Ladies and gentlemen, good day and welcome to Laxmi Organic Industries Limited Q1 FY2025 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations the company has on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 the star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nishant Dudhoria, IR representative. Thank you, and over to you, sir. Good afternoon, everyone, and thank you for joining us on this Q1 FY2025 earnings conference call for Laxmi Organic Industries Limited. We have with us on the call Mr. Harsh Goenka, Executive Director, Dr. Rajan Venkatesh, MD and CEO, and Ms. Tanushree Bagrodia, the CFO. The company has uploaded its financial results and investor presentation on the company's website and stock exchanges. I hope everybody had an opportunity to go through the same. We will begin the call with an opening commentary by the management, followed by a Q&A session. Before we begin, I would like to point out that this conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company, and it may involve risks and uncertainties that are difficult to predict. I would now like to invite Mr. Rajan Venkatesh, the MD and CEO for Laxmi Organic Industries Limited, to give his opening remarks. Thank you, and over to you, Dr. Rajan. Thank you. Namaskaram from my side, and a very, very good afternoon. Today, we said, "Let's mix it up." We've been talking over the last 12 months with you guys about the way we've been actually planning our strategy. We said we will divide today's call into two buckets. The first bucket is we will give you a little more granularity in what you have been seeking from us on our financial numbers from FY2024 to FY2028. We have uploaded the presentation, so you can also please refer to that. Secondly, we will also obviously provide you more granularity and reflections of our Q1 performance. Let's get the ball rolling. Now I'm referring to the slide deck, so please also refer to that at your computer or iPad or whatever device you're using. Why do we believe we are geared to win? I think Laxmi's strength on being geared to win is, I would say, based on two key elements. One is our leadership: cost and technology leadership, market leadership. We are top three in essentials, excluding China, and top five in specialties globally. And we are the partner of choice for our customers. What are we leveraging? We are leveraging that we've absorbed and scaled up best-in-class technologies in the past. We have an unleveraged balance sheet, which keeps us ready to invest. We have large brownfield sites which are open for CapEx. You guys know the sites I'm referring to: Lote and Dahej. We have a credible board and an experienced management team, which is steering this company. And also, as importantly, we have a very strong integrated safety and EHS program, which keeps us in good stead. So linked to that, what are our ambitions? We will continue to use technology and cost leadership to grow and diversify the product portfolio. We aspire and have the ambition to be top 5 in all the segments globally that we are active in. We will continue to have 20% of revenues impacting our specialties, P&L, from products launched in the last five years. Now, if you move to slide number 17, this is also a familiar slide: differentiated financial steering. In essentials, we have different technology platforms as compared to specialties. The targeted financial KPIs for essentials is we will, for every $1 invested, focus on asset turns 3-5, EBITDA margins of 8%-12%. For our specialty segment, for every $1 invested, asset turns of 1-2, and EBITDA margins of 20%-25%, which then ensures that at an enterprise level, we will deliver a ROCE of 20%. We have also shared in the past, across multiple cycles, if you refer to that slide, we have delivered ROSI of 20%. So that's what gives us the confidence, the ambition, and the energy to go beyond. Now, referring to slide number 18, what we are calling out are the key highlights and our ambition moving ahead, linked to what I shared. So key highlights: our investment is about INR 11,000 million or INR 1,100 crores. With this, basically, this is from a period of FY2024 to FY2028. That's the line of sight. And with this happening, we basically have the ambition to double the revenues from where we closed out FY2024, triple our EBITDA, and, as importantly, increase and double our ROSI from the 10% where we closed out in FY2024 to 20% in FY2028. Now, if you go closer, essentials, the strategy in essentials and our right to win, the two key words I want to leave you with: go deeper, go broader. In our existing portfolio, we want to retain market share, grow exports, and by continuously focusing on operational excellence, double-clicking on the range of portfolios where we are already strong in. At the same time, we are focusing on portfolio expansion, by that, de-risking of the business of the existing portfolio, and also, as importantly, being future-ready with