Ladies and gentlemen, good day and welcome to Greenlam Industries Limited Q3 FY25 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 touch-tone phone. Please note that this call is being recorded. I now hand the conference over to Mr. Saurabh Mittal, Managing Director and CEO. Thank you, and over to you, sir. Thank you. Good afternoon, friends, and welcome to the Q3 FY25 earnings call. I'm joined by Ashok, CFO, and Samarth from the finance team. So I'll speak a bit on the results and on the developments in the company. You probably are aware that we've completed the expansion and the announcement of the commercial production of the particle board plant. This happened on 20th of January. And the product, the equipment, the production is getting stabilized. And with this completion of the chipboard part of the particle board plant, by and large, all the CapEx we announced in FY22 is largely done. So I think after this, we have no capacity creation pending as of now. So the particle board has started in January 23, 2025. Plywood and Andhra Pradesh laminate plant started in FY24 in September and June, respectively. The Gujarat plant expansion also got completed in FY24 in May. Now capacity creation across laminate division, veneer flooring doors, plywood, chipboard is largely done. We have some pending CapEx of completion of these projects from civil work, from other CapEx work is still pending, which will happen over the next six to nine months. That's on the CapEx side, which means that we have now largely free. Just to focus on execution of these projects and winning more business across the segments we are presenting across all the markets. On Q3, the quarter was slightly subdued in terms of growth. While the flooring, door, and plywood businesses did better, the export of laminates also did better comparatively with slightly over 12% growth. Domestic laminates and domestic decorative veneer is where we had sales pressure. Overall, we could just manage a slightly shy of 7% growth. While Q3 typically is slightly lower than Q2 always, if you see our past track record, this time, unfortunately, it's been a bit lower than the usual reduction. The feedback we get from people is that demand has been slow in the last three to six months. My sense is that despite a slower growth, we have potentially one more market share, both international and domestic market. That's our sense, but we'll wait for the numbers to come out of the other companies. Some numbers don't come out in our category as usual, where they come out maybe at the end of the FY only. Price realizations, value mix, gross profits, RM costs are largely well maintained, and I think there's been pricing discipline. I think on those fronts, not much challenges. Raw material costs have by and large been stable in most of our segments. In the plywood segment, costs continue to remain slightly higher, but we had already taken price increases for that in Q2. So from a raw material side, by and large, we think that part will be stable. We have to focus on building more business and more volumes. Freight inwards, freight outward on the import and export side also remain largely stable as of now. With the truce and with the, hopefully, the closure of the war between Israel and Hamas, we think freight might further reduce, shipping time to several markets might further reduce, helping us improve our working capital cycle, reduce some costs, and have faster supply chain into the markets in Europe and some other parts of the world. So that's on the supply chain side. Product development, streamlining of manufacturing plants and plywood, Andhra Pradesh laminate, by and large, all settled. Factories are nicely settled. The challenge is to build demand. CapEx spend also, by and large, remained under control. Despite the sluggishness in the demand, I think we've been able to manage that well. Certain inventories are slightly higher, which also includes some particle board inventory of raw material, etc. CFO will communicate on that. So by and large, on the ground, things are under control. Our preparedness is going well, and we really hope that we bounce back with a better growth in Q4. And obviously, for next year, also we expect better growth coming in. So by and large, that is from my side. I will have Ashok take you through the financial performance, and we'll be happy to respond to your queries. Ashok, you're ready. Good afternoon, friends. I'll take you through the financial performance. First, for the quarter, on a consolidated basis, net revenue for this quarter grew by 6.9% on year-on-year basis. And however, they grew by 11.6% on a sequential basis to INR 602 crore as compared to INR 680 crores in Q2 in FY25. Gross margin grew by 20 basis points to 55% in Q3 this year from 54.8% in Q3 last year. On a sequential basis, gross margin grew by 