Ladies and gentlemen, good day and welcome to Q3 and 9 Months FY25 Earnings Conference Call of Sharda Cropchem Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Manish Mahawar from Antique Stock Broking. Thank you, and over to you, Mr. Manish. Thank you, Manav. On behalf of Antique Stock Broking, warm welcome to all the participants on the 3Q FY25 Earnings Call of Sharda Cropchem. Today, we have Mr. R.V. Bubna, Chairman and Managing Director, and Mr. Shailesh Mehendale, CFO, on the call. Without any delay, I would like to hand over the call to Mr. Bubna for opening remarks, post which we will open the floor for Q&A. Thank you, and over to Mr. Bubna. Thank you, Manishji. Thank you very much. Good evening and very warm welcome to everyone present on this call. Along with me, I have Mr. Shailesh Mehendale, our CFO, Mr. Jetkin Gudhka, Company Secretary, and SGA Investor Relations Advisors. Hope you all have received our investor deck by now. For those who have not, you can view them on the stock exchanges and the company website. As you are aware, we are engaged in marketing and distribution of a wide range of agrochemical products, that is, herbicide, insecticide, fungicide, and biocides, catering to a diverse global customer base. We prepare comprehensive dossiers, seek registrations in our own name in all the countries that we market our products to. We allocate substantial resources and establish our foothold in the market by way of registrations. Our total product registration stood at 2,948 as of 31st December 2024. Additionally, 1,047 applications of the product registrations globally are in the pipeline at the approval stage. In Q3 FY25, the total revenues have grown by 47% to INR 929 crores, with substantial overall volume growth of 49% year-on-year. Europe, LATAM, and NAFTA have been our key distributors in the agrochemical segment. Volumes from the agrochemical segment grew by 50% year-on-year, whereas the non-agrochemical segment grew by 42% year-on-year. With raw material pricing stabilizing, gross margins have improved by 660 basis points to 32.7%. EBITDA for the quarter has shown a year-on-year growth of 232%, which stands at INR 157 crores. On similar lines, PAT of the quarter stands at INR 31 crores. Overall growth is attributable to revival in the demand in the agrochemical segment and cost optimization at the company's level. The Capex for the 9-month FY25 stood at INR 268 crores, and we expect the Capex to be in the range of INR 400 crores-INR 450 crores for the full year. This has been the best Q3 in Sharda Cropchem's history in terms of revenues and profitability, and we expect the momentum to carry on forward in Q4 this year as well as FY26. As we step into the last quarter of FY25, we are optimistic on delivering high growth backed by substantial surge in demand, gradual price increase. Also, through our dedicated efforts to optimize costs, we should meet our FY25 EBITDA margins' guidance of 15%-18%. To reward the shareholders for their continued support and confidence in the company, the Board of Directors have approved an interim dividend of INR 3 per equity share. With the above overview, I would now like to hand over the call to our CFO, Mr. Shailesh Mehendale, for discussing our financial performance. Thank you, everybody. Thank you so much. Yeah, thank you, sir. Good evening, everyone. Coming to the Q3 FY25 performance, revenues stood at INR 929 crores in Q3 FY25 versus INR 632 crores in Q3 FY24, an increase of 47% year-on-year. Coming to split, agrochemical business increased by 51% year-on-year to INR 769 crores, whereas the non-agrochemical business increased by 30% year-on-year to INR 160 crores. Gross margins stood at 32.7% in Q3 FY25 as against 26.2% in Q3 FY24, an increase of 660 basis points. EBITDA for the quarter increased by 232% to INR 157 crores versus INR 47 crores in Q3 FY24, with EBITDA margin at 16.9%. PAT stood at INR 31 crores in Q3 FY25 as against INR 4.6 crores in Q3 FY24. Coming to 9-month FY25 performance, revenues stood at INR 2491 crores in 9-month FY25 versus INR 1851 crores in 9-month FY24, an increase of 35% year-on-year. Coming to the split, agrochemical business increased by 46% year-on-year to INR 2082 crores, whereas the non-agrochemical business decreased by 4% year-on-year to INR 409 crores. Gross margins stood at 30% in 9-month FY25 as against 19.8% in 9-month FY24. EBITDA for the 9-month period stood at INR 330 crores, with EBITDA margin at 13.2%. PAT stood at INR 101 crores in 9-month FY25 from a loss of INR 112 crores in 9-month FY24. Working capital days stand at 98 days, an improvement by 60 days as compared to as of 31st March 2024. We remain net debt-free company and have cash, bank, and liquid investment of INR 742 crores as of 31st December 2024. We can now open the floor for the question and answers. Thank you. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handsets only while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have our first question from the line of Viraj from SiMPL. Please go ahead. Yeah, hi. Am I audible? Yes, sir. Please go ahead with the question. Yeah, thanks for the opportunity. Congratulations on a good set of numbers in such a challenging environment. Sir, just a couple of questions. First is in the Agchem business, what was the outperformance in terms of volume growth for us when I compare versus the end market and say Europe, North America? So can you just give some perspective? Whom did we gain the market share from? And usually, in Agchem, Q4 is the main season for us. So is it actually a channel filling? And do we see any risk of sales return? Hello. Mr. Viraj, your voices and words are getting mixed up. Can you speak a little slowly and a little more loudly? Am I audible now? Hello? Yeah, you are audible. Yeah. So, sir, I had two questions to start in the agchem business. One is, it's a loss in sales. What did you use? So I have two questions. First question is, in the volume growth we saw in the agrochemical business in Europe and in North America, whom did we gain the market share from? So can you give some perspective on the competitive landscape and market share gains? Sir, that is going to be guesswork. We are getting market share from the market and from all the players who are in the market. It's very difficult to identify whose share we are getting. Okay. So the - sorry. It is from the market. No, sir. Okay, so I'll put it differently. No, no. Again, your voice is getting cut. Yeah. Q4 is the peak season for us. Yes. So the growth in Q3 was largely a channel filling. And do you see any risk of sales return? Can you repeat the question once again? Your words are not very audible. The volume growth we saw in Q3, is that largely channel filling? Do we see any risk of sales return in Q4? We don't see any risk of goods getting returned. It's a normal sale. Okay. Second question is, you see a lot of global MNCs selling legacy portfolio brands in the last six to eight months. And there is a risk of increase. Oh, negative portfolio brand? Legacy portfolio brands. A lot of global MNCs are selling their old brands to third parties. And you're also seeing a very heightened, I mean, you've seen some aggression of Chinese players in the market. So anything you are reading in the competitive intensity or competitive landscape from Chinese? Mr. Viraj, your words are getting mixed up, and the voice is getting cut again. Can you speak one question and then wait for an answer, and then go to the second question? What was your first question? Question on selling. Are you seeing any competition intensity from Chinese players in the market? No. We are not seeing. Okay. Just one last question, and I'll come back in queue. Our depreciation mandate is around. We are not able to hear you very clearly. May we please request you to rejoin? Sure. Thank you. Yeah. Thank you. We have our next question from the line of Rohit Nagaraj from B&K Securities. Please go ahead. Thanks for the opportunity, and congrats on a very good set of numbers. So our first question is on the agrochemicals segment. So we have seen that the EBIT margins have been hardly 1% during the quarter. So what is the understanding here? Is it that we are not able to make money despite we have been successfully able to sell the products in terms of volumes, but on the margins front, the margins still look pretty benign? So just your understanding on the same. Thank you. One minute. He's saying EBIT margin for the quarter is only 1%. On quarter, 16.9%. Hello, Mr. Nagaraj. Where did you get the figure of 1% of the EBIT quarter in this margin in this quarter? The agrochemical segment. Agrochemical segment EBIT. It is not 1%, sir. It is how much? 13 point? How much is it? 15.9%, Mr. Nagaraj. Okay. Maybe I'll recheck the number. Agrochemical sector. Agrochemical sector. This is overall, he says. You cannot call it company level, including agro and non-agro. Right. And the segmental split-up that we have given in our results, in that we have made about 7 crores of EBIT for the quarter. And in agrochemicals and non-agrochemicals, it is 35 crores. So my question was related. I think EBIT margins are not split, agro and non-agro. It is a total—what is it? Where's the EBIT margin? Your EBIT margin is? So there's no EBIT margin product-wise. Okay. Fair enough, sir. No worries. No worries. I'll take that offline. Sir, second question is in terms of the guidance you again reiterated that our EBITDA growth will be in the range of 15%-18% as we had suggested earlier. If I look at the 9-month numbers, our EBITDA percentage is closer to, say, 13%, 14%. So effectively, in next quarter, we will have to have more than, say, 17%, 18% of EBITDA. And given that. Sir, one minute, Mr. Nagaraj. These nine months consist of the first two quarters, which were not doing so well. Right. Right. Right. In spite of that, all these things put