bio-based products. How do we—what's our right to win? Strategic locations close to customers. Mahad, everybody knows that's the genesis of Laxmi, and we are very proud of that. Now, with Dahej coming up, certainly that provides us a very, very interesting platform. Also, for essentials, as we have called out before, to serve Gujarat and the north markets. Cost leadership through scale, be it raw materials, be it logistics or operational efficiencies. The commodity business management, which is close to Laxmi's heart with more than 35 years of experience and under the current guidance of Mr. Jitendra Agarwal, who I guess some of you know or you will come to know sooner rather than later. Extending our existing right to win, differentiated customer experience versus competition, import substitute a lot of the existing and also new portfolios we are trying to make, Mahad as an Atma Nirbhar Mahad, and really wean away India from imports and by providing economy of scale and obviously double-clicking on multiple synergies. So what would that imply for our essentials basket? We are looking at a CapEx of INR 5,500 million, which is 550 crores. This is in the period of FY2025 to FY2026. It's a two-year period. The first tranche is about INR 350 crores. Then the second tranche between FY2026 to FY2028, a three-year period of INR 200 crores. The ambition is clearly to double the revenues that we have achieved versus an FY2024 basis and do a 3x of EBITDA on that basis. Again, how do we achieve this? Expand and diversify product portfolio, what I called out, which then enables us to do this. Volume sold at the same time will be 1.75x from a base of 234 KT that we achieved in FY2024. This is, again, something we have done in the past, which then gives us the confidence as we move ahead that we can certainly duplicate and continue on our ambitions for ourselves and, more importantly, for our customers. The second big bucket is our specialties. The strategy here is to expand and optimize in our existing portfolio by growing market share, focusing on global customers, and improving cost leadership. And also, in the specialties, enter new segments. Obviously, fluoro is top of everybody's mind, including us. And also, as importantly, having 20% sales from new products. What is our right to win here? Cost competitiveness. And we have done excellent global cost benchmarking, which gives us the confidence. And hence, we are also doubling our capability in the ketene-diketene space at Dahej, reliable, safe, and large-scale flexible operations, and differentiated customer experience. And if you talk about the customized solution provider and value chain integration technical capabilities offering, which encompasses a large customer and product basket, and world-class piloting and scale-up infrastructure, especially the Dahej side, which has come our way, which provides us. If you start looking at the numbers part, this is slide number 22. What we see is we will have the incremental CapEx spend across the next two years, that is FY2025 and FY2026, of INR 400 crore, and between FY2026 to FY2028 of INR 150 crore. And with that, the ambition remains to double our revenues in top line and also on the EBITDA to be 2.5x of EBITDA. That basically maintains an asset turn as a specialty of 1x-2x. That's the important takeaway. Now, for essentials, what I would like to also call out is the margins that we have assumed in essentials is the current bottom of the cycle margins. So this is certainly the upside. We are parking for investors as we go in this journey. And also, for specialties, what we have not considered in the baseline is the new product pipeline, which will certainly come at an incremental CapEx to what we have stated here and certainly would be at the higher spectrum of our asset turn and profitability. So again, what I would like to summarize on a financial basis on our future between FY2024 to FY2028, with a CapEx spend of INR 1,100 crores, we will be doubling our top line and tripling our EBITDA. What remains is a conservative view on margins on essentials and the entire new business pipeline as a potential upside on specialties. So that's the element of the strategy that we have in play, and we are executing as we speak. Some of you also had the privilege to visit our Lote site, and it was our privilege to have you there. Let me then give you a short update on the ongoing projects at Dahej and also Lote. These are slide numbers 25 and 26. The CapEx update at Dahej, we have received the inorganic EC in early May. We did our Bhoomi Pujan on a very auspicious day, which I will always remember, I think, all my life, which I'm thankful for the team that we made that happen on 10th of May on Akshaya Tritiya. We received, more importantly, also the organic CTE on the 20th of June. We had a very important milestone of public hearing on the 18th of July. We started with the civil foundation work at Dahej and the weighbridge