This conference is being recorded. I now hand the conference over to Mr. Anoop Bector, Managing Director and Promoter, Mrs. Bectors Food Specialities Limited. Thank you, and over to you, sir. Thank you so much. Good afternoon, everyone. On behalf of Mrs. Bectors Food Specialities Limited, I extend a very warm welcome to all participants on Q2 and H1 FY 23 financial results discussion call. Today on this call, I have with me Mr. Manu Talwar, Chief Executive Officer; Mr. Ishaan Bector, Whole Time Director; Mr. Parveen Kumar Goel, Whole Time Director; Mr. Gaurav Jain, Senior Vice President and MD; and Orient Capital, our Investor Relations Team. I hope everyone had an opportunity to go through our investor deck and press release that we have uploaded on the exchanges and on the company website. I'm pleased to share that we have reported the highest ever quarterly sales, EBITDA, and PAT since IPO. Demand for our products continue to remain robust. We registered strong double-digit growth from all of the business verticals, that is, biscuits, domestic and exports, bakery, institution, and retail in Q2 and H1. Our investments in capacity building, along with organic sales and development, hiring of various department heads, have allowed us to substantially grow our business and report strong half year performance. We are very well positioned to leverage these opportunities, the opportunities that lie ahead of us and will be supported by urbanization, strong leadership team, manufacturing infrastructure, digitization, and distribution network. In the current quarter, the company has witnessed marginal improvement in prices of raw material, but challenges of inflation continue to remain for our industry. I would now like to provide an update on our biscuit program, starting with our Rajpura biscuit line. As you are aware, the company has successfully started commercial production of a new biscuit line with an installed capacity of 12,000 tons per annum, with effect from 15 July 2022. Further, we are also adding two new biscuit lines to meet the growing demand. These two lines are expected to be completed by Q1 FY 2024. In Madhya Pradesh, Dhar, the company is building new biscuit line. We have started construction of boundary wall and received approval for construction of building plan. We expect these lines to be ready by FY 2024-2025. Lastly, we have cleared additional land next to our existing bakery plant in Pune, Maharashtra. The new capacity is expected to be completed by FY 2025. We are confident of delivering positive results going forward, driven by strong distribution network, marketing, and digitization expansion. Now, I will discuss the Q2 financial performance. The consolidated revenues for the quarter stood at INR 347 crore, versus INR 246 crore in Q2 FY 2022, thus registering a growth of 41% on a year-on-year basis. On the biscuit side, our biscuit segment reported a revenue growth of 40%, which stood at INR 206 crore in Q2 FY 2023, as compared to INR 137 crore in Q2 FY 2022, including domestic and export sales. This segment has grown by 35% over Q2 FY 2021. Our domestic biscuit segment and exports witnessed higher double-digit growth in Q2 FY 2023, as compared to same period last year. On the bakery front, bakery segment revenue for Q2 FY 2023 stood at INR 125 crore, against INR 83 crore in Q2 FY 2022, thus registered a growth of 51%. This includes both retail bakery and institutional segment. Bakery segment has grown by 99% as compared to Q2 FY 2021. Both retail and institutional bakery has grown by higher double digit in Q2 FY 2023, as compared to the same period last year. The company continues to focus on premium distribution and premium migration of its products. On margins, EBITDA stood at INR 44 crore, saw a growth of 42% quarter-on-quarter. Our EBITDA margin for Q2 FY 2023 is 12.8%, as compared to 10.4% in Q1 FY 2023. [Audio distortion] stood at INR 322 crore, saw a growth of 72% quarter-on-quarter. Our gross margin for Q2 FY 2023 is 6.3% as compared to 5.2% in Q1 FY 2023. Moving to half year performance. The consolidated revenues of H1 2023 stood at INR 648 crore, versus INR 3,472 crore in H1 FY 2022, thus registering a growth of 37% on a year-on-year basis. Business. Business segment reported a revenue growth of 36%, which stood at INR 385 crore in H1 FY 2023, as compared to INR 392 crore in H1 FY 2022, including domestic and export sales. Baker. Bakery segment revenue in H1 FY 2023 stood at INR 332 crore, against INR 352 crore in H1 FY 2022, thus registered a growth of 33% year-on-year. Margins. EBITDA for H1 FY 2023 stood at INR 76 crores, saw a growth of 79, saw a growth of 99, 19% year-on-year, reported a EBITDA margin of 11.7%, as compared to 13.5% in H1 FY 2022. PAT stood at INR 35 crores, saw a growth of 10% year-on-year basis. With this, I would request to open the floor for Q&A. Thank you so much. Thank you. Ladies and gentlemen, we will now begin the Q&A session. Anyone who wishes to ask a question, may enter star and one from your telephone. If your questions