340 basis points. Gross margin in absolute terms grew by 7.3% to INR 331 crore in Q3 this year as compared to INR 308 crore in Q3 last year. EBITDA margin was down by 200 basis points and stood at 10.6% in Q3 this year as compared to 12.6% in Q3 last year. EBITDA in absolute terms degrew by 10.7% to INR 63.5 crore in Q3 this year as compared to INR 71 crore in quarter three last year. This is due to slower growth in the domestic market. Net profit for the quarter stood at INR 12.5 crore in this quarter as against INR 25.3 crore in quarter last year due to lower EBITDA, higher interest and depreciation for new projects, and one-time tax for earlier years. Moving on to nine months, consolidated net revenue for the nine months grew by 12.2% to INR 1,888 crore as compared to INR 1,682 crore in nine months last year. Gross margin was flat at 52.8%. Gross margin in absolute terms grew by 12.3% to INR 997 crore in nine months this year as compared to INR 888 crore in nine months last year. EBITDA margin was down by 150 basis points at 11.1% in nine months from 12.6% in nine months last year. EBITDA in absolute terms degrew by 1% and stood at INR 209 crore as compared to INR 211 crore in nine months last year. Net profit degrew by 31% to INR 67 crore in nine months this year as compared to INR 97 crore last year. Now I'll move on to segmental performance. First, the laminate, which is the major segment for us. For the quarter, laminate revenue grew by 4% on year-on-year basis. However, degrew by 12.9% on a sequential basis to INR 520 crore from INR 500 crore in quarter three last year. EBITDA margin stood at 13.2%, a degrowth of 270 basis points on year-on-year basis, and a degrowth of 150 basis points on quarter-on-quarter basis. Production volumes were at 4.86 million sheets with a utilization level of 79% on the enhanced capacity of 24.52 million. Sales volume for the quarter stood at 4.77 million sheets and boards, a growth of 2.6% on year-on-year basis, and a growth of 7.8% on a sequential basis. Our average realization for the quarter stood at INR 1,050 per sheet and board, which was marginally up by 1.3% on year-on-year basis. Moving on to nine months, laminate revenue grew by 9.9% and stood at INR 1,651 crore from INR 1,503 crore in nine months last year. Volume grew by 7.8% on year-on-year basis. EBITDA margin stood at 13.9%, a degrowth of 180 basis points on year-on-year basis. Production volume were at 15.56 million sheets, a utilization level of 85%. Sales volume for the nine months stood at 14.82 million sheets and boards, and our average realization in this nine months was at INR 1,075. Moving on to another segment, decorative veneer and allied. This segment includes decorative wood veneer, engineered flooring, and engineered doors. In the veneer segment, overall, in the decorative veneer segment, revenue of the decorative veneer business degrew by 4% on year-on-year basis and degrew by 9% on sequential basis to INR 26.3 crore in this quarter from INR 27.4 crore in Q3 last year. Revenue of decorative veneer business degrew by 12% on year-on-year basis to INR 78.3 crore in nine months from INR 88.7 crore in nine months last year. Volume degrew by 7.8% on year-on-year basis. Sales volume for stood at 0.26 million square meters, and for the nine months stood at 0.82 million square meters. Capacity utilization for this quarter was 27%, and for the nine months stood at 28%. Average realization for the quarter was INR 988 per sq m, and for nine months, it was INR 944 per sq m. Moving on to engineered wood flooring, revenue for the engineered wood flooring business grew by 13.8% on year-on-year basis and grew by 7.2% on a sequential basis to INR 15.2 crore in Q3 this year as against INR 13.3 crore in Q3 last year. For the nine months, revenue of engineered wood flooring business grew by 15.7% to INR 42.7 crore as against INR 36.9 crore in nine months last year. Capacity utilization stood at 13% in this quarter and 14% for the nine months as before. Moving on to engineered doors, revenue of engineered doors business grew by 49.5% on year-on-year basis and degrew by 8.6% on a sequential basis to INR 10.4 crore in Q3 this year as against INR 7 crore in quarter three last year. For the nine months, revenue of engineered door business grew by 42.8% to INR 31.6 crore as against INR 22.1 crore in nine months last year. Capacity utilization for the quarter stood at 27%, and for the nine months stood at 24%. Moving on to next business segment, plywood. Revenue of plywood business stood at INR 30.4 crore in Q3 this year and INR 84 crore in nine months. Sales volume for the quarter stood at 1.16 million square meters and 3.3 million square meters for the nine months. Capacity utilization for the quarter was at 24%, and for the nine months also was at 24%. Average realization in this quarter stood at INR 257 per square meter, and for the nine months was INR 248 per square meter expected. In the current quarter, working capital cycle stood at 67 days as compared to 59 days in Q2 of this year. Net debt stood at INR 1,012 crore. Thank you. That's all in this. Now I'll open the floor for the question and answer. 