Ladies and gentlemen, good morning and welcome to Dodla Dairy Limited Business Update Call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations the company has on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. We request participants to have a discussion regarding the approval of acquisition announced by the company and refrain from the discussion on quarterly financial performance of the company. 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, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Dodla Sunil Reddy, Managing Director of the company. Please go ahead, sir. Thank you very much. Good morning, everyone, and thank you for joining us on our call today. I am joined by our CEO, Mr. B.V.K. Reddy, CFO, Mr. Murali Mohan Reddy, and SGA, our Investor Relations Advisor. Yesterday, we announced that a Board of Directors had given approval to acquire 100% stake in HR Food Processing Private Limited. The company operates under the premium brand Osam and has established a strong presence in Bihar and Jharkhand. The transaction is consistent with our predefined inorganic growth plan, which resonates with our aspiration to expand our footprint into newer markets. It is an important milestone that will signify our debut into the attractive markets of Eastern India. We have uploaded an investor presentation on the exchanges that provides an overview of the transaction's typical terms. In general, this transaction would involve purchasing 100% interest from the present promoters and private equity investors for INR 2710 million. As the market, the dairy industry in Eastern India is expanding faster than the rest of the country, given the rapid increase in urbanization levels in this region. Similarly, with the rising GDP in these markets, we see enormous potential to support a huge population. Currently, the per capita milk consumption in these markets is also lower than the national average, which will typically improve as income levels rise and infrastructure develops. Today, the organized dairy players enjoy about 20% shares in these regions, and Osam has an early market advantage. With improving macros, the markets will see a stronger shift towards organized field. Furthermore, this market is extremely strategic, being closer to the high-demand states like West Bengal and Odisha. Overall, this presents a compelling opportunity to enhance our market position in the dairy sector by increasing our geographical footprint in East India and to achieve significant operational synergy. Procedurally, there are multiple steps before we complete this acquisition. We expect to complete these in the course of the next one to two months from the date of signing the transaction documents. We look forward to welcoming the Osam team to the Dodla family with this transaction. Thank you for your time, and that's all from my side. With this brief, I will now hand it over to our CEO of the company, Mr. B.V.K. Reddy. Thank you very much. Thank you, Sunil sir. The Osam, with the presence in Bihar and Jharkhand, other nearby regions, gives us a compelling opportunity to expand our market position in the overall dairy sector by expanding our geographical footprints in the Eastern Indian market to achieve significant operational synergies. Osam product basket includes milk and value-added products like curd, lassi, paneer, sweets, ghee, and other related products. This mix also is well aligned with our Dodla product portfolio to create a high synergy with respect to strategic diversification. The acquisition will enhance our milk procurement as well as the processing capabilities, as well as expand our farmer network in the Eastern region of India. The procurement network of more than 25,000 farmers is spread across Bihar, Jharkhand, and West Bengal. In terms of infrastructure, they have more than 1,000 collection centers, 19 chilling centers, and two operational plants as of March 31, 2025. Their average daily milk procurement is 1.1 lakhs per day, and the average price is INR 37.40 per liter. From the distribution point of view, they have a robust distribution infrastructure which perfectly complements our goal of deepening product penetration and expanding our presence in the newer geographies. This strategic acquisition is focused on our long-term growth plan and will give us an additional boost to achieve the same. With this, now I will request our CFO, Mr. Murali, to present his presentation. Thank you, B.V.K. Reddy sir, and a very good afternoon to all the participants on the call. A quick snapshot of the Osam financials. In FY 25, the unaudited numbers are as follows: Osam registered sales of INR 2,826 million, with a gross profit margin of 25% and an EBITDA margin of around 5%. Over the past few years, we have seen an expansion in margins with a higher contribution coming from the VAP portfolio, which is currently contributing around 28% of the revenue, as against 20% in FY 22. Equity value for the transaction is INR 2,710 million, based on enterprise value of INR 2,472 million, and net cash of INR 238 million. This is a fully cash transaction, which is expected to be completed in one to two months from the date of signing the SPAs and other transaction documents or agreements, or such other period as may be extended by the parties to the SPA. We believe that there is a potential for us to further improve the profitability profile of Osam with better economies of scale and our operational expertise. Dodla has a net cash position on its balance sheet, and the acquisition will be financed through our own funds. With this, we conclude the presentation and open the floor for further discussion. Thank you. I think Q&A can be started. Thank you very much. We will now begin the Q&A session. Anyone