have been answered and you wish to withdraw yourself from the queue, you may enter star and two. Participants are requested to use handset off when asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask a question, you may enter star and one. We have the first question from the line of Sameer Gupta from IIFL Securities. Please go ahead. Hi, sir, and thanks for taking my question. First of all, congrats on very specific numbers. I have three questions. So firstly, your distribution in your domestic district, can you give a sense on what is the kind of direct reach and total reach, today, versus let's say 12 months back? And how it has grown, as in which states have seen the highest amount of growth in terms of reach and, which states are, you know, lower in terms of reach, coverage, etc.? So, should we answer this question now or you want to ask all three questions? You can answer this, and if I can follow up, if I have any. Okay. So as we have been busy, we have huge focus on the driving distribution on the supply. And we have a plan of completing our direct sales outlet from 150,000 to 320,000 by March 2024. Actually, doubling our direct sales outlet in two years time. We are progressing extremely well on this side. And it could be some midway mark by March of 2023, and then we think 320,000 mark by 2024. So that's on the distribution side, but distribution side is also supported by a digitization journey. And just to first give you upon a digitization, and then I will come on the journey side. On the digitization, we did the sales force automation to work with our partner, and which was implemented in the month of April. This is helping us track route-wide performance, sales, source-wide performance on a daily basis. So it gives us that how many calls have been made, how many calls are accepted, what is the route productivity, what are the lines sold, right? All those KPIs are visible in sales on a daily basis, which help us drive the performance of the sales force and the last sales. So this was the first phase of the digitization. The second phase of the digitization which we had planned was on a distributor management system, where large amount of distributor will be directly connected with us, and we will be able to monitor their inventory, their performance, their routes also on a virtual station. Just to share with you, our DMS journey has also started and we've made a significant progress of covering all the large distributors by Q4 of this year. These are the two large interventions on distribution side. Third slide on the distribution that we were adding in distributor sales map, right? So we were adding a large amount of stock ists to, you know, to increase our coverage and drive our sales. So So we had a plan of adding over 700 distributor placement, and which we have completed. And done with, and that's also adding to our productivity and sales growth there. The fourth bit was our capability building, which was providing our training through our partner to large amount of sales force in all the key city. And that roadmap is under implementation as we talk. These are the four large actions, in action I would call them, which we have taken to, you know, drive our sales execution, sales execution, sales performance measurement, to, which is helping us drive our sales growth, which we are seeing in our numbers, right? Geography is another question we have. To share with you, these numbers are from Northern India. We were always stronger in the north, not primarily on the south side. And, the large part of distribution growth is coming in the lower part of the north, which is your Delhi, UP, Rajasthan. But nevertheless, we are also growing our distribution upper north, which is Haryana, Punjab, J&K, Himachal. That would be, you know, my response to your query on our journey on distribution leading to the sales growth. Just a follow-up, sir, here. So directly by September, adding to September. By September, we have crossed 175,000 outlets. 175,000 outlets is the thing which we have crossed. We, ye s, we have crossed that much directly to the outlets. We plan to do around 240 by March, right? We will be, we will be doing around 225,000-230,000 by March. These are the big outlets which I told you. In terms of outlets which have- we have started recently and dealing, right, they, they have already added up to that. Great, sir. That is very helpful. Second question on the biscuit side. So biscuit growth of 40%, if you can give any kind of a color, how much is it in domestic and exports? And within domestic, again, how does this growth compare, you know, across states? Which are the states which have contributed the highest in terms of growth and which have grown less than average? Any color on that, sir, would be helpful. So, you know, you know, firstly, let me answer your question. Both our exports and domestic, they are, they are both growing very, very aggressively. Both are neck to neck. Both are growing in large high teens, right? They are duly supported by the high teens volume