Ladies and gentlemen, good day and welcome to Solar Industries Limited Q2 FY 2025 earnings conference call, hosted by Nirmal Bang Institutional Equities. 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 Ms. Natasha Jain from Nirmal Bang Institutional Equities. Thank you, and over to you, ma'am. Thank you, Manav, and good morning, everyone. We welcome all of you to the second quarter FY 2025 earnings conference call of Solar Industries India Limited. Today on the call from the management, we have Mr. Manish Nuwal, MD and CEO, Mr. Suresh Menon, Executive Director, Mr. Milind Deshmukh, Executive Director, Mr. Moneesh Agrawal, Joint CFO, Ms. Shalinee Mandhana, Joint CFO, and Ms. Aanchal Kewlani, SRM and IRM. I would now like to hand over the call to Aanchal. Thank you, and over to you, ma'am. Thank you so much, Natasha. It's a pleasure to have you on the call. A very good morning to our dear stakeholders and well-wishers. My name is Aanchal, and I would like to welcome you all to the Solar Industries India Limited's second quarter and half-yearly conference call of FY 2025. This call's recording, including the transcript, will be available on the site. The financial statements, quarterly fact sheets, investor presentation, and press release are also available on our website. To begin with, I would like to remind you that during the call, we might make projections or other forward-looking statements regarding future events and about the future financial performance. Please remember that such statements are only predictions. Actual events or results may differ materially, and our website will be updated with all relevant information timely. Now, I would request Solar's CEO and MD, Mr. Manish Nuwal for his opening remarks on the company's performance, followed by a Q&A session. Thank you. Over to you, sir. A very good morning to all the well-wishers and stakeholders of Solar. With much enthusiasm, I take this opportunity to highlight Solar's resilience and strategic agility. The second quarter of this year once again brings us the privilege of announcing record achievements across key metrics. We have delivered a robust performance by registering the growth of 27% year-on-year in this quarter. We have achieved the highest-ever quarterly EBITDA and profit after tax at INR 475 crores and 304 crores, registering a PAT growth of 45% year-on-year and highest-ever half-yearly EBITDA and PAT at INR 949 crores and 604 crores, registering a PAT growth of 47% in the first half of the year of FY 2025. The company has also achieved highest-ever quarterly, highest-ever yearly EBITDA and PAT margins at around 27.9% and 17.77%, respectively. The company's portfolio expansions and encompassing products from energetic materials to ammunition has received strong support from India's defense contracts and export orders. We are expecting the Pinaka orders very soon, along with the orders from international customers. We are glad to share that defense sector potential has started unfolding, with the revenue growth of 204% year-on-year and increasing threefold from ₹106 crores to ₹322 crores in this quarter. We are optimistic of achieving defense product sales of ₹1,500 crores, with defense reaching around 20% of our total sales for the year FY 2025. We remain confident in Solar Industries' growth trajectory, which will continue to drive long-term value for our investors and stakeholders. As we move forward, the government's ongoing commitment to housing and infrastructure development, along with the rising power demand, gives us confidence to reach our annual guidance. Our industry has faced subdued demand due to elections and heavy monsoon season, impacting the execution of mining and infrastructure activities in the first half of the year. Despite these strong headwinds, we have achieved a growth due to robust performances from our international business and defense section. We are happy to highlight that we have recently bagged the two-year order from Singareni Collieries to the tune of INR 887 crores and defense products worth INR 1,110 crores, consolidating our current order book to INR 5,700 crore plus. On the backdrop of these orders and upcoming opportunities, we are revising our annual Capex guidance, significantly upward from INR 800 crores to INR 1,200 crores for the year 2025. The progress made by the company over the past two and a half decades with substantial contracts across defense, industrial explosives, and export segment. Solar Industries has fortified its order book and laid a solid foundation for sustained growth. Our development has been radical as we continue to explore growth opportunities. We remain committed to a high-performance culture, which will help the company to create value for the stakeholders. Now, I will hand over the call to Aanchal for the quarterly updates. Thank you. Thank you so much, sir. Before beginning, I would like to highlight our major