Ladies and gentlemen, you are connected to Engineers India Limited call. Thank you for patiently holding. The call will begin shortly. Please continue to hold. Thank you. Ladies and gentlemen, you are connected to Engineers India Limited call. Thank you for patiently holding. The call will begin shortly. Please continue to hold. Thank you. Ladies and gentlemen, good day and welcome to the Engineers India Limited Q2 FY25 earnings conference call hosted by DAM Capital Advisors Limited. As a reminder, all participants' 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 Ms. Bhoomika Nair from DAM Capital Advisors Limited. Thank you, and over to you, ma'am. Yeah, thanks, Meena. Good afternoon, everyone, and a warm welcome on behalf of DAM Capital to the Q2 FY25 earnings call of Engineers India Limited. We have the management today being represented by Mr. Sanjay Jindal, Director of Finance, Mr. Suvendu Padhi, Company Secretary and Investor Relations, Mr. Atul Bhartia, Executive Director of Finance and Accounts and Investor Relations, Mr. Sunil Saxena, Executive Director of Technical and Investor Relations, Mr. Amanpreet Singh Chopra, Senior General Manager, CMD Office and Investor Relations, Mr. Vivek Midha, Senior General Manager, Marketing, Business Development and IR, and Ms. Neha Narula, Senior Manager, Company Secretary and IR. At this point, I will hand over the floor to Mr. Sanjay Jindal for his initial remarks, post which, we'll open up the floor for Q&A. Thank you, and over to you, sir. Thank you, Ms. Bhoomika. Good afternoon, everybody, and very happy Diwali to all of you. A warm welcome to you all coming all of quarter two of financial year 2024-25. During the first half of financial year 2024-25, the order inflow in the company amounted to INR 5,137 crores, with a order inflow of INR 3,400 crores in financial year 2023-24. The order inflow in consultancy and engineering segment amounted to INR 2,863 crores and INR 2,274 crores in the strategic segment. This was the order inflow up to 30th of September, and in case we consider the order inflow in the month of October also, then our total order inflow is INR 6,866 crores. This company has order book worth of INR 11,155 crores, comprising under consultancy segment of INR 6,496 crores and under LSTK segment of INR 4,650 crores as of 30th of September 2024. However, if we consider the order inflow for the up to one month also, then our company is having order book of approximately INR 12,000 crores. We have declared result of quarter and half-year end date September 24 on 29th of October 2024. As regards to financial performance, for three months end date September 24, the company has registered the amount of INR 676 crores, with a figure of INR 611 crores during the first quarter of financial year 2425. The turnover on consultancy and engineering segment stood at INR 383 crores and from LSTK segments at INR 293 crores. During the current quarter of company, as recorded, profit before tax of INR 100 crores and net of INR 79 crores in comparison to the figure of INR 74 crores and INR 55 crores, respectively. During the first quarter of current financial year, showing an increase of 36% in profit before tax and 44% in profit after. Notably, EPS for the quarter end date September 2024 is INR 1.41, which is June quarter 2024. It is 97%. That's all, Bhoomika ji. 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 handset 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 Mohit Kumar from ICICI Securities. Please go ahead. Yes, sir. Good afternoon, sir, and congratulations. Good afternoon. On a very good order inflow. So my first question is on the, I think you mentioned that you received the order in October, right? Can you quantify the quantum and can you just let us know whether it is for consultancy or turnkey? And if you can just throw some light on the kind of, on the exact order received, the nature of orders. In the October month, quantum is 1,729 crores, and most of the orders are for OB, LSTK jobs, and rest are consultancy. Understood, sir. My second question is, sir, on the BPCL and refinery, I think the dip has taken off. My question is, has all the packages for consultancy been decided or do you still think there are still some packages that are still to be tendered out? No, all the packages have been awarded. Work is already all on the packages. Understood. My last question is on the IOCL, I think, Paradip Petrochemical. Has the tender been floated? Can you expect the tenders to be finalized in the second half or do you think this will spill over to F26? No, the tender has already been floated, opened. We have bid for that and we have become L1 party for both of the packages. So, so we are the L1 and, we are likely to get this job in short time after their internal approvals. Is it two or three packages? It's one single package for the consultants or the IOCL Paradip? There were two packages, only two tender packages, so both of them have been, would be coming to us. Understood, sir. Understood. On consultancy basis. On consultancy basis. On consultancy basis. Understood, understood, sir. Thank you and all the best, sir. Thank you. Thank you. Thank you very much. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Aditi Naval from RSPN Ventures. Please go ahead. Yeah, hi. Thanks for taking my question. So I have a few questions around the top line. So, sir, you had guided for about INR 3,500 crores of revenue for FY25. And looking at the current run rate, we are around INR 1,300 crores for the first half. So how are we looking for the remaining two quarters? How should we factor in for the revenue? That is one. Second is, again, essentially in terms of turnkey revenue, how are we looking for any order getting completed in the next two quarters, which would be contributing to the top line? So these are the questions on revenue. I have two other questions, which I will be taking after you answer. Can you repeat the last one, please? What you said? It wasn't very clear. My question was, are we, so the turnkey revenue seems a little subdued in the first half of the year. So the next two quarters, and are there any big contracts that are going to get concluded, that could add to the top line and that so that we could meet that guidance of INR 3,500 crores of top line? Okay. Let me answer, pointwise. First of all, let us discuss about the turnover. Turnover, as you know, we are getting business revenue from the two business segments. One is consultancy segment and the second is turnkey segment. In the consultancy segment, there is an increase of revenue about 3%, but there is a down of around 19% in the turnkey segment and 37% in turnkey segment. This downfall was there because some of the major LSTK OB jobs were completed during the first and second quarter of this financial year. But on the other hand, we have also received some OB LSTK projects also, which are under progress, and we expect that in the coming quarters, whatever is the shortfall of the turnover, that will be compensated by the existing jobs which are in progress as well as. So, again, I just wanted to clarify. So, you had mentioned that you'd be targeting about INR 3,500 crores of revenue. So are we on track to achieving that? We are targeting around this figure. Okay. Secondly, sir, I was just doing this calculation for turnkey. So, this order book, just a second. So, just to give you one example, let's say as of, as of the beginning of quarter two FY25, the turnkey order book was about 3,300, 3,364 crores, and the new orders that were received were around 107 crores. You had subtracted revenue. At the end of September 2024, my orders were INR 11,150 crores, and after which turnkey was INR 4,660 crores, dollars and INR 6,650 crores. So, I understand that I should do the order book as on the, as at the beginning of the quarter, adding the new orders that you received during the quarter and subtracting the revenue that I've recognized in the quarter. So I should be getting the closing order book for turnkey, which should be around INR 3,178 crores, but the turnkey cumulative figure as of 30th September is around INR 4,600 crores. So I just wanted to understand why is this difference? I mean, is there some, is that, is it that I'm going wrong somewhere? No, no, there is nothing wrong in that. Basically, you just go for the opening order book of the turnkey segment at the end of the last financial year, add the new order, and then deduct the revenue accrued during the half year. You'll be getting almost order book whatever we have decided. Same thing. Only the difference is basically to the extent of GST compliance. Please don't miss my 24, I should be taking that. Okay. Okay. Got it. So my last question on the RFCL opening now, I think you just called me and mentioned you mentioned that it could be the same about 100 crores last time that the number of shares in terms of RFCL could corporate revenue subdued closed there? Something that I should be reaching for or the bandwidth that the company could be subdued closing that day? In this quarter, we have received. Our profit share is 22 crores, and up to, Up to half year, it's around INR 54.4-INR 54.5 crores. So going forward, also we expect that we'll be able to get, any share any profit from the. More than INR 100 crores. Got it. Got it. Thank you, Dr. ji. Thank you so much. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Amit Anwani from Prabhudas Lilladher. Please go ahead. Hi, sir. Good afternoon. Yeah, good afternoon. Yeah. So first thing I wanted to understand, you did highlighted that the order book now is about 12,000 and we have received one more order. Just wanted to understand from you, what is the total L1 pipeline if you could highlight the project and values. And apart from L1 pipeline, what is the prospective pipeline project-wise and value-wise, for FY25 and 26 next 18 months? Yeah. With respect to the orders which we have told you that the current business intake is already reached INR 6,800 crores. So it's just half year, and we are very much hopeful that we'll be able to add more INR 1,000 or 2,000 crores further. So let's say around INR 8,000-8,500, it should easily reach, should be able to reach with respect to the business demand. Right. Any notable projects you would like to highlight? Sorry? What? Any notable project names you would like to highlight? A number of projects are in the bidding process and we have been like we caught all of, like