Ladies and gentlemen, good day and welcome to Balrampur Chini Mills Limited's 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 the conference call, please signal an operator by pressing star one zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference to Thomas Jenny-Rose from CDR India. Thank you, and over to you, ma'am. Good afternoon, everyone, and thank you for joining us on Balrampur Chini Mills Q1 FY 2026 Results Conference Call. We have with us today Mr. Vivek Saraogi, Chairman and Managing Director of Balrampur Chini Mills Ms. Avantika Saraogi, Executive Director, and Pramod Patwari, Chief Financial Officer of the company. We would now like to begin the call with brief opening remarks from the management, following which we will have the forum open for the question and answer session. Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the results presentation shared earlier. I would now like to invite Mr. Saraogi to make his opening remarks. Over to you, sir. Thank you, everyone, and good afternoon. Thank you once again for joining us on our Balrampur Chini Mills Q1 FY 2026 earnings call. I trust all of you have had the opportunity to go through our results presentation. I will initiate the call, giving a brief update on the current developments in the sector. According to ISMA, sugar production for the upcoming season, that is 2025-2026, is expected to be around 350 lakes tonnes per free diversion, up about 18% from 29.6 million tonnes in the previous year. These are early estimates and are based on satellite imagery, rainfall data, and field reports across three key cane-growing states. While the overall sugarcane area has increased only marginally, favorable monsoon conditions and improved crop health are expected to drive higher productivity. State wise, Maharashtra is expected to see a 42% increase in sugar production, and these are all free diversion figures expected to touch about 13.2 million. Karnataka, in early estimates, may register a jump of 23%, touching 6.6 million, while UP may be remaining stable at 10.2 million. In UP, there is a decline in cane area, but we are hoping for a much better yield based on improved crop resilience and better disease and pest management. This anticipated surplus presents both opportunities and challenges for the sector to maintain market stability and avoid pricing pressure on sugar. A diversion of 4.5 million tonnes into ethanol and around 2 million tonnes of exports will be the key decisions. This will help balance inventory while supporting India's clean energy objectives. However, with the ethanol prices under juice and B-heavy routes unchanged for two years, the industry continues to now eagerly await the timely policy support, including revisions in ethanol price and minimum sale price of sugar, MSP, as popularly called. Such measures will be critical to sustaining sector profitability and ensuring timely payments to farmers in the surplus year. Coming to our Balrampur's business performance, the company began the fiscal on a steady note with revenues rising in both sugar and distributed segments on back of higher volume than realizations. Sugarcane crushing operations during the quarter declined by approximately 66%, resulting in a 65% drop in sugar production and leading to an under-absorption of fixed overheads due to the short season. Our focus remains on strengthening cane availability through developmental initiatives and variety of rebalancing in future seasons, and I would request Avantika to elaborate more on this when she speaks. At the same time, we are closely tracking policy developments as supportive measures, particularly in ethanol pricing and MSP, would be instrumental, as previously stated. Our PLA polylactic initiative remains a key pillar for our future growth strategy. In recent years, we have progressed from concept to detail engineering, secured strategic technology partnerships, and aligned the project with evolving regulatory and market trends that favor green alternatives to petrochemical plastics. With construction activities now underway, we are building our domestic market by trading imported PLA to seed demand, increase awareness amongst manufacturers and coworkers, and encourage local production of PLA-based end products. This phased market development approach is helping us establish strong early customer relationships and ensure market readiness for a smooth transition to in-house production targeted for commissioning in Q3 FY 2027, which is October 2026. Till July end, we have spent about INR 927 crore, comprising INR 460 crore through debt balanced from internal accruals towards gross CapEx, which is around INR 2.50 crore. Our long-term strategy is centered on sustainable growth, innovation, and disciplined capital allocation. The sugar and distillery business has evolved into stable contributors over the past few years. This year, we await the government policy delivering steady cash flows in challenging operating environments. Looking ahead, we see the pioneering PLA project as a structural pivot that will diversify our portfolio into bioplastics and position Balrampur's at the forefront of green transformation. By maximizing value from every stick of cane and leveraging our integrated model, we aim to contribute meaningfully towards transition to a circular economy and a more self-reliant sustainable future. I'd now request Avantika to give you an update on cane and maybe a little bit on PLA and