quarter updates. Highest-ever quarterly EBITDA at INR 475 crores and PAT at INR 304 crores. Highest-ever quarterly defense revenue registered at INR 322 crores. Highest-ever order book crossing INR 5,700 crores. Revised Capex for FY 2025 from INR 800 crores to INR 1,200 crores. We have already shared the investor presentation carrying all necessary information for your purposes, so we will go quickly through the numbers. The consolidated revenue for the quarter is INR 1,716 crores versus INR 1,347 crores, and for half-year, it is INR 3,401 crores versus INR 3,030 crores. Our explosives volume for the quarter and half-yearly is increased by 7% and 12%, respectively. Initiating systems revenue increased by 2% in the half-year. The percentage of the sectors in the customer basket are as follows. CIL is down in the basket to 10% from 14%. Non-CIL institution is at 13% from 15%. H&I is at 11% in the basket. Export and overseas is almost similar at 46% from 47%. And defense is increased and is at 19%, quite close to our annual guidance of reaching 20% from 8% in the basket in the previous year. In the half-year, the basket more or less remains the same, except for CIL, which has come down from 15% to 12%, and defense, which has majorly increased from 9% to 15% in the basket. And in absolute terms, the same is increased by 98% year-on-year. Raw material consumption for the quarter stands at INR 843 crores versus INR 653 crores, and for half-year, it stands at INR 1,713 crores versus INR 1,615 crores. Coming to employee cost, the employee cost for the quarter stands at INR 145 crores against INR 103 crores, and for half-year, it is INR 276 crores against INR 203 crores. Other expenses for the quarter stand at INR 283 crores versus INR 255 in the quarter, and for half-year, it stands at INR 518 crores. Coming to EBITDA, we reported an EBITDA of INR 475 crores against INR 344, showing a decent rise in the margin from 25.52% to 27.70% in the seasonally weak quarter. We reported half-yearly EBITDA of INR 949 crores against INR 675, with a margin of 27.90% against 22.29%. Interest and finance charges, the cost stands at INR 30 crores against INR 25 crores, and for half-yearly, the cost stands at INR 57 crores against INR 50. Depreciation cost stands at INR 44 crores against INR 34, and for half-yearly, it stands at INR 84 crores against INR 68. EBITDA stands at INR 407 crores against INR 285, and for the half-year, it stands at INR 815 crores versus INR 557 crores. For PAT, highest-ever quarterly PAT stands at INR 304 crores against INR 209, with margin standing at 17.70% against 15.51%. For the half-year, it stands at INR 604 crores against INR 411 crores, with a margin of INR 17.77 against INR 13.55. These were the updates for the quarter and half-year consolidated. That's all from our side. Now, we would be happy to take any questions, comments, or suggestions that you may have. Over to you, Natasha. Thank you very much. Thank you so much, Aanchal. Yeah. So Manav, can you please start the Q&A round? Thank you. Yeah. Thank you. We will 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 while asking a question. I repeat, you may press star and one to ask questions. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. We have a first question from the line of Bharat Shah from ASK Investment Managers. Please go ahead. Hi, Manish. Good morning. And to the Solar team, remarkable results. Congratulations to the team. Just one question. I was looking at the last three to four years of the results, quarter by quarter, and it's evident that what is the volume sold and trying to relate to the profits made or profitability in terms of the margin is an easy or very directly correlated exercise. Therefore, I presume the amount of or the quantity of the volume sold relatively has more correlation with the profits made. Profits will be the function, I suppose, of the mix. So clearly, defense has gone up as a percentage, and that has a deep impact on the margins also, the highest-ever margins in a quarter. Is that a correct way to judge? Because quantitative volume sold, they varied. Even in a high volume sold, profits have been lower in some quarters, and low volume sold also, the profits have been much higher. Therefore, I think the profits are more correlated to the mix and then maybe the raw material situation at a particular point of time itself. Just wanted to have. Good morning, sir. Actually, if you look at the last three, four years of our bottom-line analysis, it's very clearly evident that the way the defense as well as international business is unfolding, it is helping us to increase our EBITDA margins. And before last three, four years, we were continuously investing for creating infrastructure for defense, development of product. At the same time, we were expanding in new territories across the globe. So as a result, during those periods, the impact was there of higher overheads