Please note that this conference has been recorded. I now hand the conference over to Mr. Nilesh Patil. Thank you, and over to you, sir. Thanks, Sunit. On behalf of ICICI Securities, we welcome you all to Q1 FY25 results conference call of Borosil Limited. We have with us Mr. Shreevar Kheruka, MD and CEO, Mr. Rajesh Kumar Chaudhary, Whole Time Director, Mr. Anand Sultania, CFO, Mr. Rituraj Sharma, President, Consumer Products, and Mr. Balesh Talapady, Vice President, Investor Relations and Business Analysis. Now, I hand over the call to management team for their initial comments on quarterly performance, and then we will open the floor for question and answer session. Thanks, and over to you, sir. So thank you, Nilesh and ICICI Securities, for arranging this call. Good evening to every one of you. The Borosil team is delighted to be communicating with you once again. I'm pleased to inform you that Borosil Limited's board of directors has approved the financial results for Q1 FY2025 during our meeting today. We have submitted our results and an updated presentation to the stock exchanges, and they're also available on our company's website for your review. During the quarter ended June 30, 2024, the company raised INR 150 crores by way of QIP and allotted 4,716,981 equity shares of face value INR 1 each to the eligible qualified institutional buyer at an issue price of INR 318 per share, which includes a premium of INR 317 per share. This is on June 25 of this year. The issue was made in accordance with Securities and Exchange Board of India Regulation 2018. The objects of the issue was repayment or prepayment of long-term project loans and short-term working capital loans availed by the company and general corporate purposes. Out of the net proceeds of the issue, during the quarter, the company has utilized INR 60 crores towards the repayment of working capital loans and the balance amounts are invested in highest credit quality short-term money market instruments. The proposed schedule of deployment of net issue proceeds is the financial year 2024-2025, that is this year. We are delighted to report that Borosil Limited delivered a strong performance in Q1 FY 2025. Our revenue from operations for this year reached for the first quarter of this year, reached INR 216.8 crores compared to INR 176.1 crores in the same quarter of the previous year. This represents an impressive year-on-year growth of 23.2%, which is amongst the highest in the industry and a testament to our business strategy, operational excellence, and the continued trust and loyalty of our customers. This growth highlights our ability to effectively navigate challenges and capitalize on opportunities, reinforcing Borosil's position as a key player in this industry. During Q1 FY 2025, the company achieved an operating EBITDA before investment income of INR 34.6 crores, as against INR 23.9 crores during the same period last year. The operating EBITDA margin was 16% in Q1 FY 2025, as against 13.6% in the same period previous year. Here, I would like to mention that the other income includes INR 4.2 crores of shared service support income, the underlying expenses of which are reported under total expenses. Profit before tax during Q1 FY 2025 was INR 12.9 crores as against INR 7.2 crores in Q1 FY 2024. The investment income is higher by about INR 5.0 crores during Q1 FY 2025 as compared to the same period last year. Whereas depreciation and finance costs are also higher by about INR 9.9 crores, primarily due to the new borosilicate glass furnace commissioned during Q4 FY 2024. During Q1 FY 2025, Borosil recorded a profit after tax of INR 9.9. INR 9.3 crores as against to INR 5.0 crores during the same period last year. As on thirtieth June 2024, the company had a net debt of INR 57.8 crores. Let's now discuss our category-wise performance for Q1 FY 2025. Borosil's consumer division continues to encompass both glassware and non-glassware products under the Borosil brand, alongside the opalware range and the Larah brand. The Larah Opalware segment, known for its modern design and superior quality, reported impressive sales of INR 76.1 crores in Q1 FY 2025. That is an increase of about 15% compared to INR 66.2 crores that we achieved in the same quarter last year. In our glassware segment, which includes borosilicate, microwavables, serving ware, lunchboxes, glass tumblers, and glass storage solutions, we observed a remarkable year-over-year growth of 42.2%, with revenues reaching INR 55.7 crores compared to INR 39.2 crores in the same period last year. Additionally, our non-glassware segment, which features a range of small home appliances, our Hydra range of insulated bottles and flasks, cookware, and other kitchen essentials, recorded a good revenue growth of 20.3%, achieving a turnover of INR 85.1 crores in Q1 FY 