Ladies and gentlemen, good day and welcome to Sharda Cropchem Limited Q2 FY27 post-results conference call hosted by Antique Stock Broking 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 Limited. Thank you, and over to you. Yeah, thank you, moderator. On behalf of Antique Stock Broking, warm welcome to all the participants on the Q2 FY27 earnings call of Sharda Cropchem. Today we have Mr. R.V. Bubna, Chairman and Managing Director, Shailesh Mehendale, CFO, and Mr. Jetkin Gudhka, Company Secretary, on the call. Without any delay, I would like to hand over the call to Mr. Bubna for opening comment, post which we will open the floor for Q&A. Thank you, and over to you, Bubna ji. Thank you. Thank you, Manish ji. Good afternoon and very warm welcome to everyone present on the call. Along with me, I have Mr. Shailesh Mehendale, our CFO, and Mr. Jetkin Gudhka, Company Secretary, and SGA, our investor relations advisors. Hope you all have received our investor deck by now. As you are aware, we are engaged in marketing and distribution of wide range of agrochemical products, that is herbicides, insecticides, fungicides, and biocides, catering to diverse global markets. We prepare comprehensive dossiers and seek registrations of these products in our own name. We allocate substantial resources for securing registrations of our products and thus establish our foothold in the market. Our total product registration stood at 3,044 as on 30th September 2026. Additionally, 946 applications for product registrations are in the pipeline. I am pleased to share that we have delivered another quarter of healthy growth, and the first half of 2027 has been encouraging across our key operating metrics. Revenue for the quarter grew by 13% year-on-year to INR 1,052 crores. Gross margins expanded by around 140 basis points to 35.9%, while EBITDA grew 18% to INR 164 crores, taking our EBITDA margin to 15.6%. Profit after tax for the quarter rose 23% to INR 92 crores. In terms of revenue analysis for the quarter, the 13% revenue growth was on account of increased prices, positive forex impact, and improved product mix of 18.3%. With the volume degrowth of -5.1% for the half year, the 11% revenue growth was on account of an increased prices, positive forex impact, and improved product mix, that is -14.5%, with a volume degrowth of -3.5%. NAFTA was the standout of this quarter. Revenue from the region grew about 30% year-on-year, with significantly better margins. LATAM also did well, with agrochemical revenue up by over 80%. Together, these regions more than made up for a softer quarter in Europe. Europe, our largest market, saw a slight moderation this quarter, coming off an exceptionally strong FY26. The weather challenges were highlighted last quarter, continued through the September quarter, with extended heat and drought conditions in parts of Central and Eastern Europe. As a result, distributors have taken a cautious approach to restocking. We see this as a temporary weather-led impact rather than any change in underlying demands. Our registration portfolio and customer relationship in Europe remain strong, and as conditions normalize, we expect the region to do well in the second half, which is seasonally our stronger period. Further, we are encouraged by the momentum in NAFTA and LATAM, the steady growth of our non-agrochemical business, and expected recovery in Europe. Our growing registrations portfolio and healthy pipeline give us a good visibility on new product launches over the coming years. We continue to maintain our FY27 revenue growth guidance to 10%-15%. We also expect EBITDA margins to improve through the year and remain between 18%-20% for FY27, supported by better product mix and operating leverages in the second half. FY27, we aim to increase product registrations with a planned CapEx of INR 550 crores-INR 600 crores, backed by strong pipeline that reflects our resilience and growth focuses. With this brief overview, I would now like to hand over the call to our CFO, Mr. Shailesh Mehendale, for discussing our financial and performance over the year. Thanking you. Thank you. Good afternoon, everyone. Coming to the quarter 2 FY27 performance, revenue stood at INR 1,052 crores in Q2 FY27 versus INR 929 crores in quarter 2 FY26, an increase of 13% year-on-year. Coming to the split, agrochemical business grew by 5% year-on-year to INR 840 crores, whereas non-agrochemical business grew by 68% year-on-year to INR 212 crores. Gross margin stood at 35.9% in Q2 FY27 as against 34.5% in Q2 FY26, an increase of 140 basis points. EBITDA grew by 18% to INR 164 crores, with EBITDA margin at 15.6% as against 15% in Q2 FY26, an increase of 70 basis points. Forex loss stood at INR 0.4 crores in Q2 FY27 as against loss of INR 6.1 crores in Q2 FY26. PBT stood at INR 107 crores, an increase of 25% year-on-year. On like-to-like basis, PBT prior to forex grew by 17% year-on-year to INR 108 crores. PAT stood at INR 92 crores versus INR 74 crores last year, an increase of 23% year-on-year basis. Coming to the H1 FY27 performance, revenue stood at INR 2,125 crores in H1 FY27 versus INR 1,914 crores in H1 FY26, an increase of 11% year-on-year. Coming to the split, agrochemical business grew by 6% year-on-year to INR 