and higher depreciation, higher interest. At the same time, we were facing losses due to foreign exchange fluctuations. So once we are coming out of those headwinds, we are getting better EBITDA margins and as a result, better profit after tax also. So as far as volumes are concerned, definitely, sir, volumes are impacting or giving a positive support for the bottom line because the volume which we are mentioning is only for Indian market. At the same time, in the international business, we are also expanding our volumes, like I said. So, it's a combination of these two, three factors which is helping us to deliver better results. Right. Which means essentially, given the fact that defense is a rich margin or richer margin business, and the international business also, I presume, is a richer profitability business, how they shape up coupled with the volumes will really determine the amount of profits we make rather than looking at volumes in isolation. And volumes, as you correctly explained, is purely domestic and doesn't have impact from the other two activities. True, sir. That is what the reality is. Okay. Okay. Thank you, Manish. And again, remarkable performance in a quarter which is seasonally, otherwise, not the best quarter domestically speaking. Correct. Correct. Thank you. Thank you, Manish. Thank you. We have our next question from the line of Amit Dixit from ICICI Securities. Please go ahead. Yeah. Hi. Good morning, everyone, and thanks for the opportunity. Congratulations for great performance, sir, and particularly the momentum on defense is very heartening. I have two questions on defense side only. So the first one is on that we have recently developed three new explosives which were approved by Navy. So I just wanted to get an update that what is happening on Air Force or Army. Where are we on that, and if there is any development on commercialization of these explosives? As well as if you could highlight the further development in case of SEBEX and SEBEX factory, that whether we have sent any products for approval, the status over there. Yeah. Like we have shared in our previous quarter that we have developed the products like SEBEX and related products through our in-house R&D folks, and those are definitely pathbreaking products for our company's future growth, so like we have shared that these products are being tested by Navy and definitely going to add into the product list very soon, but Amit, like you are aware that qualifying a product, developing a product based on these raw materials, it takes time, so these are long-term initiatives which will definitely deliver positive support for the company, and as far as the facility for Chaff and SEBEX are concerned, it is first of its kind in India which will be producing these products, so we have already participated in the RFPs which require the products to be made in India, designed by Indian sources, so we are expecting the outcomes. So as we receive the orders, we will definitely share with all our stakeholders. Okay, and the second one is on Pinaka. While in the prepared remarks, you mentioned that we are expecting the orders soon, but we have also certain media reports suggest that France is also showing interest in Pinaka. So once we get the domestic order, do we see significant export opportunities? Previously, I think they were kind of limited to, as we understand, to basically other friendly countries. But now with France coming and showing its interest, I think it becomes even more widespread. So just wanted to get your comments on that. Yeah. Like I have shared in my previous quarterly call that we are going to receive Pinaka orders very soon. So very unfortunate that we have still not received the order. We were expecting the orders to reach in our hand in the last month itself. But based on the Diwali vacation and long holiday season, so I think it got delayed due to all those reasons. And now we are expecting that in a month's time, we should receive, we should start getting Pinaka orders. So those will be a definitely big milestone for our company. Similarly, if you look at the, apart from Indian opportunities, we all have seen the press articles which show that a lot of countries are showing interest in buying the products, which is definitely a big achievement for Indian defense industry, Indian defense research organizations, that the countries like France are showing interest in buying these products. But definitely, as we move forward, there will be many such opportunities which can come up from friendly countries. So we are also looking forward for those opportunities. So whenever it will come, definitely we will be there in the system or we will definitely get orders. So one more, if I can squeeze in again on defense. The DRDO has reached there. Recently, we read certain articles that DRDO is kind of developing long-range rockets with guided rockets with an Indian