Ladies and gentlemen, good day, and welcome to Surya Roshni Limited Q1 FY 2025 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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. Raju Bista, Managing Director of Surya Roshni Limited. Thank you, and over to you, sir. Yeah, thank you. Good afternoon, everyone. On behalf of Surya Roshni Limited, I once again extend a very warm welcome to everyone for joining us today. On this call, we are joined by Naresh Singhal, Executive Director, Steel Operation; Mr. Jitendra Agrawal, CEO of Lighting and Consumer Durables; and our CFO and Company Secretary, Mr. Bharat Bhushan Singhal, and SGA, our Investor Relations Advisor. I hope everyone had an opportunity to go through the financial results, which were publicly published today. Moving on to the overall financial performance highlights, we are pleased to record, report a healthy operating performance for Q1 FY 2025, despite the slowdown due to general election, some few 8%-9% price erosion on steel pipes. But our continued focus on value-added product in steel pipe segment and offering innovative products in the lighting and consumer durable, we have been able to give a very healthy kind of EBITDA margins improvement. EBITDA for Q1 FY 2025 increased significantly by 36% year-on-year to INR 159 crore from INR 116 crore in the previous year. The EBITDA margins improved by 217 basis points, reaching to 8.37% compared to 6.2% in Q1 FY 2024. This improvement underscores our ability to optimize costs and improve profitability even in a challenging market environment. We are proud to state that Surya Roshni Limited is a zero debt company with a cash surplus of INR 160 crores as of the end of Q1 FY 2025. This strong financial position provides us with the flexibility to invest in growth opportunities and mitigate any market challenges. Now, coming down to the lighting and consumer durables, we achieved a revenue growth of 3% despite the challenges of price erosion in the consumer lighting segment, which was about 9% in Q1 FY 2025. High capacity utilization at our manufacturing plants has positively driven EBITDA through better operational efficiency. We have introduced new and improved product across various segments to meet the growing consumer preference for energy efficient, high quality and aesthetically pleasing products. The professional lighting segment shown an impressive of 18% growth, driven by strong performance in infrastructure and industrial projects. In professional lighting, we are also focused on indoor and solar lighting to capitalize on growth opportunities. We have also launched higher performance streetlights, offering a smart value proposition with a lower cost of ownership. The appliances segment witnessed a 15% volume growth. Our fan business recorded an exceptionally 43% volume growth due to increased distribution channels and introduction of energy efficient products. We have entered into a very new product segment of monoblock residential pumps via launch of Surya water pumps in the month of July itself. The market size for such pump is around INR 1,000 crore in India, and it's growing fast, driven by Har Ghar Jal scheme of Government of India. We anticipate a revenue growth of 12%-15% for FY 2025, driven by the rising aspiration of consumers and government focus on infrastructure and industrial... Capital expenditure, our target is to achieve an EBITDA of INR 180 crore for lighting business for the financial year, by focusing on higher margins product, cost management, and leveraging the benefit of, PLI Scheme. Now, moving on to the steel pipe and strip division. The steel pipe segment demonstrated commendable, resilience and, adaptability in, Q1 FY 2025. Despite a slowdown in government projects, due to general election and steel price erosion, we have witnessed a 7% of volume growth in steel segment. Value-added products, such as API, spiral, and galvanizing pipe, constitute about 46% of our total revenue in Q1 FY 2025. This focus has helped us, mitigate the impact of price erosion in steel prices. We have a good order book of approximately INR 600 crore-INR 700 crore as of thirtieth June 2024, primarily from the oil and gas sectors. We have commenced trial run for the 8-inch pipe, leading to the capacity additions of 50,000 tons per year at Bahadurgarh facility, with commercial operations set to start very soon. The modernization of cold rolling plant at Bahadurgarh is expected to commence operation in Q3 of FY 2025. The spiral pipe plant at the Gwalior facility, with an annual capacity of 60,000 tons, is on track to begin operations by December 2024. All this expansion will enable us to increase our production capacity by around 15,000 tons per month from the last quarter of FY 2025. So looking ahead, we anticipate robust growth across our pipe segment in coming quarter, supported by the Indian government significant infrastructure initiatives. The stabilization of steel price at current level, and the government increase emphasis on infrastructure development, both will for our future prospects. And we expect 12%-15% volume growth in steel pipes segment two for FY 2025. Our focus on strategic capacity expansion and technological advancements position us well to meet the increasing market demand, particularly in the water infrastructure and energy sectors. In conclusion, we remain dedicated to driving growth, expanding our capabilities, and maintaining our leadership in the market. And now I will request our CFO, Mr. Bharat Bhushan Singhal, to share his thoughts. Thank you, respected MD, sir, and a very good afternoon to all the participants on the call. For the quarter, the revenue was INR 1,893 crore, as compared to INR 1,875 crore. Q1 FY 2025 EBITDA and tax stood at INR 159 crore and INR 92 crore, up by 36% and 56% as compared to INR 116 crore and INR 59 crore respectively, for the same period last year. Significant improvement in EBITDA in Q1 FY 2025 