growth, right? So it's a good revenue growth supported by the high teens volume growth, both for exports as well as domestic business. On the domestic side of business, as of now, all our territory are growing extremely well. But in terms of percentage of growth, because we had a large market, larger business in South side or North. So in terms of percentage, you can say the lower part of North in percentage term is growing more than the upper North. We have businesses growing again in good double digits, high teens, percentage. Great, sir. Just a follow here. We also had it reiterated around an analyst meet last time we met, that Maharashtra and South also are in plans where we might be looking at further revenues directly supplying. Right now, we may not be directly supplying, but other revenues. So how much of that is materialized? So just to share with you, we have launched, we have launched our distribution of our product directly, right, through our distributor network, like DMart in Mumbai, Pune, and Bengaluru, right? And so we started this journey about three to four, four months back, and it's doing well. Our products are seeing, you know, accepted well in these territories. And we have a plan to keep growing this distribution in these particular region. So we launched in Delhi, it is doing extremely well. We are present as of now over the last few months in over 5,000 outlets, and we have a plan to enter two more cities in this financial year before end of the March. Great. So the last and final question from me, more of a teaching one. So, breads competition of Delhi NCR today and two years back, what do you think? You see, both Bengaluru and Mumbai have grown well for us. And also we are also now selling in a lot more cities which are outside Delhi NCR, which are in, say, 200-kilometer distance from the Delhi NCR, right? So I won't have an exact answer on two year back and all. I can get back to you later, because the fact just to share with you that, yes, we also our Mumbai business, Bengaluru business, and nearby cities to Delhi NCR, we have also and they are also growing very fast. Base number, if you can share with the current? Yeah, I can intervene. So, you know, now we actually look at our territories as Delhi NCR, out in north, Bombay and Bangalore. Delhi NCR today would be contributing about 55%-60% of our sales, and about 40% is coming from northern market outside of Delhi NCR, Bombay and Bangalore. Great, great, Ishaan. Mr. Manu, thanks. This will be all. I'll get back in touch with you. Thank you. We have the next question from the line of Akhil Parekh from Elara. Please go ahead. Yes, sir. Thank you for the opportunity, and congrats for excellent numbers. Just, I want to understand on this, you directly get, for a specific competition, you will use 5,000 outlets. So what's the type of outlet size, largely a modern size, or it's a mix of both? 5,000 outlets, which I spoke about, is our standard rate, essentially, yeah. Okay. And, okay, I mean, we had some thoughts on focusing on modern trade in these markets or, what is our modern trade cadence and right now at an aggregate level and also in the direct case, like U.K. and all. How is the strategy? I mean, is it not so much modern trade or is it largely modern trade? No, no. So we have a plan on modern trade in Northern India, and getting into the Western and Southern markets, right? And our modern trade business is the highest growth business today for us as a business, right? So, the modern trade is going very well. Also, we have [audio distortion] market. So we have a target to get over, y ou see, modern trade universe in India is around 5,000-5500 outlets. Okay. We have a target of touching and crossing beyond 2,000 by March. As of now, we are already in September, crossed around 1,600 stores. We have started our journey, both of them out, Modern Trade stores. So Modern Trade is going very well, growing at a very high growth scene rate, and one of the highest growth business vertical for us. We have started a journey on Modern Trade for thousand trade. We have a target of crossing over 2000 stores by March, 2000, and we are now sitting at approximately- Sitting at approximately? 1,600. Yeah, that is in all India level, right? Not all India. all India. Southern best, we gave up in the last three months. What's the competition of modern trade in our sales? Modern Trade in our overall sales as of now should be quite close to 90%. 