2025, up from INR 70.7 crores in the same quarter of the previous year. This exceptional overall performance underscores the effective implementation of our strategy to broaden the Borosil brand's portfolio, aligning perfectly with the diverse culinary and serving requirements of the Indian household. It also reaffirms the lasting strength and widespread appeal of the Borosil and Larah brand across multiple product categories. Larah, one of our flagship brands under the Borosil umbrella, has shown a good growth trajectory since its acquisition in 2016. The remarkable success story is a testament to our strategic vision, operational efficiency, and commitment to customer satisfaction. Larah's sales have grown at a CAGR of 22%, climbing from INR 87 crores in FY 2016-2017 to an impressive INR 358 crores in FY 2023-2024. These numbers are for the full year on both the years. This significant growth proves the effectiveness of our acquisition and transformation strategy, where we revitalized the Larah brand image along with its operation and realigned market positioning to tap into new opportunities. Similarly, our non-glassware segment, as I already mentioned about, has emerged as a remarkable growth engine for Borosil, demonstrating a robust expansion over the years with a CAGR of 50%. Non-glassware sales have skyrocketed from INR 23 crores in FY 2016-2017, to an impressive INR 387 crores in FY 2023-2024. This significant achievement underscores our strategic focus on diversifying our product portfolio and meeting the evolving needs of our consumers. Over in recent years, Borosil's consumer business has evolved beyond its original focus on glass products, establishing three strong pillars: glassware, non-glassware, and opalware, that is now integral to our sustainable growth strategy. Each of these divisions has grown substantially and is well positioned for further expansion as market adoption and usage frequency continues to rise. Here I would like to add that, our positioning is to replace plastic in the kitchen as well as, steel products, in many parts of the kitchen. Although we do have steel in our portfolio, for us, we believe that glass is ideally suited for some applications and steel for others. And we find that consumers are buying into this, into this thesis, and, they, they are representing, you know, higher growth across our three, segments. Our new product lines, including the Borosil Artisan series, Borosil jars and containers, Coffeemate, air fryers, and gas stoves, have resonated strongly with consumers. Similarly, introduction of fresh designs in opalware, as well as new products such as opalware lunchboxes, storage sets, and Kullad mugs, have garnered considerable popularity, further reinforcing our market presence. At present, our main objective is to further broaden our reach. We are dedicated to transitioning customers from plastic and melamine to glass storage and opalware, which also encourages, while also encouraging greater use of microwavable products. To appeal to our customers' diverse needs, we continuously introduce new items such as portable high-grade steel products and home appliances. Our ultimate goal is to position Borosil as a preferred brand in modern Indian kitchens for all storage, preparation, cooking, heating, and serving needs. We are very confident in the medium-term outlook of our consumer business. While we may encounter phases of slow growth and cautious consumer sentiment, which are typical of any market cycle, we remain optimistic about the long-term growth potential. Our strategy is centered on broadening our consumer reach through precise, targeted, targeted initiatives, introducing cutting-edge products that align with the shifting needs of our consumers and streamlining our supply chain and marketing efforts for maximum impact. Thank you for your opening remarks. With this, I'd like to throw the floor open to questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is on the line of Dhaval Shah from Girik Capital. Please go ahead. Yeah. Hello? Hello. Am I audible? Yes. Yes, please. Yeah. Hi, team. Excellent performance. So, I have a couple of questions. So, first to start with, the BIS implementation for appliances is happening from first of September, and we import a lot of our appliances. So, the way we maintain an inventory for our Hydra range, please, you know, give your comments regarding the strategy for the appliances. And, how is the industry also positioning itself, given a lot of companies in India are also operating on a similar model, except you? So that's my first question. Second, would be, after the QIP, successful QIP, how will the finance cost be for us for the next two, three quarters? How would that change and be in FY? These are my two questions. Maybe I'd like Rituraj to answer the BIS question and