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 the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to only use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take a first question from the line of Keshav Lahoti from HDFC Securities. Please go ahead. Hello. Hi. Thank you for the opportunity. So firstly, I know it's early days, but now the particle board plant is commissioned. How is the initial thing going up, and what sort of ramp-up you are looking when you feel this plant will break even? And how is the current market scenario? Hello. Am I audible? Yes. Yes. Yes, Keshav. So I'll take the question on the demand side and all that. The initial feedback from a demand side and signing up of dealers, wholesalers is quite encouraging. So I think that that part is pretty okay. And as I said earlier, the stabilization of the commercial production because it's an automated line, a lot of sync needs to be done from the process control perspective from raw material to the board production. So I think that's underway as we talk. And we should be looking at a 40%-50% kind of utilization in FY26. And we should be near break even at, I think, a 50% kind of utilization level. Understood. Got it. And sir, what about your revenue growth guidance, which you have given 18%-20% for this? Will you maintain that? And how do you see the laminate margin going forward? This quarter, we have seen some dip. Should we expect the Q2 margin will be back in upcoming quarters? Because we have also taken a price hike in Q2 in. FY25, I think we'll miss the 18%-20% growth. We're about 12% in nine months. My sense is if things go as we see things, probably we'll end the year somewhere in the band of 12-13% type of growth in FY25. FY26, we maintain that we should be in the band of 18-20% type of top-line growth. That's on that. On laminates, clearly, the challenge is more on the volume side, as you probably have seen. Gross margin, price realization, that's all well. We just need to expand the volumes, and then I think the profits, the EBITDA margins, etc., should get back to that 14-15% in that band. Let's see how this quarter goes, but the price realizations and volume mix, etc., is all going well as we can see things now. Okay. One small last question from my side. Has the demand picked up in January for laminates? That has been okay. It's not extraordinarily great or negative. I think it's fine. Better than Q3 to what we are experiencing the demand. I'm not sure I can say all that about that, but yeah, as of now, going online with what we think we should be able to deliver in this quarter. Yeah. Understood. That is helpful. Thanks a lot. Thank you. Thank you. Before we take the next question, we'd like to remind participants to press star and one to ask a question. Next question is from the line of Udit Gajiwala from Yes Securities. Please go ahead. Yeah. Thank you for taking all my questions, sir. So firstly, on the Gross Margin for the laminate business, so what can be the steady Gross Margin that we can look at? It's moved up from 52% - 55% on sequential basis. Yeah. Hi, Udit. So this is at the similar level what we are at. We believe that it should be in the range of around 53%-55% kind of things. It should be within that range. Quarter- on- quarter, they're met with some variation, but it should be within this band. We believe this is what it is there as of now. It can be maintained unless there is a significant jump in the price of raw material, which is not as of now doesn't look like. I was just trying to understand that what changed on sequential basis. Of course, ASP are up, but not so much on sequential basis. Any particular RM that came down in terms of costing? Nothing in general in terms of that, because in the December quarter, what happens every time we get some year-end bonuses on some packages, so that is the reason that in the December, it has slightly gone up in comparison to other quarters. Otherwise, it is normally within the same band. That is specifically for the laminate. So, nine months to nine months, we had a similar gross profit of 53.5%. Understood, sir. And then lastly, in terms of the growth guidance that you have maintained of 18%-20% for next year, any sense on what kind of blended margin should we look at? Because particle boards will not contribute in terms of EBITDA. But overall, where do you see the margins moving? Thank you. So in the next quarter, next year, we are hoping to have the break even in the particle board. But obviously, that may not happen in the