Amber Enterprises India Limited (AMBER) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, welcome to the Business Update Conference Call of Amber Enterprises India Limited. 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. [Operator Instructions] Please note that this conference is being recorded. Since this call is related to specific recent business events and updates, we would request you to restrict the questions event specific and avoid questions on quarterly or annual financials and guidance. I now hand the conference over to Mr. Jasbir Singh, Chairman and CEO of Amber Enterprises India Limited. Thank you, and over to you, sir.

Hello, and good morning, everyone. First and foremost, I hope you all are keeping safe and healthy. On the call, I am joined by Mr. Sudhir Goyal, CFO, and SGA, Strategic Growth Advisors, our Investor Relation Advisors. In the recent event and notification issued by Directorate General of Foreign Trade, DGFT, on Thursday, split system and other air conditioners with refrigerants have been moved from free to prohibited category. The notification states that the import of air conditioners with refrigerants is prohibited under HSN code 84151010 and 84151090. This is a very positive step taken under the initiative of being Atmanirbhar by the Government of India. The government aims to shift focus from importing ACs to manufacturing them domestically. This will boost the local and domestic manufacturing and sourcing of air conditioners and its related components and value addition in the manufacturing of overall room AC space. As per our estimates, and since there is no hard data available, currently, we estimate that about 30% of ACs, that is in terms of value, around INR 4,000 crores are being imported in India. Of this, approximately 75% to 80% are refrigerant-filled CBUs, Completely Built Units, or ODUs, Outdoor Units and balance are our indoor units, which are without refrigerants. Going forward, we believe that these units should be catered through domestic manufacturing and dependence on imports will reduce. However, over the last couple of years, the market is moving towards inverter ACs, where the indoor and outdoor units, electronic PCB boards communicate with each other and has to work in a synchronized manner. It will be practically difficult for an OEM to get the indoor from imports and manufacture outdoor in India since the electronics is playing a major role in this due to the new energy-efficient inverter air conditioners. As per the above-mentioned challenge, we believe that the local manufacturing and sourcing of room ACs in India will increase, and Amber is well placed to capitalize this opportunity as a one-stop solution provider to its customers for heating ventilation and air conditioning industry. Another update we would like to share is that Amber has successfully concluded its QIP of INR 400 crores recently. The utilization of Frost had 3 main objectives: INR 375 crores to INR 300 crores for 2 new greenfield facilities of manufacturing of room AC and its components; one in Supe region near Pune in Western part of India; and other in Southern market of India, where we believe the customer cluster is moving, and we will be moving in tandem with them. Almost INR 55 crores to be utilized for acquisition of balance take of Sidwal Refrigeration. And now Sidwal has become 100% subsidiary as post-QIP we have already done this transaction. Balance funds will be utilized for some CapEx in subsidiaries and rest would be utilized for debt repayment and working capital requirements. With this opportunity in hindsight, coupled with the growth capital recently raised, we are all geared up for the growth in domestic manufacturing of room ACs and its components and would endeavor to grab most of the market share. We believe this opportunity will further strengthen our presence in the domestic market, and help us create a solid foothold for exports market as well in terms of being cost competitive as compared to other nations of the world. With this, I open the floor for discussion.

[Operator Instructions] The first question is from the line of Naval Seth from Emkay Global.

Sir, I have 2, 3 questions. First, within this 2 odd million CBUs, which are getting imported, how many of -- or how much of this would be contributed by top 5 players?

Well, Naval, I mean, this keeps on fluctuating depending on the market shares of the brands and the importers. So there is no fixed scenario there. But largely, I would say that -- I mean, as I spoke that there is no hard data available. But as per our estimates, I think there are customers in the top 5 categories would be contributing about 50% of -- or maybe less than that, 40% to 50% of the imports in the customer-wise.

Okay. In terms of -- will this lead to industry consolidation as smaller players or fringe players will fold up and that is how market share will get spread out to the established players. Does that sounds well to you or these players will come back to the market with -- coming back to you as a contract manufacturer, and they will be still alive?

