That this conference is being recorded. I now end the conference over to Mr. Manish Mahawar from Antique Stock Broking, and thank you, and over to you, sir. Thank you, Aditya. On behalf of Antique Stock Broking, I would like to welcome all the participants on the 1Q FY25 earnings call of Paradeep Phosphates. Today we have Mr. Suresh Krishnan, MD and CEO, Mr. Rajeev Nambiar, COO, Mr. Bijoy Biswal, CFO, Mr. Alok Saxena, Head Corporate Finance and IR, Mr. Susnato Lahiri, DG and Strategy IR and ESG, on the call. Without any delay, I would like to hand over the call to Mr. Krishnan for opening remarks, after which we will open the floor to Q&A. Take it over to Mr. Krishnan. Thank you, and good morning, everyone. Once again, a welcome to our Q1 FY25 earnings conference call. We appreciate your time and participation today. I trust you have seen our earnings presentation and press release, which have been circulated and are also available on our website and stock exchanges. To begin with, I will provide an overview of our business trends and financial performance for the quarter, followed by a Q&A session. Well, the fertilizer industry has shown steady growth supported by moderated global raw material prices and beneficial domestic climatic conditions in Q1 FY25. Improved rainfall in key agriculture regions is expected to enhance soil conditions, boost crop yields, and increase fertilizer demand. Government initiatives such as increased crop MSPs, the promotion of nanofertilizers, and efficient fertilizer use, along with notable budget allocations to agriculture and fertilizer sectors, continue to provide good support. Coming to our quarterly performance, although we aim for better capacity utilization, a brief shutdown at our Paradeep unit in April 2024 impacted overall production volumes. This quarter, we produced 539,194 metric tons of finished fertilizer, reflecting a 16% decrease from the same quarter last year. However, our introduction of specific NPK grades like N19, N15, and N14 have all been well received by the farmers. Our phosphoric acid quarterly production also increased by about 60% year-over-year. Further, we launched Biogenic Nano DAP and Nano Urea products under the Jai Kisaan Navratna Nano Shakti brand name. Our Nano Urea contains 8% nitrogen, whereas Nano DAP entails 6% nitrogen and 16% P2O5. We also introduced a new grade of Triple Super Phosphate containing 46% phosphorus, which is essential for root development and photosynthesis in plants. These new products will enable farmers to tailor their fertilization strategies more effectively, especially in India's nitrogen-heavy soils. Total sales volume of finished fertilizer reached 554,571 metric tons, marking an 11% year-over-year decline. Despite this, sales volume exceeded production, demonstrating our ability to sell beyond the production capacity. Notably, N20 volume increased by 21% year-over-year, and other NPK sales rose by 28% year-over-year. In our new product range, we sold 27,000 tons of TSP and approximately 30,000 and 26,000 bottles of nano DAP and nano urea, respectively. These results reflect our successful farmer and channel connect program throughout Q1. For a financial update, it's important to note that the company reported a revenue of INR 23,774 million and EBITDA of INR 1,663 million with a margin of 6.9%. Standalone, the profit after tax was INR 63 million. Despite the impact of Paradeep unit's brief shutdown on topline, overall profitability in this quarter has improved year over year. We are focused on recovering the lost volumes throughout the remainder of FY25. As we enter the credit season with robust monsoons, healthy reservoir levels, and favorable inventory levels, our core competency in sourcing raw materials, manufacturing diverse fertilizer grades, and extensive market reach across 15 states positions well. We will continue to focus on innovative NPK grades and increasing the capacities of our nano portfolio. Our commitment to delivering the best product mix for the upcoming season remains steadfast. Thank you for your attention, and I would now like to open the floor for questions. Over to you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to 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 Prashant from Elara Securities. Please go ahead. Yeah, thank you for the opportunity. Mr. Krishnan, how has been the demand in Q2 till date? Prashant, I think the Q2 demand is quite robust, and we are seeing good uptake both at the retailer level and also at the farmer level. And so we're quite enthusiastic at this point of time. And even the shortfall in quantity that we had for Q1, we are more than making up during the Q2, in the first month of the Q2 itself. Then sir, we should be able to beat the last quarter, I mean, Q2 last year's sales of 800,000 tons? Yeah, we are working on that, and I'm sure the way the quarter is progressing right across all our markets, we are quite encouraged to see that we will have a good volume in the coming months, for sure. Sir, what would be your outlook on the international raw material price? Well, it's very important to note that while we have seen nitrogen holding on at a particular price level, phosphates