thereafter Pramod. Good afternoon, everyone. Just to begin with, cane. As already stated, UP has seen a slight decline. Ours is also, I think, flattish to maybe a slight decline. We'll be able to give better figures in the next quarter because the display and corrections are still on, but we won't see a very big challenge there. Having said that, the yields are definitely looking better. This is owing to the distribution of the rain. I just want to compare it to last year. Last year we had good rain as well if you quantify it in inch term, but the distribution was a bit, you know, leaving us to ask for. In fact, in three of our factories, we had very big floods during the maturity period, and this resulted in a lower crushing and recovery than expected. More effect on recovery than crushing, I would say even over there. This year, the distribution up till now has been actually very, very favorable. This also indicates that there might be a couple of winter showers, which, as we have been stating for the past one year, increases the yield and recovery in plant cane a lot. We're quite hopeful for the weather conditions this year. I just want to also highlight that last year, even though we had about a 10% lower cane area, our crushing only dropped by 1.5%, 1.75%. This just shows the on-ground activities and work for yield and disease management, which have resulted in our positive, even in a bad year. Where everybody is declining, we are able to sort of get something better out of it. In favorable weather conditions, I think we should keep the outperformance up. Our pest and disease control is very, very tight. We have negligible, I would say, pest and disease encroachment of any kind. Our tool management has actually been a big kicker, which we saw a bit of last year, and we should see even better in the upcoming season. Now, even in Eastern UP, we have managed to do a paradigm shift where now the farmers have started to come out and do ratoon management without us having to tell them. This actually accounts for 50% of our crushing, and this is where we have gotten the bump up. This will result in yields, of course, and this will help keep our crushing stable. Also, I want to mention that the crushing did start early this year since the festivals are also earlier, and the weather conditions are, up till now, touch wood, looking good. We see a positive year for cane upcoming. If we move on to PLA, I just want to talk a little bit about the market in India about PLA because I think that's a point which comes up in every conversation. Just to begin with, we will begin our commissioning in October. In our first year, we'll probably have about a 50% capacity utilization, with quality in the first year. We are already on our way to importing and selling under our brand name. We have touched it also there in the presentation, so this doesn't need to be written down. We have touched more than 175 customers directly already. We are catering to 50+. We have 30+ trials going on with different companies of good caliber. We are creating a lot of awareness with our Bio Icon wheels. This is giving us a lot of tailwind when it comes to showing people the possibilities, whether it is at the government places, at big brands, and things like that. The other thing is that we expect that by the time our plant is at full capacity, our plant should be sold out within the country. Having said that, we will, of course, sort of take the best price that we can get, whether it is inside of the country or outside, and we don't see at all a challenge there. I just want to also mention that Karnataka and Kerala state governments are giving a lot of push for circularity, compostability. Even in the north, Rajasthan, Gujarat governments, all the CPCBs are taking it very positively. Even at the central government level, we are getting a lot of positive response from all the departments. We are very confident, and we are very excited to move forward with it. Thank you. Thank you, and good afternoon, everyone. I hope all of you had the opportunity to put through the results presentation that has been shared. For the benefit of time at our disposal, I will request the moderator to open the forum for Q&A session. Thank you. Thank you, sir. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to withdraw 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'll wait for a moment while the question queue assembles. The first question is from the line of Sanjay Manial from DAM Capital. Please go ahead. Hi, sir. I have one question on the ethanol. Since now we have reached almost an average 19% kind of ethanol blending, what is your view from the demand conditions, say, next few years? What are your discussions with the government about increasing the blending from 20%- 25%, and how the demand probably will be panned out over the next few years? What probably also will be the contribution of sugarcane-based feedstock and grain-based feedstock? What exactly are your discussions with the government on this? Yeah, hi, Sanjay. Thank you. I'll answer what Sanjay's asked in a little more. If you saw, there were some articles recently published by CIAM, which was talking about the issues in engines beyond 20. The Government of India has come out with a very clear clarification yesterday, Pramod, where they have not only spoken about this misnomer being a misnomer, they've also very clearly given and detailed the benefits in terms of forex, etc. They've