together is close to 14%. If you take this quarter is Q4 FY24, right? Yeah, 16.9%. The EBIT margin for the Q3 alone is almost 17%. Correct. So we are fairly confident that last quarter also, we will be able to have similar or better margins to achieve the guidance for. We are sure. We are confident, and we are sure. Right, and just one last clarification. In terms of pricing of the generics, what is your sense during the month of January? I know it's very early to say that given China is probably not working as of today, but is there any gradual improvement in prices of the agrochemicals? And how is the customer feedback on the same? Thank you. Sir, there is an improvement, but again, it is very slow. It is not very fast. The improvement is very slow, and the competition still remains there, which is not permitting the price levels to go up. Sure. Thanks for your time. All the best, and I'll come back in the queue. Okay. Thank you. We have our next question from the line of Pritesh Chheda from Lucky Investments. Please go ahead. Sir, on the question which the previous participant asked, so on a base of 100, let's say at the beginning of this financial year in terms of pricing, in three quarters, where we would have moved on pricing of agrochemicals, we would be higher than 100, at 100, or lower than 100? What is 100? 100 is the pricing of last year at the beginning of the year. Last year's prices at this time prices is more than 100. Okay. And we are seeing gradual improvement every quarter? Yes. Can you quantify the extent of the improvement? Is it 4%, 3%, 5%, 10%? Any number you want to peg to it? Mr. Pritesh, it depends from product to product and the sector of the product. If you have to take basket as a whole for you, then? We don't do that calculation, and if you want, we can do that, and you can come back to us later on. Okay. But as a general direction, the prices are up, right? Yes. Okay. Yes. Thank you very much. You understood it clearly. Okay. So the other question I want to ask here, this is the first year where we are seeing the pricing up. Do you have any comment on it, any specific input on the pricing part? I can't understand. What could I have a specific input? In fact, I have any reading on this pricing improvement because last two years, the pricing was on downtrend. In general, there were 15%, 20%, 25% fall. So any comment you have or you don't have any observation? No, sir. The prices have stopped going down, I think, for the last three quarters. Yes. These three quarters, the prices are gradually improving, but not to the extent which prevailed about two years back. Correct. Is there any supply shrinkage in the system, or it just takes slightly better demand, or any other observations? Mr. Pritesh, there is no supply shrinkage, and this is all guided by the improved demand. Okay. Okay. Thank you very much. Thank you. Thank you. We have our next question from the line of S. Ramesh from Nirmal Bang Equities. Please go ahead. Thank you, Manav, and good evening. So the first question is, if you look at your overall portfolio performance, you've seen very healthy growth in LATAM, although on a lower base. And you also see the herbicide segment do very well this quarter. So in terms of the outlook for fourth quarter and then FY26, do you see the similar trend in terms of the growth in each region and the categories like herbicides, insecticides, and fungicides? Or do you see some changes in terms of the growth rates in different regions and across the categories? I will answer your long question in very few words. We see general growth in all the sectors. Okay. So how do you see the LATAM season shaping up since October when they started the planting season? Do you see that kind of delivering growth in terms of the acreage and the demand for crop protection chemicals? And is the inventory situation in LATAM now largely under control? You see, inventory situation with the customers, I cannot comment. But the general demand is growing. But LATAM has very serious issues of the economy of various important countries. This will come in the way. The currencies are slowly devaluing against dollar and euro. So these are some counter factors. But at the end of the day, they are growing. Okay. So if you look at the Chinese situation, any insight you have in terms of any reduction in production there? Because it seems to be adding a lot of capacity. And the second thing is in China, they are also talking about entering formulation market for exports. So how do you see these two aspects, the additional supply from China and the competition in formulations? Additional supply from China is growing, and the products are available. Now, competition from China in the international market at this stage is very insignificant. Yeah, but I understand that they are planning to enter formulations and already started. So do you see that as a competitive threat for companies like you? Or is there enough space for? Not in the near future. Okay. Thank you very much, and wish you all the best. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to take questions from all participants in the meeting, please restrict your questions to two per participant. Should you have a follow-up question, you may please rejoin the queue. The next question is from the line of Shubham Sehgal from Skill Ventures. Please go ahead. Hello, sir. Hello. Hello. Yes. Yes. So my first question is on depreciation. So we have been doing increasing Capex spends, but our depreciation run rate still remains low. So can you explain this? And also, what would be the sustainable run rate of depreciation going forward? One minute. Depreciation run rate will remain. You have to look at overall nine-month period, and accordingly, you take this into consideration. Our run rate will remain more or less same. If you look at it, it is quarterly. It is INR 69 crores. So it will continue even in quarter four. Only there will be some small change in view of the capitalization, but run rate remains same. Okay. And another question is on cash. So even if we consider our Capex of around INR 400-500 crore, and even after that, our cash position would be healthy. So do we have any plans for utilization of this cash reserves that we'll have? Right now, our hands are full, and we don't have any plan to utilize the cash. We are keeping it ready for any next future. Some ideas or opportunities we may get, but right now, no. We are only concentrating on investment in the intangible assets, on properties which are registrations. Okay. Got it. And lastly, on our non-agrochem market, so can you give any perspective on what is driving the growth? And we saw good growth this quarter. So what could be driving that growth? And what would be the sustainable margins in this business? As previously, we've seen that the average margins were around 17%, 18%. But recently, in the last one to two years, we are doing above 20% margins, even in a bad environment. So what's driving the growth, and what would be the sustainable margins in this business going forward in the non-agrochem market? We are very confident that this level will continue. But can you give any idea of what is driving the growth? The growth we got in this quarter, what is driving that? Good relationship with the customers, customer satisfaction, good service, timely deliveries, and no complaint of quality. Has there been any demand shift? Because these are the reasons we have there in our company. Those are the strong points. But the market was going in a bad environment going since one to two years. So is there any shift in demand, or the environment is good? Can you give any perspective on that? Sir, your question has been very long, and the words were getting cut in between. So if you can make your question precise and then wait for the reply, that will be helpful. Otherwise, you are fine. Yes, yes. I'll repeat my question. So I just mean to ask, has there been any change in the environment that we are getting this good growth in non-agchem? I didn't get that word change in, and then the word disappeared. What did you say? Change in what? Change in the market. Has there been a change in the market or environment? No, there is no change in the market or environment, particularly for the non-agro business. Okay. But this quarter, we got 30% growth. So any idea on that? Again, that question was not very clear. Can you repeat it once again? The words are getting mixed up. Okay. Am I clear right now? Hello? Yes, you are clear right now. Yes. I mean to ask that since the past four, five quarters, we have seen degrowth in our non-agrochem business, right? So what caused 30% growth in this quarter? That is what I'm meaning to ask you. See, the degrowth was mainly because of COVID and a very long period of transit. Transit from China to the various Western destinations, the time period has grown. And the customers were not able to get their supplies on time. But now, all those things are getting normalized, and the growth is continuing. Okay. So all the supply chain issues have resolved. That's why we are seeing good growth, right? Sorry. Yes. Shubham sir, may we please request you to rejoin the queue? Okay. Yeah. Thank you. Ladies and gentlemen, please restrict yourselves to two questions per participant. We have our next question from the line of Hemant Madhav from Unifi Capital. Please go ahead. Thank you for the opportunity. I just have a simple question. I just want to understand the Forex losses. Is it because we have the receivables in euros, and we make the payments to our suppliers in dollars? So because of the euro depreciation, we have incurred these losses. Is it the correct understanding? Very correct. I'm very happy that you put the question, and you also provided the answer. Sir, do you see further impact similar in the next quarter as well because of the currency? My