and calibration and ready for operation. So that gives you a status update on our Dahej piece. When it comes down to our Lote project, again, this is slide number 26 that I am referring to, gives you sort of a more chronological timeline. In quarter three, FY2020, we had the acquisition. I think everybody is familiar with this. Everybody is also, unfortunately, familiar with the COVID period and the implications it had on our project. But I think it's important to call out in quarter two, we started land development of FY2021 at Lote. We set up the kilo lab at Mahad, which enabled us to familiarize with the Miteni process technology. In quarter one of FY2022, we started the civil and structural work. In quarter three of FY2023, the equipment arrived from Italy. In quarter one of FY2024, utilities and powers were commissioned. In quarter one of FY2024, pilot plant and kilo lab were commissioned. In quarter two of FY2024, we had the first product dispatch. In quarter four of FY2024, which was the commitment we gave you guys, was mechanical completion of the key assets happened, which then enabled us, already in quarter one of this financial year, to submit samples. Let me give you also a little more clarity on that. We actually sampled 10 products to about 20 customers ranging between global and domestic across an industry range of agro, pharma, coatings, pigments, and electronic materials. We have already received six products approved by eight customers. This basically provides an excellent line of sight to more than 70% of our peak revenues that we estimate from this site. That, again, gives you, I would say, the ongoing activities. Let me just briefly comment on quarter one, my commentary. Obviously, Tanushree is far more capable to take us through the numbers. Quarter one, on a standalone basis, I believe, and reflecting back, we are happy to report a comparable sequential performance and a growth year-on-year in quarter one, taking out one-off effects in quarter four. Despite a scheduled plant turnaround for essentials, which reduced the volume output, the performance was positively impacted by our operational excellence drive. You already saw that in the last financial year. We grew volumes 20% in certain parts of our segments. The product mix and specialty certainly was a key driver in our quarter one performance. Key assets I spoke about are Lote and the status on Dahej. With that, I can assure you we remain committed, geared to win and geared for growth to create long-term value for all our stakeholders. With that, I'll pass it across to Tanushree to take you through the quarter one financial performance in more granularity. Thank you, Rajan. Good afternoon, ladies and gentlemen. Thank you for joining us this afternoon. And as Rajan mentioned, the operational journey that we started in financial year 2024 continues to yield strong results for Laxmi Organic Industries. At site one, again, as Rajan mentioned, we took an annual maintenance shutdown in quarter one of FY2025. And despite that, the essentials volume grew by 7% year-on-year. On a quarterly basis, we had lower volumes and lower realizations in this business, which did impact profitability. However, a majority of this impact was arrested by the improved operational efficiencies. The specialties business saw a robust performance with revenue growing approximately 10% both year-on-year and quarter-on-quarter. And with an improved product mix, the contribution was also higher proportionately both quarter-on-quarter and year-on-year. As we had mentioned in our Q4 financial year 2024 call, we had settled a claim on the loss of profit with the insurance company on accounts of the floods at site one in July 2021. This loss of profit increased our EBITDA by roughly INR 10 crore. To ensure that we are focusing on the business operations, all the EBITDA and PBT numbers and comparisons mentioned by me on this call for quarter four FY2024 are net of this INR 10 crore impact. For completeness, the presentation highlights the total EBITDA numbers. On a standalone basis, the company generated a revenue of INR 729.6 crore, which is 4% higher year-on-year and 10% lower quarter-on-quarter. The quarter-on-quarter impact, as I mentioned, is largely due to the annual maintenance shutdown taken at site one and the lower realizations in the essentials business. The operating EBITDA at INR 82 crores is about 10% higher year-on-year and about INR 2 crores higher quarter-on-quarter. Overall, the standalone EBITDA of INR 94 crores is 15% higher year-on-year and flat quarter-on-quarter. The PBT at INR 70 crores is almost 30% higher year-on-year and INR 2 crores higher quarter-on-quarter. The PAT at INR 46 crores is 22% higher year-on-year and 15% lower quarter-on-quarter. The PAT numbers used for calculating the difference in Q4 are gross of the LOP impact. On a consolidated basis, the top line of INR 730.1 crores for the quarter is flat year-on-year, driven by