Yes. I think consolidation -- unfolding of consolidation, activity is still far away. From my point of view, we believe that today, India has a lot of manufacturers, and I believe this whole shift can easily be commoditate. We have capacities, we have capabilities today in the country. And the only change which happens is that the complete economical viability of importing gets negated by this notification. So if someone has to bring a air conditioner without a refrigerant, he will first have to bring that product into some factory. And that will include logistics costs. The product has to be opened up to fill the refrigerant in it. It has to, first, the product has to be vacuumed. And then it has to be gas charged. And then the quality and all run tests have to be done. And then the packing and then, again, the logistical charges. So all put together, this completely negates the economical viability of importing. Since the facilities are available in the country and I believe Amber is well poised to take this opportunity and grab the market share from this change, I believe this will not change -- lead into consolidation, whereas this will lead into alternatively India manufacturing for air conditioners.

Okay. And what would be the cost arbitrage what you explained in terms of importing without refrigerant and then filling it in India and then packing, unpacking and logistics?

Well, it varies from brand -- from model to model because there are many hundreds of SKUs right now, but in terms of rupees, I would say, on an average, if we take some ballpark number, somewhere about INR 800 to INR 1,000 is the cost of all the logistics and plus and it depends on which part of India you want to take it to and then get it gas charged, so the prices will vary accordingly. But the advantage of importing at a low-cost is negated by this arbitrage.

Okay. And last question is on the import data, although you said that there's no hard data per se there. But out of this 2 million CBUs getting imported, will that be mostly inverter fixed fee or how it would be? Any bifurcation that way?

Yes. So 75% to 80% as per our estimates are inverter air conditioners, which are CBUs. And a small number of window air conditioners are also there and remaining is indoor units.

The next question is from the line of Ravi Swaminathan from Spark Capital.

Sir, I just wanted to check with you as to how the addressable market for you on a blended basis across each of your customers can increase by this move substantially? You had given a kind of broad overview, but if you can give more details as to, say, today the addressable market is, say, around INR 5,000 crores, INR 6,000 crores, can it, like kind of go up by 50%, 60%. If you can give that broad color it would be great, sir.

Ravi, I think if we talk in the value terms, almost close to INR 4,000 crores worth of goods have been imported. And out of that, the addressable market because of this change is about in a range of 75% to 80%, which were coming with refrigerant filled. So to give a number right now, it's very difficult to predict a number because customers are revisiting their strategy, and they've started talking to players. And we are pitching in for, I would say, a majority share in that. So let's see how it unfolds for us, but we would like to say that we are well poised. And with the new 2 facilities coming up in the Western part and Southern part on a timely basis, we will be able to grab a good share of this addressable part.

Got it, sir. And the one layman-ish kind of question. So I mean many of the brand was -- they do is -- kind of they do the final assembly work at their facility before dispatching it to, say, end dealers and customers. Can't they fully refrigerant as sourcing from a local player like SRF or someone like that? And can't they sell it at -- I mean, can they do it at that point of time? I mean, just import the equipment without refrigerant and then put the refrigerant in the final lap. You told that logistic charges, et cetera, would be high. But ultimately, the AC finally gets processed at the customer site, right, to an extent?

Well, I mean, there are multiple scenarios here, Ravi. One scenario is that the customer doesn't have any facility, so they buy completely built units, either from us or from someone else or they import. So they don't have that liberty to get it to their own factories. Then there is a second factor here that there are some customers who have their own facilities, who have a hybrid strategy of importing as well as outsourcing from India and manufacturing themselves. They can definitely take this product to their own factory and gas fill it there. So ultimate objective of this notification will be met because the government wants that entire manufacturing should happen in India. And then there are players who have assembly lines, of course, they can do. But I mean ODM today, I would say, has moved from -- to almost about 38% to 40% industry is outsourced today. Remaining 60% is something which was being manufactured by the brand. So all of that 40%, that activity will increase by this notification.

The next question is from the line of Ankur from HDFC Life Insurance.

So just delving a little more into this 2 million CBUs, which has been spoken about in terms of imports. So while that's a very macro number, when I look at it bottom-up, so some of the bigger names, Mitsubishi, which I believe is one of the larger ones O-General, Toshiba. Now if I can talk specifically of these 3, which are amongst the larger importers, can you tell us, a, do these guys have factories in India? And based on any discussions you've had with some of them, what do you think will they do? Are they completely importing as CBUs and directly sending it to their warehouses because these guys are a big number. These 3, 4 itself are about 1 million units a year. So some comments on that?

