Ladies and gentlemen, good day and welcome to the E.I.D. Parry India Q1 FY 2027 earnings conference call hosted by DAM Capital Advisors. As a reminder, all participants' line 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 and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanjay Manyal from DAM Capital. Thank you, and over to you, sir. Hello, everyone, and a warm welcome on behalf of DAM Capital to the Q1 FY 2027 earnings call of E.I.D. Parry. We thank E.I.D. Parry's management for giving us this opportunity to host this call. On the call today, we have Mr. Muthiah Murugappan, Whole-Time Director and CEO, along with the senior management team of E.I.D. Parry. I hand over the call to the management for opening remarks followed by Q&A session. Thank you, and over to you, sir. Many thanks, Sanjay. A very good morning to everyone, and hope you are all doing well. It is a great pleasure to be a part of the Q1 FY 2027 analyst call to share an update about our financial results for the first quarter. I will start with the global sugar scenario. Global sugar markets are transitioning from a surplus-driven bearish phase towards a more balanced outlook. According to the ISO, the International Sugar Organization, the world sugar market is expected to record a surplus of 2.24 million tons in 2025/2026, compared to a deficit of 3.2 million tons in the previous year. This is largely driven by a better global production of 182 million tons. However, weather concerns are increasingly supporting prices. London white sugar prices have recovered from lows near $404 per ton in early 2026 to about $471 per ton by July 2026. While raw sugar prices remain subdued around $0.14-$0.15 per pound. In Brazil, a stronger sugarcane harvest has increased ethanol production and lowered domestic ethanol prices. Although more cane is currently being directed towards ethanol than sugar. I come now to the Indian scenario. In sugar year 2025/2026, the latest estimates are as follows. Gross production is 31 million tons. Diversion towards ethanol, a little over 3 million tons. Domestic consumption, 28 million tons. Exports, 0.8 million and closing stocks likely at 4.2 million. For sugar year 2025/2026, the net sugar production is about 28 million tons, up from 26 million in the previous year. This has largely been supported by stronger output in both Maharashtra and Karnataka, partly offset by lower production in Uttar Pradesh. Domestic consumption, as mentioned, remains stable at 28 million, while exports are at about 0.8 million. As mentioned, the closing stocks will also be about 4.2 million metric tons, which is slightly lower than what was carried into the season. At the same time, sugar diversion to ethanol is about 2.9 million tons supporting the government's E20 program. While there's been a lot said about E20 program in the public domain, we expect that blend levels will remain at 20% for the foreseeable future. On the sugar front, the El Niño conditions which are prevailing in the country, coupled with tight inventories and a very steady demand, have pushed sugar prices upward. In the current month, sugar prices have moved well north of INR 45, INR 46 per kg. We will need to wait and see if these hold. Perhaps once crushing starts, it's very likely that there may be some correction. I will now hand over to our CFO, Mr. Y. Venkateshwarlu, to take you through the operating performance of the company. Thank you, Muthiah, and good morning to all participants. It's a great pleasure to be part of the analyst call and share the key operational and financial performance of the company. I would like to take you through the key operating parameters of each segment. During the quarter, we operated the Tamil Nadu units, and our overall crush was about 54 days during the quarter against 37 days in the corresponding quarter of the previous year. We crushed about 147,000 metric tons of cane against the 212,000 metric tons of corresponding quarter of the previous year. As far as the gross recovery is concerned, we recovered it at 7.95% against the 8.02% in the corresponding quarter of the previous year. We produced about 12,000 metric tons of sugar during the quarter against 11,000 metric tons in the corresponding quarter of the previous year. Overall cane landed cost is about INR 4,031 per metric ton as against INR 3,844 per metric ton in the corresponding quarter of the previous year. This increase is mainly on account of the FRP, which is moved up in the current year, about INR 3,550. As far as the sales volume is concerned, we sold about 89,000 metric tons of the sugar and against the 15,000 metric tons in the corresponding quarter of the previous year. The average sugar selling price at INR 40.02 against the INR 40.97 in the corresponding quarter of the previous year. As far as the closing stock is concerned, we are carrying 1.1 lakh metric tons, which is valuing at about INR 42 as against the 