both combined taking the non-operating other income portion to INR 108 crore. Working capital largely continues on track. There's a slight increase in finished goods, but it's flat. It's probably flat, raw material is slightly reduced. Receivables remain flat. Overall, working capital in line with every quarter. From a challenge standpoint, again, flat numbers are comparable to the first quarter, 36,000 odd in mining and 23,000 odd in non-mining, which is cements and utilities for a total of 60,000 tons, almost in line with the first quarter last year. 13,000 ton reduction in mining volume compared to the fourth quarter and a slight increase in the non-mining portion. Our net cash stands at INR 4,083 crore. Our investment plans for this year, we've spoken about plants in China and Ghana. More gold plants are in, we've been looking to acquire land. We've applied for all sorts of permissions. I think end of next quarter or the quarter within the next two quarters, we'll share more updates on because it's our first time going outside of India, and we're learning the procedures for both land acquisition as well as various pre-production approvals, and both appear to be a little well drawn than what we had originally estimated. For now, we continue with both the plans, and we'll share a little more, nice about what we're doing with that in the next one or two quarters. Apart from that, we are continuing to make a small investment in our renewable power. We are at about 38 MW as of date, and we are adding another 60 odd MW, taking it to about 100 MW plus. When all of it gets commissioned in this fiscal year, almost 65% of our power will come from green sources, from renewable sources. We are very proud of that, of not only achieving the green milestone for our power energy consumption, but also it's helping us reduce costs on that account. In addition to that for the rest of the year, I'm not still sharing the number for what I'll be spending for our plants outside of India as far as CapEx is concerned. Outside of that, we spend about INR 50 crores of non-general maintenance on land, some warehouse, all of that, and about INR 40 crores for the renewables, the balance part of the renewables. So about INR 100 crores spent, in addition to anything that we spend on China and Ghana, either capital protection for this year. Lastly, one good news in this quarter was related to the Brazilian sunset review where the department has reduced the countervailing duties component. The anti-dumping portion of it got discontinued because the total duty was 11%, which had countervailing duties, and the anti-dumping portion got terminated, and the countervailing duties portion is now down from 6.5% to 2.9%. Total duty now on the anti-dumping account is at 2.9%. That's a big relief and validation of what we've been telling not only authorities in various countries, but also our customers that we absolutely follow fair pricing strategy and fair pricing practices. That's something that it's taken a lot of effort to put things in perspective to make sure that the cases work appropriately. The same thing is what we're doing with other jurisdictions where, you know, there is some sort of conversation on the duty front. The U.S. anti-dumping stands at 9.8%, 10.07%, about 10%. Of course, there is a much larger trump that is that, you know, we fall under the, all of us will pay 50% duty, you know, if it continues as it is. To that extent, there is some uncertainty on the U.S. account, but we are in discussions with all our customers as we speak. Most part of our volume in the U.S. continues. Customers want an alternate source, you know, for this product. Beyond that, beyond customers telling us we'll continue for the near term, we may not be able to share more commentary as we speak. We would rather wait and watch and see where this settles down and have a little better view on what happens to our U.S. business. I'm going to add, just to add, this 50% duty that we are currently paying has nothing to do with the recent reciprocal tariff announced by the U.S. President, Mr. Trump. This was already applicable to us as we are under Section 232 from January, I think from February initially, 25%, and then about a month ago, it increased to 15%. This is just to clarify. This has nothing to do with the current new way of tariffs, because this is where anyway, paying customers are paying even as of today, this 50% plus this 10% odd anti-dumping, which Kunal talked about, and the supplies continue. Exactly. I think Sanjay, maybe you have a quick question. Oh, okay. Of course. Preempting a common question that how do you look at the current scenario? Because we have been doing around 60,000 tons of sales, which is about 250,000 tons, 255,000 tons last year. What could be the outlook for this year, etc.? Preempting those questions, I want to just make it very clear that as we had indicated even in the last call, we are absolutely clear and bullish on the prospects of conversion for the large number of mills that we are looking at from the force to our hydro solution. With this added tremendous work, even in terms of research, I think our whole approach has gone into it. We are working with