who wishes to ask a question may press star and one on your touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment as the question queue assembles. The first question is from the line of Aniruddha Joshi from ICICI Securities. Please go ahead. Yeah, sir. Extremely. My side. So. In entire. Sorry to interrupt. Mr. Aniruddha, your line has been muffled. Can you please repeat your questions again? Yeah. So, sir, the question is we have 10. Bihar and Jharkhand. So if you can give more statements, how big is the market? What will be the rural market in that region? Also, which are the key three to four markets, including the state dairy region? And changed over, let's say, past three to. Hope my voice was clear. Not very clear. It is all muffling. In the market, so how the players in the Bihar and Jharkhand market, what is the share of urban versus rural in the market? So is it related? I think broadly, Aniruddha, you were a bit muffled. It's cutting in and out, but you wanted to know the market, urban, rural, and then Bihar and Jharkhand. Am I correct in asking that? Correct, correct, sir. Yes. Okay. Yes, just one more question. B.V.K. will answer this, sir. Basically, the organized is around 20% as of 2023. That is the latest what we have. And we are procuring around 33% from Bengal and 22% from the Jharkhand and 45% from Bihar. These are the procurement. But the sales, when we are talking about Jharkhand, we are at around 44%, and Bihar around 56%. We are doing it. So basically, the major presence that we had the Osam as of date is basically Patna. We have strong players: Muzaffarpur, Gaya, Rohtas, and Bhojpur. Aurangabad, we have a presence in Bihar. And comes to Jharkhand, we have a good strong footfall. And Ranchi, Dhanbad, Khunti, Bokaro, Patratu, all these places we have strong. So there are other players like Sudha is there, Amul is there, and all these things. And in Bihar, ITC also is there. So, I think between the urban and rural, major metros are not much. I think there's almost the same, Aniruddha, because the comparing between Patna and other district headquarters is only marginally different. Patna would be the only major metro. But others would be the same status prior to. Okay. Okay. Sure, sir. Understood. In terms of the management bandwidth, how we will be sharing the management bandwidth in that region? In a way, we would be appointing somebody from the current team over there, or in a way, the existing promoter will continue to manage the business too? B.V.K. will give more details, sir, but the promoters will be stepping down after handholding for two or three months. The majority of the other team will be retained. Other than the promoters, two promoters, appointing two promoters who are there, the other team will be retained, and we will be having our guys just replaced from the promoter's point of view to keep track of what's going on. Aniruddha, we will be deputing from here, senior-most people from the production side, two people, and there are two promoters now. They are running. There are two promoters now. They will exit, but they'll be there only till the handholding. The rest of the team will be there. Is it clear? Yes, sir. Sure, sir. This is very clear. Many thanks, and once again, congratulations to the entire team. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Sanjay Manyal from DAM Capital. Please go ahead. Mr. Sanjay, your line has been unmuted. Please go ahead with your question. Hello. Can you hear me? Yes, sir. Yes, sir. We can hear you. Yeah. I I have just a few questions. If you can give some color on how is the EBITDA margin and how it has moved? Yeah. This is my first question. Yeah. EBITDA margin last year it was 5%, sir. Last three years, it was in an increasing trend. So after we take what we have to see, what is the efficiency and scale of operations, we will bring it onto the table. But optimistic, it will improve further because as in like in India, we are around 9%-10%. We are thinking that, but it takes time. We have to see once we take charge of it, then we'll see what are the efficiencies we can bring it onto the table. Okay. And also, in the gross margin perspective, there is a significant improvement which has happened in the last two years. How the value-added, Aniruddha mentioned that it is because of value-added contribution has gone up. How that has changed over the? So now it is 28%, sir. If you talk about around four years, it is 20%. So year on year, there is an increase in the value-added products, especially the curd, lassi, and all these things. So we have to see. So basically, yeah, their value-added portion was percentage-wise less, sir. Year on year, it has been improved. Okay. Perfect, sir. Perfect. That's all from my side. Okay. Thank you. The next question is from the line of Aditya from Securities Investment Management. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Sir, in your presentation, we have mentioned that Osam has a market share of 10%, which would imply a total market size of around 2,800-3,000 crores. It seems to be pretty low. So just wanted to understand what attracted you to these markets and how big can these markets become for you in the next five to seven years? Sir, as much as we had mentioned, there is still a lot of opportunity from unorganized to organized. Therefore, the organized market share seems to be low because of the growth that is coming in recent years. As the growth increases, we think there will be a significant more shift into the organized market. That's the reason why we see a tremendous opportunity. And, sir, generally, we sell at a higher price than cooperatives in the south markets. But is the case similar in Bihar and Jharkhand as well? Because there, the earning power