Ladies and gentlemen, good day and welcome to Q2FY25 earnings call of Laxmi Organic Industries Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of 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 star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nishant Dudoria from Strategic Growth Advisors, the investor relations consultants for Laxmi Organic Industries Limited. Please go ahead, sir. Thank you, and over to you. Thank you, Shlok. Good afternoon, everyone, and thank you for joining us on the Q2 and H1 FY25 earnings conference call for Laxmi Organic Industries Limited. We have with us on the call Dr. Rajan Venkatesh, MD and CEO, and Mr. Mahadeo Karnik, 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 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 of 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 Dr. Rajan, MD and CEO for Laxmi Organic Industries Limited, to give his opening remarks. Thank you, and over to you, Rajan. Thank you, Nishant. Namaskaram from my side. A very, very good afternoon, good evening, and good morning, depending on the time zones that you're dialing in from. Also, it's a very nice feeling to be dressed in Diwali festivities. So again, a very, very happy Diwali to all the colleagues who have invested their time and interest to know how Laxmi is doing. It gives me great pleasure to introduce Mahadeo, which I'll do in a minute or two. But let me start with saying, first and foremost, we've seen our performance, and what gives us the confidence and the ambition for our geared-to-win strategy and geared-for-growth are our leadership, cost technology leadership, market leadership, and our choice of customers and customer centricity. Our ambitions remain what we have called out in the past: technology and cost leadership to grow and diversify the product portfolio, top five in all segments globally that we operate in, and continuing to have 20% of our revenues coming from new products, especially in our specialty vertical. What are we leveraging? We are continuously leveraging our demonstrated capability of scaling up best-in-class technologies. We are tapping into our unleveraged balance sheet, which is enabling us to be ready to invest. We have large brownfield sites which are open for CapEx, a credible board, and my experienced management team, and more so, and I would say double-clicking that in a chemical industry, a very, very important integrated EHS program. As I then talk about my management team, it gives me great pleasure to have on board Mr. Mahadeo Karnik. Mahadeo is a rank holder, a chartered accountant with 28-plus years' experience. He joined us from Abbott, where he was associated with them for the last 13 years as part of the CFO functions in India and also for businesses outside of India. Prior to Abbott, he has been working with Roche and Unilever, and hence I'm thrilled. Today we realized also in Mahadeo's introduction to the team, he also was coaching Sachin Tendulkar. I'm glad to have him as part of my management team. What you also see is we are consequently also beefing up our talent bench. Mr. Sushil Mittal, who has joined in as Chief Supply Chain Officer, he's a graduate from IIM Ahmedabad and spent about more than 25 years in the chemical industry across Dow and BASF, and primarily BASF, where he has spent more than 23 years in operations and managing strategies in supply chain across India, Deutschland, Germany, which was the headquarters, and also managing Asia-Pacific. We are also thrilled to bring on board into our specialty verticals Dr. Milind Vaidya, who comes in as the head of marketing. Milind is a PhD from ICT Mumbai and then has been associated both on the technical and techno-commercial activities for large MNCs like Castrol in India, managing their innovation hub here, and he joins us from Actylis. So as you can see, ladies and gentlemen, we are beefing up, and we are not only beefing up on the hardware, but we are also beefing up on the software. When it comes to awards and accolades, I would like to also call this out. A great deal of effort has gone into this by the team. We have received national-level EHS merit awards across both our Site 1 and Site 2 operations. And we are also very proud that we were recently felicitated by FICCI for the Excellence in Exports 2024 award in our category. What we have also showed you is what has been our past run. And this is all part of the presentation I'm referring to. We've given you from FY2010 to FY24 how Laxmi has developed itself both organically and inorganically, which has enabled us as an enterprise to deliver a 20% CAGR in revenues and 18% in EBITDA, which is what gives us a continued confidence that we remain geared to win and geared for growth. In our geared-for-growth, what we also very happily shared with you last quarter, for financial steering, we have huge technology platforms in essentials, esterification, acetylation, and in specialties, the ketene, diketene platforms, and fluorination and developing newer platforms. We also have targeted financial KPIs for essentials business. Every dollar we invest has to have asset turns of 3-5, EBITDA margins 8%-12% over the cycle, and for specialties, asset turn 1-2 and EBITDA margins of 20%-25%, again, consistently