lower sales in Europe. The sales is lower 9% quarter-on-quarter, impacted largely by the annual maintenance shutdown and the lower realizations in essentials business. Gross margin at a consolidated level is 2% higher year-on-year and flat quarter-on-quarter, largely driven by the operational efficiency. The operating EBITDA at INR 71 crore is 8% lower year-on-year, largely driven by the operating costs of YFCPL, the Lote project, which have now started to flow through since quarter two FY2024. Quarter-on-quarter, the operating EBITDA is down 11%, impacted by the lower sales. The PBT at INR 50 crore is 3% down year-on-year, driven by the capitalization at YFCPL, and about INR 4 crore down quarter-on-quarter, impacted by the lower sales. PAT at INR 34 crore is 10% lower Y-on-Y and 23% lower quarter-on-quarter. The PAT numbers used for calculating the difference are gross of the LOP impact in quarter four 2024. The cash flow from operations at a consolidated level stands at approximately INR 80 crore. This is largely because the payable days have seen a reduction as large imports happened in Q4, larger than what we see, thereby the larger proportion of the benefit was accrued to us in the previous quarter. The INR absolute values of debtors and inventory have seen an improvement quarter-on-quarter, while the lower sales days have slightly increased the days outstanding. The overall operating net working capital for Q1 FY2025 is in line with the average net operating working capital for FY2024. Lastly, as the board had approved the merger of YFCPL into LOIL, we would like to inform the investors that the admission notice for the merger was filed with NCLT in July 2024. With this, I hand over to Nishant. We will now begin with the Q&A session. Thank you very much. We will now begin with the Q&A session. Participants present on the audio bridge who wish to ask a question may press star and one. If you wish to remove yourself from the question queue, you may press star and two. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Ladies and gentlemen, if you wish to ask a question, you may press star and one at this time. First question is from the line of Rajvi Shah from Bright Securities. Please go ahead. Hi. Thank you for the opportunity. So I had two questions. The first one is, can you highlight why is the depreciation lower Q1 on QoQ on consolidated basis? Hi, Rajvi. Tanushree here. The depreciation is lower because there was a change in the useful life of the assets that's taken to compute the depreciation. Okay. I had one more question. That is, what is the total investment in setting up data analytics? And could you please give more clarity on the impact on how much efficiency has been improved due to this vis-à-vis previous quarters? So Rajvi, Rajan here. I think it's not a big CapEx that we incurred on data analytics. So it's nothing to write home about. But I think it is really because a lot of our systems today are already linked to DCS. So the question was not setting up new DCS systems. It's really pooling with a core bunch of colleagues, a very few handful normally like you have in the centers of excellence, and really gleaning out the learnings. Now, how has that paid out? We've called out already in the last financial year. This really impacted our volume output from existing asset basis by almost 20%. Tanushree, correct me if I'm wrong, with incremental or no CapEx. And that's the journey also we chartered, what you also heard from Tanushree in our quarter one, where despite the turnaround that we had, a scheduled turnaround, our volume base was in a good state. Tanushree, anything to add to that? I think Rajvi Rajan's absolutely right. We've increased volumes roughly 20% for the company, and that's at absolutely almost zero CapEx. I also think the operational efficiency program has ensured that we continue to carry on our journey on cost leadership across both the business units. And that's why, like I said, despite lower realizations and lower volumes, the profitability could be protected. Okay. Okay. Yeah, that really helps. Thank you very much. Thank you. Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Harsh Shah from Axis Capital. Please go ahead. Yeah. Sure. Thank you for the opportunity, sir. So my first question was regarding the essentials segment. So you outlined that you'll be incurring CapEx of around INR 550 crores. So just wanted to know you'll be also expanding the portfolio there. So just wanted to know how many products you're planning to launch through this new CapEx and how many of them you have already cracked through in either pilot stage or at last stage. This was my first question. Harsh, so my first ask is fair question. I hope you can provide us some leniency here that there is some confidentiality you would like to maintain with the new product portfolio. What would be fair to say, already in the last financial year, we did launch a new product into the Indian