1,20,000 metric tons in the corresponding quarter of the previous year. As far as the revenue is concerned, we achieved about INR 410 crores against the INR 347 crores in the corresponding period of the previous year, an increase driven by the higher sales volume. All efforts were paid as per the timelines. As far as the co-gen operations is concerned, we generated 180 lakh units during the quarter as against 221 lakh units in the corresponding quarter of the previous year. As far as the power exports is concerned, we exported about 89 lakh units during the quarter as against the 122 lakh units in the corresponding quarter of the previous year. As far as the power tariff is concerned, average rate realized is INR 4.89 per unit during the quarter as against INR 3.67 per unit in the corresponding quarter of the previous year. As far as the power segment revenue is concerned, we achieved about INR 6.6 crores during the quarter as against INR 7.53 crores in the corresponding quarter of the previous year. As far as the alcohol distillery segment is concerned, we produced about 351 lakh liters during the quarter as against 412 lakh liters in the corresponding quarter of the previous year. We sold about 380 lakh liters against the 432 lakh liters in the corresponding quarter of the previous year. Of which 380 lakh liters, we sold about ENA 138 lakh liters and ethanol 242 lakh liters. As far as the price realization is concerned, our average price realization is at INR 63.49 per liter as against the average realization of INR 67.59 per liter in the corresponding period of the previous year. As far as the Nutra is concerned, we achieved about INR 6.22 crores current quarter as against INR 6 crores in the corresponding previous quarter. At a consolidated level, turnover was about INR 61 crores as against the previous corresponding quarter of about INR 27 crores. As far as the CPG is concerned, we achieved about turnover of about INR 94 crores against the INR 188 crores in the corresponding previous year quarter. As far as the PSRIPL Refinery closure status is concerned, as we already updated in the last analyst call, communication has been sent to all the statutory authorities about the closure and cessation of operations of the unit. As far as the bank liabilities is concerned, all bank liabilities are fully settled. As on date, there is no bank dues as on date as far as the PSRIPL is concerned. As far as the SEZ unit exit related is concerned, we received an in-principle letter somewhere in April 20th, 2026, and we are in the process of debonding the entire unit, and that is in the process. We are expected to close by September 30th. As far as the funding is concerned, as approved by the board, INR 610 crores has been infused into the PSRIPL to settle all the bank obligations that have been as been closed. As far as the liquidation of plant and machinery is concerned, which is in progress subject to the approval of the SEZ unit and the denotification of the entire site. Okay, this is an update for the Q1. Thanks for everyone. The floor is open for the 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 their touch-tone 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 from the line of Sanjay Shah from KSA Securities. Please proceed. Yeah. Good morning, gentlemen, and thanks for opportunity. My first question was regarding our consumer product division. So revenue fell from INR 187, but the loss narrowed down. When do you expect CPG to reach quarterly breakeven? Even highlighting upon and elaborating something to understand about our evaluating into that ethnic snacks and culinary convenience. What is that? Is an organic launches or is through acquisition? And third, in the same division regarding your new jaggery plant commissioning. Yeah. Sanjay, very good morning. Thank you for your question. Yes, the CPG division revenue has fallen significantly. This has been on account of a recalibration of the model, so this is intentional. Our contribution margin pool, the absolute margin pool, however, has grown very well as we have focused on more margin-accretive products and a margin-accretive operating model into the market. In terms of a quarterly breakeven for this business, we are working towards another four or five quarters. We should have a quarterly breakeven on this business. That's how we've designed the new operating model. The newer categories which we're exploring, at this point in time, it's still under exploration. We could look at this both organically as well as inorganically. We are exploring both alternatives. And I think you also asked about the jaggery plant. Plant will be commissioned in six months' time. It's coming up in Karnataka. It will more than double our current jaggery capacity. Yeah. So, what we expect from jaggery turnover and margins from that side? Jaggery, again, margins are substantially better than white sugar. White sugar, of