have been in short supply right across markets because of very strong demand coming from other geographies. We are seeing that the phosphate availability, both DAP and phosphoric acid, to the markets in India have been quite stressed. So given these, I would think that the phosphate market prices will go up. We are expecting DAP prices to be going up in the coming quarter, and we are also expecting that the phosphoric acid, which is at $950 per metric ton right now for this quarter, might also see some revision based on the prices that we will see of DAP in the coming months. As you know, the DAP has already reached $590 per metric ton for Indian markets, as against about $550 or that we had. So that is something that is creating some amount of stress, and also the ammonia prices, which are also hovering closer to $400. All this clearly indicates that the phosphatic industry in India, the predominant phosphates being DAP and some larger grades of N10 and N12, all this will need a price change in the coming months, not only to maintain margins and also to improve margins to levels that we are used to. Right. Sir, can we get the breakup of or not breakup, but rather POS sales for Q1 for us? Yeah, we'll give you before the end of this call. Yeah, we'll give you that, yeah. And before you can share that. I'll go back in the queue. Yeah, I'll share. Thank you. Our next question is from the line of Darshita from Antique Stock Broking. Please go ahead. Yeah, hi. Thank you for the opportunity. My first question was regarding any MRP hike they have taken in the first quarter after the election in DAP or NPK. Yeah, just to confirm, both DAP and NPK, there have not been any price changes in Q1. Okay. And are you expecting any support from the government coming in for the first quarter, especially given that DAP availability has also been an issue, and importers are also most likely making a loss at the current levels? So are we expecting any support to come in from the government? Well, the way DAP is positioned today, whether you're importing acid and converting to DAP or importing rock and converting to DAP today, you would certainly need a price correction going forward. And in my view, as we get onto the next season, we should get to see some price correction, either in view of a support from the government or from the industry making a suitable change. Okay. And in case, if you could make us understand, would it be retrospective in nature, or would it be applicable from just Rabi onwards? Well, we don't have anything in writing from the government as we see, so we will not be able to comment on that. But I certainly believe that a price correction or a support from the government to the farmer in some format is certainly expected. Sure. Got it. And on the Goa NPK grades, we have seen that MOP prices have started to come down. At least it was hovering at higher levels. It has started to come down. So has that been benefiting for the Goa NPK grades in any way? Well, Goa has two sets of NPKs that we make there. There are some NPK grades which are more specific to our unit, and I would call them a specialty, like N19 and N28. And the N19, which has got a 19% K, the price decrease has certainly benefited us quite seriously. And so that has been a positive for us, and I expect that to continue going forward. But as for N10 and N12, I've been concerned. They have been reasonably unviable at the current price levels that have been there. The correction in K prices have only helped to mitigate the unviable position that we were in, and we believe that these grades will be better off with some price correction going forward. Got it. Okay. If we could get the volume breakup between the sites, Paradeep and Goa sites, for DAP and NPK. Ma'am, we are not making any DAP at Goa at all. All the DAP that we are manufacturing, our production volume was 141,665 for the quarter, which is entirely made in. Volume. I wanted to see your volume. Yeah. We don't make any DAP in Goa at all, so we make all the DAP in Paradeep itself. As far as Goa is concerned, our production volumes are primarily to do with the NPKs that we make. And the total NPK production for Goa was 274,784, including urea. So urea was 120,000 in this, and balance 154,000 was the NPKs. Right. Could you help me out with the sales volumes over there at the Goa plant? Goa sales, urea was yeah, I can tell you. Goa urea sales was 108,000 metric tons. And as far as the phosphate is concerned, this was 192,000 metric tons. Okay. Perfect. That was on my side. I'll come back in the queue. 