was on account of sharp spurt in EBITDA per ton of our steel pipe and strip business, and steady uptick in operating performance of our lighting and consumer durable segment. In lighting and consumer durable, for the quarter, the revenue stood at INR 385 crore, as against INR 375 crore in Q1 FY 2024. EBITDA and PBT stood at INR 35 crore and INR 25.6 crore, registering a growth of 5% and 1% respectively. In the steel pipe and strips, during Q1 FY 2025, the revenue was INR 1,509 crore, as compared to INR 1,503 crore. Similarly, EBITDA per metric tons stood at INR 6,665, a jump of 38% as compared to INR 4,388 in Q1 of FY 2024. PBT stood at INR 97 crore, up by 76% as against INR 55 crore last year. Improved capacity utilization, working capital optimization, and cost rationalization enabled us to become a zero-debt company and have cash surplus of INR 156 crore in Q1 of FY 2025. As on 30th June 2024, ROCE stood at 22.93% and ROE stood at 16.71%. As on thirtieth June 2024, the net working capital days stood at 67 days, inventory days stood at 51 days, debtor days stood at 38 days, and creditor days stood at 23 days. With this, I conclude the presentation, and we can now open the floor for further questions and answers. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on a touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset 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. Please go ahead. Hello, am I audible? Yes, you are. Please go ahead, sir. Thank you. Sir, congratulations on the good set of numbers. So we have witnessed very strong improvement in our gross margins. So if, if I were to attribute between the steel pipe segment and the lighting and consumer durable segment, can you give some commentary on that? Hello. Yeah. Am I audible now? Yes, sir. Yes, sir. [Foreign language]. No, no, I understand. Sir, now, now when we look at this FY 2025, then like now we have done 24% gross margin. So going forward, can we see it touching 25% on a steady state quarterly basis that 25% a bit high number will become? [Foreign language]. Understood. And sir, just one last question before I come back in the queue. [Foreign language]. [Foreign language]. [Foreign language]. Like I told about the cold rolling and an 8-inch ERW pipe of Bahadurgarh. So these two projects, about 50,000 tons per annum capacity, ours will enhance, but these are starting from Q3 in both segments. Meaning one pipe is separate but its impact also which is that will come going into Q3 full-fledged. So similarly the one spiral plant in Gwalior facility which is being set up, its, due to that volume about 60,000 tons per annum around capacity will increase.... [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. Thank you so much and wishing you and the team all the best. Thank you. Thank you. Next question from the line of Naveen Baid from Nuvama Asset Management. Please go ahead. Yeah, thank you for the opportunity. Just want to confirm that of the INR 300 crore CAPEX that you have outlined for this year, INR 100 crore is for those two plants, remaining INR 200 crore where is it targeted? Yeah, am I audible? [Foreign language]. [Foreign language]. And this is for next year, the Maharashtra. [Foreign language]. there is no CAPEX in the L&C D, lighting and consumer division. [Foreign language]. This INR 500 crore of CAPEX is going to be funded entirely from internal accruals. [Foreign language]. Okay! Thank you. Thank you. The next question is from the line of Jatin Damania from Svan Investment. Please go ahead. Thank you for the opportunity and congratulations. [Foreign language], [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language].. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. Right, right, right! Thank you. Thank you. Thank you. ... Thank you. The next question is from the line. Shweta Dikshit from Systematix Group. Please go ahead. Sir, could you hello! Am I audible. Yes, yes, go ahead. [Foreign language]. [Foreign language]. [Foreign language]. I just wanted to thank you. [Foreign language]. Thank you. The next question is from the line of Anand. Please go ahead. [Foreign language]. We are unable to hear you clearly. Okay, sir! Now you can hear, ma'am. Yes, please go ahead. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. Okay, and sir, debtors, sir. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language].. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. Thank you sir. Thank you, next question from the line of Raj Mehta from Raj Mehta Associates. Please go ahead. Thank you sir. For giving the opportunity. Sir, I have two three questions. You had given a projection in current year that according to which you are thinking, in that you had told EBITDA margin, EBITDA in totality and from next year your many capacity enhancements that you are doing, all those will go live, whose benefit will be received in full year. So next year onwards what is your target, which in steel business and which is your consumer business, so in both businesses LED and consumer business both combining what is your projection? In future how are you expecting to do growth? That was my first question. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. Yes, it can come and we will also see in quarter one, around 36%. [Foreign language]. [Foreign language] [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. Thank you ladies and gentlemen, that was the last question for today. I would like to hand the conference over to Mr. B.B. Singhal for closing comment. everyone for joining us today on this call. We appreciate your interest in Surya Roshni Limited. I sincerely once again thank our Executive Director and CEO for sparing the valuable time and addressing queries party who attended the call for any further queries, contact our investors advisor. Thanks once again. Thank you! Thank you Limited. That concludes this conference. Thank you for joining us and you can now disconnect line.