1,755 crores, whereas the non-agrochemical business grew by 40% year-on-year to INR 371 crores. Gross margin stood at 36.3% in H1 FY27 as against 35% in H1 FY26, an increase of 130 basis points. EBITDA grew by 22% to INR 343 crores, with EBITDA margin at 16.1% as against 14.7% in H1 FY26, an increase of 140 basis points. Forex gain stood at INR 7.1 crores in H1 FY27 as against forex gain of INR 67 crores in H1 FY26. PBT stood at INR 226 crore versus INR 255 crores last year. On like-to-like basis, PBT prior to forex grew by 16% YOY to INR 219 crores. PAT stood at INR 180 crores versus INR 217 crores last year. The company continues to remain a debt-free company with cash, bank, liquid investments stood at INR 846 crore as on 30th September 2026. Working capital days stood at 70 days as at 30th September 2026, showing an improvement by 28 days as compared to March 2026. ROCE stood at 25.9% and ROE stood at 20.1%, reflecting the continued efficiency of our asset-light, registration-led business model. We can now open the floor for the question answers. Thank 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 their 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. The first question is from the line of Anubhav Mukherjee from Prescient Capital. Please go ahead. Am I audible? Yes. Please. Sir, congrats on strong results. My first question is, can you share the breakup of this 13% YOY revenue growth in Q2 into realization increase, forex, and volume growth? Sir, your question is not very clear to me. Sir, I was asking this 13% year-on-year revenue growth in Q2 FY 2027. Can you give us breakup that into forex realization increase and volume growth? Yes, one minute. Let me see. See, I stated in my speech that the revenue growth was on account of increased prices, positive forex impact, and improved product mix of 18.3% with a volume growth of 5.1%. Volume degrowth of 5.3%. For the half year, the 11% revenue growth was on account of increased prices, a positive forex impact, and improved product mix of -14.5%. Minus [inaudible] Sir, just a small follow-up. This 18.3% increase because of forex and realization increase, can you further give the breakup between realization increase and forex? Well, I do not have these figures right now. If you want, you can contact us later on over phone. Okay, sir. Sure. Sir, you also mentioned the increase in CapEx and the strong pipeline that you are witnessing of registrations. Can you provide some more detail on what type of registrations are we going for? Is it for some product-specific products that are going off-patent and in which geography? That would be very helpful. Sir, we are selling to about 75 countries in the globe, and there are a lot of products. It is difficult to say for your specific answer. Most of these products are used in all the geographies. Okay. Sir, this strong 68% year-on-year growth in Non-Agrochemical segment, what I understand- Anubhav. Yeah. Anubhav, just to clarify, I think for H1, Hello? Anubhav, just to clarify, the H1 for half year, this 11% revenue growth is on account of increased prices, positive forex impact, and improved product mix of 14.5% and degrowth of 3.5%. So positive 14.5%. Got it, sir. Thanks for the clarification. Yeah, and volume degrowth of 3.5%. Now you continue with your question. Yeah. Thanks. Sir, I was also asking this strong 68% year-on-year growth in the Non-Agrochemical segment. What I understand is that in this segment, there are two, three different product categories we are in. One is industrial belts, then chemicals, and then dyes. So, can you give some color on which particular product segment has driven this strong growth, and what has driven this growth? Mainly because of conveyor belts, rubber belts which are used for transportation of goods and material handling. Got it. Sir, what is driving this very strong growth both in this quarter and overall H1? Sir, this is purely depending upon the demand because of lot of uncertainties in the international markets and problems of transportation and other things. People were waiting for the things to improve, and all of a sudden they found that they are running short of their stocks, and they started buying at a faster speed. This is sustainable for the whole of- I am so sorry to interrupt, Anubhav. You may please rejoin the queue for more questions. Sure. Thank you. Next question is from the line of Jatin Damania from Svan Investments. Please go ahead. Hi, sir. Thank you for this opportunity, and congratulations for a good set of results. Sir, over the last 12 months, we have spent almost INR 500 crores on registrations, and our registrations have increased by almost 50 for the last 12 months. Whereas in our pipeline, the number of registrations have dropped by 120. So, have we dropped those 70 registrations, or have we withdrawn them while they were in process? What is the answer? Hello? I will have to go into the details. One minute, you have something? Yeah, I will give the mic to Mr. Shailesh Mehendale. So, there is a net increase what you are referring, right? No, no, net decrease, sir. Yeah. So, there is a drop in the pipeline registration, but there is an increase in the registration. So, it is an ongoing process, and there are certain