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 S. Ramesh from Nirmal Bang Equities. Please go ahead. Good morning, India. Thank you very much. So if you look at your performance this quarter based on the revised routine-based subsidies, how do we read the EBITDA per ton for the phosphatic business, and how do we see that moving forward given the reduction in the prices YOY? What is the outlook for the EBITDA per ton? Well, I've taken up this subject even in my past calls, and I've always maintained that for us, a blended EBITDA per ton is in the range of INR 4,500-INR 5,000 per metric ton. And we are pretty much, we should be in a position to be in that zone given the fact that we are now well backward integrated. As far as the quarter one is concerned, we had a bit of a pushback on two fronts. One is the month of April, we had to take a mandatory shutdown for regulatory reasons. Here, we lost out on our own phosphoric acid production and certain amount of fertilizer also. That depressed our EBITDA, number one. Number two is DAP in general. If you look at it, ammonia prices have been going up. DAP price levels are not at the right level right now, at $1,350 per metric ton. I don't think it kind of gives the kind of margin that one expects to do. This is something that needs to be improved. So I believe that if you look at it over the next balance period of this financial year, things should correct itself. That's our expectation today, and I'm sure we should follow this through quarter on quarter because the third quarter is where the main Rabi season will start. I'm sure by which time we will have price discovery for raw materials from the global markets and also local price discovery for the finished goods will also evolve very clearly. So in terms of the backward integration, how much is the actual production going the number? Phosphoric acid production is 92,000. So how much of that is going into TSP? Yeah, as far as the 92,360 metric tons is concerned, we pretty much the product mix that we have at Paradeep is a 50/50 mix between DAP and N20. So that is a mix that kind of works out. So if you want a breakdown, in the last quarter, 102,918 was the production of DAP, which used our own acid, and we made N20 of close to about 155,000 metric tons, where also we used our own acid. So that's the kind of a split on which we work. For post-this integration, since you have started Triple Super Phosphate, what will be the shortage of Phosphoric Acid and Phosphoric Acid if you have to buy from outside? Triple Super Phosphate is a traded product for us, not a manufactured product. We are bringing this as a finished good, so we don't need any phosphoric acid for this. Just for your information, the site at Paradeep today does not require any phosphatic. We are able to produce phosphatic as required for the site today. As far as Goa site is concerned, we typically need about 200,000 tons of P2O5 to be imported, and that's what comes as imported for us right now. Over the year, if you look at last year's base, would you be able to deliver numbers at par or some improvement on that if the NBS rates for second half is reset according to the current inflation in the input costs? I think so. I'm sure. And if you look at it, phosphoric acid capacity for us is really improved by about 45% from what it was last year. So that benefit of that will start kicking in for us from Q2 onwards as we manufacture. And also any price hike that we might take or any further support to the farmer, which the government might provide, will directly add to our margins today. So one last thought, Vinney, in the context of the NBS rates and government talking about a reasonable profit, if you are going to make additional benefits from captive acid, is there a risk that some of that will be clawed back under this 12% PBT formula they are following? I personally believe, as for PPL, which is going to mix of both production from own acid and from imported acid, we should not have, in this financial year, any possibility of increasing or having to give back. But let me be clear to all of you because in case we make profits above 12% as the policy, obviously, we will have to surrender the same. That should be good for everyone, that if you reach the 12% margin and beyond. Okay. Thank you very much, and wish you all the best. Thank you. Our next question is on the line of Anik from Finnomatics. Please go ahead. Good morning, sir. Am I audible? Yes. Hello? Am I? Yes, sir. Okay. Yeah. Sir, my first question is, you said your current phosphoric acid prevailing phosphoric acid prices are $950 per metric ton. So, sir, what is the in-house manufacturing cost of phosphoric acid? Well, Renewable. Per metric ton, I'm asking. Sir, I think this has been coming up even in earlier calls. Whenever we make phosphoric acid, we have a benefit of over INR 10,000 per metric ton for domestic manufacturing. So that benefit continues to be there. But this benefit will accrue to the profitability line fully well when we are not having any under-recovery on the product pricing. And the concern that we've been having is, even though our manufacturing facilities are running very efficiently today, we do not have enough margins in certain products like DAP, which I believe will get corrected going forward. Okay. And, sir, another question is, it is told that around 500 ml nano urea can replace 50 kg of urea. So considering this statement, do you see any change in the conventional urea or conventional DAP manufacturing going forward, like requirement? I'm saying from the requirement point of view. Will nano urea replace conventional DAP or conventional urea going forward? To look at it today, India imports close to about last year, maybe about 6-7 million tons of urea. We imported about similar quantity, 6+ million of DAP. So there is