Ladies and gentlemen, good day and welcome to Marksans Pharma Q2 FY25 conference call hosted by Elara Securities (India) Pvt Ltd 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 * then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kashish Thakur from Elara Securities (India) Pvt. Ltd. Thank you, and over to you, sir. Thank you, Aditya. Hi, good evening, everyone. A very warm welcome to Marksans Pharma Q2 FY25 earnings call hosted by Elara Securities (India) Pvt. Ltd. On the call today, we are representing Marksans Pharma Management, Mr. Mark Saldanha, Founder, Chairman, and Managing Director, Mr. Jitendra Sharma, Chief Financial Officer. Before I hand over the call to the management, please note the disclaimer. Certain statements made by the management in today's call may be forward-looking statements. These forward-looking statements reflect management's best judgment and analysis as of today. The actual results may differ materially from the current expectation based on a number of factors affecting the business. I will now hand over the call to Marksans to make the opening comments, and then we will open the floor for questions. Thank you, and over to you, sir. Thank you. Welcome, everyone, and thank you for joining us in our Q2 H1 FY25 earnings conference call. We appreciate your continuous interest and support for the company. I'm delighted to share that we have another strong quarter marked by a broad-based growth across all our markets. Our revenue grew by 20.8% year-on-year in the Q2 FY25, led by a very strong performance in the U.S., followed by Australia and New Zealand. The U.S. market grew and remains a strategic focus for growth. U.K. and Europe witnessed a relatively soft quarter due to seasonality, and we expect to bounce back in the second half on the onset of the winter season. Australia and New Zealand business also came in really strong this quarter with an improved growth trajectory. The continued focus on our product mix has enabled us to deliver a significant expansion in our gross margin and also achieve an all-time high quarterly EBITDA of INR 135.7 crores. The manufacturing facility acquired from Teva Pharma is ramping up well and maintains on track to scale up operations. We expect this facility to supplement our growth further in the coming quarters. Our strategy of expanding our present business, new product launches, and enhancing supply from our new facility will help us to achieve our next milestone, which we've always maintained at INR 3,000 crores in revenue within the next two years. With this, I'd like to turn it over to Jitendra to update on our financials. Thank you, sir. For Q2 FY25, our operating revenue stood at INR 641.9 crores and increased by 20.8% year-on-year compared with INR 531.2 crores in the same quarter last year. Revenue from the US and North America markets stood at INR 304.2 crores and increased by 36.8% on a year-on-year basis, driven by new product launches and increased market share. UK and EU formulation business grew by 5.7% year-on-year to INR 246.7 crores. We witnessed mixed demand trends in this category. Australia and New Zealand markets recorded revenue of INR 63.6 crores, up by 31.3% year-on-year. The rest of the world recorded revenue of INR 27.5 crores in Q2 of FY25. Gross profit was at INR 383.5 crores, up 37.7% year-on-year. Gross margin expanded by 732 basis points from 52.4% to 59.7% in Q2 of FY25. This was driven by a better product mix and continued softness in raw material prices. We recorded an all-time high EBITDA of INR 135.7 crores in Q2 of FY25, an increase of 19.1% year-on-year. The EBITDA margin for the quarter stood at 21.1%, primarily due to the addition of new employees at the Teva facility and an increase in the freight costs. Profit after tax was at INR 97.8 crores compared to INR 83.9 crores in Q2 of FY24, an increase of 15.6% year-on-year. EPS for the quarter was INR 2.1. R&D spend for Q2 came in at INR 10.7 crores, that is 1.7% of the consolidated revenue. Now, talking about half-yearly performance, in H1 of FY25, our operating revenue stood at INR 1,232.5 crores, an increase of 19.5% compared with INR 1,031.3 crores in the same period last year. The U.S. and North America markets recorded revenue of INR 555 crores, up 33.5% year-on-year basis, and contributing 45% of the total revenue. The UK and EU markets grew by 8.5% year-on-year to ₹498.1 crores, contributing 40.4% to the revenue. Australia and New Zealand markets recorded revenue of ₹129.2 crores, an increase of 20.7% on a year-on-year basis. The rest of the world recorded revenue of ₹50.2 crores. Contributions from these two markets stood at 10.5% and 4.1%, respectively. Gross profit was at ₹712.4 crores, up 33% year-on-year. Gross margin increased by 584 basis points, from 52% to 57.8% in H1 of FY25. EBITDA for the period was at ₹264.1 crores, an increase of 22.3% year-on-year. EBITDA margin stood at 21.4%, an improvement of 49 basis points over H1 of FY24. Profit after tax was at ₹186.8 crores compared to ₹154.3 crores in H1 of FY24, a growth of 21.1%. EPS for the H1 of FY25 was ₹4.1. In H1 of FY25, the cash from operations came in at ₹77.1 crores. The CapEx investments during the period were INR 76 crores, which is in line with our plan to scale up the acquired facility from Teva Pharma. We spent INR 22.7 crores in R&D in H1, which amounted to 1.8% of the sales. We continued to remain debt-free, and cash balance stood at INR 657 crores as of 30 September 2024. With this, I would like to open the floor for questions and answers. Thank you very much. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press * and 1 on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press * and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question is from the line of Ishita Jain from Ashika Group. Please go ahead. Hi, Mark. Yes, ma'am. Hi, Mark. Hi, Jitendra. Congratulations on a good quarter. My first question is, so in this quarter, what is the revenue share from the Teva facility and the capacity utilization on it? We are presently. Our capacity utilization is around 40%. Okay, and the revenue share this quarter from Teva? So approximately INR 100 crores. Yeah, approximately. Okay. Our second question, can you? Our current run rate is we are ranging around INR 440 crores. I mean, our current run rate is about INR 440 crores a year. Understood. And so my second question is, can you give some color on which were the new product launches in the U.S. which contributed in part for the growth in the top line from the U.S. geography? It's in all three segments that we are into: Pain, Cough and Cold, and Digestive. From that angle, we have quite a few products that have contributed. This, again, constitutes mainly from market share that we have taken a bit of market share, more market penetration, and a few product launches that happened during that time. Do you want to highlight any product or any specific therapy area? Yeah, that's what I said, right? The therapy is in pain and digestive. You can put these two as category areas. Got it. Understood. And given how our gross margin is also inching up, could you comment on how the product mix is changing? I mean, is there any meaningful change in Rx versus OTC split or any other way where the product mix is changing? No. Right now, it is pretty trending as to what we historically were doing. So there is no product—I mean, there is no mix change per se. But obviously, the gross margin has gone up because of a bit of a transition from high-cost material to now lowering of raw material pricing, which has played a bit of a contributing factor to improve our gross margin right now. Got it. And raw material prices are at similar levels even in quarter three, the current quarter? Or is there a trend altering? No, I think it is flattening, but it has obviously improved from historic highs. There's no two ways about it. And so when we had, like I said, it's a transition when you have raw material because we hold the inventory at a higher cost, and then you have a mix of low-cost material coming into play. That's a bit of a transition that helped in the gross margin. Understood. All the best. I'll join back in the queue. All right. Thank you. Thank you. Ladies and gentlemen, a reminder to all participants, you may press * and 1 to ask questions. Our next question is from the line of Miraj Shah from Arihant Capital Markets. Please go ahead. Hi. Congratulations on the great numbers. I wanted to know if there's any stability with the freight prices? Well, so it has improved. We have seen some dramatic improvement in the last, you could say, 30-odd days or maybe, yeah, 30-odd days. That's probably in the last one month you could put. So we have seen it, we have seen it softening, and it has improved from what we saw in the last quarter. Okay. Could you give any ballpark figure? Because I think last quarter it was roughly around $6,000. Yeah, it was around $6,000, $6,500. Now we are seeing prices as low as $3,700, $3,600. All right, and do we expect it to go any lower since I think an average used to be around $2,000 back, roughly three, four months back? We always hope for the best, and we hope that it goes down at least. Okay. And any update with any of the mergers and acquisitions? No. Presently, nothing on the table right now. All right. Thank you so much. Okay. Thank you. Our next question is from the line of Marcus Tarun, an individual investor. Please go ahead. Sir, as we observed that the revenues from the U.S. have been increased a lot, did we have any extra focus on the U.S. over the U.K.? The focus is on both geographies, but we expected our order book status was strong in the U.S., and that's what we are executing, and the U.K., basically, the Q2 is always a softer quarter because it's a summer out there, so it's a very seasonal trend that normally happens. It normally picks up in the third quarter and fourth quarter and months, so we do expect the U.K. to be there, but from a growth point of view, the U.S. will be the growth drivers, followed by the U.K. It's still a very potential market for us. Can you give me an outlook for the FY25? This is the FY25. You're talking of the? Q3, Q4. The Q3, Q4, we expect a stronger quarter than what we have done now because obviously, we do believe UK numbers will be a little better. Yeah. Okay, sir. Thank you. Thank you. Our next question is from the line of Aditya Pal from MSA Capital Partners. Please go ahead. Hi. Thank you so much for the opportunity. Great set of results. Congratulations to the team. Just wanted to ask again, what would be the stages of investing in new capacity because Teva facility will cap out at 800-odd crores? Sorry. Did you say INR 300-odd crores? 