Paradip, which we have been talking about. That might, are there some other projects in the OB segment which we are dissecting on the client side. So those can be highlighted. Telling the name would be difficult at this point of time because some of them are conceptual and not too understandable. So there are certain projects out there in the pipeline which could be realized. Right. And now with respect to the business performance, since there's so much order book build-up is happening, what is our internal assessment or ambition? What kind of, you know, annual peak revenue we can do in the next three years? Any number you have? Because we have been seeing the previous years, the revenue has been kind of flat, but now past two years, the order book has built up significantly. We just wanted to understand, can we expect 4,000, 5,000 kind of revenue in FY27? Any thought you would like to give? And same question on the margin. We have been seeing consulting margin has been low. So any assessment on the new orders, and the EBIT margins for LSTK and consulting and, what kind of margins we can do in the next two, three years? Because in the previous cycle, we did 20% plus margins also and very good growth also 10 years back. So just a thought, what is a two, three-year view, since the order book has now built up? First of all, let us discuss about the margin. In the consultancy segment, we are maintaining our segment profit of 22%-25% on a regular basis. In the LSTK business, it is around 5%. We are sure to maintain in the coming years also this kind of margin. We are targeting this margin. Right. And top line, sir? Top line, as you've seen, our order book is all-time high and we are expecting more orders to come. We have got the target of 5,000 crores turnover within next two, three years. 5,000 crores turnover within next two years. So is it FY27? No, no, no, next year. Two years. Around two. Two years. It will take two years. annual turnover of 5,000, right? Annual turnover of INR 5,000 crores, that will be good order in the long run. Right. Sir, one more thought on the where there have been a lot of talks and you have been also highlighting in your PPTs about the new initiatives like green hydrogen, coal gasification, and biofuel. And there have been talks and policies from government also on various bioenergy-related stuff. So just wanted to understand, obviously you have been highlighting over the past one year. Any meaningful development there? Any orders on the anvil in this space? Anything which has developed in this area? One of the recent achievements in this case was the biofuel refinery, biofuel project and the MRPL, which we have got it on the OB basis around INR 300 crore of that work is there. Apart from that, we have done a number of studies and kind of engineering, initial engineering assignments for that. And I think major implementation things have come at us now. But there are a lot of things that are in pipeline and in discussion. So we are hoping to get them realized. For this, for the this anyway, last two quarters, the major achievement is that biofuel refinery of the MRPL. So lastly, sir, just a clarification. All these orders which are in the pipeline and which have been won in the past 24 months, so largely all these orders are nominated. Any ballpark you can suggest that, is it cost plus certain percentage and what is the percentage? Anything you would like to highlight there with respect to orders? No, nothing on profitability that we received. There's nothing specific we can highlight on. Cost plus percentage is also complicated market. Not quite comment on that. But as we are maintaining the consultancy profitability of 20%, that would be the 20%-25%. That would be the target. And we will be budgeted 5%-6%. That would remain the target as whatever assignment we get, we'll aim towards that thing. Sure, sir. Thank you so much. All the best. Thank you. Thank you. The next question is from the line of Sriram Kapoor from Prabhudas Lilladher. Please go ahead. Hi. Thank you for the opportunity. And a lot of my questions have been answered, but one thing I wanted to ask is on your international business. You know, you spoke about pickup in opportunities in Africa, specifically Nigeria and Algeria, and as well as the Middle East and some in Latin America as well. So could you highlight the, you know, any developments in your international business and any targets up there? Yeah. So Abu Dhabi, our Middle East process is really Abu Dhabi office is doing very well. We have received this year highest order bookings from that place because it's already reached around INR 160-180 crores. We have already reached from that office that has never been achieved. So that office is on the queue and we'll be further progressing and we are currently working with all the ADNOC companies, which is the main trade oil company. With respect to the Nigeria, Nigeria we're still working on a PetChem project and the first phase is already on, but the second phase is expected to come towards the end of this year. So if all goes well, then it will come our way. Similarly, in Algeria also, we are bidding for a number of projects. So those are in the bidding process. Let's hope for the best. We'll