9%? Yeah. Just from understanding the cost also. So, we have seen there's a sequential improvement in cost margins. And with the margin sizing, the easing off, do you think the cost margins actually would keep improving and whatever price increases is now good enough or more consensus for the cost side? Yes. So, as of now, yes, we are almost close to our last year, but, I'm sure, just to be clear, you know, inflation change continues to face the industry, right? It is not outside as of now. So if we are going to get some of the price increases also in this quarter over to the fourth quarter, just to ensure that we are able to maintain and improve our gross margin. What is the price increase which will come in the first half, say, from April to our calendar year? So both in case. As you can see, we've taken sufficient pricing increases to, you know, to protect our gross margin, right? Because this is in our quarter and H1 results so far. Okay. So would actually, like, 20%+ kind of unique? So it's not that high, but I, I can promise you those numbers are rising. Sure. Sure. 100%. Okay. And so, cost, on the cost side, which is basically your ad spend and, distribution costs. So we have seen a significant increase on the YoY basis. Would you, would I include more, due to the distribution cost, or it will be largely because of the increase ad spends as well? How, what is the mix? So, these are three reasons. First reason, we have incremental marketing spends here. Second reason is our logistic costs have also stopped because we have growth mix that is a little higher mix on the count of export logistics, and there's a bit of an increase in the logistics. Third reason is that last year cycling was great because 62 more international that's about not there. But now as business, those are material interest rate level is back, which was kind of last year. Yeah. So, what is the average likely advertising cost for the full year or for some if you could help us, sorry? [audio distortion]. As a purchase is to say, we normally spend about 10%. So what I'm sure the process is to say, both in Asia and here, we normally spend about 10%. Out of this approximately, about 3% is Asia, which is digital, [audio distortion] balance around 5%, approximately, is, [audio distortion] on, on a, t his is a broad picture. All right. Okay, thanks a lot. I'll wait for more questions. Thank you. We have the next question from the line of Digant Haria from GreenEdge Wealth. Please go ahead. Yeah. Hi, so congratulations on the great performance. First question is on the export side, you know, if we have seen a similar growth YOY, which is close, I just wanted to know that is it more of your own brand, you know, which has increased in exports, or is it white label? You know, any color on this? So, I'll take this. Our focus, very clearly is on, building up our brand. And, we have been working very aggressively in the Middle East, side, you know, to be growing the business. But we have added distributors, you know, in, in these areas, especially in Saudi Arabia, we have added distributors. So work is on in during this period, during branding. But on the air side, between branded and third-party brand, you know, would be very similar, like, 50%, each for now. Okay. So even during IPO, we are 50/50, so also we are 50/50. Both brands are growing. So, you know- Yeah. Not much difference on the branded and the unbranded brand. Okay. So both are growing equally fast, so- Yeah, yeah, both are growing well, you know. Okay, okay. Okay, sir. Sir, Sir, and second question was, so the last entire, you know, last four quarters, you know, inflation had been behind us, nonstop, and, you know, even our other costs were going up because we were implementing this distribution changes in our domestic biscuit case. Sir, sir, now, even now, it feels, you know, the raw material inflation is not going away so easily. So as a company, are we better prepared than last year? Because, you know, last year it was after 10 years that such inflation was coming, and we took a lot of time to pass it on. But the next rounds of inflation, as and when they come, will we be able to do it better than, say, what we could do last year? Yeah, you know, as with the journey what Mr. Manu Talwar has mentioned also on strengthening distribution, strengthening digitization, strengthening information of the market, you know, it is adding strength to the company to react faster. Definitely going forward, in case there are such, you know, inflationary trends or such reasons when we have to react to the market, our reaction will be much faster, for sure. Right. And with all always used to go up much faster. I think now they're stabilized. So now we can expect this operating leverage to continue, right? Because as the distribution investments gain, you know, will lead us to more sales, these costs will not rise as fast. Or is that not right to say? Yeah. So, you know, definitely, I mean, it is going to be coming on people like I had mentioned that, you know, our top line management, you know, was with great experience. And we have seen the result of that coming into the company. We have added. We have gotten a lot of people on street on street so that we have a distribution for the degrees. And now with the support of digitization and the DMS system, which Manu had mentioned that, you know, our live distributors will be on DMS by March this year, next, you know, and this quarter. So I think the results which you will see more positive towards the company, you know. So, definitely, that our effort on branding, you know, distribution, investing on distribution