Ankur, so I would not like to comment on behalf of my customers. But what I would like to say is that, yes, we are in touch with most of our importing customers. And they are revisiting their strategies. Some of them have their plants here, some of them do not have the plants there. And in Phase 1 because we are now nearing to the season, putting up a factory for some brands will be very difficult in such a short time. So in Phase 1, for those customers who doesn't have their factories and want to wish to now start manufacturing in India, they will go for a stop gap arrangement of having assembly lines kind of a concept where we can certainly support them. And gradually, over a period of a year or 2 years' time, they can have their own manufacturing plants where we can support them for component sector also. And there will be some customers who would be just shifting or they can get air conditioners without refrigerant in the Phase 1, we can do the assembly work for them. And in the Phase 2, of course, we can start giving the complete models to them. So it will be -- I mean, all these scenarios will work in tandem as per the customer needs. But if you see the structure of Amber, Amber is totally geared up today to address any kind of scenario which customer wants.

Understood. Okay. That's helpful. Sir, secondly, if you could just talk about AR capacity today? And I know we are expanding by another 1 million or so over the next 2 years, so by when will this capacity come up? So that's with Amber. And also, apart from Amber, also the entire -- the industry, the outsource manufacturing industry, what will the total capacity? Because I was just thinking, do we have enough capacity to address this potential, whatever, assuming this entire 2 million starts getting assembled, so called assembled in India, do we have enough capacity whatever is coming from? So, a, how much do you have? And where do you get in 2 years? B, your competition and therefore, how much they have?

We already have sufficient capacities with us to address any kind of requirement and plus our 2 new greenfield facilities. The first one will be operational in Q4 of next year in the Pune region. And then after a lag of about another quarter, the South India plant will also be ready. So as far as industry is concerned, industry do have capacity and capability both to address this complete shift within India. All -- if you see the manufacturing spaces, everybody has sufficient capacities and there are lines available in the country for assembling the products also. So from that point of view, there is not a worry on the capacity shortage.

So that's like, if I think that the numbers are okay on your capacity today. And so you said by Q4 '22, you're saying the Pune plant comes up and then maybe by Q1, Q2 '23, the second plant comes up in the South. Is that right? Is that the number you're looking at?

Sorry, please ask the question again.

So you said by end of next fiscal, you will see the Pune plant coming up, right? So you're talking about Q4 FY '22, is that right for the Pune plant? And then maybe a quarter down, you see the South India, I'm assuming the Tirupati plant. So that's more of a FY '23 kind of a scenario, Q1 '23, is that right?

So we have -- we already have the capacities in North India and in one of our Pune facilities. So we are just adding up these capacities because we feel -- not because of this notification also, otherwise also to cater to the growth and the customer cluster is moving towards that sector because today, the southern and the coastal belt region has started contributing about 36% of the national sales. So it becomes important to be near the market and to be near to the customer. And that's the reason why we are moving towards that. But to address this change of imports ban, we do have capacities. We -- I mean, today, we are sitting in a -- at a capacity of almost about 4.5 million, whereas we had just done 3 million last year. So we should -- there's not a problem, which we are envisaging today for grabbing this opportunity. And the capacity is built up of the assembly lines can be done at a very short notice.

The next question is from the line of Nitin Arora from Axis Mutual Fund.

Sir just one basic question, which you said that most of the IDUs and because of electronics, it's difficult for an individual player to import only IDU and ODU separately because of electronic proportion. Sir correct me if I'm wrong, generally, 65% or 70% of the IDUs are imported. And even if we take a mix of 50-50, assuming the market makes this 50/50 of split and inverters, the brands, the top 5, which Ankur was mentioning, they say that they import largely 60% of that 50% -- or let's say, 60%, 70% of the total market inverter IDU separately as per them. And the basic issues of piping, and it's more of an R&D where they plant here, they can really fix up. They have never faced any issue. If the players who doesn't have a plant here on assembly line unit, which is generally the CBU guys, they can face issue because you don't have a plant here as any which way because the SME actually happened even in this piping issue of IDU and ODU at the client side. So just want your take, sir, on that. Is it a structural issue? Or do you think it's more to issue with the CBU guys who doesn't have anything here?