a very large number of mining customers right now at a fairly advanced stage of negotiation, and we do expect quite a bit of conversion-related news to start coming in the coming quarters. Therefore, from a very clear-cut management standpoint, we are not at all worried, and we do expect to return back to a decent level of volume growth from the next fiscal. Having said this, this process is taking a lot of time, and therefore this year, we feel that we might still end up the current fiscal year with a near flat situation. However, maybe next one or two quarters, a lot of things are happening, and we'll be able to give some clarity. As we speak, we are very clear. We don't see any structural issues. It's just a restrategizing and now again going back on the track of normal growth, which is expected to start coming from next fiscal with complete clarity. This fiscal, we want to wait and watch for maybe one or two quarters, but we are still our target is to see what growth we can achieve over the last year. We have no certainty or clarity, and therefore, we are not giving any specific growth guidance for this year. I think with this, I'd request the moderators to open the house for Q&A. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Bhoomika Nair from DAM Capital. Please go ahead. Yeah. Good evening, sir. You mentioned in the end that, you know, there would be kind of a flattish volume. I remember that, you know, the previous call we had mentioned about some growth and the benefits of the conversion effort that we are taking to kind of start playing out sometime in this year at least. I'm sorry I'm interrupting you. I said we are not giving any specific guidance about the growth in this year and our targets, and I said that we'll probably come back to you by the end of Q2. Let us see. We have not said that Kuchin Yoga, but a lot of efforts are going on, and I wanted to clarify that 100% from next year, we are on track. This year clear. We're waiting a little bit more for how to offshore. Okay. Okay. Fair point. From a U.S. perspective, you know, given that there will be this 50% duty, do you think our volumes will be at risk if it were to come into play? Bhumikan, your voice broke. Can you repeat? Last part I couldn't hear. I was saying that if the 50% tariff was to come into play, as anticipated, assuming no relief on that aspect for a minute, would that mean that our volumes would get impacted out there, on the U.S., bit of volume? No, sir. Bhumikan, as I clarified two things. One, this last round of 50% is reciprocal tariff and not sectoral one. Sectoral tariff too on February meant that we have 25% plus last month it was increased to 25% with the whole world knowing. Correct? Yeah. Yeah. Today also my clients, my customers are paying 50% sectoral plus 10% CBD, and they are continuing mining. Obviously, the negotiations are around the corner. There must be a continue over to whether a part of it you will bear or not. That is a continuous dialogue which our salespeople are doing, and therefore our supply as we speak continues, though a little salting, but there's something in normal and said we are not following the people. They are offering the hope that sooner or later there will be some, you know, we were talking of BTA happening. People were hopeful that BTA might go to a very reasonable level per hour. As we all know, the whole world knows this has now become a little political, more political rather than, you know, really economically the rational decision-making process has got to be much heavier. As we speak, people are saying. That's all I can say at this point in time. Okay. Fair point. Understood. The thing is, in terms of China and Ghana, you mentioned that it is taking a little longer than anticipated because of the approvals, etc., land acquisitions as such. What would be a reasonable timeline to look at for, if I understand correctly, China will be first operation followed by Ghana. What would be the right timeline to look at for that plan to be operational? Bhumika, that's what I shared, that our hope was to start with that initial land and approval this quarter. It looks like it's much longer drawn out than what we had imagined, right? It's our first time going in there, which is where it looks like I will be able to share a plan hopefully next quarter or fair chance it goes to the quarter after that. This will be exactly what happened. I can't share 12 months from approval, and then approval is maybe 15 months away, right? Just give us a quarter more. We will share a little more. Yeah, I can have an actual meeting there where more work is going on so that work in progress is there. Okay. Fair point. Lastly, if I look at the margin profile, this quarter has been quite healthy. Is there anything that you can call out in terms of what attributed to this margin being sharply up? Okay. Bhumika, one, if you knock off the treasury income, paying out INR 19 crore, we are talking about about 29 to 30% operating margin, which I definitely agree that it is, it's certainly slightly on the higher side. There are two factors. [Foreign language] Point number one. Point number two, there is a good, very good products next, [Foreign