a substantial quantity that we import. And as far as nano products are concerned, these are very interesting products, which we believe have potential to stay on with the existing mineral products that we have today and could replace maybe about 10% of the overall demand, which is there for all this. So this will result in lesser imports going forward, and if everything works well. And you will have to see a farmer experience on this over the next few seasons. It is only the first year that we are getting to see a nano DAP being available in the market right across from multiple players. So the experience of the farmer, the output that he will get from here, will determine in terms of the scope and of growth that we will see. In our view, at this point of time, a 10% replacement of imports is well possible using nano products. Got it, sir. Sir, what I was saying, I understand. If everything goes fine, if the response from the farmer and other factors you have reported, if everything is positive, so in that case, will this nano version replace conventional products, DAP or Urea, whatever? I don't think there is going to be a replacement because there are various types of applications that we do. There's a basal application that we do. There's a top dressing. So largely, these liquid products are being seen in going into top dressing, which could be about 25% of the overall market that is there, not so much in the basal as we speak. Got it. Got it, sir. Thank you. Thank you, sir. Thank you so much. 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 Prashant from Elara Securities. Please go ahead. Yeah. Thanks for the follow-up. Sir, what is the subsidy that we have received this quarter, and how much is the pending at the end of Q1? Can I respond to that question? Yeah, yeah. The subsidy that we received in Q1 was INR 937 crore during Q1 that we received. Outstanding was about INR 2,100 crore, and we had about one-third of that coming in the first month itself, in the month of July. Right. Sir, what would be the current gross and net debt? Yes, sir. To look at it today, as on June 2024, the net debt position for us is INR 4,152 crores. And yeah, the gross was INR 4,352. Yeah. Okay. Sir, just a feedback. Last quarter, you had shared the raw materials slide in PPT, which was quite informative, which has been stopped. Just a request if you can continue with it next quarter onwards. It clears some ambiguity on the raw material prices. Just a feedback I wanted to share. Sure. And as to start to respond here, yeah? Yeah, sure. Prashant will do that, actually. The thought was to cover the raw material kind of price range over a larger period, typically over a one-year period. That probably makes sense from a flow perspective. But we can always do that on a quarterly basis. Yeah. That was quite informative. Thank you so much. 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 Subhro, an individual investor. Please go ahead. Yeah. Thank you for the opportunity. So my question is, sir, the Biogenic Nano Urea and Nano DAP, which you have launched, will it be eligible to receive the INR 1,500 MDA, which the government is giving towards organic farming? No. That is primarily for certain organic products, fermented organic manure, and those related products, only not for that. Nano is no subsidy. And to be fair, I think we are also not looking forward to any subsidy for nano products. They are good products. They have their own value proposition, and we would like to place it in that manner. Just from a big picture point of view, sir, because you are involved in the FAI as well, wanted to understand your view on recent days. There has been a lot of buzz in the Agriculture Ministry and the Ministry of Fertilizers. They are putting a lot of focus on organic farming, some complete overhaul of the agricultural systems. So just if you could share some thoughts or insights which you might have? Well, if you look at it today, we have roughly about, give and take, about 12 crore farmers in India. Today, what the government is coming out with is working with about 1 crore farmers on natural farming, I think, which is a very prudent measure because natural farming is something that you have to experience in terms of what are the organic manures that you will need for it, what are the practices that you will do, and what kind of output that you can get in terms of natural farming versus more intensive farming using inorganic nutrients. So there is a program which has been launched for a small subset, which is about 1 crore farmer, which is there. I think there will be learnings that will come from there and which will help. But you must realize that while all this is being done, the biggest challenge we as a country today face is the soil condition, the soil health, the organic carbon in the soil. This is something that needs to be worked on well. So all these experiments that we will do, all these efforts that we're doing will clearly establish the formula that will be there. And as we see as industry, there has to be a good mix of inorganic and organic matter, which is required to get effective agriculture output. And that is the effort which is being launched. So