gone on to say how they back the ethanol program per se. Even BIS standards are being fixed. Probably they would move from 26 onwards. They have detailed a roadmap, or they are in the process of putting up a roadmap from 20- 22, then 25- 27. Demand conditions don't worry me. Government's commitment to the program doesn't worry me, especially after what we have read yesterday. It's a very detailed paper. You could share with some of the investors if you sought the interest. It's in public domain. Lastly, what we are dealing with right now is the ethanol pricing. I am very hopeful, especially since the government has said it's such a beneficial program. Why not do what they've not done for two years? We are in active persuasion with all government sources for juice, B, both prices. This year being a surplus year. Let me put my thinking on the table a bit. Last year, the environment was not that of surplus. Next year, the first year we are entering surplus production. The government's attitude when there is a surplus and when there is not a surplus is very different. If you saw in the yesteryears, they have given about INR 10 a kg, I'm talking a real time back, Pramod, maybe 10, 12, 15 years back, I don't remember. The INR 10 a kg, which is one-third of the export prices subsidy, just to handle the surplus and the arrears. I think next year we are very positive, and I personally feel that the ethanol price would increase because this is the only thing which will kickstart the diversion and maybe take it to even beyond 4.5 million. It is the need of the hour, beneficial for the country. Owing to the surplus, I guess there is not much of an option. I'll also tackle the MSP question, minimum sale price of sugar. We are again actively lobbying for both MSP and exports, but I guess exports will happen when the production figures get much clearer. If you do recall, last year in January, even with a wafer-thin surplus of 1 million, the government did allow 1 million to go out. Given the prospect of the surplus being larger, I personally feel that should also happen around the same time. I mean, one can't commit. It's maybe as soon as government gets confidence, Pramod, that the production is what it is being envisaged. These are the comments on ethanol demand, ethanol pricing, MSP, and export. I thought let me brief the house once for all. Thank you. What is your view on the proportion? Because last few years, the maize ethanol production has gone, I mean, maize ethanol diversion has been a lot higher than the molasses. Do you think that government this year will balance this out? Yes, yes. Two parts to this. The demand could not have been fulfilled by the sugar industry owing to lack of raw material fully. The year previous to that, they just put a grinding halt suddenly on diversion. The demand needed to be fulfilled. Maize came and did the gathering. A current year, if you see, there have been some unintended consequences of maize area increasing. I think if, Sanjay, I get your question correctly, what if there is an oversupply? We will get our share, is the answer. Maybe maize gets curtailed for a little. We get our share because, again, we go back to the basics. Basics is there is surplus. Surplus needs to be diverted. If not diverted, sugar price will suffer. That is the reason why this will happen. That is diversion. Your ability, if it's 45 million, government will take that. Exports also should happen, should the production figure come to what we are thinking it would go to. Right, right. One question I have on the sugar recovery side. Last year, across UP, we have seen a significant decline in the recovery. Given the fact that, as you have mentioned, the rainfall has been well spread, is it possible that we can go back from 11.3%- 11.7%, or have new varieties been hampering that? Avantika. I think definitely there is a chance. I mean, I would think up to now a good chance for that to happen. Our variety balance is on a really good front, I would say. The red rot laden tree is only about 7%, which is super healthy. That will also give us maximum of what it gives. The rest of our varieties are also, I would say, best in the state, best in the country, you know. We are very, very good. Sanjay, if you know, I'm to hazard a guess, 11.0. Pramod, we went to 11, dropped by 0.4 last year, approximately. 0.4. We went to 11.3. 2.8. 2.8 from 11.72, something like that. I would definitely feel very positively inclined towards recovery, but maybe not 11.72 in one year, maybe two years. Yes, that's definitely uptick from 11.28. Halfway, maybe. It's too tough to say now. Yeah, positively inclined towards increase in crushing from last year's figure and positively inclined towards recovery. As we speak today, the weather is conducive for that. 100%. Let two months pass. Yes, right. My last question is on the PLA. As you have mentioned that you have been importing PLA to sort of develop the market, at what price or what would be the landed cost of PLA, and will in future that imported price define your realization for the product? Actually, we are not at liberty to disclose the figures like this due to NDAs and things that we have. Obviously, since we are importing ourselves and we are doing everything, we are very cognizant of everything as we go. Sorry, I can't give you too much of detail. I'll just try and put the basics on the table again. The demand generation and the price would go hand in hand. We are hoping for a