course, there are commodity margins, we command a premium. Jaggery margins are substantially better. They are more akin to gross margins you would see in food products. In terms of the turnover, once we have both plants running, we should be able to do closer to INR 100 crores in terms of turnover just from both of these plants, in terms of the quantum of jaggery we would get. Sir, should we expect CPG revenue to remain lower but with materially lower losses, or can both revenue and margins recover from H2? I think, if you look at the history of the CPG segment, we've had last year was about INR 600 crores, INR 650 crores, I think, in terms of revenue. The year prior to that was INR 800, in fact. We can expect revenues to remain lower. But yes, the margin [audio distortion] Ladies and gentlemen, please stay connected. The management's line has been dropped. Ladies and gentlemen, we have the management connected. Yes sir, you may proceed. Yes, I think we just answered Sanjay's questions. Sanjay, have I clarified all of your queries? Yeah. This was much on the first question regarding CPG, consumer product business. My next question was regarding nutraceutical. Sir, how much growth is from U.S. Nutra Valensa versus India, and what EBITDA and PBIT margin can nutraceutical reasonably achieve once scales normalizes? Sanjay, the growth is largely coming through from the Valensa business. There have been some new product launches there, and I think some of our existing segments also are doing well. That has driven the growth. From an EBITDA margin perspective, steady state is likely between 12% and 15%. Right. My last question was regarding how we look beyond seasonal Q1 weakness. What are the three, four financial KPIs, the key performance indicator, by March 2027, that management itself will use to judge whether disciplined approach, what we have accepted in the last few quarters, is now going successful? Sanjay, Venkat here. If you look at it, as far as the financial KPIs is concerned, we are more looking at on the efficient working capital. Also, we are working on how do we leverage the debt cost. If you look at it as on date, we had about INR 150 crores of long-term debt, about INR 800 crores, INR 900 crores of the short-term debt or something. We are also closely working towards the monetization of all new non-performing assets or something to bring the cash pool into the business so that the debt levels will be lower. Also, we wanted to improve the current ratios for the business. Also, we are working towards the efficiencies on the operational side. Also, we are working on the efficiency. Also, we are working on the cost reduction programs across all the businesses so that we can have the leverage on the current balance sheet. We are also trying to strengthen the balance sheet by March 2027 and March 2028. Thank you, sir. Yeah, Sanjay, just to add, Venkat's articulated well. Those are the effort priority areas. We are certainly hoping to see a stronger balance sheet over the next four to six quarters. I think this is the endeavor to tide over precisely the seasonality element. Apart from Venkat's articulation, I think even on the CPG, we have set out certain margin KPIs, which we are well on the path towards achieving. The first quarter has been a good start. We still have some distance to go in FY 2027. Those margin KPIs will enable us to get to that quarterly breakeven level in the next four to five quarters. That's helpful to understand, sir. Thank you very much. That's all from my side. Thank you. The next question is from the line of Gautam Dedhia from Nalanda Securities. Hello. Can you hear me? Yes, we can. Yeah. Hi. Thanks for giving me the opportunity. Just wanted to understand on the Nutra division, now that things have stabilized, over the next one, two years, what kind of quarterly revenues can this be scaled up to? Gautam, I think the growth on the Nutra front is largely coming through from Valensa. I think we will see that scale improving. I do not want to give any guidance particularly, but I think we are seeing an improving trajectory this year. I will say that we are perhaps going to do, this year, our highest ever revenue in Nutra, and I think consequently, EBITDA will also be healthy. But I want to refrain from giving any number guidance. What is working in Valensa is an org and a management restructuring. Product development, which we have worked on over the last two or three years, is now coming into the market, particularly on the derm health, which is hair and skin health side. Apart from some incumbent product categories also performing very strongly. It is a good performance Q1. We are seeing the traction continuing. This 12%-15% margin that you have indicated is contingent on you reaching a certain scale, or how does that work? We will have to build a bit more scale from the current levels. I think we can get to those margins at that point in