of the general public might not be high enough for giving them a premium to a brand. And also, if I look at the revenues for the last three years, they have not grown much. So what were the challenges the company was facing to scale the business? See, as you said, compared to the cooperatives, selling price is now slightly higher, private dairies. But where this Osam is selling on par with the Sudha and local Jharkhand Medha brand, cooperative milk. So they are on par. They are not selling at a higher price. That is number one. Number two, because last, see, after COVID, so their growth, yeah, two years, their growth was standstill. But last year, they have grown. So 256 to, they have now, last financial, they have done 282 or 286 crores. So even the current, even confirmed numbers also, their growth is very good in the first quarter also. So from 23, we are at 248. That is increased to 254. Then now we are at 282.6. So there is increase in there, but substantial was not there, as you said, sir. But once we take all, we have to see what are the efficiencies we bring in. And sir, in your thoughts with the. The price of the cooperatives, sir? I'll just say, and sir, in your thoughts. The price of the cooperatives, sir, it is. You are breaking the. Yeah. Yeah. Tell me, sir. Yeah. And sir, in your talks with the previous owners, so just wanted to understand what were the reasons for them to sell this business? The reason to sell the business is they have 90% is PE owners now, sir. And I think the end of life of most of the funds have come there. And it was the pressure of the PEs and the promoters had to exit because of the end of life of most of the PEs who have invested with them. Okay. And sir, now to understand on the procurement side in these markets, so are the farmers or the milk suppliers in these markets well educated in the sense of how to take care of the cattle, providing right cattle feed and good veterinary services? Because I believe the yield per animal in these markets will be lower as compared to the south markets. So how do you plan to address the same? Sir, it's the same as what we faced in the south when we started earlier, 25, 30 years ago, because of the not much offtake was there from the organized sector. The farmers were also not very keen. As offtake improves and more organized players come in, this automatically starts to grow up. We can also give inputs like cattle feed will be given, insemination will be done. All the opportunities still exist. That is why we see the same opportunities like what we were and how we saw the south and the west grow. We are very confident that these will also grow in a similar manner. Sir, just a question on these margins. This margin of 5%, do you think this is sustainable in the near term because we have to invest in this business, in the brand, strengthen our procurement network? Do you think these margins of 5% are sustainable, or do you think in the near term the margins might take a hit and eventually the margins would come to the level which we are making in the south markets? We have to see that the efficiencies because now, see, we have a very good. Experience in this field, but definitely, see, this will bring that the efficiencies also definitely will improve. That's what we are believing. We think there won't be a hit on the margins, sir, because it's only what they were started off as a young company and the learning curve they went through, and once they started improving and getting themselves organized, that's where they were dumped onto this 5% margin. I think going forward, we'll only see an uptake of margins, not decrease in margins. Understood, sir. And just last question, sir, what will be the share of buffalo to cow ratio over there? Around 65%. 65%-70% is buffalo. Only in Bengal, they are collecting 33%. That is mostly the cow's milk. Understood, sir. Sir, thank you for answering my questions. Thank you. Thank you, sir. Thank you. Ladies and gentlemen, in order to ensure that the management is able to answer questions from all participants, please limit your questions to two per participant. The next question is from the line of Nandita from Marcellus Investment Managers. Please go ahead. Thank you for the opportunity. First of all, congratulations on this acquisition. It's a great thing that we heard yesterday. So I have two questions. First of which is that given that we are already underway with our expansion in Maharashtra, with growing organically in Maharashtra, why did we think of growing inorganically in the eastern part of the country as well? So I wanted to understand what was the strategy of doing both the things together. Is it that we are facing a few headwinds in our core market, which is why we are expanding into these newer geographies? So I wanted to understand that. And secondly, we wanted to understand what is the current capacity utilization of the acquired entity? There are two plants that you have mentioned that they have. And will there be any more work that will be required from Dodla's end? And to that extent, any type of CapEx that will be required to make those plants running and going as per Dodla standards in the next one to two years? So if you can just clarify these two things, that will be great, sir. Nandita will answer the first question, and B.V.K. will answer the second question about capacity utilization. The reason is we have always been looking at growth for us coming from both internal brownfield and greenfield acquisitions that we have been doing, and opportunities do come our way, and we have always been looking for opportunities. Maharashtra is something that will come into operation from, let's say, another 12-16 months from current scenario, and this will come in