registrations which are getting discontinued, and there are certain new registrations which are coming in this particular H1. No, sir. I agree that there are certain new registrations, but if you look over the last one year, if your total registration and pipeline, which was near about more than 4,050, 4,070 products. Now, if you look at this year, it is closer to 4,000. So, the incremental 50, difference of 50, have we withdrew any registration, or how shall one look at it? No, no. We have not withdrawn any as such registration. There are certain products getting discontinued, so those registrations are getting dropped. Plus, we are also, in the past also, our MD has explained that we are also focusing on the U.S., particularly where you have to pay a data compensation to the And that resulting in this increase in CapEx in the H1. Okay? So, of the INR 400 crores of the CapEx that we have done in H1, how much will be pertaining to the U.S.-related things? So, that I think we will give you offline, this particular breakup. We can provide you the registration breakup, how much is presently in our region-wise breakup, but the actual spend, this INR 419 crores, we can give you offline. Yeah, sure. Can you give a region-wise breakup of registration? Yeah, yeah. We can provide you. Just note it down. Sure. Total registration on 30th September is 3,044. That includes Europe, 1,701, NAFTA, 333, LATAM, 760, and R est of the World is 250. Okay. In pipeline, out of 946, Europe is 548, NAFTA is 103, LATAM is 155, and R est of the World is 140. On the follow-up questions on the earlier commentary which Mr. Bubna indicated, that in EU, the restocking and the second half can see a recovery. Do you think that we will again be jumping back to the original profitability that we used to report in the previous quarter from the European business? Sir, it is likely to improve. It is likely to improve. Yeah. On this CapEx thing this year, when you indicated this INR 550 crores- INR 600 crores of the CapEx that you will be doing it, out of this INR 420 crores, we have already spent. Looking at your second half cash flow, definitely our cash on the book will probably increase from INR 846 crores that we reported at the end of first half. How shall one look at the capital deployment over the next six months or probably 12- 15 months? Sir, I have said in every conference call that the process of registration is absolutely unpredictable. The things change at the last moment. The government authorities come out with new and new requirements at the last moment, and the approval process also gets delayed because the authorities are not able to meet so frequently, and many things which are totally beyond anybody's guesswork or planning. This is what we are facing for the last 25 years. Okay. It is very difficult to predict what registrations will come and how many, and things like that, or the costs. The cost increased because all of a sudden, they say that this test is more again required to be done or repeated and so many things. They are all being guided on these steps by the innovators and multinational companies. Okay. Sir, on this U.S. thing, like in this year, since we have seen an increased CapEx, do we foresee any other incremental CapEx or one-time CapEx that should hit Sharda Cropchem because of the registration in near term? I have to repeat again, we had not foreseen that we will have to spend so much on the registrations in the first half because some processes were being negotiated, data compensation we had to pay, they got negotiated. When we have no consent, then it goes to the arbitration. The arbitration process takes long. Our experts were saying this will go much lesser amount, but the results came, I mean, the outcome came much higher. These are totally unpredictable. Right. And sir, as you indicated that second- I am sorry to interrupt. Ma'am, it is a follow-up question. As you indicated on the strong recovery in second half, and since you have already given a guidance of 18%-20% EBITDA margin, even if you assume a lower end of 18%, is it fair to assume that second half margins will be upwards of 20% for us? Yes, it can be. Sure, sir. Thank you. All the best, and wish you and your team a happy Diwali. Thank you. Same to you. Thank you. Next question is from the line of Anubhav Goyal from Cosma Ventures. Please go ahead. Yeah. Hi, sir. Thank you for this opportunity. Sir, I just wanted to understand our strategy, if any, towards bio products. Globally, I think China is there in every product. These products of biological, bio solutions, biocontrol, they are growing much faster. How is our portfolio positioned here, and do we have any registrations here? Because this trend would mean not having significant R&D and relying solely on registrations may no longer be a material differentiator. Sir, just your thoughts on this. We are also going in the biocide products, and our products are increasing in the biocide products also. But sir, like even a few years from now, do you see this as like contributing maybe 10% of sales to the company? The total market for biocides is much smaller compared to agrochemicals. These biocides are used only for specific uses, and the demand and the quantity consumed is much