Anand to answer the finance question. Sure. Hello, sir. Hello. Rituraj is not on the line. Okay, he's not on. Okay. Okay. Okay, no problem. Okay, I'll take the BIS question then. So look, as far as the BIS answer is concerned. Sorry, we have obviously there's two parts of the strategy. One is to make sure that the business is not disrupted in the short term, and second is to make sure that our long-term, you know, growth is protected. So as far as the short term is concerned, what we end up doing is adding to inventory, and we are able to, you know, make sure that we get enough time to develop vendors in the meantime. So as far as the appliance is concerned, you're right, there are many appliances we are that BIS has been implemented, also with Hydra, for that matter. What we have done is, A, we added to inventory, substantial inventory of almost, you know, nine months to, almost a year of sales in advance, so that we, at least protect our sales in that period. And secondly, parallelly, we start working on, you know, new supplier development, which we have successfully done. And by the way, BIS is not something new for us. We have been looking, you know, more and more, products have been coming out of the BIS umbrella over the last few years, and we've seen that in, many appliances already, and we've successfully switched, from imports to local sourcing as the ecosystem has developed. So we are fully supportive of BIS, and we are fully supportive, you know, we fully believe that this is gonna help the Indian, you know, manufacturing ecosystem. We manufacture ourselves, we see this as an opportunity in the future. I think this is the short risk mitigation strategy of short-term higher inventory, and then longer-term domestic sourcing, which we have, you know, actively followed. I believe we should be able to mitigate this risk. So, in terms of the cost structure of Chinese supplier, Chinese vendors versus developing an Indian vendor ecosystem, one is the technical know-how and B is the absolute cost structure. You think both can be managed, or you will have some headwinds in the near time till then the Indian vendors develop scale, like we saw in case of mobile phones? I mean, the similar kind of large-scale vendor system is not yet developed for appliances in India. So how do you see that? So look, it is developing. You know, China developed this over 20 years, so probably it'll take us 5-7 years to develop that ecosystem. In the meantime, I mean, it's not that it-- the journey started, you know, 2-3 years ago when the first appliances started coming under the BIS umbrella. So yes, it will take time, and the competence of the domestic vendors will upgrade over a period of time. As far as. So, but I believe that whatever we are already sourcing locally is more than, you know, good quality and, you know, is up to the standard of Borosil brand. And if you have not seen any increase in our, let's say, after-sales complaints, when we have switched any appliance from, you know, imports to domestic. And that's, I guess, important testament to our team, because our team is, you know, working very closely with the vendors. They basically sit in their factories and ensure that whatever specs that we have identified for our products in terms of inputs are being followed, you know, quality checks being done. And as far as pricing is concerned, I believe that this is impacting everybody, so general pricing may go up a little bit. Obviously, China has some scale benefits, so, you know, built over 20 years. It will take time for us to reach there. So the pricing will definitely be higher. I don't believe it'll impact margins, as it's only, you know, this is the industry-wide phenomena, it's nothing to do with us specifically. So probably everybody will have to increase their prices a little bit. There may be some, you know, at the margin, some demand disruption which may happen, in the short run, which may lead because of the higher prices of all products. But, I don't see this as a big challenge, on either, on either front going forward. Got you. As far as finance cost is concerned, I don't know, Anand or Rajesh, you know, one of you can answer this. Yeah, yeah, Dhaval. So the finance cost for the first quarter has been about INR 4.4 crore, and we believe for the full year it will be close to INR 10 crore. Okay. So now, after using this QIP proceeds for debt repayment, how will the balance sheet be in terms of debt and cash? Borosil balance sheet will be overall, the net debt will be zero, and will be some surplus. Okay. And- That's it. Okay, and I believe a lot of our capital will be blocked in the inventory, right? Which will also get released over the next six to eight months because of these, the imports that we have done. We have already built some extra inventory because of the BIS