this is positive, and I think industry will be working and supporting this totally. Sir, just last question from my side. A large part of our country is deficient in zinc in the soil. So is there some part of our portfolio which addresses that, the zinc deficiency in the soil? There is a government program to encourage zinc as a micronutrient which can be added to products. And that is left to individual players to look at it because India has looked at zinc, sulfur as two sulfur has been one major minor nutrient which is required and which is now coming through various products. Zinc, again, I mean, there are zinc-added products which are coming in the case of SSP. People have launched DAP. We also do a zinc product which is not subsidized, which we do for the farmer, which is along with gypsum. So zinc is an important element that everybody is addressing it very clearly. Okay. That's it from my side. Thank you. Thank you. Our next question is from the line of Darshita from Antique Stock Broking. Please go ahead. Yeah. Thank you for the follow-up. If you could just give us an internal target that you have with respect to how much volumes you plan on selling in FY25, traded and manufactured both? As for nano is concerned, if you ask me during the current season, which is from month of August onwards, we would like to be we will initially look at about 200,000 bottles per month. I mean, this will be largely on a DAP is what we're going to look at. Yeah. No, no. I was not asking from nano perspective. I was asking the granular fertilizer perspective. Granular fertilizer, if you look at it today, we did about 2.5 billion tons of fertilizer for the full financial year last year. We certainly are looking at a situation where we would certainly be exceeding that quantity in the coming financial year. We are pretty sure that that will be there. Okay. For FY25, considering the current raw material and the MRP levels, what kind of per tonne are we targeting? I understand INR 4,500-INR 5,000 is a longer-term target, but for FY25, do we? Oh, I personally believe that there will have to be corrections during this financial year for us to reach those levels. Got it. Okay. Just one bookkeeping question. If you could give us the split of DAP sales between manufactured and traded? Sir, DAP is considered essentially manufactured for us. We did not import any DAP quantity in the first quarter. So if you look at the sales volume, it's 102,918 metric tonnes, which is DAP manufactured. Okay. And that was the 72,000 tons that we have sold. That's largely MOP. For MOP, we have sold 27,000 tons of TSP and 40,000 tons of MOP. Yeah. Okay. Sorry. Could you repeat the TSP number? 40,000 on MOP. TSP was 27,000, and the MOP was 40,000. Got it. Perfect. Okay. Thank you so much. Thank you. Our next question is from the line of S. Ramesh from Nirmal Bang Equities. Please go ahead. Thank you for the follow-up. So what is the thought process on this trading of TSP? Is the trading margin attractive, or do you see long-term potential in terms of volume growth? And the second thought is in terms of your P&L, what is the kind of volume growth one can expect, say, FY26 from what you would like to achieve in '25? And will that help you achieve similar growth in your EBITDA and profitability for next year? Well, first, coming to TSP, it's a new product that we're launching today, and it's a P-heavy product. It's 46% P2O5 is what we have in that. And I think our initial estimate was during the first year, we should do about 125,000 tons of TSP. And based on the farmer response, we would be increasing this. It's a good category, and we believe that this should be close to about 10%-15% of our P could get replaced with the TSP as a category going forward, which is what we are looking at today. But as far as the volume growth that we are looking at, we have a capacity based on the kind of grades that we make of NPKs, about 2.6 million tons. And the urea has been 400,000 tons. The urea, there will not be any further increase in quantities. As for the 2.6 is concerned, based on the best available margins and the requirement of the farmer, I mean, keeping both together, we would like to optimize to come towards 2.6. I think we are currently at about 2.1-2.2 million tons as a volume that we are seeing. Our idea would be to get an effective product mix to take it more towards the 2.5-2.6 levels. That is what we are working on. I think given that we have our own P2O5 today and our sulfuric acid capacity will also get commissioned by the beginning of FY26, we should like to peak this whole quantity next year and to be closer to 2.5 in the next financial year. So if you look at your capitalization of assets and movement in finance costs and depreciation, will it stabilize at what you would report for FY25 in 2026, or will there be any increase in depreciation and finance costs? No, I think FY25 is what you're seeing in higher depreciation. That we're getting to see is the capitalization that we've done of phosphoric acid, our concentrators, and the other things that we've done. So in fact, there have been a few major capitalizations: phosphoric acid, our evaporator. We had upgraded our ship