will have to be continuing. Thank you. All the best to you and your team. Thank you. Thank you. We have the next question from the line of Nidhi Babaria from Envision Capital. Please go ahead. Hi, thank you for taking my question. So what would be the price hike for us in last three years as our revenue growth is around 32% three year at this area? What would be the volume and volume mix and price hike during these three years? So what price hike, I guess, this will be, Manu, could you give a three-year price hike? Like just on a, on an average basis. No, it will be little tough to give you. Just to share with you that, our majority of price is definitely happening this financial year, because, like, over the last six, eight months. Yes, I think you can get the between the last three years [audio distortion]. On a YoY basis, if that is easily available. Pardon? YoY basis, like Q2 2022 versus Q2 2022. Our pricing increase as a company In just the FY 2021, over the last FY 2021, as of September, right, could be around nine odd percent. Our larger part of growth is coming through volume growth. Okay. And, sir, any picture on the new geographies, like how easily are they able to take these price hikes? Because northern belt is surely our home area. But when we go to other parts of the north regions only where we are expanding. Any outlook on what is the growth trajectory there and what the acceptance level also? See, our growth is primarily, as we explained in the question response also, is led by our sales and distribution and the sales execution. These are the two key areas driving our sales growth, which is bringing larger number of outlets, making sure SKU effect, and doing it well, larger portfolio. So these are the two key areas which are driving our growth in our existing geographies. And we are putting all our efforts through sales digitization, through training of the sales force and the street side to enhance our excellence in sales execution, right, and the distribution. That's the key thing. This is duly supported by the inputs on the marketing side, the brand side. As I briefly mentioned in between, the brand and the marketing is largely led as of now through digital media and the print media, right, and on the in-shop and on-shop activities. These are the three large verticals based on trade or three large areas where we are effectively doing our marketing. As we have got a new leader in marketing, Apoorva, who joined us in July, so that in part of investment in marketing is also scaling up and supporting well, over and above our sales execution as execution to build our revenue growth. Okay. And, sir, on modern trade side, what would be the revenue contribution last year? Like, this year, as you mentioned, that it's actually 9%. And what, like, what was the store counts we were serving in modern trade last year versus this year? Our contribution has also improved in modern trade, as a part of our sales, almost 45% over last year. Contribution, which you are asking. Okay. And, how many store counts have we increased? Currently, we are 1,600. We had store count in modern trade. As of now, we are targeting to be around 2,000, and we, we're very sure that in two years after that, we should be able to cover almost 95%, 90% of the universe. Manu, the, Manu, the question is, what was it last year? How much was the outlet coverage last year? Yeah. Just hold on. And also, sir, what are the other things do we expect with these new lines coming in? What, like whenever, like within six to eight months, whenever we will be at stabilization level. See, on the street side, you know, it could be anywhere above 3.5, okay? And on the trade side, it'll be around 2.5, 2.5 x. The street side, you will have a larger, higher turnover, asset turnover. On the street side, it's a bit lower. So the automation got the investment to drive the profit, you know, which compensates us for the higher investment, because automation levels are very, very high. Okay. And any color on QSRs demand, how QSR segment is doing for us? QSR, as you have already seen, you know, most of the QSRs are now, they, they've seen their results, and so very, very robust. They're growing well, you know, so, I think they're doing, extremely, extremely well. Have you added any new QSR or, have you increased any share of business with any of the players? Ishaan, you want to take this? Yeah. So, you know, the last time we had updated that, we got onboarded with coverage. The share of business is increasing as we are proving ourselves to be a more reputed supplier. Other than that, we are working with some other QSRs, and as and when we get through, we will, y ou know, we'd be very happy to update. Okay. Okay. Sir, just the last question that Modern Trade store count numbers? Yeah, yeah, yeah. Manu? I missed it. What was the question? The last year's store count for Modern Trade. It was around close to 1,200. Okay. Thank you, sir. Thank you. We have next question from the line of Mayur Parkeria from Wealth Managers. Please go ahead. Good