from our operation at the moment. Not necessarily that we are facing headwinds, but it's also a part of the regular expansion plan that we keep going and acquiring. This present acquisition is going to give us the width of expanding more in our existing operations. The depth will be increasing, and Maharashtra, by the time it comes into play, Osam will be a routine part of our operation. So broadly, this is in tune with what we have been doing. Opportunities, when they come, we do take it up. It's not that we keep any timing as a factor. It is based on the opportunities that come and what we think we can do for future growth and future plans. Regarding capacity, I think B.V.K. will answer my question about what we have with the two plants and what we're planning. Yeah. Two plants right now, they have a capacity of 1.8 lakhs to process. And they're processing around 140 to 145. So 75% capacity utilization they are already doing. And then one more plant is idle. So that plant can be utilized. That is in a Chandil place, Chandil that plant, and that is very closer to Jamshedpur and Dhanbad. And also, even Kharagpur also close by, below 200 km. So once we see, then that plant is now to utilize and expand the market. All right. So, is there any incremental CapEx that you're planning to do in these two plants which already the company has? Or is it just plug and play as soon as the acquisition is done, you start churning out products from these plants? Yeah. See, both the products, see, these two plants, they're making paneer, they're making curd. Both the plants, they're doing all the products. So basically. Capital amount will take us some time before we deploy capital. Yeah. Basically, what we are looking at to deploy anything or further expansion. As of now, we are going to run on the existing plants as it is. All right. All right. Thank you so much. Thank you for answering my question. Thank you. The next question is from the line of Dipanjan from Spark. Please go ahead. Hi, sir. Thank you for taking my question. Just wanted to know what kind of improvement in margins are you aiming for? And what kind of IRR are you expecting from this business? Yeah. See, there are two wings in this. One is the procurement, one is the logistics. And then one is our plant operations efficiency in the plant, efficiency in the procurement side, efficiency in the logistics. So there are three or four parameters out there. So that we will see our expertise, what is it that we can bring. Definitely, in each and every stage, we will be able to bring some kind of improvement. We are very sure that once we step in, then we'll see, we'll go through all these steps. Sir, what kind of IRR are you? IRR, can you give? Yeah. It is around 17% we are expecting as of late. But once we come in there, then we could be able to bring it up again. That's what we are thinking. What was the depreciation that you were expecting from this new business? Depreciation? Tax rate. See, tax depreciation, as of now, it has around INR 36 crores of the asset, whatever it is there. You have to see it. We have not gone into that much of detail. Okay? The depreciation benefit will be not much that will be there. We got the old assets, and the tax benefits will be there as of now. So you will not be paying tax in this? We will pay the tax, so if any other expansion, all those things are there, if anything come up, that will utilize. Otherwise, it will be a normal tax rate. Okay. And depreciation, sorry, I lost you, sir. No, depreciation is there, but substantial depreciation will not be there because the asset value is not very predominant there. Okay? Okay. That's all. Okay. And any investment that you are planning to scale up the business? Yes. We will do it in the next few years. As we go forward, we'll be doing it. Yes. Thank you, sir. Thank you for taking my question. Thank you. The next question is from the line of Abhishek Mathur from Systematix. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. So just wanted to check, is there a non-compete clause that you have with the founders as part of the agreement? And what is the length of that non-compete clause? Yeah. We have a non-compete clause for three years. How many? Three years, right? Three years. Yeah. Sir, secondly, just wanted to check, what is the ROE, ROCE of the acquired entity, also the working capital and the debt, if you can shed some light on those numbers? Sir, there is a small debt there, but they are repaying it before we sign the agreement. There will not be any debt. That's one. The ROCE, ROE is in the range of because just started two, three years, only the margins are good. Okay? So I think it will be in the range of, I think we have to see around 15%-20% will be there. Okay? That was it. 15%-20%, right? Yeah. Sir, the working capital? There is no working capital. This is a cash and carry business for Dodla. Credit is a normal standard. Understood. And finally, sir, what is the reason behind this sort of low operating margin? So we had your competitor, Hatsun, who also acquired a company in Odisha some months back. I believe over there, also, the operating margins were not very, very superior to this 5% that you have indicated for HR Foods. Is there any reason for this low operating margins in these companies? Is it the scale, or is it the geography-specific thing, or what is the reason there? It's not the scale or geography predominantly because these are states where the GDP is lower. So mass premiumization does not happen, and the prices are normally sold along with the cooperatives and a little bit of more efficiency from the cooperatives, and also a bit of logistics, like what B.V. K. was saying earlier, because these are sort of new in terms of conversions happening