language] Now therefore, I would believe that on an operational margin, this 29 odd I think cannot be read as a sustainable long-term. Of course, we are talking about 2023, 2024 as the minimum. I believe we want to stick to that as a very, very sustainable credit service. [Foreign language] We are doing better. I believe we might do better, but let's take it as that. Okay. Fair point. I'll come back in the queue then. Thank you so much and all the best. Thank you. Thanks. Thank you. The next question comes from the line of Priyankar Biswas from JM Finance. Please go ahead. Thanks for the opportunity. My first question is, again, coming back to the from the previous questions, like this very high level of pricing that we are seeing on the, I mean, almost at the INR 170 per kg, do you expect that to sustain at least in the very near term? I mean, compared to forge, it seems to be a very high level of premium. What is your take on that? Priyanka, I think the realization we always maintain is not just a margin reflector. It's also the product mix that we do in a quarter. There is also the price pass-through with this quarter of seeing some level of freight reduction, some level of raw material reduction, right? Some of these costs have reduced, which we get passed on over ourselves, you know. Two things have happened this quarter: price, the product mix leading to a little higher realization and lower cost. Hence, we are seeing that price, there is an abnormal margin this quarter, which we think will be normalized over the next two quarters. Okay. Understood. If I may come back, I remember in the previous calls, you used to highlight significant opportunities in Latin America, particularly in copper. What is our progress there currently, and what are the steps for any prospects that we are looking at for near term? I think we are status quo there. Like Sanjay was explaining to the previous participant, our efforts are on, right? They're on it. They're making all efforts towards it. We remain excited and confident about it. We hope to get back to growth stage soon. There have been breakthroughs. We are hoping that culminates into something meaningful that we can speak about. We have decided to speak about it after we get that breakthrough, other than, you know, positively about when and how because it's been that way for some time, right? We are hoping that it converts into a contract and a tangible order and hoping that that's a gate that opens up for further volume. Yes, I hope so as well. Let's say it will be in the next couple of years, maybe we see some volumes. Just last one question from my side. Previously, or in FY 2025, in some of the calls, you had mentioned that in certain mining geographies, there were some excess inventory that was there of grinding media. That kind of led to sort of a dystopic thing. Is it behind us? Have those volumes kind of resumed? There were two, three different things that were happening. Two customers were going through a destocking. They went through that volume. It looks to be back. That should normalize. Okay, that's all from my side, sir. Thank you. Thank you. Thank you. The next question comes from the line of Devang Shah from DD Enterprise. Please go ahead. Yeah. Hi, sir. Am I audible? Hi. Yes, sir. Yes, yes. Sir, I am an individual investor. I have some two, three minor queries only. Regarding the cash we are holding on the books, is it for [Welcash]? Because the [Welcash] buyback was not being gone through. Any plan to utilize the same cash which we are holding on the books? No, sir, Devang, I think there is some confusion here. We never held any buyback. It was a delisting attempt, which was not successful, and that was a very, very insignificant amount, actually. This cash has been conserved for quite some time. Contributions are packed, but we are very, very optimistic about the tremendous growth potential that the business has. Therefore, given the fact that at any point in time, some or the other opportunity could unfold, we are a bit conservative. In the past also, we have said that once we believe that the business has all the enables that we are giving for growth, they are sort of stabilized, we will look at options for reducing the level of cash. At this point in time, we agree, we are admitting that we are missing a little higher level of cash, and we want to do so more on a conservative basis given the potential that we have. Okay. The other question is, can you just tell me who is going to be over there for the next 5 to 10 years for the management controlling? Because the owner whose age is very much near to the retirement or something like that. Is there any follow-on plan also? Is there, like, you are going to get it from the management, or you are going to get it, like, professional management outside of the company? Any follow-up plans for that? Sure. It's back to the majority. There's no question of any management outside of the company. We are, in fact, professionalizing this for our last three, four years. There's a very proper succession plan strategy, which is under implementation. The idea is that the whole management and the organization should run strictly on professional ground, and