afternoon, sir, and thank you for taking my question. Mr. Parkeria, I'm sorry, this is the operator. We cannot hear you clearly, sir. Am I audible now? No, sir. Please switch to your handset. Hello? Yes, thank you. Please go ahead. Okay. Good afternoon, and sorry for the disturbance. Is it okay now? Yeah. So sir, I just wanted to check, have you given any long-term guidance with respect to the business? Sorry, I'm not aware if there is. Can you, i n terms of, like, three-year, five-year, any long-term guidance, have you given? We haven't officially shared any outcome guidance yet in our business. But we are in the process of creating a plan and strategy over the next few months' time. We should be in a position, and we'll be happy to share somewhere towards the end of this financial year or beginning of the next financial year, on a, you know, a guidance over a three to four years' time. In terms of top line or bottom line or in terms of efficiency or anything. It will help if you can touch upon whenever you plan to update in the next quarter or so. Yeah. Right. So on a directional basis, I can definitely share with you. And, we're very, very firm of rising our revenue growth along the margin side. So we are keeping our eye on our margin. Definitely, we know that we need to aggressively drive our revenue, because in both categories of business, we see are doing dramatically, which is safe as well as this. We have a very large potential over the next few years to consistently grow up and become a planet player over the next three to four years' time, and that's clearly our intent. But, yeah, alongside the revenue growth, we're very, very firm that we will have a we will do that journey alongside keeping an eye on the margin, so that we are able to grow both well over the next few years. In general, that would be, our, you know, guidance. Plan definitely around Q1 of the next financial year is something where we'll be able to share. Okay. Just on a clarity kind of, just let me know if this working is correct from my side or not. So the interest cost, as I see, finance cost, as I see, is in closer in the region of INR 4 crores. It was closer to the region of INR 1.2 crores year-on-year, the last Q2 of FY 2022, right? That's an increase of almost closer to 0.3 crores. If I annualize that, it is around 11, 12 crores, and current rates, it's like a utilization of almost close to INR 100 crores more on the year. So, sir, am I getting that right, and what is driving this increase in financial costs? When I see the cash flows, they remain remaining robust. So just was wondering where this is coming from? Hello, Manu, you are taking it? I'll take it quickly, then Parveen can add. You see what happened, that when our commodity prices were extremely volatile, we had to ensure our supply chain is okay. As a part of, you know, ensuring our supply chain is for this financial year, we had done some contract of, you know, booking our commodity. So over the next few months of this financial year, ensuring that some part of that cost, as a part of the written agreement, is a carrying cost, which is reflecting here. So it is a little larger spike in interest, but over the next quarter, we should see some sort of normalization. Just to share with you, the spike, which is this quarter, is on account of that, which is a specific cost of carrying, which is part of the contract of this commodity. As we are using allocated commodity that's under contract and reducing that carrying cost, it will get normalized. So, will Cash flow continues to be fully over. I'm sure you would have seen that. And in terms of cash flow, we are at it. They are kind of terms growing healthy. So sir, just trying to drill this a little long, just one more step down. Is it to protect the price, or is it to protect the supply, sir? No, no, no. It is to protect the price. Now, listen. So supply chain has already been, you know, s o normally we would do at some places. This is more on storage of certain commodities, especially on the, you know, wheat side, where things are not very, very down. So, you know, you'll see a reflection of this in the coming quarters, where the cost will be, you know, the cost will be accommodated. We'll, we'll, we'll settle down, this quarter some and the next quarter some. Okay. And will this- Just a carrying cost, which will actually [crosstalk]. I understand. Will this have any kind of impact on the gross margin, whether positive or adverse, in the next coming quarters? It will not be. There's nothing obviously adverse, so it will be positive because we've already booked the cost. Okay. Okay. There's nothing adverse. Yeah. Okay. Last question, sir. So on the bread side, you know, when we see into the market, there are many value-added products which are there in terms of, you know, on the bread category as an overall. Do you have any plans to go this side right now? Or firstly, you know, it's just right now to be supply and our own basic products which is there, or how do we see that part of the business and