independent of the cycle, which then delivers a ROCE of 20% at an enterprise level. That has been our focus. We also laid out our ambition that from a base of FY24 to FY28, on the back of 1,100 crore CapEx that we have laid out, which is split evenly across essentials and specialties, at an enterprise level, we want to double our revenues, 2.7x of EBITDA, and get back to the ROCE of 20% that we have delivered in the past. And this we are accomplishing by, A, additional market share through wallet expansion in existing and new sectors and launch of new products. In our essentials, also what we had talked with you, our strategy, very simplistically, the tagline, "Go deeper, go broader." And I'm very, very glad after yesterday's board meeting that we will be setting up the first world-class N-butyl acetate line in India at Dahej. This is a 100% import substitute product, which is going today into our existing customer base and also is opening up us to new industries. Specifically, when you talk about automotive refinish, it's a business that it brings us into. We are looking at economy of scale. This is also something which is at Laxmi DNA. Everything we do has to have economy of scale and best cost position. That is what we are striving towards. So the butyl acetate facility that we plan to establish in Dahej would be a 70 KT per annum capacity with economy of scale and giving us, again, a right to win. What we will additionally do is establish a world-scale ethyl acetate line, and this will be done at our facility at Lote in Maharashtra. Our Mahad facility, as we have shared in the past, why we would have liked to do it there, is sort of full up, and hence we decided, and also our Lote facility has got a mega status accreditation from the government of Maharashtra, which is what we are also able to tap into. That being said, what this also ensures is that we are able to provide to our customer base, which is very strong in west and south, I think a logistic advantage by being in that Mahad Lote belt. Our Mahad plant is just an hour away, so also technology understanding, information flow works very, very well. By being in Lote and also having the mega status, there are certain incentives we will tap into, which will be ROCE accretive for us in doing this investment. As we have said, also in our Lote site, which today encompasses our fluorine setup, even after the ethyl acetate coming on board, we have enough land parcel to do up to about INR 400 crores of additional capex in our fluorine vertical that we have a line of sight in future for. What I would like to also call out is each of these capexes, butyl acetate is about INR 90 crores, ethyl acetate is INR 90 crores. This is all encompassed in the INR 1,100 crores that we have laid out during the period FY24 to FY28. By doing this, I think we give you even more granularity of how the CapEx are being laid out into which product segments, and also, I think, giving you an excitement that we are also going to join into new industries. Coming to our ongoing CapExes, the first one at Dahej, we are receiving all the regulatory approvals as we had indicated and as we have planned. We have also started civil foundation for our Phase 1 Amber II plant, as we like to call it. The weighbridge calibration and equipment installation will commence for our Amber II asset. And at the same time, in parallel, all the pending regulatory approvals will also be provided. Coming to our other project, which is the Fluoro project at Lote, as we also called out last time around, in Q1, we had submitted samples. We had submitted 10 samples to 20 customers. When I spoke to you last, we had got approvals from 8 of those customers. I am very glad to share now we have 16 of those customers who have approved our products. Additionally, we have 3 more products that we have sampled to more 7 new customers. This is keeping us in good stead, and the focus in Lote remains that we see revenues around 10%-15% of our peak revenues coming in this financial year, and in the next financial year, 40%-60% of the peak revenues to be achieved and full peak revenues to be achieved in FY27. So that is what is keeping us gainfully occupied, and we are very, very excited about this. Another element which I'm very glad to talk about is basically our de-risk business model keeps us in good stead within exports and domestic. Revenues from top customers, top 10 customers are now actually lower to only 26%, and I think what excites me more is if you look at our industry spread, we are talking about a geographical spread where we are also building on our technical capabilities, especially in specialties, supplying also markets and customers in China, and we have grown that share from 2% in the first half of last year currently at 5%. And this is at an enterprise level across essentials and specialties, but fundamentally, it's our specialty portfolio, and what you also see is the industries that we are serving. With the advent of both the diketene, expanding new industries, and fluorine, and also products like butyl acetate coming into the fold, we are actually entering newer segments. I spoke about auto as one, auto refinish, energy storage as liquid coolant, metal surface treatment, and also personal care. What