astrologers didn't tell me how the euro is going to behave and how. No, but considering how much hedge you have and what is the current dollar, current euro exchange rate? There is a trend in Euro improving, strengthening against the dollar, and this trend is very healthy for our business. Got it, sir. Then we will not have exchange loss. We will have exchange gain. Okay, sir, and how much do we hedge in general to avoid the major Forex fluctuation on the P&L? We hedge nominal, not very heavily, because whenever we ask the experts, "How will the Euro be in the next two weeks or next one month?" the answer is very vague. So we have a hedge very nominal. And one more thing, we also have a natural hedge. All our sourcing is mostly in U.S. dollars, and we have, apart from Europe, all other currencies also, we don't have much of a variation between dollar and those things. Wherever the currencies are depreciating and we have to invoice the customers in their currencies, that is where we have a chance of Forex losses. Got it, sir. Final question. What will be your guidance for full year revenue growth and EBITDA margins? FY25? It will be better than FY24. Got it, sir. Thank you. Thank you. Thank you. We have our next question from the line of Rajat Sethia from iThought PMS. Please go ahead. Hi, thanks for the opportunity. Sir, a quick question. Sir, a quick question. Again, if we look at segmental numbers, we see 7 crore का ही profit उसमें दिख रहा है. Sales करीब हमने लगभग 700 crore के ऊपर. तो वो तो काफी कम, like 80% margin दिखता है. तो उस पर आपका क्या कहना है? One minute. Can you repeat your question once again? 7 crore क्या है? 7 crore का agrochemical का segmental profit जो हमने report किया है इस साल, 700 कुछ crore की sale के ऊपर. One minute, one minute. Gentlemen, this is after depreciation. Hanji, hanji. तो sir, ये number जैसे पहले देखें तो मतलब 10% के भी ऊपर होता था पिछले cycle में. अभी भी हम इस cycle में 80% के आसपास हैं. तो आपका क्या कहना है कि मतलब ये? This is a small technical question. I'll give it to my CFO. Let him reply to you. Can you repeat the question? Yeah. So question is basically कि अभी हम 1% बना रहे हैं agrochemical पे? Okay. On segmental basis. Historically, we used to make 10%, 12%, 13% as well. So why are we—I mean, I think we have been guiding for 15%-18% margins overall. So why are we not able to make money on the segmental basis in the agrochemical? Yeah. So I'll just answer your question. See, this segment results, if you are referring, is covering after taking the depreciation amortization hit in case of agrochemical. Because see, agrochemical requires the product registration, and that requires the amortization, which has come in. This after netting of this INR 6.76 crore, 6.76 is your agrochemical result. Whereas non-agrochemical doesn't have that kind of depreciation amortization. And the guidance which we have given so far for 15%-18% will stand even for the financial year and will be better off then compared to last financial year. Okay. इस बार जो हम 17% बोल रहे हैं, EBITDA margin, I guess we are saying that on the basis of, I mean, pre-Forex losses, right? We are talking about 17% margin in this quarter, right? Yeah, and that is how, yeah, 17% is pre-Forex losses, right? Okay. Okay. And if the Forex loss doesn't really result in any cash flow expenses for us, or is it just accounting loss? This is, see, as per the accounting. Since we are operating in global markets, so there will be foreign currency receivables payables that need to be realigned. So that is coming in as an unrealized loss in our books. It is not realized. Okay. So if the currency stays this way? The major component is unrealized. Okay. So if the currency stays this way, then it can actually become a loss, right? If it continues at a time of either actual realized or received or payment, that time, yes, it will come as a realized. But it is presently unrealized. Understood. And sir, can you please share? Yeah. Sorry. Sorry. One minute. No, no. Continue. Okay. Can you please share the region-wise gross margin that we share every time, like Europe and NAFTA and Latin? Hello? Sir, your time is over. The gentleman has said and asked two questions, and I would request you to give chance to the other people also. Sure, sir. Thank you so much. Thank you. Ladies and gentlemen, please restrict yourselves to two questions per participant. We have our next question from the line of Himanshu Binani from Anand Rathi. Please go ahead. Sir, hi. Thank you for taking my question and congratulations on a good set of numbers. So sir, coming back to the previous participant's question in terms of the, when I actually look into the segmental revenue and the segmental results, basically, so what the reported PDF says is that the agrochemical revenues have been somewhere around INR 768 crores, while the results on the agrochemicals have posted somewhere around INR 6.76 crores of segmental EBITDA. So the EBITDA margin