lesser, much smaller. So, you cannot compare them with insecticides, herbicides, and fungicides, because agriculture is a much bigger volume and vast. But sir, it would still be fair to say that in five years from now or seven, eight years from now, if this ends up becoming a good part of portfolios globally, then this will make a good part of our registrations not as useful. Mr. Goyal, it is very difficult to say what is a good part. When there is a limited market, limited consumption, limited quantities, you cannot say what is good part. If our agrochemical business is also going to grow, and the growth in agrochemicals is going to be faster than biocides. Okay, sir. Okay? Okay, sir. And sir, just one more question, sir. Sir, is there any thought process that over a period of time, like for us to scale up much more, we will need to invest more in marketing and support a greater shift towards B2C sales? Again, your question is quite confusing. We are also making attempts to have B2C share of the market. We are working on that direction, and we are achieving some good results also. Okay, sir. Thank you so much. Thank you. Next question is from the line of Madhur Rathi from Counter Cyclical Investments. Please go ahead. Madam, what is the name of the company? Sir, Counter Cyclical Investments. Madhur Rathi. Sir, thank you. Madhur Rathi, and which company, sir? Counter Cyclical Investments. Okay. Yes. Sir, I wanted to understand regarding the volume growth that we have seen during H1 versus we were expecting some volume growth during the year. How should we look at it? Sir, our inventories have increased as well by 35%, and even on a YOY, our inventories are higher. If you can help us understand our distributor, and you mentioned that distributors are not building up the inventory. For the whole year, how should we look at the volume growth? Sir, I feel the developments that have happened in the first quarter are not normal. They are going to move towards the normality in the second half. The consumptions in the market is always much better in the fourth quarter of the financial year, and then the third quarter, and first and second quarters are always on the lower side. Right. But sir, even if I consider YOY, our volumes have declined considering H1 to H1. Do we see an uptick in demand during H2 as well as FY27? Yes, you can see. Got it. And sir, if I were to understand that other agrochemical majors who, sir, I'm not asking about the API players, but a player like UPL or other agrochem players, sir, are they also acquiring these registrations that we are? Are they a competitor to us by acquiring these registrations? Sir, we are always competing in the same market. They are competitors, but all these companies that you mentioned, they are also producing the products. We don't have our own production of any of these products. So a producer or a manufacturer always have a limitation. He cannot change the product mix so fast, which we can do. He can only produce limited amount of products, and the portfolio also restricted by this. In our case, our portfolio can be expanded, is very flexible, and it can be twisted this way or that way with least botheration. Sir, what I'm trying to understand that, for example, our registrations are roughly 50% of our network. Sir, is there any competitor, sir? Because we don't find in our competitor's balance sheet that kind of registration. See, my dear friend, then you have to understand our business. Our CapEx is only on registrations. All other people also have CapEx on the manufacturing facilities and tangible assets, which we do not have. So that should answer your question. Sir, I am not comparing the registration with fixed asset. I am comparing the registration with the network of the company. Sir, my question is that, sir, why are our competitors, in their balance sheet, we don't find any significant registration in tangible asset? Please ask this question to them. Sir, one more thing I wanted to understand. Sir, now with the AI, and sir, also there are some videos which basically the laser is basically eliminating the weeds, but the sensor is basically detecting and the laser is basically burning it out. So basically, sir, and the precision delivery of agrochems, sir, do you foresee that in the next 5- 10 years, the volumes might decrease? No, I don't think so. The volumes will increase because the population of the world is increasing, concerns of food is increasing, and the agricultural products demand will also increase. Okay, sir. Thank you. Thank you. Bye. Thank you. Next question is from the line of Rohit Nagraj from 360 ONE Capital. Please go ahead. Thanks for the opportunity. Sir, first question is that during first half, obviously the volumes have been challenging, but in the initial part of the current ongoing quarter, during the month of October, how are we looking in terms of volume offtake, particularly in the European and LATAM geographies? Thank you. It is improving. Thanks. Sir, and second question is, you also mentioned that we are looking at B2C. Which particular geographies are we looking at, and how is the scale-up that we are expecting maybe over the next 3-5 years? Thank you. We are looking at several geographies, and the