time. Okay. In the India business, we are not really adding any capacity. It will likely remain at same levels. A more consistent order load there. We had some certification issues. The India business is only about 20%-odd of the consolidated Nutra turnover. But we had some certification issues in Europe, not entirely our fault. In the past, those have been resolved, so that scale has to pick up a little bit more. But the lion's share does come from the U.S. And I think once both settle down is when we can get to these EBITDA margin levels. Yeah. Secondly, on the consumer goods, when you say you want to break even in four to five quarters, what will be the drivers to that break even? Is it you achieving more scale on a quarterly basis, or your value mix shifting more towards value-added? Gautam, that is a great question, and you also partly answered it. Yes, value mix shifting more towards value-added. I think you have seen that shift play out in quarter one. We will see more of that play out. I think adding new products, the browns and jaggery, brown sugar, etc, is a big area of focus. I think growing revenues there will contribute. I think distribution expansion. In the southern markets, we have a good organized trade presence. When I say organized trade, I mean online channels as well as modern channels, large format retail. The key now will be to build general trade distribution so that the business expands. I think these are really the KPIs which will really drive us towards that breakeven. Business expansion, distribution expansion, margin expansion, new products coming into the mix. This is what will drive. I think this is a consumer business after all, the underlying bedrock of all of this is to strengthen brand equity. Okay. Just last question, can you just repeat what was the sugar inventory for the quarter and what was it valued at? 1,16,000, Gautam. We are valuing at about INR 41.50. Okay. Thank you. Thank you. The next question is from the line of Rajesh Majumdar from 360 ONE Capital. Please proceed. Yeah. Good morning, sir. How are you? Very well, Rajesh. How are you? I had a few questions. The first one was on the inventory, which you answered. Secondly, we are seeing some drop in the crushing from Tamil Nadu and Andhra Pradesh, which you've highlighted in the notes. How do we read this feedstock availability? Do we see a lower crushing going on, or do we see further restructuring in the business in Tamil Nadu? How do we read this in the sugar business? Good morning. Ashiq here. Yes, the cane availability in TN and Andhra is a concern, but it's a macro concern. If you see, the industry is suffering from cane as farmers shift to more lucrative crops. There are some corrections within our organization that we take to make it more economically feasible to farmers, which is an ongoing exercise. I think the government is also seeing, you have seen recently some announcement on state support in Tamil Nadu for sugarcane. We keep ourselves fully aware of the situation, and we keep evaluating the scenario and take appropriate actions in that direction. What we are currently doing is to ensure we run a tight ship in terms of costs in these two geographies so that we improve on our margins. Will we see a lower crush for the company because of this reason in the sugar season 2026, 2027? In the current year, yes, probably there is going to be flat or about a 5% drop in these geographies. Yeah. The only place, Rajesh, where we can make up is Karnataka. But I will say the back half, while we can cheer the rains in July and August, I think the rains in the back half of August and September are very critical to ensure that yields remain intact from the cane crop, particularly in Karnataka. Now, if the yields remain intact, then I think it's all set for a strong crushing season. It will be a crushing season which starts early, as per what we're hearing from the authorities, given that closing stocks are a little lower this year. But yes, the makeup can really only come from Karnataka, as you articulated the cane volume in TN and AP is much lower. And sir, with the current increase in the cane price in TN and the lower recoveries and the problem thereof, does it make sense to continue in TN in terms of the sugar business anymore? Because already you saw a few years ago, you had relocated one plant to Karnataka. Is there any further plans of any kind of further restructuring in the TN sugar business particularly? So I think, Rajesh, Ashiq has articulated. We discuss various measures of how we can be stronger on our operations, and I think those discussions continue. I think our macro focuses are really around working capital cost and efficient operations. I think we'll really have to fall in line here in the coming quarters. Right. My second question is on the refinery. We have seen some operations in this quarter. Will that continue into second quarter or that will be