Ladies and gentlemen, good day, and welcome to E.I.D. Parry India Q3 FY 26 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Payal Shah from DAM Capital. Thank you, and over to you, Ms. Shah. Hello, everyone, and a warm welcome on behalf of DAM Capital Advisors to the Q3 FY26 earnings call of EID Parry. We thank EID Parry's management for giving us the opportunity to host this call. On the call today, we have Mr. Muthiah Murugappan, Full-time Director and CEO, along with the senior management team of EID Parry. I hand over the call to the management for opening remarks, followed by a Q&A session. Thank you, and over to you, sir. Yeah, thanks, Payal, and very good morning to everyone. Gives me great pleasure to be a part of the call to share our Q3 performance. But prior to that, I will start with a brief update on the global scenario, the global sugar scenario, and then also come to the Indian scenario after that. The global sugar market is expected to remain in a mild surplus right through the sugar year 2025-2026. S&P Global Platts projects a global surplus of 3.5 million metric tons for 2025-2026. This is despite, you know, some reduction of output from India, the EU, and Thailand. Brazil for 2025-2026 is estimated at about 40 million metric tons. However, some lower yields and a flat price trading below production costs may impact the mix for the subsequent year. The raw sugar prices have been trading lower. Lower hedge exposure by Brazilian and Thai millers, and a short position build-up by hedge funds is keeping a lid on the price rally. Oil demand from Indonesia has been revised downward for the second consecutive year. White premium values continue trading in the range of $90-$105 per metric ton due to estimates of surplus trade flows, large Indian export surplus, and higher supplies from Brazil. Weak oil prices are keeping ethanol parities at lower levels. However, geopolitical risks persist, and any rally in oil prices can impact sugar as well. So coming to the Indian scenario, last year in 2024-25 sugar year, India's net sugar production was 26.1 million metric tons. The gross was 29.6 million metric tons. Last year's diversion to ethanol was just around 3.5 million metric tons. Domestic consumption was 28.1 million metric tons, and exports was under 1 million metric tons. We had closing stocks of about 5 million metric tons. Sugar year 2025-26 estimates are as follows: This is as per ISMA. Gross production is 34.3 million metric tons. Diversion to ethanol considered is about 3.4 million metric tons. Domestic consumption at 28.5 million metric tons, and the export quota, which has been given, is 1.5 million metric tons. This puts closing stock levels at about 6 million metric tons. For sugar year 2025-26 so far, the key states have seen some mild increase in crushing output. Maharashtra, Karnataka, and UP all have together reported about a 25% increase at an amalgamated level as compared to the previous period of last year. However, production in some states that is seen continues to lag behind last year's levels. In terms of the monsoons, IMD has warned that there are some, El Niño signs from August to September, and this may impact some of the rainfall distribution and reservoir levels later on in the year. I'll now hand the call over to my colleague, Venkat, to take you through the operating and financial performance. Thank you, Muthu, and good morning to all participants. It's a great pleasure to be part of the analyst call to share the key information of the operational and financial performance of the company. I would like to share with you the key operating parameters of each of them. The crushing season, the crushing operations across all the states has been operated during the quarter, so namely the Karnataka, Tamil Nadu, and AP. Average crushing was about 54 days during the quarter, against the 45 days of the corresponding quarter of the previous year. I would like to share the quantitative details as under. So as far as the crushing is concerned, we crushed about 15.31 lakhs metric tons, as against 12.7 lakhs metric tons of the corresponding quarter of the previous year. As far as the recoveries is concerned, 11.19 against the 10.78% of the corresponding quarter of the previous year. As far as the sugar production is concerned, we produced about the 1.39 lakhs metric tons during this quarter, against 1.07 lakhs metric tons of the corresponding quarter of the previous year. Cane cost, cane landed cost is at INR 4,122, so this is due to impact of the FRP, as against INR 3,899 per metric ton of the corresponding quarter of the previous year. As far as the sugar is concerned, sales volume is about 94,000 metric tons, as against the 103,000 metric tons of the corresponding previous quarter. Selling price—average selling price is about the 40 rupees, around 40 rupees, against the INR 37.69 price of the corresponding previous year's quarter. As well as we maintain the closing stock at 114,000 metric tons, we valued at a INR 37 also. As far as the revenue is concerned, for the current quarter is the INR 389 crore, against the corresponding quarter of the previous year was INR 391 crore. All FRPs were paid as per the timelines. As far as the consumer product group is concerned, the consumer product group has achieved a turnover of INR 143 crore during the