first quarter or Q1. So that may take time probably in terms of that. So difficult to predict as of now what the EBITDA looks like, but we believe that normal EBITDA in the other than particle board, we will have a normal EBITDA or normal EBITDA. Particle board, probably we have to wait for one or two quarters to watch. But the intention is to break even in the next year. Understood, sir. And just for last, if I may squeeze in for the plywood segment, how do you see the ramp-up happening in context of the southern region if you can throw some light in terms of your acceptability of the product there? Sure, so if we see plywood, the feedback we said last time also on the product quality, on just the performance of the product, I think it's been exceptionally good, and the channel partners and customers who start using our ply, the feedback we've received is that they continue using our plywood. The channel expansion or the creation, I think up to 80% is largely done in South India. We also started opening markets of Maharashtra in April 2025, so that process is still going on, and we are hopeful. Like this year, if you see, we already 84 crores of sales in ply. My sense is versus what we did last year, we'll be nearly 2x this year, and I think the coming year, we should double from FY25's number in FY26. So clearly, I think because we're going to operate in the segment in the long term, so I think the product performance, the quality, the secondary working, channel partners who have been created, I think it's going in a good direction. Maybe a bit slower than what we expected. But I think from a qualitative point, I think it's going good. And we should keep growing this part of our business. Understood, sir. And just specifically for ply, what was the timber cost in Q3 versus Q2 for the segment? So by and large, the wood costs have been similar in our stock because our plant is in South. It's been by and large at the same average. Maybe some local cost might have gone up a bit. We had taken certain increases in Q2, and that's why your gross margin is by and large similar. But maybe Ashok can add something. So in the beginning of the quarter three, there was some upward movement, but later on, it got stabilized in terms of growth. So as of now, prices have not reversed, but it's not increasing also either. It's stable as of now. And we are hoping that probably with the supply situation increase, it may have an impact on the price. The same trend has been in January as well, right? The prices have been stable, is what you? Yes, that's right. Yeah, it's fine. Got it. Thank you so much for answering, and all the best. Thank you. Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone now. We'll take our next question from the line of Sneha Talreja from Nuvama Wealth. Please go ahead. Hi, good afternoon, team. And thanks a lot for the opportunity. Just two questions from my end. Firstly, on your FY26 guidance of 18%-20% growth, just wanted to drill down what will be the proportion of particle board itself? Because earlier, we had given a guidance that we'll be operating at about 40%-50% utilization. If I make a rough calculation and bring it down to even minimum of INR 300-INR 350 odd crores of revenues that you do, are you aiming for a single-digit or medium single-digit terms of volumes for your existing laminates business, or am I missing something else? No, no. So you got the question right. We're not aiming to do all that. But we'll do minus a little bit figures in general because sometimes whatever figures we give doesn't get achieved at times. So I don't know what to do on this front or not. So clearly, that is not our plan. But yes, considering market situation, there are unpredictable circumstances which we can't predict at the moment. So we've given a broad direction on where the growth numbers look like. Yeah. Broadly thinking that is your growth at this point of time for the laminates business is what I understand, or including your other businesses put together? No, because you see, ply, I think we should have decent growth. Flooring and veneer, so we expect decent growth coming in, and likewise for our domestic and our international laminates. So we're quite positive on all our businesses. But yeah, sometimes things don't go as planned, and then yeah. I should give an answer. Would you want to quantify some numbers out there, maybe in terms of growth numbers for laminates separately, plywood separately, or maybe just particle board itself so that we can derive on certain numbers? I think that's very hard to do all that. Because we give a broad guidance. We speak to Ashok offline on that. Very hard to do that. So from our side, I said that earlier, most of the KPIs are done. The capacities have been built. They've been built well, and the product quality, the product programs have also