handling facility for larger raw material that we take, and also certain major equipment in the urea plant that we have. So this is done now. The only other plant which needs to be capitalized is our new sulfuric acid capacity. As you know, we are putting about 1,500 tons per day new sulfuric acid capacity, which will take our production levels from 1.3 million tons closer to about 1.9 million tons. This should happen in the early part of FY26. And that's the last of the major capex that we're doing today. So just to put the numbers in perspective, what is the amount you have capitalized as on day 18, phosphoric acid and other expenditure? And what is the amount pending once the sulfuric acid is commissioned? During Q1, we have capitalized INR 580 crore. What is the cost of the sulfuric acid plant? Sulfuric acid plant is roughly about INR 440 crore, which will come up for capitalization next year. Okay. Thank you very much, and wish you 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 Anik from Finnomatics. Please go ahead. Thanks for taking my repeat question. Sir, my question is related to your merger with Mangalore Chemicals. Sir, what kind of investment you are planning for this merger? This is my first question. And related to that, I also would like to know, there are around INR 1,000 crore of debt in the books of Mangalore Chemicals, INR 300 crore of long-term debt and INR 720 crore of short-term debt in their books. So will it impact how will it impact your balance sheet? And what kind of investment you are doing, will it be internal accrual or what else? Well, as for the Mangalore Chemicals acquisition is concerned, this is a plain vanilla merger. So there is no cash outflow from Paradeep Phosphates, but there will obviously be fresh shares issued at Paradeep Phosphates, which will go to the shareholders of Mangalore Chemicals. So that's how it will happen. So there is not going to be any fresh debt that is being taken in our books for MCFL. The MCFL balance sheet will get absorbed by us totally. Okay. And, sir, any investment amount required for this merger or? No, nothing is required. No, nothing is required. Okay. Okay. I got it. And, sir, if you can throw a little light on the question that which can play out. I cannot follow your question. Can you repeat, please? Sir, I was asking if you can throw some light on the kind of synergy which is likely to play out with this merger. I hope you can take this. Yeah. Yes, I think we are looking at synergies both from the market side as well as from the supply chain side. And there is also a potential expansion of MCFL that could underway. But we are in the regulatory process of going through NCLT and all. So we'll come back with the final prints only after NCLT is approved. Okay. Fair enough, sir. Sir, it's. Hello, sir. Yes. Sir, all participants are waiting for their turn. Thank you. Just last one. Sir, please give me your CapEx plan. That's it. Thank you. Right now, we're just completing our sulfuric acid plant, and anything else will be announced separately. We don't have any pending capex to be announced yet. Thank you. Thank you. Our next question is from the line of Resham Jain from DSP Asset Management. Please go ahead. Yeah. Hi, Resham Jain here from DSP. Sir, what is your EBITDA per ton for urea and for complex put together in this quarter, EBITDA per ton for urea and for complex? See, we have a blended EBITDA per tonne, which is INR 3,000 per metric tonne here. That's how we have been reporting resources. Okay. But complex would be obviously significantly lower this quarter. Yes. Yes. Okay. Understood. Given the current prices, sir, how do you think if nothing comes up from government side, 2Q would also be similar, or you think we have some scope to improve this number because both prices as well as raw material prices, both are known to us right now? Resham, I think if there is no further support being made available by government to the farmer in the coming months, I'm sure there will be a price revision that we are going to take. Okay. But till now, till July, no price revision has happened? Still, till the end of July, we haven't done any price revisions. Now that we've been through the main season as per the current is concerned, we wanted to keep the consistency on this and our requests are pending with the government. Going forward, for the Rabi season, if there's no further support available to the farmer, then we will have to correct the prices. Understood, sir. sir. Right. Thank you. All the best. Thank you. Is there no further questions from the participants? Now, I'm going to hand the conference over to the management for closing comments. Yeah. Thank you for all your participation. And I mean, I can assure you that as management, we are quite focused in terms of ensuring that we have a peak utilization of capacity. And also, at the same time, we will be clearly focused in the long term to ensure that our pricing to the farmer is in such a manner that it's win-win for both the manufacturer and the consumer. And this will be ensured in the coming months. Thank you. Thank you. On behalf of Antique Stock Broking, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.