800. Yeah. Yeah. So obviously, then we have to look at expansion in terms of either new facilities or new blocks or new CapEx. But we do believe that we are looking at touching INR 800-plus crores. You're right in that. And then we are working on our next step of projects in terms of capacity enhancement or greenfield or M&A. So because we have 650-odd net cash sitting on a balance sheet, and for the last few quarters, we are not, I would say last few years, we are not getting any new targets as well, even though we are putting our best efforts. So I was just thinking that if we could start investing in capacity in India, would that make sense? Believe me, we are trying. It's not as easy. You don't every day come across a Teva. So obviously, some of the facilities available, the valuations are crazy. So we try to shy away from those deals. And we always look for value-accretive M&As where we believe that because we know that we need to invest a lot after acquiring like we did for Teva. So we try to get it at the price range that we want it to. So we are looking at it. You rightly said, what's next beyond Teva? And that is very well on our minds, and our team is working on that. Perfect. Another question was, our gross margin expanded quite well this quarter, both quarter on quarter as well as year on year. If you were to attribute the increase, how much would have come from our efforts of getting our raw materials contract manufactured? And how much would be raw materials because of raw materials softening? So basically, I would say 99.9% is raw material softening. I don't expect these numbers to, the gross margin to sustain. This is just a transition of what you will see out there. But definitely, we should be around 53%-55% gross margin level. Perfect. If I can squeeze one more, wanted to know more on the Europe and UK. Definitely, it has become a very large segment for us, and we have become the top five player and trying to become the top three, and we are also launching new products in UK this year. If you can give some commentary on UK for the next two-odd quarters. I can give you a much longer outlook than a quarter outlook because there's always a seasonality effect in U.K. But I do believe in the next coming years, U.K. will grow. And we have a business model to see for the next five years to ensure that U.K. achieves new milestones. So it is a very important part of our business model. It is a very important geography in a country. So we do see that playing a very instrumental role moving forward. But again, the market size, we have to understand it's not like U.S., but we will be amongst the top. We're hoping that we should be among the top three companies out there in U.K. within the next two to three years. Perfect. Wishing you and the team the very best. Thank you very much. Thank you. Our next question is from the line of Kashish Thakur. Please go ahead, sir. Thank you for the opportunity, sir. So two questions from my end. Just wanted to understand the market scenario in Australia and New Zealand. So how long is the tender we get in the region? First and second is how big is the OTC market over there? What are the growth opportunities, and what are we looking - what are we planning to execute over there? That is the first question. Second question is towards the R&D spend. So what will be our R&D spend for FY25 and 26 going ahead? And how it will be bifurcated in our region? So can you just help us out with this? It will be very helpful. Yeah. So Australia market is a very conservative market. In terms of the OTC portfolio, we can literally double our revenue from where we are over time. It's not going to happen overnight or in one or two years. We always like to believe that it will get us to AUD 100 million mark eventually, but we have to work through that. This year, we are hoping to be close to AUD 42 million, and we are working towards that. Once we cross the first milestone of AUD 50 million, our business model, our business strategy is there to see it grow. In terms of R&D spend, we are spending slightly below 2% right now, and I would see it being stable at 2% around. And it is not for one geography. It is for all our geographies that we are catering to, mainly the U.S., Europe, U.K., and Australia. So these are the geographies where most of our R&D spend is going on right now. And the U.K., we are definitely investing a lot in terms of R&D because we are looking at a huge amount of filings and revenue potential with new product launches happening. Understood, sir. Thank you so much. Thank you. Thank you. Our next question is from the line of Dipesh Sancheti from Maanya Finance. Please go ahead. Yeah. Hi. Am I audible? Yes, sir. Yes. My question was regarding the U.S. market. After the change of government and with all the noise of Trump coming, how do you see the business? I mean, do you see any potential risks or any particular changes which we need to do as a company to