company. So there could be a production order also for the same. So are we involved in this in some way, or it is too early to comment anything on that? Definitely, we are also aware that there are efforts in developing the longer-range Pinaka rockets. So as such, it will be a bigger opportunity for a company like us to be participating in those programs. But since these programs are still in initial stages, so as we move forward, as we know the things very clearly, we will keep you updated. Okay. Great, sir. Thank you so much and all the best. Thank you. Thank you. We have our next question from the line of Dipen Vakil from PhillipCapital. Please go ahead. Thank you for the opportunity, sir, and congratulations on a great execution quarter. So my first question is in the lines of the order book, is it possible to give you a bit of a split between defense and non-defense? So total order book stands at 5,757 crores. So out of that, defense stands at around 3,336, and around 2,424 is for explosives. Got it, sir. So and next question is, how has raw material prices, mainly aluminum prices, moved in the last, say, one year, either year-on-year basis or quarter-on-quarter basis? If you can help us with the price for those, please. See, so year-on-year basis, the raw material prices have been flat. So as you see in our realizations, it's around 2% fall. So raw material prices have fallen, and currently, they have stabilized. Got it. Got it. So one last question. So we have some new product development in the form of Bharata. So in what stage would that be right now? And are there trials or when will the orders be expected for that? We've been developing this product for the last couple of years, and we have also received some requests for proposals where we have to share the specifications, and we have to fine-tune those specifications based on the user requirements. So it is at that stage. But once RFP comes out, once we participate, and once we receive the orders, we will share with you. But it is not going to be over in the next six months or twelve. It may take one year, or it may take two years also. We are definitely on the verge of developing and qualifying the products for armed forces requirements. Got it, sir. So and the export orders that we have received in the last month or so, most of them are explosive orders, or a lot of them are equipment or production orders? The orders details have already been shared, and if you look at those, then in the past two orders from international customers are for the defense products, and one of them was from India, which is Singareni Collieries. Okay. Defense orders, so that's also export orders and defense-based application. Are those from product or explosives? I didn't understand what you are asking, actually. No worries. I'll fall back on the queue and come back again. Thank you. Thank you. We have our next question from the line of Pratik Mukherjee from R&L Investments. Please go ahead. Hello. Hi, Manish. Congratulations for a great set of numbers, and it is even heartening to see the guidance which you have given. I just want to ask, since you are dealing closely with the government every time, and government spending in the last six, eight months due to election and various other reasons is very slow, so as per your experience, what do you think about the government Capex picking up? And secondly, is our EBITDA and PAT margin sustainable? There are a couple of things. Like in every country, whenever there are elections, so definitely for a certain period of time, the decision-makers and bureaucracies are always involved and busy for those things. In India also, we have seen the similar thing. Because of elections, a couple of months in this first half, we're getting slowed down because of those factors. If you look at the rainy season, which we all are aware of, this year, the country has seen record rainfall, and normally, it is above average by around 10%, which has impacted the mining and infrastructure activities. But if you look at India's growth projections and the government emphasis on housing and infrastructure, and if you look at the power demand, which was, say, around 8% in the first half of the year, if you take out only one month of September, then definitely it is around 8%, which is a big rise in power consumption. So if you capture all these factors, there can be seasonal up and down or one or two months of lag here or there. But on an overall basis, demand situation looks good to us. And as far as EBITDA margin was concerned, I have answered this question just a couple of minutes back. So as we are unfolding our capacities, as we are unlocking our defense verticals, so definitely, as a result of that, our EBITDA margin has increased. In the last couple of years, we were seeing that EBITDA margin for our company, we were giving or sharing guidance of 20%-22%, which has increased now 25% plus. And in this