I would also like to add is this is something I've talked with you in the previous calls. In our essentials portfolio, as we are broadening the scope, butyl acetate is what we have called out. We already did a soft launch for N-propyl acetate from our Mahad site, and that's a capacity of 25,000 tons. Also, economy of scale, 100% import substitute product, which we are leveraging to our existing customer base and also to some new applications. That being said, let me pass it on to Mahadeo, who will give you a little more granularity on the numbers. Thank you, Rajan. Good afternoon, ladies and gentlemen. I wish you a happy Diwali and prosperous Samvat 2081 ahead. It's indeed a resilient performance in the prevailing industry environment and the geopolitical situation. Now, let me take you through the results. In our essential business, we have grown our volume strongly by 20% year on year with a sales growth of 17%. More importantly, sequentially, the volume has grown by 16%. That shows our commercial excellence and operational excellence continued this year. In specialties, we saw robust performance in revenue, approximately growing at 23% year on year with a better improved mix. Once again, we achieved a robust operating performance with EBITDA growing by 92% to INR 74.7 crores compared to previous year. Notably, our sequential EBITDA demonstrated a remarkable improvement, increasing from INR 71.2 crores to INR 74.7 crores. Our gross margin for this quarter remained at 35.8 versus Q2 last year at 29.2, largely driven by the operational efficiency. As you can see from our published results, our power and fuel expenses have remained flat quarter on quarter despite our volume increasing sequentially by 16%. Again, operational excellence initiatives and better cost management play here. What is important to see is that other expenses and outliers in Q2, this is on account of two things. One is we have seen a fluctuation in sea freight by nearly 30%, which has costed us nearly INR 60 million. And we have done a one-time provision for GST credit reversal of INR 43 million. Our tax at INR 280 million is 162% higher than year on year and 18% lower quarter on quarter. That's again impacted due to one-time events in quarter one. In quarter one, our other income was including a one-time credit reversal as well as lower scrap sales. In addition, our finance cost includes a one-time interest on GST that we have paid for capitalization of our capex projects. Our cash flow from operation currently is at negative INR 127 million. That's largely because of the payable. They have seen a reduction as large imports happen in Q4 last year. The working capital remains nearly flat at 31 days, which is the average of last year as well as last quarter. We have also increased our inventories in quarter two for specialty business to take care of the shutdown that we have planned in October this year. As we are progressing well on our Lote project, we expect capitalization to happen from Q3 end. So with that, I hand it over to Nishant. Nishant? So are we beginning the question and answer session, right? Yeah. Thank you, sir. 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 phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. The first question comes from the line of Nitesh Dhoot from Dolat Capital. Please go ahead. Yeah. Hi team. Thanks for the opportunity and welcome on board, Mahadeo sir. I hope I'm audible. Yeah. Yeah. So my first question is, if I look at the end applications, printing and packaging appears to be doing well and also pigments, whereas agro and pharma are still weak. So if you could give some color, some more color on what you gather from your customers, especially on the agro and pharma side. And then, yeah, so that's my first question. Nitesh, always a pleasure. So let me take you through the key verticals that we are engaged with. I think pigments, now when I look at it quarter on quarter and when I give a slight lens when I speak to our teams and I speak to customers, we are seeing it as being stable on that. And obviously, Sudarshan's acquisition now, which is public or called out, certainly has some positive ramifications. When we are talking about pharma, there again, we are seeing for, I would say, our solutions that we offer the industry that being stable quarter on quarter, and that's our line of sight. Obviously, if you dig a little more into details, it depends on how large that element is. I would view that as stable. Printing and packaging is something also we continue to see a certain level of stability, and that is also expected to move into the next quarter or this quarter, as we said. I think where we see certainly weakness is on agro, and that is at least with the offerings that we are serving the customer segments is where we see that this weakness is expected to persist from our lens. Otherwise, I think that's the broad lens. Obviously, you also see that we are broadening our scope of industries. So in our industrial solutions, we are also into the coatings, adhesives, sealants, and elastomers. There we continue to see also demand being stable, and that is also what we are expecting moving into this quarter. Hopefully, that gives you a flavor, Nitesh. Yes, it does. Thanks. And my