mitigate it? See, Dipesh, honestly, I don't have a crystal ball. If I had a crystal ball, I would have defined who the next president would be in the U.S., but nevertheless, it is difficult to know what stance the next government takes, the next president takes, and whatever policies and changes they do will have literally an advantage or an impact for everyone. I don't think even U.S. companies or U.S. factories will be insulated from tariffs or anything of that stuff, so the impact will basically be passed on to the consumer, I guess. But again, we can only speculate because, like I said, I don't have a crystal ball as to what they are planning next, but we all hope for the best, and we will take calls or we will strategize only once we have a bit of more understanding and clarity on that. Fine. That was mainly my question. I'll fall back in line next time with any other questions. Thank you. Thank you. Thank you. Ladies and gentlemen, a reminder to all participants you may press star and one to ask questions. Our next question is from the line of Raghav Kapoor from Elara Capital. Please go ahead. Yeah. Hello? Am I audible? Yes, sir. Yes, sir. Yes. Yeah. One question. So can you just give guidance on FY26, how's it looking as of now in terms of revenue and EBITDA? And what will be your CapEx guidance also? So I do believe, like I mentioned in my earlier opening statement and what I mentioned in a couple of quarters, that our next milestone is to achieve INR 3,000 crores within the next two years. And I think we are trending towards that. So we should be very close to hitting that number next year. I think our EBITDA will be in the range of 22-odd%. It's stable. We don't foresee any cuts where that is concerned from an EBITDA point of view. Okay. And this Teva manufacturing facilities right now, at what capacity utilization? I could say about 40%-45%. We are trending at very close to INR 440-450-odd crores. I use the word trending because we just started hitting new numbers, so when you look at that, I think we will keep increasing quarter on quarter, and hopefully, by next year, we'll be trending at INR 800-odd crores. Okay. Thank you. That's it from my side. Thank you. Thank you. Our next question is from the line of Aditya Pal from MSA Capital Partners. Please go ahead. Hi. Thank you again for the opportunity. I just had a few follow-up questions. One was, sir, the freight cost, if you can give me for Q1 and Q2, how much would be the absolute freight cost? Yeah. So see, actually, freight cost during Q2, there was a substantial increase and in terms of the absolute number, it was in the range of around, say, 60 crores as compared to the cost of around 40-odd crore in Q1. Understood. And sir, if I were to also try to bifurcate expenses for Teva, how much would Teva cost me out of our total cost of INR 248 crores overhead? See, Teva plant is, it has broken even last quarter itself, and it is basically contributing to the profits. So overall, Teva plant is generating positive profits, and it is not a drag on EBITDA. So I can't comment that much right now. Understood. Thank you so much. Thank you. Thank you. Our next question is from the line of Mythili Balakrishnan from Alchemy Capital Management Private Limited. Please go ahead. Hi. Hope I'm audible. Wanted to check with you a couple of points. One is on the U.S. business side, has there been any change to the business model, or have we added customers, or have we won wallet share? So could you just explain how this growth has come about for us? I would not say we've added a lot of customers. There might be the odd one here and there. But definitely, we have expanded our product portfolios within the same customers. So that has given us, obviously, growth. When you, instead of three products, you start selling five products or six products. So that has definitely helped us to grow from that angle. From a business model, it's still been very much the same as it was in the first quarter. The only thing is, like I said, our order book status is strong, and that's where we do believe the revenue generation will continue in the coming quarter and will grow. Got it. And just to get a sense, right, some of the customers that we have are now reconsidering some of the number of stores that they have. They have reduced them, made other changes in terms of their business model of trying to split businesses, etc. Do you think any of that will have an impact in terms of our business? It may. It may to some extent. But again, while we talk about that being a bit of a drag in a certain way, our product mix, our product growth into those customers have increased or literally doubled. So that basically overshadows any ifs and buts that may arise. Got it. And just to get a sense, sorry. The consideration from the retailers is a positive thing from their point of view because I think they will just get a bit stronger from a profitability and a viability point of view. Got it. And when we compete in the marketplace, is it the price that we are able to compete on because we have a very low cost of manufacturing, or are there other aspects which we are sort of much better than competition, which enables us to grab this market share? I think