not there at all on PSRIPL? Rajesh, what you have seen the operations is basically that there was a closing stock which was there as on March 31st. Those closing stocks have been liquidated. Other than that, there is no other operations as such. The operations have been ceased as on March 31st. Right. From 2Q, it will be zero PSRIPL. Yes. There will be some period cost incurring will be there. That as per the plan. Secondly, can you make me understand this write-off and then the write-back? Because I want to understand the cash impact of this because you invested, you are saying INR 610 crores to meet the obligations of the subsidiary, but then again, you have taken a remeasurement of the financial guarantee and loans of INR 591 crores. I understand that's a non-cash. I think the cash outflow will still be INR 610 crores? Yes. Rajesh, what you are understanding is correct. First, let me clarify on what is INR 610 crores, what is the INR 591 crores. As on March 31st, being 100% subsidiary, we have guaranteed all the loans of the PSRIPL. Thereby, as a parent, we have to create a financial liability as far as the PSRIPL is concerned. That's where we have created a liability. That doesn't mean that we have infused the money as on March 31st. The actual infusion happened somewhere in April. That investment, which we have put it as a part of the infusion, which is inline with the board approval as on March 31st. Since the business ceased its operations, as per the accounting requirement, we have impaired that asset. At the same time, since all obligations are completed, we have remeasured the financial liabilities, and we reversed that liabilities. Net-net impact for the quarter, what you have seen is the INR 610 crores is the impairment, INR 591 crores is the reversal of the impairment. About INR 18 crores is the fresh impairment which we have done for the quarter. No, I understand the impairment part. I'm trying to understand the cash part. The cash part is still outgo of INR 610 crores, right, for the unwinding? INR 610 crores is already done. That is there in the company, Rajesh. Done. It is already done. INR 610 crores already went and we have settled. Over and above that INR 55 crores loan also we have given. Total INR 665 crores, which we have infused during the current quarter to settle all the bank lending. Right. You mentioned also INR 130 crore out of which you have given INR 55 crores, so balance INR 65 crores also left, right? Yes, you are right. Yeah. INR 65 crores is left, but over a period, based on the requirement, we will be giving it. It is not that INR 130 crores we will give at one stage. Because today if you look at it, the INR 55 crores was required for the quarter, we have given it. If PSRIPL starts generating any cash or something, then we will not be giving it. In terms of the assets, will we get any value out of selling the assets in that plant? Yes. Yeah, we will get cash out of selling the assets. Yeah. Can we have how much- That prospecting is already going on. Of course, we have to get all of our clearances before we can start any dismantling, but we will get value. I wouldn't like to put a number to it. I think that prospecting is certainly underway. Right. And sir, after all this, what is the standalone debt as of July 30th? I'm sorry, I missed the first part of the speech. Maybe you mentioned. No, Rajesh, we were just saying that we are prospecting the sale of the asset. We cannot really dismantle anything until all of our statutory clearances come through. And I think once that comes through, we would have also prospected and arrived at the plan to divest the physical assets, which we will do. No, I am asking what is the debt at the standalone level as of June 30th? June 30th, about INR 980 crores as far as the short-term debt is concerned, Rajesh. About INR 150 crores on account for long-term. And sir, actually this is just the first quarter when there is no crushing. So actually when the crushing starts third and fourth quarters, this debt will again go up, the short-term debt, right? Is that a correct understanding? Yes. Because even if you look at it as on March 31st, our short-term debt was about INR 1,250 crores. Now it has come down to INR 980 crores. Once the crushing starts, then because it is in quarter two also, then further it will reduce. Then once the crushing starts, it will go up. It is like completely the short-term debt is linked to your working capital. Rajesh, to your point though, I think Venkat did articulate earlier on in the call that we do have a ruthless focus on working capital. We expect to improve upon this position in the coming periods of time. To run Tamil Nadu distilleries, etc, we had to insource a lot of feedstock on account of low feedstock availability. We have taken certain calls on how much and when we import that feedstock. We will be a bit more measured around that basis market condition. To that