scale-up is not going to be so fast because the B2C business requires a lot of manpower, smaller quantities, and very well-spread geographies as compared to B2B. Correct. Sir, just I will squeeze in one last question. In terms of availability of material from China at competitive prices, how is the scenario given that there has been a material inflation in crude-based raw materials? How are we looking at that, and whether that complete transfer is happening, or is it happening with a lag to the customer or the dealer distributor? Thank you. Sir, your question is very long and little complicated. Can you be more precise? Sure. I can only answer that availability of the products in China is good, the products are available, and the prices are fairly competitive. Perfect. That answers my question, sir. Thank you, and all the best. Yes. Thank you. Next question is from the line of Viren Deshpande from Alphapeak Investments. Please go ahead. Yeah, good afternoon, sir. I am Samir Deshpande here. Sir, congratulations for the good results. Actually, there are a lot of news flow everywhere regarding these various shipping routes which are facing problems. That is, one is this Red Sea route, other is the Strait of Hormuz, where there is a lot of disruption in the logistics and supplies. Are we facing any issues on that front? See, we are the Hormuz channel. It is not affecting us much at all. Okay. Because our goods are traveling to Western, I mean, all around the globe on the Western side, you know. Okay. It is only taking extra time. The cost of freight is also increasing, but it is not affecting the performance. Okay. It is not affecting us. Our supplies are continuing to be in normal. As per the demand, we are in a position to supply? Yes, sir. Very good. The second question is regarding this euro- dollar. Currently, the parity has gone significantly lower at 1.12 or so. Will it affect our profitability going forward? See, we have an impact of this cross-currency exchange rates, but these things are also very unpredictable. It is almost in the steady range in the last three, four months. Earlier, the euro-dollar exchange rate was more favorable to us, but the things get normalized. Another thing is we have no control, but we are not being affected so badly by these exchange rates. Our profitability, as you mentioned, continues to be quite reasonable, and as per your guidance, we are in a position to maintain those? Yes, sir. Okay. Thank you, and all the best. Happy Diwali to you all. Thank you, sir. Thank you. Next question is from the line of Sonal from Prescient Capital. Please go ahead. Hi, sir. I am Sonal Minhas from Prescient Capital. I have two questions, if I'm audible. Yes, please. Yes, sir. Sir, compared to the June quarter for this year, in this quarter, our gross margins have come down by 1%. Given the oil prices are going up and there is a commodity squeeze, can you give us some guidance on gross margins for H2 for this financial year? Are they expected to go down, or they are expected to hold at current levels? Sir, they are expected to hold or go up. Okay, sir. Compared to first half. All right, sir. Got it, sir. One more thing. We have been invested, and we have been tracking your company for a while, so just wanted to understand your depreciation and amortization expense is a leading indicator for your revenue growth over time, the future revenue growth. In June quarter and this quarter, you have expensed INR 100 crores each in your depreciation and amortization compared to INR 70 crores-INR 75 crores for the same period last year. Is this something which is a leading indicator for revenue growth, if not in H2, but in the future next financial year? Sir, one minute. I will ask our CFO to reply to this question. Yeah, I think what you are saying, it is leading to the See, you have correctly understood that our amortizations over last quarter is more compared to last year same period. Yes, sir. It will continue even for balance H1, with this whatever we have already capitalized spend on intangible assets, product registration, CapEx. This we have capitalized and amortized over a period of five years, that is our amortization policy. The second question is it leading to the revenue? Yes, definitely it is going to give a higher revenue. Yeah. All right, sir. I will call back in a bit. But this is towards the new products also, for which we have capitalized, which will give a higher revenue in the future. Yeah. Got it, sir. Thank you for answering my question. Thank you. Thank you. Next question is from the line of Rajat Setiya from ithought PMS. Please go ahead. Hi, thank you. Sir, can you please share the geography-wise gross margins for this quarter? One minute, let me check up. Yes, sir. This is for the Q2 you want, no? Yes, sir. Hello? European region, our gross margins have been 41%, NAFTA region, also around 40%, LATAM, 14%, and Rest of the World, 31%. Overall, 35.9%. Sir, these are for agrochem division or the total gross margin? These are for the total business. Okay. All right, sir. Did you also mention previously in the call that in Europe you expect margins to either stay or improve from here? Yes, please. Okay. All right, sir. Thank you so much. Thank you. Thank you. Next