is coming to somewhere around less than 1%. So this was the question, basically, and I want to have clarity on that. Sir, have you understood? Yeah. Mr. Shailesh will answer this question. Sure, sir. Yeah. So I think I have explained in the earlier two participants also. As per the disclosure of the segment results, this agrochemicals numbers, which is reported of INR 6.76 crores, is after taking the adjustment of the depreciation amortization, which is only there in case of agrochemical business. So those itself is around, if you can say, INR 69 crores, which is this agrochemical result is after adjusting INR 69 crores of depreciation. So you have to look at that. So accordingly, reporting is done. Got it. Got it, sir. And sir, the second question was largely on this when we actually look into some news articles stating that the concerns in the Red Sea that have been subsiding. So any sense you get in terms of the business, how one should actually look into the freight cost going forward into the subsequent quarters? Because the prices have been on the increasing trend, and this is what the commentaries have been suggesting. So if that can help the margins, how should one actually look into that? Thank you. See, my friend, freight costs we have been able to easily pass on to our customers. So freight cost is not directly affecting us, except sometimes because of the delays in the transit period, the customers get affected because of non-receipt of the goods on time. The cost is not so significant in case of agrochemicals. It is a little more significant in the non-agrochemicals, but now they are also getting very normalized. Okay. Got it, sir. Got it. Yes, please. Thank you. Thank you. Thank you. We have our next question from the line of Saket Kapoor from Kapoor & Co. Please go ahead. Ji, namaskar sir, and thank you for this opportunity. Sir, firstly, out of the total sales, hamari domestic facing kitni hai, sir? Total sales, matlab India oriented. Saket ji, aap hamari company ka phir business model samjhe hi nahin hai. जी, सर. Hamara local sale is less than 1%. ओके. All throughout. And that too, it is being done by one of our subsidiary companies. Sharda Cropchem Limited is not selling anything locally. Okay, sir. So sir, so then hamara agar hum comparables mein jayen, who are we competing with in that in this space? Sab India facing koi bhi company se hamara comparison nahi ban sakta. Sab global landscape mein hi comparison hoga. Yes, sir. India se hamara koi comparison nahi ho sakta hai, because we are not operating in India. Okay, sir. Achha, key factors kya rahe hain, sir, is growth ko aid karne ke liye? Firstly to, sir, jo destocking ki exercise thi aur prices jo plummet kar rahe the, wo sab arrest ho gaya, mane declining ruk gayi. Other than that, sir, ye kitna volume late demand aayi hai aur kya factors hain jo isko promote kar sakte hain, jiske karan se aap confident hain ki aage bhi ye jo pranali hai, chalne wali hai? Sir, hamara volume growth hai, woh 49 par 250% hai. And it is the volume, which is driving the demand. नहीं समझा, साहब, अगर आप थोड़ा और विस्तृत करते हैं. Agrochemical sector mein volume growth is 49.5% and non-agrochemical sectors mein it is around 43%. जी. So it's the volume, which is driving our business. Right, sir, but I was only looking for the underlying factors that contributed to this volume increase and their continuity in the near future. Sir, the underlying factor is the demand and the customer satisfaction with our services of timely deliveries and good quality. Correct. Ji, sir, main queue dwara join karta hun. Mere do prashn ho gaye. Thank you, sir. हां जी. Thank you. We have our next question from the line of Riju Dalui from Antique Stock Broking. Please go ahead. Hi, sir. Thanks for the opportunity. Sir, please be audible. I can't hear anything, sir. Hello, sir. Am I audible? Yes, now these words are audible, but you may see many more other words, they get cut off. Please, let us try. Yeah, yes. So, our overall volume growth and like our overall growth for the quarter was 47%, right? How much it was like volume driven and currency driven and the pricing? So, if you could break it up by volume, price and currency. One minute. Hello. Hello, yes, sir. The volume growth has been 49.1%. FX impact has been 0.4%. Product and product mix is negative 2.5%. And total growth is 47%. Okay, understood, understood. And if you could, you know, provide us the breakup of the registration by geography. Yes, one minute. See, we have 2948 registrations overall. If you go by geography, then Europe accounts for 1634, NAFTA 307, Latin America 760, and rest of the world 248. Understood. And if you allow me for one more question, so earlier you used to give the region wise gross margin for agrochem. So, if you could break it up, the gross margin region wise for agrochem. No, that information is not available right now. And, sir, if it is available, like the sales volume