extent, I think this number will also improve in the coming periods of time. While long-term debt certainly gets retired, and we do not have too much of CapEx plans which are imminent, short-term debt also you will see an improved position as there is a conviction to better this position going forward. Right, sir. And sir, employee costs have also shot up quite sharply from INR 51 crore to INR 59 crores for the quarter. I guess you are building kind of capabilities for the CPG business. How will we see the employee costs down the line? Is it going to be similar or higher as you build up the business? Some clarity on that. Rajesh, they have gone up because of VSS, which we have done. A lot of our plants are legacy plants. We are offering VSS. You will see more of that. This is being done with a longer-term interest in mind and overall bringing the fixed cost position down. The CPG capability building is not the reason for the employee cost going up. This is taking legacy cost out. This is a one-off, I mean, in terms of the VSS which you have expensed. Is that correct? One-off in one plant. There is more that we did. Right. That is very useful. And sir, if I could sneak in a last question. In terms of a strategic point of view, how do we view E.I.D. Parry standalone, say three, four years down the line? What are the broad components or the contours of the business that is going to be shaping up, say over a period of time? If you could outline that, yeah. Rajesh, the aspiration is to have a consistent EBITDA generation from the sugar and biofuels business. I think that is the core business. Some other shift, as you know, our operations in Karnataka are very strong. In fact, I would say we have industry-leading metrics. The operations in the other states do lag us. We will work on cost and efficiency to fix and restructure this. I think you are seeing a broader climate of restructure in the company. We will work with conviction on this. The second piece is to, of course, grow the CPG business. You have seen, I guess, a stronger, more focused operating performance in the last couple of months. Of course, while revenues have fallen, I think our margin pool has grown. Here, I think it articulated the KPIs which we are working with fairly clearly. Lastly, on Nutra as well, we are seeing a better performance on the Nutra segment, and I think this is in line with the strategy that we have written up, so that we have the right value creation at Nutra. I think this is how we are looking at the E.I.D. standalone in the period to come, I guess, in the near to medium term. Thank you, sir. Thank you very much. Thank you. The next question is from the line of Rajakumar Vaidyanathan from RK Investment. Please proceed. Yeah. Good morning. Thanks for the opportunity. The first question is, given the current static ethanol prices, and given the high sugar prices, does it make sense to produce more sugar than to convert the juice to ethanol? This is Ashiq here. Yes, obviously, it makes sense to produce more sugar at this current pricing. We will evaluate our option of producing ethanol, ENA, and sugar from which feedstock is a constant review mechanism where we have and we try to maximize our margins. But there is a base volume of sugar we shall produce to take care of our customers. Okay. On the inventory, you mentioned it is 1.6 lakh tons, right? That is the inventory that we are carrying as- 1.16. 1.16. Yeah. Okay, got it. It is similar to what we had in the last year, same position. Okay. Got it. The next question is on the Tamil Nadu sugar situation. With the government announcing further incentive to increase the area under sugarcane cultivation, just wanted to know whether it will have any significant impact, or do you think it is more cosmetic, the benefit that is given? I would remain cautiously optimistic on that, because it is a good increase that the government seems to have given. Obviously, it is incumbent on the farming community to evaluate. One of the challenges in Tamil Nadu is a rampant shift towards paddy in the last six to seven years. Given various reasons why paddy is better for a farmer, it is completely mechanized, and there are three cycles of planting the farmer does. I am sure the farming community would evaluate both the crops and treat it on merit. Initial feedback from the farming community has been optimistic, is what I would say. Okay. And this will not improve, will it weaken the working capital? Because I do not know what is the framework of providing the incentive. Did the government give directly to the farmers, or just want to know what is the impact on the working capital? There is no impact on working capital. There is a direct benefit transfer from the government to the farmer account. We play a facilitating role at the end of the season. We give the farmer details, etc, to the government. It is fairly efficient. It will not have any impact on