second question, so basically, we typically do a maintenance shutdown in Q2, and this time we postponed it. So will there be lower production in Q3? Thanks again for that. And I think that was a miss from my side. Yes, we did a quarter one. If you remember what we called out, we had a shutdown for our essentials business, which this is where you saw slight volume decline in quarter one. We actually took the maintenance shutdown for our specialty vertical in October. It was earlier this month for two weeks, and we accomplished that planned maintenance shutdown in time, in budget, and there were zero injuries. I'm very glad for that and the team's effort. What you also saw, we saw a slight pickup in inventory as of end of quarter two. This was, I think, a planned element because we knew we were having the shutdown for specialty happening. That has also happened to answer your question specifically. Right. Right. Since Q2 was a normal quarter with the ethyl acetate production at peak levels and spec chem also, as I understand, would be at optimum levels, would it be fair to say that the quarterly EBITDA run rate that we did around INR 75 crores would be a sustainable number? And any increase on this can only come from either pricing improvement or from additional capacities. So let me take that. That's our endeavor to ensure that our EBITDA is now at this range, and the aim is to make it higher, but currently, we are definitely targeting to make it as per the quarter two. Sure, sir. And just one last tip I made before I joined back with you. So in your opening comments, I believe I somehow missed that this INR 180 crore capex that we have laid out is part of our larger INR 1,100 crores capex. Secondly, I mean, on the ethyl acetate facility at Lote that we are setting up, so are we doing away with our earlier thought of expanding the fluorochemical capacities later, or maybe if you can just clarify on that. Sorry, Nitesh, the line was not very clear. So let me just paraphrase what I heard and please confirm. You were double-clicking whether the capex that now we have announced for ethyl acetate and butyl acetate is encompassed in the 1,100 crores. Is that correct? That's correct. Yes. So I can double-confirm that is the CASE. If you remember, in last quarter, we said of the 1,100 crores, it is evenly split between essentials 550 and specialties 550. So in that essentials bucket of 550 is where this is nestled. Okay, that helps. On the Lote side, fluorochemicals capacity, we thought of expanding there, and now we're doing an ethyl acetate expansion on that side. So any change in thoughts there? No change. As I said, what we have always maintained is we have only consumed 50% of the land bank at our Lote setup, and we have additional 50% of the land bank available where we had originally said or envisaged we can set up INR 500 crore of additional CapEx. Now with ethyl acetate coming, it still gives us enough and more. 40% of that land bank is available. So I think we can easily accommodate another INR 400 crore CapEx. So in no way it disrupts our larger planning to expand our footprint with a range of products for our fluoro intermediates business. Right, sir. That's helpful, sir. Thanks a lot for answering my questions, and I wish you all a happy Diwali. Thank you very much. Thank you. We would like to remind all our participants that you may press star and one to ask your questions. Thank you. The next question comes from the line of Poojan Shah from Molecule Ventures. Please go ahead. Hi, sir. Are you on? Yes, sir, you are. Please go ahead. Yeah. Hi, Rajan sir. Actually, it is a great set of numbers, and hi, Mahadeo sir, for the group on the board. So my first question would be on the, first of all, on the ethyl acetate Capex, which we have been going expansion by, we have been planning for INR 90 crores. So just wanted to understand what are the demand dynamics as of now we have been looking at because we are operating at something 90%-95% capacity utilization. What is the demand dynamic supply because of the chemical industry being currently subdued? How have we been looking into that? Why have we been picking as of now these capex and initially? First and foremost, thanks, Poojan. I think this is the first time we are interfacing. As we have always called out, Poojan, the essentials business has to be viewed not from a point in time, but over the cycle. Very different to our specialty business, which has to deliver robust EBITDA ranges of 20%-25% independent of the cycle. That's the first lens. The second lens, I think you already called it out. What we have said is we've been in a very intense operational excellence journey since April of last financial year, which we have seen really delivering dividends in volume growth since quarter four of the previous financial year. Now, as one can only imagine, you can squeeze out only so much from an orange. So there has got to be a time when we have squeezed out 20% year-on-year volume growth, right? At some point of time, you will need to have the next phase. And with our leading position in ethyl acetate, by the way, both domestically and also in exports, 30% of our ethyl acetate, if you look at the rule of thumb, we are exporting primarily into Europe, into