from unorganized to organized, procurement establishment happening, production at every level happening. This is a stage of growth where we will always see the similar things, and then over a period of time, if we do believe in the growth story of India and the rest of the country growing along the way, this will also improve as it has happened for all of us down south. With certain improvements, yes, there will be a little uptake, and further, as the economy has improved, the improvement will be more. Understood, sir. Thanks a lot. That's all from me. Thanks. Thank you. The next question is from the line of Deepak from Unifi Capital. Please go ahead. Hi sir, thank you for the opportunity. So firstly, on the market, just wanted to understand how has the shift been in these two geographies with respect to cooperatives and private players over the last three to five years. That is one. And within the private players, how has Osam's market share moved in the last three to five years, if you can break that up, sir? Yeah. See, here predominantly, it was only 90% of the market share is only by Sudha, local cooperative dairy, and in Jharkhand, it is Medha, and now Osam in these two states, you see that Osam is the private leading brand, so closer to Osam, there is no other brand, and slowly now, because earlier also, if you see in south also, when started in the first 10 years, the margins were very poor. Even EBITDA margins were also less than 5%, 6%. So here also, what happened, even you see Milk Mantra in Odisha, this Osam in this Jharkhand, Bihar also, they have just only 10 years, 10 to 12 years age. Now, slowly, last couple of years only, now they started making profit, and going forward, definitely, we are hoping that it will improve, and also, slowly, urbanization is happening. And also, market penetration, market conversion also is happening. Slight urbanization also is happening. so we think it's a customer advantage. Okay. Got it. And sir, for Osam, just wanted to know what will be the volume and price growth for the last three years because top line has moved from INR 250-280 scores. So it looks like a quite low-growth company. So just wanted to break up that into price, volume. Value is not much. Growth was there. 3-4% was the growth there in the quantity, which was again based on the product mix. It has plus or minus on the revenue side. Okay. And, And, sir, for the way going forward, so just wanted to understand how can we improve this growth. So one is that. Second thing, any synergies with our current Dodla operations that can come into operations with this acquisition? Yes, sir. I mean, when we look at it, there are no synergies that are there. Definitely, there will be synergies in terms of there's still a net buyer of milk powder. We are becoming a net seller of milk powder. We can see the arbitrage of pricing and logistics between us and them, how far it will help us to grow forward. I think also the reason why we are looking at the growth moderation to your first question of being slower growth, they moved away from being aggressive growth only to a blend of growth and margins. That's why they would have slowed down their growth because I think when they were a younger company without much of concentration on margin, they were looking more at expansion, growth, and selling in places where even if the volumes were lower, they would sell just to get the footprint into place. Now, I think we will be able to utilize that better because now we will be expanding the depth also, not necessarily only the width. They have already created the width, and now it's time for the depth to be created. And also, I think once they have taken the ability of the products that they are doing, we will definitely be able to see how better we can improve the products in terms of the manufacturing ability to be further in terms of the efficiencies that can come. Earlier, the products that have been smaller scale production would have had more losses kind of a scenario. Now, as they've got the sizes coming to be optimal sizes, the benefit will be able to reach it now. I think with the combination of these two, we will be able to go forward in both the volume growth and the value. Initially, once we take over, we'll have to see where we're going to be streamlining. Is there a little bit of low-growth, low-volume areas where the cost is higher? We might withdraw from that to rationalize and become better. That will be an initial correction that we do. After that, I think the growth will be reasonably strong. Got it. Sir, last question. What will be the profit that this company makes at a PAT level? And from your side, what will be the three-year outlook in terms of growth for this company? I think three-year outlook will be too early for us to give now. I can give the specifics broadly because once we go there, we start taking, we'll get a more definitive view. But I think broadly we'll give you the current. Yeah. Yeah. Around 2.8 is the PAT level. That's what is there. As of now, but we are expecting that this will grow. Around 15%-20% as our standard. So I think that is what we are targeting, I think, minimum. And then we'll try to get touch of it. Got it. Thank you. All the best, sir. Thank you. Thank you. The next question is from the line of Disha Giria from Ashika Institutional Equities. Please go ahead. Hi sir. My first question is that in the long run, do we plan on kind of consolidating the Osam brand within the Dodla brand? Because having two separate brands would kind of ample. Basically, ma'am, normally the same brand which has already been created and strong, we will continue with the same brand as we go forward because it's got the ability to recoup the money that is being spent in