market, which was an import substitute, and we are building good market share on that. There are other things that Laxmi, by the way, in the past has produced, which we'll be double-clicking on, and there will be new parts of that portfolio. But for now, we would like to keep that a bit confidential and would seek your understanding for the same. Sure. Sir, just a follow-up on this. So the new products which you're planning to launch in essentials, would this be margin accredited, or would it be similar margin of your existing portfolio? As I said, we've taken a very, I would say, conservative view. So we have not sort of blown out the margins for the new products, but we believe there is some juice in that, and that's something we also park for the investors in good faith. Sure. Sure. Thank you. And sir, second question was on the specialty front. So while I understand there was some margin compression in essentials segment as there was a shutdown, but in specialty, there's slight margin compression on YoY as well as on QoQ basis. So just wanted to understand whether this is because of pricing pressure or whether the prices of certain key raw material have gone up. So first and foremost, let me take the raw material element. I think margin pressure in specialties is not something we have called out. In fact, what we have actually been able to leverage is the portfolio mix in our specialty segment, which has actually performed better. So quarter four of last year was a strong year for specialties. And if you look back at history, even over the last four years, I think our specialty contribution to the Laxmi business has actually dramatically improved. So we were at what? Top line in that FY2021, about INR 300-350 crores, and we closed out last year in the numbers that we shared. And we were able to do that by actually maintaining the EBITDA margins in the range of 20%-25% consistently. And raw materials here, acetic acid is one key building block. That has not dramatically changed, if you see, from quarter four to quarter one. In fact, acetic acid prices, given the supply-demand dynamics, continue to be low in that range of about $400 per metric ton at the lower end. By the way, I want to also call out, which I did, is also this is the basis of which we are also looking at forward-looking. So we see the upsides on this being potentially higher than the downsides. Tanushree, you want to add? Yeah. Harsh, just one quick clarification. Quarter on quarter, like I said, you've got to take into account the INR 10 crore impact that we had in Q4 due to LOP. Right. Once we remove that, the total EBITDA on a standalone basis has the operating EBITDA on a standalone basis has gone up by INR 2 crore. Yeah. Right. Right. So specialties has seen actually a very robust quarter. Okay. Okay. And sir, are we facing any margin pressure in our specialty portfolio, or prices are broadly stable right now? I would like to say prices are stable overall, but I think the nature of the beast is essentials, as we have shared in the past, is more prone to the supply-demand dynamics when it comes down to the raw materials and also in the finished goods. Specialty is always a topic of performance in the final product for our customers. And our landscape is a global landscape. We serve 50% domestically and 50% is exported, and we are in a much larger range of industries. So specialties, what we will see is depending on the industry. For example, in the first calendar year of any year, you would see coatings as sort of having a stronger pickup. In the second part of the calendar year, you would see the demand pickup from coating not as prevalent. So those are the dynamics rather than only talking about the margin pressure from competition. I hope that helps. Yeah. Got it. And sir, I have another question in specialties. So you outlined around INR 550 crore of CapEx in specialty as well. And currently, if I'm not wrong, we have a portfolio of in pipeline, we have around 11 products in specialty, out of which around 50% is in fluorination. So going ahead with this new incremental CapEx of INR 550 crore, this pipeline will increase significantly. And if you could specify how many new products you're planning to launch in specialty segment? Certainly, I think you've caught us in the right question. So what we have shared now in our ambition is we have said the new business development pipeline is not baked in. And I think we have a very robust new business development pipeline, but we are being a bit coy about it. So I think as for the colleagues who visited our site in Lote, we have about six-seven brownfields that we can actually fill up so we can accommodate a CapEx of up to INR 500 crore in Lote. And certainly, the Dahej lets our ambition go even wilder. So that's the line of sight, which is not yet baked in, but we will certainly share more details as things become more crystal clear in the near future. All right. All right. That's