the Middle East, into Africa. And I think so we would love to keep that leading position. I think what is important in this is our right to win, and right to win comes from economy of scale and cost competitiveness is what we will ensure again as we go into this 70 KT single plant setup that we are establishing, and additionally, this will be EBITDA accredited for us, and that's what is giving us the confidence to move into this. Okay, and the second question would be on the EBITDA side. So just wanted to understand, we know that this is a 100% import substitute product. So what encourages us to invest in this specific thing? And what are the four things we have been looking at this product? What would be the excluding the cycles? What would be the margins and how this product is being viewed? Right. So good. So let's take it step by step on that. First and foremost, Butyl Acetate is one of the other acetates. So what gives us the right to win is you have economy of scale on Acetic Acid purchasing. Today, I am one of the top three importers of Acetic Acid into India. So I have an excellent leverage on when it comes down to raw materials. The other raw material for Butyl Acetate is N-butanol. N-butanol is also produced in India. BPCL, for example, is one producer, and it also gets imported in. So there is also availability from a raw material side. Then comes the market element. So N-Butyl Acetate will be supplied and consumed from our existing customer base, as I explained, and also newer customer base. And third comes the technology lens. I think with Laxmi's deep understanding of this type of chemistries and technologies, we are entering this business with economies of scale, a 70 KT setup with best-in-class positioning. And that is what is giving us comfort to move ahead with this investment. You also asked about margin profiles. Obviously, if you look back historically, this is certainly slightly more value-accretive in a margin profile as compared to ethyl acetate. But I think as we get into the market and we are deeper understanding this, I think we will get more granularity, and we'll be happy to share that with you as we continue our journey once we start the ramp-up. Okay, sir. And just one more question on N-butyl. So could you just give us the industry size? What is the domestic? Obviously, it's import. So what would be the domestic consumption in India and total world production capacity? So if you look at import data, primarily volumes of N-butyl acetate tends to come into India from ASEAN and to a smaller extent, China. Obviously, there are import duties, normal import duties that is sort of levied into this. The market size that we see domestically and what I need to also call out is about, I would say, in the ballpark of 70-75 KT, growing in line or slightly above GDP. That is what is making it interesting for us. And we will also, like we are doing exports for ethyl acetate, that might be a future opportunity. So that's the line of sight that we have on this, Poojan. I hope that clarifies. Yeah. So that's the 100% of the domestic size we have been investing in, right? Which is expected to grow significantly above GDP, in line or slightly above GDP. So you can assume a 70-8% growth on an annualized basis, at least till 2030, 2035 timeframe. Thank you, sir. Thank you so much, sir. Thank you for your questions. Thank you. The next question is from the line of Rohit Nagraj from Centrum Broking Limited. Please go ahead, sir. Yeah. Thanks for the opportunity. So first question again on butyl acetate and propyl acetate. In terms of technology, is it indigenously developed, or are we acquiring these technologies from some other technology partner? Thank you. Rohit, pleasure that you're able to join. So let me take the NPAC. NPAC has been developed in-house, and butyl acetate was a product that over a period of time, Laxmi has been developing, and now we have really achieved the best-in-scale technology. Sure. And these would again form part of the essentials basket? Yes. Rohit, these would be nestled in the essentials basket. Right. And second question, so the fluorination part is coming into picture. What is the next leg of products or product basket diversification from the specialties front that we are working on? And when these would see the light of the day, maybe over the next few quarters or a few months, whatever timelines that you have in your mind? Thank you. Right. Right, Rohit. So again, thanks for that question. I think I explained that. So when you were also visiting us, what we had said, and we still stay committed to that, that we will see 10%-15% of our peak revenues, and peak revenue here is INR 200 crores, that we would achieve by 2027. We basically said 10%-15% of peak revenues is what we will achieve by quarter four, end of quarter four in this financial year, and starting quarter three, but certainly quarter four in this financial year. In the next financial year, this would be in the range of 40%-60% of peak revenues, and in FY27 is where we will achieve the INR 200 crore peak revenue. That remains our line of sight. While there are newer products which are being looked at, I think at this point of time, the focus remains to deliver this really on the ground. Sure. Fair