all the others are on. There's no question of any outsider coming in, running, etc., etc. Yes, the proper succession plan is under implementation, and it will be properly and formally implemented over a period of next one, one and a half to two years. That's all from my side. Thank you. Thank you. The next question comes from the line of Varun Jain from Dollard Capital. Please go ahead. Yeah. Hi, sir. Good evening. My first question was on power and fuel costs. If I look at your power and fuel costs as a percentage of sales from FY 2020, it was close to 10%, and then it has been falling to FY 2022, 9.2%, and now FY 2025, 7%. As the renewable power mix increases, where do you think this will sit? Renewable. At this point in time, we are, I think, about 30% to 35% at the renewable level in terms of our actual credit that we are getting in terms of generation through wind and solar, in our billing. We are investing about, we are putting another 100, total 60-plus MW, which will take us to about 100. My sense is there is a very decent scope of further reduction. It should set 7.5%. 7% already in FY 2025 only you reach. It should go to 5.5% or 6% in the next two years. It should reduce further. It will reduce further. There will definitely be savings, and you can take around 6 to 6.5 years. My next question was, in this quarter, the margins were very good. One of the reasons you told us was that product mix favored realizations and the freight cost was low. Was there also a raw material cost impact, like ferrochrome or alloys you got at a cheaper price? It always was with 100% pass-through. You are very right. In a given quarter, if the prices have gone down, whatever sales realizations are as per the previous agreed levels, there would be a decent push-up on the margin. However, in the next quarter, I explained to Bhumika, one of the earlier participants, that yes, there are two factors. One, you have to knock off the asset income, treasury income, etc. So [Foreign language] 30% [Foreign language] at the operating level at this time. Correct? That is slightly higher than what we normally do at about 27% odd. That is what the ranges which we have been generally reporting. [Foreign language], it's about 20% against normally about 23%, 20.8%. [Foreign language] Second, there is a very clear cut, strong tailwind of the product mix. The bigger casting, as we call them, [foreign language] and we are very profitable. Therefore, there is a little bit of push. As Kunal Shah explained, there will be a pass-through effect which will come in the next quarter, which will normalize. [Foreign language], we are okay. We should look at the normal level of margin only rather than extrapolating this. Okay, sir. Go ahead. My last question was, you had given some light on this that you lost 30,000 tons of destocking volumes were lost. You said there was some recovery. Out of that 30,000, how much have you recovered? 30,000 was not a destocking at all. There was one customer where we lost some volume. I think we will not be able to break down every single customer that way. The destocking, that customer's back up. You know, the volume is back out now. There was a 10,000, I think 7, 8,000, 10,000 ton difference on that account. There were other customers who had reduced purchases on that account. I'm not sure what is the current level there. The billing process changed related to that, you know, one customer that's back to, you know, regular invoicing. That will reflect cooler will be the cool potential. That's the thing I'm going to. Okay, sir. Thank you and all the best. Thank you. Thank you. The next question comes from the line of Kunal Shah from SBI Mutual Fund. Please go ahead. Hi. Good evening, Kunal. Good evening, Sanjay Majmudar. Yes, sir. Good evening. Could you talk about the mill liners? We commissioned the plant. I mean, have you seen stabilization? How is that ramping up? If you could also talk about, because the strategy was to actually first get into the existing customers so that they know AIA, they know the AIA quality. That cross-sale opportunity was one that would have helped us. That is true. We all use a mill liner. As you know, we all use the metal mill liner. We've also added the rubber composite capability. I think as we went into the space, as we understood the overall offering, the one is it has taken longer than what we had imagined. Having said that, it has a this was our sign that we are right-sizer offering. We've done some amount of trials. Customer went back and said, "Your reference is for this or for this metal or for this size of the mill." A lot of that was who's going to give us that first trial, who's going to allow us a trial that allows us subsequent sales and over configuration. I think that's what has taken up time. I think Sanjay can speak more, but for today's board meeting, for example, there were two more discussions just on the sharpness and the potential for the mill lining solution, how it's all coming together. The solution is for us to send liners and grinding media together. That's the customer we are looking at. There were some customers where we had the chance to send just lining. We want to keep the capacity