Q3, during the current quarter, as against INR 236 crore for the corresponding quarter of the previous year. The reason for reduction mainly on account of the restructuring of the distribution channel and lower release quota for the sweetener. Further, the focus more on the retail pack and the profitable product mix in non-sweetener segment. As far as the Co-gen is concerned, we produced about 1,018 lakh units as against 954 lakh units in the corresponding period of the previous year. We exported about 605 lakh units as against 503 lakh units in the corresponding period of the previous year. The average tariff for realized is 4.4 per unit, as against 3.98 per unit in the corresponding period of the previous year. Revenues for the quarter is about INR 37 crore as against INR 41 crore in the corresponding period of the previous year. As far as the distillery is concerned, we sold about 407 lakh liters, as against 422 lakh liters of the corresponding previous year previous year quarter. Of which about ENA was about 215 lakh liters, and ethanol was 192 lakh liters. The price realized is about INR 67.91, as against the previous year realized is at INR 61.83 per liter. Revenues more or less at stand, INR 289 crore as against INR 290 crore during the corresponding period of the previous year. As far as the nutra is concerned, turnover from Indian operations was about INR 6 crore, as against INR 12 crore in the previous year. At the consolidated level, the nutra business turnover was INR 62 crore current quarter, against the corresponding previous period, which was about INR 43 crore. As far as the refinery operation is concerned, the operational revenues for the current quarter is INR 714 crore, against the Q3 of December 2024 about INR 915 crore. The loss for the quarter is about INR 4.53 crore, versus Q3 of 2024, 2025, about INR 17.53 crore. The refined sugar production Q3 is 2.23 lakh metric tons as against Q3 of December 2024 of 2.09 lakh metric ton. Refined sugar sales for the quarter is 1.557 lakh metric ton, versus 1.87 lakh metric ton. There is no ICD as on 31st December, it has been repaid. External borrowings is about INR 78 crore as on 31st December, as against 31st December 2024, it was about INR 532 crore. This is our financial and operational performance of the quarter. The floor is open for the questions. Thank you. 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'll wait for a moment while the question queue assembles. The first question comes from the line of Vaishnavi Gurung, Craving Alpha Wealth Fund. Please go ahead. Hi, good morning, sir. Thank you for taking my question. My first question- Miss Gurung, sorry for interrupting. Your voice is not audible. Can you come in the range and talk? Hello, is it better? No. Can you speak a little louder, please? Yeah. Is it better? Yes, please go ahead. Yeah. So my first question is on sugar and distillery business, which is apparently facing challenges, plus our consumer product has not been growing. So just wanted to understand and take a future outlook from the management, how are we planning to, like, overcome this? And which segment you think will lead the revenue growth? Yeah. So, Vaishnavi, thanks for your question. Let me just start with the sugar and distillery business. Now, if you look at the numbers on the sugar business, we've had, you know, some better pricing from a sugar perspective when you compare to the same quarter last year. You know, while we've had better pricing, of course, costs have gone up because the FRP sort of goes up every year. There's still really no clarity on any upward revision of the MSP. So this, you know, continues to put a strain from a sugar perspective. If you look at the distillery segment, you know, volumes have sort of largely hovered around last year's volumes. The challenge here is the ethanol output prices have also not gone up, and this has been now almost 3 years at the same ethanol output prices. There's also been, you know, increased salience towards grain ethanol as compared to sugarcane. Now, this apart, operations in TN and in AP as well are subscale. There's been lesser cane planting in these two regions. And this again impacts, you know, throughput. It also causes for us to insource a lot of molasses to run our distilleries, particularly in the state of TN. So there is a lot of, you know, cost pressure on the business in the case of the sugar and biopure operations. However, I will say that I think the team has done an excellent job on managing costs and improving efficiency, which is why you see better bottom lines on this segment. In terms of the consumer product group, I think the sweetener segment continues to fare well. We of course launched 2 years ago into the staple segment. Here, we've consciously taken a bit of a correction. We just want to correct the business model to better manage working capital and to have a sort of a stronger distribution model. This is a conscious correction which will last 2 quarters, which is one reason why you have seen volumes drop. The other reason is that market pricing itself for pulses, particularly lentils, et cetera, has been lower. And this will, you know, naturally bring revenues down as well, because your realizations in the market are lower. This correction which we've taken and the strengthening of the incumbent