get realized. It could be adding to our portfolio. So that's the whole thing, which we are working. International is one of the focused areas for us. So we are working on that. Okay. Thank you, and just another question now, moving to the domestic side and, you know, with all the upcoming refinery and petrochemical CapEx that we have, you know, over the next four, five years. So, you know, do you have a, you know, what kind of projects are you currently bidding for in the pipeline? You know, for example, with IOC, of course, Paradip you mentioned, but any other ongoing projects, such as the Panipat expansion and, and Barauni, etc., with HPCL? Yeah. Panipat expansion is already we are executing. So that would be completed next one and a half years or so. So other projects which we are on, the information, the projects which are in market, we have already on the toes of it and we are bidding for it. Apart from that, there are a number of D1, D3 are discussing with some private investors. So those are also there on the anvil. So, let's hope for the best. Right. Okay. So yeah, just to clarify that even the ongoing expansions that are going, most all those packages have already been bid out. There's no further packages potentially right now to capture, right, in the ongoing expansion projects? There's no package to be awarded. It is basically the physical progress of the project. Most of the packages are awarded by the client when they are in the construction phase. Okay. Understood. And if you could highlight anything on, you know, I know you mentioned that you received the biofuel, bio refinery order from NRCL, but anything on green hydrogen or coal gasification that you could mention, any projects that you have been, you know, bidding for or what projects are in the pipeline? And if you could quantify them. Yeah, yeah. Many of the companies have quoted these tenders for the EPC phases or operational data. So actually, we don't do that. So we prefer to go for the consultancy. So we are working on a few of the projects. One is of NRL, one is of NLCL, with respect to the green hydrogen on the initial study phases. So we are working on those kind of projects. Okay. Thank you so much. I really appreciate all the answers. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Nidisha from ICICI Securities Limited. Please go ahead. Hi. Thank you so much for taking my question. I have a couple of questions on you know, full year margins. So last year we saw margins at 8.8%. This is, EBITDA margins. So this year, the first two quarters have been lower than that. Are we expecting margins to improve, that is, on the entire sales? Are we expecting them to improve in the rest of the year? Yeah. We are expecting that the margin will be in the same line as last year over a period of time for the financial year. Okay. Also, the new orders that we have secured this quarter, is there potentially a higher upside on those orders than we have, orders that are currently sitting in the order book that we are executing at this point in time? Yeah. Over a period of time, definitely there will be some improvement in the margins due to execution efficiency as well as the new norms that we have introduced during the current financial year. Okay. And, given that order inflow is really great this year and the outlook for the next one to two years is also good, do we expect that, given how much order flow is there in the market, that margins would improve on these orders based on that itself? Yeah. Margin will definitely improve on the decisions of questioning efficiency as well as big ticket order we will receive during the current financial year. In big ticket orders, the margins are low in comparison to the small orders where there is intense competition in comparison to the big orders. All right. And lastly, just a couple of questions on RFCL. What is the revenue and the EBITDA for H1 for RFCL and Numaligarh as well? Profit after tax for our share is around INR 55 crores for the half year. Okay. And RFCL revenues for the start? Revenue, just a second. Revenue I will give it to you. Revenue for the current half year for our share, so 26% yearly, around INR 29 crore. Okay, and same question you would give me for Numaligarh. Also, in Q4, you had mentioned that Numaligarh is undergoing an expansion to be 9 MM TPA. How is the expansion progressing at this point in time? Expansion is going on, but the revenue will be coming only after the expansion is completed. Right now, we are capitalizing whatever we are incurring. So over a period of time, we will be maximizing the revenue as well as the profitability. That will be coming in the form of premium to the EIL as a shareholder. Okay. By when can we expect the expansion to be completed? Right now, I don't have the status of that possibility. Maybe, maybe by the middle of the next year or the end of the next year. All right. All right. Thank you so much. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Sanjay Shah from Pranishta. Please go ahead. Hi. Sorry. Good afternoon. I hope you can hear me. Yes, sir. Good afternoon. Thank you. Thank you. So just one question. In your annual report, you had mentioned about the opportunities which might come up in the nuclear sector, and there were some discussions going on with NTPC and NPCIL. So is there any progress on that? Yeah. Again, discussions are on, in the initial stages of it. So, we are anticipating NTPC is anticipating a power plant, it's a nuclear power plant in times to come. So we are working with them and, we are trying to approach them so that we get involved in this project to be early stages. But nothing concrete has taken place as of now. Got it. Sir, and then in the blueprint for the nuclear sector, would it be just the larger nuclear power plants, or are you also, possibly or likely to get involved in the initiative for the Bharat nuclear reactors also? No. We are in that area. This was a segment that we do mostly all of Balance of Plant type of thing because the core nuclear reactors we are not involved in because there are comparative technologies that are involved in that. So earlier also, for the NPCIL project, we did the complete Balance of Plant for the nuclear power project. So similar type of assignments we are anticipating in the future as well. Okay. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Sriram Kapoor from Prabhudas Lilladher. Please go ahead. Hi. Thanks for the follow-up. I just had a quick question on some of the projects that have recently been announced by some of the major oil and gas players. So for example, GAIL has announced, you know, a 60,000 crore project to set up a ethane gas cracker. Similarly, you know, BPCL and ONGC have also announced proposed major projects, you know, for 10 to 12 million metric tons refinery capacity, you know, with investments of up to 1.5 lakh crores. So, you know, what is your view on these projects? When do you expect that, you know, some of these projects would come in the consultancy, and the, you know, the tenders would open for such projects? All these projects are still in the feasibility stage right now. They have indicated the CapEx investment, but right now, these are in the study phase. After the study phase is done, they will go for their investment approval from the board, and then only anything concrete will come out on the platter because what way they will go, which location they are going to have. The main work will start only after their initial board approval is announced. So these are initially in the feasibility stages, and we got involved in all these feasibility studies. Oh, so EIL has already participated in the feasibility, or there's still potential, you know, feasibility study orders, to come in from these projects? Tomorrow, if it comes and which way it will go, we will definitely participate. Okay. I got it. Okay. Okay. Understood. Thank you so much. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Manas from Laxmi Gajanand. Please go ahead. Yeah. Thank you for giving me the opportunity. I have some basic questions. Like, if you can explain to me, like, regarding the revenue recognition cycle, so the consultancy project and turnkey project, like initially what happens for the consultancy, you have got more of expenses because you are in the designing stage and so on kind of way, and then later part the revenue picks up. If you can explain this for the consultancy as well as for the turnkey project, that would be very helpful. Thank you. Yeah. Basically, revenue recognition for basically, we are handling a long-duration project in the consultancy as well as the turnkey segment. For the major projects, the contract period is around four years. So revenue recognition will not be easier during the initial phase in, maybe for the front-end, first one and a half year. We are able to recognize revenue only around 10%. After that, in the second year and third year, it will be around between 30%-35%, and balance revenue recognized over the next year, fourth year, and so on. So that is the revenue recognition cycle for the longest contracts. And for the turnkey? Yes. Similar, similar for the turnkey segment also. We are involved in the engineering, procurement, and construction activity for the project. So this span over a period of four years for the long project. So what you're saying is whether it's a consultancy project or it's a turnkey project, we have revenue cycles more or less remain the same for first and one and a half year it will be 40%, then next three to four years it will be like 30-35% of the revenues above and balance above in the fourth or fifth year. So it remains same for both turnkey as well as for the consultancy. For the major projects. Yeah. For the major projects. Okay. Thank you. Thank you very much. This will help us in, like, understanding how the margins will, like, initially you will have some expenses in that particular quarter, so margins will be lower in that particular quarter. But if you look at six months or a year, then we will be able to have a better handle on the margins. That's all. Thank you. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of T. Jha, an individual investor. Please go ahead. Thank you for taking my question. I have two simple questions. One is relating to Guyana. There was an article in which our company has been awarded the PMC services for power generation, first of its kind, to be run by natural gas. So far, they were doing it apparently by burning diesel. So, I'm supremely confident that you would execute it in the most competitive way. What is the possibility of getting more work from this oil-rich country, which is quite favorable to our country nowadays? So, one of that, more power generating capacity to come there or, and also in the consultancy in oil refinery, offshore. The second question which I have is, again, it relates to future possible work, is offshore wind energy. You know, typically they are much bigger than what is there on the land. So, what is the expectation which the company has in these two respects? Your take on that. Yeah. Thank you. Guyana, this is a project which includes the natural gas liquefaction project as well as the power plant. So that is, it's a 400-megawatt power plant. So right now we have a project management consultant for this. Gas is coming from ExxonMobil, who will actually be the operator of the oil fields there, and he's supplying the gas and coming through a pipeline to the facility. We are working as a project management consultant, managing an EPC contractor who has been appointed by the government, and we have also been appointed by the government. So we are managing their projects and trying to get it commissioned at the earliest because that's our major need for them with a specific anticipation in future because they have ample oil. Right now, it's mostly being governed by ExxonMobil. They are anticipating an oil refinery there, and they're also anticipating a fertilizer project in the country. But it's going to take some time because, actually what they want is they don't wish to invest. They want, they are looking for the investor to invest that project. So that is the pitch right now because it's not related. The government must have invested; it would have invested; it would have been faster. So they are looking for the parties to invest in all these projects. That is the current situation of these projects. We also anticipate there will be an expansion in the existing power facility in time to come because they intend to supply that power across these countries, in the neighborhood countries also. So that is also their future direction to expand. We are very much well placed, working with the government, so let's hope for the best. But actually, this job which we have got was under the competition, so there will be competition in the future too. Yes. And how about this: offshore wind energy possibilities? The offshore wind, did you, the thing is, like, offshore is very close to our heart because we have our own offshore team working on this because we have been working for all the ONGC projects and extensive experience in offshore fields. We have done more than 248 offshore platforms, but primarily we are in the offshore engineering, platform designing and all. We have not done any wind, but right now getting involved in some of these projects, and as soon as these there's a lot of opportunity comes, we would definitely like to target the offshore wind projects because we are looking into certain opportunities when we're discussing with some of the clients. So because we have the good strength of offshore designing, facility-specific platform designing, so it very well gels with our capabilities. But all these are basically the wind would come as a package because we have not much to do in that one because those are OEM-supplied items. So our primary focus will be only the offshore facilities, wherein we have good skills. To that. But since it's on a much bigger scale than what is there on the land, and this would be perhaps among the first one. So the possibility is even of this being the bigger chunk of this and our expertise in the offshore, what could be the possible market size in case if India is to achieve, you know, renewable this thing of certain percentage by 2030, which is not very far away? So government's focus on that, and what is your sense? Okay. I have already told you strength-wise, we are going to have no issue with that. We can do those projects. Basically, in all these projects, we have HVDC on the offshore platform, and the your wind will be separate, with the other floating or coast side, and there will be an integration involved between all these facilities. So we are a very good integrator as well as designer of the offshore facility. So we are very well equipped with all kind of skills. When these jobs will come in the market, we'll definitely be bidding for that. And that's current date. And we are developing our skills and asking our teams to be exposed with the latest offshore developments and all. So we are getting ready for all these kind of opportunities in time to come. Yeah. Thank you so much, and wish you a very happy Diwali. Same to you. Thank you. Ladies and gentlemen, you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to Ms. Bhoomika Nair for closing comments. Yes, sir. Thank you very much for giving us an opportunity to host the call, and wishing you all the very best and a very happy Diwali to you and also all the participants. Thank you very much, sir. Thank you very much. Thank you. Thank you, Bhoomika. Happy Diwali to all of you. Thank you. On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.