enough. Just one clarification on the specialties front. Similar to what we are doing on the essentials where we have the import substitute products, are we thinking in similar lines on specialty as well? Thank you. So in specialty, I think the approach is obviously today what we have also shared, right, for the ketene, diketene, especially diketene derivatives, we have taken an approach of hedging across industries. So I have a 25% share in pharma, 25% in agro, 25% in the pigment solutions, and newer applications like we have done in CASE. So the focus remains, I could have been 100% domestic, but leaves me global opportunities. But we see there is a greater mix in having a more diversified range of industries to serve. And in line with that, what you see, the product that we position into China is really an extension of our diketene derivatives downstream, which is going into a new segment into personal care. So that's the lens we will be taking with, obviously, the Dahej expansion. We'll be doubling our capability there, and that will give us also additional muscle to be top three in the world, including China, and deepen the penetration into the respective markets. Hope that helps, Rohit. That's helpful. Thanks a lot. All the best, and Shubh Deepavali, sir. Thank you. Thank you. Thank you. We would like to request all our participants, if you wish to join the Q&A, you may press star and one on your phone. The next question is from the line of Jigar Shah from Elevate Research. Please go ahead. Good afternoon, sir. Many congratulations on good performance. Sir, a couple of questions. What is the current demand situation in the chemical market? Are you seeing trends of reversal from being bottomed out in the last few quarters? And where are we on global restocking issues? So I think, Jigar, thanks for that question. As I shared, it is very industry specific. So let me again recount what I shared. So in our pharma space that we serve, we certainly see on a quarter-on-quarter basis, we are seeing demand being stable. And also moving into the current quarter, we continue to see demand stability. When we talk about our vertical, when we are serving the packaging, printing and packaging, there again, we see demand stable. When we are talking about the industry of agro, is where we continue to see weakness. That being said, at a macro level, I think we cannot run away from the fact that China, despite, you see, productivity increases as a result of the stimulus that has been done, and you also see increase in manufacturing into Europe, you don't see global demand yet having really picked up tremendously. So I think that's the lens one needs to understand. And thereby, I think what keeps Laxmi in good state is to have this diversification at both a geographical and industry lens. I hope that gives you some more light, Jigar. It does. It does. Thank you, sir. Sir, a follow-up question on that. I can see that your volumes have grown in double digits, and also the gross margins have improved significantly. Does that mean the realizations of spread have increased over time from last quarter? No, on the essentials part, and I think that's also a fair question. On the essentials part, if you see 85% by volume term in our essentials portfolio is made by ETAC. So on a quarter-on-quarter basis, the spreads have not realization or have not improved. I will also Mahadeo to come. Yeah. If your question is versus previous year, the answer is yes. Yeah. Sequentially versus Q1, the answer is no. Yeah. So it has remained in that range. While in our specialties, on the other side, our EBITDA, despite all what we are hearing on the chemicals, we continue to deliver solid EBITDA ranges. Correct. Correct. Got it. Thank you, sir. Thank you. Does that answer the question, Mr. Jigar? Yes, it does. Thank you. The next question is from the line of Nitesh Dhoot from Dolat Capital. Please go ahead. Thanks for the follow-up. Just a couple of clarifications. So on the payable days, so reduction in the payable days, you mentioned so basically, have we again moved back to sourcing ethanol locally, or is there something else which you can maybe elaborate on? No. So Nitesh, we have not moved back to sourcing locally. It was just a large parcel that we bought in quarter four, and that's getting impacted in Q2. It also impacted the same in similar manner in Q1. So we will see this story at least continuing up to Q3. We should be able to stabilize by Q4. Okay. All right. And secondly, sir, what explains the losses at the subsidiary level every quarter? So if I see the consolidated minus standalone numbers, in last four quarters, it's almost INR 60 crore negative. So is it on account of the fluorochemical subsidiary or any other global subsidiary? That's largely on account of fluorochemical subsidiary, which is YCPL. The LOBV, our Netherlands subsidiary, yes, it has a small loss, mainly on account of some of the one-time exceptional expenses in quarter two, but it's largely on account of YCPL, which should get merged, hopefully, by quarter four of this year. All right. That's very helpful. So thank you. Thank you so much. Thank you. The next question is from the line of Aditya from Survela Investment Managers. Please go ahead. Yeah. Good