No, no. See, if you see the data of last 4 to 5 years, as the inverter air conditioners starting getting popular, the only individual indoor units import started going down. So when you are importing, for example, 2 million units, so you are importing 2 million indoor and 2 million outdoor together, right? So it is right on somebody to make a comment that, yes, we are importing indoors, but they are importing outdoors also as well that. So it's a mixed bag of, I would say, scenarios, that there are some customers who have facilities here who were importing CBUs, now they can manufacture in India. Then there is scenario where nobody -- they don't -- customers don't have factories here, they can get it manufactured from players like us. And so these are 2 scenarios, which come out on that -- on this whole change. But saying that 60% to 70% of indoor units are getting imported that's wrong because I think the companies which are not listed, I would say, most of the respective customers, they do manufacture indoors here only in India. And we are supplying components for them. We are supplying injection molding components. We are supplying electronics. We are supplying heat exchangers. And we are supplying motors for that category. So we -- I would say, if you map 6 to 7 years before, the statement was correct that largely 60% to 70% indoors were individually coming. But now it is coming into CBUs, largely.

Anyways. Got your point, sir. And sir, generally, like Ankur was mentioning about Toshiba, Mitsubishi, who's, let's say, the large CBU importers. Does it make sense because they are not a volume generator, they have a very separate individual market. So for example, Mitsubishi is very high into tonnage plus doesn't create that much volume in India. But to put an assembly line for them, if they go ahead with you because the other players also, when you look at -- also has ramped up capacities a lot. Even Havells talking about now outsourcing and doing outsourcing work for others because of the huge capacity they have. Does it make sense, profitably, if they do a 4 lakh number or 3 lakh number and we get 30%, 40% of their share, does it make sense to put the capacity or assembly line when you know this customer would not grow that much or has a very specific market, just from a profitability perspective I wanted to know. That's my last question.

You see, we don't do a CapEx like this, that if some customers. So it has to be linked with the complete feasibility report. And if there is not a long-term visibility, then number doesn't invest like that. What we do invest is we do invest on a long-term basis and we know that industry is going to grow at a good number. And we are rightly positioned to service, both in component side as well as in the finished goods side and in the assembly part of it. So all the 3 sectors, we are well positioned to cater to. Scenarios will keep on fluctuating. Somebody wants to in-source , somebody wants to outsource. That has been done in the past also, it will continue in future also. But if a strategy is to service everybody in components, in finished goods and in assembly, it doesn't matter to us. From a profitability point of view, of course, I mean, if it is ROC accretive, then only we invest. Otherwise, we don't invest. And it -- if you see the number of the recent Frost & Sullivan report or BCG report, today 7 million market is poised to grow to about 24 million, only on the domestic front. And if -- with the scale coming in, the economical viability of component ecosystem will also grow, and we will also become cost competitive in the export also. So we are talking of at least 3x to 4x more growth in the industry for next 7 to 8 years' time. And if we invest looking at that kind of growth, it makes sense.

The next question is from the line of Aman Batra from GSAM.

Jasbirji, just wanted to get your thoughts around the component ecosystem.

Mr. Batra, I'm so sorry to interrupt here. I please request you to use the handset mode while speaking. Your audio is not very clear.

Hello. Jasbirji, if you can comment on the company expense...

Aman, you are not audible.

[indiscernible]

Mr. Aman Batra, I'm so sorry to interrupt, but your audio is not audible, sir. Requesting you to please use the handset mode while speaking. As there's no response from the current participant, we take the next question from the line of Aditya Bhartia from Investec Capital.

Yes. The time, a couple of years back you had indicated that almost 40% of ACs used to get imported in FY '12, but the proportion has come down to 19% by FY '17. Now it appears to have, again, risen to almost 30%. So is it happening mainly on account of inverter ACs becoming popular because of which imports are happening in CBU for? Or am I comparing in correct time?

Well, I mean, when the government-imposed custom duties from 10% to 20%, there was a slight dip in imports in that year. But then it started, again, moving up because the shipments started getting through Thailand, which is a FTA country. And also we have 2010 ASEAN Agreement also with them. So the imports were increasing. And that is how this, I would say, air conditioner sector came into limelight due to the increasing imports, and the notification has come for that.

So in last 2 years, imports proportion would have been increasing in the CBU form? Is that understanding correct?