it's a mix of everything. You can't rule out price. We have economies of scale. But at the same time, it is service. It is product basket, product portfolio that actually also helps in the entire gamut of things. But it is, at the end of the day, being reliable and being able to service our clients. Got it. And just to get a sense, in terms of the length of these contracts, what is the typical length for any one of these contracts with the customers? It ranges between two to four years. Two to four years, and the product basket is something that we can increase within that? I mean, it's... Yeah. Yeah. I mean, again, it depends on opportunities that come across. And every time a contract opens up, then you have an opportunity to either increase or lose. So it depends on the- Got it. And lastly, my question is a bit of a bookkeeping one. The inventory seems to have gone up in terms of the inventory days. So I just wanted to get a sense of any particular reason why that is happening for quite some time now. Yeah. These are basically new launches, new launches into accounts, new product launches happening. And so we normally have to build up four to five months of stock before they start taking product. And quite a substantial amount of our contracts started off only in the month of October. So we had to stock build up before they literally turned the button on. Got it. So that means that this inventory, which is lying with us currently, is now getting translated into sales? It is getting translated into sales until new launches come or new product new launches into different retailers come into play. Then we have to reinvent the cycle. So this year, we are still so far away from hitting our order book status because there are product launches happening from now till March 2025, every month, every two months. So we have to ensure those products are launched, that we have inventory to ensure the launches happen on day one. Got it. So what I'm reading from this is that it will stay elevated till March at least. It will stay, yeah, till March till we hit optimum and trend towards our order book that we plan for the year. Got it. Anything on the RX business that you're seeing in terms of growth or any launches, etc., that you are excited about? We have a couple of products that we are talking about, but we have U.K., quite a few Rx items being launched, and we have a huge pipeline coming in maybe in 2025 that we see new product launches happening out there. They're all high-end Rx items, very niche products, so we expect a bit of improvement in top line and bottom line happening out there, and U.S., obviously, the pricing pressure in Rx is as challenging as it always gets. Got it. Thanks a lot. That's all from my side. Thank you. Thank you. Ladies and gentlemen, a reminder to all participants, you may press star and one to ask questions. Our next question is from the line of Kashish Thakur. Please go ahead, sir. So just one question. Thank you for the follow-up. Sir, we are doing very well in the three geographies in which we are present. So any plan that we want to diversify and we want to enter in other geographies as well, either in the domestic market or other? If not now, then maybe when can we plan to do that? Can you just guide us with the thing? Yeah. So right now, obviously, Europe is our focus region that we are looking at expanding. So that becomes a priority for us to look at M&As. And we've been looking at it for the last year, slightly over a year on that front. So Europe is an interesting market that we'd like to get into. With regards to the domestic market, we are always open to M&As, but nothing concrete. And the complexity of any domestic transaction happening in terms of valuations and sentiments attached to this is always a challenging factor. But we have nothing on our plate right now when domestic is concerned. But we would love to. We always explore any M&As based on its merit. Thank you so much. As we just spoke about, we are looking for opportunities in the domestic market. So do we have any planned figure in our mind that we want to explore our opportunity, which is within a specific figure, be it a small or a big acquisition? I mean, domestic market is more branded than generic. And a company comes across to us, we would obviously try to evaluate the brand strength and the continuity of that brand and the growth of the brand. So it is a bit more different than most of the markets that we are into because globally, we are into a generic market. And out here, it's a bit of a branded market. But like I said, so far, we've not had anything that came across. We've not even seen any potential targets which have come across. If they do, then we'll have to evaluate it at that time based on different parameters than we historically look at M&As. Understood. Thank you so much. Thank you. Thank you. Our next question is from the line of Akash, an individual investor. Please go ahead, sir. Good evening. So you mentioned that 3,000 crores as a revenue number possibly in the next coming years, which now seems well within sight. So maybe what's next? What would your long-term vision for the company be? Maybe for a seven to 10-year horizon. Or are there any internal