all from my side. And the question to the specialties, that's what I want to park with you. All right. All right. Yeah. Thank you so much. Thank you. Thank you. The next question is from the line of Pradeep Rawat from Yogya Capital. Please go ahead. Yeah. Good afternoon, and thank you for the opportunity. So my first question is regarding the demand outlook for specific segments. So how do you see the demand dynamics from the dye and agrochemical end markets? So again, if you look at the slide deck, the agro market constitutes at an enterprise level about only 13%-14%. So I think that's what keeps us in a good state that we, as a portfolio, end portfolio, customer portfolio, we are very well diversified. So now asking your specific question, I think if I see quarter-on-quarter pharma, I don't think anything has dramatically changed in the demand dynamics for pharma. Agro continues to be subdued, and we hear it from our customers that especially on the generic part, they continue to face a lot more headwinds from the Chinese competitors of a type of Bayer, a BASF, or a Syngenta. That's what we continue to hear. Again, not dramatically different quarter-over-quarter. When we look at our entire segments of pigments, which is an important element for our specialty portfolio, with some of the reorganizations and callouts that have happened in the European manufacturing side, we are seeing certain upsides in the domestic play for this, which we are tapping into. And when we talk about the coating industry and the industrial formulators as a whole, we are seeing demand continue to grow at a good pace. So we don't see any downsides there. Hopefully, that gives you a flavor on the industries broadly that we are serving. And by the way, we are increasing the number of industries that we are serving with the breadth of the portfolio that we are expanding into. Yeah. Great. And my next question is regarding our current capacity utilization. So what is our current capacity utilization in both the businesses, commodity and specialized goods? Right. So again, let me tackle it in a different lens. For the specialty, the way both the business head, Mr. Virat Shah, with Mr. Prashant Patil, who heads our manufacturing, the way they steer it is because these are batch plants, multiple flexibilities, multi-purpose. So it's not the topic of, "Do I need to sweat the asset to 100%?" That's not the lens. It is, "What is the flexibility I can build in to create the product portfolio that our A customers require and then provides the EBITDA directions financially that we are striving for?" So asset utilization, the fact that we are doubling our capability with the Dahej for ketene, diketene already tells you that we have enough and more room to grow, which we are currently not able to do from our existing base at Mahad. On essentials, slightly different lens. Essentials, as because these are continuous operations, obviously the focus remains, and there are multiple lines. So the way the operations colleagues with the business colleagues are steering is we are taking out inefficiencies, and we are then basically we are running the assets flat out in the ones where we are very, very efficient. You have seen that really delivering for us already in last financial year, and I remain confident you will see this delivering for us also in this financial year. Yeah. Understood. Thank you, and all the best. 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. The next question is from the line of Raj Mehta from JM Financial. Please go ahead. Mr. Raj, your line has been unmuted. Please go ahead with your question. Hello? Yes, we can hear you. Yeah. Thank you for taking my question. So my question was, how many new products are developed in the last one or two years, and what is the revenue contribution from these new products? So I think we have in our slide deck, we also show we do call that out. At least we call it out in the last slide deck. So already in the last financial year, more than 20% of our revenues for specialties was contributed by new products which were launched in the last five years. And that's why we felt that remains a very ambitious goal that we continue to take for ourselves. And we will also double down by investing 2% of our specialty revenues into R&D with the same objective. Okay. All right. And finally, it's best in class. You look at a 3M, you look at a BASF. This is the best in class that companies, top companies, and that's our ambition, also look for and steer by. Okay. Got it. Thank you. And I had one more question, sir. So what is your niche in fluoro business, and what sort of competition are you likely to face from domestic and international players? And India seems a very crowded market. So what's your thought on that? So I think, again, fluoro, what we have always stated is we are very clear what we will not do. Right? The fluoro, larger strategic relevant market, depending on the report you