lot of mandates from the government, which is in their sort of own thinking and within their own mindset. Maybe it's from some departments which will eat up more than we can make, and therefore, it should be positively inclined towards the price. We are hopeful on both sides, our ability to produce and our ability to sell. Perfect, sir. Thank you very much for. You know the price structure. Yesterday the price was lower than what we thought. Tomorrow it might not be. Maybe the government puts in some restrictions to sort of beef up the Indian industry. There are lots of things we are working on. Right, right. Thanks. Thanks for all that, sir. Thank you. Next question is from the line of Prashanth Biyani from Elara Capital. Please go ahead. Yeah, thank you for the opportunity. Mr. Saraogi, what would be your view on any changes in SAP that may happen this year? Yeah, SAP in all likelihood would go up, sorry. I'll be brutally honest, SAP might go up for two years. That may not be all that bad if supported by the measures which we have spoken about, which I briefed on Sanjay Manyal questions, because A, they will help our crushing to go up. B, that may be the need of the hour for the upcoming UP elections. It will also, what is it? Yeah, it will give us a lot of raw material for our ethanol. We are hoping, in a period of 10 years, you don't go through a couple of years of glitches. I'm hoping it's a glitch. My evidence would be this year's ethanol pricing. If it happens, I'm a bit delighted. We hope that our recovery in two years will make up for cost increases. Right. Sir, slightly related question, the lower acreage of cane that we are seeing in UP, is it a result of because the varietal changes happen from 0238 to others, farmers have seen lower yields on newer varieties, and hence it is resulting in a decline in their income? Is the lower acreage relating to that, and any SAP increase can compensate for that? Yes, Awantika. I've seen it's never just one factor, right, for a whole state. This has a part to play. People are trying to experiment with a different blend of crops a little bit to see how they can get a better realization. The SAP going up will increase the acreage back. I think the acreage has bottomed out for UP, to be very honest. There does need to be a healthy balance of crops to see the price of each and every crop. Otherwise, oversupply of any crop is not good. I'll just complete my thought on this. The idea is a variety also finds its home. It finds its yield. It finds the correct soil, the correct time to be planted. How much ever we say, until the farmer faces the brunt of negativity and some see the fruits of positivity, that I think is now. Let's say 14201 is a beautiful variety. It must be planted at the correct time. Those who planted at the correct time last year saw fantastic yields. I think all these small experiments with SAP will definitely take our area up and our payment. I'll leave it there. Sure. Sir, one unrelated question, mainly relating on the government side. Sir, any government-to-government exports which happen time and again, we hear exporting to South Asian countries and a few other geographies, how does the sale happen actually and at what price does it happen? Is it through companies, through government's buffer stock, or through trader stock? It won't impact any sugar companies. You can let this question go. Okay. That's it from my side. Thank you. Next question is from the line of Nikhil Agarwal from Kotak Non-Discretionary PMS. Please go ahead. Yes, good afternoon, sir. Just a quick question on the PLA. We have seen earlier that many companies have used bagasse to make biodegradable paper products. While the products do look quite impressive, the price point is where the demand gets impacted. My point being, do you actually see customers paying a premium for the product that you are making? Because in this case, in the case of biodegradable products, I don't see that working out. I mean, you've given examples of Starbucks, that's fine. What about other uses? I just want to remind you of one very simple thing that our production capacity will be 80,000 tonnes and India's consumption of plastic is 15 million tonnes. First, let's put that into a great perspective. The short answer to your question is yes. People will pay a premium where they see functionality and opportunity to create a better atmosphere. If they don't do it willingly, I think the governments, and there are many big companies who want to lower their virgin plastic consumption unrelated to any government mandate also. While I understand what you are saying, it doesn't affect it when it is such a, it's not even a drop in the ocean. This question is not relevant in my mind, to be very honest. Okay, got it. I'll maybe take this up offline. Another question on the cane production, just wanted some clarity. For FY 2026, you said that it was 18% up compared to last year. It's expected to be 18% up on an overall basis. Yeah, we spoke about the country level. Right, 18%. What about UP? UP, we said would be flat. Okay, understood. That's it for me. Thank you. Thank you. You're welcome. Thank you. Before we move to the next question, a reminder to the participants to ask a question. You may press star and one. Next question is from the line of Shalesh Kanani from Centrum Broking. Please proceed. Welcome, everyone, and congratulations on the performance given that it was a low crushing quarter this time