thing, which we spoke in the last quarter. All of that inventory probably will get liquidated in this year. Okay, okay. And if you can also give the operating cash flow number for the quarter? We normally don't share that on the quarterly basis. No problem. Okay, fine. Thank you. Yeah. Thank you. The next question is from the line of Pranay Roop Chatterjee from Burman Capital Management. Please go ahead. Thank you. Am I audible? Yes. Thanks. My question is related to the consumer glass segment. In the first quarter, in terms of production volume as a percentage of installed capacity, how much utilization would the furnace reach in Q1? And how much of the production was sold versus being built up in inventory? Like, were you able to sell everything you produced for these glass products? Okay. So I think the furnace itself is operating at about 70-odd%, or 70 to 70-odd% of its capacity. And of that, we are selling 75%. So we are roughly 50%. So we built up about, so over 25% of inventory, which is all, you know, built for Diwali. But the furnace itself, you know, that always takes time to scale up the production to the 100% number, which hopefully we should achieve, say, by the end of the year. But yeah, that's the answer for you. Got it. When you say 100%, this 70%-100%, that takes into account the maximum efficiency one can derive out of the furnace? That's right. That's right. Got it. So, I think you had guided that you would utilize fully by next year. So then should I assume that you have brought it forward to this year, for full utilization? I think it'll be challenging. I think we should still stick to next year because, you know, it's early, early days, and, you know, consumer demand across the board has been challenging, and as you can see from the results of many consumer product companies. So I don't want to, you know, say something, you know, I'd rather under promise over here and overdeliver. Got it. Next is on the margins, and specific to, I know you don't disclose this, so I won't ask for the specific number, for the consumer glassware segment. So, if you look at the YOY terms, last year, same quarter, it was mainly importing and then you were selling it. This year it is, I'm assuming it's mostly, out of your furnace, for the flatware portion at least. So how do you see the margins doing YOY? Yeah. The margins, so look, there was some overlap even in this year, because we had some, let's say, imported products, which, which are, you know, on the FIFO basis, they are sold out first. Because you never, when you start a production, you never know, you never know when the, when the glass actually is, you know, when, when you'll get good quality, so you can't afford to compromise it. So there, there's definitely some amount of, there's some amount of, older inventory which is imported, being sold through the systems, which may, I think, which should be more or less through by June, July. But effectively, I think, the margins look good. I think they are, they're better than what we had anticipated overall. And I believe, again, it's too, too early to say much, because we need to achieve the full capacity utilization. But it seems that the investment will have a, you know, very healthy, say, ROI. But, I don't wanna talk too much about it till, you know, till a few more quarters pass and, you know, we see the sustainability of the, the sales numbers, the sales quantities as well as the sales pricing. That makes sense. So the EBITDA should basically be higher, because you have put in the CapEx, and then your depreciation and interest comes in. So if you look at it from a PBT point of view, qualitatively, my sense is from based on what you're saying, you expect an improvement in the PBT margin, for that in the course. Of course. Of course. Got it. So then my last question would be basically on your outlook for FY 2025. If you could just comment on the three segments from a revenue point of view, how do you expect any change in your view versus the start of the year? And overall margins, where do you see them heading different? I would not like to comment specifically on any year. I can just say that, our overall, you know, 15%-20% kind of growth trajectory should be maintained. I'm very confident about that. Hopefully, we can surprise on the upside, in the shorter term. But, I I magine also, you know, last year, I think we did 40-50% EBITDA margins, that they should be tending, upwards and in the next 3-4 years, as we achieve a higher mix of our own production, in terms of our revenue mix. And, as we achieve, more operating leverage on marketing and, you know, manpower costs, I believe that margins will tend closer to the low 20s. Now, when that happens, in the, you know, which financial year you will see that pop over, whether it will be, you know, it's non-linear, it's