been nicely done. We really hope things will get better from there. Right. In terms of particle board, given we are almost there, any sort of visibility that you have already started getting from OEMs for your product? Any visibility out there? And what is the percentage of imports at this point of time coming up would be coming in the market? Did you plan to replace some numbers there? So the feedback on the product is on the chipboard range selection, the finish is quite good. Wherever it's gone, it's not penetrated as of now in the market. It takes a few more months to get there. The initial order booking by customers of inventory, etc., is also quite decent. So I would say the feedback is positive. I think we'll just go settle the plant and keep delivering. As we know that there are hardly a few meaningful committed players in the space in terms of capabilities, capacities, sales marketing team. And we have this advantage of alignment of melamine chipboard. As you know, particle board mostly gets sold as pre-laminated product and not plain board. So this alignment of melamine particle board with Greenlam laminates, with Greenlam Sturdo, Greenlam Compacts. So this whole alignment of the product program with the other products which are used in interiors, I think is a great strength our company possesses. And we hope that we'll use it to the fullest. So I think the feedback as of now, what I know, is quite good, actually. Understood. Lastly, if at all, I can just ask one more question. Anything on the BIS? We are closer to the date of implementation. Anything that you're hearing on ground? Is it likely to get implemented this time? Seeing some delays. Anything here would be helpful. I think chipboard got extended. Answering your other question, imports of particle board is not so much scale in our country. I don't have the exact number. It's very small. So maybe Ashok can give that number. Yeah. Whatever last year's got the number, it was in the range of around INR 300-odd crore for annual. It was INR 300-INR 350 in that range only. Not very high. On the BIS, we are hopeful it gets implemented. But I'm not sure whether they will implement or there will be some extension or will there be some extension for some parts of some kind of manufacturer. I'm not so clear on this. But we've heard that it should get implemented. People have proposed its implementation. But I'm not completely clear on the subject. Understood. So got it. Thanks. Thanks Thanks a lot, team, and all the best. Thank you. Next question is from the line of Utkarsh Nopany from BOB Capital Markets. Please go ahead. Yeah. Hi. Good afternoon, sir. So my first question is for laminate segment. So if you could specify what is the laminate volume growth for domestic and export market in December quarter? And what is the reason for sharp contraction in laminate margin in December quarter on both Q1, Q2, and YOY basis? And what would be your margin guidance for the current March quarter and FY26 for your laminate segment? Yeah. Of course, in terms of we don't give the figures separately for the domestic and export. Overall total figure is we have already shared in terms of growth in this quarter. The volume growth was 2.6% on a year-on-year basis. Okay. So earlier, we have been specifying the percentage, what kind of a growth we had seen in export and domestic market. So that's why I was asking. But that's fine. And if you can just mention the reason for the sharp contraction in laminate margin on a Q1, Q2 basis in December quarter, what is the reason for that? So, in terms of if you see that the revenue in laminates has grown by 4% only in this quarter on year-on-year basis. So basically, the sales is lower, and whereas the operating cost is at a higher level in comparison to previous years. So that is one of the reasons in terms of that. We expect that sales to correct going forward, which will correct the overall margin scenario. What would be your margin guidance for current March quarter and FY26 for laminates segment? The normal margin which we have, if you see in this quarter, we were having around 13% margin. Of course, from the previous year, it was 15.9%. Previous year was 15.9%. So we are hopeful that in the range of our normal margin, which is around 40-odd%, is the margin which we in that can be achievable. Otherwise, there are some additional expenses in Q3, like starting of our two depots overseas. So due to that, there were some additional expenses which going forward will not. These were one-time expenses. So going forward, this will come back to normal margin. Okay. And so second question is on your particle board project. We have spent around INR 735 crore on this project to complete it versus our earlier guidance of INR 875 crore, which was there in last quarter. So what is the reason for sharp reduction in our