creating it is there. There is no reason for us to change the brand over to a Dodla brand. It is not much of a hampering because we are still not advertising at a national scale. We still do regional and targeted advertising as a requirement. I think we will be making appropriate decisions as we go along. If the requirement is there, we will be adding another brand, but maybe not withdrawing the older brand. If others can be added, we can add. So I think there's a lot of opportunities that we'll have to think about. Once we go there, depending on what the ground reality is, what the local team requirements are, we will be able to do accordingly. And we have been doing this all along, right? We had acquired Sri Krishna. We have done the same thing there. Africa has been the same. So it's not much of a major issue. We will take a call appropriately as it happens on the ground. All right. Okay. Yeah, sure. That's it from my end. Thank you. The next question is from the line of Resha Mehta from Green Edge Wealth. Please go ahead. Yes, thank you. So, you know, the first question was on the procurement side. So how much would be direct procurement from farmers? And also, if you could highlight any specific market dynamics which are very different in the Eastern market, say, in terms of, you know, distribution? Yeah. Procurement, see, they're handling roughly about 1.4 lakhs, but their procurement is only average per annum is only 1.1 lakhs, and they are running short by 32,000-35,000 liters that they are offsetting with the SMP and whole milk powder, so going forward, we will see that we will try to improve procurement, and we will see like Dodla, how we have done it. Slowly, we made 100%, and even during summer also, so the similar kind, we will see once we see once we see what are the issues. Definitely, the procurement improvement will be there. That once you make 100% procurement throughout the year required for the sales, maybe that that indirectly it will improve the profitability also. Right now, their procurement is 1.1 lakhs, but their sales is 1.4 lakhs. Is the 1.1 lakh directly procured from farmers? They are directly procuring for the farmers from 35,000 farmers. The INR 1.1 lakhs, right? Yes. Yes. Got it. Got it. And any other market dynamics which are different in the Eastern markets, let's say, versus our existing markets of south in terms of, let's say, distribution or the other areas? There is not much, but unless we go into deep, then only we can understand. But apparently, what we have seen, there is nothing much different. Got it. Got it. Also keeping up with the cooperative prices. We're only keeping it on par with the cooperative prices. Premiumization is something which will happen. Right. Right. It also happened in South. First 10 years, it was like that only. Even first 10, 12 years in South India also, we used to keep on par only with the cooperative sales relation as well as the procurement both. So here also, all these companies are very companies just only 10 years old where it's worked. So still, they are not able to do a premiumization. So maybe going forward, they will be able to do it. Right. And, you know, in terms of at a very high level, so how do we look at growth? If we were to just exclude, let's say, the Africa operations from the discussion, then how do we look at the India dairy organic growth versus the India dairy inorganic growth? I think as usual, we will keep the Indian dairy organic growth. We keep targeting a 10% volume and 15% by value. Minor changes might happen due to seasonality because of weather changes. For example, current May has been a very cold season rather than being hot as it is. This will only accelerate our growth further. We are not doing this to sustain our growth for the existing operation. It is only being added to our regular growth that we look forward. All right. Thank you. Thank you. Thank you. Participants who wish to ask a question, may press star and one. The next question is from the line of Nihal Shah from Prudent Corporate Advisory. Please go ahead. Thank you for the opportunity and congratulations for the acquisition. So by when can we expect the numbers to be in our consolidated figures? I think Murali will be more specific. Yeah. Yeah. Basically, in two months' time, that was the target. Okay. Okay. And so how is the market there? So you said 20% is organized, and we have stated around 10% market share in these two regions. So are we around 50% of the organized players in these two markets? And so how do we look to expand? Is it based on the expansion of organized players, or we will make some inroads in the private market as well? Basically, we are not 50% of the organized players. When we say that the market share that Osam has is 10% among the organized, where it is the cooperators and the other private players having more share. The overall market would be 20%. So if the overall market is, let's say, INR 4,000-5,000 crores of operations, organized players are only 20-30% of that market is what we are trying to say as a number. I'm not specific about the number. But there is still scope for that. So that is what we were meaning. Osam is right now 10% of the organized player, not the overall market. Okay. Okay. Thank you. Thank you very much. Thank you. Thank you. Ladies and gentlemen, this was the last question for today's conference call. I now hand the conference over to the management for their closing comments. Thank you, everyone, for joining us on today's call. We appreciate your interest in Dodla Dairy. If you have any further queries, please contact the organization's advisor. Thank you, everyone. Thank you. Thank you. Thank you. On behalf of Dodla Dairy Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.