for agrochem region wise. One minute. I have that gross margin figures now. या, शर. Europe is about 38%, NAFTA 31%, LATAM 35%, and rest of the world 40%. Thank you. And the region-wise sales volume for agrochem. Region wise sales volume. Region wise sales volume is Europe. Europe is some 4.9 million units. NAFTA is also 4.9 million units. Latin America 0.75, and rest of the world 0.9. Okay, thank you, sir. Thanks for the clarification. And that's all from my side. थैंक यू. Thank you. We have our next question from the line of Rakesh Sharma, a shareholder. Please go ahead. Sir, thanks for the opportunity, and I am audible, sir? यस, प्लीज. Bubna Ji, I have just one question. Sir, as the market situation is improving but our net profit margin has decreased from 5.41% in Q2 to 3.34%. What is the reason for this? Let me see. This sounds little surprising to me also, that the margins have decreased compared to quarter two. But let us see. PAT margin, single. Are you talking about PAT margin? Yes, sir. PAT margin, sir. And gross margin? PAT margin, sir. PAT margin. PAT margin is 3.1%. Whereas in Q2, it was 5.4%, sir. Let me see. Hello. The main reason is forex. Forex loss only. Euro has gone substantially down in this quarter, which has impacted our margins adversely. Because all our sourcing is in dollars, and if euro is weaker, then realization from the same quantity is lesser. Thank you, sir. थैंक यू. ओके. Thank you. We have our next question from the line of Viraj from SiMPL. Please go ahead. Yeah, just two questions. One is on depreciation. Again, if the CapEx run rate is around 400-450, then why is the depreciation moderating? I mean, the annual depreciation seems to be moderating. So, what explains that? Is it any change in accounting policy and any write-off of intangible we have taken in nine months? I give the mic to Mr. Shailesh. Yeah, so our amortization, depreciation amortization will remain in that level only. There is, if anything is, our product registrations are discontinued, then we take it as a hit in P&L. But by and large, we are, we will follow that what we have given the guidance on the depreciation side. Okay. And second question. कंटिन्यू. सॉरी, सॉरी. No, no. I have said that you have to look at the overall, our year-end run rate, which we are having around 69-70 crores quarterly. So, around 270, 278, 280 will be our annual P&L charge on account of depreciation, around 270 crores. Okay, understood. And sir, second question is for the gross margin for different region. Can you give a similar figure for the last quarter? Last year, similar quarter? Last year, similar quarter. One minute. Margin, margin. Yeah, so quarter three of last year, same period, Europe is 35%, NAFTA is 12%, LATAM is 31%, and rest of world is 28%. Total is 26%. This is I am talking about agro. Yeah, understood. Okay, see the two questions. Thank you very much. Good luck. थैंक यू. Thank you. We have our next question from the line of Rohit Nagaraj from B&K Securities. Please go ahead. thanks for the follow up. Sir, just one question. Again, talking about the competitive intensity from China, given that we must be traveling to multiple geographies from business perspective, have we seen Chinese companies registering their products in other geographies, the way we have been doing our business for a fairly long time? Thank you. There are some stray incidents. Some Chinese companies are trying and registering their products. Okay, sir. That's all from my side. Thank you. All the best. Okay. Thank you. We have our next question from the line of S. Ramesh from Nirmal Bang Equities. Please go ahead. So, if you look at your past performance and if you look at the numbers you are given in your presentation, what is the timeline you can envisage to achieve, let's say, 4,000 crores revenue, assuming the current volume growth and demand sustain? And once you achieve that kind of scale in terms of top line, do you think you will be able to achieve the kind of profitability you have seen in the past period? See, I think we will be trying to reach this target this year for 4,000 crores. Okay, and if I may, one more question. In terms of the growth drivers, given the kind of base we have in terms of high volume growth, in the next one or two years, do you see volume growth in the double digits? And to the extent that you get price increases, will you see the volume growth and price increases contributing to top line growth? How do you see that performance? We see the same that your question suggests. When this will grow, the top line will also grow. Okay, thank you very much. Thank you. Thank you. The next question is from the line of Shubham Sehgal from Skill Ventures. Please go ahead. हेलो, राउडली। Yeah, yeah. My question is on our non-agrochem business. So, if you see in the past, the margins we used to get were around 16%-18%. But in the last one to two years, we are getting consistently above 20% margins, like