project cost? And are we going to incur any additional cost on this project going forward? Yeah, yeah. So it's not the change in the spending. It was the expense that this was the money which is spent till now. The project, even though the commercial production is started, but still the construction and expenditure is going on as of now. So this will be there till, as mentioned by sir also, it will be next six to nine months. It is going to be spent, and it will be in the range of that what we have earlier estimated in the range of 875 only. Okay. And, sir, what would be the budgeted KPIs for FY25 and FY26, and how much we have spent in the nine months of FY25? So, nine months, we have spent close to around, including the new project, around INR 190 crore. We expect, including the project, it should be in the range of around INR 250 odd crore. And for the FY26, including some of the KPIs which we need to do for the project, pending KPIs for the project, it should be in the range of around INR 100 odd crore. Okay. And sir, lastly, if I look at your balance sheet, your net debt to EBITDA has now gone up to close to 4x, which is on a vulnerable side based on December quarter number. So where do you see this ratio shaping up in FY26? I think this is at the highest level in terms of what we can see as of now. That is also at the highest level because most of the KPIs has already been done. And now, since we don't have any large KPIs going forward, so whatever cash will be generated, that will be used to bring this debt down. And we believe that it will be lower than this year. Okay. Thanks a lot, sir. Thank you. Before we take the next question, we'd like to remind participants to press star and one to ask a question. Next question is from the line of Rishabh Bothra from Anand Rathi Share and Stock Brokers, Institutional Equities. Please go ahead. Yeah. Good afternoon, sir. So just wanted to understand what kind of exposure do we have in UP market, and is there a meaningful change with respect to KUM? And secondly, what's our exposure to the U.S. market? Will the tariff impact somehow our business in laminates export market? There is not much of an exposure in terms of to the UP market. The KUM is practically not impacting us in terms of any additional demand and all these because most of these demands are at the very low end of the segment for the construction material, where our product is not in use in most of the cases. Moving on, in terms of the export, the U.S., which is North America, is not a very significant portion of our export. Around of our export, global total international revenue, it will be in the range of around 5-6% of our overall export revenue, global revenue. We are not expecting much problem in that. Okay. And lastly, sir, if you can tell the guidance for FY26 and the debt trajectory, how it will pan out, I mean, reduction in debt? So, debt within this year, it will be in the range of similar to what we are, so around INR 1,050 in that range only. And next year, it should come down from this level, close to it. It should be within INR 1,000 crore. Okay. The guidance, if you could spell out once again? I missed out on that. It's already mentioned by Sir. It's around 18%-20%. Okay. Thank you, sir. I'll come back. Thanks a lot. Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. Participants who wish to ask a question are requested to press star and one now. Ladies and gentlemen, to ask a question, please press star and one on your phone. We'll take the next question from the line of Bhavani from JM Financial. Please go ahead. Yeah. Hello. I'm audio. Yeah, yeah. Yeah. Please go ahead. Yeah. Sir, thank you so much for the opportunity. I just wanted to understand on the veneer side of the business and the light products category. So what has been changing in the door and the floor category particularly? So if you can just once again spell out the door revenue and the floor revenue if you can? Yeah. So, for the nine months, the floor is around INR 43 crore and door is INR 32 crore. So, total put together, floors and doors are INR 75 crore in these nine months, which, in the last year during the same period, it was INR 59 crore. Got it. Got it. So, sir, just wanted to understand that this door business, no doubt, has been on a lower base. But what has been changing over here and how one should look at down the line for next two to three years? On the door business, it's a decent traction. Our order book and pending orders is quite encouraging. We think the business will keep improving in this three months and even in the coming one and two years. What has changed, I would say, just continuous effort over the last couple of years where we've struggled to bring in the orders, get the product mix right, win confidence of customers. Maybe that's happening as we talk right now. The