quarter, we have seen that it is 27% plus. So if you look at all those things, definitely, it's an outcome of our efforts in the last many years of setting up infrastructure facilities and developing a variety of products, expanding ourselves in a variety of geographies. So as a result of all these efforts, we have seen better EBITDA margins. As far as sustainability of these margins in future is concerned, it is quite unreasonably optimistic on my part if I say that we will achieve 30%, 20% every year. But definitely, it's a wish of every company that we should maintain all these margins. We are reasonably optimistic that we should achieve 25% plus EBITDA margin going forward as well. Okay. Okay. Okay. Thank you so much. Thank you. Thanks. Thank you. We have our next question from the line of Chirag Muchhal from Centrum Broking. Please go ahead. Yeah. Thanks, sir. The question is on international markets. So in Q2, we have consolidated the South African entity Problast. So sir, is it possible to share how much it has contributed in sales? In this quarter, the international business has delivered INR 799 crores revenue, and it includes all those subsidiaries. Correct. But would Problast be very large as in kind of? We will get the country-wide details at the annual results, which we will share after the end of this financial year. Okay, sir. Directionally speaking, so the couple of large countries for us, which is Nigeria and Turkey, so how is their outlook for FY 2025, considering that both of them have gone through individual country-specific problems last year? In the H1, how was the demand, and how is the outlook for this year? Yeah. We have seen that in the last couple of years, we were struggling a lot in those new territories. But after taking a lot of corrective measures, we have seen a lot of improvements in South Africa and nearby countries, and even in Australia also. So we are expecting, and we have seen that those countries are showing a lot of positive turnaround. And as a result, performance has also improved, which has helped us in improving our margins also. So we believe that this momentum will continue. Okay. And sir, for the Southeast Asian region, like Australia and Indonesia, so are both these countries' operations positive now? And I mean, what is our progress in terms of getting client approvals and revenue booking, etc.? Yeah. We have set up the infrastructure. We got the licenses now, and we have started the operations, and now we are EBITDA positive in all those subsidiaries. And sir, lastly, in terms of Capex, we have enhanced the Capex from INR 800-1,200 crores. So two questions regarding that. Firstly, is it possible to give a breakup in terms of domestic market, overseas, and defense for this INR 1,200 crores? We will share at the end of the year, please. Okay, sir. And related question is that even in the next one to two years, will Capex remain elevated like INR 1,000 crores plus kind of figure will continue in FY 2026, FY 2027 as well? As of now, like I said, that in this year, we have revised our CapEx program from INR 800 to INR 1,200 crores. And looking at strong opportunities and a lot of orders in pipeline, we believe that there will be enough opportunities where we can invest more than INR 1,000 crores or INR 1,200 crores on annualized basis. But it all depends how the things turn up. But we are optimistic. And we will share the CapEx program by the end of this year, where we can give certain guidance on one-year or two-year CapEx programs. But as of now, like we said, we are targeting, or the projects in pipeline will require around INR 1,200 crores of CapEx. Okay. Okay, sir. Those are my questions. Thank you. Okay. Thank you. Thank you. We have our next question from the line of Ravi Naredi from Naredi Investments. Please go ahead. Mr. Manish, you and your team deserve a good accolades for nice results in H1, and since you took MD responsibility, sir, you have planned to increase Capex and higher defense orders, meet high working capital. So how do you plan fund for this? Thank you very much for appreciating our efforts, Ravi. As far as CapEx programs are concerned, we have opportunities, and we have revised our CapEx program to INR 1,200 crores. Most of this CapEx will be funded through our internal resources only. We believe that by the end of this financial year, companies should be debt-free with the optimism of defense orders and advances against them. So nice, sir. Because so many companies make QIB, so if you are not making, it is a very wonderful thing for shareholders. Sir, INR 5,700 crores will supply in how many years? INR 5,700 crores is a total order list, and it includes explosives and defense also. Every order has different timelines. By and large, all these, some of them orders are for two years, some of them orders are for three years, and few of them are also for four to five years. It depends on each order, so