around. My line got dropped in between. Apologies in case this question has been already answered. One is on our PPT. We have mentioned that the utilization rate of production capacities in bioplastics worldwide is 58%. That number seems to be a little bit on the lower side. Can you highlight top reasons for the same and how our facility will be very different? Sorry, I didn't understand your question. Could you repeat it, please? Sure. In our PPT, we have mentioned that globally, bioplastics worldwide capacity utilization is somewhere in the range of 58%, right? Okay, sure, okay. Yeah, that obviously looks on the lower side. What are the reasons for that, and how would our facility be a little bit on the higher side, or how are we going to tackle those hurdles? Definitely, 58% is on the lower side, definitely. I don't think, okay, it is basically coming from China, this thing. If we look countrywide, I don't think this figure is like this at all. China has one single facility of 300,000 tonnes, which is not able to ramp up capacity, is what I understand, not for want of a market, but for want of their own internal technology or whatever those things. I don't think that this is the way to sort of look at this question. The market is definitely there globally. We are barely 1% in bioplastics, and PLA would be even like half of that, so 0.5% of global consumption. That's one thing. We don't see this as a challenge arising. In fact, we get more questions like, you know, when will you be able to supply us full so that we can change over to full? State governments, central governments, everyone is looking to this. Like I was mentioning earlier also, states like Kerala and Karnataka are pioneering their own PLA-based milk packages, butter bottles. This is without anything related to Balrampur effort. Things are happening automatically as well. They are, in that case, much more expensive at the end of the day than what we would end up being when we have the domestic production. It's the only question we get asked, when will your domestic production start so that we may actually make a strategic shift? This is where we are coming from. Fair enough. Just one clarification in your opening remarks, ma'am. You said that we would be at 50% utilization within the first year. I assume that is 12 months, not that financial year FY 2027, right? We are hoping six months in, that six months stabilization, etc. We want to ramp up to maybe total 100% in six months. It's too early to say more than six months. Yeah, please, please. Let me answer the way I know best. That is straight. It is something new. Is it something alien to us? A lot of it is fermentation, so it's not so alien. Our excellence has been lifetime in manufacturing. We are hoping that with the best technology partners and our watertight contracts, we should be able to deliver the quality of, you know, the level, the quality of PLA, which is desired. We should do that. I don't doubt that. The efforts being put into marketing, the liaison or the dialogues with the states and various departments of the sector, etc., and the mandates are moving in the right direction. If I'm an outsider, it's a leap of faith on the management. Trust us, and we should perform. It's something new for us also. It's not a shot in the dark. It's a well-researched, well-thought-out, well-planned program. Yeah, thanks. That's helpful. Absolutely. We have confidence in the management of Balrampur to deliver this. Thanks for that answer. Coming to our gray ethanol volumes, this quarter around, I think we have done highest in terms of quarterly run rate, right? I believe from the increase in average utilization, we have done predominantly through maize. Can you just kind of give some unit economics in terms of how profitability, availability, and costing is for various feedstocks and how maize is looking at the current prices? Sanjay, going forward also for a period up to October before the start of the new season, we will predominantly do maize-based only. To give a profitability indication on the basis of two months of performance is not the right thing. Maybe at the end of next quarter earnings quarter, we will be in a better position to present that. The main reason why I'm saying this, it all depends upon the procurement price of maize In the next years. Right now, we procure everything we can. Just to tell you, this will never move the needle for Balrampur. It is good because it covers our fixed costs of the distillers and gives you some money. This is a good filler for our MezaPool unit. Yes, well desired. This is not a game changer either way for the company. Maximum around INR 5 crores liters on an annual basis. If you supply INR 5 crore and then make INR 3 crore, it's INR 15 crore, yes, it's very welcome with the coverage of fixed cost. That's the range, basically. The reason I was asking is that this is the first time we have seen those volumes. In the past, our format always has been what you have highlighted, right? It is not that a profitable group. I was just wondering in case there has been a sharp drop in prices as we have got feedstock remunerative. I thought I would just clarify that. There are very brief, short drop in prices. As businessmen, we decide to procure when the price hits what we think may be the right price. Today, if you go to buy, it's more expensive. Even if we are able to secure the entire requirement of. That sell price of DDGS is extremely important. Yeah, that's because of so many distilleries. That earlier was, let's say, when we began business of this grain, our DDGS price for rice was INR 26. 