the company's working capital. Okay, good. This last question is: Given the higher sugar prices and given Tamil Nadu provides harvest twice a year, just wanted to know, are you doing any early crushing in the Tamil Nadu sugar mills? Tamil Nadu sugar mills, we are currently crushing and we would continue to crush. There is an opportunity to pre-draw from the main season to leverage the pricing advantage. We will evaluate at the end of the crushing season, depending on the maturity of the crop. The trade-off is between how mature the crop is and is it ready for crushing. We will take a calculated call of that. Okay. So what you are saying is there could be a lower recovery, but it will be compensated by higher price. Is that what you are saying? In this business, recovery is a key parameter. Our principle is not to try and compromise recovery for crush volume. I think it is better to crush at the right time, depending on the maturity of the crop. Okay. No, sorry to labor on the point. My question is, will you compromise on the recovery given that the higher prices are prevailing? That is my question. We will not. Because if you are going to crush earlier, even if there is a small reduction in recovery, you would be okay to compromise on that. We would not want to do that in Tamil Nadu because it is already a low-recovery zone. What I meant on pre-draw is we would test the planted crops. We have our field teams which pick up the sugar content in the crops and the maturity of the crops basis the age. If there is an opportunity, we will leverage that. But at no stage, if we have reasonable technical knowledge to see that the recovery may not be commensurate, we will not pre-draw. Okay, got it. Last question is on the corporate structure. Currently, we are holding Coromandel as a subsidiary. Are there any plans to rework on the structure? Rajakumar, there is no such discussion at this point in time. Okay, sir. Thank you so much. Thank you. Participants who wish to ask a question may press star and one on their touch-tone telephone. If you wish to ask a question, please press star and one now. The next question is on the line of Sanjay Manyal from DAM Capital. Please proceed. Hi, sir. Just want to know about the way sugarcane price has gone up now in Tamil Nadu, specifically. This is, I think, if I am not wrong, if you can elaborate on, is it the incentive which has been given by the government or the entire cost has to be borne by the company? The current sugar price increase has no link with the sugarcane pricing because the sugarcane pricing just got announced in the TN budget about a week, 10 days back. There is no impact for the company on this because it is a direct benefit transfer from the government to the farmers. Right, sir. Secondly, the way the sugar prices have moved up, I think as you mentioned also, probably it makes more sense to make sugar rather than ethanol. Given the kind of a fungibility we have, how much ethanol volumes we can do from C- heavy plus grains? What would be the impact on the ethanol volumes? 582 KLPDs are capacity, which is roughly about 18 crore liters, out of which about 120 KLPDs are grain capacity. In terms of switching between ethanol and sugar, that is an evaluated call we have to take depending on the margin profile. Sanjay, we have to keep in mind whatever the committed volumes to the OMC. If we are not able to supply, there will be the penalty for each liter which we are not supplying them. So when you are evaluating it, we have to take into the consideration of the commitment what we have given to the OMC. Right, sir. Understood. Yeah. Thank you very much, sir. That's all from my side. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one now. The next question is on the line of Gautam Dedhia from Nalanda Securities. Please proceed. Yeah, hi. Thanks for the follow-up. I just have one question. I think in the beginning of the call you mentioned you are looking to dispose of some non-core assets to reduce debt. So can you just highlight what these assets are, and what would be the quantum? Basically, some of the land parcels which we are trying to dispose it off, it is not relating to any of the operations related. And any quantum that you can highlight? No. As of now, no, Sanjay, because once it comes, then it will be disclosed. Okay. And any timelines? We expect to do something in FY 2027. We are working on it. Okay. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. Participants who wish to ask a question, please press star and one now. As there are no further questions from the participants, I now hand the conference over to the management for the closing comments. Over to you, sir. Yeah. Thank you all for logging into this earnings call. We look forward to seeing you again at the end of the next quarter. Thank you, and take care. Thank you. On behalf of DAM Capital Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.