Yes. It decreased in 2018 when the custom duty immediately was imposed from 10% to 20%, then -- but the shipment started coming from Thailand. So Thailand import increased. So the last -- 2019 data states that almost 40% of the import which happened in air conditioners came from Thailand.

Understood. Understood. And sir, given that our 2 greenfield capacity it will take almost 18 to 24 months to become operational. Until then, there are any additional volumes that are getting generated due to the policy measure? Then would we have to restrict ourselves only to assembly level operations?

So we do have a complete backward integration plant in the North India. So in Dehradun, in Jhajjar, we are well equipped. And in Pune, also, we have 1 facility, and we are ramping up the Pune facility now. So I think it should not be a problem. Capacity will not be a problem if somebody has to ramp up here.

The reason why I'm asking is that, last year, we already did roughly 3 million units. And given that it's a seasonal product, it's difficult to run at, let's say, 90-odd-percent utilization. So while we would have some scope of increasing component supply, some scope of supplying completely built units as well. But that doesn't appear to be too significant until the new capacities are operational. Isn't that the case?

No, Aditya. In fact, on the assembly lines, it's not a matter at all because we were already operating only single shift basis, we can easily shift to double shift and create a good capacity out of that. So that's not a problem at all.

Sure. Sure. Understood. And lastly, sir, again, harping on the same point that has been asked earlier. If we are to just split the market amongst the dominant brand owners and, let's say, some of the fringe players, then would you say that they're sourcing, without naming individual companies, would you say that their sourcing or their procurement methodologies are vastly different? Or within those companies is kind of because it's difficult to make a generalized statement?

Well, Aditya, I mean, there is no thumb rule in the market which everybody follows. So people do outsource for many reasons and cost is one of them, flexibility of model lineup, incremental CapEx' and then long-term association. So there are a lot of things which come into play when a company decides on outsourcing or in-sourcing. But if you see the general trend, in last 6 years, the graph of outsourcing asset-light strategies have actually moved up, not only in our industry but in other industries also. So we were 16% a couple of years back. Today, when we got listed, the number was 34%, and now the number is almost about 40%, 42%. So it is going up and there was a study done by, I think, Frost, if I remember correctly, that they had predicted a number or projected a number of this outsourcing concept to going to 53% by 2023, so markets are moving accordingly. Yes, there have been some shifts in the brands who have started manufacturing themselves. But we were fortunate to increase our businesses with those customers because we started -- we shifted our strategy to component supplies. And because our endeavor is if 100 air conditioners are manufactured in India, preferably, all those 100 should come from Amber. But today, 24% of -- we have 24% market share. So 24% of that is serviced by Amber as finished goods. Other than that, we are a dominant player in the component sector. So we would endeavor that if 100 air conditioners are manufactured in India, some -- all those 100 should have something or else of Amber in it. Now that strategy is playing well for us, and we are strengthening our component ecosystem also and geographical presence in components also.

The next question is from the line of Abhishek Ghosh from DSP Mutual Fund.

Sir, just wanted to get a couple of data points. What would be the bill of material of total AC industry in India at this point in time?

Total industry, I mean there are different reports available, some of the report states in 2019, the whole AC was about INR 17,000 crores, some states is INR 18,000 crores. So according to that, if you have to come to a data point of coming to bill of material, I would say about 35% to 40% has to be reduced from this number because of the addition on the marketing side and logistics and installation cost and the other part. And then you can rive on a bill of material, close to about INR 11,000 crores to INR 12,000 crores would be that. Out of that, if you reduce about 25% for the compressor part, which is a pass-through for us. So remaining will be about INR 8,000 crores, INR 8,500 crores.

Okay. Sir, so where I was coming from is the total imported CBU is almost about INR 4,000-odd-crores. And if we exclude the compressors of that 2 million, so about 5 million compressors still get imported. So broadly about INR 3,000 will translate to something about INR 1,500 crores kind of a bill of material for compressor. And plus you have components also which get imported. So total imports will be INR 4,000 crores of CBU plus INR 1,500 crores of compressor stand-alone and another INR 1,000 crores, INR 1,500 crores. So would it be something like a INR 7,500 crores to INR 8,000 crores of import market. Is that the way we should look at it?