question is from the line of Anubhav Mukherjee from Prescient Capital. Please go ahead. Thanks for the follow-up opportunity. Sir, how is the pricing environment for generics? Have we experienced pricing improvement in our key markets? You used the word generics. What does that mean? Nobody's- Sorry, sir. I mean, every product needs to be registered. Whenever it goes off-patent, and the registration process is very complicated and very uninteresting for most of the investors, and a lot of uncertainties. People don't like to invest into the registrations. They prefer to, if they have extra capital, they like to deploy into tangible assets. Get that. Sorry, sir. What I meant was for agrochemicals, like our product portfolio. Then you have to be a little more specific. Can you repeat your question, please? Sir, I was asking how is the pricing environment for agrochemicals, and have you witnessed a price improvement? Yeah, we are witnessing the price improvements. See, when a product becomes old, it becomes like a commodity and the prices go down. But when a product is freshly gone off-patent, the margins are very good and the prices are also very good, and the competition is very limited. Okay. Sir, I was asking more about generally for the overall portfolio, because the prices had gone down significantly post-COVID period. How is the pricing environment now? Is it improving? It is improving. The speed of improvement is still not as per our expectation, but it is improving. Got it, sir. Thanks, sir. Got it. Many products, it is still far down compared to the pre-COVID days, but still, it is not impacting the general business so much. Anubhav, does that answer your question? Yeah. Thanks. That's all from my side. Thank you. Next question is from the line of Rajat Setiya from ithought PMS. Please go ahead. Thanks. Sir, in the last two quarters, our margins in NAFTA region have gone up a lot. What is driving those margins, and are these margins sustainable? See, mainly the margins are also depending upon the demand and availability. We have found in the last, I mean, first half, the demand is good and availability is lesser. That is giving us better possibilities and better margins. And sir, do you see them sustaining, or how do you see them in the rest of the year, for NAFTA region particularly? We feel they are sustainable. Okay. And it has nothing to do with the tariffs thing, or some of that is also a reason? See, again, I am very happy that you have raised this question. Tariffs are not affecting agrochemical business at all. Okay. Because these products are not freely tradable, not freely available, and not freely marketable. Every product needs to be registered, and in case of trading companies like us, we are restricted to source it only from an approved source, which is approved by the authorities. A customer has not much choice. He has only two, three options. He cannot buy from any country in the world. He has to buy only from the country for which the registration is approved, and the choice is very limited. So, it is very easy for us to pass on all the tariff increases to the customers. Okay. And sir, in the non-agro side, our margins in this quarter, while the Non-Agro segment has delivered one of the best performance, but our margins have come down. Is it because of higher share of conveyor belts? No, higher share is not It's a very small element, but the transportation costs. In the case of conveyor belts, the transportation costs have increased so much, and they form an important part of the total cost. Okay. And this transportation cost, is that also a big contributor in the revenue growth of this division in this quarter? No, not so much. It is, but not so much. Okay. And sir, finally, El Niño- I am sorry to interrupt. Rajat, you may please rejoin the queue for more questions. Sure. Thank you. Next question is from the line of Mohit Chugh from Subh Labh Research. Please go ahead. Hi, sir. Hope I am audible. Yes, please. Sir, taking from the previous participant question and your initial comments, you mentioned that LATAM and NAFTA performed better than Europe. Can we assume that the realization growth was better in those two regions as compared to Europe? Yes, in our case. Because I would say that in our case, our realization, I mean, margins were lesser. Now the margins have got improved, maybe because of good availability of the products with Sharda. Okay, sir. Also, sir, on volume side, was there a positive growth in volume in those two regions? There was a positive growth in the NAFTA region, but not in the case of Europe. Okay. Thank you, sir. These were my questions. Happy Diwali to all. Thank you. Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference back to the management for closing comments. Yes, ma'am. 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 also learn a lot from these interactions. We hope to meet your expectations in the future also. In case you require any further details, you may contact us or our investment advisors, SGA, as they were our partners. Thank you so much. Thank you very much, sir. On behalf of Antique Stock Broking Limited, that concludes this conference. Thank you all for joining us today, and you may now disconnect your lines.