available because we are fully committed and believe in the solution where this proportion benefits can accrue by using our design material, our design, and our material of lining along with our grinding media. Both are intended to actually deliver the full solution that we are pitching to customers. We are hoping that we are good news to share soon. Just to add to what Kunal said, what we are bringing on table now is something very unique, which very honestly, a mining industry has not seen before. That solution has been already tried and tested in a couple of mines with excellent results. Based on that, we are now approaching as a combination of a solution where cost becomes, I would say, secondary order product tertiary. Primary, it is the grinding efficiency, the throughputs, and how we are doing a combination of different types of liner designs, very unique, which increases the grinding efficiency and the overall benefits which a mine gets is unimaginable. I think that is what is giving us tremendous confidence. Very soon, we should have some very good news to share. That's all I can say at this point in time. Thank you. What will be the utilization of the plants currently? I think we moved some of the production also over onto this plant. The utilization for the overall mill lining capacity would still be small. I don't think it will be crossing 30,000 tons. It will be slightly between 25,000 and 30,000 tons for the full mill liner. Capacity would be in addition in excess of 70,000, 75,000. 75,000. Both, I mean, overall. It's a little lower than around 40% - 50%. It's just less than 40%. Yeah. Yeah, 75 is the capacity. You can assure. Sure. Sure. Yes, sir. Some part of it is tangible, but I would say we are doing between 25 and 30 of a 75,000-ton capacity product. Okay, just to understand directionally, how different are the realizations for the mill liners versus the grinding media? The selling price is, of course, a little more in mill liners because the cost of the alloy is different, and there is a lot more subsequent effort, right? We need to do drawings, designs, people need to travel for that, collect information. We need wooden patterns. Then a sample piece gets made, then a finish rod, then there's post-treatment. The whole host of investment into patent and the engineering work that needs to be done before and after the product is made is significantly higher the cost for us, right? When you factor all of that, the selling price does go higher than grinding media, but the margin on that selling price, I think, is largely comparable. The margin as a percentage is comparable. Just trying to understand because if you see our weighted average, we've been doing $1,600, $1,700 a ton. I mean, just to get the differential in terms of realization. We also do vertical mill parts, and volume also shifts. Within vertical mill parts also, we do like six or seven products. Prices vary from, just to give you a sense, from INR 180 to maybe INR 400 a kilo, right? That depends. Yes. Exactly. Because we do machining on some parts. There are many other parts where metal dies have to be made or metal, you know, fabricated parts have to be made for the wooden patterns. The investments vary, and the processing on the material varies, and the effort in every production varies. That is where for us, it's sometimes difficult to break apart these things in, you know, error. I understand that one certainty is a high figure, but like we said, that reflects a little bit of the higher dollar rupee and the product mix, and the margin reflects some part of lower cost also. When we were looking at the export data on country-wide, there was a very sharp drop in the volumes through Australia, from 37,000 to 40,000 we saw in 2022-2023 to about 15,000. Please help us understand the reason for the sharp drop to Australia. My request is, let us take this offline. Okay. All right. The just last part, when you said flattish volumes this year, there was some inventory drawdown that was their inventory correction by the customer, which was there about 18,000. Yes. We expect this to normalize. This increase in the volumes that can happen from the mill liner is missing. Despite that, the flattish volume guidance, we just want to understand. To say to that, Sanjay Majmudar, 8 or 10 also is flat for us. The idea is that if we have to get to 30,000 or 40,000 tons, and a 10 or a 15 or a 20 is still, you know, not a volume increase that excites us. I think Sanjay Majmudar, without having to speak into 5 or 7 or 12, is a thing flat. Same still varying at 10,000 tons. Something else will go down. Something else will come along. Overall, this year, as we look forward, the new contracts coming in later in the year, factoring all of that, it looks like it will be a flat year. When it is flat, it will be between minus 5% and plus 15%. Yeah. I'm very clear. I also think that, by the end of this quarter, we should have much better clarity on a few large contracts or the assignments that we are working. I think you kindly wait for a quarter more. I think we are working on so many other projects. With this novel approach, we are getting fantastic results. It's just a matter of time, very