it is difficult to give one average benchmark. Sir, can we have the bifurcation of INR 5,700 crores order? Yeah. It is INR 2,400 crores from Coal India and Singareni, and INR 2,300 crores approx from defense section. Okay. Okay. Thank you very much. All the best. Thank you. Thank you. We have a follow-up question from the line of Bharat Shah from ASK Investment Managers. Please go ahead. Yeah. Manish, our exports in international plus the defense in this quarter is almost about two-thirds of the total turnover, almost 66%. Would you say over, say, three-year timeframe, this percentage probably will move more like 75%-25% or 80%-20%? Because those seem to be the areas where greater trust overall also appears to be there as it is the faster growth. Your observation is quite right, sir, and I definitely appreciate your analytic skill. So the point you have raised is very valid, sir. If you look at the core Indian institutional and housing infra, which is basically Indian market for us, which is around, say, one-third of the total basket, and balance all is from our new initiatives in the last, say, 10, 12 years, which was defense and international, which is now two-thirds of our business. As we move forward, I think defense verticals from Indian section will also go up, and our international will keep doing around similar levels, but I think two-thirds percentage level is also a very high level, and we believe it will continue like this, so 60%-70% will come from these two new sections, and the rest 30% will come from our core domestic businesses. All right. Thank you, Manav. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. I repeat, you may press star and one to ask questions. We have our next question from the line of Janesh Kariya from Antique Stock Broking. Please go ahead. Yes. Thank you for the opportunity. So the question is on working capital side. There is a significant increase in the inventory and debtor days during the half-year and reduction of the payable days. So could you please help us understand whether working capital is getting blocked, and is this permanent or just one-off scenario because of muted domestic demand? Yeah. You're very correct with your last line that was muted domestic demand, as Manish has spoken that the rainfall had been quite high, and it was 8% above normal. And this was highest since 2020. So as a result, the inventory, you see the numbers in inventory, and the working capital days from 84, it currently stands at 89, which is well within our normal business operations. Thank you, sir. Did Manish sir say that we will be net debt free by end of this year? Yeah. Yeah. Because he had mentioned that we'll be receiving defense orders, and along with that, we'll have advances. Considering those, we will be net debt positive by year-end. Okay. So currently, the net debt stands at around INR 8 billion. Okay. You are including the current investments also. Okay. Sure. Thank you. Okay. Thank you. Thank you. Before we move on to the next question, a reminder to all participants, you may press star and one to ask questions. The next question is from the line of Narendra from Robo Capital. Please go ahead. Hi, sir. Thanks for the opportunity, and congratulations on a good set of numbers. My question is on the defense side. So given the strong order pipeline that we are looking at, would it be possible to give a kind of medium-term view on where we would like our defense segment to be in terms of revenue or order book in two or three years? Would it be possible, sir? We have already given outlook on defense sales for this financial year, which is around INR 1,500 crores. We did around 500 odd crores in the last financial year. This year, we are expecting INR 1,500 crores, and once we receive all the orders from Pinaka and international business in the next one or two quarters, we will be able to issue the guidance for the next coming years. Okay, sir. Okay. And on the 25% margin that you said, right, it's including the defense segment as well, right, on the consolidated basis you are expecting? We see margins on overall basis. It includes explosives and defense also. Okay. Okay, sir. Thank you so much, and all the best. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. You may press star and one to ask questions. The next question is from the line of Zahir Makhani from an individual investor. Please go ahead. Hi, Manish. My question was on the initiating systems part of our business, which I see is about 300 crores in H1 FY 2025. Does there tend to be an attachment ratio between initiating systems and explosives? Because domestic explosives have grown by 12% in volume terms in H1 versus 2% volume growth in initiating systems. Yeah. So we are saying that, yeah, we said that 12% volume growth is an exposure, but that doesn't run in proportionate. So initiating system is, you see, a small part of total revenue. So it stands at INR 304 crores out of INR 3,400 crores. My question was on the disparity of growth because explosives was growing at 12% and initiating systems was growing at 2%. Is there an explanation for this? I mean, that's not much of a correlation between those two because initiating system is a part which is needed along with the explosives. Okay, and is the margin profile for initiating systems better than explosives? The margins, as you said, we talk on overall basis. So the current margin stands at 27.7% EBITDA margins, which includes both initiating system, explosives, defense. All right. And will it be possible to get some kind of guidance in terms of the capacity utilization for the initiating systems? Capacity utilization for a business which we are in, it's very difficult to speak on the capacity because the different products have different capacities, and utilization is not possible on a product-to-product basis, so one single benchmark is not there because there are different SKUs. So for the initiating systems, are we exporting these from India, or is it also a part of the international business process? So it's a combination of both. Okay. Thanks. Thank you. Thank you. We have our next question from the line of Amit Dixit from ICICI Securities. Please go ahead. Yeah. Hi. Thanks for taking my questions again. I have actually three bookkeeping questions. The first one is on, if I look at purchase of trading goods in the P&L statement that have gone up significantly high in this quarter. So just wanted to understand the nature of this and the trend of this particular expense going ahead. Yeah. So you know that we have received the order of loitering munitions. So loitering munitions, the drones we had purchased from one of our associates, that is Z- Motion, and then we have supplied that after adding explosives to it to the government. Okay. Got it. So once this order is executed, this will return back to the, I mean, original level provided we don't get further orders. Okay. Got this. The second one is on if I look at receivables, they have also gone up. While you explained inventory increase in one of the earlier questions, why have receivables gone up? Is it due to increasing defense proportion and international operations, or what is the reason for that, and whether these receivables also would be unlocked as we go ahead in this too? Yeah. As you can see, the international business has risen around 25% in this quarter, 25% this quarter. So obviously, the debtor days, there are more as compared to the Indian sales. As a result, they have gone up. Yeah, and this is expected to be unlocked as we receive. Yeah. That will get reduced within the normal. As such, our normal working days are from 85-90. The total working capital cycle is there. So on quarter-to-quarter basis, that may defer for some number of days. Okay. But as the defense proportion and international business proportion increases, do you expect it to remain elevated at elevated level, or it will normalize at a certain point in time? Currently, 80, 85, and 90. I said that it's a normalized level. So within that, you make four, five days may increase in a quarter. It depends on the sales when the sales are made. Okay. The last one is that we actually recorded an expense. Of course, it's a non-cash expense on account of hyperinflationary accounting. So can you just explain a bit? It is around 18 odd crores for this quarter, 26 crores for H1, if I'm not mistaken. So I mean, where do we see the hyperinflation? What all countries and how is the situation in Q3 evolving? So currently, the hyperinflationary economies are Ghana, Turkey, and Zimbabwe where we operate. And this year, as compared to last year, we see the movement in these economies are not as high as compared to last year, but we have factored that in our cost. So we should see this which stabilize going forward. Okay. Fair enough. The last one is South Africa. I mean, are we that positive over there? Yes. Individually on standalone basis, also we had been positive in last quarter itself, and this quarter also we are positive. Great. That's it from my side. Thank you, and all the best. Yeah. Thank you. Thank you. Ladies and gentlemen, that would be the last question for today. And I now hand the conference over to Ms. Natasha Jain from Nirmal Bang Institutional Equities. Over to you, ma'am. Thank you once again, Manav. I would now request the management to give closing comments if any. Thank you so much, Natasha. We absolutely appreciate the time given by our well-wishers and shareholders, and we'll keep coming in the next quarter for these question and answer rounds from Mr. Manish Nuwal. We expect our well-wishers to keep supporting us. Thank you so much. Thank you. Thank you, Aanchal. Now, this concludes the conference. Participants can disconnect their lines. Thank you. On behalf of Nirmal Bang Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.