afternoon. I just need a clarification whether I heard it correctly. Earlier, you mentioned that the acetic acid imports are mainly from ASEAN countries and China. Is that right? So I was talking, Aditya, for the butyl acetate. So the butyl acetate that comes today into India is primarily coming from ASEAN. I would say 80%-85% is ASEAN, and then you have 10%-15% coming in from China. Acetic acid is a slightly different lens. Acetic acid also comes from ASEAN and also North Asia. And certainly, I would say the split is maybe 40% coming from China and 60% from ASEAN. Hope that clarifies. Yeah. So then I have a question. So are these supplies being rerouted via ASEAN, or is it manufactured in ASEAN? Are you referring to which? Are you referring to the butyl acetate potentially now? Yeah. I think the lens there, Aditya, to take is let me give you a very tangible example. We produce ethyl acetate. We have a market share today domestically of anywhere between 35%-40%. There is not a single kilo of ethyl acetate coming from China into India. I think the most important lens in a lot of these chemistries is, do you have the economies of scale and the cost position? We believe with what we are setting up now, we will certainly have that, and that is giving us the right to win. Now, what will happen to those flows, I think, is that's something of their problem, not our problem, to be honest. Okay. Because I was basically trying to get a sense of this whole Chinese oil capacity situation. And despite the fact that you did mention that there is some anti-dumping duty and all that, but are they trying to bypass that by rerouting it via some country? What I was trying to understand. No. Specifically, the portfolio that Laxmi is active in, that is not something we manifest. So what we really see, again, being very, very tangible producers of butyl acetate in ASEAN are companies like Celanese and Petronas. And as I called it out also, there is only a very small part of butyl acetate coming in from China into India. Okay. Thank you. Does that answer your question, Mr. Aditya? Yeah. It does. It does. Thank you. The last question is from the line of Ganesh Shetty, an individual investor. Please go ahead. Congratulations management team for the excellent set of numbers and achieving higher EBITDA. So my question is regarding how specialty chemicals which you have incubated over a period of time, and is there any flexibility in processes in these products which we can tailor-make as per the requirement in future industry? Can you please throw some light on this? Yeah, Mr. Shetty, so I think the strength of our specialty vertical is the entire element. These are multi-purpose assets, batch processes, which is basically giving us a greater deal of flexibility to do a range of chemistries and derivatives, so that's been the strength that we have developed. If you remember well, when we acquired the assets from Clariant, this was a range of about eight products that we acquired. Today, as we speak, building on the efforts of the team and the R&D that has gone through, we have 50 plus products serving a range of applications. So I hope that gives you comfort that we are on top of our game on this one. Yes, sir. That's all from me. Thanks a lot and all the best. Thank you. Thank you. In the interest of time, this was the last question for today's conference call. I would now like to hand the conference over to the management of Laxmi Organic Industries Limited for closing comments. Again, thank you all for having invested your time around Diwali period onto this call. I'm deeply grateful to the entire Laxmi team. We have delivered double-digit top-line growth in quarter FY25 on a year-on-year basis and double-digit volume as well as bottom-line growth on a year-on-year basis in quarter FY25 and also first half, despite the prevailing market conditions. The growth, as we called out in our discussions and narrative, is driven with our continued focus, A, on operational excellence efforts in both additional volumes and improved cost positioning, capacity augmentation, and C, our customer-centric approach, which has enabled us to expand our market share and widen our reach to new industries. At our fluoro intermediates site, the emphasis remains on scaling the plant with commercial production in the second half of this financial, with a focus to start generating revenues also from the second half of this financial to expand our overall specialty product offerings to our customers. The Dahej side, we remain on track to receive the pending regulatory approvals, and the project remains on track on timelines and budget. I would like to conclude what we are focusing on, and Mr. Mahadeo referred to this. In line with quarter two, we are also seeing into quarter three. I would say the line of sight is we will deliver year-on-year growth into quarter three. What we are diligently working together as a management team is to bring in more predictability and which we can build in confidence internally with our customers and stakeholders like yourself. That being said, again, a very, very happy Diwali and thank you all. Thank you, sir. Thank you, everyone. On behalf of Laxmi Organic Industries Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.