hard. It's very hard to say. And obviously, the whole thing is subject, dependent on market, you know, demand environment. Right. So I can say that in 3-4 years, this is where we'll be, but whether that will happen, which year, you know, we'll see that thing really kick in, it's very difficult. And the markets have been a bit challenging. I mean, overall, as like I said before, you could have a look at, you know, other consumer product companies, and there has been a challenging quarter for everybody across all categories. So, you know, obviously, we need the market to support us to achieve these numbers. Got it. And just last data question, pressware versus non-pressware, so we can assume it's 50/50 in this quarter, or pressware would have increased in share in our. Now, now it'll start increasing, so it'll probably be 60/40 or 55/45. But, I don't have that. I, I don't have it off the top, but, you starting an increase there, for sure. Eventually, it will become. Uh. Eventually, you know, at full capacity, I believe it'll be like 65-35, something like this. Okay. So we would have taken price cuts, like we were planning to expand the volumes for pressware? We have taken some price cuts, yes. That's right. But not, not as much as we had thought we needed to. Got it. Thanks a lot, and all the best. Yeah. Thanks. Thank you. Ladies and gentlemen, just a reminder, anyone who wishes to ask a question may press star and one on the touch-tone telephone. I will repeat, anyone who wishes to ask a question, may press star and one on the touch-tone telephone. The next question is from the line of Aman from Seven Rivers. Please go ahead. Hey, hi. Thanks for taking my question. So I'm trying to figure out what's the upside to EBITDA that we can realistically have, since the EBITDA expansion that we are seeing is primarily from lower cost of goods, not so much from operating leverage benefits yet. Because employee expenses and other expenses have kind of gone up as a percentage of sales. So how do you see this going forward? Can we expect more improvement in gross margin, plus operating leverage benefits kicking in? I'll just correct you there, because the.. Yes, employee expenses on which, I mean, they look like they've gone up, but you must keep in mind that earlier the employee expenses were dedicated only for consumer division. Now they're dedicated for the whole group. And we have other income, which is basically the employee expenses recovery. Most of it, not all of it, but most of it is the employee expense recovery, which is services offered by Borosil Limited to the other two group companies, which is Borosil Scientific and Borosil Renewables. Okay? So, I wouldn't say that we don't have any operating leverage over there. We do. Is it as much as the gross margin expansion? No. Gross margin expansion will play the bigger chunk of the EBITDA expansion. And this, the operating leverage may, as I mentioned in the past, you know, we were doing 15 odd%, and we are talking about low 20s. We're talking about 7 odd% of expansion in margins over some period of time. Maybe 2% will come from from operating leverage, and 5% will come from gross margin improvements. And the gross margin improvements are going to be linked more to make, you know, made domestically versus imports. So that's the, that's the broader exit split of it. So, on non-glassware business, so where is this... I know we don't disclose channel numbers, but where is this growth primarily coming from? Is it particular channel or a region? You know, we have a very strong sales presence in North and East of the country, and West and South have been traditionally slower than the other two. We have been expanding our sales, you know, distribution network in terms of retailers and distributors in South and West. So we have seen good traction in both those areas for non-glassware, and I expect that to continue. Over and above that, that's general trade. Over and that e-commerce, you know, continues to do well. There was a hot summer this summer, and I think many people may have decided to buy at home rather than go to the shop. That's just anecdotal, you know, evidence. I don't have any data to back that up, but that's what we believe. So I would say it's a mix of some channels have grown faster than others, and some regions have grown faster than others. Specifically the regions which are, where we are under-penetrated, and we're increasing our penetration. So yeah, I think it's a mix of those two factors. Okay, thank you. All the best. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on the touch-tone telephone. I will repeat, anyone who wishes to ask a question may press star and one on the touch-tone telephone. The next question is from the line of Hitesh from Kotak Capital. Please go ahead. Hi, thanks for the opportunity, and congratulations to the entire team. There are six listed companies in the kitchenware and we have not only outperformed in this quarter, but I think last four, five quarters consistently we've been growing double digits, so congratulations. So my question is on the glassware. So from a channel check, what we understand is, there has been 10%-15% discounting that has been given to the distributors, you know. It's a scheme which you generally come out during the festive season. But just wanted to understand, have you advanced the scheme, because I think even in your previous calls you did mention that probably some part of that benefit you will pass it on to the consumer. Have you advanced any scheme that will usually come out during the season? You talking about glassware? Yeah, in the glassware, yes. Yeah, yeah. As I mentioned before, that we were definitely looking at, you know, passing some benefit on to the end customer of, and to the channel, for our glassware because we need to dramatically increase the volumes. So we have done that, in this particular quarter. And, those schemes, in fact, although the schemes have been lower than what we had initially predicted. But, yes, we have been trying to ensure that the trade supports us in keeping the, you know, keeping the channel stocked. Because, we're trying to get people to switch from plastic and steel to glass. Unless the product is on the shelf, it's not going to, you know, be sold. This has been the main thrust, and I think, the numbers show that it has been very successful. Right. Right. So, so does that mean that the stocking that generally happens during the festive has happened at before the festive itself? Well, that, that depends on whether you believe that, the sales have also increased, the tertiary sales have increased or not, right? So- Right. The idea has been to increase tertiary sales. So not to stock up per se for season. Mm-hmm. I don't believe people would... I mean, so this quarter, Q2 numbers are also very important because that will give the answer to this, that will give the answer to this. Right. Right. Right. Right. But my sense is that there has not been any great deal of stocking up for season. We have been able to, you know, get more tertiary sales for the product and switch people away from other materials such as plastic or steel. Sure. And I think, what is also was interesting for me was, I think the products that are now coming out of the furnaces, I think you're labeling them as toughened, which was not the case earlier. Just trying to understand, is the competition which is today importing borosilicate, is that glass also can be classified as toughened, or- No It's because of our furnace that we can classify it as toughened? I can't comment on all competitors, but by and large, I would say that most of them would not have toughened glass, and we have toughened glass because of our technology that we have implemented. Great, great. Sure, I think, good to note that. And, second is coming to this, the BIS standards for the, insulated, bottles. Now, I believe, I mean, everybody has stocked up inventory, right? All three players who are there in the market have stocked up. And I, I guess domestically, there aren't any players, at least in the double-walled glass bottles, right? Single wall, you can... it's pretty easy to make. And there's probably one player which is with a very small capacity. So how are you, for this year, I think you are anyways catered. I mean, everybody has enough stock, but going forward, how do you plan to, overcome this particular, BIS standardization in these double, double-walled glass bottles? Steel bottles. Steel bottles. Yeah. Steel bottles. So as far as there's more than one vendor. Many people have set up operations, okay, in terms of manufacturing operations. Are they up to scale yet? Are they up to the cost yet? No, they are not, and that's the reason we believe it will take them some time, maybe 12 months or so, to scale up. We are quite confident it's not rocket science, right, to make these steel bottles. End of day, it's, you don't need some high-tech, you know, know-how or equipment. It's all, you know, quite, quite simple. You need, you know, good quality stainless steel, which we have, and you need people, which we have. So, I don't see that it's going to be, you know, too much of a challenge for any competent person to do this. There are almost 10 or 12 plants which I'm aware of, maybe much more than that, even- No, sorry, I'm talking about double-walled bottles, not the single wall. Yeah. I know, I agree with you. I'm talking about double wall only. There are almost 10 or 12 plants for double wall, which have been set up in India in the last few months. So we are working with two, three of them to see, you know, who can supply with the quality that we