some you know medium-term planning on that? Ishaan, you want it? Yeah. So, you know, for us, currently we are still a small player, you know, in the entire game. For us, our focus is going to be, you know, to firstly get what we have out there, increase our distribution, increase our presence across more cities. And, you know, we see that as a natural form of growth for a growing brand. On the premiumization bit, you know, we are always, you know, testing the boundaries of premiumization, and we've always done so in the past with breads, you know, such as the footlong breads, which we launched, the paninis which we've launched. We will continue to work, you know, on introducing premium varieties, but with the aim that they should be available or readily acceptable to the larger audience, rather than a very niche customer. So, mass, is it mass or mass premium? Mass premium. So we are going to be premium, variety, but, you know, we would like to develop these markets. Like our experience with, you know, footlongs also has been that, yes, there is a market, but to get the consumer into the habit of taking a footlong home and getting him to take a footlong, i s a journey which, you know, I would say we as a brand are first movers in, and we are trying to create a market. And I'm sure that over time, this will lead to, you know, higher brand recognition for us, premiumization. But the idea should always be to have these products where we can sell volumes in. Okay, sir. Thank you so much, and wish you all the best. Thank you. We have the next question from the line of [audio distortion]. Please go ahead. Thank you for the opportunity, sir, and congrats on the good customer. I would like to know, you have given, you had said in one con call that you aspire to do somewhere around 13%-15% margins. So as of now, it seems that on the raw material side, more or less, the volatility has reduced a bit. And so any consistency that, can we say by Q4, you might try to reach around that 13%-14% margin, Q4 of current year? Yeah, we, yeah, going forward, you know, we are seeing that decrease in the cost and we surely see improvement coming in, going forward. And, you know, by Q4, we would look at, you know, sharing the numbers what we have seen there. Okay. Okay, right. Yeah. I have a question of mine. From the management company, you said that, the new land that is going to be purchased in totally, actually, is it by, is this the same factory which is going to cost around, including the factory, around [INR 20 million], if I'm not wrong? Yeah. Yeah, yeah, yeah, yeah, yeah. So, you know, since we are in the working process, so by the time things are finalized, we'll be coming back to you with the exact numbers on what we're planning to do. And so the target date is 2024, 2025. Land is already in possession. We have sent our papers for approvals, you know, for the necessary approvals from the government. And once we have it, then you know, everything else will move ahead. So, it's not long in Q1 management commentary, you, you said that we expect to start the production in October 2023. Is that any? Yeah. Yeah, yeah. So there has been a slight change in plans because, you know, we are also, you know, with this journey, you have seen a 50% growth coming in in the bakery side, right? A 100% growth coming in approximately in two years. So, you know, there are very dynamic changes happening. So while our planning was happening, there are certain changes happened, where we had to directionally, you know, make certain amendments in our, our, our needs, you know, which were, which are to be met in the future. And so, so that is the reason why there was a delay. We were running short because in this land there was a small need for more land, so that land acquiring took us further time and, therefore, this whole process, you know, got delayed. But otherwise, we are sure that the factory is coming up and, in the next three months, we'll be able to give forward to everyone, you know, our street plan on what is happening there. Mr. Kapoor, does that answer all your questions? Hello? Mr. Kapoor, does that answer all your questions? So I believe participants' questions have been answered. There's no response in the line. We move to the next one. Yeah. Please enter to ask a question, you may enter star and one. Participants, if you have a question, you may enter star and one. To ask a question, please enter star and one. As there are no further questions from the participants, I would like to hand the floor back to the management to close the conference. Please go ahead, sir. Yeah, thank you. Thank you so much. Thank you everyone for joining us. I hope we have been able to answer all your queries. In case you require any further details, you may please contact us or Orient Capital, our investor relationship partner. Thank you. Thank you, members of the management. Ladies and gentlemen, on behalf of Mrs. Bectors Food Specialities, we conclude this conference. Thank you for joining us, and please have a good night. Thank you.