north of 20%, 25%. So, are we doing anything differently here, that we are getting better margins even after such bad environment? I think, I mean, some opportunities where our competitors are not able to meet the requirements of the customers, and we are. Okay, and like, are we sourcing better now? That's why margins have increased, and is it just the opportunities we are taking? Sourcing what? Have we like improved our sourcing? That's why the margins are improving, and just the opportunities you mention? I think it's both. The opportunities as well as our relationship with our suppliers. Okay, alright. That's just my question. Thank you. Thank you. We have our next question from the line of Rajat Sethia from iThought PMS. Please go ahead. Mister Rajat, please go ahead with the questions. As there is no response, we will move on to the next question. The next question is from the line of Rajakumar, a shareholder. Please go ahead. Yeah, good evening, sir. Thanks for the opportunity. Sir, my question is, sir, in the previous call, you mentioned that the guidance that you gave for FY25 was based on FY23. You said, from that top line number, we will be 15%. So, if I see March 23, you did 4,000 crores top line. So, which means, will you be doing 4,600 plus in FY25? No, 4600 is the EBITDA target. I think we will be doing around 4000. Okay, so it will be better than the Q4 of the last year. That's because you did INR 1,300 crores top line. Yeah, it will be quite better than Q4 of last year. Okay, sir. And what would, so we will be able to maintain EBITDA of about 18%-19% for Q4? So, as to meet overall EBITDA number of 15%? यस, प्लीज। Ya, okay, sir. Thanks a lot. थैंक यू। Thank you. We have our next question from the line of Vivek Rathi and individual investor. Please go ahead. Hello, sir. Thanks for the opportunity. So, just wanted to ask that on the depreciation, which you said, I know, because of the depreciation, this time, around revenue of INR 600 crores, we have got this around 1% of the margin. But, is it related to this particular quarter, and we will see this happening over next few quarters as well? I am not able to grasp your questions. Either the words are getting mixed up, or the quality of the line is not so clear. Okay, let me, let me give it a shot. Please speak slowly and little loudly. Okay, sure. So, what my question was on the 1%, the margin, I think, around 4% for agrochemical, we got 600 crores, and 1% 700 crores depicted as EBITDA. You mention in previous answer that it was, it was because of the depreciation. Is that only one quarter scenario, and are we expecting it to continue further in few other quarters? What I mean? Just one quarter, and continue? See, I think you are again referring to the segment disclosure, right? राइट, राइट। Yeah, so, this is as per the segment reporting disclosure. This, this figures has to be after taking the charge, depreciation charge into account, right? And this will be, this will continue. Our whatever depreciation on quarterly basis, is this numbers are coming after taking the depreciation charge. So, it will continue. Okay, thank you. या, थैंक्स। Yeah, thanks. One last question. The registration, I remember, in the last few conference calls, the Chairman mentioned that the registration process is complex across geographies for the, for the different products. So, that continues to be the same, even if, if companies in China and any other countries, that process remains the same, right? You are referring registration process? Yeah, registration process for the, no, for the various products, which we have. Yeah, so, what is the geography? In different geographies. So, I recollect in last few quarters, I mean, even before your, the team has mentioned that it is difficult to get it. It's a complex process, not easy, and it takes years. It's not month. Yes, correct. You are right, you are right on this, right? So, there is a, yeah. प्लीज कंटिन्यू। Yeah, it is complex process, and takes time. You have to have patience to get registration. Yes, it will, it is right. And it is for every country, not, I mean, it's, let's say, if somebody is applying for other country, the process remains the same. There is no, no, no leverage for anyone else as well, right? नो। Okay, thank you. Ya, thank you. Thank you, ladies and gentlemen. That would be the last question for today. And I will now hand the conference over to the management for closing comments. Over to you, sir. हेलो। Yes, sir. Any closing comments? Yeah, I want to say in the end, thank you everyone for joining us. I hope we have been able to answer all your queries. We look forward to such interactions in the future. We hope to meet your expectations in future too. In case you require any further details, you may contact Mr. Deven Dhruva from SGA, our investor relations partner. Thank you. Thank you. On behalf of Antique Stock Broking Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.