need, the pricing and the, you know, with the quantities. So it's a work in progress. I don't have- I mean, it is definitely a risk for us. There's no getting around it, but we are working to mitigate it. Beyond that, hard for me to make any further comment on this. Sure. Got it. And lastly, what is our debt figure as of, as on date? And, I believe there is INR 90-odd crore payable to Borosil Scientific. So is that true? And what is our current debt figure, if you can, maybe just give that? Yeah, so our, our net debt figure, probably, which is INR 57.8 crore as on June 30, that broadly remains the same number, as we have not repaid any further loans after that. We are in the process of making a long-term loan payment, which will be done probably in, in the coming week. So the INR 90 crore payable to Borosil Scientific still remains, right? That still remains at the moment, yes. INR 57.8 crore is your working capital debt, which I believe should be on- Which is the net debt. So our term loan at the moment is about INR 125 crore and maybe a small working capital of about INR 7-8 crore. So this position more or less remains the same, and now in the coming weeks, probably we'll be making some term loan repayments. Okay. Okay. Got it. Sure. Thank you so much. Thank you. Ladies and gentlemen, just a reminder, anyone who wishes to ask a question may press star and one on the touchtone telephone. The next question is from the line of Aditi Bhatia, from Niveshaay. Please go ahead. Hi, good afternoon, everyone. Can you hear me? Yes, we can. Yeah. So, hi. So my first question is from the pressware facility. So I missed your comment on the operational efficiency. So I want to know the current operational efficiency from the line that we just installed in the pressware, and what kind of revenue are we targeting from that? Because, considering we are not importing and we are reproducing it in-house, so, you know, what kind of growth in the revenue for this particular division can we expect? And my second question is from the Opalware side. So, you know, with the coming quarters, with the festivities around, so have we already started planning of, you know, with the current capacity utilization being, you know, almost full, so how do we plan to cater to the demand of the festivities? Okay. So as far as- Yeah. Pressware is concerned, I mentioned earlier, we are operating the furnace at about 75% capacity utilization. And we are roughly selling 75% of what we produce, and 25% is going into inventory for the season. And we expect to go to 100%, say, you know, the production by the end of this year. And we hope that by next year we'll sell out the whole product. This is the, this is our desire. We'll see how it, how it works. What kind of revenue do we target from this? Like, you know,- Yeah. So out of blast- After the current- As far as FY 2023 is concerned, glass furnace sales was INR 200 crore. FY 2024 is concerned, glass furnace sales was INR 200 crore for the whole year. Right. And out of that, about 50/50% is pressware, roughly INR 100 crore. And with this production capacity, we can go to anywhere between INR 250-INR 275 crore. Okay? So we can 2.5, go 2.5x to 2.75x of our pressware sales. So, and the first quarter, we have seen almost 50%+ increase in our- Yes. So we hope to sustain that for the rest of the year. That's completely on account of the pressware division, I mean, pressware- Yes. -facility? Yeah. The growth. Okay. Okay. More or less all of it. More or less all of it, yeah. Okay. Right. Regarding the Opalware- As far as opal, yeah, as far as opal is concerned, it's been a slow quarter for everybody, I think. And we do hope demand picks up on that. We have adequate demand and capacity at the moment to satisfy current demand. So obviously the planning, et cetera, for Diwali started long ago and, you know, the inventory has been built, so we just hope to see that the sales pull through. Okay. So you have, the existing capacity is, you know- Yeah. sufficient enough to cater to the festive demand, right? Absol-absolutely. Absolutely. Okay. Okay. Right. I got it now. Thank you. Thank you. Thank you. Ladies and gentlemen, just a reminder, anyone who wishes to ask a question may press star and one on the touchtone telephone. As there are no further questions, I would now like to hand the conference over to the management for the closing remarks. Okay. So, thank you to all of those who participated. I do realize it's a long weekend, and people want to get home. So, thanks for, you know, all your questions and your interest in Borosil. We are very confident about our future. You know, our consumer division has done very well in the first quarter, and we expect and we hope to continue the performance. So thank you for your support. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.