honestly. That is why we said, you know, otherwise, you know, we would be not in a sleep indication. I think it was a very exciting response that we are getting. Hopefully, we should be absolutely on track in terms of normal growth from next year. Definitely, we are targeting some volume growth this year. Sure. Thank you so much. Thank you. The next question comes from the line of Amit Khetan from Devarnam Capital. Please go ahead. Hi, Sanjay Majmudar and Kunal Shah. If I give AIA Engineering Limited's challenges over the last three, four years, right? If we just look at the industry volumes over the last five years, specifically in mining, would you have a sense of how much the high-chrome industry in mining has grown in absolute terms? AICROM is what our competitors are doing. Volumes in AICROM are largely limited to what, you know, both of us are doing. I don't know the number on the top of my head, but we just have to do that math. There is no new player for sale who's coming, you know, done it. Exactly. No, but the competitors would have also gained some share from you, right, by way of in countries where there are duty structures. Under 35%, they are how much increase at the industry level. What we're saying is if volume has moved between them to us or us to them, the industry has remained flat and has remained still a sum total of what both of us are doing. That's what we're saying. The hierarchy has grown to the extent we have, basically. If we have lost some volume, it's gone to them. Generally, it would have gone to them or there's something the plant has shut or plant has reduced operations or whatever. The AIA Engineering Limited share is what volume of both of us added up to. Got it. Broadly, over the last five years, at an industry level, there has been very limited conversions. Is that what you're trying to say? Possibly. I mean, that's the total, whatever the math was to me. Yes. Okay. Okay. Secondly, when you talk about for this year, but let's say on a normal year, when you're talking about 25,000 to 30,000, 30,000, 35,000 conversion, a new addition in volumes, how much of that are you factoring in the new conversions and how much is just a region of old volumes which now because of, you know. I think there will be, what first is that given our exposure, we are not per se a one-trick pony where there is one customer, one geography, one product line, right? We are selling to more than 120 countries. We're doing cement and mining. Within mining, we're doing two or three, four types, right? Given all of that, there will always be macro. What we are learning is there will always be macro factors that will keep coming along and putting some headwind that we need to figure out and work through. What we are saying is when we are saying growth, when we are talking about growth, it is all new conversions from port to port. Some volume that's gone away will come back. That is basic arithmetic between us and the competitor or whatever the macro situation may be. We are not considering that when we're talking about growth coming back or the growth figures that we want to hopefully share soon. Just to add, it's a fact that over the last few years, we might not have seen a great amount of conversion. This is a fusion of two, three things. One, though the efficacy of our solution is universally accepted by the customer, there is always a great deal of resistance on their side in converting due to a wide variety of reasons. What we decided is that we must make it so potent that it heals, that the customer would definitely fall for it. There is a local concern. There is a local competition. Today, I'm saying that now, with the mining liner-related solution, plus the DP-related benefit that we are offering, plus a very unique type of media solution that we have got, as a package, it becomes so compelling that we are starting getting very good results. A couple of projects have shown extremely encouraging results, and the clients said right now they are in the process of negotiating some significantly large, large higher volume of orders. That has given us confidence, and we are now across many mines. What is happening is that we have also climbed up the learning curve in terms of our capability and our potential to break into mining based on efficiencies rather than costs. Mining industry, each mine is typically INR 50,000 crore kind of a company. In KLI, small volumes or small savings are not relevant. What is relevant is if we offer something which is a game changer. That is where the whole conversion happens. I think we have climbed up this curve, and it's just a matter of time. We should start seeing definitely better traction in the coming quarter. Got it. Got it. Thank you. That's very helpful. Thank you. As there are no further questions from the participants, I now hand the conference over to management for closing comments. Thank you, and over to you, sir. Thank you so much. As always, Sanjay Majmudar and I remain available offline to clarify or speak on any other questions. Thank you so much and have a great evening, everyone. Thanks. Thank you. Thank you. On behalf of AIA Engineering Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.