business model should conclude in Q4. And I think we should be back on a better clip in Q1 with a more efficient operating model from the staples perspective. So this is just to give you a sense of where things are. Thank you, sir. I just wanted to understand, what is our future outlook in these segments? So, in terms of the sugar and biofuels segment, I think we will continue to, you know, run efficiently. We will really need to look towards the policymakers for some respite on upward revision of MSP and perhaps ethanol price as well. We haven't really seen any positive changes from that front. So I think we'll just continue to focus on efficiency, focus on driving, planting, and, you know, running, running our operations better. But I think really to move the needle, we'll need support from policy on that front. In terms of the CPD segment, I think the growth story will continue. It is a key segment for the business. While we've taken, you know, two quarters to really strengthen our operating and our economic model, what you will see in Q1 is a stronger operating model. We will also announce in Q1, you know, the newer categories we wish to enter in the food FMCG space. This is a body of work which, you know, is being done currently with some industry experts. And then we, when we meet in May, we will give you a clear picture as to which categories, you know, beyond staples and sweeteners, we will enter in the food FMCG space. Okay, sir, I'll note this. Just, two more questions on the consumer end. One is, I wanted to understand what are our competitive advantages in this segment, and what is the total anticipated, amount or impact for the channel correction we are taking? So, we have taken some impairments on account of this, channel correction, and that's reflected in the numbers this year. We've already taken in Q3 a INR 10 crore impairment. So that's from an impact, perspective. Can you just, go over your first question again? Yeah, I wanted to understand the competitive advantage. Sure. So I'll just take you back to when we launched into this segment about 7-8 years ago. I think, obviously we had the brand Parry, which is with us, and, you know, it's a known brand from before. I think we have reinvigorated the brand, and launched it into the sweetener space, where it already has a lot of brand equity. I think we've enhanced that significantly. So I think that's the bedrock upon which we started further building the platform. You know, given we are a sugar manufacturer, I think we do understand the back end and the supply chain. We also now make brown sugar and jaggery in our plants. So this again is a competitive advantage. We don't see, you know, too much competition in this segment. We are, in the southern region, a 55% market shareholder. Now, I think as we expand into other categories, if you look at the staples category, we have done some vertical integration, particularly on dals. I think this will, you know, give us better quality control and also improve margin capture, going forward. So I think, we're building our, our competitive advantage further as we go along. When it comes to the newer categories, which we'll talk about in the subsequent quarter, we will also give you guys some kind of an overview on, you know, how we wish to expand the business into these categories. So, sir, in long term, do we plan to shift from trading to manufacturing in-house of these products? So, you know, we make a lot of our sweetener products are made in-house. We do have third-party manufacturing partnerships as well. Similarly for staples, it will be a hybrid going forward. Okay. So just last question on channel correction. You mentioned the impact will be, impact for quarter three is INR 10 crore. I wanted to know the total impact we are anticipating. So we will review at the end of quarter four, whether there's any further impact. We're not foreseeing such a high impact, if at all. Okay, sir, thank you for taking the questions. I'll join back. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Prashant, an individual investor. Please go ahead. Mr. Prashant, we cannot hear you. Can you come in the range and talk? Hi, is my voice audible? Yes, now it's audible. Please go ahead. Yeah. Just one accounting question. What is the number for inventory receivable and payable as on thirty-first December? Prashant, there you are looking at that. Prashant? Yeah. Yeah, Prashant, can you hear us? What? Prashant? Mr. Prashant, can you hear the speaker? Yeah, I can hear. Yeah, we cannot hear you. I think your voice is breaking. Can you come in the range and talk? Is it better now? Yes, please go ahead. Yeah. So what is the number for inventory receivable and payables as on 31 December? Okay. So as far as the receivables is concerned, about INR 170 crore or so, Prashant. As far as the payables is concerned, about INR 250 crore or something will be there. So as far as the inventory is concerned, about INR 800 crore will be there. Okay. So, am I right in interpreting that the cash generated had been used to pay off the borrowings? No, because there will be short-term borrowings also will be there to fund the working capital. Okay, so what will be the borrowing number be like? Just, we have already mentioned in the investor presentation, Prashant. It's a short term, will be about INR 875 