milestones that you currently have? And where do you see the business grow? Just if you could throw some light on that, what your vision would be helpful. Thank you. So, Akash, my vision is big, but it's not, I don't want to sound crazy in terms of giving a number right now because, yeah, we have quarterly calls, so you're probably the only investor that's asking us for a five- to seven-year investment. I mean, outlook status. So, yeah, we do have plans. We do have a five-year plan actually in place. We do see visibility of where the company will go, and it will evolve. It will evolve to a new company altogether. I mean, a different company altogether, let's put it this way. Like we were two years back, and if you look at us four years back, where we were, so we have grown, and I do believe once we grow with size, then the next milestone will be relatively shorter to achieve. Great. Thank you. Thanks a lot. Thank you. Thank you. Ladies and gentlemen, a reminder to all participants, you may press star and one to ask questions. Our next question is from the line of Aejas Lakhani from Unifi Capital. Please go ahead. Yeah. Hi team. Thanks for the opportunity. Sorry I joined in late. Mark, could you just call out what is the run rate of the U.S. business today and what is the order book visibility? Last time we collected, it was closer to about $170-$180 million. So has that improved? And what are we doing today? Okay. So basically, we're standing at $200 million now. There is an improvement, and like I said last time, that it's slow, so we obviously keep trying to increase sales, right, so we don't stop at $170 or $180. We keep building our order book status, so our quarter number is trending at, yeah, around $40-odd million right now. Got it. And you're expecting the acceleration to take place through the next year? Yeah. From 40 million to 50? The first half of the year, obviously, most of the contracts started off only in September, October, substantial amounts. So we literally lost the first half of the year. And if you see, that's where the growth will continue. We launched products in some in July, some in August, some in September, a decent amount in October. And then we had something in January, February, March. So we need a full cycle of 12 months to complete. Got it. And all of these incrementally will be coming from the Teva facility, right? Hello? Sorry to interrupt, sir. The line from management has been disconnected. Just give me a minute. I will connect you. Yes, sir. Please go ahead, sir. Yeah. So thanks, Mark. I just wanted to check. So basically, the 40 million will start to trend to move towards 50 million by the next year. And the incremental capacities will be coming from the Teva facility. Yeah. Basically, it's also coming from our U.S. plant also. So I think we are growing from all the plants. Got it. Got it. And could you just explain the sequential increase in other expenses? I understood that incrementally INR 20 crore came from the freight cost increase. But what explains the balance? It is basically expenses coming out from Teva facility as well, in terms of the manufacturing expenses and other expenses. Got it. And we would be in the process of scaling up that facility. So what would we be operating at today? We are operating at 40%-45% right now. But again, in terms of the overheads, we believe that we are almost fully committed in terms of our fixed overheads for Teva facility right now. And now incremental revenue will not have proportionate increase in our other expenses. So I think definitely we see some operating leverage benefit getting in coming quarters. Got it, sir. Thanks so much and all the best. Thank you. Thank you. Ladies and gentlemen, a reminder to all participants, you may press star and one to ask questions. Our next question is from the line of Kashish Thakur. Please go ahead, sir. Thank you for the follow-up. Just one follow-up question on Australia and regional markets. As I said, what kind of major category sales do we see over there? Either is it cough and cold, vitamins, and what kind of category has a higher sales? I know Q4 will be higher for cough and cold as it will be Q1, sorry, as it is maybe a reverse of what U.S. sales is currently. But apart from that, how are the other segregated? So we still handle pain, we handle cough and cold allergy, and we handle digestive. So these are the three categories we are following globally. So we are more OTC-oriented out there in the Australia market. And sometimes it's just a very conservative market. So it takes a bit longer to grow in terms of what we want to achieve out there. Understood. Thank you. Thank you so much. Thank you. Ladies and gentlemen, a reminder to all participants, you may press star and one to ask questions. As there are no further questions from the participants, I now hand the conference over to the management for the closing comments. I'd like to thank all of you all for spending a precious time on an evening, on a Wednesday evening out here. Thank you. Be safe and take care. Cheers. Thank you. Thank you. On behalf of Elara Securities (India) Pvt. Ltd., that then concludes this conference. Thank you for joining us, and you may now disconnect your lines.