No, the import market is a little bit bigger because we do -- in air conditioners, we do import copper, aluminum, which is not presently available in the country. So then there are motors and PCB boards also getting imported. So in all, put together, if you want to calculate, INR 4,000 crores would be the CBU. And another close to about INR 6,000 crores to INR 6,500 crores is the imported raw material. So we are talking about close to about INR 10,500 crores to INR 11,000 crores.

Okay. and this -- what are the copper and aluminum, other things that get imported, those things obviously not move to local manufacturing, but the rest of the things like PCB and the controllers, those can move as part of the PMP program. That's the way we should look at the industry. Is that right?

No. Industry proposed a phased -- phases -- 2 phases in the PMP program. The first phase, the proposal was that the basic components like PCB, motors, compressors, everything should be made available in India. And the second phase will be the raw material used for these components, which is copper, aluminum and all. That will come into Phase 2. So after 2 to 3 years' time, we should expect that compressor -- this copper and aluminum should be made available. In fact, we've had industry-wide meetings with aluminum player, which is one of the largest aluminum players in the world and in India also. So they are planning to ramp up their facilities for making billable very soon by next year in India.

Okay. Okay. And sir, just one more thing, last time when we had seen the import duties increasing from that 10% to 20% in the completely built units, we had seen China resorting to lowering their prices, offering higher discounts, and that's why some of the larger players still continued with some of the imports on the IDU part of it. Now what has also happened is, as we understand from the marketplaces, China has also put in investments in Vietnam and other countries in light of this trade war and other things. So how do you think will China react to this whole strategy? Because they know somewhere that it is getting difficult to be able to export to India, which is expected to be such a large market. So will they resort to some pricing strategy? Or will you see more of probably investments in form of more contract manufacturers coming into India, if you can just help us with your thoughts?

You're right. Actually, in fact, China did shift their strategies after the import duties went up to -- they put up their lines and -- in Thailand, not to Vietnam, but in Thailand. And Thailand has a FTA with country. But this notification, which has come, it is a very well thought of notification, which negates the imports from even Thailand also. So if someone has to bring it from Thailand or China or from anywhere in the world, he can only bring it without refrigerant. So he has to take it to some factory, get the whole process done again and then ship it back. So that will be including inviting another cost burden on the whole process. And also when in this season, there's a very difference in bringing the custom completely container filled and then selling it versus getting through this complete ecosystem of getting manufactured, testing and then sending it, so it will be really difficult for someone on a smooth supply chain basis.

And so they setting up shop in India? Any thoughts there?

No, they are always welcome. I mean that's the main endeavor of this notification that we also request that there should be a level playing field. If someone is in India, definitely we welcome that move. And in case they want to manufacture here, we will supply them components. And if they want to assemble there, they can do that here.

The next question is from the line of Madhav Marda from Fidelity Investment.

My question was slightly more basic question. So you said that we are currently 24% of the market. And of course, we endeavor to reach 100%. But just wanted to understand how we compete on a cost basis or any other competitive advantages that, that Amber has versus the other competing players in India, like how do we stack up versus our competition in India?

Well, we are the most backward integrated player in the country. And with the comprehensive and integrated solutions we deliver to the industry, that brings us on the competitive edge part of it. And the scale at which we are operating today, every time when we are gaining the market share, we were close to about 14% market share 6 years back. We came to 19% when we've got listed. And today, the number has gone to 24%. And 6 years, 5 years back, the market size was about 3.5 million today it has touched 6.8 million to 7 million. So our endeavor is to outnumber the market by certain points every year. And in case we are successful, we gain market share. So there are unique points, which Amber brings on the table. We have one of the large R&D base, where we keep on developing new products. We keep on adding new customers. We keep on increasing wallet share within the customers, and we keep on expanding the geographies also. So all put together gets us to a level of a great advantage in the competitive edge.

Well, ladies and gentlemen, due to time constraint, we take that as the last question for today. I would now like to hand the conference back to Mr. Jasbir Singh for his closing comments.

With the growth opportunities and government support, we foresee on the domestic expanding and we believe we are very well positioned to capitalize on this opportunity. So thank you, everyone, for joining us. I hope we have been able to answer all your queries. In case you require any further details, you may please contact us or our Investor Relations Advisors, Strategic Growth Advisors, SGA. Thank you very much, and have a nice day ahead.

Thank you. On behalf of Amber Enterprises India Limited, that concludes this conference. Thank you all for joining. You may now disconnect your lines.