full capacity of the door plant in terms of value because we produce door leaves or door sets is something in the band of 80-100 crores. I think we should start hitting. We should keep improving our utilization and improve revenues in FY26 and FY27. Got it. So if you can also help me with the guidance on the veneer and the allied product, the entire category, if you can just help me also on the margin side, how one should look at them on the margin side. And I think in Q3, you have done on overall basis in veneers and allied products, 2.6% kind of EBITDA margin. So how one should look at this EBITDA margin for you? So going ahead, I think this will keep improving. Floor has become EBITDA positive in Q3 and in the nine months. The losses in door vertical has reduced. So I think with now these three categories, and you probably have noticed capital employed in this category also has gradually come down over the last two, three years. So we don't need fresh KPIs or capital in this category. And with business improving, with sales volume increasing, clearly also flow down to the profitability and cash flow because we don't need to add much resources in terms of people or marketing and all that. So I think it should keep improving. In FY26, can we assume 4%-5% kind of EBITDA level in this category? Yeah, yeah. Yes. Got it, sir. Thank you so much. Thank you. Thank you. We'll take a next question from the line of Saurabh Ginodia from SMIFS Limited. Please go ahead. Yeah. Good afternoon, sir. Thank you for the opportunity. Saurabh, your voice is not very clear. Can you use your handset mode, please? Yeah. Is it clear now? You can go ahead with the question. Still a bit muffled, but if you speak a bit louder. Yeah. I'll try to speak a bit louder. So on an annualized basis, what kind of an increase in depreciation and interest one should estimate on the new particle board plant? So the depreciation will be in the range of around INR 30-35 crore. And interest will be in the range of also in the range of around INR 35-40 crore. This is in the as of now interest scenario, in case the interest rate moves, which is everybody is expecting to go down, so then this cost can come down. Understood. That works for me. Thank you. Thank you. Next question is from the line of Parth Bhavsar from Investec. Please go ahead. Hi, sir. Thank you for the opportunity. So my question is related to laminates exports. So over the last two quarters, Q2 and Q3, and as we enter January, so which are the markets where you see green shoots? Is it Europe or is it U.S. or the other way, which has declined for us year- on- year and even quarter- on- quarter? So, as you know, our markets are quite dispersed because we ship to many countries because of the nature of the business and different products at different sizes are needed everywhere in different markets. So hard to give you an analysis. So nine months, I think export business has grown by about 15odd% nine months. So hard to give you a number. Obviously, some markets end up doing slightly better than the other markets. But hard to exactly. So I had to ask you specifically, I had to ask you about Europe and U.S. How is the demand looking like over there? So generally, in the international markets, the markets are growing at a very small pace or not growing. So in the international markets in Europe, including the U.K., we are winning market share from the local companies because they've got added capacities or they have their own challenges or winning business from somebody else. So I think in the international markets, mostly the story is more about market share gains and less about organic growth coming in. So Europe has become our largest market, which is all Central, Eastern, Western Europe, and U.K. combined. So we're doing okay there. We're doing pretty okay there. U.S., I would say we are flattish more or less. Yeah. Okay. Got it, sir. Thank you so much. How are you? I know sometimes these comments are not so helpful. Thank you. As a wrap-up for the questions, I would now like to hand the conference over to Mr. Saurabh Mittal for closing comments. Over to you, sir. Thank you for your time and patience and also for your queries and interest in the organization, and we appreciate them. We also would like to, I think you already know, but we would like to inform you that our company is completing 10 years of listing in March 2025, and the board has announced a one-to-one bonus share issue, and this will be our first bonus share issue by the company, and we would like to thank all of you for your support and contribution through the last decade, and we really hope that we continue doing well, and thank you for your time. Thank you, everyone. Have a good day. Thank you, everyone. Thank you. On behalf of Greenlam Industries Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.