crores also. Okay. And just one last, on the sugar, I mean, what is the recovery rate till 31st December, and how do you see that going forward? Recovery is as of thirty-first December, it is about 11.19%. Okay? So, going forward, maybe the, like, January, February, if you look at it, this slightly it may increase. Okay. That's all from my side. Thank you and wish you all the best. Thank you. Thank you. Thank you. A reminder to all the participants that you must press star and one to ask a question. Next question comes from the line of Vaishnavi Gurung with Craving Alpha Wealth Fund. Please go ahead. Yeah, thanks for taking my question again, sir. You mentioned 55% market share in consumer products. Just wanted to know, is this with respect to a particular product or segment? Yeah, this is the sweetener segment. Okay. Thank you. That's it from my side. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Somnath Saha with 360 ONE Capital, BNK. Please go ahead. Hello, sir, thank you for the opportunity. My question is already you have mentioned that you will sell around 15 lakh shares of the Coromandel. Can you give some idea about the outlook going forward, and when is the timeline for that sales year? Sorry, I didn't get the last part of your question, Mr. Saha. So basically, I'm asking about the. You have mentioned that you are going to sell 15 lakh shares of Coromandel, around 0.51% of your total stake. What is the timeline for that deal and going forward, what is the outlook of that investment in Coromandel? So, Mr. Saha, it's an enabling resolution, which the board has taken. So we will determine at the right time, you know, basis any appropriate use of funds which we may have, we will determine at that point in time. It's an enabling resolution for now. Okay. So, no, any timeline that by that you will execute that deal? No, as I said, it's an enabling resolution for now. We will determine, you know, basis appropriate requirements, what is to be done further. Okay. So, secondly, sir, can you give some idea of the current number of store count on your CPG segment and, how much growth we can expect in next couple of years? Yeah, Somnath, this is Balaji here, and I head the CPG business. So, if you look at our current coverage, it will be in the range of about 1-1.2 lakh outlets, and there are about 70,000 outlets which buy from us on a quarterly basis. This will be growing, as per our requirements of the business in the next few quarters. Okay. Fair enough, sir. And sir, on the distillery front, can you give the breakup of your grain route, ethanol, how much is coming from maize and how much is coming from your FCI rice? And any idea of the current DNA pricing? On the grain route, we have only one facility in Andhra, roughly about- One twenty. 120 KLPD. The balance, four hundred KLPD is in the, molasses route. The current, pricing on ENA has been under pressure due to under allocation of ethanol in Karnataka, resulting in, most players trying to sell ENA. It's hovering in Karnataka around INR 58-INR 60. We have a better, ENA pricing in Karnataka around INR 72. Sorry, in Tamil Nadu around INR 72. ... We expect the pressure on ENA to continue for another month or so, after which we will see an upward revision once the crushing comes to a close in Karnataka markets. Okay. And then lastly, in the E.I.D. sugar division performance, despite the strong realization in the market, we made loss this time also. Is this only for the lower quota or anything that we are missing also? If you look at it, it is a seasonal business. If you will see the better results in a Q4, because normally all the sugar companies, like, you will have only the two months operations during the quarter. When it comes to the next quarter, the operations results will be good. You can look at it, all the sugar indices. Yeah, I think that's fine. So Somnath, usually in Q3, we will report a loss. That's just the way. I mean, our Tamil Nadu seasons start very late Q3. Karnataka kind of starts early November, so you know, the plants are technically not running. January, February, I think December, January, February is when plants are generally running, all together. So these are the more profitable months. So you will, as Venkat said, you will see, you will see that in Q4. This has been the trend for us kind of every year. Okay, understood. Well, I mean, maybe what, what you really want to compare is the level of losses versus the same quarter last year, where in which we fared better. So certainly from an EBITDA delivery, we have fared better. This is all obviously despite the, you know, FRP increases and increases in other input costs. And this has really been driven by efficiency and cost work, which the business has done over the last year. Okay. Thank you, sir. Thank you. Next question comes from the line of Atul Rastogi, an individual investor. Please go ahead. Yeah, good morning, sir. Thanks for taking my question. My question was on the refinery business. So I think, your costs have come down significantly over the last nine months or so. So you think that, cost of $41 per metric ton is sustainable? How do you see that? Yeah. Thank you for the question. This is Suresh Kannan. You're right, the costs have come down during the current year, mainly on account of energy efficiency projects that are implemented