29. It went up 29. 29. Today, that is what, 19, 20? 18. Our maize DDGS price is 15, 16, 15. Without Pagas, the energy source is even worse. It's cooling your energy source. Yeah. Oh, fair enough. Thanks. Thanks for that clarification. Just last question from my side. I was a little curious. I just wanted to confirm my understanding is right or not. Our net recovery numbers for the quarter, I know the crushing is very small and it is minuscule, but it was 11.38% verses 11.15% last year, right? Last year, diversion was kind of a little limited, right? Is it predominantly because, yeah, is it predominantly because our facility in our earlier calls, you had said it has shifted from B to C, that the net recovery post-diversion was a little bit on the higher side this time? No, no. Any recovery figure we give you is apples to apples. It's reduced to C. For pre-diversion, this quarter we had 11.57, vis-à-vis 12.1 in the corresponding quarter of last year. Okay. Fair enough. Thanks, sir, and best of luck. Thank you. Thank you. Next question is from the line of Krishan Parwani from JM Financial. Please go ahead. Hi, good afternoon, and thank you for taking my questions. All good, sir. All good. Hope everything's well at your end. A couple from my side. First, on the long-term debt of PLA that you have raised INR 460 crore, it's mentioned in the presentation that the repayments of the term loan will begin from Q4 FY 2019. Till that time, there'll be no interest outflow. Is that correct? When will the 5% interest payment start? Oh, the principal repayment will start, as you mentioned in the PPT, but we are paying interest on a monthly basis. We will get the 5% interest subvention claim from the government of UP after the commencement of our commercial project. Okay. After the commencement. Okay. Got it. Just the continuation of the same, what's our projected borrowing for FY 2028 and an interest outflow once PLA is up and running? Because I think after you mentioned after the, just wanted to understand that. It seems INR 50 crore would be borrowed within FY 2027. FY 2027, maybe INR 1,500 crore within FY 2027 and INR 150 crore-INR 200 crore in the first quarter of FY 2028. Okay. Fair enough. I think, Vivek, you mentioned in your opening remarks and probably in answer to one of the earlier participants as well. Did you mention that you expect the PLA plan to run at optimum utilization within one to one and a half years of commercialization starting October 2026? I would be very disappointed if it took me one and a half years or one year. Okay, I mean, we'd be delighted to see it if it was. Max, six months. Yeah, let me explain why. We have the world's best people who have supplied globally and who have succeeded globally, right? They are part of our process. There's a watertight contract on their head. Plus, we fancy ourselves as good manufacturers with a sharp eye on detail, having done fermentation business all our life along, which is the distillery part, which is a significant portion of this business. Six months. Okay. That's great news, sir, and we are equally excited for that ramp-up that's fast. In that context, have you kind of internally planned for a phase two where the first six months, and then that gives you a strong visibility for the coming years as well and also enough cash flows for the CapEx that you are already putting in? Our Balrampur's DNA and personality is we focus on achieving one and then looking at the second. I don't want to dream so much. I want to achieve and then dream. Having said that, there is enough left in the plan to expand in this very layout and construction. Of course, when we have planned, we plan to go bigger, but change that layout until we are able to do that, which is definitely the desire. As I said, have failed. We do have that for sure. Putting our best foot forward, let me just assure you, putting our best foot forward with the best possible people everywhere. Okay. Noted, sir. Given your expertise in fermentation and given for the polymerization, you will also get lactic acid. Is there a possibility of exploring other chemical compounds? Is the R&D already looking at it, or do you intend to look at those possibilities in the future, such as propylene glycol, etc.? Definitely, the short answer is yes. The R&D piece, you know, R&D was a forgotten subject in Balrampur, and today it's the hottest new topic. I think we are all over a lot of things. At first, we are all over our existing process, which is to upcoming city work. All of the possibilities are definitely at play. Yeah, we have a good R&D team internally, external consultants. We are on the job. Great to hear that, sir. Thank you, Avantika, for pitching in our show. Thank you so much and wish you all the best. Thank you. Thank you. Participants, to ask a question, you may press star and one. As there are no further questions, I would now like to hand the conference over to the management for the closing comments. Thank you, everyone. I must appreciate the line of questions put forward this time by our investors. It delights me to hear such pertinent and to-the-point questions. Thank you very much for your understanding. Thank you. Thank you. Thank you very much. Thank you, sir. On behalf of Balrampur Chini Mills Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.