look at, it gives you a market size of $25 billion. This encompasses the fluoro intermediates. This has the fluoro surfactant, refrigerant gases, fluoro polymers. So we are very clear we are not going to participate in refrigerant gases, fluoro surfactants, fluoro polymers. That's not our core. So we have really boiled this strategic relevant market down for us and our product portfolio to about $2.5 billion. And of that $2.5 billion, what gives us the right to win? Let's keep it in perspective. One is we bring best-in-class technology from Miteni. And this has been double-clicked by many customers that we have spoken to. They are very, very eager that we get started. And that's what I also called out. So the product that we have already now, 10 products, this is basically supplied to a range of 10 samples, supplied to 20 customers, global plus domestic, gives you, I would say, the reception that we are receiving from a customer's lens, and as you can imagine, which is the most important. Of which, already we have got six products approved by eight of the customers. Secondly, and thirdly, what we have also called out in the past is the pie of INR 2.5 billion is still a large pie. And we have something called electrochemical fluorination that we are the first in the India ecosystem, which Miteni had, which we have brought down into our setup here, which is also a differentiator. But again, that being said, the pie is large enough. There is room in our lens for all to coexist, and each company finds its niche to compete in and serve its customer profile. So that's what gives us the confidence. Okay. Got it. Thank you so much for taking my question, sir. Thank you. Thank you. The next question is from the line of Yug Modi from AP Capital. Please go ahead. Yeah. Thank you for the question. I just want to establish a question, sir, on the hedge capability. Any status updates from previous quarter on already the fluorination in which year do we expect to commercialize the products? So let me take you through, and I think we called it out. I think we have had very positive updates on the Dahej, especially from the regulatory lens of getting approvals, and that's what I called out. So basically, the key milestone, again, calling out inorganic EC has been received. We have received the organic CT. We have started the civil foundation work at the Dahej. Now, when will the plants start? And maybe, Tanushree, you can give some color to it. So we expect the revenues from the Dahej to start flowing in FY2026. And then, of course, the peak of these revenues will be achieved in FY2028. But the revenues should start flowing in FY2026. Okay. Sir, could you suggest how much percentage of capacity will increase from addition of the Dahej facility and by which year? So on the ketene, diketene, again, as we said, capacity in specialties, basically, we'll be doubling our capability for ketene, diketene. And also, what you can really see, what we have called out in the slide deck, from an asset base for the essentials from the 240 KT, there, again, we will be increasing our capacity by 1.75x. But this is not only at Dahej. This is across all our sites, including Dahej. Sir, and lastly, would you see any near-term outlook on how demand and supply are shaping out for our products? And do we still see higher competition from China? So let me keep that in perspective. In essentials, if you look at nameplate capacities, China has enough and more ETAC to flood the whole world, but we don't see a kilo of ethyl acetate coming into India. So that's what gives us the right to continue to exist, win, and expand ourselves. And by the way, we are also exporting. 30% of our essentials portfolio is exported to Europe. When it comes down to the specialty space, when it comes to ketene, diketene, we continue to compete. In fact, we also garner revenues from China for some part of our specialty portfolio. We are serving Chinese customers in China. So I think that's what gives us the robustness that we are cash-cost competitive and enables us to expand our market share. We have consciously taken that across pharma, agro, pigment solutions, and industrial solutions, we are well hedged, and we have enough and more room to grow. So that's what gives us the confidence. I hope that answers your question. Okay, sir. Thank you. That's all from my side. Thank you. Thank you. Are there any further questions from the participants? I would now like to hand the conference over to the management for their closing comments. So thank you again for your questions. So let me just leave you again with the top things I would like you to take home with, apart from all that you heard, with a INR 1,100 crore CapEx laid out between FY2024 to. Ladies and gentlemen, we have lost the management line. Please stay on the line while we reconnect them. On behalf of Laxmi Organic Industries Limited, that concludes this conference. Thank you for joining us, and you may now.