over the end of last year, giving results. So we expect we should be able to sustain these cost levels going forward. I think, if I see correctly, the spread this quarter has come down significantly. What is your view on that, and why the spreads have come down? Yeah, as Muthu explained as part of his opening remarks, the world is turning into a sugar surplus scenario, and we also have a higher white sugar stocks that are sitting in origin, such as Brazil, Thailand, as well as India, waiting for the world market to capture them as far as the right opportunity is concerned. So the White Premiums, which is the indication of spread availability, has been under pressure over the last six months. So this is basically a reflection of the surplus refined sugar and white sugar availability globally. So we expect this tightness or the lower White Premium environment to continue, at least for the next two quarters going forward. So just one more question on this. I noticed that the net working capital in business is hugely negative, like $55 million as of December 2025, and it has jumped from $25 million as of December 2024. So what is the main reason for this, and do you think this will continue? Because- The negative working cap. Sorry? Yes, please go ahead. Sorry. Yeah. No, and a related question is, I mean, if working capital is this negative, then it should throw up a lot of cash, if I'm not wrong. Okay. As far as the net working capital is concerned, you must see it in conjunction with the borrowings, external borrowings that are there. As the external borrowings have come down, the net negative working capital has increased. So this is on account of basically a higher inventory turnover that we are able to get, as well as the long credit period that we have from the suppliers. Actually, if you look at it, our investor presentation- Our investor presentation 28, page 28, there you can see. Yes, PSRIPL, we have given the note, because if you look at it, why today December is the 532, whereas December 25th has come at 78. We have also given the note that why there is a reduction, because the non-fund based limits have increased. So thereby, you can see the upside in the negative working capital increase coincide with the reduction in the short-term borrowing. Yeah, no. Just from an operational perspective, do you have, I mean, your payables are much, much more than inventory and receivables. Is that correct? Yeah, that is the situation at the moment, based on the sale and the inventory numbers that what we have. Okay, so that's not every time. It's like this is a peculiar situation this quarter, right? This quarter may not be reflective of the normal state of business. Okay, thank you. ... Thank you. A reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Ajit from Nizarg. Please go ahead. Hello. Am I audible, sir? Yep. Sir, sorry, I joined little late. I just wanted to understand, you know, why did our non-sugar branded business you know degrow and what is the I mean your expectations going ahead? Yeah. So I think, on value terms, you know, the price of pulses itself was about 35%-40% lower in the market compared to the previous year. So if you look at value turnovers for the quarter for non-sweetener business, we would have degrown from INR 221 crore to about INR 155 crore, and that is for the YTD, and that's largely because of the reduction in the price of dal, which degrew. The other reason is that we are focusing on. We are taking some corrective actions in terms of channel corrections, in order to revise the way in which we are doing our business. In terms of volume, our focus is also shifting more towards the profitable SKUs, and we've done backward integration of dals. So we've got our own dal processing plant, so our focus is more on dals. Because the product mix moved more towards dals, and the price of dal in the market was significantly lower than last year, you see a degrowth in the value turnover of the non-sweetener business. Sir, how do you see it going forward? I mean, volume growth and, probably in, are we trying to enter into some other states except probably Tamil Nadu and Karnataka? So I think, going forward, the business will be consolidated, and we will stay focused on ensuring that we sell more of the profitable SKUs. Our focus on backward integration will remain, and we will continue to run our plants at max capacity. Expansion into non-South markets for non-sweetener we will consider it only at the relevant point of time. As of now, there are no plans to go beyond South for non-sweetener. Okay. Understood, sir. Thank you so much. Thank you. A reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Rushab with RBSA Investment Managers, LLP. Please go ahead. Just to understand the consumer product business on the non-sweetener category, since we have, you know, initiated the, you know, foray into this, what have been the learnings and what is the strategy and how will we change the strategy, you know, and we'll just share the thoughts going forward from a 2-3 year perspective. What is the, you know, I understand South market will be, we have a, you know, good right to win there. So how are you planning to scale it up? So, Rushab, I think some of the... We've had some of the learnings. This business also follows a certain amount of cyclicality and seasonality, so there are periods of the year when the price goes up and down, and, depending upon the export, import, policies of the government, the raw material prices of imported toor and domestic toor will vary accordingly. So we've got our share of learnings. We've also done this year, we have, we had bought lentil in the raw form, and we had bought our own plant, and we have processed it. So we've done a full-scale backward integration of this entire exercise, and our learnings in that area are significant in terms of the cost of conversion, as well as how do we play out on the pricing. There has been significant learnings in that aspect. There is also a significant learning in terms of the channel and how the channel responds to a new brand which comes into this business and this category. There are significant learnings, and our attempt is to try and build all of them into a more robust strategy for the next financial year as we go forward into it. Can you please repeat the second part of your question? That was not very clear to me. I'm just asking, well, in the South market, at least, I think we have a reasonable right to win. So how are you planning to scale it up? Since I think, you know, the learning curve has been, has it been achieved, or you think, you think there is still more to go in terms of, you know, new product launches and the learning curve in the existing products? See, I think, the learning curve will never stop because there will always be something more that we will be learning on this business. So I won't say that we are experts in this business as of now, but we have got significant learning, and, the right to win is very, very clear in the South markets because of the Parry brand, and the share that we have in the sweetener business is a, is a very dominant share. So I think we'll be focusing more on the South markets in order to stay focused on the business. What about the new product launches that you were planning earlier? I think, ... So there is a lot of work in progress on some of those new products, and I think we will come back to you maybe by the end of next quarter. In terms of what the plans are, we'll probably be able to outline some of the plans to you when the time is more relevant for it. Yeah. So Rushabh, just to overlay what Balaji said, and I think I sort of covered it earlier in the call as well, where, of course, in the staples and in the sweetener segment for now, we do aspire to go deeper into both these segments, as the, as the build of the business progresses. And particularly in the staples segment, we will, you know, you know, aspire to build a more profitable model. Certainly on sweeteners, we will be doing this as well. We will also give you guys an overview as to the newer categories we wish to enter, and we will do this in the May call. As I said, there's a body of work which we are just about concluding with some industry experts, to help us really, you know, put that narrative together on what new categories we want to enter are. Okay. Are you looking at inorganic opportunity in this consumer non-sweetener business, or? Yes, we are. Okay. Okay. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes on the line of Ajit with Nizarg. Please go ahead. Yes, sir. Just a follow-up on the previous participant's question. You said that, you know, you are discussing with some industry experts to expand your product portfolio. So have you appointed any, you know, external consultant, or is it internal team only, or what is it exactly? Yeah, so the industry expert is external. Okay. Okay, understood. And we are expecting the report by probably this year-end, right? Yes, it should be done in the next six weeks. As I said, we'll cover, you know, elements of that in May. So we'll give you a clear picture of which categories we're going to be going after, by that time we will, you know, get into the next phase of implementation. Understood. Understood. Thank you, sir. Yeah. Thank you. A reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Gautam with Nalanda Securities. Please go ahead. Yeah, hi. Just a follow-up. Did you mention that you are open to inorganic opportunities in the consumer segment? And if so, what would be like, a typical product category or size of business that you would be looking at? So, hi, Gautam. Yes, we are open to inorganic opportunities. I think it would be a nice optimal way to grow. I think as I mentioned earlier, we'll come back clearly with the categories we're looking to expand into. We don't see, you know, on sweeteners, there won't be any need for inorganic, you know, it's a segment which we have built over the last couple of years and will continue to build. So too, on the staples. There are other segments in the realm of food FMCG, wherein we certainly consider inorganic growth, and maybe we'll give you guys an overview or some color of that in the May call. Okay. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I would now like to hand the conference over to the management for closing comments. Yeah. Thank you all for logging in to our Q3 earnings call. We look forward to meeting you all again at the end of the next quarter. Thank you, and have a good day. Thank you. On behalf of E.I.D. Parry India, that concludes this conference. Thank you for joining us. You may now disconnect your lines.